Current Affairs September 2018 - Vikalp Education

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Sunday, September 30, 2018

Current Affairs - 30 September 2018

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General Affairs 

Pak "Prints Postage Stamps Glorifying Terrorists": Sushma Swaraj Hits Out
  • India on Saturday lambasted the lack of progress at the UN for adopting a global convention on international terrorism, saying it is because of such inactions that terrorists with a bounty on their head are celebrated and glorified with postage stamps.

    India last week called off a meeting between External Affairs Minister Sushma Swaraj and her Pakistani counterpart Shah Mehmood Qureshi at the UN citing the release of postal stamps "glorifying" Kashmiri terrorist Burhan Wani by Pakistan as one of the reasons.

    "Each year, for last five years, India has been arguing from this podium that lists are not enough to check terrorists and their protectors. We need to bring them to accountability through international law," Ms Swaraj said in her address to the General Debate of the 73rd session of the UN General Assembly.

    She said that India had proposed a draft document in 1996 on the Comprehensive Convention on International Terrorism (CCIT) at the UN but even till today, that draft has remained a draft, because UN member states cannot agree on a common language.

    "On the one hand, we want to fight terrorism; on the other, we cannot define it.

    "This is why terrorists with a price on their head are celebrated, financed and armed as liberation heroes by a country that remains a member of the United Nations," Ms Swaraj said

    She was referring to Mumbai terror attack mastermind Hafiz Saeed on whom the US has put a USD 10 million bounty for information leading to his arrest and conviction.

    Despite the bounty and UN sanctions against him, Saeed moves around with impunity in Pakistan, addresses rallies and takes part in the 2018 general elections, she said.

    Ms Swaraj further pointed out that in the absence of an international law on counter-terrorism, "cruelty and barbarism are advertised as heroism".

    "The country prints postage stamps glorifying terrorists. If we do not act now, we will have to deal with conflagration later," Ms Swaraj said, referring to Pakistan releasing a series of 'commemorative' postal stamps glorifying Hizbul Mujahideen terrorist Burhan Wani as a "freedom fighter".

    Wani was gunned down in an encounter with Indian security forces in July 2016.

    Ms Swaraj made a strong appeal to the 193-member UN body that it come to an agreement soon on the CCIT as one of the necessary measures in a long running war.

3 New Army Commanders To Take Charge As Present Ones Retire Tomorrow
  • Three Lieutenant General-level officers will take charge as the new Army Commanders after the retirement of three Army commanders tomorrow.
    Sources informed that Lieutenant General SK Saini is slated to head the Pune-based Southern Command, taking over from Lieutenant General DR Soni.

    Lieutenant General PS Thimayya will be the new head of the Army Training Command (ARTRAC) at Shimla. Lieutenant General MM Naravane has been appointed as the new Eastern Army Commander head quartered at Kolkata where the previous Army Commander Lieutenant General Abhay Krishna, has been moved the Lucknow based Central Army Command as the new army commander.

    Also, Lieutenant General PS Rajeshwar will be taking charge as the new Chief of Integrated Defence Staff to the Chairman Chiefs of Staff Committee as incumbent CISC Lieutenant General SK Dua will retire on October 31.

    Indian army is 1.3 million strong and is organised into 7 independent commands.

Joint Indo-US Army Exercise Concludes In Uttarakhand
  • The fortnight-long 14th Indo-US joint army exercise in 'Yudh Abhyas' series, at Chaubattia in Uttarakhand's Almora district saw one infantry battalion -- 350 soldiers -- each carrying out field training drills under a joint brigade headquarters, an Indian Army spokesperson said.

    The exercise that concluded on Saturday saw participation of US Army's 1st Battalion of the 23rd Infantry regiment. It was the fourth such exercise at Chaubattia, the spokesperson added.

    The Yudh Abhyas series started in 2004 under US Army Pacific Partnership Programme.

    "Over the years the two countries have decided to progressively increase the scope and content of the combined exercise," said an Indian Army officer.

    The commanders and staff officers of both sides worked in close coordination to receive and collate intelligence to issue suitable operational orders. The combined field training components executed these orders in simulated realistic situation, the spokesperson said.

    The exercise curriculum, the spokesperson said, was planned progressively where the participants were initially made to get familiar with each other's organizational structure, weapons, equipment and tactical drills.

