May 25, 2018

WORD OF THE DAY

 

COILED MARKET

A market believed to have the potential to make a strong move in on direction, based on its fundamentals, after being punished in the other. Coiled markets often arise when the market has been held down artificially. The term has its origins in physics: the more a coiled spring is compressed, the greater the rebound will be.

Courtesy: Mint

 

NATIONAL NEWS

  1. Human Resource Development Minister Prakash Javadekar launched ‘Samagra Shiksha scheme’ for school education.
    • The scheme aims at improving quality of education, enhancing learning outcomes and using technology to empower children and teachers.
    • The scheme subsumes three existing schemes: Sarva Shiksha Abhiyan (SSA), Rashtriya Madhyamik Shikskha Abhiyan (RMSA) and Teacher Education (TE) to treat school education holistically, from pre-school to Class XII.
    • It focuses on two Ts – Teacher and Technology
    • It is first integrated scheme extending unified support to states from pre-school to senior secondary levels
    • The amount granted will be: 5000 for primary, Rs. 10000 for upper primary & Rs. 25000 for SSC and HSC schools.
    • Another scheme called “Kasturba Gandhi Balika Vidhyalaya Scheme” has been extended from class 6-8 to class 6-12 for providing educational and hostel facilities to the girl child from disadvantageous sections of society.
    • An annual grant of 5000 to Rs. 20000 would be given for strengthening libraries of the schools.
  2. Visit of PM of Netherlands, Mark Rutte to India
    • Indo – Dutch Ganga Forum was inaugurated
    • ‘Clean Air India’ initiative launched to curb air pollution
      1. It is a joint collaboration of India’s ‘Startup India’ and Netherlands ‘Get In the Ring’platforms and INDUS forum
    • The Netherlands has become the 64th signatory member of the International Solar Alliance.
    • India also welcomed the Netherlands as the Partner Country for the Tech Summit in 2019
    • Mumbai Headquartered e-logistics company Cogoport to establish world’s first digital freight passage to enable Indian traders connect to European markets using Netherlands as the gateway.
    • An Indo-Dutch Start-up Initiative has been launched called- #StartUpLink
      1. Invest India and Dutch Govt. launched the start-up in Bengaluru
    • Netherlands have second-largest Indian diaspora in Europe.
  1. Cloud-enabled Data Centre is inaugurated at Bhubaneswar, Odisha
    • All the districts of Odisha have been taken under the Secure, Scalable and Sugamya Website as a Service (SwaaS) website.
    • Launch of E-Saubhagya Mobile Application
    • This would make sure the gap between the administration and the citizens are bridged and the information related to the betterment of the districts could be accessed by the general public.
  2. The 13th meeting of the Standing Committee of the Inter-State Council (ISC) headed by Rajnath Singh was held in New Delhi.
    • Discussions were conducted on all 273 recommendations of the Punchhi Commission.
    • The meeting focused on volume VI (environment, natural resources) & VII (Socio-economic development, Public Policy, governance) of the Punchhi Commission’s Report.
    • The Government of India constituted a Commission on Centre-State Relations under the chairmanship of Justice Madan Mohan Punchhi, former Chief Justice of India on 27th April 2007 keeping in view the changes that have taken place in the polity and economy of India since the Sarkaria Commission had last looked at the issue of Centre-State relations over two decades ago
  3. Ministry of Culture organized the 9th edition of Rashtriya Sanskriti Mahotsav 2018 in Tehri, Uttarakhand
    • Uttarakhand’s Tehri Lake Festival will be a part of the event
    • It consists of water sports organized by the Uttarakhand tourism each year.
    • This initiative is under the ‘Ek Bharat Shreshtha Bharat’
    • This year the partner state for the festival is Karnataka
  4. The e-Way Bill system for intra-State movement of goods was implemented for Maharashtra, Manipur, Andaman & Nicobar Islands, Chandigarh, Dadra & Nagar Haveli Daman & Diu and Lakshadweep (without legislature).
  5. IN LCU L54 – the fourth Landing Craft Utility (LCU) Mk-IV class inducted into the Indian Navy
  6. The Fifteenth Finance Commission has constituted high-level group to explore and give recommendations for a balanced expansion of the health sector.
    • It will be headed by Dr. Randeep Guleria, Director, AIIMS, New Delhi and shall consist of eminent experts in health sector from across the country.
  7. The Union Government has reconstituted Financial Stability and Development Council (FSDC) to include secretaries from revenue department as well as Ministry of Information Technology (MeitY).
    • It will include Chairman of the Insolvency and Bankruptcy Board of India (IBBI).
    • FSDC is super regulatory body for regulating financial sector which is vital for bringing healthy and efficient financial system in economy of the country.
  8. India, where 4% of children under five are stunted, accounts for about a third of the world’s total population of stunted pre-schoolers as per ‘Understanding the geographical burden of stunting in India’ published by the International Food Policy Research Institute (IFPRI)
  1. The government has raised the customs duty on wheat from 20% to 30% in order to curb cheaper imports and protect domestic growers.
    • The import duty on walnut shell has also been increased from 30% to 100%
  2. India has been listed as one of the top three target countries for Phishing and malware-based attacks as per the RSA Quarterly Fraud Report.
    • As per the report for the period from January 1 to March 31, 2018 phishing contributed for 48 percent of total cyber-attacks.
    • The report stated that Canada, the United States, India and Brazil were the countries highly targeted by phishing.
    • Top hosting countries list for such attacks –
      1. United States
      2. Russia
      3. India

