Introduction of Gold Monetization Schemes

Introduction of Gold Monetization Schemes

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for introduction of Gold Monetization Schemes (GMS), as announced in the Union Budget 2015-16.

The objective of introducing the modifications in the schemes is to make the existing schemes more effective and to broaden the ambit of the existing schemes from merely mobilizing gold held by households and institutions in the country to putting this gold into productive use. The long-term objective which is sought through this arrangement is to reduce the country's reliance on the import of gold to meet domestic demand.

GMS would benefit the Indian gems and jewellery sector which is a major contributor to India's exports. In fiscal year 2014-15, gems and jewellery constituted 12 per cent of India's total exports and the value of gold items alone was more than $13 billion (provisional figures).

The mobilized gold will also supplement RBI’s gold reserves and will help in reducing the government's borrowing cost.

The revamped Gold Deposit Scheme (GDS) and the Gold Metal Loan (GML) Scheme involves changes in the scheme guidelines only. The risk of gold price changes will be borne by the Gold Reserve Fund that is being created. The benefit to the Government is in terms of reduction in the cost of borrowing, which will be transferred to the Gold Reserve Fund.

The scheme will help in mobilizing the large amount of gold lying as an idle asset with households, trusts and various institutions in India and will provide a fillip to the gems and jewellery sector. Over the course of time this is also expected to reduce the country's dependence on the import of gold. The new scheme consists of the revamped GDS and a revamped GML Scheme.

Revamped Gold Deposit Scheme

Collection, Purity Verification and Deposit of Gold under the revamped GDS:

Out of the 331 Assaying and Hallmarking Centres spread across various parts of the country, those which will meet criteria as specified by Bureau of Indian Standards (BIS) will be allowed to act as Collection and Purity Testing 1 Centres for purity of gold for the purpose of this scheme. The minimum quantity of gold that a customer can bring is proposed to be set at 30 grains. Gold can be in any form (bullion or jewellery). The number of these centres is expected to increase with time.

Gold Savings Account:

In the revamped scheme, a Gold Savings Account will be opened by customers at any time, with KYC norms, as applicable. This account would be denominated in grams of gold.

Transfer of Gold to Refiners:

Collection and purity testing centres will send the gold to the refiners. The refiners will keep the gold in their ware-houses, unless banks prefer to hold it themselves. For the services provided by the refiners, they will be paid a fee by the banks, as decided by them, mutually. The customer will not be charged.

The banks will enter into a tripartite Legal Agreement with refiners and Collection and Purity Testing Centres that are selected by them to be their partners in the scheme.

Tenure:

The deposits under the revamped scheme can be made for a short-term period of 1-3 years (with a roll out in multiples of one year); a medium-term period of 5-7 years and a long-term period, of 12-15 years (as decided from time to time). Like a fixed deposit, breaking of lock-in period will be allowed in either of the options and there would be a penalty on premature redemption (including part withdrawal).

Interest rate:

The amount of interest rate payable for deposits made for the short-term period would be decided by banks on basis of prevailing international lease rates, other costs, market conditions etc. and will be denominated in grams of gold. For the medium and long-term deposits, the rate of interest (and fees to be paid to the bank for their services) will be decided by the government, in consultation with the RBI from time to time. The interest rate for the medium and long-term deposits will be denominated and payable in rupees, based on the value of gold deposited.

Redemption:

For short-term deposits, the customer will have the option of redemption, for the principal deposit and interest earned, either in cash (in equivalent rupees of the weight of deposited gold at the prices prevailing at the time of redemption) or in gold (of the same weight of gold as deposited), which will have to be exercised at the time of making the deposit. In case the customer will like to change the option, it will be allowed at the bank's discretion. Redemption of fractional quantity (for which a standard gold bar/coin is not available) would be paid in cash. For medium and long-term deposits, redemption will be only in cash, in equivalent rupees of the weight of the deposited gold at the prices prevailing at the time of redemption. The interest earned will however be based on the value of gold at the deposit on the interest rate as decided.

Utilization:

The deposited gold will be utilized in the following ways:

·        Under medium and long-term deposit

•    Auctioning

•    Replenishment of RBIs Gold Reserves

•    Coins

•    Lending to jewelers

·        Under short-term deposit

•    Coins

• Lending to jewelers

·        Tax Exemption: Tax exemptions, same as those available under GDS would be made available to customers, in the revamped GDS, as applicable.

