June 4, 2018

WORD OF THE DAY

GOLDILOCKS ECONOMY

A stable economy characterized by robust but steady gross domestic product growth, a low unemployment rate, increasing asset prices but low inflation, and low-interest rates. 

Courtesy: Mint

 

NATIONAL NEWS

  1. Ministry of Agriculture announced the launch of ‘Krishi Kalyan Abhiyaan’ from June 1, 2018, till July 31, 2018.
    • The objective of this Abhiyan is to help, advise, assist farmers to improve their farming techniques and increase their income.
    • This is in line with PM Modi’s vision of doubling the farmers’ income by 2022.
    • The Krishi Kalyan Abhiyaan will take place across 25 villages (with more than 1000 population each)
    • The overall coordination and implementation in the 25 villages of a district is being done by Krishi Vigyan Kendra of that district by appointing 111 officers in charge of each district  
  1. 13 Indian beaches will soon get the Blue Flag certification which is environment-friendly, clean and equipped with amenities of international standards for tourists
    • These beaches of Odisha, Maharashtra and other coastal states will be the first in not just India, but in Asia, to get the Blue Flag certification.
    • These are Chandrabhaga (Odisha), Konark coast; Maharashtra’s Chiwla and Bhogavebeaches; one beach from Puducherry, Goa Daman and DiuLakshadweep and Andaman and Nicobar Islands
    • Odisha’s Chandrabhaga beach became Asia’s first beach to get a Blue Flag certification. 
  1. A volunteer workforce of 427 trained volunteers has been given the task to boost the biodiversity of aquatic species of river Ganga.
    • The group is called Ganga Praharis.
    • They will work along the Ganga basin spreading across the states of Uttar Pradesh, Uttarakhand, Jharkhand, Bihar and West Bengal.
    • It is a part of a project named ‘ Biodiversity Conservation and Ganga Rejuvenation’ of the Wildlife Institute of India (WII), Dehradun sponsored by National Mission of Clean Ganga (NMCG).
  1. Minister of State of Railways, Rajen Gohain flagged off a new Antyodaya train named 22841/22842 Santragachi-Chennai Central Antyodaya Express (Weekly) from Kolkata.
  1. India’s forest cover was 34 % in 2015 as per ‘Status of Environment Report, India 2015 released by Union environment Minister Harsh Vardhan.
  • This is an increase of 1.29 % from 20.05 % in 2009.
  • Mizoram with 89 % has the highest forest cover compared to other states and Union territories in India
  • It is followed by Lakshadweep (84.56 %), Andaman and Nicobar Islands (82 %), Arunachal Pradesh (80 %).
  • Assam has the lowest forest cover with 35 % among the listed 15 states and Union territories (UTs) having over 33 percent forest cover.
  • The north-eastern states contribute for one-fourth of India’s forest cover.
  • Madhya Pradesh has the maximum forest cover of 72,462 sq km in India.

 

  1. Fifteen projects were approved under Trade Infrastructure for Export Scheme (TIES)of commerce ministry to develop infrastructure for promoting exports.
    • In 2017 the Commerce Ministry introduced the Trade Infrastructure for Export Scheme (TIES) to create required infrastructure for development and growth of exports by engagement of central or state agencies.
    • The total scheme outlay is Rs 600 crore.
    • The scheme has been launched for three years up to 2020
  1. According to a report released by ASSOCHAM and NEC, India is among the top 5nations in producing e-waste.
    • This study was taken ahead of World Environment Day on June 5.
    • The other countries besides India are China, US, Japan, and Germany.
    • Out of the total e-waste generated in 2016, only 20% (8.9 MT) has been recycled and the rest has no records.
    • Among the states Maharashtra ranks first with 19.8%, Tamil Nadu ranks second with 13%, Uttar Pradesh1%, West Bengal 9.8%, Delhi 9.5%, Karnataka 8.9%, Gujarat 8.8%, Madhya Pradesh 7.6%
  1. RBI supplied Rs.5400 crores for the implementation of Telangana Government’s investment program ‘Rythu Bandhu’ launched in May 2018.
    • Under the scheme, the farmers will get 4,000 each an acre in the Kharif and Rabi seasons to take care of the credit needs ahead of the farm seasons.
  1. The attempt of the government to privatize loss-making national carrier Air India hit a roadblock after no bids were received.
    • In April, the central government had invited bids for a 76% stake in Air India Ltd, along with a 100% stake in its subsidiary Air India Express Ltd, and 50% in Air India SATS Airport Services Pvt. Ltd.
    • The initial deadline of 14 May was extended to 31 May.
    • Air India has an 8% share of international traffic to and from India among home-grown carriers and a share of 12.3% of the domestic market.
  1. People in Mumbai work the most in the world—3,315 hours a year on average, says a UBS report of Price and Earning 2018.
  • New Delhi is No. 4 at 2,511 hours a year, while Lagos residents are the most relaxed, at 609 hours out of 77 cities.

 

DOWNLOAD CURRENT AFFAIRS OF JUNE 4, 2018 AS PDF 

 

  1. India and China will seek to resolve differences on Regional Comprehensive Economic Partnership (RCEP) trade deal
    • India will seek non-reciprocal access to China’s market and urge China to support its efforts for a substantial agreement in services under the RCEP deal.
    • Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing free trade agreements (Australia, China, India, Japan, South Korea and New Zealand).
    • The 16-member RCEP free trade agreement (FTA) is mostly held up due to India’s reluctance to substantially open up its market to China as it has an unsustainably high trade deficit of $63 billion in 2017-18 with its northern neighbor.
    • Many countries want India to open up its market for 92% of traded goods, while India is only ready to offer market access up to a maximum of 85% items with deviations for countries like China, Australia and New Zealand with whom it does not have an FTA.

 

 

BANKING AND ECONOMY

  1. The government is planning another big merger of 4 banks: Bank of Baroda, Central Bank, IDBI Bank, Oriental Bank.
    • These four banks have a combined loss of  21,646.38 crores in the financial year end of March 31.
    • This will create India’s second largest bank after SBI having combined asset of Rs 16.58 trillion.

 

APPOINTMENTS

  1. Vijay Mahajan has been selected as the Secretary and CEO of Rajiv Gandhi Foundation(RGF) and the Director of Rajiv Gandhi Institute for Contemporary Studies (RGICS).
  2. The MD&CEO of IDBI Bank, Mukesh Kumar Jain has been appointed as fourth RBI Deputy Governor for a 3-year term.

 

 

IMPORTANT DAYS

  1. On 4th June 2018, International Day of Innocent Children Victims of Aggression was observed all over the world.
    • On 19 August 1982, the UN General Assembly declared 4 June as the International Day of Innocent Children Victims of Aggression.

 

  1. June 4, 2018, marked the 29th anniversary of Tiananmen Square protests of China.
    • On this day in 1989, the Chinese troops had violently retaken the Tiananmen Square in Beijing from the pro-democracy protesters.
    • On this occasion, the Chinese people worldwide also remember a lone man, better known as Tank Man who armed with nothing more than two shopping bags stepped in front of the row of tanks moving down the streets of Beijing.

 

MISCELLANEOUS

  1. The world’s first mini-satellites, MarCO-A and MarCO-B, to enter deep space, which were designed to monitor NASA’s InSight Mars lander, have successfully oriented towards Mars.

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