Monday, 20th February 2023

Table of contents

1   Daily Current Affairs

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Balancing Fishing Rights in EEZ

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Lead Poisoning - Edukemy Current Affairs

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Mental Health - Edukemy Current Affairs

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Marine Spatial Planning - Edukemy Current Affairs

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AI in military - Edukemy Current Affairs

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ISRO: New Find on Moon Volcanic Rocks

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National Organ Transplantation Guideline

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Saman Bird Sanctuary - Edukemy Current Affairs

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Nano Urea and DAP (Di-Ammonium-Phosphate)

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Munich Security Conference (MSC)

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Jan Jal Abhiyan - Edukemy Current Affairs

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Kuno National Park - Edukemy Current Affairs

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Omorgus Khandesh - Edukemy Current Affairs

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International Grain Council (IGC)

2   Daily Editorial Analysis

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Embedded Finance - Edukemy Current Affairs

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Daily Current Affairs

Balancing Fishing Rights in EEZ


In News:

The Supreme Court of India has given permission to fishermen using purse seine fishing gear to fish beyond territorial waters (12 nautical miles) and within the Exclusive Economic Zone (EEZ) (200 nautical miles) of Tamil Nadu, but observing certain restrictions.

About:

The Court’s interim order, against the banning of purse seine fishing by the Tamil Nadu Government, is more concerned about regulating fishing with administrative and transparency measures than about conservation measures.

Why is purse seine fishing dangerous?

  • Endangered livelihoods of traditional fishermen: The huge size of the purse seine nets (2,000 metres in length and 200 m in depth) allows maximum catch for the purse seiners, in turn leaving behind insufficient catch for traditional fishermen.
  • Unsustainable fishing practice: This technique leads to decreasing stock of small, pelagic shoaling fish over a certain period of time.
    • It doesn’t allow a common resource such as fish to be naturally replenished.
    • Under Articles 56.1(a) and 56.1(b)(iii) of UNCLOS, coastal states have sovereign rights to ensure that the living and non-living resources of the EEZ are used, conserved, and managed, and not subject to overexploitation.
  • Non-selective fishing methods by purse seiners: This results in the by-catch of other marine living species, some of which might be endangered.
    • This is a potential ground for a trade embargo under General Agreement on Tariffs and Trade (GATT) Article XX. It contains a set of general exceptions to its obligations.
    • Article XX(b) covers measures “necessary to protect human, animal or plant life or health”.
    • Article XX(g) covers measures “relating to the conservation of exhaustible natural resources”.

What are some solutions to the overexploitation of marine resources?

  • Maintaining Maximum Sustainable Yield (MSY): In order to prevent overexploitation, coastal States must determine the total allowable catch (TAC) in the EEZ (Articles 61(1) and (2) of UNCLOS) in light of the best scientific evidence available.
    • The guidance from the Convention for the Conservation of Southern Bluefin Tuna 1993 (SBT) can also be used.
  • Adopting a precautionary approach: The efforts to implement TAC and catch quota might face scientific uncertainty relating to safe limits to ensure MSY. In such a situation, the established international environmental law practice is to lean on adopting a precautionary approach.
  • Complete ban: The 1989 Convention for the Prohibition of Fishing with Long Drift Nets in the South Pacific goes as far as to restrict port access for drift net fishing vessels.
    • The United Nations General Assembly passed Resolutions 44/225 (1989) and 46/215 (1991) supported and strengthened this development, calling for a moratorium on all large-scale pelagic drift net fishing vessels in high seas. These are relevant in terms of preventing overfishing in general in the EEZ as well.