·        Gold Reserve Fund: The difference between the current borrowing cost for the Government and the interest rate paid by the Government under the medium/long term deposit will be credited to the Gold Reserve Fund.

·        Revamped Gold Metal Loan Scheme

·        Gold Metal Loan Account: A Gold Metal Loan Account, denominated in grams of gold, will be opened by the bank for jewelers. The gold mobilized through the revamped GDS, under the short-term option, will be provided to jewelers on loan, on the basis of the terms and conditions set-out by banks, under the guidance of RBI.

·        Delivery of gold to jewelers: When a gold loan is sanctioned, the jewelers will receive physical delivery of gold from refiners. The banks will, in turn, make the requisite entry in the jewelers’ Gold Loan Account. Interest received by banks: The interest rate charged on the GML will be decided by banks, with guidance from the RBI.

Tenor: The tenor of the GML at present is 180 days. Given that the minimum lock-in period for gold deposits will be one year, based on experience gained, this tenor of GML may be re-examined in future and appropriate modifications made, if required.

Review of Foreign Direct Investment (FDI) Policy - to permit FDI, up to 100 percent, under the automatic route, in White Label ATM Operations

Review of Foreign Direct Investment (FDI) Policy - to permit FDI, up to 100 percent, under the automatic route, in White Label ATM Operations

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its approval to permit Foreign Direct Investment (FDI), up to 100 percent, under the automatic route, in the activity of White Label ATM (WLA) Operations subject  to the following conditions:

i.        Any non-bank entity intending to set up WLAs should have a minimum net worth of Rs. 100 crore as per the latest financial year's audited balance sheet, which is to be maintained at all times. 

ii.      In case the entity is also engaged in any other 18 Non-Banking Finance Companies (NBFC) activities, then the foreign investment in the company setting up WLA, shall also have to comply with minimum capitalization norms for foreign investments in NBFC activities, as provided in Para 6.2.18.8.2 of the Consolidated FDI Policy Circular 2015.

iii.    FDI in the WLAO will be subject to specific criteria and guidelines issued by RBI vide Circular No. DPSS.CO.PD. No. 2298/02.10.002/2011-2012, as amended from time to time.

This decision, will ease and expedite foreign investment inflows in the activity and thus give a fillip to the Government's effort to promote financial inclusion in the country, including the Pradhan  Mantri Jan  Dhan  Yojana.   It is expected that consequent to ease of investing in India, adequate investments would be available in WLA Operations. This would help in the government's objective of enhancing ATM networks in semi-urban and rural areas (mainly in Tier III to VI areas).

Participation of foreign investors in the sector will contribute to furthering financial inclusion.

Background:

One of the main objectives of the Government is to achieve financial inclusion in the country. In this regard, ATMs have been leveraged for delivery of a wide variety of banking services to customers such as the facility of accessing their accounts for dispensing cash and to carry out other financial and non-financial transactions without the need for actually visiting their bank branch. While, there has been year-on-year growth in the number of ATMs, yet their deployment has been predominantly in Tier I & II centres. To expand the reach of ATMs in Tier III to VI centres, non-banks entities were also allowed to set up ATMs, and such ATMs are known as White Label ATMs.

 Till date foreign investment in White Label ATM Operations (WLAO), was being allowed only through government approval route. This required some processing time and projects were consequently delayed, dissuading investors from investing in such critical areas.

Introduction of Sovereign Gold Bonds Scheme

Introduction of Sovereign Gold Bonds Scheme

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for introduction of the Sovereign Gold Bonds Scheme, as announced in the Union Budget 2015-16.

The scheme will help in reducing the demand for physical gold by shifting a part of the estimated 300 tons of physical bars and coins purchased every year for Investment into gold bonds. Since most of the demand for gold in India is met through imports, this scheme will, ultimately help in maintaining the country's Current Account Deficit within sustainable limits.

The issuance of the Sovereign Gold Bonds will be within the government's market borrowing programme for 2015-16 and onwards. The actual amount of issuance will be determined by RBI, in consultation with the Ministry of Finance. The risk of gold price changes will be borne by the Gold Reserve Fund that is being created. The benefit to the Government is in terms of reduction in the cost of borrowing, which will be transferred to the Gold Reserve Fund.

