1) Internationalisation of the Indian Rupee: A Reserve Bank of India-appointed working group recommended the inclusion of the rupee in the Special Drawing Rights (SDR) basket and recalibration of the foreign portfolio investor (FPI) regime to accelerate the pace of internationalisation of the rupee internationalisationtion of rupees is a process that involves increasing the use of the local currency in cross-border transactions.
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- In the 1950s, the Indian rupee was widely used as legal tender in the United Arab Emirates, Kuwait, Bahrain, Oman, and Qatar. However, the devaluation of India’s currency by 1966 led to the introduction of sovereign currencies in these countries to reduce reliance on the Indian rupee.
- Benefits of Internationalisation of Rupee:
- It will improve the demand for the rupee in international trade.
- When a currency is internationalized, its exchange rate tends to stabilize.
- Internationalizing the Rupee can enhance India’s geopolitical influence.
- Challenges:Â
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- The daily average share for the rupee in the global forex market is only around 1.6%, while India’s share of global goods trade is ~2%.
- The INR is not fully convertible, meaning there are restrictions on its convertibility for certain purposes such as capital transactions. This restricts its widespread use in international trade and finance.
- The demonetization exercise in 2016, along with the recent withdrawal of the ₹2,000 note, has affected confidence in the rupee, particularly in neighbouring. countries like Bhutan and Nepal
- While efforts have been made to trade with around 18 countries in rupees, transactions have remained limited.
- In March 2023, the RBI put in place the mechanism for rupee trade settlement with as many as 18 countries. Banks from these countries have been allowed to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian Rupees.
2) Whole-Genome Sequencing in Newborns: Recently, the use of rapid whole-genome sequencing (WGS) in newborns, including healthy newborns, has emerged as a revolutionary approach to diagnosing and treating genetic diseases.
- All organisms have a unique genetic code, or genome, that is composed of nucleotide bases- Adenine (A), Thymine (T), Cytosine (C) and Guanine (G).
- Whole genome sequencing is a laboratory procedure that determines the order of bases in the genome of an organism in one process.
- Importance of Sequencing Newborn Genomes:
- Rapid, precise diagnosis of rare genetic diseases not detected by standard screenings.
- Detection of treatable conditions, enabling early intervention or gene-based therapies.
- Insight into future health risks, facilitating informed choices and preventive measures.
- The revelation of ancestry, traits, and carrier status for personal and social value.
