Category: Current Affairs

Assam Current Affairs – September 1-7, 2018

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Current Affairs Assam – September 1-7, 2018

( Covers all important Assam Current Affairs & GK topics for the week of September 1-7, 2018 )

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September 1

India opened Zokhawthar check-post in Mizoram, along the border with Myanmar
  • India has opened an immigration check-post in Mizoram along the border with Myanmar, a reflection of India’s growing closeness with the Myanmar.
  • The central government has designated Zokhawthar land check-post in Mizoram as an authorised immigration centre for entry into and exit from India with valid travel documents for all passengers to or from Myanmar.
  • Recently, India and Myanmar opened the land border crossing at Zokhawthar-Rih. Zokhawthar is in Champhai district of Mizoram, while Rih is in Myanmar’s Chin province.
  • Zokhawthar will be the second immigration check-post in Mizoram along the Myanmar border, after Zorinpui in Lawngtlai district, which was opened in September 2017.

FACTFILE – The India–Myanmar border

  • India shares a 1,643-km-long border with Myanmar which touches Arunachal Pradesh, Nagaland, Mizoram and Manipur.
  • It is the fifth largest after Bangladesh (4,096.7 km), China (3,488 km), Pakistan (3,323 km) and Nepal (1,751km).
  • Imphal-Moreh-Mandalay national highway upgrade – In May 2017, the Indian Ministry of Road Transport and Highway stated that it plans to widen the 108 km Imphal-Moreh highway in Manipur which currently serves as an important trade route between India and Myanmar.
  • Mizoram-Kalemyo Highway is a new road planned by India. In May 2017, the Indian Ministry of Road Transport also plans to construct a 120 km highway linking Zokhawthar-Rih near Champhai, a border town in Mizoram, with the trilateral highway at Kalemyo.
  • India had long historical relationship with Myanmar, cultural exchanges included Buddhism and the Burmese script, which was based off the Indian Grantha script. In particular, Theravada Buddhism has tremendously influenced Burmese society and culture for millennia.
  • Myanmar was made a province of British India and again separated in 1937.
  • It was in Japanese-occupied Burma that Indian nationalist Subhas Chandra Bose delivered his “Give me blood and I will give you freedom!” slogan.
WHO South-East Asia meets in Delhi
  • 11 Member countries of the World Health Organization’s South-East Asia Region are meeting in New Delhi from September 3 to 7 to discuss priority health issues in the region.
  • These 11 member countries will discuss measures to intensify action to eliminate malaria and improve access to essential medicines, besides addressing the increasing threat of dengue in the region, which is home to one-fourth of the world’s population.
  • Health ministers and senior officials from India, Bangladesh, Bhutan, North Korea, Indonesia, Maldives, Myanmar, Nepal, Sri Lanka, Thailand and Timor-Leste, are expected to participate in the 71st session of the Regional Committee of WHO South-East Asia Region, the highest policy making body of WHO in the region.
  • The 11-Member countries of the Region which accounts for one-fourth of the global population, a disproportionate 58% of the global burden of Plasmodium vivax malaria, and is at increasing risk of dengue and other vector borne diseases in view of the increasing urbanization and climate change.
  • WHO Director-General Dr Tedros Adhanom Ghebreyesus, WHO South-East Asia Regional Director Dr Poonam Khetrapal Singh, and WHO Deputy Director General Jane Elizabeth Ellison will be participating in the meeting, along with representatives of a number of partner organisations and civil society.

FACTFILE – World Health Organization (WHO)

  • The World Health Organization (WHO) is a specialized agency of the United Nations that is concerned with international public health.
  • It was established on 7 April 1948, and is headquartered in Geneva, Switzerland.
  • The WHO is a member of the United Nations Development Group.
  • Its predecessor, the Health Organization, was an agency of the League of Nations.
  • The WHO is responsible for the World Health Report, the worldwide World Health Survey, and World Health Day.
  • The current Director-General of WHO is Tedros Adhanom.
Dr. B. K. Misra to receive Dr. B. C. ROY National Award

Eminent Doctor and Gamma Knife Radiosurgery  specialist Dr. Basant Kumar Misra will be honoured by the President of India, Shri. Ram Nath Kovind, with the Dr. B. C. ROY National Award in the most prestigious category of ‘Eminent Medical Person’ of the year, the highest award in the field of medicine in India.

BIOGRAPHY – Dr. B. K. Misra

  • B. K. Misra is one of the leading Neurosurgeons in India and is the Head of the Department of Surgery & Head of Neurosurgery & Gamma Knife Radiosurgery at P. D. Hinduja Hospital & Medical Research Centre. Under his guidance P. D. Hinduja Hospital was the first hospital in South Asia to acquire Gamma Knife Radiosurgery Facility.
  • He was the first in the world to do Image Guided Aneurysm microsurgery and the first in South Asia to perform Gamma Knife Radiosurgery.
  • He was also the first neurosurgeon in India to do Awake Craniotomy for brain tumors.
  • Currently Dr. Misra is the President of Asian Australasian Society of Neurological Surgeons (First Indian), President of World Federation of Skull Base Societies (First Asian) & 2nd Vice President of World Federation of Neurosurgical Societies after completing his 4-year term as Secretary of WFNS (First Asian).
  • He was also recognized as one of the World’s Top Neurosurgeons – published in JO LEE magazine as “The World’s Top 16 Neurosurgeons THAT MATTER “.

