Explainer: What is National Company Law Tribunal (NCLT) ?

The Central Government has constituted National Company Law Tribunal (NCLT) under section 408 of the Companies Act, 2013 (18 of 2013) w.e.f. 01st June 2016.

In the first phase the Ministry of Corporate Affairs have set up eleven Benches, one Principal Bench at New Delhi and one each Regional Benches at New Delhi, Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati,Jaipur, Hyderabad, Kolkata and Mumbai.

The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies.The NCLT was established based on the recommendation of the justice Eradi committee on law relating to insolvency and winding up of companies.

All proceedings under the Companies Act, including proceedings relating to Arbitration, Compromise, arrangements and reconstruction and winding up of companies shall be disposed off by the National Company Law Tribunal.

The National Company Law Tribunal is the Adjudicating Authority for Insolvency resolution process of Companies and Limited Liability Partnerships under the Insolvency and Bankruptcy Code, 2016.

Source:

https://nclt.gov.in/content/national-company-law-tribunal

https://en.wikipedia.org/wiki/National_Company_Law_Tribunal

Brilliant Q&A on Climate Change and related issues by New York Times

As the clamor by Climate Change denialist rises on internet, here is a short and excellent primer on the issue by NYT.

Climate Change Is Complex. We’ve Got Answers to Your Questions.

https://www.nytimes.com/interactive/2017/climate/what-is-climate-change.html

Informative quiz on IMF and World Bank (UPSC | IAS | IPS | IFS | IRS | PCS )

See How Much You Know About the IMF and World Bank | Council on Foreign Relations
https://www.cfr.org/quiz/see-how-much-you-know-about-imf-and-world-bank

Current Affairs 10th October 2018 (UPSC | IAS | IPS | IFS | IRS | PCS )

The 2018 Nobel prize for economics goes to Paul Romer and William Nordhaus

William Nordhaus (left) and Paul Romer (right)

This year's Nobel for Economic Sciences goes to two economist who have made an effort to understand the two most complex topics in economics, how they influence economy, and model them - innovation and climate change. Innovation is important for economic growth and is a product of human endeavor, but how to understand and incorporate it as component in an economic model, so that remedies can be prescribed to aid it and hence economic growth - this was done by Paul Romer and doing so he elucidated on the importance of government intervention (public policy) in fostering it. Climate Change (as a model) and how the economic growth interact in complex manner was modeled by William Nordhaus, he too emphasized on the importance of government intervention (public policy) in tackling rise in climate change, he proposed the famous market solution carbon tax for tackling green house gases.

The commonality underpinning two economists who were awarded Noble in Economics Sciences 2018 lies in the fact that they both modeled the two complex ideas which were earlier treated as black box and both have prescribed government intervention (public policy) as a necessary tool.

For further reading:

2018 Nobel in Economics Is Awarded to William Nordhaus and Paul Romer (NYT)https://www.nytimes.com/2018/10/08/business/economic-science-nobel-prize.html

The Nobel prize for economics is awarded for work on the climate and economic growth (The Economist)
https://www.economist.com/finance-and-economics/2018/10/08/the-nobel-prize-for-economics-is-awarded-for-work-on-the-climate-and-economic-growth

Explainer: A Visual Guide to Inflation

Credits to the creator of this brilliant infographic.

Source: https://blog.mint.com/trends/a-visual-guide-to-inflation/

Explainer: A Visual Guide to Deflation

Credits to the creator of this brilliant infographic.

Source: https://blog.mint.com/trends/a-visual-guide-to-deflation/

Solar Energy Diplomacy by India: Calling for ‘One World One Sun One Grid’ (International Solar Alliance)

At the first assembly of International Solar Alliance in New Delhi, Prime Minister Narendra Modi called for cooperation and collaboration on solar energy to connect the electric grid across borders meeting energy needs, and making the future of world economy more interconnected and green. He urged this in presence of United Nations Secretary-General Antonio Guterres. Further emphasizing on the importance of solar energy and 121 member International Solar Alliance, he said that ISA would act like OPEC(Organization of the Petroleum Exporting Countries) for solar energy, meeting the energy needs of the world.

“We have a dream One World, One Sun One Grid. We generate round the clock electricity from Sun as it sets in one part of the world but rises in another part. Sun never sets for entire earth” - P.M. Narendra Modi

International Solar Alliance

The International Solar Alliance is an alliance of more than 121 countries initiated by India, most of them being sunshine countries, which lie either completely or partly between the Tropic of Cancer and the Tropic of Capricorn.

