Current Affairs - May, 2019
Latest Current Affairs May, 2019 with Current Affairs, news summary on current events of National and International importance of May, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.
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India has found problems with the current methodology adopted by the Organisation for Economic Cooperation and Development (OECD) under its Services Trade Restrictiveness Index (STRI) to rank countries.
- About: A study commissioned by Indian Ministry of Commerce found that OECD index, the STRI has a several problems associated with it, which also includes some significant design issues that render the index impractical for use.
- Issues: As per India the outcomes of STRI are biased and counter-intuitive.
- The initial work suggests that there are both empirical and theoretical inconsistencies in STRI’s methodology.
- The data generated by OECD’s methodology seems to have been through arbitrary procedures and reflects being bias towards developed country.
- It shows Indian services sector as highly restrictive in areas such as FDI.
- Impractical: For instance, STRI seems to show the services sector in India as one of the most restrictive in world, particularly in policy areas like foreign entry, FDI etc. This is astonishing as since 1991, following the LPG reforms the one area that has seen maximum liberalisation in India is Foreign Direct Investment (FDI).
- India’s Approach: India is trying to build a consensus around adopting a new method of measuring trade restrictiveness in services sector. For this India approached several developing countries during recently-concluded WTO Ministerial talks held in New Delhi. It has also approached South Africa, Indonesia, China, Turkey and Brazil.
- India’s Argument: Unlike manufacturing trade which has a well-documented system of classification of commodities, the problem in services, is that for a long time there was not any way to find that whether a country’s service trade policies were restrictive.
- Also, even if it was ascertain as restrictive it was not known that what to do about it since services trade is usually regulated by domestic regulations and not border tariffs.
- It was launched in 2014, by The Organisation for Economic Cooperation and Development (OECD).
- It purpose is to rank countries based on their services trade policies.
- STRI (computed by OECD) is now available for year 2018. It includes a total of 45 economies (with 36 OECD and the rest non-OECD) and 22 sectors. These countries and sectors undertaken represent more than 80% of global trade in services.
Month: Current Affairs - May, 2019 Categories: Reports & Indices
Tags: FDI • Foreign Direct Investment • Liberalisation • LPG Reforms • Ministry of Commerce • OECD • Organisation for Economic Cooperation and Development • Services Trade Restrictiveness Index • STRI • World Trade Organisation (WTO) • WTO • WTO Ministerial Meet • WTO Ministerial Meeting
For the first time in world cup history, each participating team at upcoming ICC World Cup 2019 will have a dedicated anti-corruption officer attached with it. The move is to deliver a corruption-free tournament.
- About: The International Cricket Council (ICC) will attach an anti-corruption official to all the 10 participating teams. The officer will be with each team starting from warm-up matches till the end of World cup tournament.
- Previous Structure: Earlier, the International Cricket Council’s (ICC) Anti-Corruption Unit had its personnel deployed at each venue, means that participating teams had to deal with a number of officials over course of a tournament.
- New Structure: Now, the same anti-corruption official will be assigned to a team from warm-up matches (start of competition) till end of the competition. They will be staying in same hotel as that of players and also travelling with them to training and matches.
- Significance: The move is aimed at delivering a corruption and fixing free World Cup. By being with teams throughout the competition, it is possible that officials would be in better position to spot any potential corruptors who lurk might near players or back-room staff and thus identify any behaviour that may be seem suspicious to them.
Month: Current Affairs - May, 2019 Categories: Sports & Games
Tags: 2019 ICC Cricket World Cup • Anti corruption Officer • ICC • ICC World Cup 2019 • International Cricket Council