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Current Affairs for IAS Exams - 28 February 2015

:: National ::

States will have more spending freedom: CEA

Chief Economic Adviser Arvind Subramanian said that calculations showed that the total transfers from the Centre to the States as a percentage of the divisible pool of its net tax revenue would remain nearly the same even after the acceptance of the 14th Finance Commission’s recommendations.
However, transfers from the Central government would no longer be scheme-and-grant-based, and it would rather be devolution-based, leading to more spending freedom for the States — and that would be a “watershed change in the story of Indian federalism.”
In a presentation to reporters after Union Finance Minister Arun Jaitley tabled the Economic Survey 2014-15 in Parliament, Dr. Subramanian said that in the last three years, the Centre transferred, on an average, 64 per cent of the divisible pool of its net taxes to the States under various heads.
This included the States’ share of 32 per cent of the pool on account of the 13th Finance Commission’s award and the Centre’s assistance to the States by way of plan transfers.
The Centre would have had to transfer to the States funds amounting to 65 per cent of the pool had the recommendations of the 14th Finance Commission (which is for a 42 per cent States’ share against the 13th Finance Commission’s 32 per cent) applied in the current year, he said.
The 14th Finance Commission’s recommendations do not apply in the current year; they will be applicable for the five-year period starting April 1.
With the share for the States in the pool rising, the Centre’s plan transfers to the States by way of assistance would diminish, the Economic Survey indicated. “Balancing the enhanced fiscal autonomy of the States with preserving fiscal space of the Centre entails a reduction in the Central assistance to the States,” it said.
The Survey said the biggest gainers from the 14th Finance Commission’s award in absolute terms under the general category States are Uttar Pradesh, West Bengal and Madhya Pradesh. Jammu & Kashmir, Himachal Pradesh and Assam are the most benefited in the special category.
The 14th Finance Commission’s recommendations would add substantial spending capacity to the States’ budgets, the Survey said.

SC moved for CBI probe into Essar leaks

The Centre for Public Interest Litigation, NGO which successfully fought the 2G Spectrum scam case, moved the Supreme Court for a CBI investigation into the nexus between multi-billion dollar Essar Group and top bureaucrats, journalists and politicians, including Transport Minister Nitin Gadkari and a host of UPA leaders.
The petition is based on internal emails and documents leaked from Essar by a whistleblower.
The petition, supported by a host of annexures, mostly emails, alleged that Essar not only sponsored high-end gifts but also luxury travel of politicians and their family members.
A series of emails details that Mr. Gadkari and his family used Essar vice-chairman Ravi Ruia’s 280-feet super luxury personal yacht ‘Sunrays’ for cruise in 2013 when he was BJP president.

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:: International ::

The Tablet set to celebrate 175th year of continuous publication

The Tablet , the Catholic weekly regarded as one of Britain’s oldest journals, is about to celebrate 175 years of uninterrupted publication.
Founded in May 1840 by a Quaker convert to Catholicism, Frederick Lucas, it is published in London but has garnered an international audience.
Its anniversary will be marked with a series of events throughout the year, including a mass at Westminster Cathedral on 16 May. In June, novelists Antonia Fraser, David Lodge and Andrew O’Hagan, plus historian Roy Foster, will debate faith and fiction at the Tablet Literary Festival in Birmingham.
In October, an interfaith seminar at the London School of Economics will consider whether Catholics, Jews and Muslims remain outsiders in British society. It will be moderated by Professor Conor Gearty.
Also that month, the pianist Stephen Hough will perform a specially commissioned Tablet Sonata at the Barbican Centre. Throughout 2015, The Tablet will also be awarding bursaries to postgraduate students in religious studies departments.
Catherine Pepinster, The Tablet ’s editor, points out that few publications have lasted 175 years, adding: “That a Catholic publication should have done so, given the tempestuous history of Roman Catholicism in this country, is testimony not only to The Tablet ’s journalism but to the capacity for a minority group to thrive in Britain.”

