17-01-2017

the hindu
1.SC revives hearing on A.P. bifurcation.

Public demand better index to decide, says Bench.

What better “index” to ascertain whether a State is to be divided or not other than public demand, the Supreme Court said on Monday.

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2.GST stalemate resolved, roll out deferred to July 1.

90:10 formula agreed upon for dual control of assessees.

The Goods and Services Tax (GST) Council arrived at a consensus on contentious issues such as administrative control over tax payers in the new indirect tax regime on Monday, thus paving the way for GST to be introduced this year, although three months after the Centre’s original rollout deadline of April 1, 2017.

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3.The pragmatist’s pivot to India.

While Ali Akbar Hashemi Rafsanjani’s death comes as a blow to Iran’s reformists, the template of Tehran-New Delhi ties established during his presidency is likely to endure geopolitical shifts

The death of Akbar Hashemi Rafsanjani on January 8 was a landmark for the Islamic Republic of Iran. Rafsanjani was a pivotal figure in the country’s path since the 1979 revolution:

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4.Vagaries of the job market.

The mismatch between the number of people who annually reach working age and the availability of jobs has been a matter of constant concern globally during the better part of the period since the global financial crisis of the last decade. The International Labour Organisation’s latest forecast that a few more millions are set to join the pool of the jobless during this year and the next, is in line with its own previous estimates  read more

5. ‘Serious job losses are taking place’

The truth may ultimately prevail about demonetisation, but the government might be able to maintain the loyalty of a large part of the public for a long time, says Amartya Sen

More than two months after the demonetisation, Nobel Laureate and economist Amartya Sen says that any proper “economic reasoning could not have sensibly led to such a ham-handed policy.” He predicts that the

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6.Demonetisation has hit India’s growth : IMF

Fund sees growth slowing to 6.6% this year from 7.6%

The Naredra Modi government’s demonetisation move could dampen India’s growth by one percentage point in the current fiscal year and 0.4 percentage point next year, compared to its earlier projections, the International Monetary Fund (IMF) said.

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7.Wholesale inflation quicken to 3.39%.

Wholesale inflation rises 3.39% in December

Wholesale prices rose 3.39 per cent in December driven by higher mineral prices, according to official data. Inflation, as measured by the Wholesale Price Index (WPI), increased from 3.15 per cent in November 2016.

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tio
1.Consensus on GST rollout from July 1

After months of tough bargaining, the Centre and states finally managed to break the deadlock on two crucial issues but ended up pushing the rollout date for goods and services tax (GST) from April to July.   read more

2.SC to examine privacy violation in social media.
Response Of FB, WhatsApp & Trai Sought On Data Sharing
In a significant decision, the Supreme Court agreed on Monday to examine whether Facebook’s access to details of calls, messages, photographs and documents exchanged by 160 million Indian users of WhatsApp violated citizens’ right to privacy.

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3.Don’t waste this Budget.
How to kick off the next wave of reforms, so that 2017 parallels 1991
The Union Budget for 2017-18 has already caught our attention, even before being presented by the finance minister. The date of the budget has been brought forward by four weeks. This is the first time that the railway budget will be included in the general budget, a long overdue move. And all eyes will be on the implementation of the Goods and Services Tax (GST) during the next financial year.

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4.Limited room to cut fiscal deficit
3% Target For ’17-18 Difficult To Meet On Higher Infra Spending: Moody’s
The government is likely to achieve its fiscal deficit target of 3.5% of GDP in the current fiscal but higher infrastructure spending will limit the room to reduce it further to 3% in 2017-18, Moody’s said on Monday .

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5.Rising Fuel prices push WPI inflation to 3.39%

Rising prices of petrol and diesel fuelled WPI inflation to 3.39% in December 2016, reversing the declining trend and neutralising the impact of softening prices of vegetables.  read more

6.Post-demonetisation, IMF cuts India’s growth to 6.65%

The IMF on Monday cut India’s growth rate for the current fiscal year to 6.6% cent from its previous estimate of 7.6% due to the “temporary negative consumption shock“ of demonetisation, days after the World Bank also decelerated India’s growth estimates.  read more

tie
1.Top court seeks govt reply on Whats App,FB privacy

CHENNAI: The Supreme Court on Monday sought responses of the government and the Telecom Regulatory Authority of India (TRAI) on a plea seeking framing of privacy policy to regulate commercial exploitation of private communication through social networking sites like WhatsApp and Facebook. A Bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud issued notice to WhatsApp and Facebook and sought their responses within two weeks.  read more

2.Model for accurate weather forecast.

NEW DELHI: The Ministry of Earth Sciences (MoES) has commissioned a very high resolution weather prediction model for generating operational weather forecasts that is expected to enhance weather accuracy.  read more

3.India’s NSG membership can’t be US farewell gift: China.

China on Monday said admission of non-NPT signatories in NSG cannot be a “farewell gift” for countries to give to each other, a day after the outgoing Obama administration asserted that Beijing was an “outlier” in the efforts to make India a member of the elite nuclear club. read more

4.IMF trims India’s GDP growth forecast by 1%.

NEW DELHI: In its update to the World Economic Outlook released in October, the International Monetary Fund (IMF) has trimmed the growth forecast for India by one percentage point for the current financial year (2016-17) and by 0.4 per cent for 2017-18, primarily due to the temporary negative consumption shock induced by cash shortages and payment disruptions associated with the recent currency note withdrawal and exchange initiative — the demonetisation.

For India, data and forecasts were presented on a fiscal year basis an

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