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27 th Aug 2018 The Hindu Editorial Analysis in Hindi Watch

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3 THE HINDU editorial Analysis in Hindi today EDITORIAL The Hindu Editorial Decode in Hindi DATE: 27 AUGUST 2018 MONDAY UPSC IAS EXAMS YOUTUBE CHANNEL BY KARDAM RAVAL GENERAL STUDIES EXPERT WE BELIEVE IN DELIVERING EXCELLENCE

4 Today s Roadmap AAJ KA MANTRA QUESTION ANSWER FUN FACT (AAJ KA GYAN) ANALYSIS COUNCIL CONUNDRUM: ON STATES HAVING A LEGISLATIVE COUNCIL POWELL DOCTRINE: ON RAISING INTEREST RATES VOCABULARY

5 AAJ KA MANTRA

6 QUESTION ANSWER Which Indian-American scientist has found simple way to predict Inflammatory Bowel Disease (IBD)? [A] Ashok Das [B] Chander Mohan [C] Krishan Sabnani [D] Jogesh Pati CORRECT ANSWER BY SUMIT JADAV SYED DABEER MD HAROON AAJ KA PRASN JO DIYALEGA AAPKO MAUKA YAHA AAPKA NAAM DARJ KARWANEKA AUR AAPKO MILLEGA HUMARE COURSE KE LIYE COUPON CODE Which of the following cities is the venue of the International Water Colour Festival 2018? [A] Bhopal [B] Ranchi [C] Patna [D] Hyderabad

7 FUN FACT AAJ KA GYAN PART 1 On August 23, the annual festival at Nallur Kandaswamy Kovil has started in Jaffna, Sri Lanka with the sacred flag hoisting ceremony and is attracting thousands of Hindu pilgrims from within the country and abroad. During the 25-day festival, thousands of Tamil Hindu devotees will attend the rituals in worship of Lord Murugan, Valli and Devanai Amman. The colourful festival includes vibrant chariot processions, rhythmic drumming, dancing and acts of self-mortification. The Ther Thiruvila (chariot festival) is the most popular of all events is very colourful. PART 2 The 2018 Krishi Kumbh International Conference and Exhibition will be held at Indian Institute of Sugarcane Research (Telibagh) in Lucknow from October 26, which will be organized by the Government of Uttar Pradesh. The aim of the 3-day conference is to provide a platform to farmers, technical experts and entrepreneurs for exchange of knowledge and expertise in the field of agriculture sector. It also aims at increasing the agriculture production by adopting advance technologies. In it, farmers from all 75 districts National & International agriculture scientist, representatives from industries & policy maker from Central and State govt. will participate. PART 3 Moody s Investors Service has recently released its Global Macro Outlook for In it, the Indian economy is expected to grow by about 7.5% in 2018 and 2019 as it is largely resilient to external pressures like those from higher oil prices. However, the rating agency expects the India s economy to grow at a higher rate of 7.7% in the first quarter of Apart from this, Moody s put G-20 growth at 3.3% in 2018 and 3.1% in The advanced economies will grow 2.3% in 2018 and 2% in 2019.

9 Council conundrum: on States having a Legislative Council If there was any real benefit in having a Legislative Council, all States in the country should, and arguably would, have a second chamber. The fact that there are only seven such Councils suggests the lack of any real advantage, apart from the absence of a broad political consensus on the issue. Now Odisha wants to join the group of States that have an Upper House. The State Cabinet has approved a 49-member Legislative Council, accepting the report of a committee set up in 2015 to study the functioning of the second chamber in other States and make recommendations. The process of creating an Upper House is lengthy. The State Assembly has to pass a resolution for the creation of the Council by a majority of its total membership. Thereafter, Parliament has to enact a law to create it. Two Bills introduced in the Rajya Sabha in 2013 for establishing Legislative Councils in Assam and Rajasthan are still pending, indicating the lack of support for such a move. A parliamentary committee that went into these Bills cleared the proposals, but struck a cautionary note.

