In honor of Sachin Tendulkar’s 50th birthday, the West Stand at the renowned Sharjah cricket stadium has been renamed as the ‘Sachin Tendulkar Stand.’ A special ceremony was held on Monday to commemorate the occasion, which coincided not only with the batting icon’s birthday but also with the 25th anniversary of his remarkable performance of scoring back-to-back centuries against Australia in 1998, known as the ‘Desert Storm,’ in front of a packed stadium.
Sachin Tendulkar’s outstanding performance in the final match of the Coca-Cola Cup, a triangular series between India, Australia, and New Zealand, held on April 22 and 24, 1998, is widely recognized as the ‘Desert Storm’. He scored an impressive 143 and 134 in these two matches, which has been recorded in the history books. Tendulkar has scored a total of 49 centuries in One Day Internationals (ODIs) across 34 stadiums, but his exceptional performance at the Sharjah Cricket Stadium, where he scored the twin hundreds in April 1998, remains a memorable and celebrated achievement among his fans worldwide.
About the Sharjah Cricket Stadium
The Sharjah Cricket Stadium is a popular cricket stadium located in the emirate of Sharjah in the United Arab Emirates (UAE). It is one of the oldest cricket stadiums in the region, having been built in 1982. The stadium has a seating capacity of around 27,000 spectators and has hosted a large number of international cricket matches, including One Day Internationals (ODIs), Test matches, and Twenty20 Internationals (T20Is).
The stadium is well-known for its unique floodlights, which were installed in 1996 and were the first of their kind in the world. The stadium has also been awarded the Guinness World Record for hosting the most number of ODIs, with a total of 244 matches being played at the venue.
Over the years, the Sharjah Cricket Stadium has witnessed many historic moments in cricketing history, with some of the most notable ones being Sachin Tendulkar’s “Desert Storm” innings of back-to-back centuries against Australia in 1998 and Javed Miandad’s last-ball six off Chetan Sharma to secure a win for Pakistan against India in 1986. The stadium remains a popular venue for cricket matches, with many high-profile matches, including IPL games and Asia Cup finals, being played there.
The Sharjah Cricket Stadium has been awarded the Guinness World Record for hosting the most number of One-Day Internationals (ODIs), with a total of 244 matches being played at the venue. It has witnessed some of the most memorable moments in cricketing history over the years.
Objectives: – The objective is to enhance research and development and create an inventive atmosphere for quantum technology within India. Leading academic and national research and development institutes will establish four thematic hubs (T-Hubs) in the following areas:
Quantum computing
Quantum communication
Quantum sensing and metrology
Quantum materials and devices.
Target of the Scheme: – A new quantum technology mission has been launched in India with the goal of developing intermediate-scale quantum computers with 50-1000 physical qubits in 8 years, using platforms such as superconducting and photonic technology. The mission also aims to achieve satellite-based secure quantum communications between ground stations up to 2000 km within India, as well as long-distance secure quantum communications with other countries. Additionally, the mission aims to establish inter-city quantum key distribution over 2000 km and multi-node quantum networks with quantum memories.
The mission will also focus on developing magnetometers with high sensitivity in atomic systems and Atomic Clocks for precision timing, communications, and navigation. It will support the design and synthesis of quantum materials, including superconductors, novel semiconductor structures, and topological materials, for the fabrication of quantum devices. Furthermore, the mission aims to develop single photon sources/detectors and entangled photon sources for quantum communication, sensing, and metrological applications.
Anant Maheshwari, the President of Microsoft India, has been appointed as the Chairperson of Nasscom for the period 2023-24, succeeding Krishnan Ramanujam, the President of Business and Technology Services at Tata Consultancy Services, who held the position for the year 2022-23. Additionally, Rajesh Nambiar, the Chairman and Managing Director of Cognizant India, has been named as the Vice Chairperson of Nasscom for 2023-24. Nasscom is the top association for the software and IT services industry.
The recently appointed leaders, together with President Debjani Ghosh, will lead the industry towards achieving its goal of reaching USD 500 billion by 2030 and making India a global technology hub. Their main focus will be to enhance the impact and level of innovation in India’s domestic sector to drive sustainable growth, particularly in the face of global economic uncertainties.
