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THE HINDU editorial Analysis in Hindi today EDITORIAL The Hindu Editorial Decode in Hindi DATE:12 DECEMBER 2018 WEDNESDAY UPSC IAS EXAMS YOUTUBE CHANNEL BY KARDAM RAVAL GENERAL STUDIES EXPERT WE BELIEVE IN DELIVERING EXCELLENCE
Today s Roadmap AAJ KA MANTRA VOCABULARY FUN FACT (AAJ KA GYAN) ANALYSIS NEVER WASTE A GOOD CRISIS EXPERTS CAUTION AGAINST GIVING FREEBIES WITHOUT FOCUS QUESTION ANSWER
VOCABULARY 1. UBER (ADJECTIVE): (श नद र): super, extreme or outstanding. 2. NOSTRUM (NOUN): (औषध): cure 3. ADORABLE (ADJECTIVE): (प य र ): lovable especially in a childlike or naive way. 4. FOUL (ADJECTIVE): (कल षत): highly offensive; arousing aversion or disgust. 5. PUTREFACTION (NOUN): (सड़न): decay 6. DELINEATE (VERB): ( च त रत करन ): describe; outline 7. ABSURD (ADJECTIVE): (ब त क ): inconsistent with reason, logic or common sense. 8. IRATE (ADJECTIVE): (क र द ध): extremely angry. 9. DISARMING (ADJECTIVE): ( नरस त र करण): winning favor or confidence 10. RAMPAGE (NOUN): (ह ग म ): binge
FUN FACT AAJ KA GYAN PART 1 In a bid to transform rural Maharashtra, Chief Minister Devendra Fadnavis has launched a unique initiative called "SMART", which stands for State of Maharashtra s Agribusiness and Rural Transformation. This World Bank assisted project aims to revamp agricultural value chains, with special focus on marginal farmers across 1,000 villages. The initiative will support post-harvest value chain and bring efficiency to benefit economy at large. Stimulating small and medium enterprises within the value chain, the project seeks to establish partnership between the various stakeholders in the agri-business segments including farmer organisations, start-ups, SMEs and large corporates along with women's self-help groups. The project will entail an investment of $300 million of which World Bank would contribute $210 million. Almost 50 MoUs, involving top corporate houses like Amazon and Tata were signed on the occasion. PART 2 According to the study by the Global Carbon Project, India is the fourth highest emitter of CO2 (carbon dioxide) in the world, accounting for 7% of global emissions in 2017. India's emissions look set to continue their strong growth by an average of 6.3% in 2018, with growth across all fuels -- coal (7.1%), oil (2.9%) and gas (6%). The world s top 10 Co2 emitters were China, the US, the EU, India, Russia, Japan, Germany, Iran, Saudi Arabia and South Korea. The study said that while China and India still rely heavily on coal, the US and the EU are slowly decarbonising. It further said that India can continue to deploy solar farms, leveraging its leadership of the International Solar Alliance (ISA) to displace coal and clean up its smog-choked cities. The study was recently released on the occasion of the 2018 UN Climate Summit (COP24) in Katowice, Poland. It warned that global emissions of Co2 from fossil fuels and industry are projected to rise for the second consecutive year in 2018 by more than two percent to a new record mainly due to sustained growth in oil and gas use.
Never waste a good crisis Among the quintessential traits of a central banker is to be unpredictable in action so that the markets can be kept guessing. Urjit Patel exhibited this quality in ample measure when he announced his decision to walk out of his job as Governor of the Reserve Bank of India (RBI) on Monday. His resignation caught everyone by surprise, including the markets which had been lulled into believing that the spat between the central bank and the Centre had been amicably resolved. The rumours of him resigning, which were doing the rounds before the last meeting of the RBI central board three weeks ago, had died down. He had chaired the Monetary Policy Committee meeting just last week and also a meeting of the Board for Financial Supervision that discussed the issue of Prompt and Corrective Action on some banks.
CONTINUE Governance issue So, what went wrong suddenly? Given that Dr. Patel has not offered any clues in his resignation letter, we can only speculate. The one important issue that remained on the table after the November board meeting was of the central bank s governance and autonomy. Interestingly, in the days following the meeting, there were reports of how the Centre was planning to push for board committees that would supervise specific areas of the central bank s operations. Such a move would have compromised the Governor s position and curtailed his operational freedom. Was this the proverbial last straw for Dr. Patel? We ll never know unless he chooses to write about this in his memoirs. But it is disappointing that he chose the easier option of walking away over standing up and fighting for the institution. This is a battle between the government and the central bank, not between individuals representing the two sides. But sadly, Dr. Patel seems to have taken the Centre s push as a personal affront.
CONTINUE It is not as if RBI Governors have never had serious run-ins with the government before. But they were always handled quietly behind the scenes and the only way that the public ever got to know of these episodes was when RBI Governors wrote memoirs. This time was different though. Ill-advised escalation In late October, Deputy Governor Viral Acharya made an explosive speech, which, in retrospect, was a needless escalation. In that speech, Dr. Acharya cautioned that governments that disregard the autonomy of central banks risk incurring the wrath of the markets. There are those who believe that the RBI had no option left after the Centre began consultations under Section 7 of the RBI Act, which empowers the Centre to direct the RBI to act as per its instructions. Yet, all that the speech achieved was to harden the Centre s stance. It upset the delicate balance between the RBI and the Centre. Though, as the sovereign, it holds the ultimate authority, by convention the Centre has granted a certain autonomy to the RBI in its functioning.
