Current Affairs

मॉडल उत्तर

भारत का फिनटेक क्षेत्र तेजी से विकसित हो रहा है, जिसका उद्देश्य वित्तीय सेवाओं को तकनीकी माध्यम से सुलभ और कुशल बनाना है। भारत की फिनटेक क्रांति ने पारंपरिक बैंकिंग को दरकिनार करते हुए लाखों लोगों को मोबाइल-फर्स्ट वित्तीय समाधान अपनाने में सक्षम बनाया है। 2009 से NPCI द्वारा अंतर-बैंक अंतरण को मानकीकृत किया गया है, जिससे डिजिटल भुगतान में सीधा संक्रमण संभव हुआ है।

हालांकि, इस क्षेत्र को कई चुनौतियों का सामना करना पड़ रहा है। सबसे पहले, विनियामक अनिश्चितता ने स्टार्टअप्स और निवेशकों के लिए अनिश्चितता पैदा की है। उदाहरण के लिए, RBI ने Paytm Payments Bank पर नए ग्राहकों को जोड़ने पर प्रतिबंध लगाया है। दूसरी चुनौती साइबर सुरक्षा जोखिमों की है, जिसमें फिशिंग और पहचान की चोरी जैसी धोखाधड़ी शामिल हैं। 2023 में भारत में भुगतान धोखाधड़ी के मामलों में 65% की वृद्धि हुई।

फिर भी, फिनटेक में कई अवसर भी हैं। वित्तीय समावेशन के माध्यम से ग्रामीण क्षेत्रों में पहुँच का विस्तार किया जा सकता है, और AI तथा ब्लॉकचेन जैसी तकनीकों का उपयोग नवाचार को बढ़ावा दे सकता है। UPI का वैश्विक बाजारों में विस्तार भारत को फिनटेक में आगे बढ़ने का अवसर प्रदान करता है।

भारत को वैश्विक फिनटेक नेता के रूप में स्थापित करने के लिए, एक व्यापक और अनुकूली नियामक ढाँचे की आवश्यकता है। डेटा सुरक्षा को मजबूत करना और ओपन बैंकिंग को बढ़ावा देना इस दिशा में महत्वपूर्ण कदम होंगे। इसके अलावा, स्थानीय फिनटेक स्टार्टअप्स को समर्थन देने से भारत की फिनटेक पारिस्थितिकी तंत्र को बढ़ावा मिलेगा।

आगे की राह

भारत की फिनटेक क्रांति वित्तीय समावेशन और आर्थिक विकास में महत्वपूर्ण भूमिका निभा सकती है। संतुलित दृष्टिकोण और मजबूत नीतियों के साथ, भारत एक वैश्विक फिनटेक पावरहाउस के रूप में स्थापित हो सकता है।

Model Answer

Introduction

The India-US relationship has emerged as a cornerstone of strategic cooperation in the 21st century, reflecting shared democratic values and mutual interests across various sectors. This partnership is crucial for addressing global challenges and enhancing regional stability.

Key Areas of Cooperation

India and the US have significantly strengthened their ties in several domains:

1. Defense and Security: The transition from a buyer-seller relationship to co-production exemplifies growing defense cooperation. India’s designation as a Major Defense Partner (MDP) facilitates high-tech arms trade, including potential access to F-35 fighter jets.
2. Trade and Investment: Both nations aim to double bilateral trade to $500 billion by 2030 through the proposed Bilateral Trade Agreement (BTA), addressing tariff and market access issues.
3. Energy and Climate: The US has become a key supplier of crude oil and LNG to India, with initiatives focusing on renewable energy and nuclear collaboration.
4. Technology and Innovation: Under the U.S.-India TRUST initiative, both countries are advancing in AI, semiconductors, and biotechnology, fostering innovation.
5. Space Collaboration: Joint missions, such as the NASA-ISRO partnership, highlight the growing synergy in space exploration.
6. People-to-People Ties: The Indian diaspora in the US, numbering approximately 5 million, plays a vital role in strengthening bilateral ties through education and cultural exchanges.

