Rapid Fire Current Affairs
- 31 Dec 2022
- 4 min read
The Opposition party in Maharashtra moved a no-confidence motion against the Speaker of the State’s Legislative Assembly (SLA).
A no-confidence motion means that one or more members of the Parliament/State Legislature have lost confidence in the appointed government. It can be moved only in LS/SLA by an LS/SLA member. It needs to be supported by at least 50 MPs to be accepted by the Speaker.
If the motion is accepted, then the party in power has to prove its majority in the House (Floor Test). If the government fails to prove its majority in the House, then it has to resign.
India and Saudi Arabia are in talks to sign a Mutual Legal Assistance Treaty (MLAT) to obtain formal assistance from each other in investigations related to criminal cases.
MLAT is a mechanism whereby countries cooperate with one another in order to provide/obtain formal assistance in prevention/investigation/prosecution of crime to ensure that the criminals don’t escape/sabotage the due process of law.
So far, India has signed MLATs with 45 countries, but Saudi is one of the many other countries with whom India does not have an MLAT. The countries that do not share such a mechanism serve summons, notices and judicial processes on the basis of an "assurance of reciprocity".
RBI Macro Stress Test
Marco-stress testing on the banking sector is undertaken to assess the resilience of the banking system to exceptional but plausible stress events. These tests cover credit risk, interest rate risk, liquidity risk and the resilience of commercial banks in response to these shocks.
Generally, RBI considers three scenarios for stress tests: baseline and two adverse - medium and severe scenarios. The baseline is derived from the steady state forecast values of key macroeconomic variables (GDP growth, combined fiscal deficit-to-GDP ratio, CPI inflation, weighted average lending rate, export-to-GDP ratio and current account balance-to-GDP ratio).
Read More - Financial Stability Report: RBI
Increase in Core Sector Output
Production of 8 core sectors increased by 5.4% in November 2022 against a 3.2% (Nov 2021). The 8 core sectors include - Coal, Crude Oil, Natural Gas, Refinery Products, Fertiliser, Steel, Cement, Electricity. These sectors have 40.27% share in the overall Index of Industrial Production (IIP) (decreasing order - Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilisers).
Read More - Eight Core Sectors