Assam Current Affairs July 08-14, 2018

Current Affairs Assam – July 2018

( Covers all important Assam Current Affairs & GK topics for the month of July 2018 )

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July 12

Centre to levy 1% Agri Cess on Luxury items

In order to fund the subsidy to the farm sector, the GST Council is mulling over the proposal to implement and levy 1% agriculture cess on luxury items.

The earlier proposal to implement sugar cess has been done away with and the new proposal will be put before the GST Council in its next meet scheduled for July 21.

Earlier the GoM was formed to consider the levy of cess of Rs. 3 per kg of sugar over and above 5% GST. After the minimum support price for sugar has been revised higher to Rs. 29 per kg, the arrears which were due to cane farmers have come down heavily by Rs. 5000 crore to just Rs. 18000 crore. The sugar industry is to meet huge amount it owes to the sugarcane farmers and the amount has spiked to unsustainable levels.

FACTFILE – Goods and Service Tax (GST)

  • GST is an indirect tax (or consumption tax) levied in India on the supply of goods and services. GST is levied at every step in the production process, but is refunded to all parties in the chain of production other than the final consumer.
  • Goods and services are divided into five tax slabs of 0%, 5%, 12%,18% and 28%.
  • Petroleum products, alcoholic drinks, electricity, and real estate are taxed separately by the individual state governments.
  • In addition a cess is applied on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.
  • Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.
  • GST tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian government.
  • The tax replaced existing multiple cascading taxes levied by the central and state governments.
India approves world’s strongest net neutrality rules

Indian government has accepted recommendations to enforce one of the strongest net neutrality protections in the world and for that, the first step is to amend license agreements with service providers.

Net neutrality holds that all internet traffic should be treated equally, and internet service providers (ISPs) shouldn’t be allowed to block or give a “fast lane” to certain websites or services.

In India, the debate started in 2015 when companies like Airtel, Facebook, Reliance and Flipkart launched plans effectively removing neutrality.

The DoT wrote to the Telecom Regulatory Authority of India (TRAI) in 2016 to seek its suggestions. In January 2017, TRAI floated a consultation paper seeking views on how to ensure non-discriminatory access. In November’17, it issued its recommendations, backing neutrality.

FACTFILE – The Telecom Regulatory Authority of India (TRAI)

  • TRAI is a statutory body set up by the Government of India under the Telecom Regulatory Authority of India Act, 1997.
  • It is the regulator of the telecommunications sector in India.
  • It consists of a Chairperson and not more than two full-time members and not more than two part-time members.

Point2Remember– TRAI chairman is R. S. Sharma

FACTFILE – The Department of Telecommunications (DoT)

  • DoT is a department of the Ministry of Communications of the Government of India.
  • The Department has been formulating developmental policies for the accelerated growth of the telecommunication services.
  • DoT is also responsible for grant of licenses for various telecom services like Unified Access Service Internet and VSAT service.
  • It is also responsible for frequency management in the field of radio communication in close coordination with the international bodies.
Assam banned import and sale of imported fish

Recently, Assam government banned import and sale of fish imported from Andhra Pradesh and other states for a period of 10 days following the discovery of cancer causing chemical ‘formalin’ in the imported fish.

Formalin is used in fish to retain it fresh for a longer time. Imports would be allowed only after it was found that they do not have any formalin content or the importers give assurance of no use of the dangerous chemical.

Violation of the ban or using formalin to preserve the fish for longer period would attract punitive legal action with arrests and jail terms ranging from two to seven years and fines of up to Rs 10 lakh.

Assam get bulk of it’s fish import from Andhra Pradesh.

