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  • India-ASEAN FTA

    The Commerce and Industry Minister has called for a renegotiation of the India-ASEAN free trade agreement (FTA).

    Why such move?

    • The MCI aims to prevent its misuse by ‘third parties’ and remove trade restrictions as well as non-tariff barriers that he said had hurt Indian exports disproportionately since the pact was operationalized in 2010.
    • The focus needed to be on new rules to eliminate misuse ‘by third parties outside ASEAN’, the minister said, hinting at China.
    • India had to deal with several restrictive barriers on exports in the ASEAN region, particularly in the agriculture and auto sectors.

    About ASEAN

    • Members:
    • Officially the Association of Southeast Asian Nations, ASEAN is an economic union comprising 10 member states in Southeast Asia.
    • It promotes intergovernmental cooperation and facilitates economic, political, security, military, educational, and sociocultural integration between its members and other countries in Asia.

    India-ASEAN Free Trade Agreement

    • The initial framework agreement for ASEAN–India Free Trade Area (AIFTA) was signed on 8 October 2003 in Bali, Indonesia.
    • The FTA came into effect on 1 January 2010.
    • The FTA had emerged from a mutual interest of both parties to expand their economic ties in the Asia-Pacific region.

    Background of the AIFTA

    • India’s Look East policy was reciprocated by similar interests of many ASEAN countries to expand their interactions westward.
    • After India became a sectoral dialogue partner of ASEAN in 1992, India saw its trade with ASEAN increase relative to its trade with the rest of the world.
    • Between 1993 and 2003, ASEAN-India bilateral trade grew at an annual rate of 11.2%, from US$2.9 billion in 1993 to US$12.1 billion in 2003.
    • Total Indian FDI into ASEAN from 2000 to 2008 was US$1.3 billion.

    Acknowledging this trend and recognising the economic potential of closer linkages, both sides recognised the opportunities to pave the way for the establishment of an ASEAN–India Free Trade Area (FTA).

    Structure of the AIFTA

    • The signing of the ASEAN-India Trade in Goods Agreement paves the way for the creation of one of the world’s largest FTAs – a market of almost 1.8 billion people with a combined GDP of US$2.8 trillion.
    • It sees tariff liberalisation of over 90 percent of products traded between the two dynamic regions, including the so-called “special products”.
    • The products include palm oil (crude and refined), coffee, black tea and pepper.

    Criticism

    While there are many benefits to the ASEAN-India FTA, there is concern in India that the agreement will have several negative impacts on the economy.

    • Opening-up its market: This FTA will allow them to increase the market access of their products.
    • No specific gains: It is criticised, however, that India will not experience as great an increase in market access to ASEAN countries as ASEAN will in India.
    • Export driven ASEAN: The economies of the ASEAN countries are largely export-driven. Considering India’s expansive domestic market, the ASEAN countries will look eagerly towards India as a home for its exports.
    • Huge trade deficit: Since the early 2000s, India has had an increasing trade deficit with ASEAN. It is feared that a gradual liberalisation of tariffs and a rise in imported goods into India will threaten several sectors of the economy.
    • Inaccessible Markets: As a dominant exporter of light manufacturing products, ASEAN has competitive tariff rates that make it difficult for India to gain access to the industry market in ASEAN countries.
    • Cheaper imports: The state of Kerala is an important exporter in the national export of plantation products. It fears that cheap imports of oil palm, rubber, coffee, and fish would lower domestic production, adversely affecting farmers and ultimately its economy.

     

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  • RBI suspends G-Sec Acquisition Programme (GSAP)

    The Reserve Bank of India (RBI) has decided to halt its bond-buying under the G-Sec Acquisition Programme (GSAP).

    Why such move?

    • The GSAP had succeeded in ensuring adequate liquidity and stabilising financial markets.
    • Coupled with other liquidity measures, it facilitated congenial and orderly financing conditions and a conducive environment for the recovery.

    What is GSAP?

    • The G-Sec Acquisition Programme (G-SAP) is basically an unconditional and a structured Open Market Operation (OMO), of a much larger scale and size.
    • G-SAP is an OMO with a ‘distinct character’.
    • The word ‘unconditional’ here connotes that RBI has committed upfront that it will buy G-Secs irrespective of the market sentiment.

    What are Government Securities?

    • These are debt instruments issued by the government to borrow money.
    • The two key categories are:
    1. Treasury bills (T-Bills) – short-term instruments which mature in 91 days, 182 days, or 364 days, and
    2. Dated securities – long-term instruments, which mature anywhere between 5 years and 40 years

    Note: T-Bills are issued only by the central government, and the interest on them is determined by market forces.

    Why G-Secs?