Founded at: Paris, France

Membership (As of 2017): 121 nations

Head: H.E. Upendra Tripathy

Budget: 4.7 crores USD

Region served: Countries between the Tropic of Cancer and Capricorn

Headquarters: Gwal Pahari, Gurugram, Haryana, India

Source: Wikipedia\Google

For Further reading:

India targeting 40% power generation from non-fossil fuels by 2030: PM Modi
https://www.business-standard.com/article/economy-policy/india-targeting-40-power-generation-from-non-fossil-fuels-by-2030-pm-modi-118100200745_1.html

ISA receives $9 mn fund approval for 2019-20, finalises 5 new programmes
https://www.business-standard.com/article/economy-policy/isa-receives-9-mn-fund-approval-for-2019-20-finalises-5-new-programmes-118100400842_1.html

Piqued by India's dominance, ISA members seek clarity on use of funds
https://www.business-standard.com/article/ianternational/piqued-by-india-s-dominance-isa-members-seek-clarity-on-use-of-funds-118100301218_1.html

Current Affairs 5th October 2018 | Important News | Good reads | UPSC | IAS | IPS | IFS | IRS | PCS

India signs deal with Russia for S-400 Triumf Air Defense System
https://outsmartupsc.blogspot.com/2018/10/india-signs-deal-with-russia-for-s-400.html

Fitbit data used to charge suspect with murder - The Verge
https://www.theverge.com/2018/10/4/17936722/fitbit-data-murder-trial-stepdaughter

Netflix consumes 15% of the world’s global internet traffic
http://f-st.co/n3AHEr2

SC dismisses plea seeking full statehood for Delhi
https://trib.al/mf5E6PT

RBI keeps key rates unchanged
https://trib.al/hBd6s6e

Explained: The cancer therapy that got two immunologists a Nobel
https://www.downtoearth.org.in/news/health/explained-the-cancer-therapy-that-got-two-immunologists-a-nobel-61773

Heavy metals in household, industrial waste help spread drug resistance
https://www.downtoearth.org.in/news/health/heavy-metals-in-household-industrial-waste-help-spread-drug-resistance-61787

WAYU : New device developed to tackle pollution in high traffic zones
https://www.downtoearth.org.in/news/air/new-device-developed-to-tackle-pollution-in-high-traffic-zones-61726

Blanket of dust to cover North India in few days; air quality will be hit
https://www.downtoearth.org.in/news/air/blanket-of-dust-to-cover-north-india-in-few-days-air-quality-will-be-hit-61799

In the court of last resort (Lead Opinion)
https://www.thehindu.com/opinion/lead/in-the-court-of-last-resort/article25105456.ece

New SC Roster Introduced: PILs To Be Heard By CJI & Justice Lokur (On CJI's Directions) | Live Law
https://www.livelaw.in/new-sc-roster-introduced-pils-to-be-heard-by-cji-justice-lokur-on-cjis-directions/

Backlog burden of Supreme Court, from Aadhaar to Ayodhya - Livemint
https://www.livemint.com/Politics/tzhLriWMkIxwe3XtG5U5yH/Supreme-Court-pending-cases-from-Aadhaar-to-Ayodhya.html

Current Affairs 5th October 2018 | Important News | Good reads | UPSC | IAS | IPS | IFS | IRS | PCS

India signs deal with Russia for S-400 Triumf Air Defense System (Explainer: What is S-400 missile system ?)

Image Source: https://www.rbth.com/multimedia/infographics/2017/06/05/s-400-triumph-russia-to-sell-missile-system-to-nato-member-turkey_776950

The S-400 Triumf, previously known as the S-300 PMU-3, is an anti-aircraft weapon system developed in the 1990s by Russia's Almaz Central Design Bureau as an upgrade of the S-300 family. It has been in service with the Russian Armed Forces since 2007.

Operational range: 400 km (40N6 missile); 250 km (48N6 missile); 120 km (9M96E2 missile); 40 km (9M96E missile)

Used by: Russia

Ground clearance: 485 mm

Manufacturer: Fakel Machine-Building Design Bureau

Designer: Almaz-Antey

Engine: YAMZ-8424.10 Diesel V12; 400 HP/294kW

In service: 28 April 2007 – present

Source: Wikipedia\Google

For further reading (Deep Dive):

Infographic on S-400 missile system

https://theaviationist.com/2015/11/13/s-400-triumf-infographic/

Explained: What S-400 air defence system deal with Russia means to India

https://indianexpress.com/article/explained/s-400-air-defence-system-deal-russia-putin-5385320/

