GS Paper I- History and Geography of the World and Society.

Mumbai 12th Richest City Globally; Total Wealth At $950 Billion.

Background

  • India’s financial capital Mumbai, with a total wealth of $950 billion, has been named among the top 15 wealthiest cities globally, while New York topped the list.
  • According to a report by New World Wealth, the economic hub of India is the 12th wealthiest city, followed by Toronto with a total wealth of $944 billion, Frankfurt (14th, $912 billion) and Paris (15th, $860 billion).
  • Total wealth, refers to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities, business interests) less any liabilities. Government funds are excluded from the figures.

 

Highlights Of The Development-

  • Mumbai also features among the top 10 cities in terms of billionaire population. The city is home to 28 billionaires, individuals with $1 billion or more in net assets.
  • Regarding Mumbai, the report said that total wealth held in the city amounts to $950 billion. Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange (BSE), the 12th largest stock exchange in the world. Major industries in the city include financial services, real estate and media.
  • Going forward, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years), it added.
  • The list of 15 wealthiest cities was topped by New York with a total wealth of $3 trillion.
  • London ranked second in the list with $2.7 trillion, followed by Tokyo ($2.5 trillion), and San Francisco Bay area ($2.3 trillion).
  • Others in the list include Beijing ($2.2 trillion), Shanghai ($2 trillion), Los Angeles ($1.4 trillion), Hong Kong ($1.3 trillion), Sydney ($1 trillion), Singapore ($1 trillion) and Chicago ($988 billion).
  • Among the 15 cities listed, San Francisco, Beijing, Shanghai, Mumbai and Sydney were the fastest growing in terms of wealth growth over the past 10 years, the report said.

Sources- The Hindu.

 

GS Paper II- International Relations.

Cabinet Approves Signing Of India-Australia Memoranda Of Understanding (MoUs) For Secondment Programme.

Background

  • The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of Memoranda of Understanding for Secondment Programme between the Department of Economic Affairs (Indian Economic Service Cadre) and The Treasury, Government of Australia, for a period of three months.
  • Under the Programme, one officer from the Australian Treasury shall be seconded to the Department of Economic Affairs, Ministry of Finance and one officer from the IES (at Deputy Secretary/Director level) to be nominated by the IES Cadre, Department of Economic Affairs, shall be seconded to the Australian Treasury, Government of Australia, for a period of three months, beginning 15.1.2018 or later.

 

Highlights Of The Development-

  • The validity of both the MoUs will terminate at the end of the three months’ period of assignment and the same will not be extendable. The programme may be repeated in subsequent years with mutual consultation and after agreement on both sides.
  • Australia is one of the important bilateral partners of India. The proposed Programme will help to deepen the understanding of current economic policy issues in both countries and also explore further opportunities for future collaboration and engagement.
  • The Programme would also provide the seconded officers with valuable and unique development opportunities and also provide exposure on global best practices

Sources- Business-Standard.

GS Paper III- Security.

Defence Minister Appoints Panel To Expedite Capital Acquisition For Armed Forces Modernisation.

Background

  • Defence Minister Nirmala Sitharaman has constituted a 13-member advisory committee to monitor and expedite capital acquisition projects for the modernisation of the armed forces.
  • The defence ministry said in a statement that under the terms of reference of the committee, it has to undertake an independent review and check the status of ongoing critical projects worth more than Rs 500 crore.
  • The committee would suggest measures to improve the capital acquisition process.

 

Highlights Of The Development-

  • The ministry said the Raksha Mantri’s Advisory Committee on Ministry of Defence (MoD) Capital Projects (RMCOMP) had been appointed to expedite capital acquisitions to bolster the preparedness of the armed forces.
  • The committee will be headed by Vinay Sheel Oberoi, former secretary in the government. It will have a tenure till the end of August 2018.
  • The mandate of the panel includes identifying specific bottlenecks in implementing projects and suggesting remedial measures.
  • The implementation of projects worth thousands of crores of rupees is getting delayed because of a range of factors, severely affecting the modernisation of the forces.
  • The members of the panel include former chairman of Hindustan Aeronautics Ltd R K Tyagi, former member of Ordnance Factories Board R K Jain, partner head of KPMG’s aerospace and defence division Amber Dubey and special advisor of Ernst & Young LLP R Anand.
  • The ministry said the committee would have to present an initial status report on identified projects to the defence minister by March 31, 2018.
  • Its report would include, apart from the current status of the projects, remedial measures and follow-up strategy to remove bottlenecks.
  • Based on the decisions of the status report, it would have to submit two follow-up corrective Action Taken Reports by April 30 and July 31, 2018.
  • The panel will review various categories of projects including “Buy” (Indian) and “Buy and Make” (Indian).

Sources- News18.