The industry leadership aims to increase revenue in the domestic market and expedite the implementation and widespread impact of deep technologies. They plan to achieve this by creating an environment that combines favorable technology policies, a robust startup ecosystem for deep tech, reliable funding, and the inflow of talented professionals from around the world.
Important takeaways for all competitive exams:
Nasscom Founders: Dewang Mehta, Nandan Nilekani;
Nasscom Founded: 1 March 1988;
Nasscom President: Debjani Ghosh;
Nasscom Type of business: Non-governmental trade association;
Shreekant M Bhandiwad has become the new Chairman of Karnataka Vikas Grameena Bank (KVGB), taking over the position from his predecessor. Prior to his appointment, Bhandiwad served as the head of the Patna circle of Canara Bank, and also gained experience working in the CMD’s Secretariat at the bank’s head office.
With a postgraduate degree in agriculture, Bhandiwad began his career as an Agricultural Extension Officer at Canara Bank’s rural branches. He also served as a consultant in the Agricultural Consultancy Services of Canara Bank’s Head Office. Having worked in Canara Bank for 29 years, Bhandiwad has gained experience working in different states such as Haryana, Rajasthan, Bihar, and Karnataka, holding various positions including branch in-charge, regional head, and circle head. In addition, he worked as the Deputy Managing Director of Canfin Homes Ltd for three years. Bhandiwad, a native of Dharwad, brings his wealth of experience to his new role as the Chairman of Karnataka Vikas Grameena Bank.
P Gopikrishna, who previously served as the Chairman of Karnataka Vikas Grameena Bank, has been repatriated to Canara Bank as the Circle Head in Bengaluru. During Gopikrishna’s tenure as Chairman, the bank’s business grew from ₹24,775 crore to ₹33,100 crore, according to a statement.
Inflation and recession are two economic terms that are often used to describe the health of a country’s economy. While they may seem like opposite concepts, they are actually related and can often occur together. In this article, we’ll explore the differences between inflation and recession, as well as their impact on the economy.
Inflation is a measure of the rate at which the general price level of goods and services in an economy is increasing over time. Inflation is usually measured by the Consumer Price Index (CPI), which is a basket of goods and services that are commonly purchased by consumers. When the CPI increases, it means that the cost of these goods and services is rising, which reduces the purchasing power of the currency. This can cause the value of money to decrease and can lead to a decrease in economic growth.
Inflation can occur for a variety of reasons, including an increase in the money supply, rising production costs, or a decrease in supply of goods and services. When inflation is high, it can lead to an increase in interest rates, which can discourage borrowing and investment. Inflation can also lead to a decrease in the value of investments, such as stocks and bonds.
Inflation vs Recession: What is Inflation?
Inflation vs Recession: Significance of Inflation
Inflation is an economic concept that measures the rate at which the general price level of goods and services in an economy is rising. It is commonly expressed as a percentage increase in the Consumer Price Index (CPI) or the Producer Price Index (PPI). Inflation is a complex phenomenon that can have both positive and negative impacts on an economy, depending on the level and nature of inflation.
One of the primary functions of inflation is to maintain a stable level of prices in an economy.
When the rate of inflation is moderate and predictable, it can help businesses and consumers plan and make decisions with confidence.
A low and stable inflation rate also helps maintain the purchasing power of a currency, ensuring that people can buy the goods and services they need without having to worry about rapid price increases.
Inflation can also have positive effects on economic growth.
When inflation is moderate and predictable, it can encourage businesses to invest in new projects and expand their operations, knowing that they can earn a profit and that their costs will not increase too rapidly.
This increased investment can lead to increased employment opportunities and higher wages for workers, contributing to economic growth.
However, inflation can also have negative impacts on an economy. When inflation is high and unpredictable, it can lead to a decrease in the value of savings and investments.
This can discourage people from saving and investing, leading to a decrease in the amount of capital available for businesses to use to expand their operations.
Additionally, high inflation can lead to increased uncertainty and volatility in financial markets, which can discourage investment and lead to lower economic growth.
