UPSC IAS The Hindu Current Affairs 05 March 2018 highlights are:
- They allow for flexibility to continue political engagement and economic cooperation with their common adversary.
- They avoid entrapment of being dragged in to a partners dispute and potentially in to a conflict.
- At the same time, strategic partnership provides for regular political and military interactions for a collaborative approach to strategic policies.
India and Japan relations perfectly figure in to the above relationship.
- India will not get deep in to Japan disputes and the same is the case with Japan. A mutual cooperation exists on the wider issues where win win situation exists.
Important developments of India – Japan special strategic and global partnership are
- Japan is the only country India allowed to invest in infrastructure in North east.
- There is a joint infrastructure project development – Asia – Africa Growth corridor.
- Japan and India agreed to have annual summits and 2+ 2 format for defence and foreign ministers meeting.
- India is buying ShinMaywa Amphibious ships from Japan.
- Japan is investing in infrastructure development in Andaman and Nicobar Islands.
Nuclear deal in danger
Trump’s continuous tirade against Iran nuclear deal appears to be an end to Obama era pragmatism. Nuclear deal was successfully able to stop Iran form developing a nuclear weapon. Added to this, Iran never violated the deal. In these circumstances USA imposing sanctions against Iran, will set a dangerous precedent in international agreements. Iran nuclear deal being multilateral agreement, President shall end his rhetoric.
A big broom
Government effort to release names of shell companies, Name and shame its directors may not yield sufficient results to fight unaccounted money. In the process, there is a possibility of harassing genuine companies or directors.
The best way forward is to arrest systemic shortcomings.
Tax payer rights and obligations
Indian tax administration system shall move from an enforcement to a service based model. Intentions of reforms are good but they are reactive. DTAA, GAAR, transfer price mechanism, implementation of GST all have challenges.
improvement in taxpayers’ service, enhanced use of information and communication technology, exchange of information with other agencies, expansion of tax base, compliance management, etc. Need to be improved to make tax administration Service oriented.
Beyond social Media
In India Geographical indications (Registration and protection) act 1999 has provided for registration of Geographical indications. There is no effective monitoring mechanism for quality compliance of the same. Unlike this in the European regulation clearly provides for monitoring at multiple levels. India also shall have the same.
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05 march 2018
Congress outsmarted in Meghalaya
Though Congress emerged as a single largest party in the recent assembly elections , it failed to form the Government. National people party leader was invited by the governor to form the Government.
PNB scam hits buyer’s credit
Interest rate on Buyer’s credit has increased from 20-25bps over LIBOR to 50-60BPS over LIBOR. It has affected business for small traders.
Myanmar Puts off Border pact
Border pact is to allow people living with in the radius of 16km of border to freely move in and out. It is to encourage trade in the border areas. Myanmar has backed off from the pact for unstated reasons.
Solar goal for 2022 too hot to handle
Govt of India aims to achieve 100gw of solar power by 2022. but, there are many challenges to overcome.
- Import duties imposed by Government on solar panels.
- GST raised to 5% on solar panels.
- Fall in price for Solar power. States are revising their PPA.
- Sluggish rooftop installations.
A regulator to oversee the CA institute is necessary
Across the world, Audit functions are regulated and supervised by independent, professional agencies.
For example, USA has created public companies accounting oversight board under the sarbenes-Oxley act,2002. Similarly, UK has an independant regulator, financial reporting council.In India, prescribing of Audit standard, their implementation and oversight is left to Institute of charted accountants of India. It failed to meet expectations of Nation and people. so, creation of National financial reporting Authority is a step in right direction.
The Saffron Breeze in North East
- Elections in India are an interplay of a strategy, interests and ideology. Recent BJP victory in Tripura is a reflection of this. BJP ability to play in to the minds of middle class voters through development plank, tribals through an alliance with Indigenous people front of Tripura have provided her with rich dividends.
- In Nagaland, BJP is able to take power by an alliance with National democratic progressive alliance ( Split faction of Ruling National People front)
- In Meghalaya, though congress emerged as a single largest party, it is short of required majority to form the Government. Governor has invited National people party – which has the support of BJP and Independents to form the Government.
Challenges still remain
- In Nagaland, BJP has to deliver a final settlement for Naga issue.
- Delivering developmental promises and attracting investment in to Tripura.
- Managing the coalition in Meghalaya.
New star in a crowded sky
- Tamil Nadu politics are facing a leadership crisis.
- Rent seeking is on rise and there is a secular decline in governance quality.
- Politics are effectively marketed through money power.
- Patron client relationships guide the process of electrons. Electoral networks based on the above relationships are deeper.
- Dravidianism do not exist in its radical form today. But, Tamil exceptionalism can pull votes even today.
Entry of Kamalhasan in to Politics at this juncture is definitely a right move. But, it needs an articulation of vision and creation of an organisational structure and culture that moves away from rent seeking.
Small Arena, Big win
BJP electoral victory in North East states is of specific importance for the following reasons.
- Left is an ideological enemy for BJP. Alliances fostered by left Kept BJP out of power for many years. Any idea of revival of third front will be lost with weakening of left.
- It is a strong indication for building Party’s future in to other left Bastions like West Bengal and Kerala.
- Congress – an Anti left faction Tripura is made insignificant.
Avoid trade wars
President Trump has recently announced Tariffs on Steel and aluminium. His stated reason is to correct trade deficit of USA. It appears more populistic and has little regard for economics. If every country tries to impose Tariffs and gets in top currency wars, it will affect international trade. It can make every country poor.
Righting wrongs in the land acquisition
Land acquisition act 1894 is one sided and is favourable to the state. Right to fair compensation and Transparency in land acquisition, Rehabilitation and Resettlement act 2013 is aimed to shift balance in favour of citizen in matters of land acquisition.
According to section 24 of this act, if land acquisition award has been made five years prior to the new law coming in to force and no compensation is paid or if there is no physical possession of land – Government shall return their land back. Here, if compensation is not accepted by the incumbent property owner, it need to be deposited with court.
Supreme Court of India in Indore development Authority vs Shailendra case has diluted the above provision through following announcements.
- In case land owner do not accept compensation, it is sufficient to pay compensation to Treasury.
- Any injunction or stay order given by courts can not be counted in to the calculation of five Years,