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News of the Day 11 January 2019
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Modi govt announces 10 per cent quota for economically backward in general category
In a landmark move ahead of the Lok Sabha elections, the Union cabinet has approved a ten per cent reservation in jobs and higher education for “economically backward” sections in the general category.
The proposed reservation will be over and above the existing 50 per cent reservation enjoyed by the Scheduled Castes, Scheduled Tribes and the Other Backward Classes, taking the total reservation to 60 per cent.
Those in the general category whose family income is below Rs 8 lakhs per annum and own less than 5 acres of land would be eligible.
Further, the person’s residential house should be below 1000 sq ft, and the residential plot should be below 100 yards in a notified municipality area and below 200 yards in a nonnotified municipality area.
Among the major castes to benefit from the proposed law are Brahmins, Rajputs (Thakurs), Jats, Marathas, Bhumihars, several trading castes, Kapus and Kammas among other upper castes. It would also benefit the poor in other religions.
The move is being seen as a step to consolidate upper caste votes just ahead of the general elections.
Landmark move: Outstanding
Proposed: Put forward
Consolidate: combine into single effective
After 22 years, McDonald’s makes its 1st India profit
After entering India more than two decades ago, burger and fries chain McDonald’s posted its first profit during year-to-March 2018 amid a long-drawn legal dispute with one of its key licensee partners. The fast food giant posted a net profit of Rs 65.2 lakh during FY17-18, compared with a net loss of Rs 305 crore a year ago.
The company has two partners in the country — North & East Business is operated by Connaught Plaza Restaurants (CPRL) while Westlife Development is the master franchisee in the western and southern markets. It entered India in 1996, and over the years, accumulated net loss of Rs 421 crore.
There was a strong revival last fiscal when most quick-service restaurants posted high samestore sales growth, helped by a surge in discount-driven footfalls at malls and greater presence in new markets.
During the year, the company allotted shares worth Rs 71 crore to the parent company and also increased authorised capital by Rs 50 crore to Rs 458 crore.
Surge: A sudden uppward movement footfalls: the number of people entering a shop or shopping area in a given time.
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