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June 14, 2018

WORD OF THE DAY

JOBLESS GROWTH

Also known as jobless recovery, this is a situation where an economy experiences income or output growth while maintaining or decreasing its level of employment. The term was coined by American economist Nick Perna in the early 1990s.

Courtesy: Mint

 NATIONAL NEWS

  1. The Maharashtra government and Canada’s Quebec province have signed a pact to increase the economic cooperation, especially in areas of information technology, biotechnology, artificial intelligence and welfare of the tribal community.
  2. The Integrated Command and Control Centre of the Naya Raipur Smart City was inaugurated by Prime Minister Narendra Modi.
    • It has become 10th operational Smart City Centre under the Smart City Mission of government.
    • Naya Raipur is one of the 3 Smart Cities of Chhattisgarhselected under the Smart Cities Mission.
    • The other two cities areRaipur and Bilaspur.
    • The Smart Cities Mission is an innovative and new flagship initiative by the Ministry of Urban Development to drive economic growth and improve the quality of life of people
    • The Mission will cover 100 cities and its duration will be five years from 2015 to 2020.
  1. Defence Minister, Nirmala Sitharaman inaugurated the first Representative Office of Navratna Defence PSU Bharat Electronics Limited (BEL) in Hanoi, Vietnam.
    • The Representative Office will aim to promote BEL’s exports in areas such as Weapon Systems, Radar Systems, Naval Systems, Military Communication Systems, Electronic Warfare Systems, Combat Management System and Coastal Surveillance System.
    • BEL is India’s leading defence electronics company.
  1. The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved of the joint issue of a postage stamp between Department of Posts and Vietnam Post.
    • The Theme of the Joint Postage Stamp is : “Ancient Architecture”.
    • It depicts Sanchi Stupa of India and Pho Minh Pagoda of Vietnam
  1. The Union Cabinet has approved the proposal for introduction of Dam Safety Bill, 2018.
    • To ensure safety of dams and safeguard benefits from such dams.
    • Constitution of a National Committee on Dam Safety for formulating policies of dam safety.
    • Establishment of National Dam Safety Authority as a regulatory body for implementation of policies.
    • Constitution of a State Committee on Dam Safety by State Government.
    • There are over 5200 large dams in India and about 450 are under construction.
  1. The Mizoram government decided to introduce a resolution in the state legislature objecting to the Citizenship Amendment Bill, 2016.
    • With The Citizenship (Amendment) Bill, 2016, the government plans to change the definition of illegal migrants.
    • The Bill, introduced in the Lok Sabha seeks to amend the Citizenship Act, 1955 to provide citizenship to illegal migrants, from Afghanistan, Bangladesh and Pakistan, who are of Hindu, Sikh, Buddhist, Jain, Parsi or Christian extraction
    • However, the Act doesn’t have a provision for Muslim sects like Shias and Ahmediyas who also face persecution in Pakistan.
    • The Bill also seeks to reduce the requirement of 11 years of continuous stay in the country to six years to obtain citizenship by naturalization.
  1. The Union Ministry of Home Affairs has approved the creation of two women Battalions for Jammu and Kashmir Police to improve the representation of women in the State Police.
  1. A tripartite Concession Agreement was signed between National Mission for Clean Ganga (NMCG), UP Jal Nigam and Triveni Engineering & Industries Ltd. to develop an Integrated Sewage Infrastructure for Mathura on the Hybrid Annuity-based PPP mode.
    • The Mathura sewage project is India’s first Integrated Sewage Infrastructure project based on One City – One-Operator concept.
    • This project integrates building of new STPs (sewage treatment plant) and maintenance of existing infrastructure under one operator for the entire city.
  1. The Arunachal Pradesh Government has signed a MOU with Smart Village Movement (SVM) of Andhra Pradesh.
    • To facilitate technology innovations, research and development in selected villages of the state.
  1. Two new species of cricket frogs named Kalinga and Krishnan have been discovered in the Eastern Ghats and the Western Ghats recently.
  1. The Union Cabinet has approved the continuation of Three Year Action Plan (2017-2020) of scheme for Agricultural Education Division and Indian Council of Agricultural Research (ICAR)
  • The plan aims at strengthening and developing higher agricultural education in India.
  1. The Union Cabinet has given final extension to commission constituted to examine sub-categorization within Other Backward Classes (OBCs) in Central list.
    • The Commission was constituted with approval of President under Article 340 of Constitution in October, 2017 and is headed by Justice G. Rohini.
  1. Bengaluru is the second cheapest city to relocate to in terms of living expenses in the first month, after Cairo, according to a study by furnished apartment search engine Nestpick.
    • The living cost for the first month after relocation in Cairo comes at $656, while for Bengaluru it is at $742.13
    • Bengaluru is ranked at 79th among 80 countries.
    • Dubai emerged as the most expensive city to relocate as the total first month living expense stands at $4,251.68, followed by Auckland ($4,002.76)
  1. The Global Economic Policy Uncertainty Index spiked to 172.56 in May, the highest level seen so far in this calendar year.
    • This index constructed by three US-based economists— Scott Ross Baker, Nick Bloom and Steven J. Davis—tracks the general state of the economy as it relates to businesses.
    • This index measures the policy related economic uncertainty.
    • It can include broad economy-wide conditions or specific economic conditions of a particular industry
  1. Stockholm-based Truecaller, owned by True Software Scandinavia AB, acquired Mumbai-based mobile payments start-up Chillr (Backwater Technologies Pvt Ltd)
    • This is Truecaller’s first ever acquisition in the India market.
  1. Pew Research Center defines the millennial generation as those born between 1981 and 1996.
    • A February 2018 Deloitte report on Trend-setting Millennials shows that millennials in general spend more on discretionary items as their disposable income rises.
    • Also, 32.7% expenses from incremental income is spent on entertainment, including eating out and 21.4% on apparel and accessories. Savings, in most cases, is under 10% of overall income, shows the report.