    The training culminated in a 48-hour consolidation and validation exercise in which troops carried out a daring rescue and destroy mission in the general area of Pilkholi near Chaubattia.

    The final exercise was reviewed by senior officers from both sides, the spokesman added.

Full Text Of Sushma Swaraj's Speech At 73rd UN General Assembly
  • External Affairs Minister Sushma Swaraj addressed the 73rd session of the UN General Assembly in New York today. Ms Swaraj, who addressed the General Debate last year as well, reached New York last Saturday. She participated in several bilateral and multilateral meetings with her global counterparts, as well as met top UN officials. Speaking at a SAARC meeting on the sidelines of the UNGA session, Ms Swaraj called for efforts to eliminate terrorism in all its forms. In a move that was seen as a snub to Pakistan, Ms Swaraj left the SAARC meeting early.
    Here is the full text of Sushma Swaraj's UN address:
    Your Excellency Madame President,

    May I begin by congratulating you on your election as the President of the 73rd session of the United Nations General Assembly, on my personal behalf as well as on behalf of my country, India. As a woman, I feel doubly proud that you have this honour. I also recall, with equal pride, that the first woman to occupy this eminent chair was an Indian Smt. Vijayalakshmi Pandit, in 1953 during the 8th session. I will also like to thank the outgoing President Mr. Miroslav Lajcak for successfully conducting the 72nd session of the United Nations General Assembly.

    Madame President,

    The United Nations is the world's premier multilateral organization:

    1: where nations seek balm for the wounds of history, and a platform for solutions.

    2: where less developed nations sit with their more fortunate brethren to formulate plans that can correct the skewered economic imbalance.

    3: where new goals are set, and route maps defined, to make our world a better place.

    In 2015, we established 2030 as a critically important horizon for 17 Sustainable Development Goals. A common refrain, from 2015, has been that we will reach that horizon only if India finds its way to this destination. Otherwise, we shall fail.

    I assure this august gathering through you, Madam, that India will not let you fail. We are totally committed to achieving these objectives for our own people. Under the leadership of Prime Minister Narendra Modi, India has initiated unprecedented economic and social transformation that will help India achieve its SDG goals much before time.

    Let me offer a few glimpses of evidence to illustrate what is the world's biggest exercise in poverty elimination and social transformation:

    Through the Jan Dhan Yojana, world's largest financial inclusion scheme, over 320 million Indians, who had never crossed the door of a bank before, now have bank accounts. This has enabled the poor to receive allotments from the government's welfare programmes into their personal accounts, through Direct Benefit Transfer, which has ended waste and corruption in the system.

    Similarly, Ayushman Bharat, the world's biggest health insurance programme, was launched by Prime Minister Modi a few days ago on 23rd September. This revolutionary scheme will benefit 500 million Indians, who will get an insurance cover of Rs. 500,000 per family per year. We have a prayer in India: Sarve Santu Niramaya, which means, all should be healthy. The Aayushman Bharat Yojana is the answer to this prayer.

    Similarly, we have launched the largest housing scheme in the world aimed at ensuring that everyone has a roof above their heads. Under the scheme, we have set ourselves a target of nealy 21 million homes by 2022. So far, over five million homes for the poor have already been constructed.

    Similarly, two extremely effective schemes have been initiated to raise the skill levels of those waiting to be employed through Skill Development Programme and to turn the poor into entrepreneurs, through the Mudra Programme. I want to stress that over 140 million Indians have taken Mudra loans. The most significant aspect of Mudra scheme is that 76% of the beneficiaries are women.

    At the heart of Prime Minister Modi's transformative vision is a radical idea: that the uplift of any nation is best achieved through the all-round empowerment of women. All the schemes that I have just spoken about have the welfare of women at their core. Last year, I spoke about the Ujjawala scheme, in which I am happy to report 50 million free gas connections have been provided so far.

    Another such initiative is the Maternity Benefit Scheme, in which women get 26 weeks of paid leave to care for their newborn. Madame President, as a woman, you will understand better than most how vitally important this programme is for every mother. Some developed nations with huge economies do not offer more than six weeks paid leave, leading to a continuing struggle for more time off. In India, we have implemented what women across the world need.

