Daily Current Affairs

Current Affairs is an important topic for all competitive exams. So in-order to support aspirants in making their current affairs preparation better we are providing daily current affairs suited for all exams with special focus on UPSC and Banking. The data used in this section are obtained from reputed sources which is given along with the news items. You are welcome to read, enjoy, like and above all criticize us.

Daily Current Affairs – 02 – April – 2020

The battle to set oil prices

Context

• Crude oil prices have crashed in the global market following the COVID-19 pandemic and its effects on the global economy.
• OPEC countries and its alliance partners failed to reach an agreement to cut back on production to enable prices to remain stable.

Oil price war and Russia

• Russia refused any production cuts, unleashing an energy war with Saudi Arabia. 
• Russia’s decision to reject any production cuts is driven directly by its strategy of denying market share to American shale oil producers. 
• Russia is also signaling to Saudi Arabia that its American patrons can do little to protect its oil interests and it would be prudent for Saudi Arabia to reach some understanding with Russia.

Benefit to importing countries

• Lower crude oil prices are good for oil importing countries like India.
• The global economy may find lower energy costs helpful in overall growth.
• India stands to save ₹10,700 crores for every $1 drop in prices. This may help manage current account deficit, fiscal deficit and inflation.

How oil price war affect global economy

• Collateral adverse consequences like the battering of the stock markets worldwide. 

The way forward

• The energy war between Russia and Saudi Arabia may not sustain for long.
• Saudi Arabia’s production cost is the cheapest in the world and it can ramp up production to around 12 million barrels a day. 
• By offering discounts, it can undercut other producers, including Russia. Domestic considerations also matter.
• Meanwhile, oil importing countries, like India, can enjoy a breather and cushion the adverse impact of COVID-19 and other factors.

Source : The Hindu

Daily current Affairs – 31 – March – 2020

Short end of the stick

Topic : GS 2 Governance, Constitution, Polity, Social Justice and International relations.

Context

• One of the communities that have been severely affected following Centre’s lockdown measures is the inter-State migrant worker community. 
• Following the lockdown these workers sought to go back to their hometowns due to uncertainty of employment. 

Issues

• Physical distancing in a country where most people are casual labourers in an unorganised sector is problematic. 
• The announcement of lockdown following a four-hour notice made it hard for people to prepare for the upcoming challenge.
• The Home ministry after seeing the attempts of migrant labourers to reach their home directed state governments to enforce lockdown strictly and provide temporary shelters to migrant workers.
• If shelters provided to these workers are ill equipped, it will only act as an incentive for others to migrate to their native states. 

What needs to be done

• Government should make use of school and college hostels for migrants to stay and Public distribution system to provide them with food.
• Coordination between states and a more transparent approach would have helped people better prepare  for the lockdown. Moving forward the focus should be on what can be done.

Source :The Hindu