We, at Civilsdaily are extremely happy for everyone who has cleared mains this time. Thank you for giving us a reason to cheer for you. It’s important to give yourself a pat or two, share the news with your family, eat a sweet and start preparing for Interview immediately.
You are just one step closer to achieving your LBSNAA dream! So don’t take the final round for granted and prepare with the same gusto as you did for Prelims and Mains.
For those that couldn’t make it this year, hang in there and don’t lose heart. You still have 2 more months for UPSC 2022 prelims. Before you start your preparation, get afree 1-on-1 counselling from us and understand how you can better your performance in 2022.
Don’t forget to upload your DAF 1 and draft DAF 2 in the above link.
Our team will reach out to you. We will discuss how to best fill your DAF 2, what should be your next step and how to prepare for different aspects.
Highlights of Transcend: Focused offerings for 3 distinct groups of IAS Mains-qualified aspirants
Freshers
Work Ex
Veterans
Dedicated Habitat group, telephonic and the zoom/google meet sessions, SWOT analysis via personalized questionnaire & in-person mock interviews with the panel.
This year, we intend to raise the bar even higher by providing trailblazing professional, personalized mentorship. There are 3 broad categories into which the IAS Mains-qualified candidates are be divided:
#1. Freshers: Facing 1st UPSC interview without work-ex
These candidates have given dedicated and exclusive time to UPSC preparation, often right after their graduation. We also have candidates who decide for UPSC a little later in life. These candidates have a wide variety of backgrounds. Some have quit their jobs to prepare for CSE, some may have household and family responsibilities, etc.
The interview, in the case of these aspirants, will focus on academics, mental alertness, critical power of assimilation, leadership and teamwork, variety and depth of interest, etc.
Freshers have the advantage of ‘excitement’ and ‘happy-go-lucky’ attitude, but they also suffer from fear-of-the-unknown.
For them, Transcend will revolve around psychological strengthening and belief formation besides personality development and polishing of soft skills.
#2. Work-Experience: Facing 1st UPSC interview with work-ex
The second category is of working professionals. These candidates have the advantages of leadership, tactfulness, foresight, and maturity. Of all other categories of candidates, the responses of working professionals are expected to be brief, well crafted, balanced, logical and reflecting emotional intelligence. Leadership is another area these aspirants are tested for.
Transcend will focus intensely on each of these general traits. Stress will be on the trends highlighted by the latest research in these domains.
#3. Veterans: Have faced the UPSC interview board in the past
Candidates who have appeared in the UPSC interview, probably more than once; but have consistently scored low marks.
Such a person has the advantage of the experience of the official set-up. She is aware of the entire process, her DAF and does not have fear-of-the-unknown. She has possibly taken mock interviews in her previous attempts but success eludes her owing to some fundamental flaw, which if unidentified, will compromise her chances yet again.
For veterans, our Transcend mentors will analyze your DAF, previous mock interviews, transcript of real interview/s and will have detailed discussions to pinpoint the weakness. Then will follow the personalized recovery strategy.
We are the only institution in this space that brings such high levels of clarity and purpose to the interview program.
All in all, ‘Transcend’ from Civilsdaily is the finest tool you can choose to uncover the shimmering light of your personality and to realize the simmering desire of your heart.
Take that final leap. You are in good hands now.
What to expect in the coming weeks?
#1. Once you submit your DAF 1 and other details on the link & email, we request you to send a video snippet (shot over a mobile selfie at pravin[at]civilsdaily.com) on the questions listed below. These are basic, time tested questions that do not need any preparation but helps us understand your default presentation styles:
Why do you want to join the civil services?
Why should you be selected over the other candidates?
Which in-service officer has inspired you the most and why?
One feedback that you received from a friend, peer or superior which fundamentally changed the way you operate in the world or look at the world?
We want you to be uninhibited, relaxed and natural when you make this video. All questions are compulsory (especially 2, 4 and 5).
#2. We will get back to you with the feedback on your DAF and this video exercise.
