Showing posts with label affected. Show all posts
Showing posts with label affected. Show all posts

Saturday, 14 December 2019

Rajya Sabha passes International Financial Services Centres Authority Bill, 2019 - Pragnya IAS Academy - News Analysis.

Rajya Sabha passes International Financial Services Centres Authority Bill, 2019.

• Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government
• The Lok Sabha passed Bill on Wednesday and will become a law after the President’s assent
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The Rajya Sabha on Thursday passed the International Financial Services Centres (IFSCs) Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in IFSCs in the cpuntry.
An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders.
London, New York and Singapore can be counted as global financial centres. The first IFSC in India has been set up at GIFT City in Gujarat’s Gandhinagar. IFSCs can be set up in an SEZ or as an SEZ after approval from the Centre.
The Lok Sabha passed Bill on Wednesday and will become a law after the President’s assent.
IFSCs would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India.
"In a path breaking reform, both Houses pass International Financial Services Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, SEBI, IRDAI And PFRDA," economic affairs secretary Atanu Chakraborty said in a tweet.
According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), the Securities Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority(PFRDA). There will also be two members from the central government and full-time or part-time members.
Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.
Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators such as RBI, SEBI and IRDAI.
"The dynamic nature of business in the IFSCs necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in IFSCs. The development of financial services and products in IFSCs would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for IFSCs in India to provide world class regulatory environment to financial market participants," the government had said earlier. (Source: Livemint)


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Rajya Sabha passes International Financial Services Centres Authority Bill, 2019.

How Bougainville may be a new country in the Pacific and why that matters to China - Pragnya IAS Academy - News Analysis.

How Bougainville may be a new country in the Pacific and why that matters to China.

Bougainville has voted to become a new country, but the journey to independence is not yet over

The Autonomous Region of Bougainville, a chain of islands that lie 959 kilometres northwest of Papua New Guinea’s (PNG) capital, Port Moresby, has voted unequivocally for independence.
The referendum saw 85 per cent voter turnout during three weeks of voting, with 97.7 per cent of voters choosing independence from Papua New Guinea over the second option, which was remaining, but with greater autonomy from PNG. As the Bougainville Referendum Commission stated, the numbers told an important story, reflecting the support for independence across genders and age groups.
It’s a momentous event, not only because it could a new country, but also because the referendum marks an important part of a peace agreement signed almost 20 years ago.
The 2001 Bougainville Peace Agreement ended the deeply divisive nine year conflict (1988-1997) that lead to the deaths of approximately 20,000 people, or about 10 per cent of Bougainville’s population.
The referendum, however, is non-binding. The ultimate outcome will be determined by a vote in Papua New Guinea’s National Parliament following negotiations between the Papua New Guinean government and the Autonomous Bougainville Government.
But as former President James Tanis said to me hours after the result was announced: we survived the war, ended the war, delivered a successful referendum, what else can now stop us from becoming a successful independent nation?
China’s interest in Bougainville
For the broader region, an independent Bougainville has a number of implications. Firstly, it sends a strong signal for other self-determination movements across the Pacific, including in New Caledonia which will hold a second referendum for independence in 2020.
There are also geopolitical implications. The referendum has taken place during a period of heightened strategic anxiety among the Pacific’s so-called traditional partners — Australia, New Zealand and the United States, as well as the United Kingdom, France and Japan.
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There have long been concerns China will seek to curry influence with an independent Bougainville. As one Bougainvillean leader informed me, Chinese efforts to build relationships with Bougainville’s political elite have increased over the past few years.
Beijing’s interest in Bougainville is two-fold: First, it is seeking to shore up diplomatic support in the Pacific Islands region, thereby reducing support for Taiwan which lost a further two Pacific allies this year. And second, to access to resources, namely fisheries and extractive minerals.
Although it will be tempting for many in Canberra, Washington and Wellington to view an independent Bougainville through the current strategic prism — adhering to narratives about debt-trap diplomacy — doing so undermines the importance of local dynamics and the resilience of Bougainville people.
An independent Bougainville navigating a more disordered and disruptive international environment will need nuanced grounded advice, rather than speculation. The road ahead for Bougainville will be challenging and it will need its friends — particularly New Zealand and Australia.
The much vaunted respective “Pacific Reset” and “Pacific Step Up” policies provide entry points for the kind of genuine engagement and support that Bougainville will require in the coming years.
Celebration with cautious anticipation
Following the result’s announcement, Papua New Guinea’s Prime Minister James Marape said his government had heard the voice of Bougainvilleans, and the two governments must now develop a road map that leads to lasting political settlement.
And Bougainville Referendum Commission chairman Bertie Ahern urged all sides to recognise the result and said the vote was about “your peace, your history, and your future” and reflected “the power of the pen over weapons”. Acknowledging the result is non-binding, Ahern said:
the referendum is one part of that ongoing journey.
And here lies the challenge. The post-referendum period was always going to be one of celebration, cautious anticipation and the management of expectations.
As one of Bougainville’s formidable women leaders told me, there are concerns about security in the post-referendum period as expectation turns to frustration if there are perceived delays in determining Bougainville’s future political status.
What’s more, the negotiations are likely to take a long time, since there’s no deadline they’re required to meet.
There are, however, critical milestones that still need to be hit first. This includes the Autonomous Bougainville Government elections, the first elections following the referendum, so will likely see intensified politicking as politicians jockey for a potential role in building an independent Bougainvillean state.
The Papua New Guinea’s national elections are also scheduled for 2022. The risk in both cases is that Bougainville’s future becomes a political pawn.
An independent Bougainville will face significant challenges and diverse choices.
Not least of which is Bougainville’s economic security and the choices that will need to be made about the Panguna Mine, the gold and copper mine at the heart of much of the conflict, and fisheries, once the new nation’s 200-mile Exclusive Economic Zone is created.
A young nation built on a past mired by the extremes of resource nationalism, Bougainville has difficult decisions to make about how it secures its economic self-reliance. (Source:dwontoearth)


