Newspaper Must Read Articles of The Day – 3 September 2015

69 small oilfields on the block : New policy to unlock hydrocarbon reserves worth Rs. 70,000 crore. approved by the Government; to auction off 69 small and marginal oilfields. A “paradigm changing” model of sharing revenue instead of profits. Government has decided to put in place a unified license for all hydrocarbons. (More news on the issue to come in further days)

China has established its presence across PoK : China has invested a huge sum of amount in three major hydel projects and a highway project in Pakistan occupied Kashmir (PoK). China is also envisaging to construct a railway network in the area. Apart from financial capital there is presence of chinese human capital for proper implementation of projects.

Risky Portents in Manipur : The issue relates to the demand from Meities who fears risk of being marganilsed; to stop outsiders from buying land in the state. The Protection of Manipur People’s Bill, and two amendments, have been opposed by the tribal organisations(Kukis, Mizos and Chins), which claim control of the Manipur Hill districts. They feel insecure as many of them who came to Manipur after 1951 or whose lineage may not meet the list of criteria set out in the Bills, could now be legally identified as ‘outsiders.’

The Case against death penalty : The Law Commission of India in its report has declared that death penalty as a deterrence is a myth and doing away with it should be the goal of India. Death penalty to be scrapped for all crimes but terrorism related activities is recommended by commission.

Chasing black money with UN help : There exists a body of provisions in the United Nations Convention Against Corruption (UNCAC), extracted through hard negotiations, which can be applied to recover black money. If implemented in good faith, the convention should be of immense value to countries where corrupt high officials have plundered natural wealth, and where new governments badly need these resources to reconstruct and rehabilitate their societies.

Interview with Arvind Panagariya: Law Reforms feasible through executive action : In wake of achieving double digit growth in India which is being delayed to continuous disruption of Parliament; there are provision for executive action in certain laws like Mahatama Gandhi National Rural Employment Guarantee Act (MNREGA) to bring about reforms needed.

India is in or close to deflation territory : Deflation a phenomenon generally associated with advanced economies seem to creeping into India, an emerging economy. This has been flagged of as a concern by Chief Economic Advisor (CEA) Arvind Subramanian. Wholesale price inflation has been in negative territory for the last nine months and hit an all-time low of minus 4.05 per cent in July with Consumer Price Index coming down to 3.78%. Terming the fall in prices unpredictable RBI governor Raghuram Rajan indicated of imminent interest rates cut.

Start-Ups: Detailed framework in the offing : With Prime Minister Narendra Modi new slogan ‘Start-up India; Stand up India’, the Commerce and Industry Ministry has started fleshing out a framework to encourage start-ups and boost job creation. The framework is expected to cover all aspects of support to start ups which will include , which includes mentoring, linking companies with universities and institutions, giving marketing support, consultancy on intellectual property rights and providing easy regulatory mechanism for them so that they do not have to run from one door to another.

India a worthy contender for APEC membership: Kevin Rudd : Terming India a significant global economy with initiatives like Act East Policy and Make in India; Australian Former PM Kevin Rudd speaks of APEC missing out so much due to India’s absence. He spoke about APEC being a perfect platform to achieve its above mentioned initiatives. Mean time Korean Foreign Minister Sung-Hwan Kim talked of India’s rising labour force which can create jobs outside India also.

Economic Cooperation Top Priority: Australian Defence Minister : Australia is committed to fulfilling the objective of Prime Ministers Tony Abbott and Narendra Modi to conclude a CECA by the end of 2015. Australia and India are natural economic partners and a mutually beneficial, high quality agreement will help unlock the potential of the already strong Australia-India relationship

Sri Lankan Parliament urged to repeal anti-terror Act : The Campaign for Free and Fair Elections (CaFFE) has termed the Prevention of Terrorism Act as more dangerous than emergency laws and has appealed to Parliament for its repeal. It has also been pointed the act has failed in its objective at several times.

Obama cliches vote to secure N-deal : With a view that N-Deal given out to Iran is the best way to curb its nuclear ambition. Any resolution passed against the deal by congress can be vetoed by President which requires a support of 34 senates to keep the bill alive.

China’s Missiles set to challenge USA :Demonstrating its 2F-21D missiles widely seen as aircraft carrier China seems to challenge US pivot to South Asia policy. A unique ballistic missile with an anti-ship role. The weapon first acquires a ballistic trajectory and then reenters the atmosphere, attacking its target at a 10 times the speed-of-sound, defeating most known anti-ship defences. Analysts say the missile has been specifically designed to counter the US advantage in aircraft carriers, and is therefore a strategic weapon because of its potential role in shifting the balance of military power in the Pacific.

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