Inflation can also lead to an increase in the cost of borrowing, making it more difficult for businesses and individuals to access credit.
Inflation can also have distributional effects, with different groups in society being impacted differently by changes in the price level. For example, those on fixed incomes, such as pensioners, may be particularly vulnerable to inflation, as their income will not rise in line with price increases. Similarly, those with large debts, such as homeowners with mortgages, may benefit from inflation, as the real value of their debt decreases over time.
Inflation vs Recession: Ways to Control Inflation
Inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. It can have adverse effects on an economy, such as reducing the purchasing power of consumers and businesses, reducing investment, and increasing uncertainty.
Here are some ways to control inflation:
1. Ways to Control Inflation: Monetary Policy
Central banks can use monetary policy tools such as raising interest rates, reducing the money supply, and increasing reserve requirements for banks to control inflation. These measures can reduce the amount of money in circulation, making it more expensive to borrow, and therefore reducing demand for goods and services.
2. Ways to Control Inflation: Fiscal Policy
Governments can use fiscal policy tools such as increasing taxes, reducing government spending, and reducing subsidies to control inflation. These measures can reduce aggregate demand and reduce pressure on prices.
3. Ways to Control Inflation: Exchange rate policy
Central banks can use exchange rate policy to control inflation by managing the exchange rate of their currency against other currencies. A stronger currency can reduce the cost of imports and help control inflation.
4. Ways to Control Inflation: Supply-side policies
Governments can implement supply-side policies such as improving infrastructure, reducing regulatory barriers, and investing in education and training to increase the supply of goods and services. Increased supply can help to reduce inflationary pressures.
5. Ways to Control Inflation: Wage controls
Governments can introduce wage controls to limit the rate of increase in wages. This can help to control inflation by reducing labor costs and reducing the cost of goods and services.
6. Ways to Control Inflation: Price controls
Governments can introduce price controls to limit the price of goods and services. However, this measure is often considered ineffective in the long term and can lead to shortages of goods and services.
It is important to note that the effectiveness of these measures depends on the specific circumstances of each economy and the type of inflation that is being experienced. Therefore, a combination of these measures may be needed to effectively control inflation.
Inflation vs Recession: What is Recession?
Recession is a period of significant economic decline characterized by a decrease in gross domestic product (GDP), employment, and production. Recessions occur when there is a general economic downturn, which can be caused by a variety of factors, including a decrease in consumer spending, a decrease in business investment, or a decrease in government spending.
During a recession, businesses may lay off employees, and consumer spending may decrease as people become more cautious with their money. This can lead to a decrease in demand for goods and services, which can further reduce economic growth.
Inflation vs Recession: What is Recession?
Inflation vs Recession: Significance of Recession
Recession is a term used to describe a period of significant economic decline. It is typically characterized by a decline in GDP, employment rates, and consumer spending. While it is often viewed negatively, recession can have both positive and negative impacts on the economy.
One of the most significant impacts of a recession is the reduction in consumer spending.
This reduction in spending can lead to a decrease in production, as companies cut back on their output due to reduced demand.
However, this reduction in production can also lead to a decrease in inflation, as there is less money flowing through the economy.
Additionally, recessions can also lead to increased innovation and creativity in the business world.
As companies struggle to stay afloat during a recession, they are forced to find new and innovative ways to cut costs and increase revenue.
This can lead to the development of new products and services, as well as new business models that are more efficient and effective.
Another significant impact of a recession is its effect on the labor market. As companies cut back on production, they may also be forced to lay off workers.
This can lead to higher unemployment rates and reduced income for those who are still employed. However, it can also lead to a more competitive job market, as workers are forced to compete for fewer available jobs.
This can lead to higher wages and better working conditions for those who are able to secure employment.
Recessions can also lead to a decrease in consumer debt. As consumers reduce their spending, they may also be forced to pay down their debts.
This can lead to a reduction in household debt levels, which can ultimately lead to a more stable and sustainable economy in the long run.
Finally, recessions can also provide an opportunity for governments to implement policies that can help mitigate the negative impacts of the recession. This can include measures such as fiscal stimulus packages, monetary policy adjustments, and investment in infrastructure and other public goods. These policies can help to stimulate economic growth and create jobs, while also providing a safety net for those who are most vulnerable to the effects of the recession.