    Madam President

    In 2022, free India will be 75 years old. Prime Minister Narendra Modi has pledged to build a New India by then. This New India will be:

    1: Swachh Bharat, Swasth Bharat (Clean India, Healthy India);

    2: Samarth Bharat, Surakshit Bharat (Prosperous India, Secure India);

    3: Shikshit Bharat, Viksit Bharat (Educated India, Developed India);

    4: Urjawan Bharat, Shaktiman Bharat (Energised India, Strong India).

    That is our horizon for India in 2022. We will reach that horizon.

    Madam President:

    The biggest challenge of our era comes from the existential threats of climate change and terrorism.

    Under-developed and developing nations are the worst victim of climate change. They have neither the capacity nor the resources to meet this crisis. Those who have exploited nature for their immediate needs cannot abdicate their responsibilities. If we have to save the world from the adverse effects of climate change, then developed nations must lift the deprived with financial and technical resources. The principle of common and differentiated responsibilities and respective capabilities was reiterated in the 2015 Paris Agreement.

    India has risen to meet the challenge of climate change. Prime Minister Modi in partnership with France launched the International Solar Alliance. The United Nations has recognized their contributions and conferred on Prime Minister Modi and President Macron the honour of UN Champions of the Earth. I am happy to inform you that 68 nations are now members of ISA. In March this year, India and France chaired the Founding Conference of ISA in which 120 countries participated.

    Our Prime Minister has described his vision of Sustainable and available energy in a typically apt phrase: One Sun, One Grid. This breakthrough concept can become the solution we seek to the problems.

    Madam President

    I had described terrorism as the second existential threat to humanity. We imagined that the arrival of the 21st Century would bring with it an age of common good, defined by cooperation in the quest for peace and prosperity. But here in New York, the horrific tragedy of 9/11, and in Mumbai the catastrophe of 26/11 became the nightmares that shattered our dreams. The demon of terrorism now stalks the world, at a faster pace somewhere, a slower pace elsewhere, but life-threatening everywhere.

    In our case, terrorism is bred not in some faraway land, but across our border to the west. Our neighbour's expertise is not restricted to spawning grounds for terrorism; it is also an expert in trying to mask malevolence with verbal duplicity.

    The most startling evidence of this duplicity was the fact that Osama Bin Laden, the architect and ideologue of 9/11 was given safe haven in Pakistan. America had declared Osama bin Laden it's most dangerous enemy, and launched an exhaustive, worldwide search to bring him to justice. What America perhaps could not comprehend was that Osama would get sanctuary in a country that claimed to be America's friend and ally: Pakistan. Eventually, America's intelligence services discovered the truth of this hypocrisy, and its special forces delivered justice. But Pakistan continued to behave as if nothing had happened. Pakistan's commitment to terrorism as an instrument of official policy has not abated one bit. Neither has its belief in hypocrisy. The killers of 9/11 met their fate; but the mastermind of 26/11 Hafiz Saeed still roams the streets of Pakistan with impunity.

    What is heartening is that the world is no longer ready to believe Islamabad. FATF, for instance, has put Pakistan on notice over terror funding.

    Madam President

    We are accused of sabotaging the process of talks. This is a complete lie. We believe that talks are the only rational means to resolve the most complex of disputes. Talks with Pakistan have begun many times. If they stopped, it was only because of Pakistan's behavior. There have been many governments in India, by many different parties. Each government has tried the peace option. Prime Minister Modi, by inviting the Heads of the SAARC nations, to his swearing in ceremony, began his attempt for dialogue on his very first day in office. On 9th December 2016, I personally went to Islamabad and offered a comprehensive bilateral dialogue. But soon after, Pak sponsored terrorists attacked our air force base in Pathankot on 2nd January. Please explain to me how we could pursue talks in the midst of terrorist bloodshed? Even now, after the new government came to power, the Prime Minister of Pakistan Imran Khan wrote to Prime Minister Modi suggesting a meeting between Foreign Ministers in New York. We accepted the proposal. But, within hours of our acceptance, news came that terrorists had killed three of our jawans. Does this indicate a desire for dialogue?

