Newspaper analysis from The Hindu bearing
relevance to Civil Services preparation
OROP rolled out, but veterans want more: The govt has announced the implementation of the long delayed One Rank One Pension (OROP) for ex-servicemen. However, protesting veterans rejecting the announcement as they believe it dilutes several core issues from the accepted definition. And, their representatives have met the Defence Minister to try and reach some understanding. Paramilitary forces and railway employees have now demanded OROP be made applicable to them as well.
Austria, Germany open borders: Austria and Germany threw open their borders to thousands of exhausted refugees. Although European countries are reluctant to accept refugees, the sheer number of people reaching Europe’s frontiers has forced this move. Asylum rules that require refugees to register in the first EU state they reach have been waived.
G20 vows to boost fragile growth, nudges China on currency: G20 finance ministers and central bank chiefs have pledged to act decisively to shore up stuttering global growth and to refrain from unsettling currency moves after China’s controversial devaluation last month. With a clear reference towards China, a statement has been released with a clear pledge not to resort to competitive currency devaluations to give an unfair advantage to domestic exports.
Eyes on China trade data: China’s battered stock markets will reopen on Monday after a two-day public holiday. Key numbers coming out next week include trade data on Tuesday – expected to show both monthly exports and imports have fallen again (for the month of August) – and inflation data on Thursday. Signs of a further weakness in these aspects will cement expectations of fresh stimulus measures from the govt, and keep markets on edge.
Jaitley pitches for global safety nets to check currency, market volatility: India has pitched for global safety nets to address concerns over volatility in currency movements and markets at the G20 meeting. This demand has come against the backdrop of economic shocks triggered by the devaluation of the yuan. The Union Finance Minister has sought well-designed and quickly triggered redundancies under the International Monetary Fund, such as the strengthening of liquidity arrangements through multilateral swap arrangements between member-countries to tackle negative spill-overs from domestic actions.
MAT to foreign investors: more clarity sought on P-Notes: After the govt has made Minimum Alternative Tax (MAT) applicable to foreign investors, the taxation of Participatory Notes (P-Notes) is an important issue in front of the govt today. It will help in weeding out entry of black-money into the country. (P-Notes are overseas derivative instruments (ODIs) issued by FPIs (earlier Foreign Institutional Investors) to overseas investors, who wish to invest in the domestic stock market without registering themselves with the SEBI).
CCPA to prepare a revival plan for West Bengal: To address the issues in the flailing Indian tea industry, the Consultative Committee of Plantation Associations (CCPA) will soon prepare a revival plan targeting the rising costs of production.