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Here are the topics covered for 16 January 2024:
GS-2: Online Gaming Industry, Uniform Civil Code (UCC)
GS-3: Trading Accounts, Davos Summit 2024
Facts For Prelims: Vadnagar, Ken-Betwa Link
Online Gaming Industry
- Recent events in India highlighted the need for robust regulation in India’s online gaming industry due to emerging market failures.
What is Online Gaming?
- Online gaming refers to video games that are played over a computer network, most commonly the Internet.
- This encompasses a wide range of games, from simple browser-based titles to complex, immersive experiences with thousands of players simultaneously.
|Addiction and mental health
|Immersive nature leading to addiction, neglecting studies, social isolation, depression, anxiety
|In-game purchases, loot boxes, gambling elements, financial losses, predatory practices
|Unclear distinction between skill-based gaming and gambling, confusion, hinders industry growth
|Illegal offshore gambling
|Unregulated space, financial losses, fraud, security risks
|Technical and infrastructure limitations
|Uneven internet access, and lack of affordable devices, restrict participation
|Taxation and regulatory burden
|High GST, fragmented landscape, adds costs, hinders growth
|Data security and privacy concerns
|Data breaches, privacy violations, lack of robust laws, enforcement
|Lack of age verification and parental controls
|Inappropriate content, gambling risks, protect children
Uniform Civil Code (UCC)
- The State of Uttrakhand is likely to become the first state in the country to implement a UCC.
What is UCC?
- Currently, separate personal laws govern different religious communities for their matters.
- But Article 44 in the Constitution paints a different picture, suggesting a Uniform Civil Code – one set of rules for all, regardless of their religious background.
- This vision sparks ongoing debates, raising questions about potential conflicts with existing practices and the complexities of achieving such a unified system.
- UCC in Goa:
- This vibrant state, steeped in Portuguese heritage, embraces the Uniform Civil Code (UCC) – a single set of rules for all, regardless of faith, when it comes to marriage, divorce, and inheritance.
- This unique system, dating back to the Portuguese Civil Code of 1867, offers a glimpse into a potential future for India, where legal harmony transcends religious divides.
- SEBI\’s new norms for voluntary freezing or blocking of trading accounts do indeed aim to safeguard investors from potential fraud and suspicious activities.
What is a Trading Account?
- A trading account, offered by stockbrokers, acts as a gateway to financial markets for individual investors.
- This account facilitates buying and selling securities, serving as a bridge between your bank account and a demat account holding your digital assets.
- Through the broker\’s trading platform, you can execute trades seamlessly, empowering you to participate in the stock market.
Why Freezing of Trading Accounts?
- Voluntary Blocking: Investors can now directly freeze their trading accounts, giving them immediate control if they suspect unauthorized activity or unusual login attempts.
- Reduced Vulnerability: This empowers investors to prevent potential losses during market manipulation, hacking, or social engineering scams.
- Enhanced Peace of Mind: Knowing they can readily halt trading provides increased security and peace of mind.
- Early Warning System: Freezing an account allows investors and brokers to investigate suspicious activity promptly, potentially minimizing losses and identifying broader problems.
- Faster Investigation: Brokers can investigate frozen accounts more efficiently to determine the cause and take appropriate action, such as contacting the investor or reporting the activity to the authorities.
- Potential Market Protection: By containing suspicious activity in a single account, wider market manipulation or fraud schemes can be contained more effectively.
Davos Summit 2024
- Davos is home to the annual week-long World Economic Forum, where global elite members gather to discuss the world\’s problems.
- The city has hosted annual meetings every January for the past five decades, beginning in 1971.
India at the Summit 2024
- India’s 100-member delegation is led by Smriti Irani, minister for women and child development.
- She was inaugurating the Women Leadership or WeLead Lounge on the sidelines of the Forum.
- In addition to Indian tea, coffee, \’samosas\’, and \’kachoris\’, there will also be Indian liquor flying off the shelves during \’Spirit of India Hour\’ on two evenings at a few bars, restaurants, and lounges.
- The Confederation of Indian Industry (CII) on Monday launched the CII India Business Hub to facilitate discussions on the growth of the Indian economy with a theme of \’Credible India\’ to showcase India\’s economic achievements and its future potential as a significant contributor to global growth.
About Davos Summit
- Events in 1973, namely the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-Israeli War, saw the Annual Meeting expand its focus from management to economic and social issues.
- Two years later, the organization introduced a membership system for ‘the 1,000 leading companies of the world’.
- The WEF is largely funded by its partnering corporations.
Facts For Prelims
- Vadnagar is a town in Mehsana district, Gujarat, located about 107 kilometers northwest of Ahmedabad.
- Situated on the banks of the Shedhi River, it boasts a scenic setting amidst lush greenery and sandstone buildings.
- This two-phased initiative is paving the way for river interlinking in India.
- Phase 1 tackles the crucial Daudhan Dam complex, complete with tunnels, canals, and powerhouses.
- Phase 2 builds upon this foundation, adding three more components: the Lower Orr Dam, the Bina complex, and the Kotha barrage.
- Each stage plays a vital role in achieving the project\’s ambitious goal of water redistribution and sustainable development.