31 May 2023 : The Hindu Editorial
The Hindu Editorial
31-May-2023
Daily Current Affairs For UPSC ,The Hindu Editorial Summary
1. IRDAI’s plans to expand risk protection levels need government backing
Topic: GS3 – Insurance sector.
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The Insurance Regulatory and Development Authority of India (IRDAI) has unveiled a blueprint to insure a larger portion of the population against risks by 2047.
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The key focus is on a bundled insurance policy called ‘Bima Vistaar’ that would provide monetary support for medical emergencies, accidents, thefts, or death in the family.
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To increase awareness, the regulator proposes a women-led Gram Sabha-level initiative to educate female heads of households about the benefits of the scheme.
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A platform called ‘Bima Sugam’ would integrate insurance players and distributors, offering customers a one-stop shop experience and facilitating claims servicing.
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The IRDAI aims to settle life insurance claims within hours or a day by linking digital death registries to the platform.
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Legislative changes are planned to ease capital requirement norms and allow new players to enter the market, catering to niche and specialized segments.
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Despite the entry of private players, India’s insurance penetration remains low, and non-life policies have yet to surpass 1%.
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The involvement of State governments and the establishment of bodies similar to State-level banking committees would help formulate strategies for raising awareness and coverage at the district level.
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The government should reconsider the 18% GST levy on health and life insurance premiums, as it disproportionately affects those who may be pushed below the poverty line due to a health calamity.
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Continuity of leadership at IRDAI is crucial, and long vacancies at the helm should be avoided.
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2. Unboxing the ‘export turnaround’ in India’s toy story
Topic: GS3 – Indian economy.
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India has become a net exporter of toys in 2020-21 and 2021-22, ending decades of import dominance.
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Toy exports increased from $109 million (₹812 crore) in 2018-19 to $177 million (₹1,237 crore) in 2021-22, while imports declined from $371 million (₹2,593 crore) to $110 million (₹819 crore).
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The achievement is attributed to the ‘Make in India’ initiative launched in 2014 and related policies.
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The industry output and employment in the toy sector had declined between 2000 and 2016, with imports accounting for up to 80% of domestic sales.
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Imports contracted due to an increase in basic custom duty on toys and the imposition of non-tariff barriers.
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The question arises whether the net exports represent sustainable improvements in industrial capability or short-term effects of protectionist measures.
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Historically, successful toy-exporting countries in Asia, such as Japan, China, and Vietnam, promoted toy manufacturing for job creation.
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India followed an inward-oriented industrial policy that hindered domestic toy production, and the industry remained stagnant and fragmented.
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The reservation policy, which provided exclusive production rights to the small-scale sector, was abolished in 1997, leading to the entry of new firms but limited sustained growth.
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Recent policy initiatives like ‘Make in India’ did not have a significant and sustained impact on toy production and exports.
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It is too early to claim policy success based on the recent turnaround in toy exports, as it may be driven by protectionism and pandemic-related circumstances.
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The study suggests the need to look beyond simplistic binaries of planning versus reforms and tailor policies and institutions to nurture industries based on ground reality.
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3. Using Buddhism as a tool of soft power
Topic: GS3 – International relations.
Issue:
Historical perspective:
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The Shakyas, said to be descendants of the Buddha, faced massacres and persecution in history, leading to their dispersion to various parts of Greater Magadha, Gandhara (Afghanistan), Burma (Myanmar), and the Kathmandu valley in Nepal.
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The Shakyas in Nepal hold a special status in the Hiranyavarna Mahavihara (Golden Temple), where they serve as temple caretakers and conduct rituals.
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The renovation of the Golden Temple complex with a grant from the Indian government sparked controversy, with some locals believing India’s interest was driven by attracting Chinese tourists.
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India considers Buddhism as part of its identity, using Buddhist symbolism to promote peace and tranquillity, especially during times of religious tension.
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Buddhism as a tool of soft power by India and China:
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India convened the Global Buddhist Summit in April, focusing on Tibetan Buddhism and the Dalai Lama, which was seen as a geopolitical move to provoke China.
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The India International Centre for Buddhist Culture and Heritage is being constructed in Lumbini, Nepal, potentially as a counter to the Chinese-funded Gautam Buddha International Airport in Bhairahawa, seen as an Indian project.
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China, with a large Buddhist population, sees Buddhism as a significant soft power tool and has been promoting Chinese Buddhism abroad, including in Nepal.
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China’s approach to promoting its version of Buddhism varies depending on the target country, utilizing religious narratives alongside infrastructure investments.
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There are rumors in Nepal of China’s plans to send millions of Buddhist pilgrims and invest in hotels and businesses as part of a soft power push, while India is also rumored to invest more in Lumbini.
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Concerns exist that geopolitical rivalries may turn Nepal into a commercialized tourist destination, impacting its Buddhist heritage.
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4. Clean energy funds rise, but mostly in China, Europe, U.S.
Topic: GS3 – Transition towards clean energy.
Context:
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The International Energy Agency’s report “World Energy Investment 2023” shows increased investment in clean energy in recent years, driven by electric vehicles (EVs) and renewable power.
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Investment in clean energy has outpaced investment in fossil fuels, with a growth rate of 24% compared to 15% during the period analyzed.
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Investments in clean energy are primarily concentrated in advanced economies and China, with over 90% of the surge since 2021 occurring in these regions.
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Solar energy is the leading sector, with projected investment exceeding $1 billion per day in 2023, totaling $380 billion for the year.
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India and Brazil are among the countries demonstrating robust investment in solar and renewable energy.
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Progress is also seen in select regions such as Saudi Arabia, the UAE, and Oman in West Asia, where investor interest in clean energy is escalating.
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Challenges remain for many countries, including higher interest rates, ambiguous policy frameworks, and financially constrained utilities, which hinder investment.
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The prices of some clean energy technologies have seen a slight reversal, with rising input costs for critical minerals, semiconductors, steel, and cement.
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Despite these challenges, the overall trend shows a significant shift towards clean energy investment globally.
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For Enquiry
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