9 PM Daily Current Affairs Brief – 16 March 2017



Front Page / NATIONAL [The Hindu]


[1]. India hosts world’s oldest algae fossil

[2]. Science unravels spiders’ giant appetite


Editorial/OPINION [The Hindu]


[1]. Gauntlet at Sukma

[2]. An exit from Brexit?

[3]. A lost opportunity


Economy [The Hindu]


[1]. ‘Bad loans slowing, remain a challenge’

[2]. Centre unveils plan for export infra


Indian Express



Live Mint


[1]. Bumps in the road for India-US trade

[2]. Democratizing innovation and entrepreneurship


Front Page / NATIONAL


[1]. India hosts world’s oldest algae fossil

 

The Hindu

 

Context

New find in the Chitrakoot region of U.P. and M.P. may rewrite evolution timeline

 

What Has Happened?

India Scientists have uncovered a pair of 1.6 billion-year-old fossils that appear to contain red algae, which may be the oldest plant-like life discovered on Earth

 

Impact

Large multicellular organisms became common about 600 million years ago

This discovery could mean that ‘time of visible life’ seems to have begun much earlier

 

Earlier

Until now, the oldest known red algae was 1.2 billion years old

 

[2]. Science unravels spiders’ giant appetite

 

The Hindu

 

Context

The arachnids are great at pest control

 

What has happened?

According to a study, the world’s spiders eat 400-800 million tonnes of insects every year — as much meat and fish as humans consume over the same period

 

Study

  • Humans consume about 400 million tonnes of meat and fish every year
  • Whales feed on 280-500 tonnes of meat and fish
  • Seabirds about 70 million tonnes of seafood

 

Conclusion

  • Spiders play a big role in keeping pests and disease-carriers at bay — especially in forests and grasslands where most of them live
  • Expectation: To raise public awareness and increase the level of appreciation for the important global role of spiders

Editorial/OPINION


[1]. Gauntlet at Sukma

 

The Hindu

 

Context

The Maoist ambush suggests that the state has a lot more to do to establish its writ

 

What has happened?

Deadly ambush by Maoists in Chhattisgarh’s Sukma district

 

Can’t let loose

  • Wake up call for security forces: The incident should serve as a wake-up call for the security forces to beef up their standard operating procedures, especially intelligence-gathering capabilities, in the Maoist heartland in central India
  • In 2016, reportedly there was a 15% drop in left-wing extremist incidents, but the current incident proves otherwise

 

Half Measures

  • The government has over the past decade taken a patchy approach to bringing the so-called “red corridor” under its control
  • No visible civil administration: The only presence of the state consistently visible across the region has been of the security forces, not of the civil administration
  • Counter-insurgency operations by the security forces have often been undermined by poor intelligence, flagging alertness of the security forces and the absence of a multi-layered political strategy

 

Conclusion

Any fight against non-state actors will be effective only when the state puts forward its combined might to exhibit what it can — and indeed must — provide to the people

 

[2]. An exit from Brexit?

 

The Hindu

 

Context

A second independence referendum for Scotland would open up a new bunch of questions.

 

Relevant points:

 

Backdrop

British Prime Minister:

Criticised the Scottish National Party (SNP) for “tunnel vision nationalism” in a speech before Scottish Conservatives

UK announced to leave the single market and the customs union

 

The factors at play

  • Impact of the low oil price environment on the Scottish economy
  • Leaving the union and joining the EU would also be a logistical nightmare
  • could highlight the potential for industries such as the Scottish drinks industry within a U.K. unshackled by EU membership, with links to fast-growing Commonwealth countries, and beyond

 

Give the rest of the article a light read

 

[3]. A lost opportunity

 

The Hindu

 

Context

How the Maternity Benefit Bill fails to enable gender parity.

 

What has happened?

A day after International Women’s Day, Parliament cleared the Maternity Benefit (Amendment) Bill

 

Maternity Benefit (Amendment) Bill

  • Extends the period of paid maternity leave for women working in the organised sector to 26 weeks from the current 12
  • This is applicable to all organisations that employ 10 or more people

 

Author’s View:Might adversely impact women in the workplace

Why:

  • The gender ratio in corporate India is already highly lopsided
  • HR managers wary about the added costs of hiring young, fertile women
  • This extension of maternity leave to six months will effectively double these costs likely to result in much fewer women being employed in the corporate sector
  • In the World:In progressive countries, at least a part of the maternity costs are borne by the government. In India, this is entirely passed on to companies
  • Effect on Team members: Absence of any employee affects the workload of the other team members, decreasing productivity and adding additional costs
  • Reality Check:India’s leaking pipeline – the number of women who quit their jobs between junior and middle levels – is 50%, compared to the average of 29% in Asia. This means that the number of women who avail their maternity benefits and yet do not resume their jobs is rather high, adding to the cost concerns of their recruiters

 

Leaking pipeline

The number of women who quit their jobs between junior and middle levels,

  • For India – is 50%
  • For Asia – 29%

 

Observation: This also implies that the number of women who avail their maternity benefits and yet do not resume their jobs is rather high, adding to the cost concerns of their recruiters

 

Encouraging provisions

  • Crèche facility: Organizations which employ more than 30 women (or 50 people, whichever is less) will now have to provide a crèche
    • The mother is allowed to visit the crèche four times during the day.
  • Mothers who adopt babies are entitled to 12 weeks of paid maternity leave

 

Lost opportunity

What this bill has lost is the opportunity to usher in gender parity while simultaneously levying the burden of parental responsibilities entirely on mothers.