Source:

https://www.thehindu.com/opinion/op-ed/deep-sea-fish-conservation-must-not-go-adrift/article66517789.ece

 

Keywords: GS Paper-3: Distribution of key natural resources across the world, Food Security, GS Paper-2: Government policies and interventions
Daily Current Affairs

Lead Poisoning - Edukemy Current Affairs


In News:

  • Global reports highlight the rising cases of lead poisoning among children in India

About:

  • Lead poisoning is a significant public health concern in India, where children and adults are exposed to dangerous levels of lead causing serious physical and developmental impacts.
  • Lead poisoning can occur through multiple exposure pathways, including ingesting lead, inhaling lead through the respiratory system, or absorbing lead through the skin.
  • Severe exposure often results in severe physical and developmental impacts including anaemia, developmental delays, and damage to the nervous system.
  • As per meta-analysis conducted by NITI Aayog and the Council of Scientific & Industrial Research (CSIR), even adults are affected by lead toxicity in samples studies in 2022.
  • Previously, a 2020 report by the UN Children’s Fund (UNICEF) and Pure Earth has also confirmed that Children in India are particularly at risk, with half of them reporting high blood lead levels.

Major highlights:

  • Nearly 23 states in India exceed the 5 µg/dL margin for average blood lead levels among the population.
  • Major states include Bihar, Uttar Pradesh, Madhya Pradesh, Jharkhand, Chhattisgarh, and Andhra Pradesh which accounts for 40% of the population with high blood lead levels.
  • Lead is transferred to the foetus of a pregnant lady if the mother consumes lead during pregnancy as there is no placental barrier.
  • In India, lead poisoning is mainly due to exposure to lead-based paints, lead batteries, contaminated soil and water, and occupational exposure in industries such as mining, smelting, and battery recycling.
  • Lead toxicity contributes to 6 million Disability-Adjusted Life Years (DALYs) and 165,000 deaths annually in India.
  • Lead poisoning is not just a concern in India, but also in other countries such as Iran, Afghanistan, Yemen, Peru, Vietnam, the Philippines, and parts of Central Africa.
  • Treatment for lead poisoning involves chelation, in which the patient is given medication that binds with lead molecules and facilitates their excretion through urine, but it can also lead to the loss of essential elements like iron, zinc, and calcium.

Steps taken:

  • Government has launched several initiatives to combat lead poisoning in India including:
    • National Programme for Prevention and Control of Fluorosis, Endemic Skeletal Fluorosis and Arsenicosis.
    • Lead Battery Waste Management Rules, 2016.
    • National Programme for the Health Care of the Elderly (NPHCE).
  • Collaboration with international organizations such as the United Nations Development Programme (UNDP) and the World Health Organization (WHO) to control lead poisoning.

Way ahead:

  • The ongoing crisis of lead poisoning in India requires better screening systems, the ability to determine the source of exposure, and stricter implementation of safety norms to prevent further exposure to lead.
  • Ban on the production, sale, and use of lead-based paints, regulate the recycling of lead batteries to prevent lead release, and conduct soil and drinking water testing to identify and mitigate contaminated areas.
  • Besides, the government can also take steps such as launching awareness campaigns to educate people about the dangers of lead poisoning and its sources.

 

https://www.downtoearth.org.in/news/health/element-of-mystery-lead-poisoning-is-a-huge-public-health-concern-for-india-here-s-why-87098

 

Keywords: General Studies – 3 Environment and Ecology, Science, and Technology
Daily Current Affairs

Mental Health - Edukemy Current Affairs


In News:

The National Human Rights Commission (NHRC) has issued notices to top officials over the “deplorable conditions” of all 46 government mental healthcare institutions across the country.

About:

NHRC’s observations, after the assessment of the implementation of the Mental Healthcare Act (MHA), 2017, are:

  • Acute shortage of doctors and staff.
  • No assurance of right to community living by the hospitals.
  • Section 19 of the Act has been ignored. It mandates the government to provide support in cases where mentally ill people have been abandoned.
  • Post-recovery, patients were not allowed to reunite or regroup with society and family.
    • It violates Article 21 and displays the failure of the state governments to uphold obligations under international Covenants.