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How Bougainville may be a new country in the Pacific and why that matters to China.

World's oldest artwork uncovered in Indonesian cave: study - Pragnya IAS Academy - News Analysis.

World's oldest artwork uncovered in Indonesian cave: study.

The limestone cave painting dated back at least 43,900 years during the Upper Paleolithic period

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An Indonesian cave painting that depicts a prehistoric hunting scene could be the world's oldest figurative artwork dating back nearly 44,000 years, pointing to an advanced artistic culture, according to new research.
Discovered two years ago on the island of Sulawesi, the 4.5 metre wide painting features wild animals being chased by half-human hunters wielding what appear to be spears and ropes, said the study published in Nature on December 11.
Using dating technology, the team at Australia's Griffith University said it had confirmed that the limestone cave painting dated back at least 43,900 years during the Upper Paleolithic period.
"This hunting scene is — to our knowledge — currently the oldest pictorial record of storytelling and the earliest figurative artwork in the world," researchers said.
At least 40,000 years old
The discovery comes after a painting of an animal in a cave on the Indonesian island of Borneo was earlier determined to have been at least 40,000 years old.
For many years, cave art was thought to have emerged from Europe, but Indonesian paintings have challenged that theory. There are at least 242 caves or shelters with ancient imagery on Sulawesi alone, and new sites are being discovered annually, the team said.
In the latest dated scene, hunters are depicted in dark red colours with human bodies and the heads of animals including birds and reptiles.
The painting, which is in poor condition, suggests that a highly advanced artistic culture existed some 44,000 years ago, punctuated by folklore, religious myths and spiritual belief, the team said. "(The scene) may be regarded not only as the earliest dated figurative art in the world but also as the oldest evidence for the communication of a narrative in Palaeolithic art."
"This is noteworthy, given that the ability to invent fictional stories may have been the last and most crucial stage in the evolutionary history of human language and the development of modern-like patterns of cognition,"researchers said. (Source: The Hindu)


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World's oldest artwork uncovered in Indonesian cave: study.

Tamil Nadu overtakes Karnataka to become No 1 in renewable energy - Pragnya IAS Academy - News Analysis.

Tamil Nadu overtakes Karnataka to become No 1 in renewable energy.

Of the total renewable power generation in the country, nearly 17.2 per cent was from Tamil Nadu

Tamil Nadu has overtaken Karnataka to become India's top renewable power generating state in FY20 (till October).
Of the total renewable power generation in the country, nearly 17.2 per cent was from Tamil Nadu. According to Central Electricity Authority (CEA) data in 2019-20 (upto October) 85,774.92 million units (MU) of power was generated through renewable energy, of which 14,771.69 MU was generated by Tamil Nadu followed by Karnataka (14,730.08 MU), Gujarat (10,505.54), Andhra Pradesh (9,638.70), Maharashtra (8,942.55) and Telangana (3794.99 ).
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Wind was the major source of renewable energy in the state. Of the total generation, 11,614.85 MU came from wind, followed by 2,733.37 MU from solar and rest are from other sources.
Tamil Nadu's wind energy capacity is 8,480 MW, which is 24 per cent of the country’s total wind generation capacity.
State is aiming to achieve 9,000 megawatt (MW) of solar power by 2023, as part of which a new Solar Policy had come into effect in 2019. At present, the total solar capacity is above 3,000 MW.
The policies and incentives offered by the government — bundling of wind power projects, accelerated depreciation, a Technology Upgradation Fund etc — have driven the state’s power-intensive industries to invest in captive wind power plants, says industry representatives.
Wind generation peaks during the southwest and northeast monsoon months, followed by below average generation for the remaining months. The state introduced banking of energy, which allows the cooperatives to supply to the grid when there is excess generation, in exchange for free supply during low generation periods. (Source: The Business Standard)


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Tamil Nadu overtakes Karnataka to become No 1 in renewable energy.

