Passage 1
World Economic Forum President qualified this burden: “There are about 8.1 billion of us living in the world today. If we were to divide that debt up by person, each of us would owe about $39,000.”
While debt, or borrowing, is an established way to fund personal, institutional and national expenditures, it has reached an unmanageable level where borrowers divest much of the revenues to just serve debt, primarily in terms of interests. Of the total global debt, household debt stands at US$59.1 trillion; business debt at US$164.5 trillion; and public debt (governments’ borrowing) at US$91.4 trillion. Many compare this level of debt to that experienced during the Napoleonic Wars some two centuries ago.
The United Nations (UN) said in a new assessment report titled A world of debt 2024: A growing burden to global prosperity that the level of public debt has not just reached a historic level but also threatens countries’ development spending, particularly among developing and poor countries.
Source – https://www.downtoearth.org.in/news/health/global-de
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Passage 2
As the new Lok Sabha prepares to meet, the TDP and JD(U), key allies of the BJP in the National Democratic Alliance (NDA), are said to be jockeying for the post of Speaker. After a pro tem or temporary Speaker administers the oath to new members, the Speaker is chosen to be the Presiding Officer of the House.
The Speaker has a key role in parliamentary democracy. The Constitution of India provides for the offices of the Speaker and Deputy Speaker who, according to Constitution, are to be elected “as soon as may be” after the commencement of the House.
The Speaker is elected by a simple majority in the House. The term ends with the dissolution of the House, unless the Speaker resigns or is removed from office before that.
Source- https://indianexpress.com/article/explained/explained-law/powers-
