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ONE BELT ONE ROAD(OBOR)
NATIONAL DIGITAL COMMUNICATIONS POLICY-2018
BALANCE OF PAYMENT(BOP)
FOREIGN EXCHANGE RESERVES
RENEWABLE ENERGY INDUSTRY IN INDIA
1. ONE BELT ONE ROAD(OBOR)
- Also known as Silk Road Economic Belt and 21st century Maritime Silk Road.
- Started in 2013 by Xi Jinping.
- Develop strategy proposed by Chinese government which focuses on connectivity and cooperation between Eurasian countries.
- It is a bid to enhance regional connectivity and embrace a brighter future.
- Covers 68 countries.
1) To construct a unified large market and make full use of both domestic and international markets.
2) Addresses infrastructure gap.
1) Silk Road Economic Belt-land corridors.
2) Maritime Silk Road-bodies of water.
3) Ice Silk Road-development in Arctic region.
4) East Africa.
1) Asian Infrastructure Investment Bank (AIIB).
2) Silk Road Fund.
French President Emmanuel Macron states Paris-Delhi-Canberra could be key for the region and our joint objectives in Indian-Pacific region.
China recently trying to expand its influence in the Asia-Pacific region. It asserted its claim over disputed territory in South China Sea backing these claims with island building and naval patrols.This is the cause for the ire of Australian officials and other countries as well those who have rights over the region.
India,Japan,Australia and US had talks on establishing their own global trade framework.This informal strategic dialogue between four nations is called “Quadrilateral Security Dialogue” or “Quad”.This causes China’s ire.
What is done regarding the issue?
1) 11 countries have signed the Asia-Pacific Partnership.
2) It is considered as a means to counter Chinese geopolitical influence in the region.
3) Favourable countries are collaborating with each other in order have common strategic interests in the region.
3. NATIONAL DIGITAL COMMUNICATIONS POLICY-2018
Under: Department of Telecommunications.
On: 1st May 2018.
It is a policy which seeks to unlock the transformative power of digital communications network.
Creating and sustaining a sound digital infrastructure in the country.
Mission or Pillars of the policy:
1) Connect India-introducing broadband services for all.
2) Propel India-to utilize emerging technologies.
3) Secure India-to achieve digital sovereignty in the country.
Key changes proposed by the policy:
1) Amending the Telegraph Act,1885.
2) Simplification and uniformity in regulatory framework.
3) Simplifying compliance obligation.
4) Setting up of International Cable Land Stations.
5) Suggestion with regard to fixed number of portability.
6) Setting up of policies regarding data encryption and retention.
1. FOREIGN TRADE
It means buying and selling of goods by one country to another country.
Foreign trade are of 3 kinds:
1)Import: which means purchase of goods from other country.
2)Export: which means selling of goods to other country.
3)Entrepot: which means purchasing of goods from other country in order to sell it to someother country.
2. BALANCE OF PAYMENT(BOP)
BOP is a statement of all transactions (imports and exports of the goods,services and capital and transfer payments such as foreign aid & remittances) made between entities in one country and rest of the world over a definite period of time.
Transactions under BOP is divided in to two:
3. EXTERNAL DEBT
It is the total debt of the country owes to foreign creditors,complemented by internal debt owed to domestic lenders.
According to IMF,“Gross external debt is the amount,at any given time,of disbursed and outstanding contractual liabilities of residents of a country to non-residents to repay principal, with or without interest, or to pay interest, with or without principal”.
4. FOREIGN EXCHANGE RESERVES
It is money or other assets held by a central bank or other monetary authority so that it can pay if need be its liabilities,such as the currency issued by the central bankas well as the various bank reserves deposited with the central bank by the government and other financial institutions.
It is the fundamental facilities and systems serving a country,city or other area, including the services and facilities necessary for its economy to function.
There are two general types of infrastructure:
1)Hard-physical networks for functioning of modern industry.
2)Soft-institutions which maintainsthe economic,health,social and cultural standards of the country.
6.RENEWABLE ENERGY INDUSTRY IN INDIA
The Indian renewable energy sector is the 2nd most attractive market in the world. The country ranks 4th in the world in terms of total installed wind power capacity.
Initiatives by government of India:
1)Hydropower policy 2018-28.
2)National Biogas and Manure Management Programme (NBMMP) etc.