Daily Current Capsules - 20^th JUNE 2019

India's population will overtake China by 2027: UN Report 2019
Relevance IN - Prelims ( about the UN Population report)

What's the NEWS

• UN Report World Population Prospects 2019 says that India is expected to cross China's population by year 2027 as world's most populous country.

Know! more about the report findings

• United Nations has released its World Population Prospects 2019 recently. This report explained that India is expected to show the highest population increase between now and 2050, overtaking China as the world's most populous country, by around 2027.
• India, along with eight other countries, will make up over half of the estimated population growth between now and 2050.
• The nine countries expected to show the biggest increase are India, Nigeria and Pakistan, followed by the Democratic Republic of the Congo, Ethiopia, Tanzania, Indonesia, Egypt and the United States of America. In all, the population of sub-Saharan Africa is expected to practically double by 2050.

Know! about India specific findings

• India is expected to add nearly 273 million people between 2019 and 2050, while the population of Nigeria is projected to grow by 200 million. Together, these two countries could account for 23% of the global population increase to 2050.
• The 2017 world population report, released by the UN two years ago, had estimated that the population of India will surpass that of China's by around 2024.
• China, with 1.43 billion people in 2019, and India, with 1.37 billion, have long been the two most populous countries of the world, comprising 19 and 18 per cent, respectively, of the global total in 2019.

Decrease in population size

• As per the World Population Prospects 2019, a growing number of countries are experiencing a decrease in population size.
• This is due to sustained low levels of fertility and, in some places, high rates of emigration.

Know! more about the other findings

• World's population is expected to increase by two billion people in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050.
• By 2050, one in six people in the world will be over age 65 (16 per cent), up from one in 11 in 2019 (9 per cent).
• The number of people aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050.
• Although overall life expectancy will increase (from 64.2 years in 1990 to 77.1 years in 2050), life expectancy in poorer countries will continue to lag behind.

Economic Development
Facebook Cryptocurrency Libra

Relevance IN - Prelims ( about cryptocurrency, bitcoin and libra) + Mains ( GS III economic development + money laundering and its prevention)
What's the NEWS

• Facebook has formally announced its much-anticipated cryptocurrency project, "Libra", which aims to make moving money around the world as easy and cheap as sending a text message.
• The main objective behind the creation of ‘Libra' is to create a simple global currency that can reach and empower billions of people around the world.

Know! all about Libra Cryptocurrency

• The Libra cryptocurrency is a digital currency, built on a blockchain designed with security in mind.
• It will be stored in a digital wallet called ‘Calibra', which will be available as an app, as well as within Facebook Messenger and whatsapp as an integrated payments system. This will enable users to send and receive money through messages.
• Facebook aims for Libra to be used for offline payments as well including for public transport, buying groceries or paying bills. Facebook also plans to make its cryptocurrency available for exchange from traditional currency through physical ATM machines.
• The Libra cryptocurrency will be accessible to anyone with an entry-level smartphone and data connectivity. It will be available for everyone around the world. The cryptocurrency aims to foster an ecosystem of products and services, where people can use Libra is their daily lives. The Libra transactions will be quick and easy, no matter where you are sending, or spending your money.
• Facebook will not be governing the services of the Libra cryptocurrency. The social media giant has created an independent organisation called the Libra Association, which will build applications related to the new digital currency.
• The cryptocurrency will be backed by a reserve made to keep its value stable. Libra is designed to be a currency where any user will know that the value of a Libra today will be close to its value tomorrow and in the future.
• Similar to Euro, holders of Libra, too, can be confident the value of their coins today will be relatively stable across time. Further, Facebook clarified that the digital wallet account details will not be shared with Facebook or third parties for advertising purposes, except for cases of data sharing.

Know! difference between Bitcoin and Libra

• Though popular, Bitcoin cryptocurrency has been known to be volatile, especially in recent years. Unlike Bitcoin, Libra will be backed by a reserve of real assets, meaning that the value of the currency will be linked to something with intrinsic value rather than driven by demand or scarcity.
• The Libra reserve will include bank deposits and government bonds in several international currencies. The reserve will be administered by a non-profit associated headquartered in Geneva, Switzerland.

