unacademy 22 June 2018 The Hindu Daily News & Editorial Analysis The Hindu(Completely) Indian Express(Very Imp pieces) Delivered by : Sumant Kumar * B.Tech in Computer Science & Engg, NIT Allahabad * Have written UPSC Main Exam in 2016 and 2017 with Physics Optional
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[TheHindu Ed1] Dangerous spiral The global trade war is hotting up as major economies continue to impose tariffs on each other O India is the latest to join the tit-for-tat battle by slapping tariffs as high as 50% on a list of 30 goods imported from the U.S. DEarlier this week, U.S. President Donald Trump announced that he had ordered his administration to frame new tariffs on $200-billion worth of Chinese imports. OThis was in retaliation to tariffs on $50- billion worth in American goods imposed by China last week in response to Mr. Trump's earlier round of tariffs on Chinese goods. The first shot in the spiralling trade war was fired by the U.S. in March when Mr. Trump unveiled tariffs to discourage the import of steel and aluminium into the country. OThe latest round of tariffs imposed by the U.S. will be the highest in terms of the value of goods. OIn all, U.S. tariffs will now affect Chinese goods worth $450 billion to put this irn perspective, total Chinese imports into the U.S. last year were worth around $500 billion
The European Union also joined the trade war this month, imposing tariffs or $3.3 billion of American goods. While the India-U.S. tariff tiff could escalate, the amounts being discussed right now are minuscule compared to those under threat in the unfolding U.S.-China situation or even the spat between the U.S. and the EU. India's notification to the WTO says that US. tariffs on steel and aluminum would cost lndia $241 million, and that the tariffs imposed on the U.S. would bring in a commensurate amount. Olt has also indicated its preference to deal with the issue through dialogue, and not "measures and counter-measures
For long, global financial markets largely ignored risks of an all-out trade war among major economies, but things are changing quickly The Dow Jones Industrial Average fell by as much as 1.6% on Tuesday, while the Shenzhen Composite Index was down 5.8% for the day. This fresh round of volatility suggests investors may be beginning to take threats of a trade war more seriously. OThe fact is that all sides engaged in a trade war eventually lose OThe longer it goes on, the greater the cost as growth slows down under the increasing OThe only gainers in a trade war will be special interest groups, such as the U.S.steel JEven retaliatory tariffs aimed at pushing back the U.S. may only perpetuate the vicious OMr. Trump's rejection of the G-7 communique that endorsed a "rules-based trading burden of taxes. industry, which also happens to be a major vote bank for Mr. Trump. negative-sum game instead of bringing the war to an end. system" for the world suggests there may be no offer of truce from his side any time soon. Nevertheless, global powers must try their best to bring an end to the ongoing trade war before it gets out of hand.
[TheHindu Ed2] Wave of lynchings The events that led up to the brutal assault on Monday of two men in Uttar Pradesh's Hapur district on the outskirts of New Delhi are unclear- but one of them died and the other sustained injuries. The family of the dead man, Qasim, a 45-year-old cattle trader, says that he had set out when he heard about the possibility of cattle being on sale, and the next thing they heard was that a mob had set itself upon him, killing him. Investigations are on, so what actually transpired is not definitively known yet But given lynchings across north India by 'cow protection' vigilantes, it is not difficult to miss the communal dangers here. Elsewhere, from Tamil Nadu in the south to Assam in the Northeast, men and women have been lynched on suspicion that they were out to kidnap children OTo give just a few examples, in May, a homeless man in Pulicat, north of Chennai, was battered to death on such suspicion, as was a car-borne woman pilgrim in Tiruvannamalai district, who offered some sweets to children while seeking directions. This month, in Assam's Karbi Anglong district, two men from Guwahati were killed by a mob on the same anxiety that they were looking to kidnap children. In many cases including in Tamil Nadu and Assam - such public concern was created or heightened by warnings that were circulated on social media
Yet, irrespective of whether the lynchings are due to fear of kidnappings or are deliberate acts by cow protection vigilantes, the authorities should not treat the crime of murder and the allegations that enrage a mob with the same equivalence OMurder is murder, but the killing of another human being by a murderous crowd out to enforce mob justice or avert an imagined crime takes an extraordinary toll of the civilities of wider society. OThe police must make it clear, by word and action, that murder and mob violence will be strictly dealt with. Yet, the administration must also reckon with a new challenge: the use of social media, specially WhatsApp groups and forwards, to spread fear and pani OResponses such as surveillance and Internet shutdowns are not just impossible -in a free society, they are inadvisable OWhat is needed is an administration that reaches out to local communities to keep them in the loop in order to check trouble-makers and that conveys sufficient good faith so individuals will trust it to keep the peace and sift real threats from mischievous rumours.
Consider the following statements with reference to the Masala Bonds 1. It will facilitate rupee denominated borrowing from overseas. 2. The currency risk or exchange rate risks are borne by the investors. 3. Multilateral and regional financial institutions are not allowed to invest in these bonds. Which of the statements given above is/are correct? (a) 1 only (b) 1 and 2 only (c) 2 and 3 only (d) 1, 2 and 3
Consider the following statements with reference to the Masala Bonds 1. It will facilitate rupee denominated borrowing from overseas 2. The currency risk or exchange rate risks are borne by the investors. 3. Multilateral and regional financial institutions are not allowed to invest in these bonds Which of the statements given above is/are correct? (a) 1 only (b) 1 and 2 only (c) 2 and 3 only (d) 1, 2 and 3 Ans B Masala bonds, like any other off-shore bonds, are intended for those foreign investors who want exposure to Indian assets, yet constrained from doing it directly in the Indian market or prefer to do so from their offshore locations. o RBI has put in place a framework for issuance of Rupee denominated bonds overseas within the overarching External Commercial Borrowing (ECB) policy, in order to facilitate Rupee denominated borrowing from overseas. o The settlement of the bonds will be in US dollars but since they are pegged to the Indian currency -rupee-, investors will directly take the currency risk or exchange rate risks. Settlement is done in US dollars because of the limited convertibility of rupee. o Reserve Bank of India (RBI) has recently allowed multilateral and regional financial institutions to invest in rupee denominated masala bonds. As a result, agencies like the Asian Development Bank and the BRICS led New Development Bank can also invest in these bonds.
With reference to the Hamari Dharohar scheme, consider the following statements: 1. It aims to preserve rich culture and heritage of minority communities of India. 2. It will be implemented by Ministry of Minority Affairs in consultation with Ministry of Culture. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2
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