As per MHA 2017, mental illness is a substantial disorder of thinking, mood, perception, orientation, or memory that grossly impairs judgement, behaviour, capacity to recognise reality or ability to meet the ordinary demands of life, mental conditions associated with the abuse of alcohol and drugs.

  • The MHA, 2017 provides the legal framework for providing services to protect, promote and fulfil the rights of people with mental illnesses.
  • These are in line with the United Nations Convention on Rights of People with Disabilities (UNCRPD).

 

Source:

https://www.hindustantimes.com/india-news/nhrc-flags-deplorable-conditions-of-mental-healthcare-institutions-101674715981041.html

 

Keywords: GS Paper-2: Health
Daily Current Affairs

Marine Spatial Planning - Edukemy Current Affairs


In News:

Puducherry has launched the country’s first Marine Spatial Planning (MSP) framework as part of a pact under the Indo-Norway Integrated Ocean Initiative.

About:

  • Marine Spatial Planning: Marine Spatial Planning is an inter-sectoral and participatory planning process and tool that seeks to balance ecological, economic, and social objectives, aiming for sustainable marine resource use and prosperous blue economies.
  • Marine Spatial Planning Framework: The Indo-Norway Integrated Ocean Initiative led to the MSP framework to balance growth alongside sustainable management of ocean resources and coastal environment preservation.
  • The Ministry of Earth Sciences is overseeing the implementation of the framework and Puducherry and Lakshadweep were chosen for the pilot MSP initiative.

What is the importance of the MSP Framework?

  • Vital governance tool: MSP will ensure the emergence of a blue economy characterised by a sustainable and equitable ocean resource management, instead of an environmentally unsustainable “brown economy.”
  • An enabler of the blue economy: MSP helped identify sites for new and emerging uses following an ecosystem-based approach.
  • Mitigates inter-sectoral conflicts: In many instances the demands for tourism growth tend to conflict with the livelihood concerns of fisher communities in terms of the use of coastal land and marine waters.
  • Sustainable growth of coast: MSP can help balance economic development and environment preservation of nearly 7500 kilometres coastline of India.
    • There was no scientific mapping conducted before MSP that showed that roughly 50% of Puducherry’s 42 km coastline was vulnerable to moderate to severe sea erosion.

 

Source:

https://www.thehindu.com/news/cities/puducherry/marine-spatial-planning-framework-countrys-first-launched-in-puducherry/article66507666.ece

 

Keywords: GS Paper-3: Conservation, environmental pollution and degradation
Daily Current Affairs

AI in military - Edukemy Current Affairs


In News:

World’s first global summit on Responsible Artificial Intelligence (AI) in the Military (REAIM) in the Netherlands brought together governments, corporations, academia, startups, and civil societies to raise awareness, discuss issues, and possibly, agree on common principles in deploying and using AI in armed conflicts.

Benefits of AI in Military:

  • Increased efficiency: An AI-powered weapon system could possibly make the army decide fast in a war-zone.
  • Enhanced cyber security: DARPA entered into a collaboration with BAE Systems to develop CHASE, software tools that can identify and predict cyber threats to large enterprise networks using artificial intelligence.
  • Reduced human labour
  • Surveillance: Militaries around the world acquire enormous amounts of visual surveillance data from various sources, such as phone cameras, video surveillance, UAVs and satellite footage.
    • The challenge is not collecting the data, but processing it for strategic information, and this is where machine vision and AI could be of use.
  • Precision targeting by autonomous weapons
  • Efficient logistics: AI has the capability to allow for more efficient, data-backed logistics and maintenance of military equipment.

Explainable AI (XAI): To remove bias from AI systems, researchers have resorted to ‘explainability’.

  • Explainability is the capacity to express why an AI system reached a particular decision, recommendation, or prediction.