#3. Post that, your progress will be tracked in mock interviews and taken over the telephone, skype, and panel-driven mocks and you will be given access to interact with both our in-house mentors and industry experts to fine-tune your reasonings.
We will work on your innate tendencies and help you carve out the best version of yourself.
GS-1 Social empowerment, communalism, regionalism & secularism.
GS-2 Health & Education
GS-3 Indian Economy, Impact of Liberalization
GS-4 Public/Civil service values and Ethics in Public administration: Status and problems; ethical concerns and dilemmas in government and private institutions
HOW TO ATTEMPT ANSWERS IN DAILY ANSWER WRITING ENHANCEMENT(AWE)?
Daily 4 questions from General studies 1, 2, 3, and 4 will be provided to you.
A Mentor’s Comment will be available for all answers. This can be used as a guidance tool but we encourage you to write original answers.
You can write your answer on an A4 sheet and scan/click pictures of the same.
Upload the scanned answer in the comment section of the same question.
Along with the scanned answer, please share your Razor payment ID, so that paid members are given priority.
If you upload the answer on the same day like the answer of 11th February is uploaded on 11th February then your answer will be checked within 72 hours. Also, reviews will be in the order of submission- First come first serve basis
If you are writing answers late, for example, 11th February is uploaded on 13th February , then these answers will be evaluated as per the mentor’s schedule.
We encourage you to write answers on the same day. However, if you are uploading an answer late then tag the mentor like @Staff so that the mentor is notified about your answer.
*In case your answer is not reviewed, reply to your answer saying *NOT CHECKED*.
Ultimate Assessment Program and Foundation Program includes –
Mentorship (1:1, throughout the preparation till Interview stage)
Masterclasses (complete GS syllabus covered, Only provided in Foundation course)
Samachar Manthan (Current affairs Programme)
Decimate Prelims (Prelims Crash course)
Mains Answer Writing Initiative (On a weekly basis)
Smash Mains (upon Qualifying prelims 2023)
Essay Guidance Program (To score above 120+ in Essay Mains Paper)
Interview Guidance Program (more than 1 mock interview will be conducted with a panel)
Civilsdaily IAS Community for Peer to Peer Interaction
Get all the Civilsdaily courses under Smash Foundation Course for 60% off after you attend our scholarship test and score above the cut-off marks!
Are you a beginner who has no idea about UPSC, but want to check if you have the aptitude for the same? Do you want to assess your performance and interest in UPSC before targetting 2023 preparation?
Then, we have got the perfect opporunity for you. Presenting, Civilsdaily’s UPSC CS 2023, Free-To-Register National Scholarship on 13th & 20th March 2022 .
Last year’s scholarship test by Civilsdaily has seen a phenomenal response and pan India interest for the test. Many toppers have emerged out of the test to be subsequently mentored in the Civilsdaily Foundation Program. So aspirants, ensure you don’t miss out on the benefits of the test.
An average aspirant, pays for Prelims Course, Mains Program, Interview Guidance, Test Series & Study Materials all separately. The fees then comes up to 2-3 Lakhs for one attempt alone.
Identifying this issue, Civilsdaily has designed the Flagship Foundation Course for 2023 aspirants. This course covers the entire 3-stage journey of a UPSC aspirant. From Prelims to Interview -1:1 Mentorship, Weekly Test Series, Classes & Study Materials will be provided.
Another benefit of the program is that it’s an umbrella course wherein an aspirant can access other paid courses of Civilsdaily for FREE.
The main objective of the program is to identify and nurture serious aspirants to become future UPSC toppers. And that’s why we have designed a scholarship test.
Our foundation course will be intensive yet personalised. You will be getting individual coaching on how to conquer the basics, develop analytical skills, inculcate conceptual clarity and acquire the necessary knowledge to face the unpredictable and dynamic UPSC.
Apart from conducting subject-wise classes that covers all the Prelims-Mains syllabus from scratch, aspirants will follow a customised timetable and will complete their revision on a daily basis to attempt our weekly prelims and mains tests. Once the test is over, they will get a strategy call from a mentor, who will clear their doubts and tell them how to improve their performance from next test onwards.
