In News, why?
In order to effectively handle the aftermath of accidents, the World Bank has granted a USD 250 million loan for India’s State Support Program for Road Safety, which would benefit seven States.
The World Bank is what?
- In 1944, it was founded with the International Monetary Fund (IMF) as the International Bank for Reconstruction and Development (IBRD) (IMF). The World Bank is now known as the IBRD.
- The World Bank Group is a distinctive five-institution worldwide cooperation that works to find long-term solutions to poverty reduction and shared prosperity in emerging nations.
Member countries: There are 189 of them.
- India is a member as well.
- The Human Capital Index is a major report.
- Report on World Development.
Its Five Development Organizations:
- International Finance Corporation, International Development Association, International Bank for Reconstruction and Development (IFC).
- India is not a member of the Multilateral Guarantee Agency (MIGA) or the International Centre for the Settlement of Investment Disputes (ICSID).
What are the program’s main highlights?
- About: The project will create a nationwide standardised crash record system so that accidents can be studied and used to improve and safer roadways.
- The International Bank for Reconstruction and Development’s (IBRD) USD 250 million variable spread loan has an 18-year maturity duration with a 5.5-year grace period.
- Andhra Pradesh, Gujarat, Odisha, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal will all adopt it.
- The funding will be used to expand the network of basic and advanced life support ambulances and to train first responders to provide on-the-spot care for victims of traffic accidents.
- The project will also give states incentives to use Public Private Partnership (PPP) concessions and pilot projects to attract private funding.
- Indirectly, women bear the burden of traffic accidents. In order to address this issue, the project will improve the representation of women in managerial positions in the field of road safety.
- Additionally, the project will give women, in particular, job chances in command and control centres for post-crash care.
What is the Indian Road Accident Scenario?
- The cost of road accidents to the Indian economy is estimated to be between 5% and 7% of GDP annually.
- According to official government statistics, approximately 1,50,000 persons are killed and 4,50,000 are injured in traffic accidents each year in India.
- More than half of the victims are motorcyclists, cyclists, or pedestrians, while road users between the ages of 18 and 60 make up over 84 percent of all fatalities.
- Due to lost wages, high medical costs, and restricted access to social safety nets, poor households—which make up over 70% of crash victims—bear a greater share of the socioeconomic burden of traffic accidents.
What are the Road Safety Initiatives?
- 3rd High Level Global Conference on Road Safety for 2030 Global Goals:
- The Third High Level Global Conference on Road Safety for Achieving Global Goals 2030, in which MoRTH (Ministry of Road Transport and Highways) participated, conceptualised having zero road fatalities in India by 2030.
- India endorsed the Brasilia Declaration and pledged to lower the number of fatalities.
- At the second global high-level conference on road safety, which took place in Brazil, the declaration was signed.
The 2019 Motor Vehicles (MV) (Amendment) Act
- It increased the fines for moving infractions, defective cars, underage driving, etc.
- It calls for the creation of a Motor Vehicle Accident Fund, which would require all Indian road users to carry insurance coverage for a specific range of accidents.