IASbhai DAILY CURRENT AFFAIRS + PIB: 30th NOVEMBER
GDP growth plunges to 4.5%
GDP growth plunges to 4.5%, lowest since 2012
WHY IN NEWS?
Official says fundamentals are strong, numbers will pick up
SYLLABUS COVERED: GS 3:GDP:GVA:Economy
For PRELIMS lets understand the meaning of GDP and GVA #Investopedia
For MAINS you have to compare the analytics. See what is the real difference between the calculation part of the above two factors.
Growth in the gross domestic product (GDP) in the July-September quarter hit a 25-quarter low of 4.5%, the government announced on Friday.
GVA dips to 4.3%
Growth in gross value added (GVA) also dipped to 4.3% in Q2 of 2019-20 from 4.9% in Q1, and 6.9% in the Q2 of last year.
The manufacturing sector saw an overall contraction of 0.2% in the first half (April to September) of the current financial year compared to a growth of 9.4% in the first half of last year.
- Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
- As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health.
- Gross value added (GVA) is an economic productivity metric that measures the contribution of a corporate subsidiary, company or municipality to an economy, producer, sector or region.
SOURCES: THE HINDU/THE LIVEMINT
Jannayak Janta Party of Haryana has been granted the status of a recognised State party by the ECI.
WHY IN NEWS?
Jannayak Janta Party of Haryana has been granted the status of a recognised State party.
SYLLABUS COVERED: GS 2:Election Commission:State Party
For PRELIMS you have to understand Registration of political parties under Section 29A of the RP Act, 1951 and also compare the same with national parties as given in Laxmikant.
For MAINS go through the benefits these parties enjoy !
- Governed by: Registration of Political parties is governed by the provisions of Section 29A of the Representation of the People Act, 1951.
- A party seeking registration under the said Section with the Commission has to submit an application to the Commission within a period of 30 days following the date of its formation as per guidelines prescribed by the Election Commission of India in exercise of the powers conferred by Article 324 of the Commission of India and Section 29A of the Representation of the People Act, 1951.
For any political party to be eligible for recognition as a State Party in a state, it has to satisfy any of the five conditions listed below:
- Secure at least 6% of the valid vote & win at least 2 seats in an Assembly General Election.
- Secure at least 6% of the valid vote & win at least 1 seats in a Lok Sabha General Election
- Win at least 3% of the seats or at least 3 seats , whichever is more, in an Assembly General Election
- Win at least 1 out of every 25 seats from a state in a Lok Sabha General Election
- Secure at least 8% of the total valid vote in an Assembly or a Lok Sabha General Election.
- If a party is recognised as a State Party’, it is entitled for exclusive allotment of its reserved symbol to the candidates set up by it in the State in which it is so recognised, and if a party is recognised as a `National Party’ it is entitled for exclusive allotment of its reserved symbol to the candidates set up by it throughout India.
- Recognised `State’ and `National’ parties need only one proposer for filing the nomination and are also entitled for two sets of electoral rolls free of cost at the time of revision of rolls and their candidates get one copy of electoral roll free of cost during General Elections.
- They also get broadcast/telecast facilities over Akashvani/Doordarshan during general elections.
- Political parties are entitled to nominate “Star Campaigners” during General Elections. A recognized National or State party can have a maximum of 40 “Star campaigners” and a registered un-recognised party can nominate a maximum of 20 ‘Star Campaigners”.
- The travel expenses of star campaigners are not to be accounted for in the election expense accounts of candidates of their party.
SOURCES: THE HINDU
Jnanpith for Malayalam poet Akkitham
WHY IN NEWS?
Eminent Malayalam poet Akkitham Achuthan Namboothiri, popularly known as Akkitham, has been chosen for the 55th Jnanpith Award, according to an announcement by the Jnanpith Selection Board on Friday.
SYLLABUS COVERED: GS 1:Awards
For PRELIMS the purpose of this award and the contribution of the personalities stands very important.