Simply put, like Ekalavya you will be getting a unique coaching experience that eludes other UPSC aspirants. Even aspects like Essay, Ethics and CSAT which is ignored in other normal coaching programs, will be covered over here with tests, mentorship, classes and notes.
If you take the upcoming free UPSC national scholarship test and come out with flying colours, you will get about 60% scholarship on the Civilsdaily Flagship Foundation Course.
Details of the Civilsdaily Free National Scholarship Test
Date – 13th March & 20th March, 2022.
Please Click on Submit after finishing the Test.
Mode: Online
Registration Fee – Free
Language: English
Time: 2 Hrs
Syllabus: GS Paper 1 (Preliminary exam)
No. of Questions: 100
Date: 13th March & 20th March
Time: 10 AM
Result: 27/03/2022
Why should you take the CD’s Scholarship Test?
1. Test your preparation on UPSC-CSE grade questions, at national level.
2. Chance to compete against the best. See where you stand.
3. Identify your subjectwise strengths, weak points, and problem areas before you start preparation.
4. Mentors will provide personalised counselling based on your performance in the scholarship test.
5. A detailed discussion will help you navigate through the challenges during the preparation.
6. Achieve up to 60% scholarship in our exclusive umbrella foundation course.
As the program is rigorous and involves individual attention, we can take only limited enrollments. Hence, we are conducting a Scholarship Exam to identify serious UPSC aspirants on 13th and 20th of March. Depending on your relative score, you can get up to a 60% scholarship.
We are looking for
1. Serious and hardworking aspirants.
2. Ready to dedicate a minimum of 5-8 hours daily.
3. Can complete assigned targets and tests without fail.
4. Only 1 thought in mind and that is – to clear UPSC Civil Services 2023.
5. Willing to take constructive feedback from mentors after each test.
As India steadily steers its way through the pandemic to safer shores, we must foreground a disease which has been impacting our country for years, and disproportionately affecting women – tuberculosis.
Toll of TB
In India, the TB case fatality ratio increased from 17 per cent in 2019 to 20 per cent in 2020.
According to a joint report (2010-13) of the Registrar General of India and the Centre for Global Health Research, TB was the fifth-leading cause of death among women in the country, accounting for nearly 5 per cent of fatalities in women aged 30–69.
How TB affects women more than men
Much steeper socio-economic price: While both men and women suffer the consequences of this debilitating disease, women patients pay a much steeper socio-economic price.
Beyond clinical metrics: From social ostracisation and lack of family support to the negative impact on marital prospects, women absorb the repercussions of TB beyond the clinical metrics.
Stigma also acts as a strong deterrent when it comes to health-seeking behaviour.
Fewer women, therefore, get included in the available cascade of care for TB.
Measures by government
In 2019, the Health Ministry-Central TB Division developed a national framework for a gender-responsive approach to TB in India.
The document takes cognisance of the challenges faced by women in accessing treatment and offers actionable solutions.
Gender-responsive policy interventions: In December 2021, a parliamentary conference on ‘Women Winning Against TB’ was organised by the Ministry of Women and Child Development where gender-responsive policy interventions were discussed.
The Vice-President of India urged states to take proactive steps such as ensuring nutritional support to women and children and the doorstep delivery of TB services, especially for women from socio-economically weaker backgrounds.
Suggestions
1] Highlight the issue at the relevant forum
One, as elected representatives, we need to come together more to highlight the issue at all relevant forums and spaces.
These meetings see increased participation of women leaders from all walks of life in the community going forward.
2] Strengthen counselling network
We need to strengthen counselling networks for women patients and their families.
Irrespective of where the patient seeks care – public or private sector – build the capacity of healthcare workers to educate the patient’s family about the importance of providing her a supportive environment during the course of her treatment.
3] Nutritional needs
We need to ensure that the nutritional needs of women are being met.
Undernutrition is a serious risk factor for TB and research indicates such risks are higher for women.
It is commendable that the government, through Nikshay Poshan Yojana, has effectively provided a monthly benefit of Rs 500 to enable a nutritious diet for TB patients in the last few years.