 

Source:

https://www.thehindu.com/sci-tech/technology/reaim-2023-worlds-first-global-summit-on-responsible-ai-in-the-military-kicks-off-in-the-netherlands/article66516769.ece

 

Keywords: GS Paper-3: Science and Technology-developments and their applications
Daily Current Affairs

ISRO: New Find on Moon Volcanic Rocks


In News: Recently, Indian Space Research Organisation (ISRO) has announced the discovery on the Origins of Volcanic Rocks on the Moon

About:

  • The discovery has been done by the Physical Research Laboratory (PRL) of Ahmedabad along with experts from the US and Japan.
  • Two of the samples were those that were found on Earth– first in 1988 in Antarctica, and another in 1999 in South Africa's Kalahari Desert– while the third was collected by the Soviet Union’s Luna-24 mission in 1976.

New Findings:

  • A group of basaltic rocks not rich in KREEP were found, suggesting they may have formed in an unknown location away from conventional spots.
  • The rocks were not formed through the radioactive heating mechanism
  • The KREEP-deprived basalts must be a result of low-pressure melting in the Moon, and might have originated from a cool, shallow, and compositionally distinct part of the lunar interior.
  • The findings challenge currently proposed scenarios for the generation of basalts and propose an additional new regime that might be more common on the Moon globally.

Term

Features

Composition of Moon's Surface

  • The near side of the Moon has several dark spots called 'mare' which are remnants of a violent lunar volcanic history.
  • Mares consist of basalts which are volcanic rocks that cooled over billions of years.
  • These volcanic regions holds the key to understanding how they evolved and what the sources of heat were that melted and crystallized the material of present-day rocks.

KREEP-Rich Basalts

  • These are rocks analysed through various missions’ date back to about 3.8-3.3 billion years.
  • These are rich in potassium (K), rare Earth elements (REE), and phosphorous (P) or also known as KREEP.

 

https://www.republicworld.com/science/space/isro-announces-unique-discovery-about-origins-of-volcanic-rocks-on-the-moon-articleshow.html

 

Keywords: General Studies – 3 Science and Technology
Daily Current Affairs

National Organ Transplantation Guideline


In News: Recently, Union Health Ministry brought set of changes in rules governing organ donation in India

Context:

  • Transplantation of Human Organs Act (THOA), 1994 governs organ retrieval, storage, and transplantation in India
  • The government is also working towards a 'one nation, one policy' approach to eliminate variations in implementation.

Major highlights:

  • Registration for Organ Recipients: Patients aged 65 and above can now register to receive organs from a deceased donor.
  • Removal of domicile criteria: The Union Health Ministry has recommended that all states remove the domicile criterion for organ registration.
  • No charge: The Health Ministry has also recommended that states not charge any fee from patients seeking registration for organ donation.
  • Flexible list: The waiting list should determine the allocation of organs to patients, providing flexibility in seeking transplants from deceased
  • Nodal agency: Patients will be given a unique ID by National Organ and Tissue Transplant Organization (NOTTO) on registration, which can be used across multiple hospitals in different states.
  • Awareness and Education: A chapter on organ donation awareness will be added to the school curriculum to create awareness among students.
  • Open to all: Anyone, regardless of age or gender, can become an organ and tissue donor with parental or legal guardian consent required for minors.

Organ Donation in India

  • At present, living persons can only donate to immediate blood relations, while a brain-dead person can donate more than 20 organs and tissues.
  • The number of organ transplants has increased from 4,990 in 2013 to 15,561 in 2022.
  • The total number of kidney transplants from living donors has increased from 3,495 in 2013 to 9,834 in 2022, and from deceased donors, it has increased from 542 to 1,589 in same period.
  • The total number of liver transplants from living donors has increased from 658 in 2013 to 2,957 in 2022, and from deceased donors, it has increased from 240 to 761 in same period
  • The total number of heart transplants has increased from 30 in 2013 to 250 in 2022, while lung transplants have increased from 23 to 138.

