Current Affairs
Morning Brief: Modi Faces First No-Confidence Motion; India A Bright Spot Amid Global Gloom: IMF; Saudi Vows To Build Nuclear Bomb
Prime Minister Narendra Modi. (GettyImages)
Good morning, dear reader! Here’s your morning news and views brief for today.
YSR Congress To Move No-Confidence Motion Against Modi Government
The Narendra Modi government may face its first no-confidence motion on the floor of the house. Andhra Pradesh’s YSR Congress Party, has given a notice to move the motion against the government in the Lok Sabha over the issue of not giving the so-called “special category” status to his state. But before any vote takes place, the notice needs the support of 50 MPs ‘in an orderly house’. The move is, however, expected to hasten the exit of the Telugu Desam Party (TDP), which pulled its ministers out of the Bharatiya Janata Party-led government, from National Democratic Alliance. TDP MP Thota Narasimham said that the party will also support the motion. Later, Andhra Pradesh chief minister N Chandrababu Naidu too said the TDP would support the no-confidence motion. The budget session is scheduled to end on April 6.
India’s Exports Grow By 4.5 Per Cent, Trade Deficit Narrows
India exports grew by 4.5 per cent in February to $25.8 billion, while trade deficit narrowed to a five-month low of $12 billion, according to the data released by the Commerce Ministry. “Exports have been on a positive trajectory since August 2016 to February 2018 except for a temporary setback in October 2017,” the ministry said. The country’s merchandise exports are showing continuous positive growth, Commerce Secretary Rita Teaotia said. Imports too rose by 10.4 per cent to $37.8 billion during the last month. Cumulative value of exports for April-February 2017-18 period grew by 11 per cent to $273.7 billion, while imports grew by 21 per cent to $416.87 billion. The trade deficit was $143.13 billion. Commerce Minister Suresh Prabhu said, “exports data continue with their upsurge! Merchandise exports during February have exhibited positive growth of 4.48 per cent in dollar terms”. Prabhu also said services exports also continued to grow with total exports in January valued at $16.33 billion registering a growth of more than 2 per cent.
Air India Generates Rs 543.03 Crore From Monetisation Of Its Assets: Sinha
National carrier Air India has generated Rs 543.03 crore so far from monetisation of its assets in prime locations. The monetisation included the sale of six flats at Sterling Apartment in Mumbai to the State Bank of India with each of these flats fetching Rs 22 crore, Minister of State for Civil Aviation Jayant Sinha told the Lok Sabha. The national carrier also collected Rs 291 crore as lease rental from its priced Air India building at Nariman Point, Mumbai, between 2012-13 and January 2018, he said. The monetised asset included selling of a vacant land at Coimbatore to NBCC for Rs 19.81 crore and Lakshmi House at Chennai to the Ministry of External Affairs at Rs 97.72 crore. The Centre had in 2012 approved monetisation of real estate assets in AI to the tune of Rs 5,000 crore over the next 10-year period with an annual target of Rs 500 crore from 2013 fiscal onwards.
Made-In-India Train, Capable Of Running At 160-Km Per Hour, Set For Launch
India is set to roll out semi-high-speed train capable of running at 160 kilometre per hour. Built by the Indian Railways, it will be launched in June. The train will be self-propelled on electric traction like the metro and won’t require a locomotive to pull it, said a report in the Economic Times. "It is set to be deployed in place of one of the premium Shatabdi Express trains. The 16-coach train, which will have chair-car seating and all modern facilities, will cost about Rs 100 crore. Each coach costs Rs 6 crore and is about 40 per cent cheaper than European coaches of similar design," said the report. The Indian Railways-owned Integral Coach Factory (ICF) in Chennai is manufacturing the train. ICF general manager Sudhanshu Mani is quoted in the report as saying that “if successful, these trains will gradually replace all Shatabdi trains.”
Haryana Approves Death Penalty For Rape Of Girls Aged 12 Or Below
The Haryana Assembly on Thursday passed a bill approving death penalty to those found guilty of raping girls below 12 years of age. Haryana has become the third state after Madhya Pradesh and Rajasthan to pass such a bill. The Criminal Law (Haryana Amendment) Bill, 2018, moved by the state's Parliamentary Affairs Minister Ram Bilas Sharma, was passed on the last day of the budget session. It was passed unanimously by Indian National Lok Dal with Congress members also lending their support. Under section 376-AA, in case of rape of a girl up to 12 years of age, there will be a punishment of death or rigorous imprisonment of not less than 14 years which may extend to imprisonment for life that is for remaining period of a person’s natural life, according to the legislation. Maharashtra and Karnataka are also mulling over the decision to implement the bill approving capital punishment for rape of minors below age 12.
Bill That Enables Government To Double Tax-Free Gratuity Passed
A bill seeking to empower the government to fix period of maternity leave and tax-free gratuity amount with an executive order was passed by the Lok Sabha on Thursday. If Rajya Sabha also passed the Payment of Gratuity (Amendment) Bill, the government would be able to enhance the ceiling of tax-free gratuity to Rs 20 lakh from existing Rs 10 lakh for employee under the Payment of Gratuity Act. After implementation of the seventh Central Pay Commission, the ceiling of gratuity amount for central government employees was increased from Rs 10 lakh to Rs 20 lakh. The unions are demanding for inclusion of the change into the Act. At present, formal sector workers with five or more years of service are eligible for Rs 10 lakh tax-free gratuity after leaving job or at time of superannuation.
India A Bright Spot As Global Growth Weakens: IMF
As the global economic growth is expected to revert to a weaker trend, India seems to be a bright spot. The International Monetary Fund (IMF) said that India should see its growth picking up this year after two transitory shocks - demonetisation and goods and services tax - while China's growth is likely to fall gradually. This was revealed in IMF's G-20 Surveillance Note "Global Prospects and Policy Challenges" ahead of the G-20 finance ministers meeting in Argentina next week. In emerging Europe, activity will remain buoyant and the recovery in Brazil and Russia is expected to firm. However, the outlook is still subdued in commodity exporters and in the Middle East and Sub-Saharan Africa, driven in part by adverse weather events and civil strife. In South Africa, growth is being held back by the lack of investment, the IMF said.
Saudi Vows To Develop Nuclear Bomb If Iran Does The Same
Saudi Arabia has threatened to develop its own nuclear weapon if its regional rival Iran acquires one. Crown Prince Mohammed bin Salman said his country did not want to acquire nuclear weapons. "But without a doubt, if Iran developed a nuclear bomb, we would follow suit as soon as possible," he added. The kingdom, locked in a tussle for influence with Iran across the Middle East and beyond, is stepping up plans to develop a nuclear energy capability as part of a reform plan led by Prince Mohammed to reduce the economy’s dependence on oil. The United States, South Korea, Russia, France and China are bidding on a multi-billion dollar tender to build Saudi Arabia’s first two nuclear reactors. Saudi Arabia, a key US ally, has been a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons since 1988. It is not known to have attempted to develop nuclear arms on its own but has reportedly invested in Pakistani nuclear weapons projects.
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SWARAJYA SPECIAL
UP Voters Gave BJP A Kick In The Butt, But Reading Too Much Into Bypoll Results Can Be Misleading: The BJP’s losses should be a wake-up call to the party that it cannot take its current allies for granted. But a key point to consider is this: in 2019, people will be asked to vote for Modi. It is not about local choices and issues. That can make a difference.
We hope you enjoyed reading our morning brief. Have a great day ahead!
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