For the 2020 cohort, the total amount paid under NPY via DBT has been over Rs 200 crore.
Additionally, we can look to further strengthen inter-departmental coordination, wherein the Public Distribution System can explore appropriate linkages with relevant departments of the MoHFW and even include a protein-rich diet for TB patients.
4] Amplify accurate TB messaging
At a community level, we must amplify accurate TB messaging and showcase how gender plays a role in determining the course of action on the ground.
Conclusion
These are universal problems that must transcend gender binaries. Only when equitable solutions are offered to vulnerable sections of society will we be able to realise the dream of TB-Mukt Bharat.
A sneak peek into our 1-1 mentoring session for Prelims
Civilsdaily helped 100+ aspirants get ranks in UPSC 2020. We helped 30 students secure ranks in the Top 100. After speaking with them personally on our UNHERD platform, we understood that there was one thing that was common between all the rankers!
All the rankers committed themselves and NEVER postponed their preparation. They did not waste a single day but started preparing immediately. We also asked them WHY did they start immediately and did not wait?
You will fall into a vicious cycle – Our toppers said that if aspirants do not start preparing immediately, they often fall into a vicious cycle of doubt and confusion. They wait for the right moment to start preparing but keep delaying it for numerous reasons like work, college, not-ready, etc. The more time they waste, the more confused they get, and the syllabus starts piling up. The toppers told us that the best thing they did was to start immediately and it helped them succeed!
Lack of self-analysis can cost you 3-4 years – The toppers revealed that self-analysis is one of the most important things for an aspirant. You need to know the syllabus, the previous year questions for every topic, your strengths, your weaknesses, your learning speed, the best time to study, how to plan the study, etc. Most aspirants who fail the exam do not do self-analysis and just keep reading. This does not help as it wastes a lot of their time. In fact, if you are not sure about your strengths and weaknesses, it could easily cost you 3-4 years in preparation. The toppers also told us that they asked mentors for assessments when they felt confused. Self-analysis helped them focus on their weaknesses and improve them. And finally, they were able to crack the exam.
UPSC is the biggest killer of self-belief – Our toppers told us that the UPSC exam is so tough and vast that it often kills an aspirant’s self-confidence. It becomes extremely difficult for them to remain consistent and motivated for the entire year. The rankers revealed that when they faced inconsistency and lacked self-confidence, they often spoke with their mentors who guided them. They found help in the mentors who understood their concerns and kept them motivated, especially when they felt down and depressed. This helped the rankers become consistent and prepare with the same energy every day!
Self-study with no guidance doesn’t help – The rankers of 2020 told us that preparing for UPSC is like walking on a desert. You will be lost without a guide. They said that even when they were self-studying, they kept asking for guidance from mentors. What to study, what not to study, how to improve their answers, which areas to focus on, etc. The toppers stayed constantly in touch with mentors who helped them at every step. They did the hard work themselves but it would have been a waste if the hard work was not in the right direction.
Always overachieve your daily target by 25% – The toppers said that they had a study plan with targets for every day! But that was not all. They always tried to overachieve the targets by at least 25%. Every time they overachieved, it gave them the confidence to do the same every day. And by the end of their preparation, they had a clear advantage over other aspirants because they studied 25% more than everyone, every single day!
The toppers of 2020 told us that their handwork, right guidance, and smart planning at an early stage helped them succeed. They said that they did not want to postpone their preparation even by a single day as it would cost them ranks. And they were right! They started preparing immediately and are now rank-holders in UPSC!
While UPSC 2023 may seem like a year away from now, looking at the syllabus one can say it’s just about the right time away. As Prelims 2022 approaches in June, more and more aspirants will realising how close they are to 2023 and begin preparing immediately. But it may just be too late by then!
If you are reading this today, you are in luck. You have the opportunity to realise the urgency immediately. March has just begun and you can have an advantage of at least siix months over other aspirants if you start preparing today. And even with a year in your hand, it would take a high level of extremely focused study to crack the exam in June 2023.
