Rapid Fire Current Affairs | 08 Jun 2023

World Bank's Forecast on India's Economic Growth for FY 2023-24

The World Bank's latest edition of Global Economic Prospects paints the global growth is projected to decelerate from 3.1% in 2022 to 2.1% in 2023, and in Emerging Markets and Developing Economies (EMDEs) other than China, growth is set to slow to 2.9% this year from 4.1% last year. Unemployment in India declined to 6.8% in the first quarter of 2023, the lowest since the onset of the COVID-19 pandemic, and labour force participation increased. This revision can be attributed to factors such as high inflation, rising borrowing costs, and fiscal consolidation impacting private and government consumption. India will remain the fastest-growing economy (in terms of both aggregate and per capita GDP) of the largest EMDEs.

Global Economic Prospects is a World Bank Group flagship report that examines global economic developments and prospects, with a special focus on emerging market and developing economies. The report is issued twice a year, in January and June, and provides analysis and forecasts of global growth, trade, inflation, financial markets, and regional outlooks.

Read more: World Bank, Global Economic Prospects

Government Allows 2000 PACS to Establish Jan Aushadhi Kendras

The Government of India has taken a significant step by permitting 2000 Primary Agricultural Credit Societies (PACS) to establish Pradhan Mantri Bhartiya Jan Aushadhi Kendras nationwide. These kendras are part of the Pradhan Mantri Bhartiya Janaushadhi Pariyojana, initiated by the Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers in November 2008. The objective of these kendras is to provide affordable, high-quality medicines to all, especially those living in rural areas, thereby reducing healthcare expenses.

Jan Aushadhi Kendras offer generic drugs that are equivalent in quality and efficacy to more expensive branded drugs but come at lower prices (50% to 90% lesser rate in comparison to the branded medicines). They also sell allied medical products commonly found in chemist shops to enhance the viability of running the Jan Aushadhi store. The Pharmaceutical & Medical Devices Bureau of India (PMBI), established with the support of all Pharma Central Public Sector Undertakings (CPSUs) under the Department of Pharmaceuticals, oversees the procurement, supply, and marketing of generic drugs.

PACS are village-level cooperative credit institutions providing credit and input services to farmers. Refinancing for PACS is facilitated by National Bank for Agriculture and Rural Development (NABARD) through District Central Cooperative Banks (DCCBs) and State Cooperative Banks (StCBs).

World Ocean Day

World Oceans Day is celebrated every year on 8 June to create awareness among people regarding the significance of oceans, and the importance of preserving and conserving oceanic resources.

“Planet Ocean: tides are changing,” is the theme for World Oceans Day 2023.

The ocean covers over 70% of the planet. The ocean produces at least 50% of the planet’s oxygen, it is home to most of earth’s biodiversity, and is the main source of protein for more than a billion people around the world. The ocean is also key to our economy with an estimated 40 million people being employed by ocean-based industries by 2030.

Even with all its benefits, the ocean is now in need of support. With 90% of big fish populations depleted, and 50% of coral reefs destroyed, we are taking more from the ocean than can be replenished. There is a need to work together to create a new balance with the ocean that no longer depletes its bounty but instead restores its vibrancy and brings it new life.

Read more: World Oceans Day

National Campaign "Addiction Free Amrit Kaal”

The National Commission for Protection of Child Rights (NCPCR) recently launched the National Campaign "Addiction Free Amrit Kaal" on World No- Tobacco Day (31^st May), aiming to create a healthier and addiction-free India.

In partnership with Tobacco Free India, the campaign specifically focuses on addressing the pressing issue of tobacco and drug addiction among children in the country and stresses the importance of the proposed Cigarettes and Other Tobacco Products Act (COTPA) Amendment Act in creating a tobacco-free environment for children.

The health risks associated with tobacco and drug addiction is alarming with an annual death toll of over 13 lakh people due to tobacco consumption in India. To actively involve children in the fight against tobacco and drugs, 'Prahari Clubs' have been established in schools, with approximately 60,000 such clubs formed thus far. These clubs enable children to serve as the government's eyes and ears, reporting any tobacco-selling shops near their schools.