 

https://www.hindustantimes.com/india-news/65-can-now-register-for-organ-transplant-as-govt-alters-norms-101676575348668.html

 

Keywords: General Studies – 2 Health and General Studies -3 Science and Technology
Daily Current Affairs

Saman Bird Sanctuary - Edukemy Current Affairs


In News: There has been a decline in the number of migratory bird species at Saman Bird sanctuary.

About

  • Saman Bird Sanctuary is a Ramsar site, located in the Mainpuri district of Uttar Pradesh.
  • It is a seasonal oxbow lake on the Ganges floodplain and is heavily reliant on the south-westerly monsoon.
  • Sanctuary regularly provides refuge to over, waterbirds and is particularly important as a wintering site for many migrants.
  • Vulnerable species including sarus crane Grus antigone and greater spotted eagle Aquila clanga are also found.

 

https://timesofindia.indiatimes.com/city/kanpur/decline-in-migratory-bird-species-this-year-at-saman-bird-sanctuary/articleshow/97932890.cms

 

Keywords: General Studies -3 Environment and Ecology
Daily Current Affairs

Nano Urea and DAP (Di-Ammonium-Phosphate)


Context: Recently, the agriculture ministry has approved the commercial release of Nano-DAP.

About

  • Nano Urea is a nanotechnology-based revolutionary Agri-input that provides nitrogen to plants. Nano Fertilizers hold great promise for application in plant nourishment because of their size-dependent qualities, high surface-volume ratio, and unique optical properties.
  • Urea and Di-Ammonium Phosphate (DAP) are largely consumed fertilizers in the country. IFFCO has received the patent for their nano variants from the Indian government for a period of 20 years
  • Government of India notified the specifications of Nano nitrogen under the Fertilizer Control Order, 1985.
  • Nano-DAP will be manufactured by India Farmers Fertiliser Cooperative (IFFCO) and Coromandel International..
  • 500-ml bottles of nano-DAP cost around Rs 600, which will have the same effectiveness of a bag (1350) of conventional soil nutrients. It will help India save foreign exchange and also reduce government subsidies

 

SSP- Single Super Phosphate

  • Indigenously produced SSP is the most preferred phosphatic fertilizer after DAP as it contains plant nutrients phosphorus, sulphur, and calcium and is mostly used by oilseed farmers.

Benefits:

  • Nano Urea is produced by an energy-efficient environment-friendly production process with less carbon footprints.
  • Increased availability to crop by more than 80% resulting in higher Nutrient Use efficiency.
  • Its application to crops as foliar fertilization enhances crop productivity to the tune of 8% with commensurate benefits in terms of better soil, air, and water, and farmers profitability.

https://www.google.com/amp/s/m.timesofindia.com/india/govt-approves-commercial-release-of-nano-dap/amp_articleshow/97783774.cms

 

Keywords: General Studies – 1 Indian Geography, agriculture
Daily Current Affairs

Munich Security Conference (MSC)


Context: Recently, George Soros said that the allegations levied by Hindenburg Research against the Adani Group threaten to hurt investor confidence in India.

About

  • MSC is an annual conference on global security issues, was founded by a German official and publisher Ewald-Heinrich von Kleist at the peak of the Cold War.
  • The MSC's objective is to build trust and to contribute to the peaceful resolution of conflicts by sustaining a continuous, curated, and informal dialogue within the international security community.
  • The MSC embraces a comprehensive definition of security, encompassing not only traditional national or military security but the economic, environmental, transatlantic, and human dimensions of security.
  • MSC side events should reflect the core themes underlying all MSC activities: Defense, Global Order, Human Security, Sustainability, and Technology.
  • The MSC conceives of its conferences as a type of "marketplace of ideas" where initiatives and solutions are developed and opinions are exchanged.
  • In addition to its annual flagship conference, the MSC regularly convenes high-profile events on particular topics and regions and publishes the Munich Security Report.
  • MSC Conference has been canceled only twice since its inception. Once in 1991 when the first Gulf War broke out and then in 1997 as a result of the retirement of Kleist-Schmenzin.