The fact is this: You CANNOT waste a single day in experimenting, hunting for resources, trying to collect reading material, etc. Every day from today is more valuable than anything you can imagine, and this is the time to focus with every bit of concentration you have.
Given the time constraint and the urgency of the situation, you need to be practical. Speak with our mentors and get your preparation organised. Our mentors can help you streamline your preparation within 24 hours and will help you save precious time. Right now, nothing is more valuable than your time and if you wish to use it effectively, all it would take is a call with our mentors.
The urgency is real, you can calculate yourself. And every moment you waste is an opportunity wasted. All you need to do is fill this form and our senior mentors will get in touch with you, with a solution designed especially for you! Speak with us, now as it’s a free 1-on-1 mentorship session with 40 minutes dedicated only for you.
Get Motivated to Maintain Overall Consistency for UPSC
It’s understandable we are humans and not programmable robots who can maintain the same level of interest everyday. However, maintaining an overall consistency throughout our preparation is neccessary to clear this competitive and vast exam.
Our philosophy behind MENTORSHIP is to get you out of this Snooze cycle. This ensures that you are the BEST VERSION of yourself in this journey. If you are under the impression that mentorship is weekly calls you attend, then you are mistaken, my friend. Trust us, your mentor will be your ‘FRIEND, PHILOSOPHER AND GUIDE’.
TO EACH THEIR OWN – Every aspirant is different. Their strengths and weaknesses are different. Their time availability is also different. Identifying this is important so you don’t end up making unrealistic targets and lose momentum. Your mentor will make sure you start slow but remain consistent to build your confidence. Making your schedule structured based on our experience of working with 2500+ students is our first priority.
TRACK YOUR PROGRESS – When you see yourself grow, it becomes easier to motivate yourself to push boundaries. Tracking your progress can happen in many ways like mentorship calls or chat sessions or by regular tests. The idea is to ensure that you don’t go off track in your preparation, and even if you do, we have your back.
EVOLUTION – A constant guidance is important to bring consistency to your UPSC preparation. Guidance is not about clearing your doubts or asking you to study when you don’t. It is also about the evolution of your preparation. This is where you and your mentor work as a team. A constant effort to PLAN AND BUILD UP YOUR ABILITY to learn in a faster and more efficient way.
TALK IT OUT – The biggest hurdle in achieving your highest level of consistency is the emotional part. Every now and then, you. surround yourself with negative thoughts, you feel scared and depressed. Instead of resolving these emotional issues, you avoid them as it seems like a waste of your precious time. You have to understand that ignoring emotional troubles does not solve them. What your doing is building an emotional time bomb that may burst a week before your mains or prelims! This is where your MENTOR AS A FRIEND comes in. All our mentors have been through this journey. We understand your fears and anxieties. So, TALK IT OUT.
Don’t let inconsistency keep you away from your dreams.
Fill up the SAMANVAYA form given below. Let us know your problems and we will find a solution to it, just like our students say ” TOGETHER WE CAN AND WE WILL”. BOOK YOUR SLOT FOR YOUR FREE 1-0N-1 COUNSELLING SESSION IN THE NEXT 24 HOURS
How has Civilsdaily Mentorship, helped Aspirants become Toppers?
The most difficult challenge faced by EVERY candidate is inconsistency. Be it inconsistency in studies, answer-writing practice, covering the syllabus, or revision, every candidate finds it difficult to cope with. Buthow do successful candidates manage to FIGHT Inconsistency so consistently?
In UPSC 2020, Civilsdaily helped 80+ students secure ranks in their exams. In the top 100, every 3rd ranker was a Civilsdaily student.
A very recent success story would be Vishwa Shah, student of Civilsdaily Mentor, Sukanya Ma’am. Vishwa has cleared the GPSC exam to become the Deputy Superintendent of Police in Gujarat. He has penned a thank-you note yesterday. Heartiest Congratulations to Vishwa!
One of our other Civilsdaily Student, Shubham Nagargojecleared the exams in 2020 to become an IPS Officer. Shubham was gracious enough to let us know how he felt about Civilsdaily Samanvaya Guidance under Parth sir.
