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The Hindu Newspaper 12/05/2020

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In the seventh and eighth centuries, ‘ghatikas’ were

 a) Guards of religious shrines

 b) Time keeping devices kept at astronomical houses

 c) Royal decrees passed with the consent of the citizens

 d) Colleges attached to the temples

2)Consider the following statements:

  • They developed Vesara style of architecture.
  • Their structural temples exist at Aihole, Badami and Pattadakal.
  • Their administration was highly centralized.

The above statements most accurately refer to?

 a) Cholas

 b) Chalukyas

 c) Cheras

 d) Pandyas

3)The difference between Mixed cropping and Mixed Farming is that

  • The former involves both growing crops and livestock whereas the later mainly relies on intercropping.
  • The former is done on small tracts of land by marginal farmers whereas the latter is done by large landholders.

Which of the above statements is/are correct?

 a) 1 only

 b) 2 only

 c) Both

 d) None

News:- SC sets up panel to look into J&K  Internet curbs 

What did the S.C Say :- The Jammu and Kashmir government’s orders do notreveal any reason for making mobile 4G Internet inaccessible across the UnionTerritory (UT), the SupremeCourt said. The ban should have been for limited period.

Govt. Stand :- The government, on the other hand, maintained that highspeed Internet was a facilitator of terrorism in the UT. 

2) News :- A sweet treetop harvest for Vazhachal tribesmen

Location of Vazhachal Forests :- Kerala

Tribes here are.involved in collection of Wild Honey.

3) Editorials of the Day :-

Two editorials were on Labour related issues :- Playing out live, a narrative of discrimination 

& Equal freedom and forced labour

1931 Karachi Declaration and Bill of Rights — a  forerunner to the Constitution — expressly placed labour rights on a par withordinary civil  rights such as the freedom of speech and  expression. 

In constitution right against forced labour is guaranteed by Article 23 ofthe Constitution. 

But the problem is  “necessitous men are not free men”

PUDR Vs Union of India Case :- PUDR vs. Union of India,  The Court held that sometimes in economic compulsion the workers have no choice but to work on wages less than minimum wages. Thus the court held that “the compulsion of  economic  circumstance which leaves no choice of alternatives to a  person  in want and  compels  him to provide  labour or  service” was no less a  form of forced labour”.

Gig economy( a labour market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs) ,the rise of casualisation and precarious  employment, and further fractures within the  workforce, this inequality of power has only grown starker. 

The purpose of labour laws,has always remained  the same: in B.R. Ambedkar’s words,to secure the  “rights to life, liberty,and the pursuit of happiness”, in both the public and the private spheres. 

Indian Labour Laws Situation :- It is argued that it sets up a labour  bureaucracy  that is prone to corruption; that the  adjudicatory  mechanisms are inefficient; the rights that labour laws grant are effectively submerged in a creaking judicial system, thus providing no real  relief;  that thesystem creates an unconscionable tiered structure where a majority of the  workforce,  engaged in contract labour or informal  employment, has very few rights, while those in formal employment havegreater security,at least in theory.

In Second Article Author Highlights that :-

Majority of migrants are From ST community who migrate for short term and return after a particular season. In this phase of Pandemic also they wanted to return but can’t return since the lockdown.

Not only this now the governments are changing laws regarding the Migrant labour under a code.

The Inter State Migrant Workmen Act, 1979, the only law for migrant workers, is on  the way to beingscrapped by the present governmentas part of its agenda of labour reform.

As per author  It is to be merged with the Labour Code, which  is an  instrument to destroy  the  hard wonrights of the  working class. 

Inadequacy of the 1979 Act:- Although the 1979 law is inadequatesince it deals only with those migrant workers in the contractorsystem and excludes workers whomigrate on  their own.

Other problems in ST areas:-

PDS system not running properly.

MGNREGA work not being carried out.

Some ILO Conventions regarding Labours :-

Right to Freedom of Association  [ILO  Convention 87]

Rights to Collective Bargaining [ILO Convention 98] and 

also the internationally  accepted  norm  of eight hour working day – espoused by  core  conventions of ILO. 

The ILO Convention144 in regard to tripartism.