The salient features of the scheme are:-

i. Sovereign Gold Bonds will be issued on payment of rupees and denominated in grams of gold.

ii. Bonds will be issued on behalf of the Government of India by the RBI. Thus, the Bonds will have a sovereign guarantee.

iii. The issuing agency will need to pay distribution costs and a sales commission to the intermediate channels, to be reimbursed by Government.

iv. The bond would be restricted for sale to resident Indian entities. The cap on bonds that may be bought by an entity would be at a suitable level, not more than 500 grams per person per year.

v. The Government will issue bonds with a rate of interest to be decided by the Government. The rate of interest will take into account the domestic and international market conditions and may vary from one tranche to another. This rate of interest will be calculated on the value of the gold at the time of investment. The rate could be a floating or a fixed rate, as decided.

vi. The bonds will be available both in demat and paper form.

vii. The bonds will be issued in denominations of 5,10,50,100 grams of gold or other denominations.

viii. The price of gold may be taken from the reference rate, as decided, and the Rupee equivalent amount may be converted at the RBI Reference rate on issue and redemption. This rate will be used for issuance, redemption and LTV purpose and disbursement of loans.

ix. Banks/NBFCs/Post Offices/ National Saving Certificate (NSC) agents and others, as specified, may collect money / redeem bonds on behalf of the government (for a fee, the amount would be as decided).

x. The tenor of the bond could be for a minimum of 5 to 7 years, so that it would protect investors from medium term volatility in gold prices. Since the bond, will be a part of the sovereign borrowing, these would need to be within the fiscal deficit target for 2015-16 and onwards.

xi. Bonds can be used as collateral for loans. The Loan to Value ratio is to be set equal to ordinary gold loan mandated by the RBI from time to time.

xii. Bonds to be easily sold and traded on exchanges to allow early exits for investors who may so desire.

xiii. KYC norms will be the same as that for gold.

xiv. Capital gains tax treatment will be the same as for physical gold for an 'individual' investor. The Department of Revenue has agreed that amendments to the existing provisions of the Income Tax Act, for providing 'indexation benefits to long term capital gains arising on transfer of bond'; and for 'exemption for capital gains arising on redemption of SGB' will be considered in the next budget (Budget 2016-17).This will ensure that an investor is indifferent in terms of investing in these bonds and in physical gold- as far as tax treatment is concerned.

xv. The amount received from the bonds will be used by Gol in lieu of government borrowing and the notional interest saved on this amount would be credited in an account "Gold Reserve Fund" which will be created. Savings in the costs of borrowing compared with the existing rate on government borrowings, will be deposited in the Gold Reserve Fund to take care of the risk of increase in gold price that will be borne by the government. Further, the Gold Reserve Fund will be continuously monitored for sustainability.

xvi. On maturity, the redemption will be in rupee amount only. The rate of interest on the bonds will be calculated on the value of the gold at the time of investment. The principal amount of investment, which is denominated in grams of gold, will be redeemed at the price of gold at that time. If the price of gold has fallen from the time that the investment was made, or for any other reason, the depositor will be given an option to roll over the bond for three or more years.

xvii. The deposit will not be hedged and all risks associated with gold price and currency will be borne by Gol through the Gold Reserve Fund. The position may be reviewed in case 'Gold Reserve Fund' becomes unsustainable.

xviii. Upside gains and downside risks will be with the investor and the investors will need to be aware of the volatility in gold prices.

xix. In order to ensure wide availability, the bond will be marketed through post offices/banks/NBFCs and by various brokers/agents (including NSC agents) who will be paid a commission. 

World Health Organization and UN children's agency Unicef says Child mortality has fallen by more than 50% since 1990

विश्‍व स्‍वास्‍थ्‍य संगठन और यूनिसेफ की रिपोर्ट में बताया गया है कि 1990 से बाल मृत्‍यु दर में 50% से ज्‍यादा की कमी आई है।

इसमें कहा गया है कि 25 वर्ष पहले पांच साल तक के 12 करोड़ 7 लाख बच्‍चों की मौत हो जाती थी इस वर्ष पहली बार यह संख्‍या घटकर 6 करोड़ हो गई है।

A report by the World Health Organization and UN children's agency Unicef says Child mortality has fallen by more than 50% since 1990

It says that 25 years ago 12.7 million children under five died, but this year the figure is projected to drop below six million for the first time.

But aid agencies warn that huge challenges remain.

They point out that the UN target of reducing child mortality by two-thirds between 1990 and 2015 will not be met.

