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The other debt issue
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 Intro:-For the first time in 11 years, in 2015-16 the combined fiscal deficit of India’s 29 States as a
proportion of the size of their economies breached the 3%.
 States expect to bring theirs down further to 2.6% — still higher than the average of 2.5% clocked
between 2011-12 and 2015-16.
 Central government has projected a fiscal deficit of 3.2% of GDP for this year.
 Whose two biggest crises in recent decades —
 1)-The balance of payments trouble in 1991,
 2)-The currency tumble in 2013 — were precipitated(cause) by fiscal irresponsibility.
 Taking on the massive debt- loss making power distribution companies, as part of the UDAY
restructuring exercise steered(चलाया) by the Centre, has surely dented the States’ fiscal health
significantly over the past couple of years.
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 With private investment remaining elusive(मायावी), the States’ focus on bolstering(सशक्त) capital
expenditure in sectors- transport, irrigation and power is welcome -(States’ capital expenditure as
a proportion of their GDP has been higher than the Centre’s since 2011-12).
 States have had to resort(आश्रय) to higher market borrowings even after the Centre hiked their
share from tax inflows to 42% from 32%, starting 2015-16.
 Instead of 10% rise in States’ share of gross tax revenue, the actual hike in 2015-16 was just 7.7%.
 Forthcoming Goods and Services Tax regime should- hoped, correct this anomaly(ववसंगवि)
 Other potential stress points: Pay Commission hikes, Rising interest payments etc.
 The N.K. Singh panel on fiscal consolidation has recommended a focus on overall government
debt along with fiscal deficit.
 And a 20% debt-to-GDP ratio for States by 2022-23.
 Not just the Centre, but States also need to tighten their belts considerably from here, even as
they await the constitution of the Fifteenth Finance Commission.[Q-U/A-?]
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A
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The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of
the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve
macroeconomic management.
The main purpose was to eliminate revenue deficit of the country (building revenue surplus
thereafter) and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008.
 However, due to the 2007 international financial crisis the deadlines for the implementation of
the targets in the act was initially postponed and subsequently suspended in 2009.
 In 2011, given the process of ongoing recovery, Government of India to reconsider reinstating the
provisions of the FRBMA.
N. K. Singh is currently the Chairman of the review committee for Fiscal Responsibility and
Budget Management Act, 2003, under the Ministry of Finance (India), Government of India.
A great wall of paranoia
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 Intro:- Three years after the plan for the OROB Initiative was announced, China has concluded
the first Belt and Road Forum.
 While 130 countries participated, of which at least 68 are now part of the $900-billion
infrastructure corridor project, India boycotted the event.
 India's reservations, according to the carefully worded statement issued by the Ministry of
External Affairs, are threefold.
 1)-The B&RI’s flagship project is the China-Pakistan Economic Corridor, which includes projects
in the Gilgit-Baltistan region, ignoring India’s “sovereignty and territorial integrity”.
 2)-The B&RI infrastructure project structure smacks of Chinese neo-colonialism, and could cause
an “unsustainable debt burden for communities” with an adverse impact on the environment.
 3)-There is a lack of transparency in China’s agenda, indicating that New Delhi believes the B&RI
is not just an economic project but one that China is promoting for political control.
 These concerns are no doubt valid, and the refusal to join the B&RI till China addresses the
objection over Gilgit-Baltistan is understandable.
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 Learning from others
 Both the U.S. and Russia are proceeding rapidly with their bilateral cooperation with China.
 Nepal, Bangladesh, Sri Lanka and Myanmar are all pursuing economic cooperation with China
 Chinese neo-colonialism?
 Can anyone, for instance, make a credible argument that Vietnam — a country that has
resisted China for a millennia — will fall under the dragon’s sway because of an engagement with
the B&RI?
 What about Russia, one of the world’s strongest military powers with a history of geopolitical
experience in Eurasia?
 Will it fall under China’s spell because a few billion dollars were invested in its economy or on its
Central Asian periphery?
 Of course not! Even closer home, a tiny island state like Sri Lanka has apparently resisted certain
provisions for port usage in the Hambantota project with China on sovereignty grounds.
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 In short, there’s more room to shape the ongoing power transition towards a multipolar world.
 Schizophrenia(पागलपन) cannot be substitutes for smart and sober statecraft, which must include
dealing directly with China.
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A
The long journey of a forgotten people
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 Intro:- Prime Minister Narendra Modi’s public rally on May 12 with Sri Lanka’s - 35,000
people from in and around the central highlands converged on the small town of Norwood
 Hill-country leaders who met Mr. Modi sought greater assistance in education, which remains a
crucial need.
 Most estate schools lack teachers for mathematics and science, limiting higher education and
employment choices for students.
 2015 vote, hill-country Tamils made an important political shift, breaking away from the CWC
that supported Mr. Rajapaksa.
 Now Ministers in the government, they have been vocal in their disappointment over slow
progress on many fronts, including post-war reconciliation with minorities and a political
solution to Tamil grievances- offred to build
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Article 142 and the need for judicial restraint
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 Intro:- Recent judgments of the Supreme Court invoking Article 142 of the Constitution to
achieve results of a far-reaching nature, outside the laws governing the issues.
 Article 142 provides that “the Supreme Court in the exercise of its jurisdiction may pass such
decree or make such order as is necessary for doing complete justice in any cause or matter
pending before it…”
 Efforts to bring complete justice to various deprived sections of society or to protect the
environment.
 Application by the Supreme Court of Article 142
 Union Carbide case — relating to the victims of the Bhopal gas tragedy- it could even override
the laws made by Parliament by holding that.
 Supreme Court Bar Association v. Union of India- It was said therein that the said article could
not be used to supplant(उखाड़ना) the existing law, but only to supplement the law.
 Unfortunately, these judgments have created an uncertainty about the discretion vested in the
court to invoke Article 142 where even fundamental rights of individuals are being ignored.
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 However, in recent years, one has come across several judgments of the Supreme Court wherein it
has been foraying(invasion) into areas which had long been forbidden to the judiciary by reason
of the doctrine of ‘separation of powers’, which is part of the basic structure of the Constitution.
 The time has come for the Supreme Court to introspect on whether the use of Article 142 as an
independent source of power should be regulated by strict guidelines.
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 Page-1,10,11- Cabinet gives nod for 10 indigenous nuclear reactors

Q-International Solar Alliance-HQ-?


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 Page-1- NTRO now under Intelligence Act
 The National Technical Research Organisation (NTRO), which reports to the Prime Minister’s
Office (PMO) and the National Security Advisor (NSA), will now have the same “norms
of conduct” as the Intelligence Bureau (IB) and the Research and Analysis Wing (R&AW).
 Home Ministry issued a notification on May 15 listing NTRO under The Intelligence
Organisations (Restriction of Rights) Act, 1985.
 The Act prevents employees of a notified agency from forming unions/associations, puts
restrictions on the employee’s freedom of speech, bars any communication with the press.
 The NTRO was created after the 1999 Kargil conflict as a dedicated technical intelligence agency.
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 Page-5 Page-11
Q,s Ans Be Happy, Share & Help Each Other!!!
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 HEART OF ASIA
 6th -Amritsar, India December 2016.
 7th-Azerbaijan in the year 2017
 THEME- “Addressing Challenges, Achieving Prosperity”

 DEAD SEA- Israel, the West Bank and Jordan


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