    Time and again, Pakistan accuses India of human rights violations. Who can be a greater transgressor of human rights than a terrorist? Those who take innocent human lives in pursuit of war by other means are defenders of inhuman behavior, not of human rights. Pakistan glorifies killers; it refuses to see the blood of innocents.

    It has become something of a habit with Pakistan to throw the dust of deceit and deception against India in order to provide some thin cover for its own guilt. The United Nations has seen this before. Last year, Pakistan's representative, using her right to reply, displayed some photographs as "proof" of "human rights violations" by India. The photographs turned out to be from another country. Similar false accusations have become a part of its standard rhetoric.

    Madam President:

    Each year, for last five years, India has been arguing from this podium that lists are not enough to check terrorists and their protectors. We need to bring them to accountability through international law.

    In 1996, India proposed a draft document on CCIT at the United Nations. Till today, that draft has remained a draft, because we cannot agree on a common language. On the one hand, we want to fight terrorism; on the other, we cannot define it. This is why terrorists with a price on their head are celebrated , finances and armed as liberation heroes by a country that remains a member of the United Nations. Cruelty and barbarism are advertised as heroism. The country prints postage stamps glorifying terrorists. If we do not act now, we will have to deal with conflagration later. Once again, I appeal to this August body to come to an agreement, soon, on CCIT as one of the necessary measures in a long running war.

    Madam President

    I began by highlighting the unique and positive role of the UN: but I must add that step by slow step, the importance, influence, respect and value of this institution is beginning to ebb. It is time to wonder if we are wandering towards the fate of the League of Nations. If 2030 is the agreed deadline for delivery on Sustainable Development Goals, then it also marks hundred years of the lapse of the League into irrelevance. Surely there is something to learn from this coincidence? The League went into meltdown because it was unwilling to accept the need for reform. We must not make that mistake.

    The United Nations must accept that it needs fundamental reform. Reform cannot be cosmetic. We need change the institution's head and heart to make both compatible to contemporary reality.

    Reform must begin today; tomorrow could be too late. If the UN is ineffective, the whole concept of multilateralism will collapse. In this session, there has been much debate about multilateralism. We will never weaken the multilateral mechanism. India believes that the world is a family, and the best means of resolution is shared discourse. A family is shaped by love and is not transactional; a family is nurtured by consideration not greed; a family believes in harmony not jealousy. Greed breeds conflict; consideration leads to resolution. That is why the United Nations must be based on the principles of the family. The UN cannot be run by the 'I', it only works by the 'We'.

    India does not believe that the United Nations should become the instrument of a few at the cost of the many. India believes that we must move forward together or we sink into the swamp of stagnation.

    Madam President

    This year India will celebrate the 150th birth anniversary of Mahatma Gandhi. The Mahatma's favourite bhajan was "Vaishnav Jan to tene Kahiye". The essence is deeply moving and quintessentially important: He who understands the pain of another, and absorbs it as his own, is a good human being. He who sees this pain, and helps without becoming arrogant, is a good human being'.

    Madam President

    We have to make this assembly into a platform of understanding, assistance and true justice. We have to understand the pain of other nations, and work with developed nations to ease and eliminate this pain. Arrogance has no place in our scheme of things; arrogance is counter-productive and self-defeating. Let us work for the benefit of the less fortunate. Let us work for a world where there is peace, serenity and shared prosperity; a world that is free from terrorism, tension and violence.

    It is with this wish in mind that I end with a shloka from our Sanskrit scriptures:

    May all experience well being;
    May all experience peace;
    May all move towards perfection;
    May all enjoy prosperity;
    May all achieve serenity.

    Thank you, Madam President.

Congress Only Levels False Charges, Has Failed As Opposition: PM Modi
  • The Congress has failed as opposition as it has remained disconnected with the people on the ground, Prime Minister Narendra Modi said Saturday while interacting with the BJP's booth level workers.
    He alleged that the Congress' sole agenda is to level false charges and spread canards against the government.

    Addressing booth workers from Bilaspur, Basti, Chittorgarh, Dhanbad and Mandsaur via NamoApp, PM Modi said the Congress' tenure at the centre was mired in corruption.

    "In past four years Congress has been disconnected with people and has failed as opposition. Their sole agenda is to level false allegation on others and to spread fake news to divert people's attention," PM Modi said.