FACTFILE –   Dr. B.C. Roy National Award

  • B.C. Roy National Award is considered the highest medical honour of the nation. The highest medical honour of India, instituted by the Medical Council of India in 1962.
  • The Award is given annually in each of the following categories: Statesmanship of the Highest Order in India, Medical man-cum-Statesman, Eminent Medical Person, Eminent person in Philosophy, Eminent person in Science and Eminent person in Arts.
  • It is presented by President of India in New Delhi on July 1, National Doctors’ Day.
  • It was first awarded in 1973 to Sandip Mukerjee, FRCS.
  • In India, the National Doctors’ Day is celebrated on 1st July every year to honour the legendary physician and the second Chief Minister of West Bengal, Dr Bidhan Chandra Roy.
India’s Fiscal Deficit has Reached 86.5% of the 2018-19 Budget
  • According to the monthly review of accounts of Government of India released by the Ministry of Finance, a fiscal deficit Rs 5.40 lakh crore for April-July 2018-19 has been reached. This is 86.5 percent of the budgeted target, which is less than 92.4 percent in the same period last year.
  • India has received Rs 3,49,467 crore (19.22 percent of corresponding BE 18-19 of Total Receipts) up to July 2018 comprising Rs 2,92,611 crore Tax Revenue (Net to Centre), Rs 43,125 crore of Non-Tax Revenue and Rs 13,731 crore of Non-Debt Capital Receipts.
  • Non Debt Capital Receipts consists of Recovery of Loans (Rs 4,512 crore) and Disinvestment of PSUs (Rs 9,219 crore).
  • Rs 2,12,414 crore has been transferred to State Governments as devolution of the share of taxes by the Government of India up to this period.
  • Total expenditure incurred by the country is Rs 8,89,724 crore (36.43 percent of corresponding BE 18-19), out of which Rs 7,78,387 crore is on Revenue Account and Rs 1,11,337 crore is on Capital Account.
  • Out of the total Revenue Expenditure, Rs 1,80,844 crore is on account of Interest Payments and Rs 1,41,682 crore is on account of Major Subsidies.

Fiscal Deficit – A Fiscal Deficit occurs when a government’s total expenditures exceed the revenue that it generates, excluding money from borrowings. Deficit differs from debt, which is an accumulation of yearly deficits.

Fiscal Deficit  – A Fiscal Deficit is regarded by some as a positive economic event. For example, economist John Maynard Keynes believed that deficits help countries climb out of economic recession. On the other hand, fiscal conservatives feel that governments should avoid deficits in favor of a balanced budget policy.

September 2

PM Modi launches India Post Payments Bank
  • Prime Minister Narendra Modi launched the payments bank of Indian postal department that will take banking to the doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and ‘Grameen Dak Sewaks’.
  • India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk. It will carry out most banking operations like accepting deposits but can’t advance loans or issue credit cards.
  • The freshly-minted payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
  • Deposits in any account that exceed Rs 1 lakh will be automatically converted into post office savings account.
  • The government owns 100 per cent in IPPB, which has been set up under the aegis of the Department of Posts and will offer products and services through multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response.
  • It will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments.
  • Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle transactions.
  • IPPB has teamed up with financial services providers like PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance.

Point2Remember – Suresh Sethi is the MD & CEO

Govt launched Atal Ranking of Institutions on Innovation Achievements
  • To promote a culture of innovation and research in higher education, the Union government has introduced Atal Ranking of Institutions on Innovation Achievements (ARIIA).
  • ARIIA will rank educational institutions for innovation output and measures some parameters which are India-specific considering the current scenario and status of higher education in India.
  • ARRIA parameters are primarily organised in five broad heads which are further elaborated into suitable sub-heads. Each of the five main parameters has certain weightage assigned to it and the sub-heads also have appropriate weight distribution.
  • The institutions will be rank-ordered based on scores. The overall score can take a maximum value of 100.

Significance of ARRIA:

  • ARRIA will inspire Indian institutions to reorient their mind-set and build ecosystems to encourage high quality research, innovation and entrepreneurship.
  • It will focus on quality of innovations rather than quantity and measure the real impact created by these innovations nationally and internationally.
  • It will set tone and direction for institutions for future development for making them globally competitive and in forefront of innovation.
Flood-hit Kerala to rope in KPMG as consultant for rebuilding state
  • The Kerala government to appoint KPMG as project consultant partner for rebuilding the state ravaged by massive floods. KPMG is one of the largest professional service companies in the world and services for projects related to revamping the state would be free of cost.
  • Tata Project Ltd was entrusted with the task of reconstructing roads, buildings and bridges destroyed in the rain fury at Pamba, the foothills of famous Lord Ayyappa shrine in Sabarimala.
  • A high-level committee with Chief Secretary Tom Jose as chairman would be constituted to supervise the reconstruction work at Pamba and to ensure its completion on a time-bound basis in view of the annual Mandala-Makkaravillku pilgrimage season at Sabarimala shrine which begins on November 17.
  • The state decided to raise funds from foreign countries where Kerala expatriates live in large numbers. A minister and necessary officials would be deployed for mobilising funds from countries such as the UAE, Oman, Bahrain, Saudi Arabia, Qatar, Kuwait, Singapore, Malaysia, Australia, New Zealand, the UK, Germany, USA and Canada.
  • The total amount received towards the Chief Minister’s Disaster Relief Fund (CMDRF) has touched Rs 1,026 crore.
Sunil Mehta elected as new Chairman of Indian Bank’s Association
  • Punjab National Bank’s (PNB’s) Managing Director and Chief Executive, Sunil Mehta was elected as the new chairman of Indian Banks Association (IBA) for year 2018-19.
  • Bank of India’s managing director and chief executive Dina Bandhu Mohapatra was elected as the Deputy Chairman. Shyam Srinivasan, Managing Director & CEO, Federal Bank and Rajnish Kumar, Chairman, State Bank of India, continue to be Deputy Chairmen.

