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DAILY NEWS DIARY 03.08.2021

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DAILY NEWS DIARY

Of

FOR PRELIMS AND MAINS

03.08.2021

http://www.sosinclasses.com/



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Warm Greetings.

DnD aims to provide every day news analysis in sync with the UPSC pattern.

It is targeted at UPSC – Prelims & Mains.

Daily articles are provided in the form of Question and Answers

To have a bank of mains questions.

And interesting to read.

Providing precise information that can be carried straight to the exam, rather than

over dumping.

Enjoy reading.

THE HINDU - TH

INDIAN EXPRESS - IE

BUSINESS LINE - BL

ECONOMIC TIMES - ET

TIMES OF INDIA - TOI




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INDEX

Essay Paper 1. Olympic performance is another proof……………………………………………………………………………………………………04

GS 2

Polity

1. General Insurance Business (Nationalisation)Amendment Bill, 2021……………………………………………………..05

GS 3

Economic Development

1. “e-RUPI” the penetration of technology in Indian Financial Systems and operations…………………………….06 Snippets:

1. India’s pick up in trade as steps towards balancing the deficit……………………………………………………………….07




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ESSAY PAPER Editorial Q- Olympic performance is another proof how our sportswomen can break through social barriers. Analyse? INTRODUCTION = In a historic feat, Rani Rampal and co have entered the Olympic semifinals by beating favourites Australia. Coach Sjoerd Marijne expressed a widespread sentiment when he said: “I think this is Chak De! India in reality. It is not about the women’s hockey team alone. The all-women tally of Rio appears to be repeating, albeit in a bigger number. Discus thrower Kamalpreet Kaur fell heartbreakingly short of India’s first athletics Olympic medal, but Mirabai Saikhom Chanu’s wrestling silver and PV Sindhu’s badminton bronze are in the bank. Lovlina Borgohain has already secured a boxing bronze, and may improve this colour tomorrow.

In badminton, where Saina Nehwal won a bronze in 2012 and then Sindhu a silver in 2016, a national spotlight on women’s successful performances has overlapped a retreat of gender gaps in infrastructure and monetisation.

In hockey too there has been equalisation of government support, plus Odisha sponsors both the teams. In gritty sports like boxing and weightlifting SAI scouts the country’s interiors for talented girls as much

as boys. But why are women giving more bang for the buck?

1. One explanation getting traction is that Indian society makes it so much harder for a woman to play a sport, those who fight through this swamp have extra steel.

2. Sexism is found worldwide: South Korea’s gold-winning archer An San is being trolled for her short hair and ‘feminism’. But in India it gets much more prohibitive, like girls being prevented from travelling alone or made to marry at 18.

3. Ultimately sports are a reflection of society. Ability needs to meet opportunity. Still, the tide is turning. Mary Kom inspired Lovelina who will do the same for tomorrow’s medallists, as will Savita Punia’s wondrous goalkeeping or Vandana Katariya’s hat-trick. May their success be the mother of many more.




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GS 2 Polity

Q- Brief mention the need for and features of the General Insurance Business (Nationalisation) Amendment Bill, 2021? BACKGROUND = The General Insurance Business (Nationalisation) Amendment Bill, 2021 was introduced in Lok Sabha on July 30, 2021. The Bill seeks to amend the General Insurance Business (Nationalisation) Act, 1972. The Act was enacted to nationalise all private companies undertaking general insurance business in India. The Bill seeks to provide for a greater private sector participation in the public sector insurance companies regulated under the Act.

The 1972 Act set up the General Insurance Corporation of India (GIC). The businesses of the companies nationalised under the Act were restructured in four subsidiary companies of GIC: (i) National Insurance, (ii) New India Assurance, (iii) Oriental Insurance, and (iv) United India Insurance. The Act was subsequently amended in 2002 to transfer the control of these four subsidiary companies from GIC to the central government, thereby making them independent companies. Since 2000, GIC exclusively undertakes reinsurance business.

Government shareholding threshold: The Act requires that shareholding of the central government in the specified insurers (the above five companies) must be at least 51%. The Bill removes this provision.

Change in definition of general insurance business: The Act defines general insurance business as fire, marine or miscellaneous insurance business. It excludes capital redemption and annuity certain business from the definition. Capital redemption insurance involves payment of a sum of money on a specific date by the insurer after the beneficiary pays premiums periodically. Under annuity certain insurance, the insurer pays the beneficiary over a period of time. The Bill removes this definition and instead, refers to the definition provided by the Insurance Act, 1938. Under the Insurance Act capital redemption and annuity certain are included within general insurance business.

