Current Affairs 3rd Oct 2017

 

1 . G . ROHINI   COMMISSION

SOURCE – HINDU

RELEVANCE – GS PRELIMS

  • President Ram Nath Kovind on Monday appointed a commission to examine the sub-categorisation of Other Backward Classes (OBCs) to ensure that the more backward among the communities can access the benefits of reservation.
  • The five-member panel will be headed by retired Chief Justice of the Delhi High Court G. Rohini.
  • Sub-categorisation of the OBCs will ensure that the more backward among the OBC communities can also access the benefits of reservation for educational institutions and government jobs.

Terms of reference

  • The terms of reference of the commission are to examine the extent of inequitable distribution of benefits of reservation among the castes or communities included in the broad category of OBC with reference to such classes included in the Central list; to work out the mechanism for sub- categorisation.

 

 

2 . INDIA   GDP   TO   HIT   $ 6 TRILLION   BY   2027

SOURCE – HINDU

RELEVANCE – GS PRELIMS

  • India is likely to be the world’s fastest-growing large economy in the next 10 years, driven by digitisation, favourable demographics, globalisation and reforms, predicts a Morgan Stanley report.
  • India is likely to be the world’s fastest-growing large economy in the next 10 years, driven by digitisation, favourable demographics, globalisation and reforms, predicts a Morgan Stanley report.

 

 

3 . FARM   LOAN   WAIVER   COULD   COST   THE   EXCHEQUER   UPTO   Rs 2.5   LAKH    CRORE   OR   0.5%   OF   GDP : CRISIL

SOURCE – ECONOMIC  TIMES

RELEVANCE – GS MAINS PAPER III &  GS PRELIMS

  • If all affected states also announce farm loan waivers the Uttar Pradesh, Maharashtra, Karnataka and Punjab did, then the total cost the exchequer could be upto Rs 2.5 lakh crore or 0.5% of GDP, estimates ratings firm Crisil.
  •  The ratings firm has said that the cost could be significantly high for Tamil Nadu, which has the highest outstanding agricultural loans among states. Kerala, Madhya Pradesh and Rajasthan, too, could feel some pressure.Untitled-9
  •  On the crop outlook, Crisil said that despite, pockets of stress, kharif production is expected to be healthy.
  • Regions that witnessed weak rains either enjoy a strong irrigation cover or are those that contribute less to kharif production.
  • The government’s first advance estimates suggest kharif production could be 2.8% lower on-year for foodgrains and as much as 7.7% lower for oilseeds.
  • But the decline is also because last year had seen a sharp increase in the area under coverage and production for most crops.
  • Compared with the normal or the typical average for the period, sowing is higher and production as per trend

WHAT   IS   CRISIL ?

  • CRISIL (formerly Credit Rating Information Services of India Limited) is a global analytical company providing ratings, research, and risk and policy advisory services.
  •  CRISIL’s majority shareholder is Standard & Poor’s, a division of McGraw Hill Financial and provider of financial market intelligence.

 

 

4 . EXPORTS   FROM   SEZ   IN   FAST   LANE   

SOURCE – ECONOMIC   TIMES

RELEVANCE – GS MAINS PAPER III  &  GS PRELIMS

  • Exports from special economic zones (SEZs) paced up 15.4 per cent to Rs 1.35 lakh crore during the first quarter this fiscal.
  •  In the GST (Goods and Services Tax) regime, units in SEZs have advantage compared to the units in domestic tariff area.
  •  Exports grew about 12 per cent to Rs 5.24 lakh crore in 2016-17 as against Rs 4.67 lakh crore in the previous fiscal.
  • These zones have attracted investments worth Rs 4.33 lakh crore up to June this year.

KNOW   ABOUT   SEZ

  • special economic zone (SEZ) is an area in which business and trade laws are different from rest of the country.
  • SEZs are located within a country’s national borders, and their aims include: increased trade, increased investment, job creation and effective administration.
  • To encourage businesses to set up in the zone, financial policies are introduced.
  • These policies typically regard investing, taxation, trading, quotas, customs and labour regulations.
  • Additionally, companies may be offered tax holidays, where upon establishing in a zone they are granted a period of lower taxation.Exports grew about 12 per cent to Rs 5.24 lakh crore in 2016-17 as against Rs 4.67 lakh crore in the previous fiscal.
  • The highest number of SEZs in India are operational in states like Tamil Nadu, Karnataka, Telangana and Maharashtra.
  •  Till September 7, the government has approved as many as 424 zones, of which 222 are operational. 
  • With an aim to promote exports from these zones, supplies from the domestic market to special economic zones are treated at par with exports under the Goods and Services Tax (GST) regime.
  •  Exports from SEZs and export oriented units (EOUs) contributed about 33 per cent to the country’s total shipments.