FACTFILE – Indian Bank’s Association (IBA)

  • It is an association of Indian banks and financial institutions.
  • It was established on September 26, 1946.
  • It is headquartered in Mumbai.
  • Its objective is to strengthen, develop and foster coordination among Indian banking stakeholders.
  • It also facilitates various member banks.
  • Managing Committee of IBA consists of a chairman, three deputy chairmen, one honorary secretary as well as 26 members.
  • The members of IBA comprise of public sector banks, private sector banks, foreign banks having offices in India, co-operative banks, regional rural banks and all Indian financial institutions.
  • Currently it has 237 members from banking sector operating in India.

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Assam Current Affairs August 29-31, 2018

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Current Affairs Assam August 29-31, 2018

( Covers all important Assam Current Affairs & GK topics for the week of August 29-31, 2018 )

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August 29

EESL signed $300 mollin pact with World Bank to boost energy efficiency programme

Indian Govt, the government, World Bank and Energy Efficiency Services Limited (EESL)  signed a US$ 220 million loan agreement and a US$ 80 million guarantee pact to push energy efficiency programme in India.

To be implemented by EESL, the programme will help incrase the deployment of energy saving measures in residential and public sectors, strengthen EESL’s institutional capacity, and enhance its access to commercial financing.

The US$ 220 million loan, from the International Bank for Reconstruction and Development (IBRD) to Energy Efficiency Services Ltd, has a 5-year grace period, and a maturity of 19 years. This investment package is expected to avoid lifetime greenhouse gas emissions of 170 million tons of CO2, and contribute to avoiding an estimated 10 GW of additional generation capacity, which would be over 50 per cent of the National Mission for Enhanced Energy Efficiency target of 19.6 GW indicated in India’s Nationally Determined Contributions (NDCs) under the Paris Accord.

The key components of the program includes

  • creating sustainable markets for LED lights and energy efficient ceiling fans; facilitating well-structured and scalable investments in public street lighting
  • developing sustainable business models for emerging market segments such as super-efficient air conditioning and agricultural water pumping systems
  • strengthening the institutional capacity of EESL

FACTFILE – Energy Efficiency Services Limited (EESL)

  • Energy Efficiency Services Limited (EESL) is an energy service company (ESCO) of the Government of India and is the world’s largest public energy service company (ESCO).
  • It is 100% government owned, a joint venture of state-owned NTPC Limited, Power Finance Corporation, Rural Electrification Corporation and POWERGRID.
  • EESL was formed under India’s Ministry of Power to facilitate energy efficiency projects. Innovative business and implementation models can significantly reduce consumption and costs.
  • EESL also acts as the resource centre for capacity building of state electricity distribution companies, electricity regulatory commissions (ERCs), state-designated agencies (SDAs), upcoming ESCOs, financial institutions, etc.
  • It is backed by and promoters, and has net worth of over INR 2.144 billion. India’s energy efficiency market is estimated at US$12 billion

FACTFILE – The International Bank for Reconstruction and Development (IBRD)

  • IBRD is an international financial institution that offers loans to middle-income developing countries.
  • The IBRD is the first of five member institutions that compose the World Bank Group and is headquartered in Washington, D.C., United States.
  • It was established in 1944 with the mission of financing the reconstruction of European nations devastated by World War II. The IBRD and its concessional lending arm, the International Development Association, are collectively known as the World Bank as they share the same leadership and staff.
  • Following the reconstruction of Europe, the Bank’s mandate expanded to advancing worldwide economic development and eradicating poverty. The IBRD provides commercial-grade or concessional financing to sovereign states to fund projects that seek to improve transportation and infrastructure, education, domestic policy, environmental consciousness, energy investments, healthcare, access to food and potable water, and access to improved sanitation.
World Bank to provide USD 250 Million loan to Rajasthan to improve power distribution

An agreement was signed between the Government of India, the Government of Rajasthan and the World Bank, under which the World Bank will provide a USD 250 million loan facility to Rajasthan for improving the performance of its electricity distribution sector.

The Second Programmatic Electricity Distribution Reform Development Policy Loan for Rajasthan is the second in the series of two operations planned for a comprehensive turnaround of Rajasthan’s electricity distribution sector.

The key areas that the programme will support include, strengthening governance in the distribution sector by establishing annual performance MoUs between the DISCOMs and the State Government.

The loan from the International Bank for Reconstruction and Development (IBRD), has a 3-year grace period, and a maturity of 21 years.

Gross NPAs may improve to 10% by March 2019

The gross non-performing assets (GNPAs) of the banking sector is likely to improve to 10% in March 2019, from 11.52% as on June 30, 2018, as nearly 60% of the bad loans of the sector are under active resolution.

The net NPA is also expected to decrease to 4.3%, from 5.92% as of June-end this year. GNPA and NNPA may be higher at 12.2% and 5.6%, respectively, in absence of resolution.

ICRA estimated that 70 big companies accounting for around Rs 3.8 trillion of debt may be heading for resolution under the Insolvency and Bankruptcy Code (IBC).

Expect GNPAs and NNPAs for banking sector are likely to reduce to close to 10% and 4.3% respectively by March 2019, same may be higher at 12.2% and 5.6%, respectively, in absence of resolution. The GNPAs declined to 11.52% as on June 30, 2018, from 11.68% as on March 31, 2018, while the NNPAs decreased to 5.92%, against 6.27%.

