All India Radio News Summary: 04 MARCH 2018

All India Radio News Summary: 04 MARCH 2018

1. Fugitive Economic Offenders Bill, seeking confiscation of assets of absconding fraudsters and loan defaulters slated for tabling. 

• The Fugitive Economic Offenders Bill seeks confiscation of assets of absconding fraudsters and loan defaulters. It will be high on the government’s agenda.
• The bill was recently approved the Union Cabinet and the government has decided to introduce the bill in Parliament.
• Besides, the government is also keen to pass the Triple Talaq legislation and a bill seeking constitutional status to the OBC commission.

2. The governing Communist Party has proposed an amendment to the constitution that would pave the way for President Xi Jinping to remain China’s leader for life.

• As of now, a clause in the constitution limits presidencies to two five-year terms.
• Removal of the said clause would allow the current President Xi Jinping to remain as leader after he is due to step down.
• The amendment is expected to pass with near unanimous approval from the National People’s Congress. 
• However, the decision to amend the term limit has aroused criticism among China’s embattled liberal activists.
• Leaders from Communist party says that the amendment is only aimed at bringing the office of the President in line with rules on Xi’s other positions atop the ruling Communist Party and the military commission that controls the armed forces.

3. Reserve Bank has further tightened the priority sector lending (PSL) norms for foreign banks

The central bank has directed foreign banks to mandatorily create sub-targets so that they lend a portion of their loans to small and marginal farmers as well as micro enterprises.

• The PSL norms mandate foreign banks to eventually lend 40 per cent of their total loan book to the priority sector, such as agriculture, rural infra and MSMEs among others from April 2020. 
• A sub-target of 8 per cent of net bank credit, or credit equivalent amount of off-balance sheet exposure, whichever is higher, shall become applicable for foreign banks with 20 branches and above, for lending to small and marginal farmers and micro enterprises (MSMEs) from FY19.
• Another sub-target of 7.50 per cent, using the same criterion, will be applicable to these banks from FY19 for lending to micro enterprises.

4. India and Vietnam agree that defence and security cooperation will remain an important pillar of Comprehensive Strategic Partnership.

• India and Vietnam unequivocally condemned terrorism in all its forms and manifestations, including cross-border terrorism. 
• Both nations have called upon all nations to adopt a comprehensive approach in combating terrorism, including countering radicalisation, recruitment, training and movement of foreign terrorists and blocking sources of financing terrorism. 
• Both sides agreed that enhancing strong trade and economic engagement is a strategic objective, a core element of the comprehensive strategic partnership and are essential for strengthening bilateral ties.
• The two sides welcomed the on-going exchange of senior level delegations, stronger cooperation between their armed forces and enhanced cooperation in areas of cyber security, combating terrorism, maritime security, climate change and food security.
• The two sides also agreed that their cooperation in oil and gas exploration, thermal and hydroelectric power and renewable energy and energy conservation is registering remarkable progress.

5. Finance Minister asserts, India is set to retain its position of a fast growing economy in the coming decades.

• Union Finance Minister said that India is set to retain its position of a fast growing economy in the coming decades.
• India is looked at as one of the bright spots in the world. The economy today is market-determined and this trend is likely to grow.
• India is leaving its footprints behind becoming one of the fastest economies in the world.
• There is huge scope of investment in human resource sector in the state and called upon the students to go ahead on path of excellence and skill development in career building.