    • Like bank fixed deposits, g-secs are not tax-free.
    • They are generally considered the safest form of investment because they are backed by the government. So, the risk of default is almost nil.
    • However, they are not completely risk-free, since they are subject to fluctuations in interest rates.
    • Bank fixed deposits, on the other hand, are guaranteed only to the extent of Rs 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

    Other decisions

    • The RBI, however, remained ready to undertake G-SAP as and when warranted by liquidity conditions.
    • It would also continue to flexibly conduct other liquidity management operations including Operation Twist (OT) and regular open market operations (OMOs).

    Answer this PYQ in the comment box:

    Q.Consider the following statements:

    1. The Reserve Bank of India manages and services the Government of India Securities but not any State Government Securities.
    2. Treasury bills are issued by the Government of India and there are no treasury bills issued by the State Governments.
    3. Treasury bills offer are issued at a discount from the par value.

    Which of the statements given above is/are correct?

    (a) 1 and 2 only

    (b) 3 Only

    (c) 2 and 3 only

    (d) 1, 2 and 3

     

    [wpdiscuz-feedback id=”43irc0tf58″ question=”Please leave a feedback on this” opened=”1″]Post your answers here:[/wpdiscuz-feedback]

     

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    Back2Basics: Open Market Operations (OMO)

    • OMOs is one of the quantitative monetary policy tools which is employed by the central bank of a country to control the money supply in the economy.
    • It is a part of the Market Stabilization Scheme (MSS) by the RBI.
    • OMOs are conducted by the RBI by way of sale or purchase of government securities (g-secs) to adjust money supply conditions.
    • The central bank sells g-secs to remove liquidity from the system and buys back g-secs to infuse liquidity into the system.

  • What is Palk Bay Scheme?

    The Union Government is considering increasing the unit cost of deep-sea fishing vessels under the Palk Bay scheme to make it more attractive to fisherfolk.

    Palk Bay Scheme

    • The Palk Bay Scheme is the official scheme for diversification of trawl fishing boats from Palk Strait into deep sea fishing boats.
    • It is aimed at encouraging fishermen to take up deep-sea fishing and put an end to disputes arising between the India and Sri Lanka.
    • The project helps fishermen in the Palk Straits, who are not exposed to deep-sea fishing, to venture deep into the Indian Ocean, Arabian sea and other deep-sea areas to look for fish like tuna that are in high demand.

    Why need such a scheme?

    • Bottom trawling, an ecologically destructive practice, involves trawlers dragging weighted nets along the sea-floor, causing great depletion of aquatic resources.

    Key components of the scheme

    • The project aims to replace all trawler boats and introduce over 2,000 deep sea fishing boats in a course of five years.
    • The scheme, under the aegis of Blue Revolution scheme – is funded by the Centre – 50 per cent and state government – 20 per cent for a boat costing Rs 80 lakh.
    • Of the balance 30 per cent, 10 per cent is contributed by the beneficiary (fisherman), and the remaining 20 per cent is funded by banks.

    Must read:

    [Burning Issue] India- Sri Lanka Fishermen Issues

     

     

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  • 9th October 2021 | Prelims Daily with Previous Year Questions

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    [WpProQuiz 805]

    [WpProQuiz_toplist 805]

  • Podishetty Srija, AIR 20, UPSC 2020 || Inclination towards Studying Medicine & Dream to Serve People || UNHERD: Civilsdaily’s Toppers Talk Series (Link inside)

    Podishetty Srija, AIR 20, UPSC 2020 || Inclination towards Studying Medicine & Dream to Serve People || UNHERD: Civilsdaily’s Toppers Talk Series (Link inside)

    Talk to Srija’s UPSC Mentors- Talk to Srija’s UPSC Mentors:- https://forms.gle/iNnfxfRWHxJEsn8S6

    P Srija, AIR 20, UPSC 2020, in conversation with Birendra sir shared her mindset and thought process that helped him crack IAS exam. Srija also gave valuable advice to aspirants for prelims as well as mains.

    Srija, is an MBBS graduate and secured rank 20 in her first attempt in UPSC 2020 examination. In this series, she has talked about how a hardwork and a true mentor can change the journey of the aspirants.

    After she got to know from Anudeep Durishetty Rank 1 in 2017, it is clearly mentioned that she started preparing with Civilsdaily’s Prelims Test Series and Mains Essential Program that helped her a lot. Not only the test series but also Shweta Mam who is among the core mentor in Civilsdaily has helped her to evolve with the art of answer writing and motivated her at every stage of the preparation.

    In Civilsdaily, we have a team of such dedicated mentors helping aspirants at every stage of the preparation to understand their weaknesses and approaches to overcome them.

    Civilsdaily is proud to present AIR 20 P. Srija and congratulate her on her future endeavors.

    Let’s hear more from the winner himself in the video.

