News (Text)


When:
October 16, 2018 @ 1:00 am
2018-10-16T01:00:00+05:30
2018-10-16T01:15:00+05:30

NEWS
16 OCTOBER 2018

Sr. No.

Topic

News

1.

GS II: BILATERAL – INDIA-ASIA

Saudi Arabia promises to meet India’s oil needs

2.

GS II: SOCIAL – WOMEN & CHILDREN

Bid to build consensus on Sabarimala issue

3.

GS I: HISTORY

‘Museum of PMs a distinct project’

4.

GS III: ENVIRONMENT – POLLUTION

Pollution forecast system unveiled

5.

GS II: POLITY – ELECTIONS

‘12 courts set up to try MPs and MLAs’

6.

GS II: SOCIAL – REFUGEES

‘Only six Rohingya left in West Bengal camp’

7.

GS III: AGRICULTURE

Toiling for generations but not farmers yet

8.

GS II: BILATERAL – INDIA-EUROPE

India, France in talks to conduct tri-service exercise

9.

GS III: ENVIRONMENT – CLIMATE CHANGE

Ahead of climate talks, India in touch with 40 countries

10.

GS III: ECONOMY – POLICY

Data diktat: 15 players fail to comply

11.

GS III: ECONOMY – BANKING

NCLAT breather for IL&FS, subsidiaries

12.

GS III: ECONOMY – INDICATORS

Trade deficit shrinks to 5-month low

13.

GS III: ECONOMY – INDICATORS

Higher food prices drive wholesale inflation to 5.13%

14.

GS II: SOCIAL – HEALTH

Verdict on multiple sclerosis drug, a boost for Natco, Mylan

15.

GS III: ECONOMY – POLICY

RBI to buy $120 bn G-Secs under OMO

GS II: BILATERAL – INDIA-ASIA

Saudi Arabia promises to meet India’s oil needs

  • Saudi Arabia stands committed to meeting all of India’s energy needs, especially in oil, its Energy Minister Khalid A. Al-Falih said.
  • Speaking at the India Energy Forum, he said this meant an increase in investment in India as well.
  • Mr. Al-Falih said Saudi Aramco’s investment of $44 billion in the Ratnagiri refinery was “just the start” and that the company was keen to invest in an integrated downstream business, including on the retail side, as well as in storage capacity.
  • According to him, the ongoing belief that the rise of electric vehicles would mean the decline of oil missed the reality of the situation.
  • Conventional vehicles, he said, still represented 99.8% of all vehicles in the world.
  • Electric vehicles, he pointed out, are in the passenger vehicle segment, which accounts for only a quarter of oil demand.
  • “The majority of oil demand comes from sectors like heavy vehicles and commercial vehicles, and this demand will remain for a long time to come,” he said.

GS II: SOCIAL – WOMEN & CHILDREN

Bid to build consensus on Sabarimala issue

  • An air of uncertainty hovers over the pilgrimage as the Sabarimala temple opens for monthly poojas on 18 October 2018, the first time since the Supreme Court lifted curbs on entry of women into the hill shrine.
  • While the State government reiterates its constitutional obligation to implement the verdict, the Travancore Devaswom Board opened a channel for parleys with the erstwhile royal family of Pandalam, members of the ‘Tantri’ (chief priest) family and organisations such as the Ayyappa Seva Sanghom and the Ayyappa Seva Samajam in a bid to evolve a consensus.
  • If the board and the agitators stick to their stated positions – to implement the verdict, on one side, and to retain the tradition by preventing the entry of women aged between 10 and 50 years to the temple respectively – the talks may not yield a positive outcome.

 

GS I: HISTORY

‘Museum of PMs a distinct project’

  • The Union Culture Ministry will construct a museum on Prime Ministers on the Teen Murti Estate, New Delhi within a year, Minister Mahesh Sharma said on the occasion of the project’s ground breaking ceremony.
  • The museum dedicated to all Prime Ministers, including incumbent Narendra Modi, will come up within the 25.5-acre estate, but separate from the Nehru Memorial Museum and Library (NMML) buildings.
  • “The land belongs to the government and while some of it has been given to the NMML, 23 acres is still left and we have decided to use it,” he said.
  • This is being seen as the Centre deciding to build the museum on its own after the NMML Society deferred a vote on a proposal to amend its memorandum of association to build the museum under its own aegis.
  • The proposal for amendment made at its annual general meeting in July has been deferred in view of opposition from members like Congress leaders Mallikarjuna Kharge and Karan Singhwho felt the proposed amendment would dilute the legacy of Prime Minister Jawaharlal Nehru, after whom the NMML is named.
  • “A museum dedicated to all the Prime Ministers in the vicinity of the memorial of the country’s first Prime Minister was envisaged to enable the visitor a holistic understanding of the continued thread of leadership, initiatives and sacrifice that have shaped our nation since independence,” said an official release.

