National Current News
Two major changes in election to President of India introduced in 1997-The number of proposers and seconders for any nomination paper was increased from 10 to 50, the security amount was increased from Rs. 2,500 to Rs.10, 000-these are the two major changes in election to President of India which were introduced in 1997.
The World Bank -they cleared a $250-million loan for making Indian youth more employable through reskilling, in a move that is seen to aid the Skill India mission.The multi-lateral lender is keen to support the Indian government in its efforts to better equip the young workforce with employable skills. It said the support will help the youth contribute to India's economic growth and prosperity.The $250-million Skill India Mission Operation (SIMO), approved by the World Bank board of executive directors, will increase the market relevance of short-term skill development programmes (3-12 months or up to 600 hours) at the national and state level. Under the programme, adults in 15-59 years of age, underemployed or unemployed, will get the skill training. It will also include the 1.2 crore youngsters in the age group of 15-29 years who are entering the labour market every year.Theprogramme has a mandate to provide placement and entrepreneurship opportunities to women and increase their exposure to skill training.The Washington-headquartered World Bank's SIMO is a six- year programme in support of the Indian government's National Policy for Skill Development and Entrepreneurship (2017-23).SIMO will be implemented through the National Skill Development Mission and will specifically target labour market entrants.
Food grain production -in 2016-17 it has touched a new record of 273.4 million tonnes, Projection for the country's economic growth to 7.6 per cent for the current fiscal, The level of water storage in the country's main reservoirs in 2017-18 is better compared to last year are some of the estimates made in the quarterly review of the economy by economic think-tank of the country,NCAER.Recent estimates show that food grain production in 2016-17 has touched a new record of 273.4 million tonnes or 8.7 per cent higher as compared to last year. Economic think-tank NCAER has revised up its projection for the country's economic growth to 7.6 per cent for the current fiscal, compared with the earlier prediction of 7.3 per cent on forecast of normal monsoon.In its quarterly review of the economy, NCAER said prospects for the agricultural sector in 2017-18 remain optimistic on forecast of good rains.Also, the level of water storage in the country's main reservoirs in 2017-18 is better compared to last year. In fact,better than the average storage over the last ten years.The forecast for growth of Gross Domestic Product (GDP) at market prices in 2017-18 was also made at 7.6 per cent at constant (2011-12) prices bythe National Council of Applied Economic Research (NCAER).The agency has also revised upward its forecast of GVA (Gross Value Added at Basic Prices) growth at 7.3 per cent for 2017-18 from its February estimate of 7 per cent.The quarterly report further said Wholesale Price Index (WPI) inflation is projected at 6.7 per cent for 2017-18.
Some benefits of GST -Easy Tax Compliance, Boon for House Hold, Creating One Economic India, Simplified Tax Structure, Benefits to Economy, Advantages for Trade & Industry are some of the benefits of GST which was launched at midnight of 30th June 2017 in the Central Hall of Parliament as part of the single biggest tax reform in the history of the nation.
Slabs of GST -Unpacked food grains, Fresh vegetables, Unbranded atta/maida/besan, Gur, Milk, Eggs, Curd, Lassi, Unpacked Paneer/Natural honey, Palmyra jiggery, Salt, Kajal, PhoolJharo, Children's Drawing and Colouring Books, Education services, Health services-0%; Sugar, Tea, Roasted Coffee Beans, Edible Oils, skimmed Milk Powder, Milk Food for babies, Packed Paneer, Cashew Nuts, Raisin, PDS Kerosene, Domestic LPG, Footwear(up to Rs.500), Apparels(up to Rs.1,000), Agarbatti, Coir Mats-5%; Butter, Ghee, Almonds, Fruit Juice, Packed Coconut Water, Preparations of Vegetables, Fruits, Nuts or other parts of Plants including Pickle, Murabba, Chutney, Jam & Jelly, Umbrella,Mobiles-12%; Hair Oil, Toothpaste, Soap, Pasta, Corn Flakes, Soups, Ice Creams,Toiletries,Computers,Printers-18% are the major categories of tax slabs for the households under the GST.
'Ani SemyaMayodhLehiyot Po' -which means 'I am delighted to be here' is the language of Israel which was in the news recently for the historical visit of India's Prime Minister Narendra Modi in July 2017, the first visit by Indian PM to Israel. Pranab Mukherjee became the first Indian President to visit Israel in 2015.
Indus OS–it is the name of the Indian mobile operating system. This was in the news after Indus OS launched the first OS-integrated United Payments Interface(UPI) platform in partnership with YES Bank. This will bring UPI directly to the phones of 8 million Indus OS users across eight smartphone brands that the mobile operating system has integrated with.