Challenges in the Relationship

Despite these advancements, several challenges persist:

1. Trade Disputes: High tariffs and trade imbalances remain contentious, with the US criticizing India’s agricultural tariffs and India opposing non-tariff barriers.
2. Defense Technology Restrictions: US export controls limit India’s access to advanced military technologies, hindering co-development efforts.
3. Strategic Policy Differences: Divergent approaches to China and India’s non-alignment pose challenges to deeper military collaboration.
4. Visa and Immigration Issues: Restrictions on the H-1B visa program impact Indian IT professionals, creating friction in people-to-people ties.
5. Civil Nuclear Cooperation Stagnation: Progress in nuclear cooperation has stalled due to liability concerns and regulatory hurdles.

Measures to Address Trade Imbalances

To enhance their strategic partnership and address trade imbalances, India and the US can adopt several measures:

1. Strengthening Defense Co-Development: Promoting joint production and technology transfer under the India-US Defense Industrial Cooperation Roadmap can enhance defense synergies.
2. Enhancing Bilateral Trade Agreements: Finalizing the BTA will reduce tariffs and enhance market access for both nations.
3. Deepening Energy Cooperation: Expanding long-term energy deals and partnerships in renewable energy will align with global sustainability goals.
4. Advancing Technology Partnerships: Accelerating joint R&D initiatives in emerging technologies will drive innovation and collaboration.
5. Reforming Immigration Policies: Negotiating for higher H-1B visa caps and streamlined work permits will benefit skilled professionals and enhance educational exchanges.

Way Forward

The evolving dynamics of India-US relations present significant opportunities for cooperation while also highlighting key challenges. By addressing trade imbalances and enhancing strategic ties through collaborative measures, both nations can unlock the full potential of their partnership, ensuring stability and prosperity in a rapidly changing world.

Model Answer

Introduction

The clean energy transition refers to the shift from fossil fuels to renewable energy sources such as solar, wind, and hydrogen. In India, this transition is not just an environmental imperative, but also an economic necessity that can enhance energy security, foster economic growth, and build climate resilience.

Significance of Clean Energy Transition

Energy Security: India’s heavy reliance on imports—85% of crude oil and 50% of natural gas—renders it vulnerable to global price shocks. Expanding domestic renewable energy can significantly enhance energy independence and reduce the import burden.

Economic Growth: The transition to clean energy is expected to create around one million jobs by 2030, particularly in solar, wind, and green hydrogen sectors. This shift can drive industrial expansion, innovation, and reduce economic disparities.

Climate Resilience: As one of the most climate-vulnerable nations, India faces severe environmental challenges. A clean energy transition can mitigate these risks by significantly reducing carbon emissions and air pollution, which is responsible for millions of deaths annually.

Key Challenges

Inadequate Infrastructure: The current electricity grid struggles to handle renewable energy’s variability, leading to frequent curtailments. Additionally, the lack of large-scale energy storage solutions is a significant barrier.

Fossil Fuel Lobby: With coal accounting for approximately 70% of India’s power generation, the fossil fuel lobby poses a substantial challenge. Significant subsidies and policy backing for coal slow the transition to cleaner alternatives.

Financial Stress on DISCOMs: Deeply indebted distribution companies limit investments in clean energy infrastructure. As of 2022-23, accumulated losses reached ₹6.5 lakh crore, affecting their operational viability.

Slow Adoption of Technologies: Dependence on imports for solar modules and wind turbines makes the transition vulnerable to global supply chain disruptions.

Policy Measures to Accelerate Transition

Infrastructure Development: Modernizing the power grid and investing in large-scale energy storage solutions is crucial. Promoting decentralized renewable energy solutions can reduce transmission losses.

Financial Reforms: Strengthening the financial viability of DISCOMs through improved revenue collection and innovative financing mechanisms like green bonds can attract private investments.

Boosting Domestic Manufacturing: Expanding the Production-Linked Incentive (PLI) scheme for solar PV and battery storage will encourage local manufacturing and reduce import dependence.

Streamlining Approvals: Implementing a single-window clearance system for land acquisition and environmental approvals can expedite project implementation.

Public Awareness and Education: Increasing public awareness about the benefits of clean energy can foster greater acceptance and support for renewable projects.

Way Forward

India’s clean energy transition is essential for enhancing energy security, driving economic growth, and ensuring environmental sustainability. By addressing challenges like inadequate infrastructure, financial constraints, and policy inconsistencies, India can accelerate its transition towards a sustainable energy future, aligning with global climate commitments and promoting sustainable development.