    He urged the party workers to reach out to maximum number of people through various media platforms and counter Congress' "propaganda of false allegations" with facts.

    "People with no vision today have become television, which always keeps on playing a comedy," PM Modi said targeting the Congress leadership.

    Replying to questions from workers, the Prime Minister said that after demonetization, black money is no longer there in the property market.

    Prices of property have also fallen. Home loan interest rate, which was more than 10 per cent under the UPA, has now come down, PM Modi said.

    He also underlined that government has taken various initiatives for middle class as rebate on income tax and returns on savings have increased in last four years.

    In the past four years, the government has focused on development of all classes as part of its 'Sabka Saath, Sabka Vikas', PM Modi said, adding,"you can recall that people were facing price rise and inflation under the previous government".

    Replying to a question on Naxalism, the Prime Minister said violence in Naxal-affected areas has reduced by around 20 per cent in the last four years.

    Around 3,500 Naxals surrendered between 2014-2017 due to the impact of government policies and development, he said.

Business Affairs

E-commerce companies will have to register in every state for collecting TCS

  • Amid concerns over liquidity crunch, Economic Affairs Secretary S C Garg on Friday announced a whopping Rs 70,000 crore cut in government's gross borrowing estimate in H2 of the current fiscal. Garg added that the government will contain fiscal deficit target at 3.3 per cent.

    The government's move to borrow lesser than earlier planned in the second half of the current financial year is likely to soothe bond markets.

    Giving details about the borrowing programmes for the second half of the fiscal, he said the government would be borrowing Rs 2.47 lakh crore as compared to Rs 2.88 lakh crore during April-September of 2018-19.

    The Centre will also be launching inflation-indexed bonds, the secretary said, adding one or two bond issues will come in the current fiscal.

    The government had budgeted a gross borrowing programme of Rs 6.05 lakh crore, which now stands reduced by Rs 70,000 crore.

    "Fiscal management (is) completely on track. We have reduced borrowing, as against Rs 2.88 lakh crore, we will be raising only Rs 2.47 lakh crore," Garg said.

    The cut in borrowing will be matched by reduction in buyback of government securities and enhanced flow from small savings scheme.

    The government resorts to market borrowings to bridge fiscal deficit.

    Garg further said the government was confident of meeting the revenue collection as projected in the budget and there was no need to revise the fiscal deficit target of 3.3 per cent of the GDP.

IL&FS AGM: LIC, SBI, Orix to participate in Rs 4,500 crore rights issue by debt-laden group
  • The two biggest shareholders of Infrastructure Leasing and Financial Services (IL&FS) - Life Insurance Corporation of India (LIC) and Japan's Orix Corporation - as well as State Bank of India have agreed to subscribe to the rights issue by the company. In its annual general meeting, the IL&FS Board of Directors approved a rights issue of 30 crore equity shares worth Rs 4,500 crore at 150 per share. The rights issue will be completed by October 30, 2018.

    LIC, Orix and SBI will raise their stakes in IL&FS by subscribing to the rights issue. This will help the company which has been defaulting on its debt obligations to shore up some capital. LIC, which is the largest stakeholder in IL&FS, holds 25.34 per cent stake in the infrastructure development and finance company, followed by Orix, which owns 23.54 per cent of the company. In a recent meeting with the Reserve Bank of India, both entities were asked by the central bank to reportedly find ways to help IL&FS stop defaulting on its payment obligations.

    India's largest lender SBI holds the smallest stake in IL&FS at 6.42 per cent. On IL&FS asking SBI and LIC for a credit line of Rs 3,500 crore, both the bank and the insurance firm have reportedly stated that a decision is yet to be made in this regard.

    Among other shareholders, Abu Dhabi Investment Authority, which controls 12.56 per cent stake in IL&FS reportedly will not participate in the rights issue. As for remaining stakeholders, IL&FS Employees Welfare Trust with 12 per cent, HDFC Bank with 9.02 per cent and Central Bank with 7.67 per cent, there position with respect to the rights issue is not clear yet.

    The IL&FS Board also approved company's specific asset divestment plan based on which IL&FS expects to reduce its overall debt by Rs 30,000 crores. Out of a portfolio of 25 projects identified for sale, firm offers have already been received for 14 projects, a statement by IL&FS said. The company expects to complete its divestment plan over the next 12 to 18 months in a systematic and professional way to fulfil its commitments, the statement further read.