FACTFILE – Formalin

  • A 37% aqueous (water) solution of formaldehyde, a pungent gas, with the chemical formula HCHO, used as an antiseptic, disinfectant.
  • Formaldehyde is a highly toxic systemic poison that is absorbed well by inhalation. The vapor is a severe respiratory tract and skin irritant and may cause dizziness or suffocation. Contact with formaldehyde solution may cause severe burns to the eyes and skin.N
  • ational Cancer Institute researchers have concluded that, based on data from studies in people and from lab research, exposure to formaldehyde may cause leukemia, particularly myeloid leukemia, in humans.
India emerges as world’s 6th largest economy says World Bank Report

India has emerged as the World’s sixth largest economy in 2017 replacing France from this position and very likely to go past the United Kingdom soon, to become the fifth largest economy, according to an analysis of data compiled by the World Bank.

In 2017, India became the sixth largest economy with a Gross Domestic Product (GDP) of USD 2.59 trillion, relegating France to the seventh position, whose GDP stood at USD 2.58 trillion.

World’s largest Economies

  • The US is the world’s largest economy with a size of USD 19.39 trillion, followed by China (USD 12.23 trillion) in the second place. Japan (USD 4.87 trillion), Germany (USD 3.67 trillion) and UK (USD 2.62 trillion) are at the third, fourth and fifth places.
  • The other countries in the top ten are Brazil (8th), Italy (9th) and Canada (10th).
  • India’s economy grew at a seven-quarter high of 7.7 per cent in the three months ended March 2018, helped by higher government spending and investment.
  • As per the IMF’ World Economic Outlook released in April this year, the size of the Indian economy was pegged at USD 2.61 trillion, ahead of France with a GDP of USD 2.58 trillion.

FACTFILE – The World Bank

  • WB is an international financial institution that provides loans to countries of the world for capital projects.
  • The World Bank is a component of the World Bank Group. The World Bank’s stated goal is the reduction of poverty; define as commitments to the promotion of foreign investment and international trade and to the facilitation of capital investment.
  • It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
  • Parent organization: United Nations
  • Headquarters: Washington, D.C., United States
  • President: Jim Yong Kim
  • CEO: Kristalina Georgieva
  • Membership: 189 countries (IBRD); 173 countries (IDA)
  • The World Bank is an extended family of five international organizations:
    • International Bank for Reconstruction and Development (IBRD)
    • International Development Association (IDA)
    • International Finance Corporation (IFC)
    • Multilateral Investment Guarantee Agency (MIGA)
    • International Centre for Settlement of Investment Disputes (ICSID)

July 13

Assam’s Hima Das wins Gold in IAAF World Under-20 Championships

Assam’s Sprinter Hima Das scripted history by becoming the first Indian woman athlete to win a gold at the women’s 400m final race in the IAAF World Under-20 Athletics Championships.

18-year-old Hima Das clocked 51.46s to win the gold medal. She is the first Indian player to have won a gold in a track event at the world level. The other medal winners are — Seema Punia (bronze in discus in 2002) and Navjeet Kaur Dhillon (bronze in discus in 2014).

Hima had clocked 51.13 last month in Guwahti at the National Inter State Championships. She had earlier clocked an Indian U-20 record of 51.32 seconds to finish sixth in the Commonwealth Games 400m final in Gold Coast in April.

FACTFILE – The IAAF World U20 Championships

  • Its’ is a biennial world championships for the sport of athletics organised by the International Association of Athletics Federations, contested by athletes in the under-20 athletics age category (19 years old or younger on 31 December in the year of the competition.
  • The competition was launched at the IAAF World Junior Championships in Athletics in 1986.
  • The championships were originally awarded by the International Association of Athletics Federations (IAAF).
  • The name of the competition was changed in November 2015.

FACTFILE – The International Association of Athletics Federations (IAAF)

  • IAAF is the international governing body for the sport of athletics.
  • It was founded on 17 July 1912 as the International Amateur Athletic Federation by representatives from 17 national athletics federations at the organization’s first congress in Stockholm, Sweden.
  • From 1993, it has been headquartered in Monaco.
  • The IAAF’s president is Sebastian Coe of the United Kingdom.

