Comprehensive News Analysis - 08 May 2017

Table of Contents:

A. GS1 Related:
B. GS2 Related:

POLITY

1. Defence pay hike from May

INTERNATIONAL RELATIONS

1. Space for all: South Asia satellite launch a positive signal to the neighbourhood

2. Japan pitches for Chabahar port

C. GS3 Related:

ECONOMY

1. This time with feeling: RBI’s new power must be accompanied by wider reform 

2. ADB eyes Delhi as regional hub 

3. Time for a digital Indian Rupee 

D. GS4 Related:
E. Concepts-in-News: Related Concepts to Revise/Learn
F. Bills/Acts/Schemes/Orgs in News
G. Practice Questions for UPSC Prelims Exam
H. Archives

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Useful News Articles for UPSC Current Affairs

A. GS1 Related

Nothing here for Today!!!

 

B. GS2 Related

Category: POLITY

1. Defence pay hike from May

  • After a hold up of around eight months, military work force are probably going to get their overhauled pay suggested by the Seventh Pay Commission with unfulfilled obligations in May’s pay.
  • The Union Cabinet issued arranges a week ago to implement the suggestions for military faculty.

Basic Info

  • Pay Commission is set up irregularly by Government of India, and gives its proposals with respect to changes in pay structure of its workers. Since India’s Independence, seven pay commissions have been set up all the time to audit and make suggestions on the work and pay structure of all considerate and military divisions of the Government of India.
  • The seventh Central Pay Commission (7CPC), constituted in February 2014 to survey the standards and structure of remittances of all focal government nonmilitary personnel workers including safeguard powers, presented its give an account of 19 November 2015.
  • 7CPC’s proposals influences the association, rank structure, pay, remittances and annuity, of 13,86,171 military work force.

Category: INTERNATIONAL RELATIONS

1. Space for all: South Asia satellite launch a positive signal to the neighbourhood

Key Points

  • By propelling the GSAT-9 ‘South Asia satellite’, India has reaffirmed the Indian Space Research Organization’s logical ability, yet the informing is maybe more geopolitical than geospatial.
  • India has most likely picked up goodwill over the subcontinent through the motion, and the minute was perfectly caught by the videoconference that took after the dispatch, demonstrating all SAARC pioneers (except for Pakistan’s) as one on one screen as they talked about the advantages they would get in correspondence, telemedicine, meteorological estimating and broadcasting.
  • The Belt and Road Initiative is a foundation system that each SAARC country other than India has marked on to.
  • At long last, by proceeding with the venture in spite of Pakistan’s choice to haul out, the Modi government is flagging that it will proceed with its arrangements for the area — ‘SAARC short one’ — if vital.
  • This vision was managed a minor blow as of late when Bhutan hauled out of the ‘smaller than usual SAARC’ elective arrangement of an engine vehicles understanding for BBIN (Bangladesh, Bhutan, India Nepal), yet the administration’s steadiness demonstrates it won’t be dissuaded by the undeniable local requirements of the SAARC gathering.

2. Japan pitches for Chabahar port

  • Japan is keen on collaborating with India on projects in Asia and Africa as a counter to China’s Belt and Road initiative (B&RI).

Basic Info

  • India-Iran cooperation in the field of development of infrastructure and regional connectivity including the development of Chabahar Port is in line with the Tehran Declaration (2001) and the New Delhi Declaration (2003).
  • Chabahar Port lies outside the Persian Gulf in Iran and will help in expanding maritime commerce in the region.

Advantages of Chabahar Port

Following the Chabahar port development agreement with Iran, India will get access to Eastern transit Corridor to:

  • Eastern  part of Iran
  • Afghanistan, which is a landlocked country
  • CIS countries like Turkmenistan, Uzbekistan etc
  • Alternative to North South Corridor (Access to Russia and North Baltic countries).

 

C. GS3 Related

Category: ECONOMY

1. This time with feeling: RBI’s new power must be accompanied by wider reform 

Key Points

  • The ordinance enabling the RBI to act on bad loans must be accompanied by wider reform.
  • The Centre has empowered the Reserve Bank of India to get banks to take tougher steps, including insolvency and bankruptcy proceedings against defaulters, to address the growing volume of bad loans on their books.
  • An ordinance to amend the Banking Regulation Act of 1949 has been issued to quell doubts whether the existing provisions allowed the RBI to direct banks to deal with specific stressed assets.
  • The RBI has also been vested with the power to form oversight committees wherever it deems fit. Currently such committees exist only for loans brought into a scheme for sustainable structuring of stressed assets, also known as S4A.

