daily-news-prescription-29-september-2020

GS2: Polity

  • Farm Acts and federalism(IE)The Seventh Schedule of the Constitution contains three lists that distribute power between the Centre and states. There are 97 subjects in the Union List, on which Parliament has exclusive power to legislate (Article 246); the State List has 66 items on which states alone can legislate; the Concurrent List has 47 subjects on which both the Centre and states can legislate, but in case of a conflict, the law made by Parliament prevails (Article 254). 
  • Take steps under Art. 254 (2) to override the 3 central laws(TH) Article 254 (2) of the Constitution essentially enables a State government to pass a law, on any subject in the Concurrent List, that may contradict a Central law, provided it gets the President’s assent.

GS2: Governance

GS2: International Relations

  • UN and the retreat from multilateralism(TH)  The UN’s capacity to face diverse challenges depends upon nations acting collectively. The United Nations commemorated its 75th anniversary on September 21, 2020 by adopting a Declaration.

GS3: Defence

  • Offset clause goes for IGAs(TH) Under offset clause, foreign companies are required to invest part of their deal value in the country and meant to improve the domestic defence manufacturing.

GS3: Economy

  • No govt nominee yet, RBI monetary panel output off(IE)The MPC is a statutory committee that fixes the key policy interest rates and monetary policy stance of the country as well as the inflation target.The four-year tenure of the three government-nominated members — Ravindra Dholakia, Chetan Ghate and Pami Dua — had expired after the previous policy on August 6. The government had not announced the three new members till late Monday.
  • What are ESG funds–big abroad, now finding interest India too(IE) ESG investing is used synonymously with sustainable investing or socially responsible investing. While selecting a stock for investment, the ESG fund shortlists companies that score high on environment, social responsibility and corporate governance, and then looks into financial factors.

PIB Corner