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Daily Current Events by Civils360 December 23, 2017

GS1

Regionalism: Read Here

  • Karnataka state government has expedited the deliberations over minority religion status to Lingayats. The Karnataka State Minorities Commission (KSMC) had referred the Lingayat issue to which the State government. It has formed a seven-member committee to look into the issue and submit a report.

  • Political executive of the state wants to recommend minority status for the community if the committee report recommends it before the model code of conduct for the Assembly polls kicks in.
  • The leaders of the Lingayat agitation welcomed the move. They said that the committee using its wisdom will decide on the modalities of eliciting feedback from the community and examine historical evidence of Lingayats to consider their demands.

GS2

India-China: Read Here

  • China and India must transcend the bilateral dimension of their ties for stability in Asia and the world. This was said by National Security Adviser Ajit Doval and China’s State Councillor Yang Jiechi in their first boundary talks since the Doklam standoff.
  • They discussed enhancing confidence-building measures and an early settlement of the boundary issue. The 20th round of the Special Representative talks, which officials said were held in New Delhi under an extended mandate that went beyond boundary issues, referred repeatedly to the consensus reached by Prime Minister Narendra Modi and Chinese President Xi Jinping on the subject of bettering bilateral relations.
  • The consensus between the two leaders at Xiamen and on the sidelines of the SCO conference in Astana in June underscored the need to prevent differences from becoming disputes.

Israel-Palestine: Read Here

  • The Ambassador of Palestine said that Palestinians are proud of India and India’s support to the cause of peace in West Asia hours after India voted in favour of a negotiated solution to the issue of Jerusalem and against U.S. President Donald Trump’s recognition of the holy city as the capital of Israel.
  • By voting for a negotiated settlement of the issue of Jerusalem, India has conveyed to the world that it stands for peace in West Asia. Israeli Ambassador reiterated his country’s claim to Jerusalem in the backdrop of the developments at the UN General Assembly.
  • India has supported the two-state solution traditionally and by supporting the resolution in the UN, the government has taken the right decision which reflects India’s traditional policy on Palestine.

GS3

RCEP: Read Here

  • Ministry of External Affairs (MEA) has taken a strong stand that India should restrain itself from concluding any such pact from which it would not gain in the medium term.  It is an indication that India’s Free Trade Agreement negotiations could slow further.
  • The Department Related Parliamentary Standing Committee on Commerce report on trade with Association of South East Asian Nations showed evidence of the fact that a number of free trade agreements have not benefitted India and did not serve her well.
  • India’s external trade arrangements must be supportive of the Make in India initiative. As per the committee’s report, he pointed out that emphasis in these trade arrangements is mostly on trade in goods and the same enthusiasm is not shared for trade in services. Other RCEP countries have so far been non-responsive to India’s demands for greater market access in services, particularly on easing norms on the movement of professionals and skilled workers across borders for short-term work.

Banking Sector: Read Here

  • State-run enterprises are not known to be efficient in allocating capital and creating value. In fact, the current PSB  is involved in the total share of more than 60% of the lending to the real sector. International Monetary Fund (IMF) has, as a result, pushed for greater participation of private capital in public sector lenders.
  • The Financial Sector Stability Assessment by IMF for India recommends a reduction in government stake in public sector lenders to 52%, merging some lenders and privatizing others. It notes that a mix of greater participation of the private sector in capitalizing the PSBs and full privatizations would boost the banking sector’s capacity to support credit and reduce fiscal contingencies.
  • IMF’s recommendation comes on the back of its stress test on Indian banks wherein it found that in the baseline case, three banks will fail to meet regulatory capital adequacy requirement in the current fiscal year and in fiscal 2019.