RE – thismeans Resource Efficiency is the ratio between a benefit and the natural resource required for it. This was in the news recently after NITI Aayog strategy paper prepared under supervision of its principal advisor Ratan P Watal mooted tax incentives and viability gap funding for eco-labelled products as part of the governments green procurement policies to substantially improve resource efficiency in the country. There is a global commitment to achieve resource efficiency in order to establish sustainable consumption and production patterns. It is also a priority for the government and is reflected in various policies and programme announcements such as Make in India, Zero Effect-Zero Defect Scheme, Smart Cities, Swachh Bharat and Ganga Rejuvenation Mission.
Article324(2) –this article of the Indian Constitution was in the news recently which deals with appointment of Election Commissioners(ECs) was in the news recently after the Supreme Court asked the government to frame rules for appointment of ECs. Presently Article 324(2) of the Constitution says that President on the advice of the Council of Ministers headed by the Prime Minister would appoint ECs, the process of appointment would remain subject to the law made by Parliament. SC questioned government that till date why no law has not been enacted for appointment of ECs
Railways- the sector in which the government is planning to introduce the 'Give-It-Up' campaign requesting the passengers the option to voluntarily forego the subsidy on tickets. Presently the Railways bears 43% of the cost of all rail fares even as it incurs a loss of about Rs.30, 000 crore every year. The biggest drain on the railways exchequer is subsidy on suburban travel segment. Suburban passengers pay only 36% of the travel cost.
7 -the number of MoUs which were signed between India and Israel on the first visit of India's Prime Minister to Israel in July 2017. The list of MoUs are-1) Department of Science & Technology (India) and National Technological Innovation Authority Israel to set up India-Israel Industrial R&D and Technological Innovation Fund(I4F) 2) Ministry of Drinking Water and Sanitation and Ministry of National Infrastructure, Energy and Water Resources of Israel sign MoU on National Campaign for Water Conservation in India.3) UP Jal Nigam, Government of Uttar Pradesh and Ministry of National Infrastructure, Energy and Water Resources of Israel sign pact on state water utility reform in India 4) India Israel Development Cooperation-Three Year Work Programme in Agriculture 2018-2020 5) Plan of Cooperation between Isro and Israel Space Agency(ISA) for cooperation in atomic clocks 6) MoU between Isro and ISA regarding cooperation in GEO-LEO optical link 7) Isro and ISA pact on cooperation in electric propulsion for small satellites.
Olly -the mascot of 22nd Asian Athletics Championships is an Olive Ridley turtle. The 22nd Asian Athletics Championships was organised from 05-09 July 2017 at Bhubaneshwar. The Olive Ridley turtles endure thousands of miles of journey for nesting in the sands of Odisha's coast so a mascot for the game being held in Odisha has been selected accordingly.
3 days- the specified date within which customers will not be liable at all if they report financial losses on account of frauds. The Reserve Bank of India in a major step to protect customers from large financial losses on account of frauds has capped the customer liability at Rs.25, 000 if they reportunauthorized transactions within seven working days. These rules will be applicable for third party breach-were the deficiency lies neither with the banks nor with the customers but lies elsewhere in the system. It has however given banks the freedom to determine the customer liability if such transaction is reported after seven working days. The RBI has placed the onus of informing about the fraud on the customers but the burden of proving it lies with the bank.
What is voting - Voting is a right, Voting is a not a duty are the correct statement in the context of India. This was in the news after the Centre told the Supreme Court recently that exercising one's franchise is the fundamental right of every citizen but not a duty. The government relied on the 255th Law Commission Report, which says 'electoral right' of the voter includes the right to 'vote or refrain from voting at an election. 'The Representation of People Act, 1951 too talks of 'right to voter rather than a duty to vote. The idea of compulsory voting in India has been rejected time and again on the grounds of practical
PRAGATI –itstands for Pro-Active Governance and Timely Implementation is the monthly web based interaction of Prime Minister Narendra Modi with bureaucrats. This meeting was in the news recently after the Prime Minister set a five year deadline for completing all pending projects and said that all incomplete projects should be completed by 2022 when the nation would be celebrating 75 years of India's independence.
The main predictions about India as per the OECD-FAO Agricultural Outlook 2017-2026 -It will be most populous country by 2026, It will be world's largest milk producer by 2026, It will account for the biggest increase in wheat production globally by 2026 are the main predictions about India as per the OECD-FAO Agricultural Outlook 2017-2026.The report said the world's population will increase from 7.3 to 8.2 billion over the course of the next decade with India and Sub-Saharan Africa accounting for 56 % of total population growth. India's population will grow from 1.3 billion to 1.5 billion, an increase of almost 150 million. India will overtake China and is projected to be the most populous country in the world by 2026.The report said that given their strong population growth, India and Sub-Saharan Africa will also drive a large share of global demand. Global production of wheat is projected to increase by 11 % over the outlook period of 2017-2026, while the wheat area increases by only 1.8 %.The increase in wheat production is expected to occur through higher yields, most notably in Asia and Pacific, which will account for 46 % of additional wheat production.
