Evening edition
Daily current affairs for UPSC, BPSC, State PCS and PSC exams.
Why in news?
The Congress has raised serious questions about LIC's substantial stake (10.8%) in Rajesh Exports, a company accused by SEBI of a massive financial scam involving misrepresentation of revenues worth ₹15 lakh crore.
Key points
- SEBI's interim report alleges a 'gigantic scam' in Rajesh Exports.
- Alleged misrepresentation of revenues spanning five years could amount to ₹15 lakh crore.
- LIC holds a significant 10.8% stake in Rajesh Exports.
- Concerns raised about whether LIC's stake acquisition was influenced by external factors.
- Banks also have considerable exposure to the company.
Background & context
Rajesh Exports is involved in gold refining and jewellery business. SEBI is the capital markets regulator in India. LIC is a major public sector insurance and investment company.
★ Prelims fact capsule
SEBI has barred Rajesh Exports' promoter and CEO, Rajesh Mehta, from dealing in the company's securities.
✎ Mains relevance
GS Paper III: Economy - Financial Market, Corporate Governance; GS Paper II: Polity - Role of regulatory bodies, Opposition's role.
Why in news?
The UDF government in Kerala has released a White Paper on the state's fiscal health, recommending a revamp of loss-making Public Sector Enterprises (PSEs), including potential disinvestment, privatisation, or closure of non-strategic ones.
Key points
- Recommendation for disinvestment, privatisation, or closure of 'non-strategic' PSEs.
- Suggests merging Kerala State Beverages Corporation (Bevco) and Kerala Civil Supplies Corporation (Supplyco).
- Calls for reforms in Kerala State Electricity Board (KSEB), Kerala State Transport Corporation (KSRTC), and Kerala Water Authority (KWA) to stop them from draining the exchequer.
- These three utilities account for the majority of PSE losses in Kerala.
- Persistent losses have eroded the net worth of PSEs and increased dependence on budgetary resources.
Background & context
Public Sector Enterprises (PSEs) are state-owned companies. Kerala has several PSEs that have been incurring losses, impacting the state's financial health.
★ Prelims fact capsule
The White Paper is titled 'Kerala’s Fiscal Health: A Status Report'.
✎ Mains relevance
GS Paper II: Governance - Government policies and interventions, Welfare schemes; GS Paper III: Economy - Public Sector Undertakings, State finances.
Why in news?
Following the alleged suicide of a NEET aspirant, Rahul Gandhi has strongly criticized the Prime Minister and the government, blaming them for 'ruining' the education system and holding the current generation responsible for its consequences.
Key points
- Alleged suicide of NEET aspirant Akanksha Chaturvedi from Madhya Pradesh after reports of examination irregularities.
- Rahul Gandhi blames PM Modi for 'ruining' the education system over the past 12 years.
- Highlights the father's sacrifices, including taking a loan and working as a cook, for his daughter's dream.
- Criticizes the handling of NEET paper leaks and cancellations, calling it a 'corrupt and broken system'.
- Questions the inaction of the Education Minister and reiterates calls for reform.
Background & context
The National Eligibility cum Entrance Test (NEET) is a crucial entrance examination for medical courses in India. Allegations of paper leaks and irregularities have surfaced previously, causing significant distress to aspirants.
★ Prelims fact capsule
The deceased aspirant was Akanksha Chaturvedi from Mauganj district of Madhya Pradesh.
✎ Mains relevance
GS Paper II: Education - Governance, issues related to; GS Paper IV: Ethics - Ethical governance, Accountability.