 

BANKING AND ECONOMY

  1. Inflation based on wholesale prices shot up to a 14-month high of 4.43% in May on increasing prices of petrol and diesel as well as vegetables.
    • The Wholesale Price Index (WPI) based inflation stood at 3.18%in April and 2.26% in May 2017.
    • Wholesale Price index (WPI) and Consumer Price Index (CPI) are the two primary measures of inflation
    • Index figures reflects the change in a set of associated variables over a period of time in a particular direction.
    • Price Index shows the total change in price level paid by a consumer or producer.
BasisWPICPI
MeaningPrice index which represents the wholesale price of the goods basket over a period of timePrice index which represents the average price of goods basket over a period of time
CoversGoods onlyGoods and services both
MeasuresMeasures the change in prices charged by manufacturers and wholesalersMeasures the average price of goods and services that consumers have paid for
Published byOffice of Economic AdvisorCentral Statistics Office
Commodities involvedWPI is based on the price of 435 commodities in India, which is an indicator of movement in price of commodities in all trade and transactions.Education, apparel, foods and beverages, communication, transportation, recreation, housing and medical care are the 8 groups for which the CPI is set
InflationMeasures inflation at each stage of productionFinal Stage of production
LevelWholesale levelRetail level

 

  1. Union Cabinet has approved the proposal for grant of permission to HDFC Bank to raise additional share capital of up to a maximum of Rs 24,000 crore.
    • The composite foreign shareholding in the Bank will not exceed 74% of the enhanced paid-up equity share capital of the bank.
  1. HDFC has been ranked as the 5thbiggest public company globally in the ‘consumer financial services category’ compiled by Forbes in its 16th annual Forbes Global 2000 list.
    • Data from FactSet Research systems has been taken to screen for the biggest public companies in four metricsales, profits, assets and market value.
    • American Express tops the chart.
    • Indiabulls Housing Finance is the only other Indian company (at 13th place) on the list.
    • Reliance Industries at 83rd place, the only from India in the top-100. 


APPOINTMENTS

  1. An Indian-American woman, Dhivya Suryadevarahas been named the Chief Finance Officer of the US’ largest automaker, General Motors.
  2. Moina Benazir, an officer of the Indian Defence Accounts Service has been appointed as the first woman Haj coordinator by the Union ministry of minority affairs.
    • She would lead a team of 1300 women to perform Haj without their male partners.

 

IMPORTANT DAYS

  1. On 14 June 2018, World Blood Donor Day was celebrated all over the world.
    • The theme of World Blood Donor Day 2018 is: blood donation as an action of solidarity.
    • The slogan for World Blood Donor Day 2018 is: “Be there for someone else. Give blood. Share life”.

 

AWARDS

  1. Noted social reformer and founder of Sulabh International, Bindeshwar Pathak was honoured with Japan’s prestigious Nikkei Asia Prize.
    • The award was given under Culture and Community category for his significant work in tackling poor hygiene and discrimination.
    • The award was launched in 1996, the award honours people in Asia who have made significant contributions in one of the three areas of regional growth; science, technology & innovation and culture & community.

 

SPORTS

  1. Rafael Nadal was the defending champion in the Men’s Singles and won his 11th French Open title (Roland Gaross).
  • Simona Halep won her first Grand Slam title in the women’s singles.

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