  • It furthers the notion of comparative cost of hiring women vs men and ties women down to the primary role of being childcare providers and not professionals in the workplace.

Economy


[1]. ‘Bad loans slowing, remain a challenge’

The Hindu

 

Context

The core problem of NPAs is with large corporates in steel, power, infra and textile sectors

 

Backdrop

Union Finance Minister held consultative committee meeting with MPs on the NPAs, referring to the ‘bad bank’ proposal (already discussed in previous briefs dated 6th Mar)

 

View of the FM:

  • The core problem of NPAs is with very large corporates, though few in numbers, predominantly in the steel, power, infrastructure and textile sectors.
  • They had expanded their capacity during the boom period (2003-08), but could not face the onslaught of global financial crisis and consequent slowdown thereafter
  • Sector-specific measures to deal with bad loans and the steel sector is on the recovery path

Suggestions of the MPs

  • Establish a Public Sector Asset Rehabilitation Agency (PARA) mooted by the CEA
    • The agency should only consider those NPAs where sector specific reforms do not help
  • Tough action against wilful defaulters

 

  • Criminal action
    • Criminal action must be taken against the big wilful defaulters
    • Under the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, the focus should be on catching big wilful defaulters
    • Need to restore the confidence of bankers and enable them to take commercially viable as well as rational decisions
    • Chief Vigilance Officer of the Public Sector Bank be made a part of the bank’s credit committee and the Board of the bank should take a call first about the decisions taken by their officials rather than investigating agencies directly acting on the basis of their own information
    • Allowing state governments to bid for stressed assets and keeping a close eye on the functioning of private asset reconstruction companies, whose performance ‘is not up to the mark in many cases

 

[2]. Centre unveils plan for export infra

 

The Hindu

 

Context

The Rs. 600 crore-scheme is aimed at strengthening India’s trade competitiveness

 

What has happened?

The Centre has unveiled a Trade Infrastructure for Export Scheme (TIES) to create export-related infrastructure and boost the competitiveness of India’s shipments.

 

Budgetary allocation

The scheme would have a budgetary allocation of Rs. 600 crore, with an annual outlay of Rs. 200 crore per year, and it would be implemented from FY’18 till FY’20

 

Objective of TIES

Major Objectives are

  • To enhance export competitiveness by bridging gaps in export infrastructure
  • Creating focused export infrastructure
  • First mile and last mile connectivity for export-oriented projects
  • Addressing quality and certification measures

 

Focus

The focus is not just to create infrastructure but to make sure it is professionally run and sustained

  • Empowered Committee: There will be an (inter-ministerial) Empowered Committee (chaired by the Commerce Secretary) to periodically review the progress of the approved projects in the Scheme and will take necessary steps to ensure achievement of the objectives of the Scheme

 

Replacing ASIDE

The scheme replaces a centrally sponsored schemeAssistance to States for creating Infrastructure for the Development and growth of Exports (ASIDE)


Indian Express



Live Mint


[1]. Bumps in the road for India-US trade

Live Mint

 

Context

India is likely to find a Donald Trump-led US a less yielding partner in the quest to reach $500 billion in bilateral trade

 

Trade policy agenda

The article revolves around US trade representative’s (USTR) annual Trade Policy Agenda and the annual report and future implications for India & US bilateral trade

 

Report

  • Against WTO: Document mentions that WTO decisions are not binding on American businesses unless Congress chooses to implement them
  • New Trade order: The agenda highlights that the US decision to withdraw from TPPas a sign of Trump’s commitment to a new trade order. Its impact on RCEP negotiations is to be seen yet
  • Significant barriers: Agenda highlights the trade barriers that American goods are facing in the world markets. India’s local sourcing rules, and its relatively high average tariffs (more than twice the world average), could certainly meet the description of “significant barriers. Moreover, the recent H1-B visa debate shows India’s vulnerability which can be easily exploited by US
  • IP protection: The agenda makes a strong pitch for intellectual property protection, making it one of the new administration’s top 10 trade objectives.

 

[2]. Democratizing innovation and entrepreneurship

 

Live Mint

 

Context

There is a widely accepted consensus that private venture investment in many sectors has not matched their business potential.

 

While much of the article is filled with jargon. In the last few paragraphs it talks about the Atal Innovation Mission (AIM) and how it is contributing to boost the start-up ecosystem in India

 

Give it a go through once.



 


Comments

2 responses to “9 PM Daily Current Affairs Brief – 16 March 2017”

  1. ManikChand Avatar
    ManikChand

    Thanks. If you can keep a check on the minor mistakes you will be the best.

  2. Thanx

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