BCCC –it stands for Broadcasting Content Complaints Council is the independent self-regulatory body set up by The Indian Broadcasting Foundation (IBF) to examine the content-related complaints relating to all non-news general entertainment channels. This was in the news recently after former Supreme Court judge Justice Vikramajit Sen was appointed as the new chairperson of BCCC.
40 million –it was the quarterly target for the first quarter of 2017-18(April-June) for the Unified Payments Interface (UPI), the flagship digital payment instrument launched by the Reserve Bank of India. It was in the news recently as the number of transactions under UPI was around 26 million in the first quarter of the financial year, 35% less than the quarterly target set by the finance ministry as per the data received from the National Payment Corp of India (NPCI) which manages the railroad. Payment railroad is used to describe the pathways through which the digital payments move which in the case of UP is managed by NPCI.
39th -the rank of India among a 46-country study by Stanford University for the lazy people. The researchers using step-counters installed in most smartphones to track the walking activity of about 700,000 people in 46 countries around the world. The least lazy, according to the study published in the journal Nature, are the Chinese, particularly those in Hong Kong, where people averaged 6,880 steps a day. India is ranked at 39, with people averaging just 4,297 steps a day. The worst nation was Indonesia, where people walked nearly half as much, averaging 3,513 steps a day. The worldwide average is 4,961 steps, with Americans walking an average 4,774 steps. The top half of the chart includes Hong Kong, China, Ukraine and Japan walking over 6,000 steps daily while the countries at the bottom of the rung include Malaysia, Saudi Arabia and Indonesia who walk less than 3,900 steps.
New initiatives launched by Indian Railways-Launch of SAARTHI, Additional facilities for Divyang, 365 Days Advance Reservation for Foreign Tourists are the new initiatives which were recently launched by Indian Railways. SAARTHI is an integrated mobile application which stands for 'Synergised Advanced Application for Rail Travel Help & Information' for passengers.
100metre - the distance area on either side of Ganga between Haridwar (Uttarakhand) and Unnao (Uttar Pradesh) has been declared as no-construction and no-development zone by the National Green Tribunal (NGT) recently. It also ordered a green compensation of Rs.50, 000 on anyone dumping waste in the river. The NGT also directed that no dumping or landfill could come up within 500 metres of the river or its tributaries in the Haridwar-Unnao stretch. The tribunal imposed a complete prohibition on disposing of municipal solid waste, electronic waste or biological waste on the flood plains or its tributaries in the same stretch.
Features of Sovereign Gold Bonds Scheme -Can be used as collateral for loans, Capital Gains Tax Exempted on redemption for individuals, Exempted from GST are some of the Sovereign Gold Bonds Scheme which were issued recently. The other salient features of scheme is that the minimum investment is 1gm and maximum investment is 500gm and its tenure is 8 years with exit option in 5th, 6th, 7th year also and is tradable through NSE & BSE and is available in Demat and paper form.
FLDG –it stands for First Loan Default Guarantee. It protects interests of lenders to MFIs or NBFCs and the magnitude of cover depends on bank's risk appetite. It was in the news recently after the Reserve Bank of India in its preliminary paper on P2P lending is learnt to be wary of peer-to-peer lending platforms offering any FLDG or first loan default guarantee cover to institutional lenders for nay lending they do through these technology start ups.
Sports Updates
Afghanistan and Ireland –these are the two countries which were granted Test status by International Cricket Council recently. The two countries now are the 11th and 12th member of the Test Status club. The last time Test cricket welcomed two new entrants was in 1930s.Test status is conferred upon a country or group of countries by the International Cricket Council. Teams that do not have Test status can play in the ICC Intercontinental Cup, specifically designed to allow non-Test teams to play under conditions similar to Tests. Test matches are the highest level of cricket although, statistically, their data forms part of first-class cricket. Matches are played between national representative teams with "Test status", as determined by the International Cricket Council. As of June 2017, twelve national teams have Test status, the most recently promoted being Afghanistan and Ireland on 22 June 2017.Zimbabwe's Test status was voluntarily suspended, because of poor performances between 2006 and 2011; it returned to competition in August 2011.
Mithali Raj- the Indian women cricketer who recently became the first player to cross 6,000 runs in women's One Day International. The Hyderabad girl is the youngest centurion in women's ODIs(114 vs Ireland in 1999 at 16 years). She has scored 5 centuries in ODI's, the most by an Indian woman. India now has the highest run getter in ODIs among both women(Mithali Raj) & men(Sachin Tendulkar). India also has the highest wicket-taker in women's ODIs-JhulanGoswam
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