 

https://indianexpress.com/article/explained/explained-global/soros-modi-controversy-what-is-munich-security-conference-8451313/

 

Keywords: General studies -2 International relations and conferences
Daily Current Affairs

Jan Jal Abhiyan - Edukemy Current Affairs


Context: Recently, the Prime Minister addressed the ‘Jal-Jan Abhiyan’ of Brahma Kumaris.

About JJA

  • JJA is jointly run by the Ministry of Jal Shakti, and the Brahma Kumaris organization.
  • It is a positive initiative towards water conservation to save humans and humanity.
  • Campaign is based on idea that goal of water conservation can be achieved only by creating collective consciousness among people toward water conservation.
  • The campaign is to run for eight months and will focus on building new water bodies and also on preserving more than 5,000 water bodies.
  • The target of the campaign is to reach at least ten crore people and organize 10,000 programs.

About Brahma Kumaris

  • The organization originated in Hyderabad, Sindh (today the place is in Pakistan). Today the headquarters of the organization is located in Mount Abu, Rajasthan.
  • The founder of the organization was Lekhraj Kriplani.
  • In 1980, the organization registered with the UN Department of Public Relations and in 1983, it received “Consultative Status” from UNESCO.

https://pib.gov.in/PressReleasePage.aspx?PRID=1899775

 

Keywords: General Studies – 1, 2 Indian Geography, Government Policy, and Intervention
Daily Current Affairs

Kuno National Park - Edukemy Current Affairs


Context: Recently, the Environment Ministry announced the translocation of twelve Cheetahs from South Africa to India to Kuno National Park in Madhya Pradesh.

About

  • Kuno National Park is a national park in the Sheopur district of MP established in 1981 as a wildlife sanctuary. In 2018, it was given the status of a national park.
  • It is part of the Khathiar-Gir dry deciduous forests.
  • Kuno River a tributary of the Chambal River flows through the National Park.
  • Wildlife Institute of India and Wildlife Trust of India had shortlisted Palpur-Kuno park as a habitat for Cheetahs and Asiatic lions.
  • In Kuno National Park, chital is the most abundant prey for carnivorous species.

Kuno is Suitable for Cheetahs Introduction:

  • The Kuno National Park has diverse habitats conducive to lions and cheetahs constituted by

Open woodlands, Savanna, Dry deciduous forests, and Evergreen riverine forests.

  • Kuno National Park is part of a large forested landscape constituted by the Sheopur-Shivpuri forests covering an area of -6800 sq. km.

 

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1899802

 

Keywords: General Studies – 3, Environment and ecology
Daily Current Affairs

Omorgus Khandesh - Edukemy Current Affairs


In News: Omorgus Khandesh is a new beetle species, belonging to Trogidae family, discovered from Western Ghats in India.

About

  • Beetles of omorgus group are sometimes called hide beetles as they tend to cover their body under the soil and hide.
  • Beetle is important for forensic science as it helps detect the time of death of an animal or human.
  • It is necrophagous feeds on dead animal flesh and is, therefore, also called a keratin beetle.
  • Omorgus Khandesh is mainly associated with bird and mammal nests or burrows and the details of their life histories are poorly known. They feign death upon being disturbed and become motionless.

 

https://www.downtoearth.org.in/news/wildlife-biodiversity/meet-omorgus-khandesh-a-newly-discovered-indian-beetle-it-can-help-forensic-science-87718

 

Keywords: General Studies - 3, Environment and ecology
Daily Current Affairs

International Grain Council (IGC)


In News: IGC cut its forecast for - global corn production by  8 MMT to 1.153  billion MT.

About

  • IGC is an intergovernmental organization that came into existence as a result of the International Grains Agreement.
  • It is a successor of the International Wheat Council IWC, 1949.
  • IGC's objective is to Promote expansion, openness, and fairness in the grains sector, contribute to grain market stability, and enhance world food security.
  • Countries that are party to the Grains Trade Convention GTC 1995 are members of IGC.
  • At present, there are 30 members including India.
  • GTC is the only international treaty covering trade in grains.

