Economics Current Affairs - 2019
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The Odisha State Disaster Management Authority (OSDMA) has bagged the SKOCH Award, 2018 for its remarkable achievements in the field of disaster management. The award was presented at the 56th SKOTCH Summit held at New Delhi.
The SKOCH Award is being presented since 2003 to individuals and institutions having done meritorious works in the field of governance, finance, banking, disaster management, technology, corporate citizenship, economics and inclusive growth by Skoch Group.
OSDMA and Disaster Management
- OSDMA had received Order-of-merit in the Gold category for constructing 879 multipurpose cyclone and flood shelters which played a key role in saving human lives during Cyclone Phailin in 2013.
- OSDMA had received ‘Order-of-merit’ in the silver category for constructing disaster resilient houses for about 17,000 Phailin affected families by relocating them to safer places.
- Order-of-merit Bronze was given to the OSDMA for its Early Warning Dissemination System for different hydro-meteorological disasters across the coastline of Odisha which will benefit 1,205 villages in 22 blocks of six coastal districts.
- OSDMA had received ICHL award, 2013 for Excellence in Humanitarian Action in the field of Disaster Management and many certifications for effective management of disasters.
These awards are the recognition of Odisha becoming a model state in disaster management and risk mitigation since the 1999 Super Cyclone.
Tags: 1999 Super Cyclone • Banking • corporate citizenship • Cyclone Phailin • Disaster Management • Early Warning Dissemination System • Economics • Finance • Governance • Inclusive Growth • Odisha State Disaster Management Authority • OSDMA • SKOCH Award • SKOCH Group • Technology
According to the United Nations World Economic Situation and Prospects (WESP) 2017 report, India’s economy is projected to grow by 7.7% in fiscal 2017 and 7.6% in 2018
India will remain the fastest growing large developing economy due to its strong private consumption and gradual introduction of significant domestic reforms.
The UN flagship report has not mention of the withdrawal of the high-denomination Rs. 500 and Rs. 1,000 currency notes nor its impact on the country’s economic growth.
Key Highlights from Report
- India has positioned itself as the most dynamic emerging economy among the largest countries and is expected to remain the fastest growing.
- However, incase of India, low capacity utilisation and stressed balance sheets of banks and businesses will prevent a strong investment revival in the short term.
- China’s growth is projected to remain stable at 6.5% for fiscal years 2017 and 2018 due to domestic demand and accommodative fiscal measures, including off-budget fiscal support through policy banks and public-private partnerships.
- Implications of China’s ongoing economic rebalancing will inevitably be felt by the region in medium and long-run through trade (including commodity prices) and financial channels.
Earlier, International Monetary Fund (IMF) had cut India’s growth rate for FY2017 to 6.6% from its previous estimate of 7.6% due to the “temporary negative consumption shock” of demonetisation. The World Bank also too decelerated India’s GDP growth for 2016-17 fiscal to 7% from its previous estimate of 7.6% citing the impact of demonetisation.