News :- Trade unions may knock at ILO’s door:- Since they feel labour laws will be violated in the name of Reforms.

About ILO :-

Established in 1919 by the Treaty of Versailles as an affiliated agency of the League of Nations.

Became the first affiliated specialized agency of the United Nations in 1946.

Headquarters: Geneva, Switzerland

Founding Mission: social justice is essential to universal and lasting peace.

Promotes internationally recognized human and labour rights.

Received the Nobel Peace Prize in 1969.

For improving peace among classes

Pursuing decent work and justice for workers

Providing technical assistance to other developing nations

The organization has played a key role in

Ensuring labour rights during the Great Depression

Decolonization process

The creation of Solidarność ( trade union) in Poland

The victory over apartheid in South Africa

Today it is providing substantial support in the building of an ethical and productive framework for fair globalization.

Note: The basis of the ILO is the tripartite principle, i.e. the negotiations within the organization are held between the representatives of governments, trade unions, and member-states’ employers.

NEWS :- ‘India part of race to develop a vaccine

Indian Council for Medical Research (ICMR)  announced a collaboration with the Hyderabad based Bharat Biotech International Ltd. to develop a potential vaccine based on a SARSCoV2 strain  isolated at the ICMR National Institute of  Virology in  Pune.

The Pune based Serum Institute of India has  tied up with Oxford University that is  testing a  vaccine using aweakened adenovirus(which causes common cold).

News:- Nominations for Gandhi Prize extended

The annual award was instituted by the Government of India in 1995 during the commemoration of 125th Birth anniversary of Mahatma Gandhi.

The award carries an amount of Rs 1Crore, a Citation in a scroll, a plaque as well as an exquisite traditional handicraft/handloom item.

This is an annual award given to individuals and institutions for their contributions towards social, economic and political transformation through non-violence and other Gandhian methods.

Jury includes PM as it’s head.

News :- NAL makes ventilator for non-ICU COVID-19 cases

The National Aerospace Laboratories,  Bengaluru,  it had developed its version of BiPAP, a non-invasive breathing support device,  for the use of non-critical non-ICU cases of COVID19.

The Ventilator is named as  SwasthVayu, was  developed in a record 36 days.

News:- About Bond and Bond Yield :-

A bond is an instrument to borrow money. It is like an IOU. A bond could be floated/issued by a country’s government or by a company to raise funds. Since government bonds (referred to as G-secs in India, Treasury in the US, and Gilts in the UK) come with the sovereign’s guarantee, they are considered one of the safest investments. As a result, they also give the lowest returns on investment (or yield).

What are bonds yields?

Simply put, the yield of a bond is the effective rate of return that it earns. But the rate of return is not fixed — it changes with the price of the bond. 

Suppose the face value of a 10-year G-sec is Rs 100, and its coupon payment is Rs 5. Buyers of this bond will give the government Rs 100 (the face value); in return, the government will pay them Rs 5 (the coupon payment) every year for the next 10 years, and will pay back their Rs 100 at the end of the tenure. In this case, the bond’s yield, or effective rate of interest, is 5%. The yield is the investor’s reward for parting with Rs 100 today, but for staying without it for 10 years.

Why and how do yields go up and down?

Imagine a situation in which there is just one bond, and two buyers (or people willing to lend to the government). In such a scenario, the selling price of the bond may go from Rs 100 to Rs 105 or Rs 110 because of competitive bidding by the two buyers. Importantly, even if the bond is sold at Rs 110, the coupon payment of Rs 5 will not change. Thus, as the price of the bond increases from Rs 100 to Rs 110, the yield falls to 4.5%.

if the prevailing interest rate is 4% and the government announces a bond with a yield of 5% (that is, a face value of Rs 100 and a coupon of Rs 5) then a lot of people will rush to buy such a bond to earn a higher interest rate. This increased demand will start pushing up bond prices, even as the yields fall. This will carry on until the time the bond price reaches Rs 125 — at that point, a Rs-5 coupon payment would be equivalent to a yield of 4%, the same as in the rest of the economy.

This process of bringing yields in line with the prevailing interest rate in the economy works in the reverse manner when interest rates are higher than the initially promised yields.

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