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want fo be start but th Important News Articles Taking Delhi/Noida edition as the base 1. Page 1: Central forces to be moved by air for Kashmir deployment reve 2. Page 4: 'Inordinate delay in notifying Disability Act rules' 3. Page 5: Doctors, CAs, among BPL cardholder:s 4. Page 7: Caught down the wire: Punjab's blackbuck fight for existence 5. Page 7: 'Policies biased against rainfed agriculture 6. Page 10: 'Pak. sponsored terrorism' finds an echo at Munich 7. Page 13: States allocation: panel sticks to 2011 census 8. Page 13: RBI turns net buyer of dollars in FY19 9. Page 14: Inflation is tamed, but households don't think so cause ferent pu kand stay 10. Page 14: NBFCs will retain place under the sun
want fo be start but th the wire: Punjab's blackbuck fight for exis tence (GSM 3 Page 7: Caught down Environment Blackbuck faces threat from the following in Punjab stray cattle- The growing population of stray animals competes with blackbuck for the already shrinking open grasslands, resulting in their migration to adjoining areas outside the rev he gsanctuary v attacks by stray dogs v habitat fragmentation due to change in land use and cropping patterns over the past few years- Scattered sand dunes and sand mounds, which provided a unique environment for the blackbuck, are now vanishing as the area is being brought under farming with the help of the latest machines ink h cause ferent v barbed wires, which enclose agricultural fields to avoid crop damage from stray cattle- PLI Fencing agricultural fields, especially with cobra wires that have blade-edged iron wire mesh is the major cause of deaths of blackbucks kand stay road accidents falling into water storage tanks and concrete drains
want fo be start but th Efforts by district administration .The district administration has banned the sale and use of barbed wires, yet its use continues unabated in the sanctuary area Awareness is being generated among farmers about the ill-effects barbed wires, especially the "cobra wires". p rev Blackbuck .The blackbuck was notified as the State animal of Punjab in 1989 It is found in Abohar Wildlife Sanctuary (AWS) in Punjab ink h cause ferent The AWS is an open sanctuary, spread across private land in 13 villages. Its presence in the State is confined to the AWS due to the unique habitat of semi-arid plains consisting of agricultural fields, intermittent fallow-barren lands, scattered sand dunes, sand pu mounds and ridges. In AWS, where land in mainly owned by the Bishnoi community, there were 3,273 blackbuck according to the 2017 census, conducted jointly by the Punjab Biodiversity Board and the Department of Forest and Wildlife Preservation, against 3,500 in the year 2011 IUCN status: Near threatened . kand stay
want fo be start but th Page 7: 'Policies biased against rainfed agriculture' (GSM 3- Agriculture) A new rainfed agriculture atlas was released by Revitalising Rainfed Agriculture Network It maps the agro biodiversity and socio-economic conditions in rainfed agriculture and attempts to document the policy biases that are making farming unviable for many in these phe reve areas Findings Three out of five farmers in India grow their crops using rainwater, instead of irrigation. farmers in such areas receive 40% less of their income from agriculture in comparison to those in irrigated areas. Lands irrigated through big dams and canal networks get a per hectare investment of lakh. Watershed management spending in rainfed lands is only 8,000-25,000 and difference in yield is not proportionate to the difference in investment. When it comes to procurement, over the decade between 2001-02 and 2011-12, the government spent 5.4 lakh crore on wheat and rice. Coarse cereals, which are grown in rainfed areas, only had 3,200 crore worth of procurement in the same period ink h ferent . PLI kand stay
want fo be start but th Flagship government schemes, such as seed and fertiliser subsidies and soil health cards, are designed for irrigated areas and simply extended to rainfed farmers without taking their needs into consideration For example, many hybrid seeds notified by the government scheme need plenty of water, pl fertilizer and pesticides to give high yields and are thus not useful to most rainfed farmers. heg Commercial fertilizers will simply burn out the soil without sufficient water rev The government has no system to channelise indigenous seeds or subsidise organic manure n the same way . Way forward cause ferent A more balanced approach was needed to give rainfed farmers the same research and technology focus and production support that their counterparts in irrigation areas have received over the last few decades PLI kand stay
