Flash-Cards-for-IAS-Prelims-2018-Revision-Day-24
70 Days WAR Plan

70 Days WAR Plan Static Flash Cards Day#24 [Revision]

Vallabhacharya; National Water Mission (NWM); Acidification of Ocean; ‘Insider trading’; ‘Liquidity shortage’; Buranjis; Tidal bore; Bomb Cyclone; G. D. Mavalankar Rule (10% Rule); Office of the Economic Adviser (OEA);
By IT's Core Team
April 14, 2019

 

 

 

What are the functions of the Office of the Economic Adviser (OEA)?

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Answer & Enrich Your Leaning:

  • The office of the Economic Adviser (OEA) is under the Ministry of Commerce and Industry.
  • The Chief Economic Advisor (CEA) advises the Government of India on matters related to finance, commerce, trade, economy.
  • The CEA reports directly to the Minister of Finance.
  • The CEA heads the Economic Division under the Department of Economic Affairs (DEA).

The main functions of the Office of Economic Adviser include:

  • Formulation of industrial policies and the effect of trade policies on them
  • Analysis of macro-economic aggregates
  • Examination of general economic issues
  • Recommendations regarding rates of excise & customs duties on industrial products
  • Compilation and publication of the Wholesale Price Index Numbers in India which is mainly used for calculation of Inflation
  • Compilation and publication of Hand Book of Industrial Policy and Statistics

It also has policy functions which includes:

  • Economic policy inputs on industrial development.
  • Rendering advice relating to formulation of Industrial Policy, Foreign Trade Policy with respect to industrial sector in general with thrust on manufacturing, issues relating to bilateral and multilateral trade, as well as taxes and duties related to industry, including but not restricted to safeguard and anti-dumping duties.
  • Analysis of trends of industrial production and growth.
  • Examination of multilateral and bilateral issues and processing Policy Notes with economic implications referred to the Office.
  • Planning and Gender Budgeting on behalf of the Department of Industrial Policy and Promotion.

It also has statistical functions which includes:

  • Compiling and releasing monthly Wholesale Price Indices
  • Compiling and releasing monthly Index of Core Industries Production
  • Developing other Indices on experimental basis, e.g. select business service price indices.
  • Supervising as a ‘source agency’, compilation of monthly production statistics for identified industrial items, their validation, and onward transmission for computation of the monthly Index of Industrial Production (IIP) by Central Statistics Office.
  • Monthly Statistical compilation of macro indicators (secondary information).

 

 

 

What do you know about ‘Mavalankar rule’? And what are the criticism over this rule?

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Answer & Enrich Your Leaning:

  1. D. Mavalankar Rule (10% Rule):
  • G V Mavalankar was the first Lok Sabha Speaker established the 10 per cent rule, which is also known as G.D. Mavlankar rule.
  • As per the Mavalankar rule, any party needs to have at least 10% of the total seats for its leader to claim the status of the leader of the opposition.
  • He said that the main opposition party’s strength must equal the quorum, which is 10 per cent of the total strength, required for functioning of the House.
  • The rationale was that the leader of the opposition being in line to form an alternative government should be able to hold the House with the required quorum of 10 per cent of its strength.
  • There was a controversy related to this rule in the 16th Lok Sabha as the Main opposition party Congress failed to get more than 55 seats.

Criticism over the rule:

  • This 10% rule was incorporated later in the Directions for the functioning of the Lok Sabha as Direction 121, but it did not mention the Leader of Opposition (LoP) as such.
  • The 1998 law concerning the facilities to be given to leaders and whips of recognised parties and groups, which fixes 55 as the minimum number of members required for recognition as a Parliamentary Party in the lower House, does not mention the LoP either. It is the 1977 statute on the LoP’s salary that does so.
  • And that definition says that the LoP shall be the leader of the party in opposition with the greatest numerical strength and “recognised as such” by the Speaker.
  • But the statute itself is silent on it.
  • The question arises if the Speaker, while recognising the LoP, needs to go by parliamentary precedent and Direction 121 or not.
  • A recognised leader of the opposition is necessary for the proper and harmonious functioning of Parliament and for the working of several of the recently enacted laws.

Constitutional aspect:

  • It needs to be noted that after the anti-defection law in the Tenth Schedule of the Constitution came into force, the system of recognising political parties in the legislature ended.
  • The constitutional provision will override any ‘Direction’, and it is debatable whether the Speaker’s decision on the recognition of a ‘Party’ or a ‘Group’ can any more be dependent on the 10 per cent norm.
  • There are recent laws that require the leader of the opposition to be part of selection panels for: the Central Vigilance Commissioner, the Chief Information Commissioner, the Lokpal and the CBI Director.
  • Some of the relevant Acts do say that where no person has been recognised as the LoP, the leader of the opposition party with the largest numerical strength may play that role.

