Assam Current Affairs – August 08-14, 2018
( Covers all important Assam Current Affairs & GK topics for the week of August 08-14, 2018 )
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August 8
India’s GDP growth rate will be 7.3% in 2018-’19, 7.5% in 2019-’20, says IMF Report
The International Monetary Fund (IMF) expressed that the macroeconomic outlook for India for the 2018-’19 financial year is “broadly favourable”, as the economy continues to recover after the implementation of the GST and demonetization. India’s Gross Domestic Product growth rate will rise to 7.3% in the present financial year and 7.5% in 2019-’20.
India’s Current Account Deficit will also widen to 2.6% of GDP due to higher oil prices and strong demand for imports. The IMF described the Goods and Services Tax (GST) as a “milestone reform” in India’s tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs.
The overall inflation will rise to 5.2% in 2018/19 from a 17-year low of 3.6 percent in the previous fiscal year, due to higher oil prices, implementation of the minimum selling price for farmers, depreciation of the rupee and housing rent allowances.
FACTFILE – The International Monetary Fund (IMF)
- IMF is an international organization consisting of “189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
- Formed at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.
- It has headquarters in Washington, D.C., US.
- It now plays a central role in the management of balance of payments difficulties and international financial crises.
- Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion (about $666 billion).
Govt appoints S Gurumurthy, Satish Marathe to RBI board
The Centre has appointed Swadeshi Jagaran Manch co-convenor Swaminathan Gurumurthy and businessman Satish Kashinath Marathe to the Central Board of the Reserve Bank of India (RBI).
The names were approved on 07th Aug as per provisions of Section 81 C of the RBI Act, 1934 by Prime Minister Narendra Modi-led Appointments Committee of the Cabinet.
They have been appointed as a part-time, non-official director for the period of four-year. With the two new appointments, the total number of government-appointed directors on the RBI board has reached 10.
FACTFILE – Central Board of the Reserve Bank of India (RBI)
- The central board is the RBI’s highest decision-making body, which approves all key decisions the central bank takes, the central board members are responsible for the broad direction the central bank takes.
- Under the RBI Act, 1934, the central board is designed to consist of 21 members: the governor and four deputy governors [under Sec 8(1)a], four directors from the four regional boards of the RBI [under Sec 8(1)b] who are elected by their respective local board members, 10 directors nominated by the Union government who are usually experts in their respective fields [under Sec 8(1)c], and two government appointed officials (usually from the finance ministry) [under Sec 8(1)d].
- Unlike the monetary policy committee (MPC), which releases the minutes of its meetings, central board meetings are closed-door affairs, and hence, do not attract the same level of public scrutiny as MPC meetings.
- Mandate of the central board is far larger than that of the MPC.
Lok Sabha passes Rs 11,698 cr extra expenditure for current fiscal
Parliament on 07th Aug approved gross additional expenditure of Rs 11,697.92 crore for the current fiscal, including Rs 980 crore for equity infusion into the heavily indebted Air India’s Turnaround Plan (TAP), which is burdened with accumulated debt of Rs 50,000 crore.
The Lok Sabha passed the Supplementary Demands for Grants for 2018-19 and demands for excess grants for 2015-16 along with the appropriation bills by voice vote. This is the lowest in the last 15 years. It is just 0.2 per cent of the total budget compared to 14 per cent in 2008-09.
400 schemes had been brought under the Direct Benefit Transfer (DBT) scheme under which Rs 4 lakh crore have been disbursed directly to beneficiaries.
As per the latest demands for grants, the net cash outgo amounts to Rs 5,951,22 crore and the government’s gross additional expenditure have been shown at Rs 5,745.68 crore. These are on account of expenditure of Rs 1,791.62 crore for the Agriculture Ministry, Rs 1,500 crore for the Textiles Ministry, Rs 1,057.84 crore for the Defence Ministry and Rs 1,708 crore for the Petroleum Ministry towards creation of capital assets under various schemes.
DMK chief Karunanidhi passes away
DMK chief M Karunanidhi, one of the foremost Dravidian politicians of in recent time, passed away at the age of 94. Karunanidhi became the chief minister for the first time in 1969 after the demise of Annadurai. He subsequently helmed the state as chief minister in 1971, 1989, 1996 and 2006. He was elected to the Legislative Assembly 13 times, the last time as a 92-year-old in 2016.
