In the realm of extreme adventure sports and poverty management to financial schemes and anti-money laundering efforts, India has a lot of progress to report. The country has seen significant developments across various spheres which range from mountaineering expeditions by the Indian Army to substantial reductions in poverty levels, reforms in employee stock purchase schemes, and active participation in global anti-money laundering groups.
The Indian Army’s Mountaineering Expedition to Mt. Makalu
The Indian Army’s maiden expedition to Mount Makalu took place between March and May 2019. Known for its extreme harshness, Mt. Makalu is recognized as one of the most dangerous peaks to summit due to the unpredictable weather conditions and extremely cold temperatures. As a preparatory step towards this challenging endeavor, an expedition to Mount Kamet, located in Joshimath District Chamoli, Uttarakhand was carried out under the Army Adventure Wing in August-September 2018.
Mt. Makalu, the fifth highest peak globally, stands tall at a staggering height of 8,463 meters. It is nestled in the eastern range of the mighty Himalayas, just 19 kilometers southeast of Mt. Everest, and lies on the border between Nepal and China.
Significant Reduction in Poverty in India
India has shown commendable progress in reducing poverty rates, which have declined sharply from 55% to 28% in the decade spanning from 2005-06 to 2015-16, as per the Global Multidimensional Poverty Index (MPI). This significant decrease translates into approximately 271 million people (27.10 crores) moving out of poverty during the said period.
Despite traditionally disadvantaged groups such as rural inhabitants, low castes and tribes, Muslims, and young children being the poorest in 2015-16, these groups reported the largest reductions in poverty levels, indicating that they have been “catching up”. It is worthy to note that this trend signifies a reversal from what was observed from 1998-99 to 2005-06 when these groups illustrated the slowest progress.
| Year | Poverty Rate % |
|---|---|
| 2005-06 | 55% |
| 2015-16 | 28% |
Reforms in Employee Stock Purchase Scheme
In recent times, Public Sector Banks have raised or are in the process of raising around Rs 5,000 crore from employees through the Employee Stock Purchase Scheme (ESPS). An ESPS allows participating employees to purchase company shares at a discounted price, and it forms an integral part of the reward mechanisms utilized by companies to incentivize their staff.
Unlike Employee Stock Option Plans (Esops) that grant stock options to employees over a vesting period, ESPS obligates employees to pay the exercise price typically via monthly deductions from their salary without any option. It is a common practice for employees to utilize their salary to buy company shares generally offered at a discounted rate under ESPS.
The Asia-Pacific Group on Money Laundering
Having been grey-listed by the Financial Action Task Force (FATF), Pakistan is now also being considered for grey-listing by the Asia-Pacific Group on Money Laundering (APG). Founded in 1997, the APG is an inter-governmental body modelled after the FATF and is focused on ensuring that its 41 member nations, including India, effectively implement international standards against money laundering, terrorist financing, and proliferation financing related to weapons of mass destruction. This autonomous regional anti-money laundering body was founded in Bangkok, Thailand, with the unanimous agreement of its 13 original founding members.