G-20 has conveyed its dashing hopes at the stretched out delay over International Monetary Fund’s (IMF) quota and governance reforms agreed to in 2010 and the 15th General Review of Quotas (GRQ) including a new quota formula that would impart emerging economies, including India, a greater voice at IMF. G-20 has given USA a yearend deadline to ratify them.
Multinational Spanish banking outfit Banco Bilbao Vizcaya Argentaria, as part of its research project on Emerging and Growth-Leading Economies issued the ’World Market Power’ Index. As per this Index, India is the second most powerful nation, when it comes to competing on the world market. The Index tracks nations’ abilities on the economic front.
Ratan Tata appointed board member of China-backed Boao Forum. For the first time a senior Indian business leader inducted as a member of the Board of Boao Forum for Asia (BFA), an uncommon distinction for an Indian in the Chinese government-backed influential body.
Ratan Tata’s nomination to the board of the BFA is considered as part of China’s attempts to push closer ties with India. Tata is the most successful Indian business group in China. TCS, Range Rover SUV (manufactured by TATA-owned Jaguar Land Rover) are a big hit in China.
Boao Forum for Asia (BFA)
A non-governmental and non-profit international organization with a fixed conference date and a fixed domicile. BFA was officially introduced on February 27, 2001. Since 2002, BFA has been having its yearly conference at Boao, Hainan Province, China which now serves as the permanent site of BFA Headquarters. Each year world’s Top political and business leaders gather at Boao to brain storm on global political and economic issues.
- FICCI (Federation of Indian Chambers of Commerce) is an ordinary member of the Boao Forum.
Why Boao Forum for Asia (BFA) is important?
BFA has now turned into a high-end platform for dialogues between leaders of national governments, industrial and business circles, and academicians of nations in Asia and other continents about the significant subject matters in Asia and even the whole world. BFA is dedicated to pushing Asian countries to accomplish common development via further integration of regional economy. Via its working web with the political, business, and academic circles, BFA will attend to the ever-rising economic cooperation amidst its members and within its members and other entities.
- To base itself on Asia and encourage and deepen the economic exchange, coordination, and cooperation within Asia and between Asia and other parts of the world.
- To offer a high-end dialog platform for governments, enterprises, experts, and scholars to collectively talk about economy, society, and environment and other pertinent subject matters.
UN’s Intergovernmental Panel on Climate Change (IPCC), in its report evaluating affects of climate change on human health, settlements and natural resources issued a warning that if no actions are taken to limit the ill-effects of global warming, Asia may face pressure on water resources and food-grain production in the future, thereby mounting the risk of armed conflict amongst India, Pakistan, Bangladesh and China.
Albeit the report doesn’t have any country-specific forecastings, the region-wise findings in the report have thrown many eye-opening conclusions for India. As per the Report, if steps are not taken to control the rise in temperature:
- India might lose up to 1.7% of its GDP if the yearly mean temperature rises by 1 degree Celsius compared to pre-industrialization level.
- India might face extreme weather events, viz. flash floods in Uttarakhand and cyclone Phailin in Odisha.
- ‘Beach tourism’ in India, could be affected.
- Increase in risk of armed conflict around the world as it aggravates poverty.
Key indications/ findings from the report:
- In most parts of the world, coming times experience more extreme weather events viz. floods, cyclones, cloud bursts, unseasonal excessive rains and drought, etc.
- Amongst the most affected nations in Asia would be: Bangladesh, China, India, Maldives, Pakistan and Sri Lanka.
- Climate change will be an influential factor in designing of national security policies.
- By middle of the 21st century, stern pressure on fresh water resources in South Asia and China (Himalayan river basins) may develop into a basis for armed conflict in the region.
- Coastal flooding will affect tourism in India.
- Fall in food-grain production (wheat in India and Pakistan; wheat and maize in China)
- Sea-level rise will affect coastal cities like Mumbai and Kolkata
- Fishing community will be affected, as some marine fauna will face extinction by 2050
- Himalayan Glaciers continue to shrink, affecting water resources downstream
- Human health will be affected by climate change, mainly by exasperating health issues.
UN IPCC Report: Climate Change 2014: Impacts, Adaptation, and Vulnerability