Antardrishti: A Landmark in India’s Pursuit for Financial Inclusion
The Reserve Bank of India (RBI) led by Governor Shaktikanta Das has recently rolled out ‘Antardrishti’, a pioneering dashboard that monitors and measures financial inclusion in the nation.
Unveiling the ‘Antardrishti’ Dashboard
Intended for internal usage within the RBI, Antardrishti aspires to evaluate the progress of financial inclusion in India via scrutinizing key indicators and metrics. This will help policymakers and stakeholders pinpoint areas needing improvements and implement guided interventions.
The Financial Inclusion (FI) Index was formulated in collaboration with the government, sectoral regulators, and the central bank in 2021. The index factors ‘Access (35%)’, ‘Usage (45%)’, and ‘Quality (20%)’ across sectors like banking, insurance, pensions, investments, and postal services. This approach ensures an accurate examination of the progress of financial inclusion, aiding the creation of targeted policies.
Moreover, the index consolidates information on various aspects of financial inclusion into a single scale ranging from 0-100. Here, 0 symbolizes complete financial exclusion, where 100 signifies total financial inclusion.
The Inception of India-France-UAE Maritime Partnership Exercise
On 7th June 2023, the inaugural edition of the India, France, and United Arab Emirates (UAE) Maritime Partnership Exercise kicked off in the Gulf of Oman. Notable participants included INS Tarkash, French Ship Surcouf, French Rafale aircraft, and UAE Navy Maritime Patrol Aircraft.
This joint exercise aims to facilitate a greater flow of best practices and forge robust naval collaboration among India, France, and the UAE. It builds on the strong defense cooperation already established between these nations through exercises such as Exercise Shakti, Exercise Varuna, and Exercise Garuda.
Furthermore, India’s collaboration with France in the construction of six Scorpene submarines through a technology-transfer arrangement in 2005 and the provision of 36 Rafale fighter jets to India under an inter-government agreement underscores this cooperation. Similarly, joint air combat exercises like ‘Desert Eagle II’ strengthen the alliance between India and the UAE, enhancing security cooperation and countering terrorist threats.
Agni Prime Ballistic Missile: Leap Forward for India’s Defense
Boosting India’s strategic defense capabilities, the Defence Research and Development Organisation (DRDO) recently conducted a successful test flight of the Agni Prime ballistic missile from Dr A.P.J. Abdul Kalam Island off Odisha. This test encompassed the use of sophisticated Range Instrumentation such as Radar, Telemetry, and Electro Optical Tracking Systems to gather crucial flight data throughout the vehicle’s trajectory.
The Agni Prime, lighter than its antecedents, is a two-stage canisterised solid propellant ballistic missile that boasts a range between 1000 to 2000 km. Its unique features include a dual redundant navigation and guidance system, playing a critical role in India’s nuclear weapons delivery system alongside the Prithvi short-range ballistic missiles and fighter aircraft.
Steering Change: New Appointments in Financial Services Institutions
The Financial Services Institution Bureau (FSIB), established in 2022 to replace the Banks Board Bureau (BBB), announced new appointments for India’s insurance industry. N Ramaswamy, the General Manager of General Insurance Corporation of India (GIC Re), has been appointed as the next Chairman and Managing Director (CMD) of GIC Re, and M Rajeswari Singh, the General Manager and Director of United India Insurance, has been designated as the CMD of the National Insurance Company (NIC).
FSIB’s main role is recommending individuals for full-time director and non-executive chairperson roles on the boards of financial services institutions and advising on other personnel-related matters. The Bureau is headed by a chairman, a central government nominee, and includes officials from the Department of Financial Services, the chairman of IRDAI, a deputy governor of the RBI, and six part-time members, three each from banking and insurance sectors.
