Current Affairs - December, 2018

Latest Current Affairs December, 2018 with Current Affairs, news summary on current events of National and International importance of December, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Shaktikanta Das: 25th Governor of RBI

  1. India’s former economic affairs secretary and current member of the Finance Commission Shaktikanta Das is to be appointed as next RBI Governor. He will be the 25th Governor of the apex bank of the country.

About  Shaktikanta Das

  • Shaktikanta Das is a 1980 batch IAS officer of Tamil Nadu Cadre and a very prominent bureaucrat who served under both NDA and UPA governments.
  • He served as economic affairs secretary from 2015 to 2017; and was key official in both big economic moves of the government viz. demonetisation and implementation of GST.
  • Appointment committee of cabinet approved Shaktikanta Das appointment as RBI governor. He will serve as governor for the term of three years.

Background

After the resignation of Urijit patel, Shaktikanta Das has been appointed as 25th governor of RBI. Urijit Patel resigned due to personal reasons. His tenure as RBI governor was about to complete in September 2019. Patel has become fourth RBI to step down before end of term. Before him, Sir Osborne Smith, Benegal Rama Rau and S Jagannathan had resigned before completion of their respective tenures.

Month: Categories: Banking Current Affairs 2018

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Global Compact for Safe, Orderly and Regular Migration adopted at UN Conference in Marrakesh, Morocco

Global Compact for Safe, Orderly and Regular Migration was adopted by 164 nations including India at Intergovermental Conference to adopt this compact held under auspices of United Nations General Assembly (UNGA) at Marrakesh, Morocco. It is first intergovernmental agreement to cover wide-ranging dimensions of international migration in holistic and comprehensive manner and agreed upon by all the UN member states minus United States.

Global Compact for Safe, Orderly and Regular Migration

It seeks to better manage migration at local, national, regional and global levels, in order to reduce the risks and vulnerabilities of migrants. It creates non-legally binding and co-operative framework that builds on commitments agreed upon by member states in New York Declaration for refugees and migrants of December 2016.

It lists four objectives. They are to

  • Ease pressures on host countries
  • Enhance refugee self-reliance
  • Expand access to third country solutions
  • Support conditions in countries of origin for return in safety and dignity

It sets out framework on how international cooperation on migration issues should work but does not oblige states to take concrete action. It sets out 23 objectives to deal issues ranging from factors that compel people to move, legal channels for migration, combating trafficking and smuggling, harness economic benefits of migration and return of the migrants.

Its intent to protect human rights of migrants, address root causes of migration, and combat negative myths surrounding migration. It acknowledges that migration is international issue that affects all member states and there is a need for more effective migration governance.

Background

According to UN, there were 258 million international migrants in the world in 2017, increasing almost 50% since 2000. The number of migrants, representing 3.4% of world’s population, is increasing faster than global population, driven by economic prosperity, inequality, violence, conflict and climate change. Migrants worldwide account for 3% of the world’s entire population, but contribute 10% of the global gross domestic production (GDP). Migrants remittance is huge contributor to their home countries’ development.  Around 80% of world’s migrants move between countries in safe and orderly fashion. But more than 60,000 people have died on the move since the year 2000. Besides in transit countries or the country of destination, racism, discrimination and human-rights violations are continuously reported. The process of developing compact was started in early 2017 as implementation of decision by UN member states as adopted New York Declaration for Refugees and Migrants in September 2016. UN member states’ another decision pledged in the declaration is to develop a Global Compact on Refugees.

Month: Categories: India Current Affairs 2018

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