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Jan 26 th, 2016
Misc CANo Comments

Short Hand Notes – Current Affair – 25-Jan-2016

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• Greek islanders > helped a lot in refugee crisis > to be nominated for Nobel Peace Prize > gave up work for rescuing > currently only individuals and organizations are eligible > Nobel committee members to look into the possibility

• India welcomed 1st round of amendments in Nepal constitution > for more inclusive social justice > but not includes the main demand of Madhesis for two separate Madhesi province > amendments passed during absence of 35 members of Madhesis political parties

• 135 million year old fossils found in Kutch, Gujarat > of old herbivorous dinosaur > may be the oldest such fossil found this century > 10-15 metre long animal

• New tiny electric current method called iontophoresis > deliver anaesthesia > will save costs, decrease risk of intoxication and contamination > made it more effective > permeation increased 12 fold through mouth lining during experiment

• Inexpensive way found out to deliver carbon dioxide to micro algae > algae considered important source of energy or 4th generation fuel source > CO2 important for algae growth > important is contamination free CO2, which otherwise can kill algae growth > new method purifies CO2 of power station flue gases

• RBI issued payment banks licenses to 11 companies many of them are telecom Co.s > motive to make banking as easy as making a mobile phone call > entry of telecom Co.s will streamline the process > RBI requires two factor authentification i.e. biometrics + mobile/debit card –or- username/password > JAM trinity is a good step

• Start-up action plan > for enhanced growth > critical to restart private investment into the economy > corruption, complex approval process etc., big corporate trying to kill small corporates etc. are obstacles > required – free and fair competition with other reforms > new action plan will waive income tax for three years and exempts capital gains > GST will also make it easier for small start-ups > Rs.10K crore ‘fund of funds’ > mobile app for start-ups to self certify themselves > concern – government involvement through IMB led by DIPP, additional bureaucracy also slowdowns the process > corpus or fund must not be managed by politicians or bureaucrats

• RBI new revamped ECB norms > more in favor of global lenders and less in favor of domestic borrowers > new norms more complex with introduction of three tracks of ECBs > no talk about housing finance and infrastructure > not clear whether it will be accepted by market > ECBs are commercial loans in the form of bank loans, securitized instruments etc. > FCCB bond issued by Indian Co. in foreign currency

• New flexible norms related to gold schemes to make it more accessible and attractive > till now govt. collected over 900 kilos of gold > awareness raised through print media and mobile SMS > incentives to banks i.e. 2.5% commission for their services > number of refiners will also likely to go up > premature redemption option > under GMS 2.5% tax free interest per annum on gold

• State run banks want to function like their private counterparts > government must stop pressurizing PSBs to grant corporate loans > green revolution, PSL in agriculture etc. by help of PSBs > PSBs must fous on strengthening domestic market because of economic slowdown across the globe > according to All India Banks Officers Confederation NPAs as ground for privatization is myth

• Public investment important in economy as private investment not happening > India lowest PCI among BRICS > indications showing that India’s growth rate to slow down this financial year > agricultural performance also poor since 2003-08 > infrastructure growth also slow > experts view of following 10 policies Washington consensus which countries should adopt to increase growth rate > currently only tqo sources of demand growth in India today i.e. private consumption and public investment > if public bodies are starved of fund, their expansion is difficult > disinvestment for some doesn’t seems good option, but can be done where public presence is not required or if government selling it to acquire others

• Need of not only political level but also of military level between India-Pakistan > required for improving relations > Peace with Pakistan difficult because of more influence by Pakistan army > Major political parties in Pakistan are a product of Army General Headquarters (GHQ) > weak, corrupted and anti-nationalist politicians are not that much powerful or influencing as well > peace with Pakistan needs to go through army rather than their PMO

• China slowdown a threat > because their companies and manufacturing industry integrate with rest of the world > IMF view that financial markets need more clarity and certainty about China’s management of yuan exchange rate > chances of 10% devaluation in value of yuan which will hit hard mainly eurozone and Japan > global inequality: according to WEF richest 1% owns 99% of world’s wealth combined

• Terrorist attack on Pathankot Air Force Base > revealed weakness in our intelligence, police and security procedures > Narash Chandra Committee – recommended creation of permanent chairman, chiefs of staff committee in 2011 > Arun Singh, 1986 – instrumental in creating tri-services and joint military institution, but later becomes irrelevant > Ajai Vikram Singh Committee – to lower age of combatant commanders > other recommendations – A&N Joint command > India probably only country in world to expand it’s military manpower while curtailing resources for the same > problem of implementation of recommendations > three obstacles – how different service will curtail their powers, how government will create three more joint commands, civilian bureaucrats who do not want their power to be curtailed

• Increasing awareness in society about local issues > idea of one size fits all > Example Bangalore – problem of solid waste management, solution is segregation-but it’s disadvantageous for garbage mafia of Bangalore > Karnatka showed that it has achieved 100% toilets mark in schools, but 5344 are dysfunctional because of lack of water or other problems > approximately 9 million unemployed and disgruntled youth who can make some impact are not doing anything

• 4th Industrial revolution – to combine digital and physical systems – for transforming interaction between humans and machines > 1st gen – steam power and mechanical production > 2d gen – assembly lines and electrification > 3rd gen – electronics and computing > e.g. for 4th gen – fitting shipping cranes with sensors and using softwares > 4th gen industrial revolution may lead to large scale job losses at lower end of skill spectrum > India falling behind to take effective use of 4th gen IR like in 1st three

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