{"id":242639,"date":"2023-05-16T21:21:25","date_gmt":"2023-05-16T15:51:25","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=242639"},"modified":"2023-05-16T21:21:25","modified_gmt":"2023-05-16T15:51:25","slug":"as-president-india-can-guide-g20s-disaster-management-initiatives","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/as-president-india-can-guide-g20s-disaster-management-initiatives\/","title":{"rendered":"As president, India can guide G20\u2019s disaster management initiatives"},"content":{"rendered":"\n<p><strong>Source:<\/strong> This post has been created based on the article \u201c<strong>As president, India can guide G20\u2019s disaster management initiatives<\/strong>\u201d, published in Indian Express on 16<sup>th<\/sup> May 2023.<\/p>\n<p><strong>Syllabus Topic:<\/strong> GS Paper 3 \u2013 Disaster Management<\/p>\n<p><strong>News:<\/strong> The G20 has endorsed a new working group on disaster risk reduction under India\u2019s Presidency. This article discusses the significance of disaster risk management and mitigation.<\/p>\n<h2><strong>What are the socio-economic impacts of disasters?<\/strong><\/h2>\n<p>There is an increase in catastrophes across the globe. These disasters have been increasing poverty, thwarting development, and generating social polarisation.<\/p>\n<p>The annual disaster losses have a significant impact on GDP in many low-income economies.<\/p>\n<h2><strong>What are the challenges faced by countries in dealing with disaster related challenges?<\/strong><\/h2>\n<p>Partnership with private insurance companies transfer sovereign risk to the capital markets.<\/p>\n<p>There is also a scarcity of investment in a development-oriented approach to manage disasters.<\/p>\n<p>Difficulty in collecting and analysing data on hazards and exposures.<\/p>\n<p>The necessity of strengthening technical and institutional capacity for risk assessment and modelling.<\/p>\n<p>The challenge of achieving comprehensive coverage of disaster risks.<\/p>\n<h2><strong>What role can Disaster Risk Reduction Working Group (DRRWG) play in disaster risk management?<\/strong><\/h2>\n<p>It will prioritize disaster risk financing.<\/p>\n<p>It will provide a comprehensive overview of disaster risk assessment and financing practices across various economies.<\/p>\n<p>The G20 DRRWG can play a significant role in directing capital flow towards investments that make societies and economies more disaster resilient.<\/p>\n<p>The DRRWG aims to establish critical links between public and private actors\u2019 investment and financial decision-making.<\/p>\n<h2><strong>How India can be instrumental in strengthening disaster risk management mechanisms?<\/strong><\/h2>\n<p>India has extensive experience in dealing with natural disasters, so it can lead the way in promoting awareness of the financial impacts of disasters. India can help in establishing a regulatory framework to enhance insurance companies&#8217; financial capacity to cover disaster losses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: This post has been created based on the article \u201cAs president, India can guide G20\u2019s disaster management initiatives\u201d, published in Indian Express on 16th May 2023. Syllabus Topic: GS Paper 3 \u2013 Disaster Management News: The G20 has endorsed a new working group on disaster risk reduction under India\u2019s Presidency. This article discusses the&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/as-president-india-can-guide-g20s-disaster-management-initiatives\/\">Continue reading <span class=\"screen-reader-text\">As president, India can guide G20\u2019s disaster management initiatives<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10500],"class_list":["post-242639","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704652731},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/242639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=242639"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/242639\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=242639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=242639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=242639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}