Inflation vs Recession: Ways to Control Recession
Recession is a period of economic decline characterized by a decrease in GDP, high unemployment rates, and a general slowdown in economic activity. It can be caused by various factors, such as a decline in consumer confidence, a decrease in investment, and a decrease in international trade. Here are some ways to control a recession:
1. Ways to Control Recession: Fiscal policy
The government can increase its spending to stimulate the economy. This can be done by increasing infrastructure spending, providing tax cuts, or increasing unemployment benefits.
2. Ways to Control Recession: Monetary policy
The central bank can lower interest rates to encourage borrowing and investment. This makes it cheaper for businesses and consumers to borrow money, which can lead to increased spending and economic activity.
3. Ways to Control Recession: International trade
The government can promote international trade to increase exports and create new jobs. This can be done by negotiating new trade agreements or reducing trade barriers.
4. Ways to Control Recession: Investment incentives
The government can provide incentives for businesses to invest in new projects and technologies. This can include tax credits, subsidies, or grants.
5. Ways to Control Recession: Consumer confidence
The government can take steps to increase consumer confidence, such as providing job training programs or offering financial counseling to individuals.
6. Ways to Control Recession: Infrastructure projects
The government can invest in infrastructure projects, such as building roads, bridges, and public transportation systems. This can create new jobs and stimulate economic growth.
It’s worth noting that these policies are not mutually exclusive and can be used in combination to effectively control a recession. Additionally, the effectiveness of these policies may vary depending on the specific circumstances of the recession.
Inflation vs Recession
Inflation and recession are related in that they can both have a negative impact on the economy. However, they are different concepts that can occur independently of each other.
During periods of inflation, the economy is growing, but at a slower rate due to the increase in prices. During a recession, the economy is actually contracting, which means that there is less economic activity taking place.
Inflation can also lead to a decrease in economic growth if it is not properly managed. If inflation becomes too high, it can lead to a decrease in purchasing power and a decrease in economic activity.
During a recession, inflation may actually decrease as prices for goods and services fall due to a decrease in demand. However, this can also lead to a decrease in wages and employment as businesses struggle to stay afloat.
Inflation vs Recession: Key differences between inflation and recession
Here are some tabular pointers that highlight the key differences between inflation and recession:
Inflation vs Recession: Key differences between Inflation and Recession
Aspect
Inflation
Recession
Definition
A persistent increase in the general level of prices of goods and services over time.
A significant decline in economic activity, typically characterized by a decrease in GDP, employment, and income.
Cause
Increase in demand relative to supply or increase in the money supply relative to economic output.
Decrease in demand relative to supply or a contraction in the money supply.
Effects on prices
Prices of goods and services generally rise.
Prices of goods and services generally fall.
Effects on employment
Typically, high inflation leads to lower unemployment rates, but hyperinflation can result in high unemployment rates.
Typically, recession leads to higher unemployment rates as businesses cut back on hiring and may lay off workers.
Effects on economic growth
High inflation can lead to lower economic growth over the long term.
Recession leads to a contraction of the economy in the short term, but can lay the foundation for future growth as businesses adjust and adapt.
Policy response
Central banks can raise interest rates, reduce the money supply, and tighten monetary policy to control inflation. Governments may also implement fiscal policies like reducing spending or raising taxes.
Central banks can lower interest rates, increase the money supply, and implement monetary stimulus measures to combat recession. Governments may also implement fiscal policies like increasing spending or cutting taxes.
It’s important to note that inflation and recession can coexist or even exacerbate each other, and policymakers may need to use a combination of monetary and fiscal policies to address both issues.
A panel in Japan’s health ministry has approved the country’s first abortion pill, in a major step for reproductive rights decades after other countries made abortion medication widely available. The ministry’s pharmaceutical board granted approval to the MeFeego Pack, an abortion pill manufactured by British pharmaceutical Linepharma, according to a spokesperson from the Ministry of Health, Labor and Welfare.
