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1.
TWO CHARACTERISTICS OF India's labour force are striking - the low rate of participation of the working-age population in the workforce and the almost stagnant structure of labour force participation. India has a much larger share of workers who are self-employed and a smaller proportion of wage and salaried workers than most other middle-income economies. Of the working population, over half are categorised as self-employed - almost 60 per cent in rural areas and about 40 per cent in urban areas, with an uptick in this statistic be- tween 2017-18 and 2023-24, particularly in rural areas and for women. The criteria used in most economies to define formal jobs - coverage by the social security system; entitlement to paid annual or sick leave, and written employment contract - are missing for the self-employed. Two other features of self-employment are notable - low earnings and significant underemployment. Not only are the earnings of the self- employed barely above those engaged in casual labour, the gender gap in self-employed earnings has increased between 2017-18 and 2023-24, with the gap expanding more in rural areas.
2.
SHAKTIKANTA DAS TOOK over as RBI Governor in December 2018 after Urjit Patel had quit unexpectedly, citing personal reasons. Das has had a challenging tenure. In his six years as governor-he was granted an extension in 2021 Das deftly navigated a difficult domestic and global environment. He led the central bank through a pandemic, the Russia-Ukraine war and the conflict in Gaza, while also leading it into newer areas such as digital currency. All the while, he ensured that relations between Mint Street and North Block were harmonious. When he took over as governor, Das had to deal with the NBFC crisis, following the col- lapse of IL&FS and Dewan Housing. However, the biggest challenge that the central bank had to face was the Covid pandemic. Under his leadership, the RBI acted quickly, loosening policy rates, and also announcing a series of measures to help cushion the economy from the consequences of the pandemic.
3.
Shaktikanta Das had a stellar stint at the central bank, navigating it calmly and unobtrusively through choppy times. Malhotra takes over at a time when the global economy is in flux. While India stands tall, it must ensure that it does not become complacent. Anticipating changes globally and pivoting monetary policy from here on makes the job interesting. Against this background, these are the main areas that need supervision. In the last couple of years, the RBI has used the LAF framework (liquidity adjustment facility) involving VRR and VRRR to balance liquidity. There has been a change this time with it opting to cut the CRR. The OMO option also exists in its armoury. The approach taken to ensure systemic liquidity will be observed closely by the market.
4.
ONE OF THE most significant developments in recent years has been the formation of the so-called "alliance without limits" between Moscow and Beijing. Announced by Presidents Vladimir Putin and Xi Jinping in February 2022, just before Russia's invasion of Ukraine, this alliance emphasises their commitment to strategic cooperation across security, economic, and political domains, with- out restrictions on their collaboration. While strategic ties between Moscow and Beijing have strengthened since the early 2000s, the February 2022 declaration marked an unprecedented level of anti-American solidarity. The growing global interest in BRICS and the perceived rise of the Global South seemed to confirm the decline of the US-led international system. The US economy has shown remarkable resilience, outpacing both the European Union and China in growth and technological innovation.
5.
THE CHINA-LED Investment Facilitation for Development (IFD) agreement has gained the support of 128 countries at the World Trade Organization (WTO) but India, along with South Africa, Namibia, and Turkey, will continue to oppose the initiative due to its potential to undermine the policy space of weaker nations, a central government official said on Tuesday ahead of the WTO General Council meeting in Geneva on December 16-17. This comes at a time when in- vestment flows are increasingly shifting away from China due to a possible US-China trade war and a weakening consumer demand in China. These investments are increasingly moving to ASEAN countries as Chinese firms have increased their overseas assets to record levels.
6.
FEMALE LABOUR force participation rate (LFPR) increased in al- most all states in India during 2017-2018 to 2022-2023, with rural areas seeing larger gains than urban areas, a new working paper released by the Economic Advisory Council to the Prime Minister (EAC-PM) stated. States such as Bihar, Punjab, and Haryana have consistently re- ported very low levels of female LFPR, the paper stated, underlining that this inter-state variation is important in the context that Haryana and Punjab are among the richest states within India, while Bihar is the poorest. Rural female LFPR rose to 41.5 per cent from 24.6 per cent during 2017-18 to 2022-23, while urban LFPR rose to 25.4 per cent from 20.4 per cent, the paper titled 'Female Labour Force Participation Rate: An Observational Analysis of the Periodic Labour Force Survey (PLFS) 2017-18 to 2022-23', co- authored by EAC-PM member Shamika Ravi and EPU, ISI-Delhi's Mudit Mapoor, said.
7.
THE SECURITIES and Exchange Board of India (Sebi) on Tuesday said top 500 stocks listed on the exchanges will be eligible for the same-day settlement cycle (T+0) in a phased manner. These stocks will be available for settlement from January 31, 2025. Currently, only 25 stocks are available for the T+0 settlement. The beta version of the settlement cycle was launched in March this year, but the response has been tepid, with negligible volumes.
8.
THE UNION Health Ministry has urged states to make snakebites a notifiable dis- ease - a disease that is legally required to be reported to the government by both private and public hospitals. Snakebites are a major public health challenge in the country. Some three to four mil- lion cases of snakebites are reported every year, and an estimated 58,000 persons die because of them annually, according to the 2020 Indian Million Death Study, a largescale study that examined the causes of premature death in India. Earlier this year, the government launched the National Action Plan for Prevention and Control of Snakebite Envenoming (NAPSE) with the aim of halving snakebite deaths by 2030
9.
EARLIER THIS month, US President Joe Biden issued "A Full and Unconditional Pardon" for his son Hunter Biden, who was awaiting sentencing in cases relating to tax evasion and lying about drug use while buying a handgun. Article 2, Section II, Clause 1 of the US Constitution states that the President "shall have Power to grant Reprieves and Pardons for Offences against the United States, except in Cases of Impeachment". Effectively, a pardon eliminates the punishment imposed following a conviction for an offence, though it does not overturn the conviction.
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