Know! about Bitcoin

• Introduced in 2009, Bitcoin cryptocurrency is popularly used for transactions in many nations across the world including the United States, European Union, Canada and Australia.
• However, the cryptocurrency is considered illegal in many nations such as China, Russia, Vietnam and Bolivia.

Indian Constitution
The 17th Lok Sabha new Speaker: Om Birla

Relevance IN - Prelims ( about the role of speaker + selection process )
What's the NEWS

• Om Birla, a two-time Bharatiya Janata Party (BJP) Member of Parliament from Rajasthan, was elected Speaker of the 17th Lok Sabha
• The motion to choose Birla as the speaker was moved by Prime Minister Narendra Modi, who is also Leader of the House, and passed by a voice vote. His candidature was supported by Congress, DMK, Biju Janata Dal, AIADMK, YSR Congress among other parties.
• Om Birla has elected as Speaker of Lok Sabha. Om Birla has succeeded Sumitra Mahajan who decided not to contest Lok Sabha elections in 2019.
• The Opposition did not field any candidate for the Speaker's post and the motion moved by Prime Minister Modi to choose the Kota-Bundi MP as Speaker was adopted by a voice vote.
• A total of 13 motions were moved in support of Om Birla as the Speaker.
• Since the motion moved by Modi, also leader of the House, was adopted, the other motions became infructuous.
• Birla was declared elected as speaker by pro-tem Speaker Virendra Kumar.

KNOW! the role of the Speaker

• The Speaker of the two houses of the Parliament is responsible for ensuring the smooth functioning of the House.
• The Lok Sabha or the Lower House of the People in India, which is the highest legislative body in the country, chooses its Speaker who presides over the day-to-day functioning of the House.
• In the Rajya Sabha, the role of the Speaker is carried out by the Vice President of the country. His role is similar to that of the Lok Sabha Speaker, although the nomenclature is varied.
• Thus, the Speaker plays the crucial role of ensuring that the Parliament carries forward its role of legislation peacefully, maintaining harmony in the Houses of Parliament and taking crucial procedural decisions of the House.
• The Speaker is thus, in every sense, considered the true guardian of the Indian Parliamentary democracy, holding the complete authority of the Lok Sabha.

Know! the Selection Process of the Speaker

• The Speaker is one of the members of the Lok Sabha. On the very first meeting of a newly-constituted Lok Sabha, the Speaker is elected from among the members.
• The process of election is a simple majority of the members present and voting. Usually the ruling party or the ruling alliance chooses one of its members to be elected as the Speaker, after consultations with other leaders of other political parties.
• The Prime Minister announces the name of the person to be elected. The political parties conduct a simple voting process. Once the Speaker-elect is chosen, he or she is felicitated by the Prime Minister, Leader of the Opposition and other political leaders to the chair.

Know! the Duty Term of the Speaker

• The Speaker holds office during the life of the House, and once the House is dissolved, the Speaker's term of office ends. However, the Speaker can be re-elected to the post. The Speaker's office may however, terminate earlier than the expiry of the House due to the following reasons:

1. When the Speaker ceases to be a Member of the House.
2. When the Speaker resigns by writing to the Deputy Speaker.
3. When the Speaker is removed from office by a resolution which is passed by a majority of all the members of the House. While such a process is underway, the Speaker cannot preside over the House, but can take part in the proceedings of the House.

Know! the eligibility Criteria of a Speaker

• Since the Speaker is a Member of the Parliament, the eligibility criteria for the position are same as that of the other members in the House. They are as follows:

1. He or she must be a citizen of India.
2. He or she must not be less than 25 years of age.
3. He or she should not hold any office of profit under the Government of India, or the Government of any other state.
4. He or she should not be of unsound mind.

 

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