The medication consists of two types of pill, and can be used within nine weeks of pregnancy, according to Japanese public broadcaster NHK. In a clinical trial in Japan, 93% of participants had a complete abortion within 24 hours. The medication combines mifepristone and misoprostol, which the World Health Organization has included in its Essential Medicines List, described as safe and effective for pregnant people.
It would provide an alternative to a surgical procedure amid calls for progress in women’s reproductive rights and gender equality. In Japan, abortions have been usually performed with metal instruments. As this procedure is invasive, medical experts and others are calling for introduction of abortion pills in Japan.
Under Japan’s existing laws, women can only receive an abortion if a pregnancy “may significantly damage the person’s physical health due to bodily or economic reasons” or if they became pregnant due to rape.
Mohammed Shahabuddin Chuppu has become the 22nd president of Bangladesh, taking over from Abdul Hamid, in a ceremony attended by Prime Minister Sheikh Hasina, politicians, judges, and senior officials. The event was held at the historic Durbar Hall of Bangabhaban, where Speaker Shirin Sharmin Chaudhury administered the oath to Shahabuddin. He was elected unopposed in February this year as the candidate of the ruling party, and after the ceremony, he signed the documents for the office of the president.
There are growing disputes between the ruling Awami League and the Bangladesh Nationalist Party (BNP) regarding the electoral system as Bangladesh prepares for general elections. The elections are scheduled for December or January next year.
Mohammed Shahabuddin, who was born in 1949 in the northwestern Pabna district, has had a varied career. He started out as a district judge and later served as a commissioner of the independent Anti-Corruption Commission. He then entered politics and became a member of the Awami League Advisory Council, which is made up of senior party leaders and technocrats. However, to take on the role of president, he had to resign from his party position.
In his younger years, Shahabuddin was active in the Awami League’s student and youth wings and played a role in the 1971 Liberation War. He was imprisoned after the assassination of Sheikh Mujibur Rahman in 1975, who was the father of the current Prime Minister Hasina. Later, in 1982, he joined the country’s judicial service.
The Index of Economic Freedom is an annual report that measures the level of economic freedom in countries around the world. The index is published by The Heritage Foundation, a conservative think tank based in Washington D.C., in partnership with The Wall Street Journal. The index uses a combination of qualitative and quantitative data to rank countries on a scale of 0 to 100, with 100 representing the highest level of economic freedom.
Below is the overview of Index of Economic Freedom:
Index of Economic Freedom: Overview
Name of the Index
Index of Economic Freedom
Published by
The Heritage Foundation
Headquarters of Publisher
Washington D.C
Partners in Publishing
Wall Street Journal
Rating Scale
0 to 100
Index of Economic Freedom: Methodology
The index is based on four main pillars of economic freedom: rule of law, government size, regulatory efficiency, and open markets. Within these pillars, the index measures factors such as property rights, government spending, business freedom, labor freedom, and trade freedom. Each of these factors is given a score, and the scores are combined to create an overall score for each country.
The Index of Economic Freedom follows a methodology that is categorized into four groups, each consisting of 12 aspects. These are:
Rule of Law
a. Property Rights: This evaluates a country’s capacity to legally safeguard the property rights of its citizens.
b. Judicial Effectiveness: This measures the effectiveness and impartiality of the judiciary in relation to property laws.
c. Government Integrity: This assesses the strength of the government and the occurrence of corrupt practices such as bribery, nepotism, patronage, embezzlement, cronyism, and graft.
Government Size
a. Tax Burden: This examines the percentage of personal and corporate income that is subject to marginal tax rates and overall taxation levels, including indirect and direct taxes, as a proportion of the GDP.
b. Government Spending: This analyzes the quantity of government spending and its related burden, including state consumption and transfer payments for various entitlement programs.
c. Fiscal Health: This assesses a country’s ability to manage its budgets by measuring growing debt and deficit.
Efficiency of Regulation
a. Business Freedom: Assesses the cost, time, and degree of freedom associated with starting, operating, and shutting down a business, considering factors like electricity costs.
b. Labor Freedom: Measures the level of interference in labor rights, including minimum wage laws, restrictions on layoffs, severance pay requirements, and regulatory constraints on hiring and working hours, as well as the labor force participation rate.
c. Monetary Freedom: Examines the stability of prices and the extent to which the microeconomy is regulated.
