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My Notes 17-October-2017. 17-10-2017
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Please follow My Notes and My Video 16-October-2017.
 

News

GST alters tax-exempt status, says diplomats

Diplomats posted in New Delhi have complained to ministry of external Affairs that the new GST regime has altered the tax exempt status for them. Previously, they use to get the tax exemption before purchase and now they are expected to take the reimbursement later from the govt.

 

With stealth ship, India in elite group

India has commissioned a third Kamorta class anti submarine warfare stealth corvette - INS Kiltan.

 

 

Editorial

Avoid the adventurous path

There are twin dangers of widening of fiscal deficit.

  1. Inflation
  2. Crowding out of capital away from private sector.

Today, loss of growth is due to lack of private investment. India has witnessed consequences of fiscal deficit - higher inflation, BOP crisis and decreased private investment in the past. Loan waivers, pay commission revisions are already putting a strain on fiscal consolidation. So, an aggressive action can gave long term consequences.

So, the way forward is

  1. Reviving private investment
  2. Recapitalising banks
  3. Speedy completion of stalled projects.

 

Fiscal prudence is one of the elements in sustaining growth over an extended period.

 

Securing Somalia

Terrorism grows in the midst of statlessness, chaos and failure of governance. Violence in Somalia capital Mogadishu by al - Qaeda allied group Al -Shabbat is a reflection of this.

 

Flip - flop on terror

Pakistan foreign minister has recently stated Hafiz saeed as a liability. Yesterday, terror charges on him are withdrawn by Pakistan. It exposes its duel stand on terrorism. Previously, when it house arrested Hafiz Saeed, it was under intense pressure from USA and Financial action task force was also conducting a review on Pakistan actions on terrorism. It failed to sustain its sincerity.

 

A dangerous proposition

Constitution of India is based on Individualism, liberal order and its objective is to achieve unity in diversity. Most of its provisions are borrowed from west. As like in other liberal democracies in India rights and duties are not co relative. Secularism, socialism are part of preamble, fundamental rights and DPSP. Supreme Court of India also has held them as part of basic structure of constitution and can not be amended.

In this context, India’s right objective of making a new constitution by removing individualism, diluting parliamentary democracy and civil liberties etc are not possible.

 

In Japan, parties of little hope

Lack of unity among opposition parties, not announcing prime ministerial candidate, North Korea actions have made the job of winning elections easier form PM Shinzo abe in japan. Major issue for discussion is Art 9 of the constitution that renounces war shall be repealed or not. Most of the people of Japan are opposing repealing of it. But political parties are interested in repealing the same. It shows growing gulf between people and representatives in japan.

 

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