The rate fell by 53% over this period, the report says.

Stark inequality

"We have to acknowledge tremendous global progress," said Unicef's deputy executive director Geeta Rao Gupta.

"But the far too large number of children still dying from preventable causes before their fifth birthday... should impel us to redouble our efforts to do what we know needs to be done".

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Lowest and highest rates of child deaths

• Luxemburg and Nordic countries including as Iceland, Finland and Norway are among those with the lowest deaths among under fives with less than three per 1,000 births
• Oil-rich Angola has the highest rate of child deaths up to 254 per 1,000 births, followed by Somalia, Chad and Central African Republic

* Figures from World Health Organization Child Mortality Report based on the upper bound figure for deaths of children under five per 1,000 live births in 2015

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The report says that 16,000 children under the age of five still die every day. Many become victims of preventable illnesses such as pneumonia, diarrhoea or malaria.

And almost half the deaths are linked to malnutrition, the document says.

The greatest risk is during the first few days after birth - 45% of all deaths occur before the child is a month old.

The report also highlights the stark inequality of life chances for the world's children.

It says that those born in sub-Saharan Africa have a 1-in-12 chance of dying before their fifth birthday. In wealthy nations the risk is 1-in-147.

Address by the President of India, Shri Pranab Mukherjee on the occasion of Conferment of the Gandhi Peace Prize 2014 to ISRO

Address by the President of India, Shri Pranab Mukherjee on the occasion of Conferment of the Gandhi Peace Prize 2014 to ISRO

Distinguished Guests,

Ladies and Gentlemen,

I am delighted to be amongst you today. It is indeed appropriate that the Gandhi Peace Prize for 2014 is being conferred on the Indian Space Research Organization (ISRO) in recognition of its services in transforming India through the use of space technology and space based services.

2. The Government of India instituted the Gandhi Peace Prize in 1995 on the occasion of the 125th birth anniversary of Mahatma Gandhi as a tribute to his ideals. The Gandhi Peace Prize is awarded to individuals and institutions for their contributions towards social, economic and political transformation achieved through non-violence and other Gandhian methods. ISRO today joins the ranks of other eminent institutions such as the Rama Krishna Mission, the Grameen Bank of Bangladesh and the Bhartiya Vidya Bhawan who have been conferred this prestigious award in recent times.

3. ISRO has come a long way since its inception in 1969. The relevance of space research was questioned by many at that time. In the words of the late Dr A P J Abdul Kalam, “Many individuals with myopic vision questioned the relevance of space activities in a newly independent nation, which was finding it difficult to feed its population. Their vision was clear if Indians were to play meaningful role in the community of nations, they must be second to none in the application of advanced technologies to their real-life problems”.

4. India’s entry into the space arena was led by the visionary scientist, Dr. Vikram Sarabhai who foresaw the tremendous potential of space technology and its applications in addressing the needs of our country’s development. Countering the challenges of scarce resources, limited technical manpower and physical infrastructure in the early years, ISRO has today established operational space systems and services, attained self-reliance in development of indigenous technology and accomplished exemplary feats in space exploration. It has, at the same time, remained true to its mission of bringing space to the service of the common man.

5. From a humble beginning, launching small sounding rockets from Thumba for atmospheric studies, ISRO is today one of the six largest space agencies of the world. It has built an indigenous Polar Satellite Launch Vehicle (PSLV) which is one of the most sought after launch vehicles in its class across the world. It has achieved 29 successful flights of the PSLV launching not only Indian satellites but also 45 satellites of 19 other countries. The recent launch of five satellites of the United Kingdom marked a new milestone in demonstrating the performance and reliability of the PSLV. ISRO has also successfully built the Geosynchronous Satellite Launch Vehicle (GSLV) with an indigenous cryogenic engine.

6. Scripting space history on September 24, 2014 India successfully placed the Mars Orbiter around Mars. It is the only country in the world to achieve this feat in its first attempt and the fourth space agency in the world to reach Mars. It makes us even more proud that this mission was achieved at a fraction of the cost incurred by other successful nations. In 2008, the Indian tricolour was planted on the lunar surface by ‘Chandrayaan-1’ on its maiden mission to the Moon, a mission which also led to the discovery of water in the lunar atmosphere.

