Current Affairs for BANK, IBPS Exams

04 August 2015

:: National ::

Govt on backfoot over land acquisition bill

• A joint parliamentary committee has favoured restoring most of the provisions of the UPA's 2013 land law into the land acquisition bill the Centre wants to pass, signalling a climb-down by the government.

• Sources said that even the BJP members on the 30-member panel had favoured scrapping the exemptions that the NDA's current bill provided from the social impact assessment (SIA) and consent provisions.

• They said the panel, headed by BJP member S.S. Ahulwalia, had discussed the amendments suggested by each party and made the following recommendations

• Switch back to "private company" in the clause stipulating the consent of 80 per cent landowners for acquisition for private projects. The bill, which mirrors the currently enforced ordinance, had replaced "private company" with "private entity" to make room for NGOs, corporations, proprietorships, etc.

• Make the SIA mandatory for all projects except for acquisition under the urgency clause (mainly national security projects), as provided under the 2013 law. The current bill exempts national security projects, rural electrification and housing, industrial corridors and public-private-partnership (PPP) infrastructure projects.

• Revoke the exemption given to industrial corridor and PPP projects from the (70 per cent) consent provision.

• The panel will discuss the bill's provision to extend the deadline for return of unutilised land to any length of time specified in the project proposal. The 2013 law limits the period to five years.

• The committee is expected to hand in its report on August 7. Its new bill will be placed before Parliament.

• The Centre had been saying that the 2013 law was stalling development projects by making land acquisition extremely tough, and that several states had sought amendments to it.

Only 8.15% of Indians are graduates, Census data show

• Despite a big increase in college attendance, especially among women, fewer than one out of every 10 Indians is a graduate, new Census data show.

• Over the weekend, the office of the Census Commissioner and Registrar-General of India released new numbers on the level of education achieved by Indians as of 2011.

• They show that with 6.8 crore graduates and above, India still has more than six times as many illiterates.

• While rural India accounts for only a third of all graduates, the rate of increase in graduates was faster in rural than in urban India over the last decade, and fastest of all among rural women.

• From 26 lakh graduates 10 years ago, nearly 67 lakh rural women are now graduates. Rural Indians are more likely to have non-technical graduate degrees than urban Indians, while urban India accounts for 80 per cent of all Indian technology and medicine graduates.

• Among those with a graduate degree or above, the majority (over 60 per cent) are those who have a non-technical graduate degree.

UN sets 2030 as goal to end poverty and hunger

• The 193 member states of the United Nations have reached an agreement on a new development agenda for the next 15 years that calls for eradicating povertyand hunger, achieving gender equality, improving living standards and taking urgent action to combat climate change.

• The draft agreement reached on Sunday evening outlines 17 goals with 169 specific targets on issues ranging from ending poverty "in all its forms everywhere" to ensuring quality education and affordable and reliable energy, and protecting the environment. "We can be the first generation that ends global poverty, and the last generation to prevent the worst impacts of global warming before it is too late," Secretary-General Ban Ki-moon said on Monday.

• The document called "Transforming our World: The 2030 Agenda for Sustainable Development" will be adopted at a UN summit just before the annual meeting of world leaders at the General Assembly in late September.

• The 17 new, non-binding goals will succeed the eight Millennium Development Goals adopted by world leaders 15 years ago. In his final report last month on the Millennium Development Goals, Ban said the effort has helped lift more than one billion people out of extreme poverty over the last 15 years, enabled more girls to go to school than ever before, and brought unprecedented results in fighting diseases such as HIV/AIDS.

• Despite significant progress on all the MDGs, the only original goal that was achieved ahead of time was cutting in half the number of people living in extreme poverty, and that was due primarily to economic growth in China.

• Ban stressed inequality remains, with 80% of the people living on less than $1.25 a day located in southern Asia and sub-Saharan Africa, and 60% in just five countries, India, Nigeria, China, Bangladesh and Congo.

• Agreement on the new goals is the culmination of more than three years of intense and complex negotiations.

:: Business ::

NBFCs prefer raising funds through debt route

• Credit off take by non-banking finance companies from the banking system registered a rise of only 1.6 per cent on a year-on-year basis in June 2015, as compared to a rise of as much as 16.7 per cent in the same period in the previous year, according to a statement from the Reserve Bank of India.

• The outstanding credit as on June 26, 2015, stood at Rs. 3,11,800 crore against Rs, 3,06,900 crore as on June 27, 2014.

• Sequentially also, the growth was less compared to 5.6 per cent in the previous month. Analysts say NBFCs prefer to raise money through debt route rather than relying on banks as the cost of raising funds through debt route is cheaper.

• There was, of course, a modest rise in personal loans by 16.5 per cent in June 2015 as compared to 15.2 per cent a year ago.

• Non-food credit growth of scheduled commercial banks registered a year-on-year growth of 7.7 per cent in June 2015, against 13 per cent in June 2014.

This Current Affairs is Part of Online Course of IBPS Exams.. Register Here

Click Here for Daily News Archive