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INTERNATIONAL NEWS

  1. Nima Jangmu Sherpa of Nepal made a world record by scaling three highest mountains –Mt. Everest, Mt. Lhotse and Mt. Kanchenjunga in a single climbing season.
    • She has become the only woman in the world to climb three highest peaks in Nepal above 8,000 meters in one season within 25 days.
  2. Netflix Inc. soared past Walt Disney Co. in market value, taking title of most valuable media company.

 

BANKING AND ECONOMY

  1. Common Service Centre (CSC) SPV and Small Industries Development Bank of India (SIDBI) signed an MoU for providing financial support to CSCs across the country
    • Through the MoU, the SIDBI seeks to extend financial support to the Village Level Entrepreneurs (VLEs)of CSCs, with minimum one year of operation, under the Direct Financing Window of SIDBI.
    • To avail the loan, the VLEs need to submit their CSC project with maximum project outlay of Rs 3.50 lakh and term loan requirement of up to Rs 2 lakh per project.
  2. India’s largest stock exchange National Stock Exchange (NSE) has given approval to Yes Bank to be empanelled as ‘Settlement Bank’ for National Securities Clearing Corporation (NSCC).
    • Yes Bank is already empanelled as a ‘Clearing Bank’for BSE, NCDEX, MCX
    • It will provide different services to the member viz. Settlement and clearingelectronic fund transfer and ‘anywhere’ banking and free of cost fund transfer across all centres of NSE’s members.
  3. The market valuation of Tata Consultancy Service (TCS)has risen to  7,03,309 crore.
    • It becomes the first company so far to have achieved this goal.
    • Reliance Industriesat Rs. 5,83,908.87 crore, HDFC bank at Rs. 5,19,654.83 crore

 

APPOINTMENTS

  1. Sushil Chandra was given one-year extension as the chairman of the Central Board of Direct Taxes (CBDT) till May 2019

 

AWARDS

  1. United States President Donald Trump awarded a Medal of Honor to retired Master Chief Special Warfare OperatorBritt K. Slabinski, at the White House, United States
    • Britt K. Slabinski is a former member of the Navy’s SEAL Team Six. He was awarded for leading a rescue mission on a mountaintop in Afghanistan in 2002.
  2. Singchung Bugun Village Community Reserve received the first prize for conserving the rare wildlife resources from the National Bio-diversity Authority.
    • Singchung Bugun Village Community Reserve is in West Kameng District of Arunachal Pradesh

SPORTS

  1. A new video campaign has been launched targeting football fans on the occasion of the World Cup 2018 to promote healthier and more active lives
    • The 2018 FIFA World Cup will be the 21st FIFA World Cup scheduled to take place in Russia
    • It is the First World Cup to be held in Eastern Europe.
  2. Steve Smith, the former Australia captain, who was banned due to ball tampering issue, will make a comeback through the inaugural Global T20 Canada event

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