 

 

 

What is Bomb Cyclone, recently in news?

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Answer & Enrich Your Leaning:

Bomb Cyclone is a nickname given to a phenomenon called “bombogenesis,” in which a weather system experiences a sharp drop in atmospheric pressure and intensifies rapidly, unleashing hurricane-force winds.

  • By definition, the barometric pressure must drop by at least 24 millibars in 24 hours for a storm to be called a bomb cyclone; the formation of such a storm is called bombogenesis.
  • What makes a storm a “bomb” is how fast the atmospheric pressure falls; falling atmospheric pressure is a characteristic of all storms.
  • These strong winter systems are notorious for packing big winds and waves to go along with heavy snow – possibly resulting in downed trees, power outages and coastal flooding.
  • It happens after the pressure inside a storm cell falls so quickly that it gives the storm explosive strength.

Mechanism of Bomb Cyclone:

  • Deep drops in barometric pressure occur when a region of warm air meets one of cold air. The air starts to move and the rotation of the earth creates a cyclonic effect.
  • The direction is counter-clockwise in the Northern hemisphere leading to winds that come out of the northeast.

 

 

 

What is tidal bore? What are the features of the tidal bore?

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Answer:

  • A tidal bore is a true tidal wave. When the leading edge of the incoming tide forms a wave/ waves of water that travel up a river or a narrow bay against the direction of the river or bay’s current, it is called as a tidal bore.
  • The favorable conditions for tidal bore include strength of the incoming tidal wave, slim and depth of the channel and the river flow.

Enrich Your Leaning:

  • Tides also occur in gulfs. The gulfs with wide fronts and narrow rears experience higher tides. The in and out movement of water into a gulf through a channels called a tidal current.
  • When a tide enters the narrow and shallow estuary of a river, the front of the tidal wave appears to be vertical owing to the piling up of water of the river against the tidal wave and the friction of the river bed. The steep-nosed tide crest looks like a vertical wall of-water rushing upstream and is known as a tidal bore.
  • A tidal bore occurs along a coast where a river empties into an ocean or sea.
  • A tidal bore is a strong tide that pushes up the river, against the current.
  • A tidal bore takes place during the flood tide and never during the ebb tide (Tidal bores almost never occur during neap tides. Neap tides happen during quarter moons, when tides are weakest).
  • The Indian rivers like the Ganges, Brahmaputra, Indus, etc exhibits tidal bores. Tidal bores are common in the Hooghly river.

 

 

 

Which reference to India history, what does Buranjis stands for?

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Answer & Enrich Your Leaning:

  • Buranjis are a class of historical chronicles, written initially in the Ahom and afterwards in Assamese language.
  • The first such Buranji was written on the instructions of the first Ahom king Sukaphaa who established the Ahom kingdom in 1228.
  • There were two kinds of Buranjis: one maintained by the state (official) and the other maintained by families.
  • Many such manuscripts were written by scribes under the office of the Likhakar Barua, which were based on state papers, diplomatic correspondences, judicial proceedings, etc. Others were written by nobles or by people under their supervision, sometimes anonymously.

 

 

 

Which of the following Bhakti Saints founded the philosophy of Shuddha advaita (Pure Nondualism)?

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Answer:

  • Vallabhacharya founded the philosophy of Shuddha advaita (Pure Nondualism).

Enrich Your Leaning:

About Vallabhacharya:

  • Vallabhacharya, also known as Vallabha, was a devotional philosopher, who founded the Krishna-centered Pushti sect of Vaishnavism in the Braj region of India, and the philosophy of Shuddha advaita (Pure Nondualism).
  • Vallabhacharya wrote commentaries on Vedanta Sutra and Bhagavad Gita.
  • For him. Brahman (God) was Sri Krishna who manifested himself as souls and matter. God and soul are not distinct, but one. The stress was on pure non-dualism.
  • His philosophy came to be known as Pushtimarga (the path of grace) and the school was called Rudrasampradaya.

 

 

 

In an economy, what does the term ‘Liquidity shortage’ refer to?

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Answer:

  • Liquidity shortage refers to a situation where net fund borrowed from RBI is positive, where banks and PDs have to resort to RBI for overnight borrowings as there is liquidity crunch in the market.