FACTFILE – Non-performing asset (NPA)

  • A Non-performing asset (NPA) is defined as a credit facility in respect of which the interest and/or installment of principal has remained ‘past due’ for a specified period of time. In simple terms, an asset is tagged as non performing when it ceases to generate income for the lender.
  • Once the borrower has failed to make interest or principal payments for 90 days the loan is considered to be a non-performing asset.
  • Non-performing assets are problematic for financial institutions since they depend on interest payments for income. Troublesome pressure from the economy can lead to a sharp increase in NPLs and often results in massive write-downs.

 

August 30

Govt approves 80% hike in spending for India Post Payments Bank to Rs 1,435 crore

The Cabinet approved 80 per cent increase in spending for India Post Payments Bank (IPPB) to Rs 1,435 crore. The IPPB is set to go live with 650 branches and 3,250 access points across the country on September 1.

It will offer financial services in rural areas including savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments.

This financial push will increase IPPB project outlay to Rs 1,435 crore from Rs 800 crore, giving it additional firepower to compete in the market with existing operators like Airtel Payments Bank and Paytm Payments Bank.

The revised cost estimate of Rs 635 crore is on account of Technology Costs (Rs 400 crore) and HR expenses (Rs 235 crore). IPPB will begin scaling up its operations immediately from the 650 branches and 3,250 access points.

All 1.55 lakh post offices will be linked to its system by December 31, 2018. Of these, 1.30 lakh access points will be located in rural areas, taking it to vast untapped market.

FACTFILE – India Post Payments Bank

  • India Post Payment Bank (IPPB) is a Payments bank headquartered in New delhi.It is a goverment owned Public limited company. The bank was inaugurated on September 1, 2018.
  • It’s 100 per cent Government owned, set up under the aegis of Department of Post, and will offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app etc.
  • On August 19, 2015 India post got licence to run payments bank from Reserve Bank of India.
  • On August 17 ,2016 registered as public limited government company for setup payments bank. First branch of IPPB inaugurated on 30 January 2017 at Raipur and Ranchi. The payment bank was nationwide inaugurated on September 1, 2018.
  • India Post Payment Bank is a digital bank. Account can open from mobile app of the bank using Aadhaar and PAN.
  • Account: The bank offer savings and current accounts up to a balance of Rs 1 Lac.

Key Person – Suresh Sethi, MD & CEO

FACTFILE – Payments banks

  • Payments banks is a new model of banks conceptualised by the Reserve Bank of India (RBI).
  • They can accept a restricted deposit, which is currently limited to ₹1 lakh per customer.
  • Payments banks cannot issue loans and credit card, but can issue services like ATM cards, debit cards, net-banking and mobile-banking.

Point2Remember -Bharti Airtel set up India’s first live payments bank.

GDP to register 7.4% growth on industrial activity, says RBI

The Reserve Bank expects India’s (RBI) says India’s economic growth rate to accelerate to 7.4% in the current financial year on pick up in industrial activity and good monsoon, as compare to 6.7% in the previous year.

RBI also expressed that its monetary policy objective will continue to be of achieving the medium-term target for retail inflation of 4%, within a tolerance band of +/- 2%, while supporting growth.

Several experts, including SBI, expects the CAD to widen this fiscal on account of persistent high oil prices and large trade deficit. The CAD was estimated at 2% of the GDP in fiscal year ending March 2018.

The prevailing negative credit-to-GDP gap indicates that there is sufficient scope for credit absorption and expansion in bank lending on a sustained basis.

India’s Chandrayaan-2 Moon Mission to be launched in 2019

Kailasavadivoo Sivan, the chairperson of the Indian Space Research Organisation (ISRO) has said that the window to launch India’s second mission to the moon – Chandrayaan-2 – has been slotted between 3 January 2019 and 16 February 2019.

FACTFILE – Chandrayaan-2

  • The mission is planned to be launched to the Moon by a Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mk III).
  • Chandrayaan-2 will be equipped with a lander and rover probe which will descend on the surface of the moon from where it will observe the lunar surface and send back data which will be useful for analysis of the lunar soil.
  • The mission will have an orbiter weighing 2,379kg, lander named Vikram weighing 1,471kg and a rover weighing 27kg.
  • Chandrayaan-2 is scheduled to be launched no earlier than January 2019, and will attempt to soft land a lander and rover in a high plain between two craters, Manzinus C and Simpelius N, at a latitude of about 70° south. If successful, Chandrayaan-2 will be the first-ever mission to land a rover near the lunar south pole.

 

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Assam Current Affairs August 22-28 , 2018

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Current Affairs Assam – August 22-28, 2018

( Covers all important Assam Current Affairs & GK topics for the week of August 22-28, 2018 )

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August 22

Satya Pal Malik appointed as J&K Governor

Bihar Governor Satya Pal Malik is appointed the Governor of Jammu and Kashmir, replacing N.N. Vohra who was in the post for more than 10 years.

With Satya Pal Malik transferred to Jammu and Kashmir, where Governor’s Rule was imposed on June 20 after the fall of PDP-led governmentt, President Ram Nath Kovind also appointed three new governors in Bihar, Haryana and Uttarakhand and transferred three Governors to new states.

Satya Pal Malik will only be the second politician to enter the Kashmir Raj Bhavan as 11 others were former bureaucrats or from military personnel.

  • Lalji Tandon is appointed as Bihar Governor.
  • Satyadev Narayan Arya has been appointed as Haryana Governor.
  • Baby Rani Maurya has been appointed Uttarakhand Governor.
  • Meghalaya Governor Ganga Prasad has been transferred to Sikkim.
  • Tripura Governor Tathagata Roy has been transferred to Meghalaya.
  • Kaptan Singh Solanki, Governor of Haryana, has been transferred to Tripura.

President’s rule– President’s rule refers to suspension of state government and imposition of direct Central Government rule in a state of India. Under Article 356 of the Constitution of India, if any state government is unable to function according to constitutional provisions, the Central government can take direct control of the state governance.

