Current Affairs for IAS Exams - 27 MARCH 2019

::NATIONAL::

President seeks global support against those supporting terrorism

• President Ram NathKovind has said that peace and security are critical to foster the well-being of humanity. He was addressing a community reception given by Indian community at Zagreb, capital of Croatia, last evening.
• He said that the world needs to take decisive action against those who harbour and support terrorists. The President said that India will take all measures to protect its people and provide for their welfare.
• The President said that the Indian economy is today an important engine of global growth. It is the fastest growing major economy, with robust economic indicators. He said that there is a new dynamism in the country.
• Cultural programmes by Croatian artists includingvedic chanting, Musical yoga, group song and Rajasthani folk dance were presented on the occasion. Large number of members of Indian community attended the function.
• President Ram NathKovindwill participate in the India-Croatia Economic Forum meeting today. He will also deliver an address at the University of Zagreb. The President is on a 3 day visit to Croatia on the first leg of his tour to three countries Croatia, Bolivia and Chile.

New Survey shows public have lack of trust in political parties

• Ahead of the LokSabha elections, a public opinion survey in 12 states has found that political parties are the most distrusted political institutions in India. It also found that one in five of those surveyed felt that unemployment is the single biggest issue facing the country today.
• The survey, Politics and Society between Elections 2019, found that political parties had a negative net trust rate of -55% (calculated as the percentage of respondent who trust them minus the percentage who do not). They are the only institutions with a negative net rate.
• On the other end of the scale, the Army is the most trusted institution in the country, with an effective trust rate of 88%, while the judiciary including the Supreme Court, High Courts and district court enjoys an effective trust rate of more than 60%.
• Researchers also asked respondents what is the single biggest problem facing the country. Almost 20% of those surveyed said unemployment was their biggest concern. Among those between the ages of 18 and 35 years, that figure shot up to 49%. Other issues cited include development, growth and poverty (15%) and law, governance and corruption (13%).
• Indians across the country seem to have a deep distrust of elites, with a majority of respondents feeling that elites are a bigger hurdle to progress than minorities or migrants.

::ECONOMY::

Post GST transition to formal economy slower than anticipated

• The Goods and Services Tax (GST), which was introduced about 20 months ago, has seen the total number of returns filed increase, though the shift in trade towards a formal economy has been slower than anticipated.
• In a report by MotilalOswal Financial Services, the brokerage highlighted that though the collections had increased, it was still below the target as deferment of anti-evasive measures for a smooth roll-out of GST impacted collections.
• In the GST regime, the manufacturing sector witnessed an increase in working capital requirements, while the services sector has had to comply with increased state-level compliances and higher tax rates, the domestic brokerage said.
• Meanwhile, the total number of returns filed increased from 6.5 million in July 2017 to about 7.8 million in recent months. Further, while the GST revenue collection trend has been improving over the past 20 months, the monthly average revenue collection of around ₹97,300 crore (until February) in this fiscal is below the target of ₹1.06 lakh crore.
• According to the brokerage, the FY19 revenue collection may fall short of the target by close to ₹1 lakh crore if the same revenue trend continues for the last month of FY19.
• “GST is certainly a move focused on ease of doing business. However, the lack of preparedness, the technology glitches in the GST platform and the non-clarity over certain procedural issues have made the transition phase tough,” the report highlighted.

RBI infuses huge capital via Forex swap

• The first dollar-rupee buy/sell swap auction by Reserve Bank of India (RBI), which was aimed at infusing primary liquidity, saw aggressive bidding by banks, data released by the central bank showed.
• The RBI received $16.31 billion in bids for the auction for a notified amount of $5 billion. In turn, RBI infused Rs. 34,561 crore rupee liquidity.
• Market participants said the auction was successful as RBI got bids three times more than what it had intended to purchase, adding that both domestic and foreign banks participated in the auction.
• “There was aggressive bidding for the auction, almost three times of what was on offer. Cut-off came in line with the market expectation,” said MadhaviArora, Economist, FX and Rates, Edelweiss Securities.
• There is expectation that RBI would conduct more such auctions as there is an appetite in the market, and reduce dependence on open market purchases of bonds. RBI has infused a significant amount of liquidity in the current fiscal through open market operations (OMOs).
• “This would be one of the ways RBI would be continuously evaluating. This swap window could be used as and when needed to infuse liquidity,” Ms.Arora said.

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::INTERNATIONAL::

British MP’s seize control of Brexit now

• British Prime Minister Theresa May is in trouble again as three of her ministers and many MPs from her own party backed an amendment to seize control of Brexit by 329 to 302 votes. The motion in the House of Commons called for alternatives to May's controversial European Union exit bill, earlier rejected twice by Parliament.
• Foreign Affairs Minister Alistair Burt, Health Minister Steve Brine, and Business Minister Richard Harrington who went against the Cabinet's collective responsibility principle to vote for the amendment resigned from government.
• EU leaders had offered Britain a Brexit delay until May 22, if May's deal is passed this week. However, without that Parliament backing, she must return to Brussels before April 12 and set out an alternative plan.
• Ms. May however, said that she has not given up hope of bringing back her exit bill for a third "meaningful vote" this week, which could take place tomorrow.

EU Parliament adopts copyright reforms

• European Parliament today adopted controversial copyright reforms championed by news publishers and the media business. However, tech giants including google have opposed it.
• After intense debate by Members of European Parliament, MEPs meeting in Strasbourg, passed the draft law with 348 votes in favour, 274 against, and 36 abstentions.
• The reform was loudly backed by media companies and artists, who want to obtain a better return from web platforms that allow users to distribute their content.
• But it was strongly opposed by Silicon Valley, and especially Google that makes huge profits from the advertising generated on content it hosts. It was criticised also by supporters of a free internet who fear it will result in unprecedented restrictions to web freedom.
• Under the reform, European law for the first time would hold platforms legally responsible for enforcing copyright, requiring them to check everything that their users post to prevent infringement.

::SCIENCE & TECHNOLOGY::

Researchers to develop male contraceptive pills soon

• An experimental birth control pill for men has successfully passed tests of safety when participants used it daily for a month, according to scientists who said that the drug does not affect libido.
• The contraceptive, called 11-beta-methyl-19-nortestosterone dodecylcarbonate, is a modified testosterone that has the combined actions of a male hormone (androgen) and a progesterone.
• “Our results suggest that this pill, which combines two hormonal activities in one, will decrease sperm production while preserving libido,” said Christina Wang, from the Los Angeles Biomed Research Institute (LA Biomed).
• The study took place in 40 healthy men at LA BioMed and the University of Washington in the U.S.
• Subjects took the drug or placebo once daily with food for 28 days.Ms. Wang said drug side effects were few, mild and included fatigue, acne.

::SPORTS::

India win against Malaysia in SulthanAzlan Shah cup

• India went to the top of the table of the Sultan Azlan Shah Cup 2019 with a dominating 4-2 win against host Malaysia on Tuesday.
• After sharing points with Republic of Korea in a 1-1 draw in its second match, India put in a strong performance against an error-prone Malaysia to keep have one foot in Saturday's final.
• India started with reserve keeper Krishan B. Pathak and the 22-year old made a fine save in the first quarter to deny Malaysia from its first penalty corner.
   

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