He has also made contributions to Tamil literature, having written stories, plays, novels, and a multiple-volume memoir. He was popularly referred to as Kalaignar, meaning artist in Tamil.
August 9
76th anniversary of Quit India Movement on 9th August
The Quit India Movement which was an agitation launched by Mahatma Gandhi in 1942 demanding an end to the British Rule. 9th August 2018 is the 76th anniversary of the start of the event.
The movement was started on August 9, 1942, and since then the day is celebrated as August Kranti Day/Diwas. The day is celebrated by paying tribute to freedom fighters with national integration speeches and other events.
In May 1942, Mahatma Gandhi called on Britain to “Leave India to God. If this is too much then leave her to anarchy”. In July 1942, the Congress Working Committee met at Wardha and a resolution was passed which was termed The Wardha Resolution. It is also known as Quit India Resolution which demanded, “The British Rule in India must end immediately.
The resolution was ratified in the AICC with minor amendments and a non-violent mass struggle under the leadership of Mahatma Gandhi was sanctioned. The session began on the August 7 and concluded post midnight of August 8, 1942 at Gowalia Tank Maidan, Bombay. In a speech entitled, “Do or Die (Karo ya Maro),” given on by Mahatma Gandhi, he urged the masses to act as an independent nation and not to follow the orders of the British.
RBI to pay Rs 50,000 crore dividend to govt for FY18
The RBI decided to pay Rs 50,000 crore as dividend to government in line with the Union Budget provisions, helping the Centre stick to its fiscal road-map. The Reserve Bank, which follows July-June financial year, has paid about 63 per cent higher dividend than previous year (2016-17). The RBI made a dividend payout of Rs 30,659 crore for the fiscal ended June 2017.
The Central Board of Directors of the Reserve Bank of India (RBI), at its meeting, approved the transfer of surplus amounting to Rs 500 billion (Rs 50,000 crore) for the year ended June 30, 2018 to the Government of India. Earlier in March month, RBI paid interim dividend of Rs 10,000 crore at the insistence of the government to support fiscal position.
As per the Budget Estimate, the government projected to collect Rs 54,817.25 crore as dividend or Surplus of Reserve Bank of India, Nationalised Banks and Financial Institutions.
It is to be noted that the RBI transferred a surplus of Rs 30,659 crore as dividend to the government for the year ended June 30, 2017, which was less than half of what it paid in the previous year (Rs 65,876 crore).
Point2Remember – Under the RBI Act, 1934, the central bank is required to pay the government its surplus after making provisions for bad and doubtful debts, depreciation in assets and, contribution to staff and superannuation fund among others.
Average Per Capita Income Edges Closer to Rs 80,000 in the Last 4 Years
The Parliament on 8th Aug was informed that India’s average per capita income in the last four financial years was higher at Rs 79,882 as compared to the preceding four fiscals. Between 2011-12 to 2014-15, it was much lesser at Rs 67,594.
The average Per Capita NNI (net national income) in the country during 2011-12 to 2014-15 is estimated at Rs 67,594 whereas average Per Capita NNI in the country during 2014-15 to 2017-18 is estimated at Rs 79,882.
The data that the per capita income in India grew by :
- 6 percent in 2013-14 to Rs 68,572
- 2 percent to Rs 72,805 in 2014-15
- 9 percent to Rs 77,826 in 2015-16
- 7 percent to Rs 82,229 in 2016-17
FACTFILE – Per Capita Income
- It is a measure of the average income earned per person in the country for the given period.
- It can apply to the average per-person income for a city, region or country, and is used as a means of evaluating the living conditions and quality of life in different areas.
- It can be calculated for a country by dividing the country’s national income by its population.
NDA candidate Harivansh Narayan Sing elected RS Deputy Chairman
NDA candidate and JD(U) member Harivansh Narayan Singh was elected as Rajya Sabha Deputy Chairman, defeating Opposition’s BK Hariprasad by 125 votes to 105 votes.
Rajya Sabha Chairman M Venkaiah Naidu initiated the process of the election by calling for division of votes in the House.
Point2Remeber – Shri S.V. Krishnamoorthy Rao was the first Deputy Chairman of the Rajya Sabha of India
FACTFILE – Deputy Chairman of the Rajya Sabha
- The Deputy Chairman of the Rajya Sabha presides over the proceedings of the Rajya Sabha in the absence of the Chairman of the Rajya Sabha.
- The Deputy Chairman is elected internally by the Rajya Sabha.
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