In such scenario, executive authority is exercised through the centrally appointed governor.

Governor of Indian state – Governor is a de jure constitutional head of Indian state. During President’s rule, the Council of Ministers is dissolved, vacating the office of Chief Minister. Furthermore, the Vidhan Sabha is either prorogued or dissolved, necessitating a new election.

In the state of Jammu and Kashmir, failure of governmental function results in Governor’s rule, imposed by invoking Section 92 of the Constitution of Jammu and Kashmir. The state’s governor issues the proclamation, after obtaining the consent of the President of India. If it is not possible to revoke Governor’s rule within six months of imposition, the President’s Rule under Article 356 of the Indian Constitution is imposed.

Darrang awarded best CSC performing district

The Union Ministry of Electronics and Information Technology (MeitY) has recognised Darrang as the best performing district in the field of digital online services through Common Service Centres or CSCs.

The Additional Secretary of the Electronics and Information Technology Pankaj Kumar in the presence of Union IT Law and Justice Minister, Ravi Shankar Prasad, Chief Executive Officer (CEO) of CSC Dr Dinesh Kumar Tyagi, Director MeitY, Pravin Chandekar, Joint Secretary, MeitY Sanjay Goel, and other senior officials from the North East offered a memento and a certificate of appreciation to Darrang Deputy Commissioner Ashok Kumar Barman and Additional Deputy Commissioner (IT) cum Project Director of DRDA, Darrang Pankaj Chakravarty.

This award was given ceremonially in a function organised in connection with the launching of the North East Vision Document recently in Guwahati.

FACTFILE – Common Service Centres or CSCs

  • CSCs are the access points for delivery of essential public utility services, social welfare schemes, healthcare, financial, education and agriculture services, apart from host of B2C services to citizens in rural and remote areas of the country.
  • It is a pan-India network catering to regional, geographic, linguistic and cultural diversity of the country, thus enabling the Government’s mandate of a socially, financially and digitally inclusive society.
  • Common Service Centres (CSC) scheme is one of the mission mode projects under the Digital India Programme.
  • Based on the assessment of CSC scheme, the Government launched the CSC 2.0 scheme in 2015 to expand the outreach of CSCs to all Gram Panchayats across the country. Under CSC 2.0 scheme, at least one CSC will be set up in each of the 2.5 lakh GPs across the country by 2019.

August 23

Veteran Journalist-Author Kuldip Nayar passes away at 95

Veteran journalist Kuldip Nayar passed away on 22 August at the age of 95. Nayar was also an author, with 15 books to his name, and was appointed as High Commissioner of India to the United Kingdom in 1990. He was also nominated as a Member of Parliament in the Rajya Sabha in 1997.

Kuldip Nayar was born in Punjab’s Sialkot in British India (now Pakistan) on 14 August, 1923 to Gurbaksh Singh and Pooran Devi. He completed a BA from Forman Christian College in Lahore and LLB from the Law College Lahore.

Kuldip Nayar was known as an editor who “refused to bend or crawl” during the Emergency under former Prime Minister Indira Gandhi’s tenure. Apart from his work in journalism, Kuldip Nayar was also a part of India’s delegation to the United Nations in 1996.

He was awarded 2003 Astor Award for Press Freedom and 2007 Shaheed Niyogi Memorial Award for Lifetime Achievement.

PV Sindhu among the World’s highest earning non-tennis female athlete

World championship and Rio Olympics silver medallist PV Sindhu is the seventh highest paid female athlete in the world based on the earnings from prize money and endorsements for the last 12 months ending June 1, 2018.

Sindhu and race car driver Danica Patrick are the only non-tennis players in the top-10 list that is headed by 23-time Grand Slam singles champion Serena Williams.

According to Forbes, Sindhu earned a total of $8.5 million in the corresponding 12 months with her prize money only accounting for $500,000, with the remaining $8 million coming from endorsements.

The top 10 women earned a total of $105 million in these 12 months through prize money and endorsements, which was 4% down from last year and 28% down from five years ago.

Rank Athlete Total Earnings
1 Serena Williams $18.1mn
2 Caroline Wozniaki $13mn
3 Sloane Stephens $11.2mn
4 Garbine Muguruza $11mn
5 Maria Sharapova $10.5mn
6 Venus Williams $10.2mn
7 PV Sindhu $8.5mn
8 Simona Halep $7.7mn
9 Danica Patrick $7.5mn
10 Angelique Kerber $7mn

 

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Assam Current Affairs August 15-21, 2018

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Assam Current Affairs – August 15-21, 2018

( Covers all important Assam Current Affairs & GK topics for the week of August 15-21, 2018 )

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August 15

India celebrates 72nd Independence Day

Every year India celebrates 15th of August as Independence Day to commemorate the day India got independence from British rule, after the UK Parliament passed the Indian Independence Act 1947 transferring legislative sovereignty to the Indian Constituent Assembly. India still retained King George VI as head of state until its transition to full republican constitution.

India attained independence following the Independence Movement noted for largely non-violent resistance and civil disobedience led by the Indian National Congress (INC). Independence coincided with the partition of India, in which the British India was divided along religious lines into the Dominions of India and Pakistan; the partition was accompanied by violent riots and mass casualties, and the displacement of nearly 15 million people due to religious violence.

On 15 August 1947, the first Prime Minister of India, Jawaharlal Nehru raised the Indian national flag above the Lahori Gate of the Red Fort in Delhi. On each subsequent Independence Day, the incumbent Prime Minister customarily raises the flag and gives an address to the nation.