CONTINUE The main point of friction between the two on monetary policy was also addressed through the introduction of the Monetary Policy Committee two years ago by amending the RBI Act. In effect, an important thread in the relationship was institutionalised and the personal element was taken out, precisely to avoid situations such as the current one. Added to this is the Centre s grouse that the RBI was found wanting in its supervision role. The Punjab National Bank fiasco and the IL&FS collapse both happened right under the nose of the RBI, which is supposed to have conducted regular inspections of both entities. Neutral observers have also pointed to these lapses. That said, the Centre deserves blame for pushing the Governor into a corner. It was probably too aggressive in pushing its ever-growing agenda. At last count, there were at least six issues that it had raised with the central bank for resolution, all of them profound. It may have pointed to the nuclear button of Section 7 but Dr. Patel has had the last laugh.
CONTINUE His resignation has queered the pitch for the Centre, which is now scrambling for non-existent defences. The outgoing Governor s resignation has trained the spotlight so sharply on the festering issues between the RBI and the Centre that it is extremely difficult for his successor, Shaktikanta Das, to act on any of them in favour of the latter, even if it is merited. Seen from this angle, the Centre has probably shot itself in its foot It is true that the Centre has been more assertive in its relationship with the RBI in recent times, but it has some genuine grievances such as on the issue of providing liquidity for non-banking finance companies and a less stringent capital norms regime for banks. As the political executive, the Centre obviously feels that it is responsible for ensuring that there is no freeze in the credit markets. There is nothing wrong with that. The central bank, however, is more conservative. The last thing that it wants is to create another bad loans environment just as it is beginning to get out of an earlier mess. And there is nothing wrong with this either. The fact is that both sides were working with the right intentions and reasons, and given this, it should not have been impossible to find a middle road behind closed doors.
CONCLUSION The road ahead The damage is now done, but what s the road ahead? The crisis points to several reforms that are needed in the RBI and changes in its equation with the Centre. As former RBI Governor Raghuram Rajan points out in his book, we need a clearer enunciation of the central bank s responsibilities. The position of the RBI Governor in the government hierarchy is not defined clearly. There is a danger in keeping the position ill-defined because the constant effort of the bureaucracy is to whittle down its power, argues Dr. Rajan. Not just this, the personal element in decision-making in the RBI has to be taken out and replaced by an institutional mechanism, much like the MPC did in the case of monetary policy. The reference of the reserves sharing issue to a committee is one such idea where there will be little scope for the Governor to act on his own just as the government too cannot exert pressure on him. Never waste a good crisis, said Rahm Emanuel, former White House Chief of Staff. After having created the crisis, the least that the Centre can now do is to use it to reform the system.
Experts caution against giving freebies without focus ormer Governor of the Reserve Bank of India C. Rangarajan has emphasised the need for sustained economic growth in Tamil Nadu even as the State implements various welfare schemes. During a discussion on the book, The Dravidian Years: Politics and Welfare in Tamil Nadu, authored by retired IAS officer S. Narayan, at the Madras Institute of Development Studies (MIDS), Mr. Rangarajan cautioned against distributing freebies without focus and a targeted approach. Mr. Rangarajan, also the Chairman of the Madras School of Economics, said: Welfare is important, but to what extent can it go? Some lines have to be drawn! While stating that the distribution of bicycles to girl students and mixies to rural women were understandable, he reserved his views on the distribution of TV sets.
CONTINUE Defending his analysis, Mr. Narayan questioned why the distribution of freebies cannot be equated to asset transfer, like in Kerala, where land is acquired and redistributed to the poor. He also compared governance and the social equalisation that took place under three Chief Ministers - M. Karunanidhi, M.G. Ramachandran and Jayalalithaa. Historical perspective Professor Reetika Khera of the Indian Institute of Management Ahmedabad pointed out that there was a need to unpack the political will during the initial years of Dravidian party rule to understand how people s welfare schemes were implemented on the ground. She contended that freebies, as small interventions, had put pressure on private players catering to the needs of the poor. Referring to the baby kits being distributed by the Tamil Nadu government, she said a study of such kits in Scandinavian countries showed that young mothers preferred them over cash.
CONCLUSION Reducing dependence J. Jeyaranjan, Director of the Institute of Development Alternatives, observed that freebies helped reduce the dependence of the poor on the landed. With free rice over the years, the poor became less dependent on the landlords, and thus, [such freebies] ensured social justice, he said. Professor M. Vijayabaskar of MIDS pointed out that the Central government followed the Tamil Nadu government in implementing the noon-meal scheme. Assistant Professor A. Kalaiyarasan said that the capacity of the people in Tamil Nadu to aspire for more was among the major reasons for the successful implementation of both State and Central government schemes. MIDS Director Shashank Bhide was also present at the occasion.
QUESTION ANSWER Which state government has launched 'Mukhyamantri Tirth Yatra Yojana' for senior citizens? 1. Odisha 2. Jharkhand 3. Delhi 4. Punjab Who CORRECT ANSWER BY PRITI KUMARI SINGH MANJAY KUMAR HARINDER KAUR AAJ KA PRASN JO DIYALEGA AAPKO MAUKA YAHA AAPKA NAAM DARJ KARWANEKA AUR AAPKO MILLEGA HUMARE COURSE KE LIYE COUPON CODE What is the theme of the 2018 World Soil Day (WSD)? 1. Be the Solution to Soil Pollution 2. Healthy soils for a healthy life 3. Soils & Pulses: Symbiosis for life 4. Soil day for future life
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