Some reforms taken till now

  • In 2015, the Prime Minister launched a Gyan Sangam conclave with bankers, and an Indradhanush road map to revitalise public sector banks.
  • Last year, a Banks Board Bureau was set up to recommend the appointment of top bosses at banks and help them develop strategies and plan raising of capital.

Need to do further reforms

  • If the government wants to see a spurt in investment and job-creation, it needs to do more than just pin its hopes on new oversight committees.
  • It must amend the anti-corruption law as has been promised for a while now, and accept the need to fix the policy-level stress affecting sectors such as telecom, power and highways.

2. ADB eyes Delhi as regional hub 

  • The Asian Development Bank (ADB) has operationally started working to create several regional hubs including New Delhi as one for South Asia.
  • Finance Minister Arun Jaitley, India’s Governor to the ADB, had earlier urged the multilateral lender to establish a hub in New Delhi, so that it could expedite lending to development projects across the region.
  • India, is a founding member of the ADB and its fourth-largest shareholder. The bank’s current portfolio of financing in the country includes 87 sovereign loans totalling $13.2 billion.

3. Time for a digital Indian Rupee

  • With a dream to place India on the digital India scene, the nation is starting to comprehend transformative plan like demonetisation by the legislature.
  • Advanced exchanges have taken off with Net keeping money, charge cards, computerized wallets, installment portals, Aadhaar pay, PPI, UPI, installments bank and BHIM since demonetisation.
  • The digital fiat cash works in an indistinguishable path from do notes and coins. By uprightness of its computerized nature, it can possibly be the most monetarily comprehensive instrument.
  • Any individual in India can hold it, exchange it and utilize it to settle obligations, be it a rancher living in Gahmar town in U.P. or, on the other hand a salaried individual in Mumbai, with or without a financial balance.

Advantages

  • It would have two additional advantages over paper notes and coins. It would transcend time and space, i.e. it could be transacted remotely between two parties. And, it would be counterfeit-proof!
  • First, the advanced technology would prevent any fraud. Also, any counterfeit with a single rupee could be detected immediately without hurting circulation.
  • The digital currency would bring more innovation, competition, better consumer protection, more consumer choices, more open access and better regulatory transparency. It would create a ‘firewall’ between banking and digital payment systems, protecting bank accounts and information on digital systems.
  • Since digital India Rupee would be a centrally-issued sovereign currency, it would possess immense trust, security and control. It would also bring transparency on black money, tax evasion and other illicit activities under the legal framework. Also, with the negligible logistics costs and benefits of riding on existing infrastructure, the cost of digital India Rupee would be marginal.
  • India’s cash-to-GDP ratio is 12.04%. The transition from physical notes and coins to a digital currency could drastically bring this down at par with the rest of the world.

 

D. GS4 Related

Nothing here for Today

 

   PIB Articles                  Editorials Roundup

 

E. Concepts-in-News: Related Concepts to Revise/Learn

 

F. Bills/Acts/Schemes/Orgs in News

 

G. Practice Questions for UPSC Prelims Exam
Question 1: Consider the statements:
  1. The development of Chabahar Port is in line with the Tehran Declaration (2001) and the New Delhi Declaration (2003).
  2. Chabahar Port lies in the Gulf of Oman in Iran and will help in expanding maritime commerce in the region.

Which of the above statements is/are correct  ?

a) 1 only
b) 2 only
c) Both 1 and 2
d) None

See
Answer
Question 2: Consider the statements:
  1. Pay Commission is a constitutional body.
  2. Pay Commission will not give recommendations to pay related things to defense personnel.

Which of the above statements is/are correct ?

a) 1 only
b) 2 only
c) Both 1 and 2
d) None

See
Answer
Question 3: Consider the statements:
  1. The digital fiat currency works in the same way as do notes and coins.
  2. Any person in India can hold it, transfer it and use it to settle debts with or without a bank account.

Which of the above statements is/are correct ?

a) 1 only
b) 2 only
c) Both 1 and 2
d) None

See
Answer
Question 4: Who is the India’s governor to Asian Development Bank?

a) Governor of RBI
b) Finance Minister
c) Secretary to the Finance Ministry
d) Commerce and Industry Minister

See
Answer
Question 5: Recently Gyan Sangam was in news. What is this about?

a) Tax reforms
b) Initiative to bring more innovation in the higher education
c) Banking reforms
d) To do indigenization of defense sector

See
Answer

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