Comprehensive News Analysis - 12 June 2016

Table of Contents:

A. GS1 Related:
B. GS2 Related:

1. ‘Modi Doctrine’ overcomes hesitations of history: U.S.

2. India’s new oil diplomacy aimed at sweetened deals

3. Rajya Sabha poll results: list of winners

C.GS3 Related:

1. The Fed effect and the RBI’s dilemma

2. NRI remittances fall 87% in April on lower prices of oil

D. GS4 Related
E. Important Editorials : A Quick Glance

Others

1. PIB

a). PDS REFORMS

b). Transparency in the functioning of Railways

F. Concepts-in-News: Related Concepts to Revise/Learn:
G. Fun with Practice Questions 🙂
H. Archives

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Useful News Articles

A. GS1 Related

Nothing here today folks! J

B. GS2 Related

 

1.‘Modi Doctrine’ overcomes hesitations of history: U.S.

Topic: International Relations

Category: India-world

Location: The Hindu

 

Key points:

  • Modi Doctrine notes that the absence of an agreed security architecture creates uncertainty in Asia and reiterates India’s adherence to and calls for others’ support for international laws and norms,”
  • India, is now a key element of the Obama administration’s rebalance to Asia, a strategy which recognised that America’s security and prosperity increasingly depended on the security and prosperity of the Indo-Pacific.
  • Modi, in his speech furthered his bold vision of India-U.S. partnership that could anchor peace, prosperity and stability from Asia to Africa, from the Indian Ocean to the Pacific and help ensure the security of the sea lanes of commerce and freedom of navigation on the seas.

 

2. India’s new oil diplomacy aimed at sweetened deals

Topic: International Relation

 Category: India-world

Location: The Hindu

 

Key points:

  • The Indian government is leveraging its position as world’s fastest growing economy and one of the world’s biggest energy consumers to secure sweetened energy deals globally by renegotiating gas contracts, signing long term crude deals at discounted prices and buying oil equity.
  • Prime Minister visited Qatar recently, and to honour long-term contracts and it’s very difficult to renegotiate such contracts. We were buying gas $14 per mmBtu from Qatar, after negotiations we are now getting gas at $6 per mmBtu. India’s energy security is now considered with prime importance in the international markets.
  • India’s growing geopolitical influence globally and tumbling oil prices and a global gas glut are compelling exporters to offer better deals to retain their share in the global energy trade, benefiting Indian energy firms.As a friendly gesture, Ras Gas has also waived a penalty of $1.5 billion to PLL for not lifting committed amount of gas under the ‘take or pay’ clause.
  • Russian deal

The analogy behind the Russian oil deal, is Russia’s economic conditions have not changed in the last few years. As a thumb rule, if you spend $1 billion, you must get at least 1 million metric tonnes (mmt) of oil. During the past regime, OVL invested $2 billion in Imperial Energy with reserves of just 0.5 mmt of oil. Now, OVL successfully clinched the deal for $1.27 billion with reserves of 4 mmt of oil.” India has also managed to clinch a competitive energy deal with Nigeria as Indian state-owned refiners are configured to process 8 per cent of India’s crude oil imports from there.

 

3. Rajya Sabha poll results: list of winners

Topic: polity

 Category: Legislature

Location: The Hindu
· In the 27 seats spread across seven states that were up for grabs on Saturday, 11 went to the BJP, six to the Congress, seven to the Samajwadi Party, two to the BSP and one to Independent candidate. Thirty of the 57 seats in the current round of biennial elections were decided without contest last week.

 

C. GS3 Related

 

1. The Fed effect and the RBI’s dilemmaTopic: Economy

Category: Monetary policy

Location: The Hindu

 

Key points:

  • Scheduled banks see little possibility of easing their lending rates, following Reserve Bank of India’s (RBI) decision to keep repo rates unchanged at 6.50 per cent in its Second Bi-monthly Monetary Policy Statement, 2016-17 last week
  • Hence, the common man’s woes continue as the burden of borrowing for his assorted needs such as housing, education, vehicles et al remains unchanged.
  • Even though the rates were gradually reduced by 150 basis points from its peak of 8 per cent in January 2014, the scheduled commercial banks are yet to pass on the repo rate reduction benefits fully to borrowers in the retail segment.

