World Economic Outlook 2019 April report

For: Preliminary; Mains : GS III

News Flash

The International Monetary Fund (IMF) has projected that global growth will be 3.3% in 2019. It is slightly lower from 3.6% in 2018 and 4% in 2017.

• India GDP growth seen at 7.3% in 2019-20 and 7.5% in 2020-21, 20 basis points lower than earlier IMF estimates.
• The report also emphasized on enhancing governance of public sector banks and creation of more jobs.

One basis point is one-hundredth of a percentage point.

Why Lower Global growth

It is mainly due to lower global expansion in the second half of 2018 caused by:

• S-China trade tensions.
• Macroeconomic stress in Turkey and Argentina
• Tighter credit policies in China
• Financial tightening
• A normalisation of monetary policy in advanced economies

 

Aspects of Economic Growth

There are two mains aspects

• Aggregate Demand
• Aggregate Supply

Aggregate demand can be increased by

• Lowering interest rates – It will reduce cost of borrowing and increase consumer spending and investment.
• Higher global growth
• Making exports cheaper and imports more expensive
• Rise in domestic demand

Aggregate Supply can be increased by

• Developing new technologies
• Training for workers to become more productive
• More flexible working conditions or practices
• Improvement in Public Sector investment

Government’s influence in the economic growth

• Cutting taxes to increase disposable income and encourage spending.
• Cutting interest rates can boost domestic demand.
• Government to provide economic and political stability.

 

Source: The Hindu

 

 

World Bank

For: Preliminary; Mains: GS III

News Flash

David Malpass was selected as the 13th President of the World Bank Group by the Bank’s Board of Executive Directors. His five-year term began on April 9, 2019.

• The President of the World Bank is ex officio chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The President is also ex officio chair of the Board of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

 

World Bank

The World Bank is an international financial institution that provides loans to countries of the world for capital projects. The World Bank is a component of the World Bank Group. The bank was set up in 1944 with a charter to drive post-world war II reconstruction. It is headquartered at Washington D.C.

India is member of International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC) , Multilateral Investment Guarantee Agency (MIGA).

 

The World Bank Group has set two goals for the world to achieve by 2030

• End extreme poverty by decreasing the percentage of people living on less than $1.90 a day to no more than 3%
• Promote shared prosperity by fostering the income growth of the bottom 40% for every country.

 

Selection Process

Candidates should meet the following criteria:

• A proven track record of leadership;
• Experience of managing large organizations with international exposure, and a familiarity with the public sector;
• The ability to articulate a clear vision of the World Bank Group’s development mission;
• A firm commitment to and appreciation for multilateral cooperation; and,
• Effective and diplomatic communication skills, impartiality and objectivity in the performance of the responsibilities of the position.

 

Source: The Hindu

 

 

Armed Forces Tribunal

For: Preliminary; Mains: GS III

News Flash

Vice Admiral Bimal Verma withdrew the petition from the Armed Forces Tribunal (AFT), which was moved over his supersession and appointment of Vice Admiral Karambir Singh as the next Chief of Naval Staff (CNS).

 

Armed Forces Tribunal

• The Armed Forces Tribunal was inaugurated by the President of India on the 8th August 2009.
• The Armed Forces Tribunal Act 2007, was passed by the Parliament and led to the formation of AFT.
• The Tribunal shall transact their proceedings as per the Armed Forces Tribunal ( Procedure) rules, 2008.
• The Tribunal will normally follow the procedure as is practiced in the High Courts of India.

 

Powers of AFT

• It is provided for the adjudication or trial by Armed Forces Tribunal of disputes and complaints with respect to commission, appointments, enrolments and conditions of service in respect of persons subject to the Army Act, 1950, The Navy Act, 1957 and the Air Force Act, 1950.
• It can further provide for appeals arising out of orders, findings or sentences of courts- martial held under the said Acts and for matters connected therewith or incidental thereto.

 

Benches & Members

• AFT’s principal Bench is in New Delhi.
• AFT has Regional Benches at Chandigarh, Lucknow, Kolkatta, Guwahati, Chennai, Kochi, Mumbai and Jaipur.
• Each Bench comprises of a Judicial Member and an Administrative Member.
• The Judicial Members are retired High Court Judges and Administrative Members are retired Members of the Armed Forces who have held rank of Major General/ equivalent or above for a period of three years or more, Judge Advocate General (JAG), who have held the appointment for at least one year are also entitled to be appointed as the Administrative Member.