want fo be start but th Page 10: 'Pak. sponsored terrorism' finds an echo at Munich India raised the issue of the Pulwama terror attack during bilateral meetings with several countries, including the U.S., Germany and Russia, at the three-day Munich Security Conference that concluded recently, officials said. y ha The 55th Munich Security Conference, which brings together global leaders and security eexperts from across the world, was attended by India's Deputy National Security Adviser Pankaj Saran. On the sidelines of the conference, Mr. Saran held bilateral meetings with representatives of several countries who unequivocally condemned the attack and extended their condolences ne to the bereaved families. The meetings, according to the officials, were held with the representatives of the U.S Germany, Russia, NATO (North Atlantic Treaty Organisation), Afghanistan, Uzbekistan, Bangladesh, Mongolia, Armenia and Oman cause ferent PLI kand stay here was widespread support for India's concerns over Pakistan-sponsored terrorism on Indian soil, they said
want fo be start but th Page 13: States allocation: panel sticks to 2011 census (GSM 3- Indian Economy) . The 15th Finance Commission will not alter its approach on solely using the 2011 Census for population figures in its calculations for allocations to States, Chairman N.K. Singh said n an interview. y ha ever, he added that other measures would be included that would ensure that States that ehave performed well by controlling population growth would not be penalised. The Finance Commission's agenda It has to function according to the Terms of Reference (ToR) under the the Presidential ink h cause ferent Order. Also wherever population has to be used as a criterion, that population should be what is in the Census of 2011 The ToR also says it is to look at incentives for States that have achieved success in terms of replacement rates and better demographic management . PLI kand stay It will ensure that in no way is efficiency and performance penalised, and that a kind of a balance is maintained
want fo be start but th The FC has to submit its report by November 1 according to the order from the President. . The report will be an overarching factor for the first regular Budget of the new government, that is, the Budget presented in 2020 . It also said that the recommendations of the Commission, especially to do with the quantum of devolution to the States, will have a bearing on not only the Central Budget but also those re hepresented by the States for the year 2020-21 States' finances weaker In general, State finances are in a weaker position than the Centre's, but it does not mean that - the Centre's finances are strong either. The Chairman, however, said the Commission had not yet finalised whether it would be altering the previous Commission's recommendation that 42% of the Centre's tax revenue be shared with the States cause ferent . put kand stay
want fo be start but th Page 13: RBI turns net buyer of dollars in FY19 (GSM 3- Indian Econom . The Reserve Bank of India has turned net buyer of dollars in December, first time in the current fiscal, as it purchased $607 million of the greenback on a net basis from the spot market, according to a data The RBI bought $837 million and sold $230 million in the spot market during the reporting he month As against this, in December 2017, the RBI was a net buyer of $5.647 billion, after it bought $6.008 billion from the market and sold $361 million. Between April and November 2018, the central bank had net sold $26.51 billion in the spot market against net purchase of $18.017 billion in the same period in 2017. ink h cause ferent . pu kand stay
want fo be start but th Page 14: Inflation is tamed. but households don't think so (GSM 3- Indian Econom Inflation data . After averaging 10.4% in the five years from 2009 to 2013, CPI inflation for industrial workers (the old measure of consumer price inflation) collapsed to 4.91% in the last five y ha years. . The new CPI series of 2012 shows that consumer-level inflation has stayed below 4% for 12 p rev consecutive months now, nosed!ving to 2% in January 2019. RBI' survey Since 2005, the RBI has been conducting a statistical survey of inflation expectations of . ink h cause ferent Indian households four or five times every vear. inflation rates. This survey shows that the proportion ofhouseholds expecting prices to rise has been falling It quizzes 5,800 selected respondents from 18 cities on their perception of current and future PLI Inflation expectations surveved kand stay steadily in the last five years In fact, the Monetary Policy Committee cited the sharp decline in household inflation expectations while cutting interest rates.
