Daily Current Affairs - 21 April *** imp for all exams ***

The Hindu -

đź’ĄCONGRESS, SIX OTHER PARTIES MOVE TO IMPEACH CJI MISRA ( Judicial)

Seven opposition parties led by Congress launched an unprecedented campaign to impeach Supreme Court chief justice Dipak Misra, accusing him of “serious misbehaviours” and “compromising the independence of the judiciary,” rendering it vulnerable to executive influence.

👉The process for removal of Judges

The constitutions mentions two grounds for the removal of judges of Supreme Court and High court, they are proved misbehavior and incapacity
A judge of the Supreme Court can be removed from his office by an order of the President. The President can issue the removal order after an address by the Parliament, supported by a special majority of each House of Parliament (that is, a majority of the total membership of that House and a majority of not less than two thirds of the members of that house present and voting), has been presented to the President in the same session of Parliament for such a removal.
The procedure relating to the removal of a judge of the Supreme Court is regulated by the Judges Inquiry Act,1968.
  1. A removal motion signed by 100 members (in case of Lok Sabha) or 50 members (in case of Rajya Sabha) is to be given to the Speaker/Chairman. (The removal motion can be introduced in any of the two Houses of Parliament).
  2. The Speaker/Chairman may admit and reject the motion and if it is admitted, then the Speaker/Chairman is to constitute a three-member committee consisting of the Chief Justice or a judge of the Supreme Court, a chief justice of a high court and a distinguished jurist to investigate into the charges.
  3. If the committee finds the judge to be guilty of the charges (misbehaviour or incapacity), the House in which the motion was introduced, can take up the consideration of the motion.
  4. Once, the House in which removal motion was introduced passes it with special majority, it goes to the second House which also has to pass it with special majority.
  5. After the motion is passed by each House of the Parliament by special majority, an address is presented to the President for removal of the judge.
  6. Finally, the President passes an order removing the judge.
So far, no judge of the Supreme Court has been impeached.

đź’ĄSWELL WAVES FORECAST ALONG INDIA’S COASTS (Geography)

National Disaster Management Agency (NDMA) has put alert that India’s coasts will be lashed by ‘high energy swell waves’ on Saturday and Sunday, and cautioned fishermen as well as beach-loungers ought to stay away.
The alert has been issued based on a forecast from the Hyderabad-based Indian National Centre for Ocean Information Services (INCOIS), which is charged with issuing tsunami alerts.

👉About Swell waves

‘Swell waves’ are massive ripples that form on the sea due to winds.
A swell, in the context of an ocean, is a series of mechanical waves that propagate along the interface between water and air. These series of surface gravity waves are not wind waves, which are generated by the immediate local wind, but instead are generated by distant weather systems, where wind blows for a duration of time over a fetch of water
Swell waves often have a long wavelength but this varies due to the size, strength and duration of the weather system responsible for the swell and the size of the water body.

đź’ĄMUTUAL FUNDS FIND SME FIRMS ATTRACTIVE (Economy)

The capital hungry Indian small and medium enterprises (SME) sector is finding a new viable source of funding in Mutual Funds.
Recently the platform for SMEs is seeing active participation from institutional investors, especially mutual funds that have been traditionally investing only shares of large, well-known companies on the BSE and the National Stock Exchange (NSE).
Earlier when SME IPOs saw participation only from high net worth individuals and other corporate bodies, and not much from Institutional investors which led to many doubts regarding the quality of investors in the SME segment.
But in the recent past, fund houses like HSBC Mutual Fund, DSP BlackRock Mutual Fund and Sundaram Mutual Fund, among others, have invested in the IPOs of at least eight SMEs. Not just that participation of Foreign institutional investors has also been observed in these IPOs
The newly found enthusiasm in SMEs is because of the fact that SMEs stocks present wide varieties of opportunities with high growth potential and hence are investment portfolio diversification tool.

👉Some key info about MSMEs

The Micro, Small and Medium Enterprises (MSME) sector has been recognised as engine of growth all over the world.  Many countries of the world have established a SME Development Agency as the nodal agency to coordinate and oversee all Government interventions in respect of the development of this sector.
Indian Small and Medium Enterprises (SME) sector has emerged as a highly dynamic sector of the Indian economy over the last six decades. (Around 40% of jobs created in emerging economies are from SMEs). SMEs not only play important role in providing huge employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural areas. SMEs are complementary to large industries as complementary units and this sector contributes enormously to the socio-economic development of the country.
They could attract FDI, making India a hub for Global Value Chain (GVC).
As a result they are likely to play a big role in promoting exports.

đź’ĄINDIA PITCHES FOR INDEPENDENT BRICS CREDIT RATING AGENCY (International Relations)

India has asked the BRICS nations to set up an independent rating agency of the five-member group at a meeting of the BRICS finance ministers and central bank governors
India had first mooted the idea of having such an agency for the BRICS grouping, which could solve impediments for the emerging market economies posed by the present credit rating agency market dominated by western rating agencies, S&P, Moody’s and Fitch, together holding over 90 per cent of the sovereign ratings market.

👉About BRICS

BRICS is acronym for an association of five major emerging national economies viz, Brazil, Russia, India, China and South Africa. It was established in 2009. Originally it was known as BRIC before inclusion of South Africa in 2011. The first formal summit was held in Yekaterinburg, Russia in 2009.
BRICS countries are distinguished by their large, fast-growing economies and significant influence on regional and global affairs. They are home to 42% of the world’s population. Their total share in the global economy has risen from 12% to 23% in the past decade and they collectively contribute more than half of global growth.
Under BRICS institutions like New Development Bank, Contingent Reserve Arrangement (CRA) etc. has been set up to provide support to these economies

đź’ĄTHE BAKARWALS’ LONG WALK (Indian Tribes)

Hindu has provided an article about Bakarwals, who has been in the news recently for all the unfortunate reasons.

👉Facts about Bakarwals

The Bakarwals are nomadic pastoralists inhabiting the higher reaches of India’s Jammu and Kashmir. Every year, just as the winter snows begin to melt and alpine pastures return to life, members of this community begin a long journey with their livestock – sheep, goat, horses and buffalo – to high meadows that offer their animals good grazing.
While traditionally goat and sheep herders, governmental restrictions, land development, population growth, and advancements in the market economy have caused some Bakarwallah to settle in one place and engaged in other forms of agriculture in addition to animal husbandry.
They are found in the entire Kashmir region between India and Pakistan, and in the Nuristan province of Afghanistan.
They claim a common ancestry from the ancient Gujjar tribe of India.
In 1991 in Jammu and Kashmir the Bakarwal were first recognized as an Indian Scheduled Tribe.

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