Odisha CM Naveen Patnaik launches Biju Swasthya Yojana

Odisha Chief Minister Naveen Patnaik launched a new health scheme, the Biju Swasthya Kalyan Yojana, on 15th Aug on the occasion of the 72nd Independence Day.

The Odisha government had rejected the National Health Protection scheme, widely called the Modicare scheme, as it covered much lesser number of people in Odisha by adopting the 2011 census.

The Odisha government has gone ahead with its own Biju Swasthya Yojana with an extended coverage up to Rs 5 lakh per year. The amount is Rs 7 lakh for women.

FACTFILE – The Biju Krushak Kalyan Yojana or BKKY

  • It is a health insurance scheme for the farmers in the state of Odisha, India.
  • The Biju Krushak Kalyan Yojana (BKKY) was launched in Angul district of Odisha to provide people financial support through health and accident insurance.
  • There are many hospitals, Community Health Centre (CHCs) in each district of Odisha under Biju Krushak Kalya Yojana (BKKY) to provide people health care with low cost.
Smitha Crishna tops the list of India’s richest women list

Kotak Wealth-Hurun, for the first time, has compiled a list of India’s wealthiest women, which features the heir of the Godrej empire, Smitha Crishna, as India’s richest woman.

Kotak Wealth-Hurun used multiple parameters including industry parameters like price-to-earnings, price-to-sales etc. to calculate wealth and prepare the list. The ranking recognizes India’s leading women, viz. entrepreneurs, businesswomen, investors and inheritors. The report acknowledges the Indian woman’s role in creating wealth in one of the fastest growing economies in the world.

Smitha Crishna’s top-ranked net worth of Rs. 37,570cr is followed by HCL CEO and Executive Director Roshni Nadar’s Rs. 30,200cr. Occupying the third spot is Times Group chairperson, Indu Jain, with a net worth Rs. 26,240cr. Fourth is the Biocon founder Kiran Mazumdar-Shaw with a net worth of Rs. 24,790cr, the only self-made woman in the list. Fifth is HCL’s Kiran Nadar (Rs. 20,120cr).

The youngest woman in the rankings is Outcome Health co-founder Shradha Agarwal, with a net worth of Rs. 8,200cr. In a sector-wise breakdown, 22% of India’s top 100 wealthiest women come from the pharmaceutical sector, while 18% hail from the software services sector.

August 16

Former Indian Test captain Ajit Wadekar passed away

Former Indian captain Ajit Wadekar passed away on 15th Aug in Mumbai, at the age of 77.

Born in Mumbai, Wadekar made his international debut in 1966 against West Indies. Ajit Wadekar was the captain of the Indian side that won the series in England and West Indies. Wadekar was India’s first ODI captain, although he appeared in just two matches.

Wadekar also served as India’s manager in the ’90s during Mohammed Azharuddin’s tenure as captain. He later went on to become the chairman of selectors as well.

In 1967, the Government of India bestowed Wadekar with the Arjuna Award. He received the Padma Shri Award, the country’s fourth highest civilian honour. He was also awarded with CK Nayudu Lifetime achievement award, Sportsperson of the Year, and the Castrol Lifetime Achievement award.

All-women SWAT team guards Red Fort

India’s first all-women SWAT team from the north-east beamed with pride as guarded the historic Red Fort on the Independence Day. The SWAT unit was formed in 2009 in the wake of 26/11 terror attack in Mumbai, to counter terror operations in highly complicated situations.

The 36-member all-women Special Weapons And Tactics (SWAT) team has been trained by the NSG for anti-terrorism duty under the Delhi Police’s Special Cell.

They are equipped with AK-47 rifles, MP5 machine guns, Glock 17 or 26 pistols and corner shot devices for enhanced night vision.

The women commandos were also trained in Krav Maga, which is a self-defence system developed for the Israel Defence Forces.

The women commandos were trained to undertake complex operations during terrorist attacks at crowded markets, residential complexes or government premises.

The commandos are further equipped with a pencil torch, bulletproof helmet, bulletproof jacket, a cutter and a commando dagger. They also wear special knee and elbow pads for protection during covert operations.

Anandiben Patel takes oath as Governor of Chhattisgarh

Madhya Pradesh Governor Anandiben Patel, who has been given the additional charge of Chhattisgarh following the death of governor Balramji Dass Tandon, was sworn in at a ceremony. Chhattisgarh High Court Chief Justice Ajay Kumar Tripathi administered the oath of office to Patel during a simple function at the Raj Bhawan.

President Ram Nath Kovind gave Patel the additional charge of Chhattisgarh following the demise of Tandon, Patel will discharge the additional duties until regular arrangements for the office of the governor of Chhattisgarh are made.

Term of Governor– The governors and lieutenant-governors are appointed by the president for a term of five years.

Qualifications – Article 157 and Article 158 of the Constitution of India specify eligibility requirements for the post of governor. They are as follows:

      • be a citizen of India.
      • be at least 35 years of age.
      • not be a member of the either house of the parliament or house of the state legislature.
      • not hold any office of profit.

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Assam Current Affairs August 08-14, 2018

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Assam Current Affairs –  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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Assam Current Affairs – August 01-07, 2018

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Assam Current Affairs – August 01-07, 2018

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August 1

SEBI to appoint Auditors to carry Forensic Audit

India’s security market watchdog Securities and exchange Board of India (SEBI) has decided to appoint auditors to perform forensic audit of financial statements of listed companies to put a check on rising frauds.

Concerns regarding some of the auditors’ negligence have come up wherein they ignore different inconsistencies in the financial statement while examining the books of listed entities. SEBI has also put the directive to conduct forensic audit of some of the firms that include Fortis Healthcare.

