Current Affairs for IAS Exams – 17 October 2016

:: National ::

8th BRICS summit ended with the pledge against terrorism

The 8th BRICS summit ended with the adoption of the Goa Declaration which pledged opposition to terrorism, even as India failed to get a consensus on references to Pakistan-based terror groups in the final statement.
However, in a strongly worded statement, Prime Minister Narendra Modi said, “the most serious direct threat to our economic prosperity is terrorism. Tragically, its mother-ship is a country in India’s neighbourhood.”
The text of the declaration did not name any country specifically as the source of cross-border terrorism but officials maintained that India did get the diplomatic edge it wanted from the summit.
Introducing the Goa Declaration, Prime Minister Modi said, “We also agreed that those who nurture, shelter, support and sponsor such forces of violence and terror are as much a threat to us as the terrorists themselves.”

PM Modi made stinging attack on Pakistan

In a stinging attack on Pakistan, Prime Minister Narendra Modi on Sunday said the country “embraced and radiated” the darkness of terrorism which had become its “favourite child” and pitched for decisive action.
He pressed the member-nations of BRICS and BIMSTEC groupings to send a clear message to those who “nurture the philosophy of terror to mend their ways or be isolated in the civilised world.”
His comments came as he pushed for greater collaboration among BRICS countries, as well as members of the BIMSTECgrouping, on issues such as terrorism, economy, trade as well as connectivity.
Among the BIMSTEC leaders present were Bangladesh Prime Minister Sheikh Hasina, Sri Lankan President and Nepalese Prime Minister Pushpa Kamal Dahal, Myanmarese leader Aung San Suu Kyi and Bhutanese Prime Minister TseringTobgay.
Mr. Modi underlined that geographical barriers and borders posed no limitations on those who wished to harm societies.
While slamming Pakistan, Mr. Modi said, “Terrorism has become its favourite child. And, the child in turn has come to define the fundamental character and nature of its parent.”
Appealing to the leaders of BRICS and BIMSTEC, Mr. Modi said everyone present should send a “clear message” to those who nurture the philosophy of terror and seek to de-humanise the mankind, “to mend their ways or be isolated in the civilised world.”
Mr. Modi said that with 1.5 billion people and a combined GDP of $ 2. 5 trillion, the countries of BIMSTEC had shared aspirations for growth, development, commerce and technology.
Similarly, BRICS represents large emerging economies, G-20 member-states and 2 permanent members of the U.N. Security Council.

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:: International ::

Bangladesh-China relationship upgraded to strategic partnership

Developments like government-to-government deals worth $24.45 billion and private investment worth $13.6 billion, during Chinese President’s milestone visit to Dhaka upgraded the Bangladesh-China relationship to a ‘strategic partnership’.
However, it has also prompted a debate here on a possible tilt in balance vis a vis Dhaka’s relations with New Delhi, which is all time high under Prime Minister Sheikh Hasina .
Dhaka has categorically said Mr. Xi’s visit would not have any negative impact on its relations with other countries, including India.
The ruling Awami League feels Bangladesh needs both China and India to take forward its aspirations for economic development. The party’s General Secretary Syed Ashraful Islam emphasised on the balance in the country’s foreign policy.
Bangladesh must be careful and maintain a balance among the powerhouses and players in the region so that none feel aggrieved.

:: Business and Economy ::

BRICS agree to setup independent rating agency

The five-nation group BRICS agreed to set up an independent rating agency based on market-oriented principles, saying it would further strengthen the global governance architecture.
“We believe that BRICS institution-building is critical to our shared vision of transforming the global financial architecture to one based on the principles of fairness and equity,” the declaration stated.
To further bridge the gap in the global financial architecture, we agreed to fast-track the setting up of a BRICS Rating Agency,” Prime Minister Narendra Modi said in a statement at the conclusion of the BRICS Summit.
Batting for a rating agency backed by BRICS, New Development Bank president K.V. Kamath had expressed concerns over methodologies of the three global agencies (S&P, Fitch, Moody’s) saying that these constrain growth in emerging nations.
He had said that ratings of multilateral banks like the BRICS-promoted NDB were affected by the parent countries’ ratings, despite having deep capital buffers.

NITI Aayog called for an overhaul of India's steel policy

NITI Aayog member V.K.Saraswat wants India's steel policy framed in 2012 to be overhauled. As old policy is unlikely to meet the target of 300 million tonnes by 2025.
Though India is third largest steel producer, still cheap imports from China, Russia, Korea and Japan has dented domestic industry's fortune.
Indian steel sector grew heavily with a rate over 9 percent during 2003-04 and 2007-08. Since then there has been a fall in steel production to 4.7 percent in 2013-14.
Though India’ steel production cost is about $320-$340 per tonne compared to $400 in China and global average of $390, it is uncompetitive in global market due to other costs like freight costs, high iron ore royalties etc.