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My Notes 14-Feb-2017 14-02-2017

Dear Students:

Please Follow My Notes and My Video 14-Feb-2017

http://laex.in/civilsprep/upsc-ias-the-hindu-and-indian-express-current-affairs-14-feb-2017-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2/

14 FEB 2017

Swimming out of a numerical soup

Budget 2016-17 is a fine balance act and has many firsts for itself.  These Include

  1. Merger of rail budget with general Budget.
  2. Budget date is been shifted to first of February to improve quality of expenditure.
  3. As GST is about to be introduced, determination of rate of indirect taxes has fallen in to the domain of GST council.
  4. It is the first budget to be presented after demonetisation and in the midst of fears of slowing down growth.

Major proposals

  1. Fiscal deficit – Government held its fiscal prudence path and kept itself a fiscal deficit target of 3.2% just above 3%. Added to this, income growth is also expected to be moderated as Government can not raise excise duties further on petrol products.
  2. Tax rates – direct Tax rates are reduced to 5% between 2.5lakh to 5 lakhs. Corporate tax rate for small counties less than 50crore turnover is been brought down to 25%. This is done to reverse the impact of demonetisation on small industries. But, it encourages companies to remain small rather than taking benefits of economies of scale.
  3. Agriculture has got 24% of budget allocations. But to fulfil the promise of doubling farmer income there is a long way to go.
  4. Political funding – ceiling for cash receipts for political party donations is reduced to 2000rs. But, it can not be a sufficient measure to fight corruption in elections.

 

North Korea lobs a missile challenge

North Koreas recent testing of a missile is another reckless provocation by North Korea leader Kim Jong Un. It has become difficult to deal with North Korea as it possess Nuclear weapons. Only country that enjoys certain leverage with North Korea is China. How to gain diplomatic dividend in the case of North Korea is the major challenge.

 

Perspective

  1. Liberalism and Neo liberalism are not one and the same. Liberalism  insisted  on  the  separation of  the  state  and  the  market,  and  decried government  interference  in  markets. Neo-liberalism  believes  that  governments  should  intervene  in  markets  — but  only  on  the  side  of  banks,  finance capitalists  and  lending  agencies.  Every time  financial  speculation  creates  a crisis,  governments  are  expected  to  tax their  citizens  and  use  that  money to  save banks  and  financial  institutions. 
  2. Global financial capital has hurt the social capital and Industrial capital. Number of times global financial capital grew is many times higher than trade. It shows that countries are more impacted by financial capital and politics and political leaders have a little control on financial capital. The actions of governments  are getting shifted to visible people – immigrants. So, Xenophobia is an outcome of spread of global capital and hard ships imposed by the same.
  3. Global capital is also creating financial burden on the developing countries. MaurizioLazzarato points out in Governing  by  Debt that  all  national  governments are basically  employed  in  collecting  taxes  from  their  citizens  and  cutting on  social  services,  in  order  to  keep  paying  national  and  other  debts  to  financial organisations. 

News

Jairam takes Money Bill row to Supreme Court

Parliament has passed Aadhar bill as a money bill. Opposition states that it has reduced the role of Rajya sabha in parliamentary functioning. So, clear guidelines need to be stated on the same.

 

Anil Ambani firm to service over 100 U.S. Navy ships

As an extension to LEMOA, MSRA – master ship repair agreement is been signed between Reliance defence and engineering and USA Navy.

 

 

 

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