Transfer of control from the government: The Bill provides that the Act will not apply to the specified insurers from the date on which the central government relinquishes control of the insurer. Control means: (i) the power to appoint a majority of directors of a specified insurer, or (ii) to have power over its management or policy decisions.

The Act empowers the central government to notify the terms and conditions of service of employees of the specified insurers. The Bill provides that schemes formulated by the central government in this regard will be deemed to have been adopted by the insurer. The board of directors of the insurer may change these schemes or frame new policies. Further, powers of the central government under such schemes (framed under the Act) will be transferred to the board of directors of the insurer.

Liabilities of directors: The Bill specifies that a director of a specified insurer, who is not a whole-time director, will be held liable only for certain acts. These include acts which have been committed: (i) with his knowledge, attributable through board processes, and (ii) with his consent or connivance or where he had not acted diligently.




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GS 3

Economic Development Q- Discuss in light of “e-RUPI” the penetration of technology in Indian Financial Systems and operations? BACKGROUND = Prime Minister Narendra Modi launched e-RUPI, a person and purpose-specific cashless digital payment solution. The e-RUPI voucher was a symbol of how India was progressing by connecting people’s lives with technology. This reform initiative has come at a time when the country was celebrating the Amrit Mahotsav on the 75th anniversary of Independence.

e-RUPI is a cashless and contactless instrument for digital payment, an official statement said, adding that it is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries.




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In addition to the government, if any organisation wanted to help someone for his or her treatment, education or for any other work, then they would be able to give an e-RUPI voucher instead of cash.“This will ensure that the money is being used for the purpose for which any help or any benefit is being provided.”

There was a time when technology was considered a domain of the rich and there was no scope for technology in a poor country like India. “Today we are seeing technology as a tool to help the poor, a tool for their progress.”

Technology now is bringing in transparency in transactions and creating new opportunities and making them available to the poor. For reaching today’s unique product, the foundation was prepared over the years by creating the JAM system, which connected mobile and Aadhaar. “Benefits of JAM took some time to be visible to people and we saw how we could help the needy during the lockdown period while other countries were struggling to help their people.”

More than ₹17.50 lakh crore had been transferred directly to the accounts of people via the Direct Benefit Transfer. “More than 3,000 schemes are using DBT and 90 crore Indians are being benefited in some way or the other through in areas like LPG, ration, medical treatment, scholarship, pension and wage disbursal.” Snippets GS 3

Economic Development Q- Comment on India’s pick up in trade as steps towards balancing the deficit?

India’s merchandise exports in July were 34% higher than the pre-COVID levels of July 2019, at $35.17 billion.




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But the trade deficit hit a three-month high as gold imports jumped 145.4% from the 2019 levels. Imports rose from $41.8 billion in June to $46.4 billion, 14.75% higher than pre-pandemic activity. But

without factoring in oil and gems and jewellery brought in, imports actually shrank 0.17% over the same period.

Total merchandise exports during the first four months of 2021-22 now stand at $130.6 billion, about 22% higher than 2019. The government is confident of meeting the $400 billion target for the full year.

While the non-oil exports were robust in July 2021, they remained below the March 2021 level. A spike in oil exports boosted the overall merchandise exports to a record-high level in July. Foreign Trade Relations -

1. In value terms, India’s exports to the U.S. and China saw the sharpest spurt in July, rising 51.6% and 52.3%, respectively, from pre-COVID-19 outbound trade.

2. Imports from Iraq grew the most in terms of value, rising 76.3% over July 2019. 3. Within the India-China trade basket, the biggest growth was reported in exports of engineering goods,

up nearly 261% from July 2019 and petroleum products which surged by almost 98%. Federation of Indian Exporters’ Organisation (FIEO) stated July’s exports were the highest in at least nine years and signal a swift recovery in global demand that is swelling exporters’ order books.




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Though now lost in time, which from the following list is considered as the earliest known account of India by a westerner? a. Periplus of Scylax

b. Kiitab-i-Hind

c. Si-Yu-Ki

d. Indica

Pakistan’s recently in news draft of the Bill titled ‘26th Constitutional Amendment Bill’ is regarding? a. Pakistan Occupied Kashmir b. Against Abrogation of Article 370 by India c. Provincial Status to Gilgit-Baltistan d. Reforms to combat terrorism fulfilling FATF memo Answer – C

NOTE: The 26th Constitutional Amendment draft Bill has been prepared after careful reading of the Constitution of Pakistan, international laws, the UN resolutions especially those related to a plebiscite on Kashmir, comparative constitutional laws and local legislation. The stakeholders, including the governments of Gilgit-Baltistan and Pakistan-occupied Kashmir, had been consulted on the proposed constitutional amendment




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