To know how all of them cleared the exam with our mentorship, visit the UnherdPodcast.
Now that results are announced for UPSC 2021 Prelims, out of 15 out of 25 students of Santhosh Gupta sir have been recommended to Mains. One such student, Rahul expresses his gratitude and extends his appreciation.
Most of our Mentors like Sudhanshu sir, Sajal sir, Santhosh sir, Pravin sir, Parth Verma sir and Sukanya Ma’am were UPSC aspirants themselves and have attended UPSC Mains more than five times and UPSC Interview more than twice. Hence their mentorship is always a blend of the best test series, comprehensive notes and current affairs knowledge.
All of them dedicate their time weekly to give 1-on-1 mentorship to every student where they discuss last week’s performance and next week’s approach.
Be it Telegram, Whatsapp or Habitiat channels, they are always available and clear student’s doubts in a turnaround time of 24 Hours.
Why Civilsdaily Mentors are the GPS for Your UPSC-CSE Preparation
Remember there is always light at the end of the tunnel and if you want to get out of the tunnel you have to follow the direction of the light! Our mentors’ give you direction which is divided into daily modules. All you have to do is study and complete them on time.
As every year passes by, we don’t get confident by the previous years’ performance and become laidback. Instead, we become more hungry to convert all our students into toppers.REGISTER HERE TO SCHEDULE YOUR FIRST FREE SAMANVAYA COUNSELLING SESSION IN NEXT 24 HOURS
How are Current Civilsdaily Students Gearing up for UPSC-CSE 2022?
Initially, our Civilsdaily student Smriti wasn’t confident about Prelims when she began her preparation. Though she had joined Civilsdaily in 2020, she started studying for UPSC-CSE back in 2019. At that time, Smriti had enrolled in multiple institutes. Though, most of these institutes had promised a personal mentor, she was unable to get in touch with them on a daily basis. Also those mentors never scheduled test-series on a weekly basis. Hence, despite preparing for a year, Smriti had scored only 35 marks out of 200 in her first test series by Civilsdaily.
She then started writing 20-25 test series over the course of UAP 2021 and in her last test, her scores have drastically improved. She now scores in the range of 130-135 marks in prelims’ and 110+ in mains’ papers.
In Smriti’s own words she describes her Samanvaya Mentorship Experience to be —
“Our parents provide us financial and emotional support, friends provide us moral support and the right mentor gives you logistic and logical support for UPSC. There are days when I felt I won’t be able to compete against lakhs of aspirants. That’s when my mentor, Ravi sir reminded me of my improvement and encouraged me that I can crack it with the same consistency. We need someone, who tells us we are performing well especially when we cannot see that ourselves. The mentorship at Civilsdaily helped me become mentally stronger as a person. In other institutes, mentors are allotted only for doubt resolution. But at Civilsdaily, I am getting end-to-end mentorship via value added notes, classes, test series and detailed evaluation.”
Similarly our another Civilsdaily student, Ashishsums up his Samanvaya experience with Civilsdaily mentor,Pravin Sir, “Because of Pravin sir’s support, I am able to understand a topic in lesser time.”
This is how Pravin sir evaluates Ashish’s Mains Test Series every week. After every test series evaluation, Pravin sir schedules a 1 hour call to discuss how Ashish can improve his marks and the sources he can refer for key topics.
It’s Your Turn Get the Free 40 Min Counselling Session By a CD Mentor
Civilsdaily mentors are so dedicated, consistent and focused for your UPSC goal, that you will eventually become focused into turning your dreams to reality.
At the core of Civilsdaily UPSC mentorship, lies the fact that each one of you will have a unique journey while preparing for the exam. Some will get through on the first attempt without much effort while others will take both more time and more effort.
We want to understand you better to help you optimize your journey so you can focus on the right things and not waste time on the wrong ones. We are asking you to tap into the valuable experiences of mentors who underwent the same grind and realize the pitfalls and understand the shortcuts to make it.