 

GS III: ENVIRONMENT – POLLUTION

Pollution forecast system unveiled

  • The Central government announced a pollution forecast system that can alert, three days in advance, about the likelihood of extreme pollution events and dust storms.
  • Though unveiled by Union Environment Minister Harsh Vardhan, the system is yet to go live but is expected to be made available “in the next two days” to the public via the CPCB and the Environment Pollution Control Authority.
  • The National Centre for Medium Range Weather Forecasting, the IMD and the Indian Institute of Tropical Meteorology, Pune, are involved with developing the application.

 

GS II: POLITY – ELECTIONS

‘12 courts set up to try MPs and MLAs’

  • The Supreme Court has upped the ante on the States, Union Territories and High Courts which have not provided it with details of criminal cases pending against sitting lawmakers, warning that their Chief Secretaries and Registrars General will be made personally liable for non-compliance.
  • The Centre informed the court that so far a dozen such courts had been created in 11 States.
  • The 12 September, 2018 order of the Supreme Court has called on States/UTs to furnish data to determine the number of special courts to be set up across the country to exclusively try accused legislators.

 

GS II: SOCIAL – REFUGEES

‘Only six Rohingya left in West Bengal camp’

  • Most of the Rohingya refugees who had taken shelter in West Bengal have left allegedly out of fear of deportation and the only existing camp in South 24 Parganas district has six of its 29 inmates left, a spokesman of the organisation which had arranged their stay said.
  • Most Rohingya living in the Hardaha camp, the only existing camp in South 24 Parganas district, left after the October 4 deportation of seven Rohingya immigrantswho had been staying in Assam illegally, to their home country Myanmar.
  • Union Home Minister Rajnath Singh had said on October 1 that the State governments have been asked to identify Rohingya refugees in their regions and collect their biometric details.
  • The Centre will send the biometric reports collected by States to the Myanmar government through diplomatic channel for the resolution of the issue, he had said.
  • Visits to the Rohingya camps by personnel of the Intelligence Bureau and the district intelligence bureau who inquired about the antecedents of the inmates and asked them to fill up a form had also worried them,

GS III: AGRICULTURE

Toiling for generations but not farmers yet

  • About 300 women farmers from 24 States gathered for a Mahila Kisan Diwas conference and shared their challenges.
  • The lack of a land title prevents women farmers from having access to credit, resources, extension services, decision making, employment and benefits that are commensurate to their labour.
  • Acknowledging the crucial role of women in the country’s food production, Agriculture Minister Radha Mohan Singh noted that “the participation of women is 75% in the production of major crops, 79% in horticulture, 51% in post-harvest work and 95% in animal husbandry and fisheries.”

 

GS II: BILATERAL – INDIA-EUROPE

India, France in talks to conduct tri-service exercise

  • India and France are in discussions for a bilateral tri-service military exercise to take forward the strategic cooperation while also exploring ways to operationalise the logistics agreement. These issues were discussed during the visit of Defence Minister Nirmala Sitharaman to Paris last week.
  • “We have agreed on a bilateral tri-service exercise with France. The modalities are being worked out and it is likely to be held next year,” an official source said on Monday.
  • This will be India’s third such joint exercise.
  • The first joint tri-service exercise was held with Russia in October last year and has finalised one with the U.S. to be held in 2019.
  • India and France currently hold bilateral exercises between individual services – Shakti, Varuna and Garuda respectively for the Army, Navy and Air Force.
  • India and France signed a logistics pact in March this year which gives access to their militaries to each other’s bases for logistics support.
  • While the agreement gives India access to French military bases all over the world on a “reciprocal basis,” of particular interest for New Delhi are the three French bases in the Indian Ocean – Reunion Island, Djibouti and Abu Dhabi
  • These three bases would give the Indian Navy and the Air Force operational turnaround to the far end of the Indian Ocean, improving its monitoring and surveillance of the region, in the backdrop of increased Chinese presence in the Indian Ocean Region (IOR).

