Finance Ministry April fool on Small Saving Interest: UPSC Daily Current Affairs Apr-02-2021 скачать в хорошем качестве

Finance Ministry April fool on Small Saving Interest: UPSC Daily Current Affairs Apr-02-2021

Visit https://Mrunal.org/Current for Current affairs Excel file & all the Links to 👨‍🏫 free lectures & 🔠 quiz competition with exciting prizes! Time Codes 00:00 - Small savings interest rate UNDO 03:06 - Lateral entry 06:32 - Low Base Effect 10:06 - Irrigation Canal 14:23 - Environmental ethics 21:02 - Explained Series ⏩ Economy💳 → Economic policy uncertainty 1) 2021-April: Department of economic affairs announced reducing the small saving interest rate → One day later the finance minister says it was a mistake.No changes. (Perhaps because of the adverse impact on West Bengal election. Top-3 contributors to small savings: W. Bengal, UP, MH. Previously "undo"-ing decision after public protest: [2) Income Tax surcharge on Foreign portfolio investors (FM Nirmala.S) [3) FM Jaitley: Income tax on EPF withdrawal. Past Economic Surveys Criticized such economic policy uncertainty because it harms the saving behaviour, foreign investment, Ease of doing business, Bureaucrats become risk-averse and start to take decisions with political considerations → Policy paralysis. → Lateral Entry/ Generalist Specialist: Ministry of personnel → Department of personnel and training (DOPT) → Public Enterprises Selection Board (PESB): Responsible for selection of Chairman, Managing Director, executive director in Central public sector enterprises (CPSE/ Government companies) e.g. ONGC, Coal India etc. BEFORE: Usually a senior IAS officer would be appointed as the chairman of this board. (Although private sector experts also eligible for the appointment) 2021: Mallika Srinivasan CMD of Tafe tractor company appointed for 3 years / 65 age. Benefit? 1) More insight and network in selection of CMDs. 2) if More talented persons are selected to head CPSE= Profitability ⏫. Separately there is a bank board Bureau under the Finance ministry's Department of financial services for selecting public sector bank and public sector nbfc's top officials. → ⚾️📻⚾️🎓✋IL&FS sells 49% shareholding of a Chinese Road company (Not for patriotism), but to pay the Bank of Baroda loans → ⚾️📻⚾️🎓✋Automobile sales increased 1) by Low base effect [i.e.Depending on the denominator of previous year figure= the percentage may change (90-80)/80= 12.5% whereas (100-90)/90=11% Even though in both cases the absolute increase in the car sales is only 10 cars. But Percentage is different due to low base effect] 2) personal mobility demand : corona - Restrictions/infection fears in bus/rail/airplanes- So people begin to think better to have a personal vehicle /car. ⏩ Agri🌽 → Narmada canal broke 100 times in last 2 yrs- admits Gujarat govt in Vidhan Sabha. Reason 1) Corruption: substandard quality of construction and maintenance 2) Farmers illegally drilling holes in the canal to insert their own pipelines to steal water. Why is canal breaking bad? 1) waterlogging, Harm to Flora Fauna 2) crops destroyed → Same farmers demand compensation from Govt → additional burden on taxpayers. ⏩ Ethics GSM4☯️ → Environmental ethics: Aristotle wrote two ethical treatises: the Nicomachean Ethics and the Eudemian Ethics. Nicomachean Ethics: Three forms of Justice [When applied to climate change] 1) Distributive Justice: Climate change funding should be distributed in the principles of equity. But, nowadays Net zero emission by 2050 China is singing this tune just to appease the American and European Union policy makers so as to sign the trade agreement deal. But this violates the principles of common but differentiated responsibilities and respective capabilities (CBDR-RC) i.e. First world countries need to take more effort & funding in combating the climate change compared to third world countries. 2) commutative justice: Requires fairness in all type of agreements/ treaties. Paris Deal- First world countries agreed to donate billions of dollars but in reality not doing so 3) Corrective justice: Giving punishment/fines to undo the injustice and/or Giving compensation to the victim. But not happening in climate change, In letter and spirit. ⏩ PIN-GK🏋️ → Dada Saheb Phalke award by Ministry of Information and Broadcasting: Rajinikanth (Original name Shivaji Rao Gaikwad, Marathi Bus conductor from Karnataka)