 

https://www.world-grain.com/articles/18121-igc-total-grains-forecast-falls-on-lower-global-corn-production

 

Keywords: General Studies - 2 International Organisation
Daily Editorial Analysis

Embedded Finance - Edukemy Current Affairs


In News: The Fintech ecosystem will likely play an important role in this growth by providing financial services to people previously underserved by traditional financial institutions.

Embedded finance represents a paradigm shift in how financial services are delivered, characterized by incorporating financial services into non-financial products and services, such as mobile applications and digital marketplaces. For Example, WhatsApp and Facebook provide payment services.

The future of embedded finance in India appears promising, owing to a confluence of favorable factors, including a large population, rising income levels, expanding smartphone and internet penetration, and a rapidly growing digital economy.

Embedded finance in India

  • Fintech firms are gaining consumer trust and, in some cases, outperforming traditional banks, creating numerous opportunities in the embedded finance industry.
  • Collaboration between traditional banks and fintech service providers will enable banks to provide critical infrastructure while fintech firms tailor services to different business models, unlocking greater potential.

Internet and Smartphone Penetration

  • The proliferation of smartphones and internet access in India is a critical catalyst in the growth of embedded finance. The expansion of internet access in India has also increased the number of individuals utilizing the internet to access financial services.
  • India has witnessed tremendous growth in active internet users, almost doubling its active internet users from 384 million to 622 million from 2017 to 2020.
  • The increasing popularity of smartphones and the expansion of digital platforms have directly impacted the country’s e-commerce growth.

E-commerce in India

  • India’s e-commerce growth is expected to drive the growth of embedded finance as businesses integrate financial services into their platforms to provide customers with a seamless and convenient experience. Options such as payments, lending, and insurance, create an all-in-one platform that streamlines the process of shopping and financial transactions.
  • India’s Micro, Small, and Medium Enterprises (MSME) sector also plays a significant role in the growth of e-commerce in the country.
  • Government initiatives such as the Digital India programme and make in India campaign have played a crucial role in promoting the growth of e-commerce, especially for India’s MSME sector.
  • With increasing internet penetration and the growth of mobile commerce, more and more people in rural India are gaining access to e-commerce platforms and online marketplaces.
  • E-commerce and online purchasing are becoming increasingly popular in India, aided by underlying embedded payment systems.

Finance Inclusion Goals

  • The push for financial inclusion is a crucial contributor to embedded finance in India. The Indian government has implemented several initiatives to promote digital financial services and expand access to financial products and services for the unbanked and underbanked population, particularly in rural areas.
  • Financial inclusion, aided by embedded finance, makes financial services more convenient and accessible. For example, by incorporating financial services into mobile apps, people can use their smartphones to access financial products and services anytime and from any location.
  • Embedded finance also promotes financial inclusion by opening new channels for financial service delivery. Traditional financial institutions frequently struggle to reach out to specific populations, such as low-income individuals, rural areas, and small businesses.
  • Embedded finance can provide new channels for delivering financial services to those underserved by integrating financial services into non-financial products and services.

Embedded Finance for Development goals

  • Embedded finance is almost a laissez-faire approach to development as it provides the frameworks and essential building blocks to firms that want to develop better and more customer-centric products. Through this process, firms integrate financial products into their core business platforms and create unique customer experiences for existing users and underserved populations.

 

The future of embedded finance in India looks promising, and 2023 could be a decisive year for its development. The overarching goal of creating in-context financial products is to impartially help individuals and businesses, having a spillover effect on India’s development goals of poverty, gender, and economic growth.

 

https://www.orfonline.org/expert-speak/embedded-finance/

 

 

Keywords: General Studies – 3 Indian Economy, Financial Inclusion
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