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Longevity India Initiative, recently in news, was launched by which one of the following?
  • a)
    Ministry of Health and Family Welfare
  • b)
    NITI Aayog
  • c)
    Ministry of Finance
  • d)
    Indian Institute of Science
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Longevity India Initiative, recently in news, was launched by which on...
Recently, the Indian Institute of Science (IISc) launched the Longevity India Initiative.
  • It is a project focused on efforts to extend human 'healthspan' and tackle ageing-related challenges.
  • The initiative has also started a large-scale clinical study that will involve researchers from multiple IISc departments, clinicians, industry, philanthropists and civil society.
  • This initiative seeks to enhance the understanding of ageing through both fundamental and applied research, and to develop solutions that can improve quality of life.
  • It will leverage advanced research to develop interventions that can help manage age-related diseases more effectively, with an emphasis on promoting healthy ageing across India.
  • Funding: The initiative has received initial grant funding support from Prashanth Prakash, Founding Partner, Accel India.
  • Significance
  • India's elderly population projected to surge to 347 million by 2050, it is imperative that there is a need to leverage technology to provide accessible geriatric healthcare, nurture the silver economy and invest in digital systems that support ageing populations
Hence option (d) is the correct answer.
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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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Longevity India Initiative, recently in news, was launched by which one of the following?a)Ministry of Health and Family Welfareb)NITI Aayogc)Ministry of Financed)Indian Institute of ScienceCorrect answer is option 'D'. Can you explain this answer?
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