FACTFILE – Forensic Auditing

  • Forensic Auditing is a specialization within the field of accounting, and forensic auditors often provide expert testimony during trial proceedings. Most large accounting firms have a forensic auditing department.
  • It is an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or other financial claims.
  • The audit covers a wide range of investigative activities performed by accountants. The process may also include serving as an expert witness in a fraud trial. A forensic audit could also cover situations that do not involve fraud or embezzlement, such as disputes related to a bankruptcy, business closures, and divorces.

FACTFILE – The Securities and Exchange Board of India (SEBI)

  • SEBI was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
  • Securities and exchange Board of India (SEBI) was first established in the year 1988 AQF as a non-statutory body for regulating the, securities market.
  • It became an autonomous body by The Government of India on 12 May 1992 and given statutory powers in 1992 with SEBI Act 1992 being passed by the Indian Parliament.
  • SEBI has its headquarters at the business district of Bandra Kurla Complex in Mumbai, and has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and Ahmedabad respectively.
  • It has opened local offices at Jaipur and Bangalore and is planning to open offices at Guwahati, Bhubaneshwar, Patna, Kochi and Chandigarh in Financial Year 2013 – 2014.
Lok Sabha passed The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018

The Lok Sabha on 31st July passed the The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018, seeking to give home buyers the status of financial creditors. This will give the home buyers, just like the financial creditors, the right to decide the fate of defaulting builders.

Union Finance Minister Piyush Goyal said the financial creditor status will help home buyers protect their hard earned savings. Whether home buyers are secured or unsecured creditors will be decided on a case to case basis by the resolution professional and the courts.

Once it becomes a law, home buyers would be able to invoke Section 7 of the Insolvency and Bankruptcy Code against errant developers. This would allow financial creditors to file application seeking insolvency resolution process.

As financial creditors, home buyers will be able to participate in the decision-making process when developers are declared bankrupt under the bankruptcy law – IBC (Insolvency and Bankruptcy Code, 2016). It also proposes to reduce the minimum voting threshold for the Committee of Creditors (CoC) to 66 per cent, from 75 per cent for key decisions.

Micro, Small and Medium Enterprises (MSME) sector would also benefit from the Insolvency and Bankruptcy Code amendment. The promoter of MSME will no longer be disqualified to bid for their own enterprise as long as they are not the willful defaulters.

Earlier this year, the Insolvency and Bankruptcy Code was amended to prevent dishonest persons from misusing the law. Willful defaulters and those whose accounts were classified as ‘non-performing assets’ were barred from bidding for stressed assets.

Infrastructure growth jumps to 6.7% in June month

Growth of eight core sectors expanded to 7 month high of 6.7 % in June due to better performance by cement, refinery and coal segments, especially. The eight sectors, which also include fertilisers, steel, natural gas, electricity and crude oil, had expanded by 1 % in June last year.

The previous high rate of growth was recorded in November 2017 at 6.9%. The expansion in cement, refinery products and coal was 13.2 %, 12 % and 11.5 % respectively, year-on-year basis.

  • Crude oil and natural gas registered a negative growth of 3.4 % and 2.7 % respectively in June compared to the year-ago period.
  • The expansion in the electricity generation was 4 % in June compared to 2.2 % in the same month of the last fiscal.
  • Steel sector, however witnessed a slower growth of 4.4 % compared to 6 % in June 2017.
  • Expansion rate in the fertiliser segment was 1 %, better than negative growth recorded in the year ago month.
  • April-June quarter of the current fiscal, the eight core industries recorded a growth of 5.2 % as against 2.5 % in the same period last year.
  • These eight core industries comprise 40.27 % of the weight of items included in the Index of Industrial Production (IIP).
Reliance overtakes TCS to become Most Valued Indian Company

Reliance Industries Ltd has overtaken Tata Consultancy Services Ltd in market capitalisation to reclaim the tag of India’s most valuable company.

The company is currently valued at Rs 7.44 lakh crore, higher than the Rs 7.39 lakh crore market cap of the India’s largest software exporter. The oil-to-telecom company reported its highest-ever quarterly profit in the April-June period, driven by its petrochemicals and consumer businesses.

FACTFILE – Reliance Industries Limited (RIL)

  • Reliance Industries Limited (RIL) is an Indian conglomerate holding company headquartered in Mumbai, Maharashtra, India.
  • Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications.
  • Reliance is one of the most profitable companies in India and the second largest company in India as measured by revenue after the government-controlled Indian Oil Corporation.
  • On 18 October 2007, Reliance Industries became the first Indian company to breach $100 billion market capitalization.
  • The company is ranked 203rd on the Fortune Global 500 list of the world’s biggest corporations as of 2017.
  • It is ranked 8th among the Top 250 Global Energy Companies by Platts as of 2016.
  • Reliance continues to be India’s largest exporter, accounting for 8% of India’s total merchandise exports with a value of Rs 147,755 crore and access to markets in 108 countries.
  • Reliance is responsible for almost 5% of the government of India’s total revenues from customs and excise duty.
  • It is also the highest income tax payer in the private sector in India.
India’s Fiscal Deficit reached 68.7% of budgeted target

India has already reached fiscal deficit of $62.57 billion (Rs 4.29 lakh crore) for the April-June quarter, which is 68.7 percent of the budgeted target of Rs 6.24 lakh crore for the current fiscal year of 2018-19 compared to 80.8 percent in the same period of the previous year.

For the same quarter of 2017-18, the government’s finances were constrained owing to the revision of the deficit target upwards to implement the new tax system-GST, that was launched on 1 July 2017.

For the first quarter of fiscal year ended March 2019, net tax receipts were Rs 2.37 lakh crore, that is 16 percent of the budgeted full-year target.