Openness of Markets
a. Trade Freedom: Measures the impact of tariff and non-tariff barriers on the import and export of goods and services in and out of the country.
b. Investment Freedom: Evaluates the degree of freedom or restrictions on the movement of investment capital for individuals and firms.
c. Financial Freedom: Indicates the efficiency of the banking system and the level of independence of the government from the financial sector.
Index of Economic Freedom: Key Features
The index is widely used by governments, businesses, and investors to assess the economic climate in different countries.
A higher score on the index is seen as an indicator of a more attractive investment climate, while a lower score can be a warning sign of potential economic problems.
According to the 2021 Index of Economic Freedom, Hong Kong topped the rankings for the 27th consecutive year, followed by Singapore, New Zealand, Australia, and Switzerland.
The United States ranked 20th, while China ranked 107th out of 180 countries.
The index also highlighted the impact of the COVID-19 pandemic on global economic freedom, with many countries experiencing declines in economic freedom due to increased government intervention in response to the pandemic.
Critics of the index argue that it reflects a conservative bias, as it tends to favor countries with low taxes and minimal government intervention in the economy.
They also note that the index does not take into account social or environmental factors, and may therefore provide an incomplete picture of a country’s overall economic health.
Despite these criticisms, the Index of Economic Freedom remains a widely used tool for assessing economic conditions around the world. Its focus on key economic indicators and its comprehensive coverage of a wide range of countries make it a valuable resource for investors, policymakers, and business leaders. As the global economy continues to evolve, the index will likely continue to play an important role in shaping economic policy and investment decisions.
Index of Economic Freedom: Rank of India
Currently, India is categorized as “Mostly Unfree” in terms of the economic freedom its inhabitants enjoy. The 2023 Index of Economic Freedom gave India a total score of 59.8 out of 100, which translates to a 59.8% performance on the index. India’s total score on the 2023 Index is its lowest in six years. In the Index, India is placed at the 121st spot out of 184 nations. India still struggles in areas such as government honesty, freedom for labor, and financial stability, which are significant factors that impact its total score and position on the Index.
Index of Economic Freedom: Top 10 Countries
Below is the rank of Top 10 Countries in the Index of Economic Freedom:
Top 10 Countries in the Index of Economic Freedom
Rank
Country Name
Score
1
Singapore
89.7
2
New Zealand
83.9
3
Australia
82.4
4
Switzerland
81.9
5
Ireland
81.4
6
Taiwan
78.6
7
United Kingdom
78.4
8
Estonia
78.2
9
Canada
77.9
10
Denmark
77.8
Index of Economic Freedom: SAARC Countries
Below is the rank of SAARC Countries in the Index of Economic Freedom:
SAARC Countries in the Index of Economic Freedom
Rank
Country Name
Score
109
Bhutan
58.3
121
Bangladesh
55.6
121
India
59.8
131
Sri Lanka
55.7
146
Afghanistan
53.0
152
Pakistan
51.7
157
Nepal
50.7
Index of Economic Freedom: List by The Heritage Foundation
Below is the list published by the Heritage Foundation of the Index of Economic Freedom:
Index of Economic Freedom: List by The Heritage Foundation
Scores of Index of Economic Freedom by The Heritage Foundation
Below is the Scores of the Index of Economic Freedom published by the Heritage Foundation :
Scores of Index of Economic Freedom by The Heritage Foundation
Index of Economic Freedom: Significance
The index has become an important tool for policymakers, economists, and investors around the world who are interested in understanding the relationship between economic freedom and economic growth.
Countries with high scores on the index are generally seen as more attractive to foreign investment, and are often cited as models of successful economic development.
One of the key benefits of the Index of Economic Freedom is that it provides a clear, objective measure of economic freedom that can be used to compare different countries and regions.
This allows policymakers and investors to identify areas where improvements in economic freedom could be made, and to target resources accordingly.
For example, if a country scores low on the index in the area of property rights, policymakers might focus on strengthening property rights laws and regulations in order to attract more investment and encourage economic growth.