 

GS III: ENVIRONMENT – CLIMATE CHANGE

Ahead of climate talks, India in touch with 40 countries

  • Ahead of the December climate talks in Katowice, Poland, India is having discussions with 40 countries, including China, to forge alliances and compel developed countries to make good on promises, made over the years, to provide enough finance and technology to stem runaway global warming.
  • Over the years, developed countries have promised to provide $100 billion annually to developing countries to check such warming.
  • The ‘Like Minded Developing Countries’ (India, China, Venezuela and Iran) and BASIC (Brazil, South Africa, India, China) are networks that are formed to lend weight to developing country concerns.
  • The Conference of Parties (COP) is a group of 200 countries which meet annually on addressing global warming.

 

GS III: ECONOMY – POLICY

Data diktat: 15 players fail to comply

  • With the central bank’s deadline for payment players to store data locally in India coming to an end, it is believed that about 15 entities out of the total 78 are yet to fully comply with the directive.
  • Further, some of the largest entities that are not yet compliant are in constant dialogue with the RBI after having completed a “significant amount of work” towards compliance, said banking sources.
  •  American Express, Visa and Mastercard are among the payment systems in India.
  • “Data localisation is not a misconceived proposition, especially in the context of data of financial transactions. The RBI circular is independent of data protection laws and will most likely stand the test of proportionality. It applies only to those entities it governs such as payment systems,” expert says.
  • “The belated clamour now for only storing a mirror image within India is contrary to RBI’s stated intent which is not only about easy access of data but of protecting Indian citizens’ data against rampant sharing outside India, as a public policy process. There is no real cause for delaying the compliance,” expert explained.

 

GS III: ECONOMY – BANKING

NCLAT breather for IL&FS, subsidiaries

  • Infrastructure Leasing and & Financial Services (IL&FS), which is in the midst of a huge liquidity crisis, has got a one-month relief from proceedings filed against the company by banks and other creditors as the National Company Law Appellate Tribunal (NCLAT) has stayed all such proceedings against the company and its subsidiaries till November 13.
  • While hearing an appeal filed by the government, the appellate body issued a moratorium on all cases against IL&FS and its 348 subsidiaries till November 13 when the case has been posted for admission.
  • The government moved the appellate body after its plea for a moratorium of up to 90 days was rejected by theNational Company Law Tribunal (NCLT).
  • The interim stay will, however, not be applicable on matters that are ongoing or filed in the High Court or Supreme Court.
  • Welcoming the NCLAT decision, a statement from IL&FS said that the moratorium would enable “value preservation” of the group’s assets while allowing the recently-constituted board of directors to prepare a resolution plan in the best interests of all stakeholders.

 

GS III: ECONOMY – INDICATORS

Trade deficit shrinks to 5-month low

  • India’s trade deficit shrank to its lowest in five months in September 2018, at $13.98 billion, even as exports contracted for the first time in as many months, according to official data.
  • The data from the government’s mid-year assessment of India’s trade shows that merchandise exports registered a growth of 19.93% in rupee terms and 12.54% in U.S. dollar terms.
  • The data shows a marginal negative growth in the month of September, primarily due to high base effect last year,the aggregate value of exports in this September is much more than in the month of April, June and July of 2018 in which we recorded as high as 17% growth,” said Ganesh Kumar Gupta, president of the Federation of Indian Export Organisations.

 

GS III: ECONOMY – INDICATORS

Higher food prices drive wholesale inflation to 5.13%

  • Wholesale inflation accelerated to 5.13% in September 2018, driven in large part by quickening inflation in the primary articles segment and stabilising food prices, according to official data.
  • Growth in the Wholesale Price Index quickened in September from 4.53% in August.
  • Inflation in the primary articles category stood at 2.97% in September, up from a contraction of 0.15% seen in August.
  • Within primary articles, the food articles segment saw growth contracting by only 0.21% in September as compared to a contraction of 4.04% in the previous month.

 

GS II: SOCIAL – HEALTH

Verdict on multiple sclerosis drug, a boost for Natco, Mylan

  • The United States Court of Appeals for the Federal Circuit has upheld a judgment that declared Teva Pharma’sCopaxone 40 mg/ml dosing patents as invalid, Natco Pharma said in a regulatory filing.
  • The development is bound to boost Natco Pharma and its marketing partner Mylan Pharma, who sell a generic version of the drug used in the treatment of multiple sclerosis in the U.S.
  • Natco and Mylan had launched the generic version in the U.S. in October 2017.

 

GS III: ECONOMY – POLICY

RBI to buy $120 bn G-Secs under OMO

  • The Reserve Bank India has announced that it will purchase government securities worth $120 billion under Open Market Operations.
  • The purchases will be done on October 17 (Wednesday) through multi-security auction using the multiple price method, the RBI said in a release.
  • The RBI said that its decision was based on an “assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward”.
  • The eligible participants should submit their offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system

Leave a comment