current-affairs-based-mains-drill-8-august-2020

 

Q.1) Discuss the contribution made by Abanindranath Tagore towards Indian art and culture. (15 marks - 250 words)

Why this question? - National Gallery of Modern Art (NGMA) organised the virtual tour titled “The Great Maestro Abanindranath Tagore” to commemorate the 150th Birth Anniversary of Abanindranath Tagore on 7th August 2020.

Intro - A brief  about Abanindranath Tagore.

Body -

  • A singular figure in modern Indian art: Who painted a range of subjects and had a leaning towards painting images with historic or literary allusions
    • His idea of modernizing Mughal and Rajput paintings eventually gave rise to modern Indian painting, which took birth at his Bengal school of art. 
    • He liked to paint sets of images dealing with a theme or a text such as the 'Arabian Nights' or the 'Krishna Leela'. 
    • He also enjoyed painting theatrical subjects
  • First major supporter of swadeshi values in Indian art: Abanindranath first created the ‘Indian Society of Oriental Art’ and later went on to establish Bengal school of art
    • His sole aim for establishing the school was to counter the English influence on Indian artists
    • He did that by incorporating Indian elements in his works and achieved success when British art institutions accepted to teach and propagate his style of works in their organizations. 
  • Proficient and accomplished writer: Most of his literary works were meant for children and books like ‘BudoAngla’, ‘KhirerPutul’ and ‘Rajkahini’ are best examples of Bengali children's literature.

Conclusion - Summarize based on above discussion.

 

Q2)In the light of a recently prepared report by the Vidhi Centre for Legal Policy on examining the future of digital news in India, assess the need for investigating the dominance of online advertising platforms. (150 words)

Why this question?

A recent report examining the future of news in India has recommended that the Competition Commission of India investigate the dominance of online advertising platforms.

Intro:

Mention the background of the report and malpractices in the online news arena.

Body:

  • Existing problems in online advertising platforms
  • Suggestions made by report
    • Studying the role and practices of online advertising platforms systematically
    • Addressing misinformation:
    • Imposition of “appropriate responsibilities” on digital news entities etc

Conclusion:

Mention implementing reforms with greater efficiency.

 

Q.3) Discuss the problems associated with RBI’s loan restructuring schemes.(15 M, 250 words)

Why this question?

  • In its monetary policy review, the Reserve Bank of India gave the green signal to a loan restructuring scheme for stressed borrowers. 

Introduction

  • Provide the loan restructuring. Mention its need. 

Body:

Discuss about RBI’s loan restructuring schemes and related concerns:

  • Sustainable Structuring of Stressed Assets (S4A) scheme: Banks were unwilling to grant write-downs as there were no incentives to do so, and write-downs of large debtors could exhaust banks’ capital cushions.
  • 5/25 scheme: It was derailed because refinancing was done at a higher rate of interest so that banks could preserve the net present value of the loan amount. 
  • Asset reconstruction scheme: The major problem was that asset reconstruction companies (ARCs) were finding it difficult to resolve assets they had bought from banks. 
  • The Insolvency and Bankruptcy Code: The RBI announced a stringent loan resolution process through its June 7 circular. So far, IBC has performed well. It is worthwhile assessing to what extent the following two key objectives have been achieved:
    • Time bound process and efficient resolution
    • Maximize the value of recovery of stressed assets

Conclusion: Suggest a way forward for making IBC a success in resolution of stressed assets. Improving inadequate infrastructure at NCLT, procedural inefficiencies and legal hurdles.