Wednesday, 9 May 2018

5 ways India could be affected by U.S. decision to pull out of Iran nuclear deal - Pragnya IAS Academy - News Analysis

5 ways India could be affected by U.S. decision to pull out of Iran nuclear deal.

Any increase in oil prices will hit both inflation levels as well as the Indian Rupee.

Despite United States President Donald Trump’s decision to pull out of the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal itself won’t be scrapped as long as Iran and the other signatories: the U.K., France, Russia, China, Germany and the European Union remain committed to it.
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Even so, India could face the impact of the U.S. decision on the deal as well as instituting the “highest level of economic sanctions” in several ways:
1. Oil prices: The impact on world oil prices will be the immediately visible impact of the U.S. decision. Iran is presently India’s third biggest supplier (after Iraq and Saudi Arabia), and any increase in prices will hit both inflation levels as well as the Indian rupee, which breached ₹67 to the U.S. dollar this week. In the past week alone, crude prices have crossed $70/bbl (barrel) level, touching a four-year high. After Iranian President Hassan Rouhani’s visit to New Delhi in February, India committed to increasing its oil imports from Iran, which were expected to double to about 396,000 bpd (barrels per day) in 2018-19 from about 205,000 bpd in 2017-18. Non-oil trade with Iran, which stood at about $2.69 billion of the total trade figures of $12.89 billion in 2016-17 may not be impacted as much, as New Delhi and Tehran have instituted several measures in the past few months, including allowing Indian investment in rupees, and initiating new banking channels, between them.
2. Chabahar: India’s moves over the last few years to develop berths at the Shahid Beheshti port in Chabahar was a key part of its plans to circumvent Pakistan’s blocks on trade with Afghanistan, and the new U.S. sanctions could slow or even bring those plans to a halt depending on how strictly they are implemented. India has already committed about $85 million to Chabahar development with plans for a total of $500 million on the port, while a railway line to Afghanistan could cost as much as $1.6 billion. Last year, the U.S. took a lenient line on India’s wheat consignment of 1.1 million tonnes sent via Chabahar, with the former U.S. Secretary of State, Rex Tillerson, saying the U.S. wanted to target the regime, not the Iranian people. His replacement, Mike Pompeo, and the new U.S. National Security Adviser, John Bolton, have a much tougher line on Iran and any further restrictions they place will make India’s Chabahar plans more expensive and even unviable.
3. INSTC: Beyond Chabahar, India has been a founder of the International North South Transport Corridor (INSTC) since it was ratified in 2002. It starts from Iran and aims to cut right across Central Asia to Russia over a 7,200-km multi-mode network, cutting down transportation and time taken by trade by about 30%. Plans for INSTC sped up after the JCPOA was signed in 2015 and sanctions on Iran were lifted. New U.S. sanctions will affect these plans immediately, especially if any of the countries along the route or banking and insurance companies dealing with the INSTC plan also decide to adhere to U.S. restrictions on trade with Iran.
4. Shanghai Cooperation Organisation: India joined the SCO along with Pakistan last year, and both will be formally admitted in June 2018, when Prime Minister Narendra Modi travels to the Chinese city of Qingdao for the SCO summit. This year, Chinese officials say they will consider inducting Iran into the 8-member Eurasian security organisation. If the proposal is accepted by the SCO, which is led by China and Russia, India will become a member of a bloc that will be seen as anti-American, and will run counter to some of the government’s other initiatives, for eg. the Indo-Pacific quadrilateral with the U.S., Australia and Japan. The move may also rile other adversaries of Iran, like Saudi Arabia, UAE and Israel, with whom the Modi government has strengthened ties in an effort to balance its West Asia policy.
5. Rules-based order: India has long been a proponent of a “rules-based order” that depends on multilateral consensus and an adherence to commitments made by countries on the international stage. By walking out of the JCPOA that was signed by the Obama administration, the U.S. government has overturned the precept that such international agreements are made by “States” not just with prevailing governments or regimes. This could also impact all agreements India is negotiating both bilaterally and multilaterally with the U.S., and the government will have to choose its future course factoring in the new U.S. behaviour, especially after Mr. Trump withdrew from the U.N. Climate Change treaty (Paris Accord), and the Trans-Pacific Partnership with East Asian trading partners. In the case of the Paris Accord for example, India chose to stick to its commitments on reducing its carbon footprint, despite the fact that the Trump administration had dispensed with the funding commitments that were made by the previous Obama administration in order to convince India to sign on to the climate change agreements ahead of time. New Delhi will have to consider a new understanding of its ties with Washington in this context, and some of this understanding may be built during the first “2+2” dialogue between Foreign and Defence Ministers of both countries to be scheduled in the next few weeks in Washington. (Source: The Hindu)


the above Article can also be read using the link below:

5 ways India could be affected by U.S. decision to pull out of Iran nuclear deal.