UPSC Current Affairs - 2019
Latest Current Affairs 2018-2019 for UPSC IAS / Civil Services Examination. This category comprises the current affairs short notes useful primarily for UPSC preliminary examination and upsc mains as well as state civil services examinations.
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The Union Cabinet has approved India’s Currency Swap Agreement with Japan. The $75-billion bilateral currency swap arrangement is a milestone in mutual economic cooperation and special strategic and global partnership between two countries.
Currency Swap Agreements
A Currency swap agreement is a foreign exchange agreement between two parties to exchange a given amount of one currency for another and, after a specified period of time, to give back the original amounts swapped.
How Currency Swap Agreement can benefit India?
The currency swap agreement can be beneficial to India in the following ways:
- The currency swap facilities make it easier for India to pay for its imports. This aids in addressing the challenge of depreciation.
- Since the Currency swap agreement involves trading in local currencies. Countries pay for imports and exports through their own currencies rather than involving a third country currency. This does away with the charges involved in multiple currency exchanges.
- The currency swap makes it easier to improve liquidity conditions.
- Currency swap agreements help in saving for a rainy day when the economy is not looking in good shape.
- The swap agreements also contribute towards stabilising the country’s balance of payments (BoP) position.
- The agreement aids in improving the confidence in the Indian market.
- Together with ensuring that the agreed amount of capital is available to India, it also brings down the cost of capital for Indian entities while accessing the foreign capital market.
The Currency Swap Agreement was concluded between Prime Minister Narendra Modi and Japan’s Prime Minister Shinzo Abe during the summit level meeting at Yamanashi, Japan.
The World Economic Forum has recognised Tata Steel’s plant at IJmuiden in the Netherlands as Manufacturing Lighthouse with state-of-the-art production facilities which successfully adopt and integrate the cutting-edge technologies of the future and drive financial and operational impact.
Recognition to Tata Steel
The recognition of the Tata Steel was due to the following factors:
- Acknowledgement of the thriving culture of innovation at Tata Steel and advanced analytics team’s vision and commitment to realise more efficient, productive and responsible steelmaking.
- The pioneering use of advanced analytics to optimise the way raw materials are used, increase the yield at every step of the steelmaking process and further improve logistics between the different processes and the quality of the product for customers.
- The Advanced Analytics Academy gives Tata Steel employees an impetus to find solutions for waste reduction, quality improvement and overall reliability of production processes.
The World Economic Forum organizes a network of leading intelligent production companies as Manufacturing Lighthouses under its ‘Shaping the Future of Production’ initiative to allow the exchange of knowledge and promote collaborations in the area of the ‘Fourth Industrial Revolution’ in production.
These Manufacturing Lighthouses showcases how best a strategy for the Fourth Industrial Revolution be developed by training employees, cooperating with other parties, implementing changes in the workplace and in the value chain through greater efficiency and contribute to reducing the climate footprint of production companies by 50 per cent.
Tags: climate footprint of production • Factory of the Future • Fourth Industrial Revolution • Manufacturing Lighthouses • Shaping the Future of Production' initiative • Tata Steel • World Economic Forum