10 CONTINUE It wanted a national policy on having an Upper House in State legislatures to be framed by the Union government, so that a subsequent government doesn t abolish it. It also favoured a review of the provision in the law for Councils to have seats for graduates and teachers. The advantages of having a bicameral legislature are well-known. An Upper House provides a forum for academicians and intellectuals, who are arguably not suited for the rough and tumble of electoral politics. At least on paper, it provides a mechanism for a more sober and considered appraisal of legislation that a State may pass. The objections to the second chamber are varied. Rather than fulfilling the lofty objective of getting intellectuals into the legislature, the forum is likely to be used to accommodate party functionaries who fail to get elected. It is also an unnecessary drain on the exchequer. Another issue is that graduates are no longer a rare breed; also, with dipping educational standards, a graduate degree is no guarantee of any real intellectual heft.

11 CONCLUSION And then again, why should graduates be privileged as people s representatives in a democracy? Today, legislatures draw their talent both from the grassroots level and the higher echelons of learning. There are enough numbers of doctors, teachers and other professionals in most political parties today. The Rajya Sabha s case is different as it represents the States rather than electoral constituencies. It is also a restraining force against the dominance of elected majorities in legislative matters. Legislative Councils are subject to varied and inconclusive discussions around their creation, revival and abolishment. Given all this, Odisha s proposal may give the country at large an opportunity to evolve a national consensus on Legislative Councils.

13 Powell doctrine: on raising interest rates U.S. Federal Reserve Chairman Jerome Powell s speech last week at the conference for central bankers in Jackson Hole, Wyoming was a strong defence of the current gradual approach to raising interest rates. With the American economy growing at a strong pace, inflation being close to the Fed s 2% target and unemployment at a 20-year low, President Donald Trump has been so sharply critical of this approach of raising interest rates that it has led to suggestions that he is encroaching on the Fed s independence. Mr. Trump is worried that rising interest rates could derail the country s economic growth, check the stock market boom, and thereby affect his own popularity and electoral chances. Mr. Trump, however, has not been the only one critical of the Fed s policy. Coming from another perspective, some are concerned that the Fed may in fact be raising interest rates too slowly, despite strong signals of an overheating economy. At Jackson Hole, in his first speech as Fed chief, Mr. Powell sought to defend his gradualism from his critics on both sides of the divide.

14 CONTINUE He emphasised the imprecise nature of economic variables such as unemployment and inflation in the modern economy in drawing attention to the risks of raising rates either too fast or too slow. In stressing why macroeconomic forecasting is so difficult, Mr. Powell seemed to suggest that much of monetary policy-making is simply about groping in the dark. The speech also contained some important hints about the Fed s likely policy direction in the coming years. Apart from the assurance that interest rate hikes will be gradual as before, the Fed Chairman had a message that has implications for the monetary policy stance of central banks in emerging market countries. He hinted that risk factors abroad could lead to a change in the Fed s policy stance in the future.

15 CONCLUSION It is probably this portion of the speech that the markets may perceive as a dovish statement, even though Mr. Powell framed his speech primarily as a defence of the moderately hawkish policy of gradually raising interest rates. The Fed s tightening policy stance has rattled several emerging markets, most notably Turkey and Brazil, which have seen their currencies tank under selling pressure. The Reserve Bank of India, too, has had to raise rates twice in the last few months, in part to defend the rupee. The stock market rallied in response to Mr. Powell s statement, and the U.S. dollar, which has strengthened this year, witnessed a fall. It is well-known that the U.S. central bank has historically been noncommittal when it comes to framing policy with the concerns of emerging markets in mind. A shift in policy under Mr. Powell would mark a significant change in the Fed s outlook towards the rest of the world.

16 VOCABULARY 1. IMPUNITY (NOUN): immunity: (दण ड स म क त ) 2. HEREAFTER (ADVERB): from now on: (इसक ब द) 3. UNFURL (VERB): unfold: (ख लन ) 4. LENIENCY (NOUN): mercy: (उद र ) 5. DELINEATE (VERB): describe precisely: (च त र करन ) 6. POSTERITY (NOUN): all future generation of people: (भ व प ढ ) 7. PREROGATIVE (NOUN): right: (परम च क र) 8. CONFER (VERB): consult: (मन त ण करन ) 9. VOUCHSAFE (VERB): grant something to someone: (सम म नन करन ) 10. TENET (NOUN): principle: (ससद )

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