For MAINS not an important issue. Questions on awards have disappeared since a decade.
Born in 1926, Mr. Akkitham is one of the revered names in Malayalam poetry. His literary excellence has footprints in genre like drama, reminiscence, critical essays, children literature, short stories and translations.
Akkitham has made a mark in various spheres of literature.
- The Jnanpith Award is an Indian literary award presented annually by the Bharatiya Jnanpith to an author for their “outstanding contribution towards literature“.
- Started On : Instituted in 1961, the award is bestowed only on Indian writers writing in Indian languages included in the Eighth Schedule to the Constitution of India and English, with no posthumous conferral.
- Cash Prize: 11 Lakhs ₹
- Language Scope: 23 Indian Languages.#8th Schedule of Indian Constitution.
SOURCES: THE HINDU
DRDO defends Nag missiles
WHY IN NEWS?
The state-of-the-art indigenous Anti-Tank Guided Missile (ATGM) Nag is in advanced stages of development, the Defence Research and Development Organisation (DRDO) has said in a sharp response to statements that raised questions on the programme.
SYLLABUS COVERED: GS 3:Defence
For PRELIMS the specifications of missiles are important.
For MAINS look for the significance of these missiles in terms of national security.
- The Nag missile also called Prospina for the land attack version is an Indian third generation all weather fire-and-forget, lock-on after launch anti-tank guided missile (ATGM).
- Operational range : operational range of 500m-20km, single-shot hit probability of 0.9 and 10 years of maintenance free shelf-life.
- Produced by:produced under licensed in India by Ordnance Factory Medak (OFMK)
Electoral bond scheme
Plea to stay electoral bond scheme
WHY IN NEWS?
ADR petition in SC says it facilitates anonymous corporate donations
SYLLABUS COVERED: GS 2: Electoral Bonds
For PRELIMS know these bonds and how they work
For MAINS it is important to know pros and cons of these bonds.
A plea has been filed in the Supreme Court seeking a stay on the implementation of the Electoral Bond Scheme, 2018, saying it has opened the floodgates of unlimited corporate donations to political parties and anonymous financing by Indian and foreign companies that can have serious repercussions on democracy.
- Initiation: On January 2, 2018, the government had notified the Electoral Bond Scheme 2018. It was touted as an alternative to cash donations and to ensure transparency in political funding.
- Who can buy ? As per the provisions of the scheme, electoral bonds may be purchased by an Indian citizen or a company incorporated or established in India.
- Eligiblity : Only political parties registered under Section 29A of the Representation of the Peoples Act, 1951 and has secured no less than one per cent votes in the last Lok Sabha elections are eligible to receive electoral bonds.
- Issued by : The electoral accounts are issued by the State Bank of India (SBI). The electoral bonds can be purchased in the months of January, April, July and October.
- Account : Political parties are allotted a verified account by the Election Commission and all the electoral bond transactions are done through this account only.
- Denominations : The donors can buy these electoral bonds and transfer them into the accounts of the political parties as a donation. The electoral bonds are available in denominations from Rs 1,000 to Rs 1 crore.
- Validity : The bonds remain valid for 15 days and can be encashed by an eligible political party only through a bank account with the authorised bank within that period only.
- Secrecy : Every donor has to provide his/her KYC detail to the banks to purchase the electoral bonds. The names of the donors are kept confidential.
- Capping : Before 2017, the electoral bonds scheme was for donation of over Rs 20,000. In 2017, the government capped the donation limit at Rs 2,000.
- “Political parties are not required to disclose the name of the person/entity donating to a party through electoral bonds.
- Since the bonds are bearer instruments and have to be physically given to the political parties for them to encash, parties will know who is donating to them… It is only the general citizens who will not know who is donating to which party.”
- “Further, it opens up the possibility of companies being brought into existence by unscrupulous elements primarily for routing funds to political parties,”
SOURCES: THE HINDU