Current Affairs | UPSC | IAS | IPS | IFS | IRS | PCS

Explainer: What is "Resource Curse" or "Paradox Of Plenty" ? (UPSC | IAS | IPS | IFS | IRS | PCS )

In simple terms resource curse results from inefficient distribution of wealth which is generated from harvesting the aplenty resource in that country. As a consequence, wealth aggregation in resource rich pockets of economy takes place, the other sectors suffer and become inefficient, as bulk of economic activity (as calculated by GDP) takes place around that resource. The political consequence being that the state becomes irresponsive to the needs of people as state expenses are met by wealth from resource rather than tax collections, and in turn people also gradually start looking for doles from state rather than substantive reforms in economy. This all leads to poverty, corruption and an inefficient economy, hence the name resource curse.

For further reading:

Resource Curse (Investopedia)
http://www.investopedia.com/terms/r/resource-curse.asp

The paradox of plenty (The Economist)
http://www.economist.com/node/5323394

Oil to Cash: Fighting the Resource Curse through Cash Transfers (Center for Global Development) [Video]
http://www.youtube.com/watch?v=b8f7MSOLMRk

Current Affairs | Economics | Banking | UPSC | IAS | IPS | IFS | IRS | PCS

Explainer: What is difference between Banks & NBFCs (Non-Banking Financial Company) ? (UPSC | IAS | IPS | IFS | IRS | PCS )

NBFCs (also called shadow banks) in comparison to Banks are not heavily regulated barring few prudential norms. They are regulated by different regulatory agencies depending upon their nature of work e.g. SEBI, IRDA, State Government etc. NBFCs over the years have become an important cog in the financial wheel of the economies around the world, they fill in the gaps left by traditional banks as financial markets have evolved and become complex over the years.

NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:

i. NBFC cannot accept demand deposits;

ii. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;

iii. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

Source: RBI

Current Affairs | Economics | Banking | UPSC | IAS | IPS | IFS | IRS | PCS

Explainer: Blockchain definition and developments in India (UPSC | IAS | IPS | IFS | IRS | PCS )

What is a blockchain?

A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. (Source: Wikipedia)

Infographic on how blockchain works

http://usblogs.pwc.com/emerging-technology/a-primer-on-blockchain-infographic/

India’s first Blockchain District to be set up in Telangana

https://www.thehindubusinessline.com/info-tech/telangana-tech-mahindra-ink-mou-for-indias-first-blockchain-district/article24595587.ece

IIITM-K and the Blockchain Education Network (BEN) will set up a Blockchain Academy in Kerala

https://www.thenewsminute.com/article/first-kerala-set-blockchain-academy-74956

Current Affairs | Good reads | International Affairs | Geopolitics (UPSC | IAS | IPS | IFS | IRS | PCS)

Trump reportedly considered banning Chinese student visas to keep out spies

https://buff.ly/2zMycIJ

5 things to know about USMCA, the new NAFTA

https://www.brookings.edu/blog/up-front/2018/10/02/5-things-to-know-about-usmca-the-new-nafta/

Chinese and American warships nearly collide

https://amp.economist.com/asia/2018/10/02/chinese-and-american-warships-nearly-collide

Downturn in Russia relations

https://bharatkarnad.com/2018/10/02/downturn-in-russia-relations/

Iranian clerics in Kashmir under watch

https://www.thehindu.com/news/national/iranian-clerics-in-kashmir-under-watch/article25105713.ece

Explained: The destructive power of the Indonesia tsunami

https://indianexpress.com/article/explained/understanding-the-destructive-power-of-the-indonesia-tsunami-5381783/

India-born Gita Gopinath will be IMF’s first woman chief economist

https://qz.com/india/1408602/gita-gopinath-will-be-imfs-first-woman-chief-economist/

How to Fix the U.N.—and Why We Should – Foreign Policy

https://foreignpolicy.com/2018/09/26/how-to-fix-the-u-n-and-why-we-should/

India to gift Mig-21 fighter jets to Russia

https://www.thehindu.com/news/national/india-to-gift-mig-21-fighter-jets-to-russia/article25081118.ece

U.S. blacklists Chinese agency for buying Russia military equipment

https://www.thehindu.com/news/international/us-blacklists-chinese-agency-for-buying-russia-military-equipment/article25003395.ece

Maldives election: The will of the people has spoken, says Ibrahim Mohamed Solih

https://www.thehindu.com/news/international/maldives-election-the-will-of-the-people-has-spoken-says-ibrahim-mohamed-solih/article25023596.ece