Current Affairs

13 & 14 NOVEMBER,2023

by | Nov 30, 2023

Employees’ State Insurance Scheme (ESI)

ESI Scheme 2023: Advancing Employee Welfare

  • Surge in Enrollment: A significant achievement was witnessed as over 18.88 lakh new workers joined the Employees’ State Insurance Scheme (ESI) in September 2023.
  • Youth Participation: Notably, more than nine lakh young employees, aged up to 25 years, contributed to this surge, emphasizing the scheme’s popularity among the dynamic and youthful workforce.
  • ESI’s Core Objectives: Established in 1948, the ESI Scheme aims to protect employees from the adverse impacts of sickness, maternity, disablement, and employment-related fatalities, serving as a robust social insurance measure.
  • Diverse Applicability: The scheme extends its protective umbrella to various sectors, including factories, road transport, hotels, restaurants, cinemas, newspapers, shops, and educational/medical institutions employing 10 or more persons.
  • Wage Ceiling Adjustment: Responding to economic shifts, the ESI Corporation recently increased the wage ceiling from Rs.15,000 to Rs.21,000, enhancing coverage for a larger segment of the workforce.
  • Extensive Implementation: From its modest beginnings at two industrial centers in 1952, the ESI Scheme has grown exponentially and is now implemented at over 830 centers across 31 states and Union Territories.
  • Financial Framework: The ESI Scheme operates on a sustainable financial model, with employers contributing 3.25% of wages and employees contributing 75% of their wages, ensuring a balanced and robust financial foundation.
  • Comprehensive Benefits: The scheme offers an array of benefits, including sickness, maternity, disablement, dependents’, and medical benefits, reflecting a holistic approach to safeguarding employees’ well-being.
  • Dynamic Evolution: The ongoing evolution of the ESI Scheme underscores its commitment to adapting to changing needs, solidifying its role in promoting social security for the workforce and their families.

Source: AIR

Strengthening Economic Bonds: Insights from the India-Ethiopia Joint Trade Committee’s 6th Session

The recently concluded 6th Session of the India-Ethiopia Joint Trade Committee (JTC) in Addis Ababa signifies a pivotal moment in fortifying economic ties between the two nations.

Understanding the India-Ethiopia JTC:

The India-Ethiopia JTC is a bilateral forum convened periodically to assess and elevate trade and investment relations. Co-chaired by senior officials from India’s Ministry of Commerce and Industry and Ethiopia’s Ministry of Trade and Regional Integration, the committee addresses a spectrum of issues, from trade and investment to cooperation and policy matters.

Key Highlights from the JTC Meeting:

  1. Technology Collaboration: India extended an invitation to Ethiopia for collaboration in integrating the Unified Payment Interface (UPI) with Ethiopia’s Ethswitch, a payment platform infrastructure in the country.
  2. Local Currency Transactions: India urged Ethiopia to explore settling trade transactions in the local currency, fostering enhanced bilateral trade and conserving foreign exchange.
  3. Identified Key Sectors: Health and pharmaceuticals, automobiles, textiles, infrastructure projects, food, and agro-processing emerged as key sectors for mutual investments.
  4. Ongoing Discussions: Both nations reviewed the progress of ongoing discussions for Memorandums of Understanding (MoUs) in the fields of Standardization and Quality Assurance and Customs procedures, expressing a commitment to expedite their conclusion.

India-Ethiopia Trade Relations:

  1. Concessional Credit: India stands as one of the largest sources of long-term concessional credit to Ethiopia, contributing over USD 1 billion to sectors like rural electrification, the sugar industry, and railways.
  2. Bilateral Trade Figures: Bilateral trade between the two nations reached USD 642.59 million in 2022-23, showcasing the robust nature of their economic engagement.
  3. Economic Growth in Ethiopia: Ethiopia’s economy exhibited a commendable growth of an estimated 6.4% in 2021-22.
  4. Trade Dominance: India holds the position of the second-largest exporter to Ethiopia, emphasizing the depth of their economic ties.
  5. Investment Landscape: Indian companies rank among the top three foreign investors in Ethiopia, with existing investments totaling USD 5 billion.

Facts About Ethiopia:

  1. Geographical Overview: Ethiopia, officially the Federal Democratic Republic of Ethiopia, is a landlocked country located in the Horn of Africa.
  2. Economic Resilience: Despite the era of colonization in Africa, Ethiopia remained uncolonized by European powers, showcasing its historical resilience.
  3. Unique Calendar: Ethiopia follows a distinctive calendar with 12 months of 30 days each, plus five or six additional days, often referred to as the 13th month.
  4. Geographic Features: The highest peak in Ethiopia is Ras Dejen (or Dashen), while Lake Tana stands as the largest lake, serving as the source of the Blue Nile river.

The 6th Session of the India-Ethiopia JTC serves as a testament to the collaborative spirit between the two nations, charting a course towards sustained economic growth and mutual prosperity.

Source: PIB

 

Written By Vishakha Khatri

My name is Vishakha Khatri. I am an engineering graduate and a civil service aspirant with a passion for spreading knowledge about Indian polity. I believe that understanding our political system is crucial for every citizen, and I am committed to making this information accessible to everyone in my own easy way. Through my experiences in civil service preparation and my unique perspective as an engineering graduate, I hope to inspire and educate others on the importance of Indian polity.

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