In the first counselling session, we will understand your weaknesses. We then help you to stick to one plan or strategy throughout your preparation. We will then follow up with you on a daily basis to check if you are right on track. TALK TO OUR MENTORS & CLARIFY YOUR DOUBTS NOW
The war in Ukraine and the subsequent economic sanctions will trigger central banks to go back to their drawing boards to reassess their dependency on the greenback.
How sanctions on Russia could lead to de-dollarisation
The imposition of sanctions and the exclusion from SWIFT by the US could trigger a faster de-dollarisation.
The “de-dollarisation” by several central banks is imminent, driven by the desire to insulate them from geopolitical risks, where the status of the US dollar as a reserve currency can be used as an offensive weapon.
This can also trigger a shift in the overall global forex market framework.
The US dollar, which is the world’s reserve currency, can see a steady fall in the current context as leading central banks may look to diversify their reserves away from it to other assets or currencies like the Euro, Renminbi or gold.
How China and Russia are responding?
Efforts are already underway for the possible introduction of a new Russia-China payment system, bypassing SWIFT and combining the Russian SPFS (System for Transfer of Financial Messages) with the Chinese CIPS (Cross-Border Interbank Payment System).
Russia had started its three-pronged efforts towards de-dollarisation in 2014 when sanctions were imposed on it for the annexation of Crimea.
However, these steps haven’t sufficed to effectively shield “fortress Russia”.
China, on the other hand, aims to use trading platforms and its digital currency to promote de-dollarisation.
China has established RMB trading centres in Hong Kong, Singapore and Europe.
In 2021, the People’s Bank of China submitted a “Global Sovereign Digital Currency Governance” proposal at the Bank for International Settlements to influence global financial rules via its digital currency, the e-Yuan.
The IMF has already added Yuan to its SDR (Special Drawing Rights) basket in 2016.
In 2017, the European Central Bank exchanged EUR 500 million worth of its forex reserves into Yuan-denominated securities.
However, the lack of full RMB convertibility will hinder China’s de-dollarisation ambition.
Why the dominance of the dollar continues and how the US benefits from its dominance
Currently, about 60 per cent of foreign exchange reserves of central banks and about 70 per cent of global trade is conducted using USD.
The status of the dollar was enhanced by the collapse of the Bretton Woods system, which essentially eliminated other developed market currencies from competing with the USD.
The association of the USD as a “safe-haven” asset also has a psychological angle to it and like old habits, people continue to view the currency as a relatively risk-free asset.
This status of the reserve currency allows the US government to refinance its debt at low costs in addition to providing foreign policy leverage.
Additionally, sudden dumping of dollar assets by adversarial central banks will also pose balance sheet risks to them as it will erode the value of their overall dollar-denominated holdings.
Consider the question “Examine the factors that explain the dominance of the dollar in the global economy? How such dominance benefits the US?”
Conclusion
While the frequent use of the US dollar as a potential weapon for achieving foreign policy objectives will no doubt accelerate the process of de-dollarisation, there is still a long road ahead.
Phase A of Nikaalo Prelims just concluded, and we are happy that it has had a positive impact on many students. Those who joined our free telegram channel experienced a community of like-minded UPSC aspirants who were mentored by Varsha Ma’am. Varsha Ma’am was able to get regularity lacking in their preparation with her morning and evening sessions.
As a result of which, students felt their scores improving, found a renewed interest to follow the timetable and study, took inspiration from their peers on the group and also got access to sources that simplified concepts for them.
Join Nikaalo Prelims and get prelims spotlight notes, follow daily timetable, solve subject-wise mcqs & clarify your doubts with mentors.
Toppers who have cleared UPSC, have always said that even if they at the outset prepared casually, they streamlined their timetable in the last two months. You need a different approach than what you have been following all these days — an approach that pushes your limits for a very uncertain exam with increasing competition and decreasing vacancies.
What is Nikaalo Prelims
Nikaalo Prelims is a free initiative of Civilsdaily IAS to help aspirants to streamline their preparation during the peak months of prelims preparation. Our mentors work day and night to ensure that our aspirants get the best out of it.
What is covered in Nikaalo Prelims?
