News of The Day – 29th June ‘2016

Indian Economy Stands Out Amongst Emerging Markets: RBI’s Financial Stability Report

  • According to a report by RBI, in spite of global uncertainties, banking sector issues, the economy stands out in terms of growth as compared to other emerging markets and the Indian financial system remains steady.
  • FSR (Financial Stability Report) said as worldwide uncertainties and dynamics impact the country with its increasing level of integration with the global economy, continuation of sound domestic policies and structural reforms become important.
  • The sudden decline in international crude oil prices since the third quarter of fiscal year of 2015 has provided terms of trade benefits leading to relatively lesser imports and reduced external vulnerabilities.
  • A report from the IMF (International Monetary Fund) declared that the terms of trade benefits are estimated to be the highest for India among all G-20 countries in the recent months.
  • The oil prices have considerably moved up in the recent period since their February lows of below $30 a dollar.According to FSR, the downside of prolonged low oil prices also needs to be reckoned in terms of likely reduction in private transfers and remittances.

Istanbul Airport Attack

  • In a suicide attack at Istanbul’s Ataturk Airport dozens were killed and more than 140 were wounded according to the Turkish officials.
  • According to an estimate over 36 people were killed after three suicide bombers opened fire then blew themselves up in Istanbul’s main international airport.
  • The attack on Europe’s third-busiest airport is among the deadliest in a series of suicide bombings in Turkey, which is struggling to contain the spillover from neighbouring Syria’s civil war and battling an insurgency by Kurdish militants in its southeast.
  • The majorities among the killed were Turkish nationals but a few foreigners were also among the dead.
  • The damage at Istanbul’s airport follows the March attack on Brussels Airport, where two suicide bombings ripped through check-in counters, killing 16 people.
  • Ataturk is Turkey’s biggest airport and a major transport center for travellers from around the world. The Port Authority of New York and New Jersey reacted to the explosions by putting armed, high-visibility patrols at the three main airports in the New York metropolitan region.

SC Refers Plea Seeking Decriminalisation of Gay Sex to CJI

  • Supreme Court Bench has sent a appeal seeking quashing of a penal provision that criminalises consensual sexual acts between adults of the same sex before the Chief Justice of India to choose whether a Constitution Bench should hear the appeal.
  • In presence of Justice S.A. Bobde, senior advocate Arvind Dattar put forth that it is first time individual members of the community have moved the Supreme Court directly to plea for their right to sexual freedom.
  • Earkier the bench led by CJI T.S. Thakur had indicated that Section 377 of the IPC, which criminalises gay sex, deserves a re-look and decided to post a batch of curative petitions filed by NGOs like Naz Foundation before a Constitution Bench.
  • The petition has been filed by many famous personalities including dancer N.S. Johar, journalist Sunil Mehra, hotelier Aman Nath, chef Ritu Dalmia and business executive Ayesha Kapur. They argued that Section 377 is unlawful and a restriction on their right to sexual preferences.
  • Section 377 of the Indian Penal Code (IPC) dating back to 1860 was introduced during the British rule of India which criminalises sexual activities “against the order of nature”, which includes homosexual acts.

Leave a Reply