7. ISRO has similarly deployed a Space Based Augmentation System “GAGAN” for use by the aviation sector for precise position information services, safety-of-life applications and better air traffic management over Indian airspace. India is the fourth country in the world after USA, Japan and the European Union to offer such services.

Ladies and Gentlemen,

8. India has today, through ISRO, established a well-knit endogenous space infrastructure with adequate ground systems and in-situ observation networks to support a multitude of applications. These applications address social, economic and cultural aspects of Indian society and provide inputs for informed decision-making at various levels. ISRO’s people centric space programmes are designed to support various national priorities such as food & water security, sustainable environmental practices, conservation of resources, livelihood support, poverty alleviation, rural prosperity, education and health care and disaster management amongst others.

9. Permit me to expand on a few initiatives of ISRO which have led to significant societal transformation in India, embodying a practical realization of Gandhian goals.

Rural Education and Health

ISRO’s Satellite Instructional Television Experiment (SITE) launched in 1975 was a pioneer in making available informational television programmes to rural India with the objective of educating the rural populace on various issues related to agricultural practices, occupational skills, general health and hygiene, family planning etc. The SITE transmissions had a significant impact on Indian villages and paved the path for use of advanced satellite broadcasting technology to fulfil the socio-economic needs of the country. Our satellite based networks are today playing a key role in taking education, health care and rural connectivity to the remotest parts of our country.

10. Disaster Management

India, on account of widely varying geo-climatic conditions, has always been vulnerable to natural disasters such as floods, earthquakes and cyclones. ISRO’s Earth Observation, Meteorological and Communication satellites are a core component of the disaster management scenario of the country. Meteorological satellites are used extensively to monitor weather events and forecast weather, including the genesis of cyclones, their track and landfall prediction. This helps minimize damage to life and property. The value added products generated using satellite imagery help address information needs of all phases of disaster management such as preparedness, early warning, response, relief, rehabilitation, recovery and mitigation.

11. Improving the livelihood of fishermen 

Millions of people living along the 7500 km long coastline in India are dependent on fishing for their livelihood. As fish stocks dwindle and move further offshore, search time, cost and effort increase for fishermen. Satellite based fishing zone advisories are made available in local languages on a daily basis to the fishing community resulting in enhanced fish catches, reduced search times and resultant savings in fuel costs, thereby improving the well-being and quality of life of our fishermen.

12. Conservation of resources

Speaking about the conservation of natural resources and protection of our environment, Mahatma Gandhi had said and I quote , “The earth, the air, the land and the water are not an inheritance from our fore fathers but on loan from our children. So we have to handover to them at least as it was handed over to us.”(Unquote).

Space applications have been suitably adapted to respond to the needs of integrated watershed development in the country, conservation of soil and water resources, and protection of the environment. They have helped draw up developmental plans for enhancing agricultural production in rain-fed areas leading to rural prosperity. Developmental plans drawn up at micro-watershed level using remote sensing images have resulted in increase in cropping intensity and crop yield, decrease in fallow lands, reclamation of wastelands, increase in irrigated crops and livelihood improvements.

13. Empowerment of Panchayats

Mahatma Gandhi had advocated democratic decentralization and Panchayati Raj where each village was responsible for its own affairs. ISRO’s programme of ‘Space Based Information Support for Decentralized Planning’ is inspired by Gandhiji’s vision of ‘Gram Swaraj’ or village self-governance. Under this programme, state-wise thematic databases on natural resources are being generated for the entire country. These spatial databases integrated with field level information and traditional wisdom help in preparation of locale-specific action plans for land and water management with people’s participation.

14. Preservation of Heritage Sites

A database of heritage sites and Site Management Plans drawn up using space technology helps policy planners take informed decisions regarding conservation and preservation and also enables monitoring of activities onsite. A pilot study has been carried out for the Hampi world heritage site. Space based technology tools are also being planned for mapping and identifying the vulnerability of each monument and for preparing plans to track and mitigate environmental or weather changes that may have an adverse impact on fragile monuments.

15. Indigenization 

Self-reliance and development of indigenous technology is a key policy of ISRO and its success in this endeavour can be seen in the areas of launch vehicles, satellites, communication, meteorology, space science and establishing of the required ground infrastructure.

