Digital Economy Current Affairs
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Union Cabinet has approved MoU signed between Export-Import Bank of India (Exim Bank) and member banks under BRICS Interbank Cooperation Mechanism on Collaborative Research on Distributed Ledger and Block chain Technology in context of development of digital economy.
Blockchain technology or Distributed Ledger holds potential for solutions to various challenges being faced in financial sector space of BRICS nations. The MoU was signed between Exim Bank, Banco Nacional de DesenvolvimentoEconomico e Social (BNDES, of Brazil), China Development Bank (CDB), State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank of Russia) and Development Bank of Southern Africa (DBSA). It intends to enhance understanding in this field, through joint research efforts to identify areas within respective business operations where it may have potential for applications aimed at enhancing operational efficiencies.
The Xiamen Declaration signed in September 2017 at 9th BRICS summit in Xiamen, China by BRICS leaders had highlighted importance of digital economy and ways BRICS nations can leverage its potential for fostering global economic development and benefit everyone. Accordingly, Memorandum of Understanding (MoU) on Collaborative Research on Distributed Ledger and Block chain Technology in the Context of Development of Digital Economy was suggested to be signed by all member banks.
The G20 Digital Economy Ministerial Meeting was held in Salta, Argentina from 23 to 24 August, 2018. It took place as part of Sherpa Track for 2018 G20 Leaders’ Summit, which is to be hosted by Argentina by end of 2018. The theme of the meeting was ‘Building consensus for fair and sustainable development‘. Its three key issues for the agenda were future of work, infrastructure for development, and sustainable food future. It concluded with adaptation of declaration that reflects G20’s commitment towards promoting policies and actions that catalyze digital transformations.
The meeting was attended by 33 heads of delegation- ministers, senior officials and representatives from invited countries and international organizations like EU, UNCTAD, ITU etc. India was represented by Union Minister for Electronics and IT & Law and Justice Ravi Shankar Prasad.
The participating delegates deliberated upon efforts to create conditions that help governments, private sector and civil society maximize benefits and confront challenges posed by technological progress. The other focus areas which were also deliberated included digital inclusion in particular gender divide, digital government, digital infrastructure and measuring digital economy.
Participating G20 member nations agreed to promote policies that will contribute to bridging all forms of digital divide with special attention to digital gender divide. They also agreed to promote digital government and digital infrastructure, strengthen digital skills of workforce, deepen analysis towards digital economy measurement and to share experiences and lesson learned.
Group of Twenty (G20) is premier forum for international economic cooperation and decision-making. It is a forum for governments and central bank governors from 20 major economies to focus on economic issues and other important development challenges.
The G20 comprises of total 19 countries plus European Union (EU), representing 85% of global GDP, 80% of international trade, 65% of world’s population. Its members include Australia, Argentina, Brazil, Canada, China, India, France, Germany, Indonesia, Italy, Japan, South Korea, Mexico, Saudi Arabia, Russia, Turkey, South Africa, UK, US and EU.
It was started in 1999 as meeting of Finance Ministers and Central Bank Governors in the aftermath of the South-east Asian (Tiger economies) financial crisis. It was established for studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
In 2008, the first G20 Leaders’ Summit was held in Washington DC, US. Prior to this, it was merely forum for meeting of Finance Ministers and Central Bank Governors. The group has played key role in responding to the global financial crisis.