 

2. NRI remittances fall 87% in April on lower prices of oil.

Topic: Economy

Category: Indian Diaspora

Location: The Hindu

 

Key points:

  • Remittances by non-resident Indians (NRIs) fell 87 per cent in April due to a slide in oil prices, data released by the Reserve Bank of India (RBI) showed.Total NRI deposits fell to $302 million in April this year. The deposits stood at $2,406 million in the year-ago period, according to the data.The biggest fall was registered in the Non-Resident (External) Rupee Account (NR(E)RA) category, which saw inflows decreasing to $203 million in April. It was $2,200 million in the year-ago period.
  • Introduced in 1970, NR(E)RA is a rupee account and the NRIs can remit money to India from their funds abroad.For 2015-16, NRI deposits had recorded a growth of 13.5 per cent to $15,977 million, the data showed.
  • “Sixty per cent of the India’s remittances come from Gulf countries, which suffered the most due to decline in crude oil prices.
  • Healthy current account deficit has been one of the redeeming features of the country’s external sector. Robust growth in remittances had a salutary impact on current account deposits over the years. If the decline in remittances continues for a longer period of time, it will add to the concerns of the policy makers.
  • The country’s current account deficit (CAD) narrowed to 1.3 per cent of GDP in the third quarter of the current financial year as against 1.5 per cent in the same period last year, mainly due to lower trade deficit.The CAD was at $7.1 billion in the third quarter of 2015-16 compared with $7.7 billion in the third quarter of 2014-15 and $8.7 billion in the second quarter.

 

D. GS4 Related
  1. Important Editorials: A Quick Glance

 

Others:

 

1. P.I.B

 

a) PDS REFORMS

Topic: PDS and TPDS

Category:Economic development

 

Key Points

  • With more than 24 crore ration cards digitized and about 56% of these cards being seeded with Aadhaar numbers of the beneficiaries getting highly subsidized foodgrains under National Food Security Act (NFSA), the reforms in Targeted Public Distribution System (TPDS) have gathered pace in the last two decades. These reforms measures has curbed diversion of foodgrains as well as ensured grains reach intended beneficiaries

 

2.Transparency in the functioning of Railways Topic: governance

Category:

Key Points

  • Indian Railways is on a path of modernization and infrastructure development in a big way. This primordially requires that corruption is fixed at zero to ensure that not only the Ease of Doing Business is enhanced but also to bring in due and utmost diligence at all levels.Transparency in working is increasingly being viewed by the Indian Railways as one of the primary tools not only to address persistent complaints and accusations against service delivery in the public but also to ensure that role of discretion is wrested out of both decision making as well as service delivery ends. In this direction, the Indian Railways have taken noteworthy and path-breaking steps in the field of attaining transparency in its entire functioning. Minister of Railways Shri Suresh PrabhakarPrabhu has always assigned highest importance to the eradication of corruption and has been emphasizing on improving transparency, efficiency and productivity in the functioning of Indian Railways. On the very first day of assuming office, ShriPrabhu spelt out his commitment towards transparency loud and clear through firm orders that no file relating to tenders shall need his approval and forthwith issued orders for decentralization, delegation of powers to field functionaries of Indian Railways.

 

b) Transparency in Procurement: Procurement of Goods above Rs 1 Lakh is by E-Procurement

A marked beginning was made when ‘Indian Railway E-Procurement System (IREPS) was rolled out in headquarters of Zonal Railways and Production Units in 2011-2012 for procurement of goods. Transparency in public procurement being a thrust area of the Government, Indian Railway has expanded IREPS to cover all Divisions, Depots and Workshops in 2015-16. Now, procurement of goods above Rs 1 lakh is by e-procurement across all Divisions and Depots, besides headquarters of Zonal Railways and PUs. With this, IREPS has become the largest e-procurement platforms in India based on number of tenders handled, procuring material worth more than Rs 50,000 Crores (2014-15).  In the ten months of current financial year (from April 2015 to January 2016) alone, 2.35 Lakh stores tenders have already been published in IREPS, which marks a whopping 90% increase over the same period in 2014-15. The system today has more than 29,000 vendors registered on the system.

 

G. Fun with Practice Questions 🙂

 

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