gross domestic product Current Affairs - 2019

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Zero Pendency Courts Project

Zero Pendency Courts Project is the pilot project of the Delhi High Court. The pilot project was undertaken in certain subordinate courts of Delhi to identify benchmarks for different types of cases timelines, number of judges required, case flow management rules and a host of other relevant factors.

The project was also aimed to provide information on the judicial time required to dispose of a case together with the gathering stage wise details in each case.

Findings of the Study

The Zero Pendency Courts Project aimed to study the life cycle of cases to come up with optimal timelines for cases has made the following observations:

  • Delhi needs 43 more judges above the current strength of 143 to clear all the pending cases in one year.
  • Persisting delays have made the system less credible as litigants have to wait for decades to get their cases resolved.
  • As a result of the increase in the number of filings over the years, the pendency of cases is bound to increase if no proper targeted steps are taken to overcome the issue.
  • It was estimated that judicial delays cost India around 1.5% of its Gross Domestic Product annually.
  • The report identifies the absence of witnesses, unnecessary adjournments sought by the advocates or the parties, lesser number of judges and delay in the service of summons, especially to outstation parties as the reason for the persistent delays in case disposals.

The findings from the pilot project will aid in providing a new understanding required to solve the vexed problem of pendency in the Indian legal system.

Brexit has cost Britain nearly 2.5% of GDP: Goldman Sachs

A study by the global investment banking, securities and investment management firm, Goldman Sachs has stated that Brexit has cost Britain nearly 2.5% of GDP.

Findings of the Study

  • Britain’s economy has lost nearly 2.5 per cent of GDP relative to its growth path prior to the mid-2016 referendum on exiting the European Union (EU) and has lagged other advanced economies as uncertainty dents investment.
  • Policy makers in the UK are still struggling to chalk out the Brexit modalities. The resulting uncertainty over the future political and economic relations with the EU has resulted in real costs for the UK economy and has a spillover effect on other economies.
  • Brexit uncertainty has been a major driver of economic output losses as they are concentrated in investment.
  • Goldman Sachs predicts that the Brexit cost stood at around 600 million pounds ($785 million) per week since the referendum.
  • Further, in a no-deal Brexit scenario it predicts a 15 per cent chance of, Britain witnessing output losses with a ”substantial” global confidence shock marked by sharp sterling depreciation.

The study notes that the Brexit will have spillover effects and European countries would be most exposed to this scenario and estimates an output loss of around 1 per cent of real GDP.