    IL&FS has an aggregate debt pile of Rs 91,000 crore which has been downgraded by ratings agencies to junk following repeated defaults. Out of this, the company owes Rs 57,000 crore to banks only, most of which are from the public sector. The company needs an immediate capital infusion of Rs 3,000 crore.

    On Thursday, IL&FS Financial Services defaulted on bank loans, including interest of Rs 284.5 crore to five banks. The company also said it defaulted on repayments of Rs 103.53 crore of term deposit and Rs 52.43 crore of short-term deposit. On September 24 and 26, IL&FS Financial Services had defaulted on repayment of commercial papers due on the respective days.

    At a meeting held earlier this month, the key shareholders of the debt-ridden company, including LIC, SBI and HDFC, had kept a pre-condition for it to raise funds through its assets or non-core businesses, before any additional money could be pumped in.

    On September 4, it came to light that IL&FS had defaulted on a short-term loan of Rs 1,000 crore from SIDBI, while its subsidiary has also defaulted Rs 500 crore dues to the development finance institution.

Vijaya Bank board gives in-principle approval for merger with Bank of Baroda, Dena Bank
  • The Board of Directors of Vijaya Bank has given its 'in-principle approval' to the merger of the bank with Bank of Baroda and Dena Bank. Earlier this month, the government announced plans to merge Bank of Baroda, Vijaya Bank and Dena Bank to create the country's third largest lender as part of efforts to revive credit and economic growth.

    "The Board of Directors of the Bank at their meeting held today, i.e., September 29, 2018 has considered and decided to give its "in-principle approval" for amalgamation of Vijaya Bank along with Bank of Baroda and Dena Bank, in line with Department of Financial Services, Ministry of Finance, Government of India proposal dated September 17, 2018 subject to all stautory/regulatory approvals," Vijaya Bank said in a regulatory filing.

    "Amalgamation would enable creation of a bank with business scale comparable to global banks and capable of competing effectively in India and globally. Greater scale and synergy would lead to cost benefits, higher productivity and efficiency of the banking system as a whole. In addition it would provide impetus for building banks with scale, ramping up credit growth, adoption of best practices across amalgamating entities for cost efficiency and improved risk management and financial inclusion through wider reach," the filing further stated.

    The board of Dena Bank has already given its approval to the merger proposal. The amalgamation of the three banks would be through share swap which will be the part of the merger scheme.

    While announcing the merger last week, financial services secretary Rajiv Kumar had said the merged entity would have better financial strength. Dena Bank's net NPA ratio will be at 5.71 per cent, significantly better than public sector banks' average of 12.13 per cent, he had said, adding so would be the provision coverage ratio at 67.5 per cent against average of 63.7 per cent and cost to income ratio of the combined entity would come down to 48.94 per cent as compared to average of 53.92 per cent.

    Last year, State Bank of India had merged with itself five of its subsidiary banks and took over Bharatiya Mahila Bank, following a similar decision by the government.

    The government owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in the Asia's third biggest economy.

HAL reports highest turnover amidst question over capabilities
  • Despite challenges, Hindustan Aeronautics Limited (HAL) has achieved significant growth in revenue and profits, a top company official said Saturday.

    "We have recorded the highest ever turnover of Rs 18,28,386 lakhs in 2017-18 financial year compared to previous year's turnover of Rs 17,60,379 lakhs," CMD R Madhavan said in a statement here.

    HAL had on Friday, held its 55th Annual General Body Meeting of Shareholders, first after its listing.

    Profit Before Tax for the year was Rs 3,32,284 lakhs as against Rs 3,58,258 lakhs in previous year, Madhavan said adding the Profit After Tax (PAT) for the year was Rs 2,07,041 lakhs.

    HAL produced 40 aircraft and helicopters covering Su-30 MKI, LCA Tejas & Dornier Do-228 in fixed wing and ALH Dhruv and Cheetal Helicopters in rotary wing, Madhavan noted.

    In addition, HAL produced 105 new engines, overhauled 220 aircraft, helicopters and 550 engines, he said.

    Also, as many as 146 new aero-structures for space programs were produced during the period, he added.