Enrich Your Leaning:

  • Excess liquidity refers to the situation where net fund borrowed from the RBI is negative. I.e. Banks and PDs have more than enough liquidity with them so they turn to the RBI to park their excess fund to earn interest.
  • Liquidity refers to the net fund (fund borrowed minus fund deposited with RBI) borrowed by banks and Primary Dealers (PDs) under LAF.
  • The shortage of liquidity could reflect a fall in asset prices below their long run fundamental price, deterioration in external financing conditions, reduction in the number of market participants, or simply difficulty in trading assets.
  • Borrowers typically face higher loan costs and collateral requirements, compared to periods of ample liquidity, and unsecured debt is nearly impossible to obtain. Typically, during a liquidity crisis, the interbank lending market does not function smoothly either.

 

 

 

What is ‘Insider trading’? Is it different from speculation?

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Answer & Enrich Your Leaning:

  • Insider trading is the buying or selling of a security by someone who has access to material non-public information about the security.
  • It can be illegal or legal depending on when the insider makes the trade. It is illegal when the material information is still non-public.
  • It is considered detrimental to the health of financial systems and has been declared illegal in several nations because the trading agents have access to valuable non-public information about a corporation.

It is different from Speculation

  • Speculation is the practice of engaging in risky financial transactions in an attempt to profit from fluctuations in the market value of a tradable good. It is not illegal. Also, insider trading can be more than speculation and can even be a genuine investment.
  • For e.g. an employee knows (confidentially) that his company’s plans of acquiring another company will raise its stock price, and hence he invests in the stocks to gain from the rise in price.
  • When insiders, e.g. key employees or executives who have access to the strategic information about the company, use the same for trading in the company’s stocks or securities, it is called insider trading and is highly discouraged by the Securities and Exchange Board of India to promote fair trading in the market for the benefit of the common investor.
  • However, in certain cases if the information has been made public, in a way that all concerned investors have access to it, but that will not be a case of illegal insider trading.

 

 

 

Ocean acidification is a phenomenon caused by the ongoing decrease in the pH of the Earth’s oceans. What does this process involve: (a) Uptake of carbon dioxide (CO2) from the atmosphere OR (b) Intake of carbon dioxide (CO2) from the atmosphere?

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Answer:

  • Ocean acidification is the ongoing decrease in the pH of the Earth’s oceans, caused by the uptake of carbon dioxide (CO2) from the atmosphere.

Enrich Your Leaning:

About Acidification of Ocean:

  • Ocean acidification refers to a reduction in the pH of the ocean over an extended period of time, caused primarily by uptake of carbon dioxide (CO2) from the atmosphere.
  • Carbonate ions are an important building block of structures such as sea shells and coral skeletons.
  • Decreases in carbonate ions can make building and maintaining shells and other calcium carbonate structures difficult for calcifying organisms such as oysters, clams, sea urchins, shallow water corals, deep sea corals, and calcareous plankton.
  • These changes in ocean chemistry can affect the behavior of non-calcifying organisms as well.
  • Certain fish’s ability to detect predators is decreased in more acidic waters. When these organisms are at risk, the entire food web may also be at risk.
  • Ocean acidification is affecting the entire world’s oceans, including coastal estuaries and waterways.
  • Many economies are dependent on fish and shellfish and people worldwide rely on food from the ocean as their primary source of protein.
  • The growth and survival of calcareous phytoplankton, animals that have phytoplanktonic larvae and coral reefs are badly affected due to ocean acidification.
  • Apart from this even the cloud seeding and formation of clouds will be adversely affected.

 

 

 

“National Water Mission” is a part of National Action Plan on Climate Change launched to hold the threats of global warming. What are the goals of National Water Mission?

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Answer:water mision

Enrich Your Leaning:

About National Water Mission (NWM):

  • The National Water Mission is one of the eight missions in the National Action Plan on Climate Change launched by the Prime Minister to tackle the threats of global warming.
  • The main objective of the NWM is “conservation of water, minimizing wastage and ensuring its more equitable distribution both across and within States through integrated water resources development and management”.

Features of the National Water Mission:

  • Review of National Water Policy
  • Research and studies on all aspects related to impact of climate change on water resources including quality aspects of water resources
  • Expeditious implementation of water resources projects particularly the multipurpose projects with carry over storages
  • Promotion of traditional system of water conservation
  • Intensive programme for ground water recharge in over-exploited areas
  • Incentivize for recycling of water including wastewater
  • Planning on the principle of integrated water resources development and management
  • Ensuring convergence among various water resources programmes
  • Intensive capacity building and awareness programme including those for Panchayati Raj Institutions, urban local bodies and youths
  • Sensitization of elected representatives of over exploited area on dimensions of the problem and to orient investment under NREGA towards water conservation
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