The recent shift in trade patterns has resulted in a significant decrease in India’s Current Account Deficit (CAD). It is projected to drop from USD 18 billion or 2.1% of the GDP in the April-June quarter of 2022-23 to around USD 10 billion or 1% of the GDP in the same period of 2023-24. A CAD is a vital economic indicator, as it measures the disparity between a nation’s earnings from foreign trade and its expenditures on imported goods and services, including transfer payments.
Understanding the Current Account Deficit (CAD)
A country experiences a CAD when its imports surpass its exports, resulting in a currency outflow that often demands foreign borrowing to fill the gap. A low CAD is typically viewed as a favourable economic sign. It implies that the country’s economy is self-sustaining, capable of financing its external commitments without straining its resources. Additionally, it may suggest that the country maintains a balanced stance on its imports and exports, showcasing competitiveness in international trade.
Changes in Marriage Legislation
In other news, the Supreme Court recently pronounced that not all marriages require public declaration or solemnization. Recognizing a Tamil Nadu law, the court endorsed “self-respect” marriages, confirming that lawyers can conduct ‘self-respect marriages’ among consenting adults. Section 7-A of the Hindu Marriage Act, amended in 1967 and applicable to Tamil Nadu, gives legal recognition to such marriages among Hindus. This ruling reaffirms individuals’ right to choose their life partners without undue interference, as per Article 21 of the Indian Constitution.
Assessing Consciousness in AI
The world of Artificial Intelligence (AI) has also seen developments, with a new research proposing a checklist based on neuroscience theories to determine if AI systems possess consciousness. Although no AI system currently exhibits strong consciousness indicators, researchers argue that assessing AI consciousness is feasible. They provided preliminary evidence suggesting that many indicator properties can be implemented in AI systems using existing techniques.
Kampala Declaration on Climate Change
Lastly, in a move towards environmental conservation, 48 African countries adopted the Kampala Ministerial Declaration on Migration, Environment, and Climate Change (KDMECC). The declaration aims to address the link between migration and climate change. Africa’s vulnerability to climate change necessitates such measures to manage migration triggered by extreme weather events. The KDMECC-AFRICA, set to be signed at the Africa Climate Summit in Nairobi on September 4, 2023, is a member-led comprehensive framework designed to effectively manage climate-induced mobility.