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Bangkok vision 2030, recently seen in news is related to
  • a)
    Association of Southeast Asian Nations (ASEAN)
  • b)
    East Asia Summit (EAS)
  • c)
    Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)
  • d)
    None of these
Correct answer is option 'C'. Can you explain this answer?
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Bangkok vision 2030, recently seen in news is related toa)Association ...
Bangkok Vision 2030 is a strategic framework that was recently discussed in the news. It is related to the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).

BIMSTEC is a regional organization comprising of seven member states in South Asia and Southeast Asia. These member states are Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. The main objective of BIMSTEC is to promote economic cooperation, connectivity, and integration among its member countries.

Bangkok Vision 2030 is a strategic roadmap adopted by BIMSTEC member states during the 4th BIMSTEC Summit held in Bangkok, Thailand in August 2018. The vision outlines the collective aspirations and goals of the member states for the next decade, with a focus on sustainable development and regional integration.

Key Points of Bangkok Vision 2030:

1. Sustainable Development: The vision emphasizes the importance of sustainable development as a key priority for the member states. It aims to promote inclusive and sustainable economic growth, reduce poverty, and achieve the Sustainable Development Goals (SDGs) set by the United Nations.

2. Connectivity: Enhancing connectivity within the BIMSTEC region is another important aspect of the vision. This includes improving physical connectivity through the development of transportation infrastructure, such as roads, railways, ports, and airports. It also emphasizes the need for digital connectivity to enhance trade, investment, and people-to-people connectivity.

3. Trade and Investment: The vision aims to promote trade and investment among the member states by reducing trade barriers, harmonizing customs procedures, and facilitating cross-border investment. It also encourages the establishment of a BIMSTEC Free Trade Area to further enhance economic integration.

4. People-to-People Connectivity: Bangkok Vision 2030 recognizes the importance of fostering people-to-people connectivity among the member states. This includes promoting cultural exchanges, tourism, educational cooperation, and cooperation in the fields of science, technology, and innovation.

5. Security Cooperation: The vision also emphasizes the need for enhanced security cooperation among the member states to address common challenges such as terrorism, transnational organized crime, and natural disasters. It calls for greater collaboration in areas such as counter-terrorism, maritime security, and disaster management.

In conclusion, Bangkok Vision 2030 is a strategic roadmap adopted by BIMSTEC member states to promote sustainable development, connectivity, and regional integration. It sets out the collective aspirations and goals of the member states for the next decade, focusing on various aspects such as sustainable development, connectivity, trade and investment, people-to-people connectivity, and security cooperation.
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Bangkok vision 2030, recently seen in news is related toa)Association ...
  • The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit end of this year will adopt a Bangkok vision 2030 which would be overarching kind of document and give direction to the organisation.
  • Thailand has put forth the Bangkok vision 2030 which seeks to propel BIMSETC towards a region that is prosperous, resilient and open… moving us in a forward-looking trajectory for sustainable and balanced growth.
  • The grouping comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. In 2022, the BIMSTEC charter was adopted which lays the foundation for it to function as a full-fledged organisation.
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Financial inclusion plays a crucial role in inclusive development and sustainable prosperity as is being increasingly recognised and acknowledged globally. Large segment of population need to be part of formal payment system and financial markets. Financial inclusion would also broaden and deepen financial savings and lead to higher economic development.Previous initiatives: While financial sector policies in India have long been driven by the objective of increasing penetration and outreach, the goal of inclusion has eluded us. About 41 per cent of adult population remain unbanked and the number of loan account covers only 14 percent of adult population. The previous initiatives included (i) the expansion of network of cooperative banks to provide credit to agriculture and saving facilities in rural areas, (ii) nationalism of bank in 1969 and expansion of branches and (iii) creation ofan elaborate framework of priority sector lending with mandated targets as part of a strategy to meet the savings and credit needs of large section of the Indian population who had no access to institutional finance. Given the sheer enormity of the challenge, however the outcomes of these efforts have so far been mixed.Recent initiatives/out of the box approaches: Recent initiative include (i) “no frill” account for retail purpose; (ii) simplified KYC (Know Your Customer) (iii) Credit counselling centre facilities; (iv) use of NGOs and formation of SHGs; (v) Kisan credit cards service and (vi) extension of smart cards. The finance Minister in his Budget Speech of 2007-08 also laid down provision for funding of financial inclusion goals. The Rangarajan Committee also spelt out priorities for meeting financial inclusion objectives. Two of the more important approaches in the recent times included the use of technology such as smart cards and mobile telephone banking. The potential for their spread can be vast especially in combination with banking correspondence approach launched recently.New entry and competition: In addition, new competition and entry also play crucial roles, as is evident from the global experience. Two particular initiatives have included the role of Micro Financial Institutions (MFIs) and Non-Bank Finance Companies (NBFCs). MFI activities have surged in recent years, but has come under scrutiny and regulation. Services expanded at a fast rate, providing access on better terms than the alternatives of traditionalmoney lenders. However, better regulation is also needed. On NBFCs, gold pawn establishment have also provided alternate access and are fast expanding in urban and semi-urban settings. As far as caps on interest rates are concerned, as in case of other products, ‘subsidies’ in the form of low interest are often an inhibitor of access to services because of rationing and misuse.Financial Literacy: Any policy initiative seeking to afford greater access to financial services to financial services to a large segment of the population must necessarily address bridging the existing knowledge gap in financial education and literacy. Over the last decade or so, researcher all over the world, especially in the developed countries, have, therefore, started to study and explore whether individuals are wellequipped to make financial decisions. Financial education and literacy assumes urgency in any given scenario.Q.Which of the following is not one of the previous initiatives for financial inclusion?

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Bangkok vision 2030, recently seen in news is related toa)Association of Southeast Asian Nations (ASEAN)b)East Asia Summit (EAS)c)Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)d)None of theseCorrect answer is option 'C'. Can you explain this answer?
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