Govt cuts market borrowing target by Rs 70,000 crore amid liquidity crunch
  • Amid concerns over liquidity, Economic Affairs Secretary S C Garg on Friday announced a whopping Rs 70,000 crore cut in government's gross borrowing estimate in H2 of the current fiscal. Garg added that the government will contain fiscal deficit target at 3.3 per cent.

    The government's move to borrow lesser than earlier planned in the second half of the current financial year is likely to soothe bond markets.

    Giving details about the borrowing programmes for the second half of the fiscal, he said the government would be borrowing Rs 2.47 lakh crore as compared to Rs 2.88 lakh crore during April-September of 2018-19.

    The Centre will also be launching inflation-indexed bonds, the secretary said, adding one or two bond issues will come in the current fiscal.

    The government had budgeted a gross borrowing programme of Rs 6.05 lakh crore, which now stands reduced by Rs 70,000 crore.

    "Fiscal management (is) completely on track. We have reduced borrowing, as against Rs 2.88 lakh crore, we will be raising only Rs 2.47 lakh crore," Garg said.

    The cut in borrowing will be matched by reduction in buyback of government securities and enhanced flow from small savings scheme.

    The government resorts to market borrowings to bridge fiscal deficit.

    Garg further said the government was confident of meeting the revenue collection as projected in the budget and there was no need to revise the fiscal deficit target of 3.3 per cent of the GDP.

General Awareness

    Sabarimala temple opens to women of all ages
    • What to study?

      For Prelims: Location of Sabarimala temple.
      For Mains: Temple entry- ban, need for revival, question of FRs at stake and issues associated.

      Context: Condemning the prohibition as hegemonic patriarchy, the Supreme Court has lifted the centuries-old practice of prohibiting women to enter the Lord Ayyappa temple at Sabarimala in Kerala.

      What’s the issue?

      The legend has it that the temple deity Ayyappa followed celibacy all through his life. Therefore, women devotees of menstruating age are considered “impure” by supporters of the ban and are prohibited from entering the temple, on the pretext that they would disturb the celibacy of the deity.

      Views of the court:

      On one side we pray to goddesses; on the other, women of a certain age are considered ‘impure’. This dualistic approach is nothing but patriarchy practised in religion.
      Exclusion on grounds of biological and physiological features like menstruation was therefore unconstitutional as it is violative of the right to equality and dignity of women.
      Hence, Rule 3(b) of the Kerala Hindu Places of Public Worship (Authorisation of Entry) Act of 1965, which mandates the prohibition in Sabarimala temple, ultra vires the Constitution. The Rule violated the fundamental right of a Hindu woman to offer worship at a place of her choice. Right to worship is equally available to men and women.

      Dissenting views:

      Justice Indu Malhotra, the lone woman judge on the Constitution Bench, dissented from the majority opinion. She held that the determination of what constituted an essential practice in a religion should not be decided by judges on the basis of their personal viewpoints.
      She held that essentiality of a religious practice or custom had to be decided within the religion. It was a matter of personal faith. Constitutional morality in a pluralistic society gave freedom to practice even irrational or illogical customs and usages.
      Harmonization of fundamental rights with religion included providing freedom for diverse sects to practise their customs and beliefs. Therefore, the Judge held that there were strong, plausible reasons to show that Ayyappa devotees had attributes of a religious denomination.
      They have distinct names, properties. Besides, the Sabarimala temple was not funded out of the Consolidated Fund.

      Significance of the verdict:

      The Supreme Court’s ruling establishes the legal principle that individual freedom prevails over purported group rights, even in matters of religion. Devotees of Lord Ayyappa do not constitute a separate religious denomination and that the prohibition on women is not an essential part of Hindu religion.
      Beyond the legality of the practice, the court has also sought to grapple with the stigmatisation of women devotees based on a medieval view of menstruation as symbolising impurity and pollution.
      The decision reaffirms the Constitution’s transformative character and derives strength from the centrality it accords to fundamental rights.

      Way ahead:

      Devotion cannot be subjected to the stereotypes of gender. Stigma built around traditional notions of impurity has no place in the constitutional order, and exclusion based on the notion of impurity is a form of untouchability.

      Any rule based on segregation of women pertaining to biological characteristics is indefensible and unconstitutional.

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