want fo be start but th Issue While households seem to be aware of a receding inflation threat, their perception of current inflation rates are at wide variance with the official data Amon. For example, in 2013, when official CPI inflation stayed above 10% for four consecutive hmonths from August to November 2013. At that time, households asked by RBI to estimate he! current inflation rates pegged the number at 12%-plus. reve In December 2018, India's CPI inflation rate stood at just 2.1%. But when asked where the . current inflation rate is. RBI's survey participants gave out numbers that averaged to 8.3%. Reasons for the gap 1) Some suggest that Indian household expectations of inflation tend to be 'adaptive.' That is, when asked about inflation rates or expectations, households base their responses on past data, ipur instead of sticking their neck out on how prices would move in future. . But even if households base their inflation 'predictions'on past data, it isn't clear why the ink h ferent kand stay data of four years ago is taken 2 Some flag the possibility that 5,800 respondents for this survey don't really represent a broad cross-section of the population.
want fo be start but th RBI's survey is confined to urban respondents from 18 chosen cities while the CPI Combined captures the inflation experience in rural areas as well. Rural consumers are estimated to spend far more on food items than their urban counterparts Food items, which have been deflating on collapsing crop prices, carry a weight of 54% in the CPI Rural index, but only 36% in the CPI Urban index pm" nme 3) Actual spending patterns of Indian households now bear very little resemblance to the weights assumed in the CPI index. Given that the current CPI series has 2012 as its base year, the weights that it assigns to ink h cause ferent different items of the household budget are based on spending patterns captured a good seven years ago. Way forward PLI Overall, figuring out the reasons for the widening gap between perception and reality on consumer price inflation, is important for a government keen to convince the electorate that it has succeeded in taming the inflation monster. RBI needs to reassure the common man that its hawkish interest rate policies have done him some good kand stay
want fo be start but th Page 14: NBFCs will retain place under the suin NBFCs face funding access challenges due to increased interest rates, borrowing costs and liquidity issues. 1. Cutting disbursements ph rev. In the third quarter of this fiscal, non-banks have curtailed disbursements by 20-40%, even more in the non-retail segments which will lower the entire fiscal's Assets Under Management growth to about 15%. But their share of overall financial system credit, which rose 500 basis points (bps) since 0 March 2014 to 1 890 in March 2018, is unlikely to change this fiscal, despite the expected moderation in growth, ink h cause ferent 2. Intense competition . Competition will remain intense, especially from private sector banks and potentially from PLI kand stay some large public sector banks. Further, wholesale lending, which has been one of the growth engines in the recent times for NFCs, will decelerate.
want fo be start but th It could have second-order effects on the asset quality . asset quality in small and medium enterprises financing, especially the loans against property (LAP) segment will be affected because of the sensitivity of borrowers to prolonged funding crunch ree Major shifts expected 1. structural shift in the liquidity and liability management of NBFCs. The quantum and quality of liquidity cushion would become a key differentiator, going ahead Low interest rates between fiscals 2015 and 2018 led to higher capital market borrowings, especially short-term, by NBFCs. ink h cause ferent . This led to a mismatch in asset-liability maturity profiles for entities with longer-term assets While most NBFCs had maintained adequate bank lines for these, access in a timely manner 'Du became challenging, putting the spotlight on cash and equivalents in balance sheets Diversification in bank lines and ensuring steady access to sanctioned bank lines will also be a focus area kand stay
want fo be start but th 2) NBFCs are expected to re-orient their resource profile by reducing reliance on short-term borrowings. 3) while their funding requirement will remain high, commercial banks, saddled with their own issues (both in terms of capital and Prompt Corrective Action framework stipulations), are p unlikely to immediately fill the void rev eIn such a scenario, retail bonds offer an attractive option, but are costlier. Way forward . Securitisation has clearly emerged a preferred source of funding of late, with volumes in the - . Overall, sound liquidity policies will help build resilience to short-term liquidity shocks, and . Also, it's important to note that NBFCs have navigated a few cycles of stress over the past first nine months of the current fiscal well exceeding that for the entire last fiscal cause ferent structurally strengthen the sector. PLI kand stay two decades. While these have caused short-term pain, they have also spawned structural changes after periods of adjustment which have made the sector stronger. That cycle should repeat yet again, and NBFCs, after a period of adjustment, are expected to Continue their key role in the Indian financial svstem
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