Daily Newspaper article’s summary 2018-08-27

Daily Newspaper article’s summary 2018-08-27

Summary of Newspaper artciles from ‘The Hindu’, ‘Economic Times’ and PIB
ARISE IAS: Demystifying UPSC IAS exams

Council conundrum: on States having a Legislative Council:
1.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.
2.An Upper House provides a forum for academicians and intellectuals, who are arguably not suited for the rough and tumble of electoral politics.
3.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.

Powell doctrine: on raising interest rates:
1.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.
2.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.
3.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.

Eliminating cognitive errors:
1.It is flawed decision-making triggered by “social proof”-driven thinking that causes toxic bubbles in the stock market, points out Dobelli, noting that this tendency “exists in fashion, management techniques, hobbies, religion and diets.
2.The herd instinct, for instance, did serve us well when we were hunter-gatherers — when your fellow tribe members suddenly bolted on seeing a vaguely lion-like entity in the distance, it made sense to flee with them rather than stay back to verify for yourself whether it was a lion or just a rock.
3.The book, which refers to the work of Nassim Nicholas Taleb, is best read alongside Taleb’s The Black Swan and Daniel Kahneman’s Thinking, Fast and Slow.

In pursuit of an art smuggler:
1.After his arrest, the American authorities recovered stolen Indian art worth $100 million from his warehouses and galleries, and named him “one of the most prolific commodities smugglers in the world”.
2.According to U.S. Immigration and Customs Enforcement (ICE), the Indian authorities at the Jawaharlal Nehru Port Trust in Mumbai had become suspicious of a New York-bound shipment that was labelled as marble garden furniture.
3.He would later explain in his unpublished ‘statement of voluntary confession’ recorded by P. Ashok Natarajan, chief investigation officer, that “during my childhood days I was kidnapped for ransom and was rescued by police near Haryana Rajasthan border.

Until dams do us part:
1.The opening of the gates of the Idukki dam, for instance, caused the Periyar river to swell rapidly and discharge seven lakh litres of water per second.
2.Dams store millions of tonnes of fresh water in large reservoirs, submerging prime forests, villages, farms and livelihoods.
3.Solving the drinking water crisis does not require giant storage structures; these dams take decades to come up and only a fraction of their output is for the household sector.

The larger picture on GDP numbers:
1.The political slugfest between the Bharatiya Janata Party and the Congress is due to data showing that the average growth rate under the UPA I and II was higher than what has been achieved during the present NDA regime.
2.The implicit admission is that the economy did grow faster under the UPA but due to wrong policies (allowing the fiscal deficit to rise, undue expansion of bank loans, etc).
3.Household savings have declined sharply and the investment climate remains poor with large numbers of dollar millionaires leaving the country.

Article 35A and the basic structure:
1.Any other verdict, which so much as entertains the notion that Article 35A is expendable, will impinge on basic tenets of constitutional interpretation, and will damage the most solemn promises that lie at the heart of the Indian federation.
2.India’s Constitution, as the political scientist Louise Tillin has explained, establishes a form of asymmetric federalism, in which some States enjoy greater autonomy over governance than others.
3.Finally, the Article also granted the President the power to make orders declaring the provision inoperative, but subject to the condition that this authority could be exercised only on the prior recommendation of the State’s Constituent Assembly.

India initiates antidumping probe on certain type of steel from Brazil, China, Germany:
1.India has initiated probe into alleged dumping of a certain type of steel imported from Brazil , China and Germany following a complaint BY a domestic player.
2.The commerce ministry’s investigation arm – Directorate General of Trade Remedies (DGTR) – has stated that there is an evidence of injury to the domestic industry caused by dumped “High Speed Steel of Non Cobalt Grade” from these three countries.
3.”There is prima facie evidence of injury to the domestic industry caused by dumped imports from subject countries to justify initiation of an anti-dumping investigation,” DGTR has said in a notification.

Current account deficit to hit 2.8% of GDP in FY19: SBI report:
1.”Against the backdrop of rising oil price and lukewarm export growth, current account deficit is expected to reach 2.8 per cent of GDP (USD 75 billion) in FY19,”the report said.
2.The trade deficit jumped to USD 18 billion in July 2018 on account of lukewarm export performance amidst higher import bill, it added.
3.”This is expected to turn the country’s overall balance of payment into deficit mode after six years, thereby implying forex reserves depletion of USD 16 billion (0.6 per cent of GDP) in FY19,” the report said.

Be aware of cyber warfare, equip police to combat threats: Vice President:
1.The Vice President of India, Shri M. Venkaiah Naidu has said that the era of New Age cyber warfare, and the new enemy can be combated only through the power of knowledge.
2.The Vice President said that the Government & private sector must establish joint mechanisms to protect the police against the future challenges, including, the threats of modern warfare.
3.Be aware of cyber warfare, equip police to combat threats: Vice President Shri M Venkaiah Naidu addresses 48th Foundation Day of BPR&D

Sports Policy For Steel Ministry CPSEs Launched:
1.Speaking on this occasion, Chaudhary Birender Singh said that sports is an indicator of a country’s economic development and strength and CPSEs, under the Steel Ministry, will strive to groom medal aspirants for the Olympic Games.
2.The Minister explained that CPSEs will discharge their responsibility through infrastructural and institutional support for talent spotting, scholarships, training and coaching.
3.Emphasizing the need for institutional support to sports, the Minister said the “Khelo India” programme of the Central Government, which provides annual financial assistance of Rs.

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