1. Detailed daily time table
2. Daily sessions on specific topics
3. Daily mcqs
4. Notes
5. All India open test
What is new in Nikaalo Prelims 4.0?
1. This time the program is divided into 3 parts.
2. Part-A: It will continue till February 28, 2022. Under part A, we will cover the Syllabus along with conceptual understanding and better subject wise clarity. There will be daily MCQ based sessions along with Doubt Clearing Sessions.
3. Part-B: It will start from March 1, 2022. Part B includes- daily sessions, daily Prelims Intensive spotlights notes, daily MCQs based quiz, All India test, Doubt Sessions.
4. CSAT: There will be one session dedicated to CSAT.
The Union Home Ministry has placed a US based NGO on its watchlist following an investigation that foreign contributions it sent were being used for climate awareness campaigns, an activity not permissible under the FCRA [Foreign Contribution (Regulation) Act].
About Foreign Contribution Regulation Act (FCRA)
The FCRA regulates foreign donations and ensures that such contributions do not adversely affect internal security.
First enacted in 1976, it was amended in 2010 when a slew of new measures was adopted to regulate foreign donations.
The FCRA is applicable to all associations, groups and NGOs which intend to receive foreign donations.
It is mandatory for all such NGOs to register themselves under the FCRA.
The registration is initially valid for five years and it can be renewed subsequently if they comply with all norms.
Why was FCRA enacted?
The FCRA sought to consolidate the acceptance and utilisation of foreign contribution or foreign hospitality by individuals, associations or companies.
It sought to prohibit such contributions from being used for activities detrimental to national interest.
What was the recent Amendment?
The FCRA was amended in September 2020 to introduce some new restrictions.
The Government says it did so because it found that many recipients were wanting in compliance with provisions relating to filing of annual returns and maintenance of accounts.
Many did not utilise the funds received for the intended objectives.
It claimed that the annual inflow as foreign contributions almost doubled between 2010 and 2019.
The FCRA registration of 19,000 organisations was cancelled and, in some cases, prosecution was also initiated.
How has the law changed?
There are at least three major changes that NGOs find too restrictive.
Prohibition of fund transfer: An amendment to Section 7 of the Act completely prohibits the transfer of foreign funds received by an organisation to any other individual or association.
Directed and single bank account: Another amendment mandates that every person (or association) granted a certificate or prior permission to receive overseas funds must open an FCRA bank account in a designated branch of the SBI in New Delhi.
Utilization of funds: Fund All foreign funds should be received only in this account and none other. However, the recipients are allowed to open another FCRA bank account in any scheduled bank for utilisation.
Shared information: The designated bank will inform authorities about any foreign remittance with details about its source and the manner in which it was received.
Aadhaar mandate: In addition, the Government is also authorised to take the Aadhaar numbers of all the key functionaries of any organisation that applies for FCRA registration or for prior approval for receiving foreign funds.
Cap on administrative expenditure: Another change is that the portion of the receipts allowed as administrative expenditure has been reduced from 50% to 20%.
What is the criticism against these changes?
Arbitrary restrictions: NGOs questioning the law consider the prohibition on transfer arbitrary and too heavy a restriction.
Non-sharing of funds: One of its consequences is that recipients cannot fund other organisations. When foreign help is received as material, it becomes impossible to share the aid.
Irrationality of designated bank accounts: There is no rational link between designating a particular branch of a bank with the objective of preserving national interest.
Un-ease of operation: Due to Delhi based bank account, it is also inconvenient as the NGOS might be operating elsewhere.
Illogical narrative: ‘National security’ cannot be cited as a reason without adequate justification as observed by the Supreme Court in Pegasus Case.
What does the Government say?
Zero tolerance against intervention: The amendments were necessary to prevent foreign state and non-state actors from interfering with the country’s polity and internal matters.
Diversion of foreign funds: The changes are also needed to prevent malpractices by NGOs and diversion of foreign funds.
Fund flow monitoring: The provision of having one designated bank for receiving foreign funds is aimed at making it easier to monitor the flow of funds.
Ease of operation: The Government clarified that there was no need for anyone to come to Delhi to open the account as it can be done remotely.
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