Narendra Modi Current Affairs
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Prime Minister Narendra Modi was awarded first ever Philip Kotler Presidential Award. Philip Kotler Presidential Award aims to spread examples of individuals and companies who create an innovative culture for the economic, social and technological advancements of an industry or a country.
Why PM Modi was conferred with the award?
The citation of the award underlines the following achievements of the PM Modi for conferring the award:
- PM Modi was selected for his outstanding leadership for the nation.
- PM Modi’s selfless service towards India, combined with his tireless energy has resulted in extraordinary economic, social and technological advances in the country.
- Under PM Modi’s leadership, India is now identified as the centre for innovation and value-added manufacturing (Make in India), as well as a global hub for professional services such as information technology, accounting and finance
- Modi’s visionary leadership has also resulted in the digital revolution (Digital India), including the Unique Identification Number, Aadhaar, for social benefits and financial inclusion.
- Initiatives such as Make in India, Startup India, Digital India and Swachh Bharat have positioned India as one of the most lucrative manufacturing and business destinations in the world
Philip Kotler Presidential Award
Philip Kotler, a professor of marketing at Northwestern University, Kellogg School of Management is also known as ‘Father of Modern Marketing’. Apart from marketing, Philip Kotler has extensively written on education, environment, government marketing, healthcare, hospitality, and innovation.
The Philip Kotler Presidential Award is constituted to honour mastery in the field of marketing and management. The award recognises and celebrates achievements of organisations, marketing teams, and individuals in different industries around the world.
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.