| Reports |
Description |
| Report on Currency and Finance 2023-24 |
Released by Reserve Bank of India (RBI) |
| Theme “India’s Digital Revolution.” |
| Key Findings: |
| Digital Economy: Grew 2.5 times faster than the physical economy, now 15% of global GDP. In India, it’s 10% of GDP, expected to be 20% by 2026. |
| Growth Factors: High internet penetration, low data cost, highest mobile data consumption, and a large startup ecosystem. |
| Global Rankings: India leads in biometric identification (Aadhaar) and real-time payment volumes. |
| Digital Public Infrastructure (DPI): DPI is expanding globally through the MOSIP program and linking UPI with other nations’ systems like Singapore’s PayNow. |
| Social Welfare: DPI has helped bridge economic inequalities, lifting 415 million people from poverty between 2005-2021 (UNDP, 2023). |
| Challenges: Consumer complaints about digital payments make up 47% of RBI ombudsman cases. Data breach costs in India rose to $2.18 million in 2023, and misleading digital designs manipulate users. |
| Suggestions: Self-Regulatory Organizations (SROs): Promote ethics in FinTech; Scaling Cyber Infrastructure: Improve security for rising transactions; Data Localization: Regulate storage of critical data within India.
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| The State of the World’s Mangroves 2024” Report |
Released by Global Mangrove Alliance |
| On World Mangrove Day (July 26), a report highlighted that Southeast Asia holds about a third of the world’s mangroves, with Indonesia having 21%. Many mangroves face threats, including those in Lakshadweep and Tamil Nadu. |
| Loss drivers include climate change, industrial shrimp farming, and conversion for agriculture. Mangroves are crucial for biodiversity, carbon storage, disaster protection, and water quality. |
| Mangroves support over 5,700 species, act as carbon sinks storing 394 tonnes of carbon per hectare, reduce flood depths, and improve water quality by filtering pollutants. |