China formally backs trilateral partnership with India, Sri Lanka

China formally backed a trilateral partnership with India and Sri Lanka to establish a Maritime Silk Road (MSR) and promote the rise of Eurasia.
Responding to a question from The Hindu , during a joint press conference with visiting Sri Lankan Foreign Minister Mangala Samaraweera, Chinese Foreign Minister, Wang Yi declared that “China is open to a triangular cooperative relationship” involving India and Sri Lanka.
He reinforced the three-way engagement by pointing out that China would like to “expedite such cooperation and see practical measures between China and India,” where each country would pool its bilateral strengths, leading to Sri Lanka’s social and economic development.
Mr. Wang’s comments, signalling a more inclusive strategic appreciation of the region, run counter to Indian concerns, expressed during former President Mahinda Rajapaksa’s tenure, that a firm military relationship between China and Sri Lanka in the Indian Ocean was taking root, following the docking of a Chinese submarine in Colombo.
Mr. Wang said China would “certainly like to hold talks” with India on a triangular relationship with Sri Lanka in the future, in tune with Sino-Indian partnership on key global and regional issues.
The Chinese Minister commented that Beijing would like to see progress in India-Sri Lanka relations, which would become a factor of stability in South Asia.
With the conceptual lines of a triangular relationship surfacing, Mr. Samaraweera also said Sri Lanka saw China as a “great friend” and India as a “neighbour and relative.”
He stressed that Sri Lanka’s centrist and pragmatic foreign policy, liberated from any specific ideology, was grounded in the principle of non-alignment, and was ultimately geared to benefit the Sri Lankan people.
Mr. Samaraweera said he did not specifically discuss the Colombo port project — which has been mired in controversy given its supposed military attributes — with his Chinese counterpart.
Part of Mr. Samaraweera’s agenda was to prepare for next month’s visit to China by President Maithripala Sirisena, and fast-tracking high level exchanges including the possible visit to Colombo by Chinese Prime Minister Li Keqiang.
Both sides are looking at the signing of a Free Trade Area (FTA) accord and prioritising tie-ups in the field of healthcare, agriculture, science and technology and people-to-people relations.

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:: Business & Economy ::

4-D solution for banking industry

The Economic Survey 2014-15 has proposed a 4-D prescription to the Indian banking sector, which is hobbled by policy constraints, which create double financial repression, and, by structural factors, impede competition.

The four Ds include:

De-regulation (addressing the statutory liquidity ratio (SLR) and priority sector lending (PSL)),
Differentiation (within the public sector banks in relation to recapitalisation, shrinking balance sheets, and ownership),
Diversification (of source of funding within and outside banking), and Disinterring (by improving exit mechanisms).

Highlights of Union Budget 2015

FM's Budget speech dwelt on agriculture, public investments in infrastructure, manufacturing and social sector spending.
States to be equal partners in economic growth; move to making India cashless society; social sector programmes to continue.
Some of the challenges mentioned by the Finance Minister are: poor agricultural income, decline in manufacturing ; and the need for fiscal discipline.

Here are sector-wise highlights:

TAXATION

1 Abolition of Wealth Tax.
2 Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
3 Rate of corporate tax to be reduced to 25% over next four years.
4 Total exemption of up to Rs. 4,44,200 can be achieved.
5 100% exemption for contribution to Swachch Bharat, apart from CSR.
6 Service tax increased to14 per cent.

AGRICULTURE

1 Rs. 25,000 crore for Rural Infrastructure Development Bank.
2 Rs. 5,300 crore to support Micro Irrigation Programme.
3 Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE

1 Rs. 70,000 crores to Infrastructure sector.
2 Tax-free bonds for projects in rail road and irrigation
3 PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
4 Rs. 150 crore allocated for Research & Development
5 NITI to be established and involvement of entrepreneurs, researchers to foster scientific innovations.
6 Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

EDUCATION

1 AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
2 IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT.
3 PG institute of Horticulture in Armtisar.
4 Kerala to have University of Disability Studies
5 Centre of film production, animation and gaming to come up in Arunachal Pradesh.
6 IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENCE

1 Rs. 2,46,726 crore for Defence.
2 Focus on Make in India for quick manufacturing of Defence equipment.

WELFARE SCHEMES

1 50,000 toilets constructed under Swachh Bharath Abhiyan.
2 Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016.
3 MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
4 Housing for all by 2020.
5 Upgradation 80,000 secondary schools.
6 DBT will be further be expanded from 1 crore to 10.3 crore.
7 For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.
8 New scheme for physical aids and assisted living devices for people aged over 80 .
9 Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
10 Rs. 5,000 crore additional allocation for MGNREGA.
11 Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY

1 Rs. 75 crore for electric cars production.
2 Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro

TOURISM

1 Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.
2 Visa on Arrival for 150 countries.

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:: Science & Technology ::

Russia plans its own space station

The Russian Federal Space Agency (Roscosmos) has revealed plans to build an orbiting outpost and land cosmonauts on the moon once the International Space Station (ISS) is mothballed next decade.
In an official statement , Roscosmos pledged its support for the ISS until 2024 but outlined plans to disconnect its modules soon after, and use them to build a Russian space station in its place.
The creation of a national space station would ensure that Russia has a base to fly cosmonauts to until it has developed its more ambitious plans to send crews on orbiting missions around the moon and land them on its surface by 2030.
Since Nasa, the U.S. space agency, retired its fleet of space shuttles, Russia has been the only nation able to ferry humans to and from the ISS aboard its Soyuz rockets.
The Russians’ commitment to the ISS was welcomed by some experts, including Chris Hadfield, the Canadian astronaut who covered the David Bowie classic, Space Oddity, from the ISS.
Despite the enthusiasm over Moscow’s decision to extend its support, the plans outlined by Roscosmos for a national space station and human missions to the moon suggest that Russia is poised to break away from its international partners in space exploration.