News: The government has no plans to privatise the Indian Railways, Union Railways Minister Ashwini Vaishnaw told Parliament.
Liberalization-It refers to the process of making policies less constraining of economic activity and also reduction of tariff or removal of non- tariff barriers.
Privatization-It refers to the transfer of ownership of property or business from a government to a privately owned entity.
Globalization-It refers to the expansion of economic activities across political boundaries of nation states.
Features of LPG Policy
Abolition of Industrial licensing/ Permit Raj
Public sector role diluted
Beginning of privatisation
Free entry to foreign investment and technology
Industrial location policy liberalized
Abolition of phased manufacturing programmes for new projects
Removal of mandatory convertibility cause
Reduction in import tariffs
Deregulation of markets
Reduction of taxes
2. INTERNATIONAL COURT OF JUSTICE
News: The UN’s top court on Wednesday ordered Russia to suspend its invasion of Ukraine, saying it was “profoundly concerned” by Moscow’s use of force.
About International Court of Justice:
The International Court of Justice sometimes known as the World Court, is one of the six principal organs of the United Nations (UN).
It settles disputes between states in accordance with international law and gives advisory opinions on international legal issues.
The ICJ is the only international court that adjudicates general disputes between countries, with its rulings and opinions serving as primary sources of international law.
The ICJ is the successor of the Permanent Court of International Justice (PCIJ), which was established in 1920 by the League of Nations.
After the Second World War, both the League and the PCIJ were replaced by the United Nations and ICJ, respectively.
The Statute of the ICJ, which sets forth its purpose and structure, draws heavily from that of its predecessor, whose decisions remain valid.
All member states of the UN are party to the ICJ Statute and may initiate contentious cases; however, advisory proceedings may only be submitted by certain UN organs and agencies.
The ICJ consists of a panel of 15 judges elected by the UN General Assembly and Security Council for nine-year terms.
No more than one judge of each nationality may be represented on court at the same time, and judges collectively must reflect the principal civilizations and legal systems of the world.
Seated in the Peace Palace in The Hague, Netherlands, the ICJ is the only principal UN organ not located in New York City.
Its official working languages are English and French.
The ICJ is composed of fifteen judges elected to nine-year terms by the UN General Assembly and the UN Security Council from a list of people nominated by the national groups in the Permanent Court of Arbitration.
The election process is set out in Articles 4–19 of the ICJ Statute. Elections are staggered, with five judges elected every three years to ensure continuity within the court.
Should a judge die in office, the practice has generally been to elect a judge in a special election to complete the term.
Judges of the International Court of Justice are entitled to the style of His/Her Excellency.
No two judges may be nationals of the same country. According to Article 9, the membership of the court is supposed to represent the “main forms of civilization and of the principal legal systems of the world”.