Point2Remember – The 2018 World U20 Championships in Athletics, also known as the World Junior Championships, is taking place at Tampere Stadium in Tampere, Finland on 10–15 July 2018.

States budgeted to have Gross Fiscal Deficit of 2.6% for 2018-19

According to RBI’s Annual Report, Indian States have budgeted a gross fiscal deficit (GFD) of 2.6% of gross domestic product (GDP) during FY19, with 11 states budgeting above 3%.

With the UDAY burden off their shoulders, state governments in aggregate were to revert to well below 3% fiscal deficit threshold in FY18, but the states budgeted a gross fiscal deficit (GFD) to gross domestic product (GDP) ratio of 2.7 per cent in 2017-18, the revised estimate stood at 3.1%.

For FY19, states have projected a revenue surplus of 0.2% of GDP against a deficit of 0.4% as per the revised estimates of FY18.  Total debt waivers were budgeted at 0.2% of GDP during FY19 compared with 0.32% of GDP in FY18 as per revised estimates.

The share of market borrowing by states in financing gross fiscal deficit is projected to increase to 91% during FY19 from 74.9% in FY18. Maharashtra, Uttar Pradesh, TN and WB had the largest shares of market borrowings in 2017-18. Among the Special Category States (SCSs), Assam, Himachal Pradesh, J&K and Uttarakhand were the major borrowers.

FY 2018 is the third consecutive year when states have failed to meet their gross fiscal deficit (GFD) target.  State budgets have been under pressure due to:

  • committed expenditures on account of pay commission awards
  • interest payments
  • expenditures from State-specific schemes like farm-loan waivers
  • issuance of UDAY (Ujwal Discom Assurance Yojana) bonds in 2015-16 and 2016-17

The GST and the e-way bill implementation could boost the tax base and lock in efficiency in tax administration, re-prioritising expenditures seems essential to avoid further fiscal slippage.

FACTFILE – The gross fiscal deficit (GFD) is the excess of total expenditure including loans net of recovery over revenue receipts (including external grants) and non-debt capital receipts. The net fiscal deficit is the gross fiscal deficit less net lending of the Central government.

FACTFILE – Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period (quarterly or yearly) of time. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. Nominal GDP per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between different nations.

India’s Retail Inflation touched 5% in June 2018

Consumer Price Inflation(CPI) stood at 5 percent in June 2018, compared with 4.87 percent in May 2018, according to data released by the Central Statistics Office.

The Monetary Policy Committee (MPC) had raised benchmark interest rates for the first time in four years in its June policy citing inflationary risks, particularly from higher global oil prices.

Food price inflation stood at 2.9 percent in June 2018 compared with 3.1 percent in previous month. Fuel and light inflation stood at 7.14 percent in June 2018 against 5.8 percent in previous month. Housing inflation stood at 8.45 percent in June compared with 8.4 percent in last month.

FACTFILE – The Consumer Price Index (CPI)

  • CPI is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.
  • Changes in the CPI are used to assess price changes associated with the cost of living.
  • The CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.
  • In 2013, the consumer price index replaced the wholesale price index (WPI) as a main measure of inflation.
  • In India, the most important category in the consumer price index is Food and beverages (45.86 percent of total weight), of which Cereals and products (9.67 percent), Milk and products (6.61 percent), Vegetables (6.04 percent), Prepared meals, snacks, sweets, etc. (5.55 percent), Meat and fish (3.61 percent), and Oils and fats (3.56 percent) and miscellaneous accounts for 28.32 percent, of which Transport and communication (8.59 percent), health (5.89 percent), and education (4.46 percent). Housing accounts for 10.07 percent; Fuel and light for 6.84 percent; Clothing and footwear for 6.53 percent; and Pan, tobacco and intoxicants for 2.38 percent.
  • Central Statistics Office provides Consumer Price Index with base 2012=100. 

July 2018 – eBook Monthly PDF | July 2018 Quiz 

 

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