Similarly, if a country scores low on the index in the area of government spending, policymakers might focus on reducing government spending in order to create a more favorable economic environment for businesses and individuals.
The index is also useful for identifying trends in economic freedom over time.
By comparing scores from one year to the next, policymakers and investors can see whether a country is moving in the right direction in terms of economic freedom, or whether it is stagnating or even regressing.
This can help them to make informed decisions about where to invest their resources, and which countries are most likely to experience economic growth in the future.
In addition to its practical applications, the Index of Economic Freedom also has important theoretical significance.
It is based on the idea that economic freedom is a fundamental human right, and that societies that protect and promote economic freedom are more likely to prosper and flourish over the long term.
This idea is supported by a wealth of empirical evidence, which shows that countries with higher levels of economic freedom tend to have higher levels of economic growth, greater innovation and entrepreneurship, and higher levels of prosperity and well-being for their citizens.
In conclusion, the Index of Economic Freedom is a valuable tool for policymakers, economists, and investors who are interested in promoting economic growth and development around the world.
By measuring the degree of economic freedom in different countries and regions, the index allows us to identify areas where improvements could be made, and to target resources accordingly.
It also provides a clear, objective measure of economic freedom that can be used to compare different countries and regions, and to identify trends over time.
Ultimately, the index helps to promote the idea that economic freedom is a fundamental human right, and that societies that protect and promote economic freedom are more likely to prosper and flourish over the long term.
IIT-Madras Constitutes Inquiry Committee to Probe Research Scholar’s Suicide:
On March 31, 2023, Sachin Kumar Jain, a research scholar at the Indian Institute of Technology-Madras, died by suicide, which has prompted the institute to form an inquiry committee to investigate the matter.
Former DGP G. Thilakavathi To Head Five-Member Inquiry Committee:
The five-member inquiry committee, appointed on 25th April, will be headed by former Tamil Nadu Director General of Police (DGP) G. Thilakavathi. The committee will investigate the circumstances leading to Sachin Kumar Jain’s suicide and will submit a report on its findings.
Other Members of the Inquiry Committee:
In addition to G. Thilakavathi, the other members of the inquiry committee are:
D. Sabitha, former IAS officer
Kannegi Packianathan, former IAS officer
Professor Ravindra Gattu, a faculty member at IIT-Madras
Amal Manoharan, a research scholar at IIT-Madras
Committee to Investigate Possible Academic or Personal Pressures Faced by Jain:
The inquiry committee will investigate whether Jain faced any academic or personal pressures that may have contributed to his suicide. It will also look into the support system available to Jain and any potential lapses in the institute’s mental health support services.
World Intellectual Property Day is marked on April 26th with the objective of raising awareness about the impact that patents, copyrights, trademarks, and designs have on our daily lives. The purpose of intellectual property (IP) rights is to encourage innovation and creativity worldwide, with a particular focus on the younger generation’s potential to create sustainable solutions for the IP refers to intangible assets generated by the mind, including inventions, literary and artistic works, designs, symbols, names, and images used in commerce. These non-physical assets can be owned by individuals or companies, and intellectual property rights give them control over their creations.
The 2023 World Intellectual Property Day theme is focused on Women and IP: Accelerating Innovation and Creativity. With nearly half of the global population being female (49.58%), women represent a vast pool of untapped talent and play a significant role in shaping the world through their creativity, hard work, and resourcefulness. The theme for 2023 aims to highlight the importance of empowering women to overcome these challenges and unlock their full potential in the field of intellectual property, driving innovation and creativity forward.
World Intellectual Property Day 2023: History
WIPO, a self-funded specialized agency of the United Nations, plays a crucial role in establishing a fair and accessible global intellectual property system. In the year 2000, the member states of WIPO agreed to observe World Intellectual Property Day on April 26th every year to celebrate the establishment of the WIPO Convention in 1970.
The Convention aims to bridge the gap between intellectual property as a legal or business concept and its impact on people’s lives. By observing this day, WIPO hopes to increase awareness of the importance of intellectual property rights and encourage innovation and creativity across the globe.
