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My Notes 17-June-2017 17-06-2017

Dear Students,

Please Follow My Notes and My Video 17-June-2017.

http://laex.in/civilsprep/upsc-ias-the-hindu-and-indian-express-current-affairs-17-june-2017/

17June2017

Undoing the gains

Centre has achieved fiscal prudence and it is in danger due to liberal loan waivers being offered by the states. It is reflected in deficit to GDP ratios. Combined deficit of the states reached 3.6% of GDP in this financial year and consolidated deficit of centre and states together has increased to 7.5% in financial year 2016. Added to this, there are many off budget liabilities that do not come under deficit calculations.

Consequences of this are many. It will dent the confidence of investors in indian bonds and credit ratings of India will decrease.

Solutions to this are

  1. Due diligence by the centre in approving loans for the states need to be done. As per article 293 of the constitution centre shall give permission for state borrowing. In this there is a lack of coordination in ministry of finance. Approvals for state loans is given by the state plan division and fiscal plans are seen by the budget division.
  2. Legislative oversight at state level need to be enhanced. At central level, whenever government breaches the fiscal norms it secures parliamentary approval and similar practice can be instituted in states too.
  3. Regulatory measures need to be devised to enable bond yields to be responsible to market signals.
  4. 15th finance commission shall ensure that adherence to fiscal prudence shall be a key criteria for horizontal devolution of funds across the states.

Access to excellence

Indian educational institutions suffer from a binary phenomenon. Either there is a best or very poor quality education. So, competition for quality institutions is too intense. Testing of competitive merit through a series of tests is making coaching and test prep industry to thrive. It has also redefined the goals of society in a way – what wins is right. Education system is also making children insensitive, exclusive and elitist.

Book of Jobs

Govt has begun field work to compile a new periodic labour force survey to track employment trends more swiftly. It is going to release quarterly reports using a new set of information. As of now, labour bureau reports are released only in few sectors in few states and it is inadequate to understand. It is failing to capture informal sector trends completely. NSSO survey that is expected to be comprehensive is not done since 2011-12.

 

Deep- sea dive

Reliance industries and BP investment flows in to oil and gas sectors is expected to boost investment in the sector. It is also an approval from market for the governments new pricing policy for deep and ultra deep wells, dynamic pricing with daily revisions  for consumers. Added to this, BP also have agreed for off shore renewable installations, a new market to be explored by India.

 

News

  1. Puducherry Government demands more powers – Power struggle between democratically elected Government and appointed lieutenant governor in Puducherry reached new heights. Assembly has passed a resolution urging the union Government to make amendments in the union territories act to curtail the powers of lieutenant governor.
  2. Aadhar must for bank accounts – Government of India has stated that Aadhar is must to open a bank account and to conduct a transaction of 50,000rs or more.
  3. Swiss ratify pact on information sharing - Switzerland on Friday ratified automatic exchange of financial account information (AEOI) with India and40 other jurisdictions to facilitate immediate sharing ofdetails on suspected black money even as it sought strict adherence to confidentiality and data security.
  4. Digital economy: policy push on anvil- Government of india is planning to make India a trillion dollar digital economy. A legal frame work for data security, new electronics manufacturing policy, strengthening cyber security and start up cluster policy is about to come up.

 

 

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