- Bengaluru region witnesses driest April in last 41 years
- With the pre monsoon showers eluding Bengaluru the city has witnessed the driest April in the last four decades.
- The India Meteorological Department Observatory recorded zero millimetre of rainfall during the month.
- This was last observed in 1983.
- Since then there has been rainfall in April every year.
- Static takeaway: Pre-monsoon showers occur before the start of the rainy season. It occurs from the month March to May. They can range from light showers to heavy thunderstorms. They help in the early ripening of mangoes and are often referred to as mango showers or summer rains.
2. The need for the use of labour statistics
- The Labour Bureau provides statistics on a range of industrial relations and labour statistics but it mostly provides administrative data which are generated as a part of implementing labour laws.
- The composition and the scope of data published by the Labour Bureau has remained virtually the same over the decades.
- Employers have criticised the labour inspection system as a case of inspector Raj and called for its reforms. They also demand a curb on the right to strike and prefer non-union workplaces.
- The Industrial Relations Court 2020 has made legal strikes well-nigh impossible. Trade unions could have used the data on strikes and lockouts published by the Labour Bureau which would show that lockouts are more frequent and account for more work days lost than strikes during the post reform period.
- Trade unions should produce labour statistics and do research to build an active and productive interface with academics and use academic studies to make evidence based arguments.
- Static takeaway: Labour Bureau, established in 1920, is an attached office under the Ministry of Labour & Employment and is responsible for the collection, collation and dissemination of labour, employment and price statistics. Besides, it is also a major source of primary data pertaining to several important economic indicators
3. Implementing the street vendors act
- The street vendors protection of livelihood and regulation of street vending act came into effect on May 1 2014.
- The Act now faces numerous challenges in its implementation.
- The act recognises the positive urban role of vendors and commits to accommodating all existing vendors in vending zones and issuing vending certificates.
- The Act establishes a participatory governance structure through town vending committees and mandates that street vendor representatives must constitute 40% of the members with a sub representation of 33% of women’s street vendors.
- These committees are tasked with ensuring the inclusion of all existing vendors in wedding zones.
- However, at the administrative level there has been unnoticeable increase in harassment and evictions of street vendors. At the governance level existing urban governance mechanisms are often weak. At the societal level the prevailing image of the world class city tends to be exclusionary.
- Static takeaway: The act aimed to protect and regulate street vending in cities, with State-level rules and schemes, and execution by Urban Local Bodies (ULBs) through by-laws, planning, and regulation. The Act clearly delineates the roles and responsibilities of both vendors and various levels of government.
4. Core sector slid 5.2 percent in March
- India’s 8 core infrastructure sector’s output growth moderated to 5.2% in March from an upgraded 7.1% uptick in February.
- This was with high growth in cement and electricity production offset by contractions in fertilisers and refinery products.
- This also marked the first time in at least 12 years that all aid sectors had recorded annual growth led by double digit upticks in steel and coal.
- Static takeaway: The core sector in India comprises eight key industries: coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity
5. SEBI board approves changes to mutual fund regulations
- The Securities and Exchange Board of India is making it mandatory for asset management companies to have an institutional mechanism for deterrence of potential market abuse including front running.
- The mechanism shall consist of enhanced surveillance systems and internal control procedures and escalation processes to identify and monitor as well as address specific types of misconduct.
- Front running is trading in a stock or any other financial asset by a broker who has insight knowledge of a future transaction that is about to affect its price substantially. Static takeaway: Asset Management Company is a firm that invests the funds pooled from individual investors in securities with the objective of optimal return for investors in exchange for a fee. AMC maintains the diversity of portfolio by investing in both high-risk and low-risk securities such as stock, debt, real- estate, shares, bonds, pension funds, etc
ONE LINER
- Indian Single Sky Harmonized Air Traffic management at Nagpur (ISHAN) intitative
- Pavuluri Subba Rao has been conferred with the Aryabhatta Award instituted by the Aeronautical Society of India (ASI).