 

Source: The Hindu

 

 

The Citizenship (Amendment) Bill

For: Preliminary; Mains: GS II

News Flash

Loksabha cleared the Citizenship (Amendment) Bill proposed for providing citizenship belonging to minority communities from “Hindus, Sikhs, Buddhists, Jains, Parsis and Christians from Afghanistan, Bangladesh and Pakistan”.

• Government is committed to the enactment of the Citizenship Amendment Bill for the protection of individuals of religious minority communities from neighbouring countries escaping persecution.

 

Citizenship

Part II of the Constitution of India (Articles 5-11) deals with the Citizenship of India.

Article 5	Citizenship at the commencement of the constitution.
Article 6	Rights of citizenship of certain persons who have migrated to India from Pakistan.
Article 7	Rights of citizenship of certain migrants to Pakistan
Article 8	Rights of citizenship of certain persons of India origin residing outside India
Article 9	Persons voluntarily acquiring citizenship of a foreign state not to be citizen
Article 10	Continuance of the rights of citizenship
Article 11	Parliament to regulate the right of citizenship by law

 

Acquisition of Indian Citizenship

• The Citizenship Act 1955 provides for the acquisition of Indian Citizenship after the commencement of the Constitution in five ways; i.e. birth, descent, registration, naturalization and incorporation of territory.
• Persons domiciled in the territory of India as on 26 November 1949 automatically became Indian citizens by virtue of operation of the relevant provisions of the Indian Constitution coming into force.
• Any person born in India on or after 26 January 1950, but prior to the commencement of the 1986 Act on 1 July 1987, is a citizen of India by birth.
• A person born in India on or after 1 July 1987 is a citizen of India if either parent was a citizen of India at the time of the birth.
• Those born in India on or after 3 December 2004 are considered citizens of India only if both of their parents are citizens of India or if one parent is a citizen of India and the other is not an illegal migrant at the time of their birth.

 

Source: Indian Express

 

 

Remeasuring Mount Everest

For: Preliminary; Mains: GS I

News Flash

Nepal is sending a team of government-appointed climbers up Mount Everest to remeasure its height. Four government surveyors will depart for Everest, which lies on the Himalayan range straddling the border of Nepal and China.

• Its official height is 8,848 metres (29,029 feet), first recorded by an Indian survey in 1954. Numerous other teams have measured the peak, although the 1954 height remains the widely accepted figure.

 

Why this is needed?

A heated debate erupted in the aftermath of a massive earthquake in Nepal in 2015, with suggestions the powerful tremor had knocked height off the lofty peak.

In May 1999, an American team added two metres to Everest’s height when it used GPS technology to survey the peak. That figure is now used by the U.S. National Geographic Society, but otherwise not widely accepted.

Later, Nepal became embroiled in a diplomatic row with China after the latter claimed the peak was four metres shorter than the accepted height.

 

Mount Everest

Mount Everest, known in Nepali as Sagarmatha and in Tibetan as Chomolungma is Earth’s highest mountain above sea level. The international border between Nepal and China runs across its summit point.

In 1865, Everest was given its official English name by the Royal Geographical Society, upon a recommendation by Andrew Waugh, the British Surveyor General of India.

 

Source: NDTV

 

 

India -Sri lanka Relations

For: Preliminary; Mains: GS II

News Flash

Indian Defence Secretary is on a visit to Sri Lanka and called Mr.Srisena for wide-ranging matters, including bilateral defence cooperation between the neighbouring countries.

 

Key issues for agreement

Increasing cooperation in security and defence spheres in several areas:

• Regional security
• Curbing drug smuggling and human trafficking
• Training of members of the security forces.

 

Defence Corporation

Currently, over 60% of Sri Lanka’s military personnel pursue their young officers’ course, junior and senior command courses in India.

Meanwhile, ‘Exercise Mitra Shakti’, the sixth edition of the joint military training exercise between the Indian Army and the Sri Lankan Army, concluded in Badulla district, in Sri Lanka’s Central Province.

 

 

ATTENTION

Graham Reid

Hockey India, confirmed the appointment of Graham Reid as chief coach of the India men’s hockey team. The 54-year-old Reid is likely to join the team midway through the national camp in Bengaluru.