India aims to trim the deficit to 3.3 percent of GDP (gross domestic product) in this fiscal year, after meeting an upwardly revised fiscal deficit target of 3.5 percent of GDP in the FY 2017-18.  

Union government’s total expenditure for the quarter rose to Rs 7.07 lakh crore, or 29 percent of the full-year target, while revenue receipts stood at 15.5 percent of the target.

Fiscal deficit = The difference between total revenue and total expenditure

It indicates the total borrowings needed by the government. Fiscal deficit takes place either due to revenue deficit or a major hike in capital expenditure (expenditure is incurred to create long-term assets such as factories, buildings and other development).

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.
A deficit is usually financed through borrowing from either the central bank of the country or raising money from capital markets by issuing different instruments like treasury bills and bonds.

 

August 2

US passes bill to waive sanctions against India for buying Russian weapons

The United States Congress has passed the conference report on National Defense Authorization Act-2019 (NDAA-19), which paves the way for waiver to India from punitive Countering America’s Adversaries Through Sanctions Act or CAATSA, under which sanctions kick off on countries that purchase significant military equipment from Russia.

The Senate passed the John McCain National Defense Authorization Act for Fiscal Year 2019 (NDAA) by an overwhelming, bipartisan vote of 87 to 10.

Passed by the House last week, the bill, named after Senate Armed Services Committee Chairman John McCain, would provide USD 716 billion support in funding for national defense for fiscal year 2019.

The bill, which now moves to the White House for President Donald Trump to sign it into law, as, the proposed modified waiver requires presidential certifications designed to protect US alliances, military operations and sensitive technology.

RBI hikes repo rates by 25 basis points

The Reserve Bank of India increased the repo rate by 25 basis points to 6.5% and the reverse repo rate to 6.25%, in their third bi-monthly policy review of the 2018-’19 financial year.  The marginal standing facility rate and the bank rate have been adjusted to 6.75%.

The Monetary Policy Committee headed by RBI Governor Urjit Patel made the decision after a two-day meeting. Five of the six members on the rate panel voted for an increase.

The committee retained the growth forecast of 7.4% for the economy. Gross domestic product is likely to grow at 7.5% to 7.6% in the first half and 7.3% to 7.4% in the second half of the financial year.

The RBI lowered the retail inflation target for the first half of the 2018-’19 financial year to 4.7% from 5.1% on the grounds of a normal monsoon forecast and moderation in food price rise. For the second half 2018-’19, it has predicted an inflation outlook of 4.4%, lower than its last forecast of 4.5% to 4.6%.

The central bank takes the contrary position in the event of a fall in inflationary pressures. Repo and reverse repo rates form a part of the liquidity adjustment facility.

Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation. In the event of inflation, central banks increase repo rate as this acts as a disincentive for banks to borrow from the central bank. This ultimately reduces the money supply in the economy and thus helps in arresting inflation.

Reverse repo rate is the rate at which the central bank borrows money from commercial banks in India.

7 Indian companies in the Fortune 500 list

Seven Indian companies have made it to the latest Fortune 500 list of the world’s biggest corporations in terms of revenue, with state-owned Indian Oil Corporation (IOC) continuing to be the highest ranked Indian firm and Reliance Industries (RIL) jumping 55 places.

In the list topped by retail giant Walmart, Indian Oil Corporation with 23 per cent rise in revenues at USD 65.9 billion was ranked 137th, up from the 168th position in 2017.

RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th. It had a revenue of USD 62.3 billion in 2017-18. RIL was also the most profitable Indian firm on the list. On the globally most profitable list, it secured the 99th position on the list topped by Apple.

  • Oil and Natural Gas Corp (ONGC) made a come back into the list with a ranking of 197, with USD 47.5 billion revenue. It did not feature in the 2017 ranking.
  • State Bank of India (SBI) with USD 47.5 billion revenue is on rank 216, a shade higher than 217 last year.
  • Tata Motors improved its ranking from 247th last year to 232nd.
  • State-owned Bharat Petroleum Corp Ltd (BPCL) that moved up to 314th position from 360th last year.
  • Rajesh Exports was the seventh Indian firm on the list though its ranking slipped to 405th this year from 295th last year.

FACTFILE – The Fortune Global 500

  • Fortune 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue and the list is compiled and published annually by Fortune
  • The world’s 500 largest companies generated USD 30 trillion in revenues and USD 1.9 trillion in profits in 2017. Together, this year’s Fortune Global 500 companies employ 67.7 million people worldwide and are represented by 33 countries.
Retail inflation hovers at 4.8%

The Reserve Bank pegged retail inflation at 4.8 per cent for the second half of current fiscal expecting increase in food prices due to hike in minimum support price (MSP). For the July-September quarter, it has projected inflation to be at 4.6 per cent.

RBI made the projections in its third monetary policy review for the current fiscal. Retail inflation has been projected to rise further to 5 per cent in the first quarter of the next financial year 2019-20.

The Monetary Policy Committee (MPC), chaired by RBI Governor Urjit Patel has raised the benchmark repo rate by 0.25 per cent to 6.25 per cent citing inflation worries, which is likely to make consumer products costlier.

FACTFILE – Retail inflation

  • Retail inflation means the increase in prices of certain products or commodities compared to a base price.Retail inflation is linked to Consumer Price Index(CPI) which is managed by Ministry of Statistics.
  • Currently the base year for India’s CPI is 2012 which means the prices for the certain commodities for the 2012 year are considered as the base price to calculate the price rise.
  • CPI numbers are widely used as a macroeconomic indicator of inflation, as a tool by governments and central banks.

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