Economic Affairs ;Environment and Ecology,Science Affairs- Nov-2017

Economic Affairs

The Code on Wages Bill, 2017:

The Union Government has taken a drive to rationalise 38 Labour Acts by framing 4 labour codes viz. Code on Wages, Code on Social Security, Code on Industrial Relations and Code on Occupational Safety, health and working conditions. The codification of labour laws will remove multiplicity of definitions and authorities leading to ease of compliance without compromising wage security and social security to workers.

Domestic Systematically Important Banks

The RBI has added HDFC Bank, the 2nd largest private sector lender bank of the country, to the list of DSIBs or Domestic Systematically Important Banks. DSIBs are perceived certain banks in the country on whom the economy of the country depends. These are perceived as TBTF - Too Big To Fail. There are two types of SIBs - Global SIBs, identified by BASEL Committee and Domestic SIBs identified by central bank of country.

Domestic Systematically Important Banks in India == > SBI, HDFC& ICIC

Environment and Ecology

Parali I Island:

Parali I island was the inhabited island in Lakshadweep which has disappeared due to coral erosion and naother four such islands in Lakshadweep sea are shrinking fast. Parali I Island was part of the Bangaram atoll. The study has recommended of a bio protection strategy that includes using mangroves to prevent coral erosion.

SAUNI Project:

SAUNI stands for Saurashtra Avataran Irrigation Scheme. It aims to fill up 115 major dams in Saurashtra by diverting overflow of water from Sardar Sarovar Dam on Narmada River. It is out and out irrigation and drinking water project solely for Saurashtra Peninsula.

Science Affairs

Hyperloop:

India’s first hyperloop project will come up in Andhra Pradesh, connecting Vijayawada with Amravati districts. Hyperloop is brianchild idea of technology entrepreneur Elon Must who dubs it as fifth mode of transportation. It is a system of magnetially levitating capsules that are sent at high speeds through low-pressure tubes. Hyperloop is 2-3 times faster than fastest high-speed rail and claims to have speeds even greater than commercial air travel. It has smaller civil engineering footprint, with no direct emission or noise compared to railways. Hyperloo’s capital cost per mile is 60% that of high-speed rail and is less expensive to operate. Furthermore, Hyperloop departures could happen with a low frequency of a pod every 20 seconds which is not possible in railway.