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    Heartiest congratulations to Podishetty Srija

    AIR 20

    UPSC Civil Services 2020

  • Daily Answer Writing Enhancement (AWE) Program is Back || Enrollments Open for the Months of October and November

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    The competition in the UPSC examination is fierce. One day and even writing one answer a day can make a huge difference. UPSC Prelims is on 10th October 2021. Many of you might want to take a break. And honestly, you deserve it!

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    Answer writing practices through Civilsdaily’s Daily AWE program can reduce test anxiety and helps you ace the GS Mains answer writing. And what is a better way to practice for UPSC Mains Examinations than attempting Questions which are the closest to the demands of the UPSC Civil Services Mains Examination? The more you are accustomed to sitting for a period of time, answering questions, and pacing yourself, the more comfortable you will feel when you actually sit down to take the real UPSC Mains examinations yourself.

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  • How to solve the UPSC 2021 Prelims Paper

    How to solve the UPSC 2021 Prelims Paper

    UPSC Prelims 2021 is almost here and there are some last moment strategies you should know about approaching the Prelims paper. These strategies are tried and tested and have given results time after time. My strategies have helped thousands of students crack Prelims and now it’s your time!

    These strategies are so effective that they were shared by India Today for all UPSC aspirants. You can read it by clicking the link below:

    Sajal sir’s strategy shared by India today

    And remember, after the Prelims, I would be sharing the paper analysis and expected cutoff on a free webinar. Don’t forget to fill the form below and register for a complete analysis of the Prelims paper, Sunday evening at 7 p.m.

    Register for sajal sir’s webinar – complete analysis + Expected cutoff
  • We don’t advertise vacancies. But when we do, we are looking for the crème de la crème. Work with us!

    We don’t advertise vacancies. But when we do, we are looking for the crème de la crème. Work with us!

    Civilsdaily is looking to hire across multiple roles.

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    Dear All,

    Civilsdaily has become a force to reckon with. With our bold initiatives and maturing innovations, we are pushing the boundaries even further constantly thinking about bettering the learning outcomes for so many students.

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  • Challenges facing Indian Air Force

    Context

    A host of challenges greets India’s new Air Chief.

    Challenges

    • The challenges include the rewiring of India’s military into new theatre commands, the reservations expressed by the IAF about its “support” role and the visible depletion in operational air assets due to obsolescence and lack of new platforms.
    • The decline in platforms is stark and from a strength of 42 combat squadrons in 2002, the IAF now operates barely 30.
    • This shortfall in numbers would remain through this decade.
    • Even as there are plans to create new theatre commands and allocate existing air assets to the new formations, the depletion in numbers merits urgent review.

    Steps taken

    • The purchase of 83 Tejas Light Combat Aircraft (LCA) will be a fillip even as the sturdy MIGs are finally phased out.
    • In the next decade, the IAF hopes to induct the indigenous fifth-generation Advanced Medium Combat Aircraft (AMCA) and the Multi-Role Fighter Aircraft (MRFA) — a new platform that would be built in India with a foreign entity, the “original equipment manufacturer” (OEM), and thereby move up to 35 squadrons.
    • Issues: The AMCA is “under design” and India’s track record in the design and manufacture of indigenous fighter aircraft is cost- and time-intensive.
    • As regards the MRFA, the request for information for 114 jets has just been issued.
    • The Rafale experience and the long delays associated with it would suggest that speedy selection of an OEM will be elusive.

    Way forward

    • Air power is becoming technologically more refined with unmanned platforms, cyber-space linkages and AI advances.
    • The inherent trans-border nature of this military capability needs astute professional and political husbanding.
    • Acquiring credible aerospace power with a meaningful degree of indigenisation will need a greater degree of national resolve, professional integrity and resource allocation than is the case now.
    • China has demonstrated the degree of suasion and intimidation that airpower can bring to bear in relation to Taiwan.

    Conclusion

    A reality check about the quantity and quality of India’s air power and the roles it can undertake should precede its disaggregation to theatre commands in the run-up to India@75.

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  • Last Minute Revision Modules for UPSC CSE Prelims 2021

    Revision and practice of the mock test have incomparable importance in the UPSC Prelims examination. Considering this year’s prelims being just a week ahead, it’s high time that all of the appearing aspirants should go through the important and most repetiting topics being asked in the exam.

    Looking at the demand of the examination, we have started the “Mission Nikalo Prelims’ initiative for better coverage of the syllabus. We have cherrypicked the ‘60 most important topics‘ from where a maximum number of questions have been asked by UPSC in the past 10 years. We have accompanied the mock tests so that the practice angle should also get covered.

    It’s the best time to give the final touch to your preparation and cover the topics which have left due to a dearth of time. The link to the initiative is given below:

    Mission Nikalo Prelims (Click here)

    All the best!

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