Ladies and Gentlemen,

16. Science and Technology is a key driver for shaping the destiny of nations and people across the globe. Technology is built not so much by individuals but by organizations. The characteristics of organizations – their leaders, their structures and their cultures have a great bearing on catalysing innovations and putting them to use for the benefit of society. ISRO is one such Indian organisation, which has nurtured, developed and demonstrated world class capabilities. Even as it has sought to encompass the globe and reach for the stars, it has remained rooted in its core mission of national regeneration and improving the life of the common man, a goal set for the nation by Mahatma Gandhi.

17. I salute the ISRO Team for its committed, tireless and sustained service to the nation. I congratulate each and every member of the Indian Space community on ISRO being awarded the coveted Gandhi Peace Prize. I am confident that ISRO will continue to scale greater heights and bring glory to India in the years to come.

IAS (UPSC) MAINS TEST SERIES,SAMVEG IAS DEHRADUN

Teacher Quality

Every year, thousands of young adults enter the teaching profession, in our education system that already has 8.5 million teachers. Teachers are responsible for more than just the academic achievement of their students. They have a huge impact on building their future and hence the future of our nation. The question that we need to ask is how are we supporting our teachers to be highly effective in their classrooms?

Many deep-rooted issues plague our current teacher development system. These issues range from inadequate preparation before entering the profession to lack of recognition and continuing professional development opportunities.

Teachers need to be equipped with the necessary skills and mindsets that can equip them to become competent educators committed to student learning. To support our teachers, some organisations are already building innovative models across three critical levers of teacher preparation, continuous professional development and motivation.

Enabling a practice-oriented teacher preparation system: Our current teacher preparation system relies too heavily on theoretical aspects of training, with a negligible practical component. When young teachers enter the profession, they are not adequately prepared for real-life classroom experiences.

I am a Teacher, a non-profit organisation, runs a residency-based teacher education programme where student teachers spend a whole year in classrooms teaching alongside mentor teachers. The combination of real classroom experience along with connections made to theory equips teachers for effective classroom instruction. The one-year course work is divided into four phases: building self-awareness, enhancing knowledge and skills, encouraging the building of a personal theory of education, and finally, creating a repository of best teaching practices.

Muktangan, an organisation running its own schools and teacher education programme, aims to provide experiential learning to its trainee teachers by constantly relating theory to practice. The trainees undertake intensive observation of individual children over the course of one year. They discuss and reflect upon their observations in a weekly tutorial with a faculty member and produce a detailed case study capturing all aspects of child development by the end of the course.

Ensuring continuing professional development for in-service teachers: Teachers need curriculum-aligned resources and opportunities that can help them evolve as professionals. They need to be empowered with the latest tools for lesson planning, assessments, integration of technology, inclusion in classrooms and promoting 21st century skills in students.

By using social networking platforms such as WhatsApp, teachers are already creating 'Communities of Learning' to share best practices on these areas with their peers.

Innovative teacher-mentor models are helping teachers improve their pedagogical skills, thereby empowering them for better classroom delivery. Sustained Mastery Programme run by 3.2.1 Education Foundation provides in-school coaching support to teachers after a two-day intensive workshop. The 1:1 mentoring where teachers get specific feedback on their classroom practice ensures that teachers are able to apply the knowledge they gained during the training workshop.

Enhancing teacher motivation: By creating an enabling environment for professional development in the current school environments, teachers can be motivated to improve their classroom delivery.

STiR is working with around 10,000 teachers across India to empower them to become committed, skillful and influential teachers. It engages with teachers over a three-year period. During this, it focuses on building motivation and cultivating a growth mindset in teachers, training them to integrate best practices in the classroom and sharing learning in their networks. STiR certifies its teachers based on professional skills, facilitation skills, classroom practices, and subject matter expertise.

Centre for Teacher Accreditation (CENTA) offers assessment and certification services for teachers based on competencies expected from them. Their vision is to motivate teachers to take full ownership of their own professional development and therefore also catalyse demand for high-quality teacher development.

While these organisations are leading the way for innovation in teacher development, there is a need for concerted effort by government, donors and civil society to scale these innovative models and build the capacity of teachers in our education system. The government can create an enabling policy environment for fostering such innovations, and donors and civil society can collaborate to identify the specific needs of teachers and develop solutions accordingly.

Teacher quality is central to the problems and solutions of our education system. Great teachers not only make learning fun and stimulating, but can impact children's lives, empowering them to become responsible and productive citizens. As we celebrate Teachers' Day, let's recognise and celebrate the role that teachers play in changing lives and building nations, and commit to enabling them for the highest level of performance and education delivery