Current Affairs for July 5, 2019
BANKING AND ECONOMY
CURRENT AFFAIRS VIDEO
- Gujarat released its Budget of Rs 2,04,815 crore (highest ever presented till now) for 2019-20 for the state with overall surplus of Rs 572 crore and additional tax income of Rs 287 crore.
- Revenue receipts- Rs 1,54,732 crore
- Revenue expenditure– Rs 1,51,858 crore
- 7,157 crore allocated for Sauni Yojana and other water supply schemes for irrigation and drinking water.
- 6,595 crore allotted for Sardar Sarovar Narmada Yojana to bring water to fields.
- New scheme- Vhali Dikri Yojana was introduced to improve birth rate of girls in the state in which financial aid from Rs.4,000 to Rs.1 lakh will be given to a girl child.
- Rajouri district of Jammu and Kashmir launched an anti-Drug Campaign called “Operation Khumaar” in all 312 Panchayats.
- Aim: – To make all the panchayats ‘drugs-free panchayats’ and to effectively implement the Cigarettes and Other Tobacco Products Act (COTPA) 2003.
- District Administration of Rajouri also implemented section 4 and section 5 of COTPA 2003.
- Section 4 prohibits smoking in all public places and Section 5 prohibits the direct/indirect advertisement of Tobacco products.
- Indian Council of Medical Research (ICMR) released a report on Non-Communicable Diseases (NCDs) titled “India: Health of the Nation’s States”.
- 8% deaths were caused by NCD such as diabetes, hypertension, tuberculosis and cancers (Oral, Breast and Cervical cancer) in 2016.
- Affordable Medicines and Reliable Implants for Treatment (AMRIT scheme- launched in 2015) Deendayal outlets were opened at 159 Institutions/Hospitals to avail the Cancer and Cardiovascular Diseases drugs at discounted prices to the patients.
- South Central Railway has commissioned the longest electrified tunnel of 6.6 Km between Cherlopalli and Rapuru Railway stations in Nellore district, Andhra Pradesh.
- It is built at a cost of ₹460 crore on New Australian Tunnelling Method.
- UNESCO (along with Tata Institute of Social Science) prepared the first of its kind report “State of the Education Report for India 2019: Children with Disabilities” (CWD).
- Purpose: – It surveys the achievements and challenges of Rights of Education with regard to children with disabilities (CWDs).
- The report mentions that as per 2011 census data, more than 78 lakh CWDs resided in India between age group of 5-19 years out of which 27% never attended any educational institution.
CWDs Attending Educational Institutions
CWDs Drop Outs
- Disparity among disabilities: – 20% of Visual and hearing Impaired CWDs and more than 50% children with multiple disabilities or mental illness had never been to school.
- It recommends to amend the Right to Education Act, 2009 to link it with the Right of Persons with Disabilities Act, 2016.
- Telangana is going to implement the famous “Miyawaki” method of afforestation in the Velugumatla urban park, as part of its green cover project- “Telangana ku Haritha Haaram (TKHH)”.
- Miyawaki is a Japanese method of intensive afforestation, developed by Botanist Akira Miyawaki.
- TKSS was launched in 2015 to increase the green cover from 24% to 33% in the state.
- The implementation of India’s first offshore wind power project in Gujarat is going steadfast.
- Ministry of New and Renewable Energy (MNRE), National Institute of Wind Energy (NIWE) and a group of public sector agencies have signed an MoU in 2015 to set up India’s first offshore wind power project in Gujarat.
- Group includes: – National Thermal Power Corporation, Power Grid Corporation of India Ltd, Indian Renewable Energy Development Agency, Power Finance Corporation, Power Trading Corporation, and Gujarat Power Corporation Ltd.
- “Aadhaar and Other Laws (Amendment) Bill, 2019” was passed by Lok Sabha.
- Now, the use of Aadhar for identification is optional and a penalty of ₹1 crore and jail term will be imposed on private entities for storing Aadhaar data.
- Jammu and Kashmir has given sanction for devolution of powers to Panchayati Raj for undertaking various social forestry activities.
- Aim: – To improve the forest-based resources for people and livestock.
- 14th Finance Commission has granted ₹2,600 crore to the State for devolution to panchayats.
- Nearly ₹1,600 crore for various heads such as the Mahatma Gandhi National Rural Employment Guarantee Act and the Integrated Child Development Scheme would be given.
- German icebreaker RV Polarstern will set out for Arctic on a year-long mission to study the impact of climate change on Arctic region and the world.
- 17 nations have collaborated for this mission.
BANKING AND ECONOMY
- Airtel Payments Bank partnered with Bharti AXA Life Insurance for offering the Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana (a life-term plan in the range of Rs 3- 5 lakh).
- Karnataka Bank launched a web tool –‘Vasool So-Ft (Fast)’ to digitize the recovery process of Non-Performing Asset (NPA) of the bank in all its branches.
- ICICI Bank has partnered with IndoStar Capital (NBFC) to provide smooth financing for small and medium vehicle fleet owners to buy new and old commercial vehicles.
- Bharti Airtel and Tata Teleservices have merged.
- National Company Law Appellate Tribunal (NCLAT) approved ArcelorMittal’s acquisition of bankrupt Essar Steel for ₹42,000 crore.
- According to Economic Survey 2019 (presented by Chief Economic Adviser Krishnamurthy Subramanian), India’s GDP is forecasted at 7% in fiscal 2019-20, slightly higher than the 6.8% in 2018-19.
- Fiscal deficit will be 3.4% of GDP in 2019-20, and 3% each in the subsequent two years.
- To achieve PM Modi’s goal of $5 Tn economy, India will have to sustain 8% growth rate.
[COMPLETE BUDGET IS COVERED IN THIS VIDEO: – https://www.youtube.com/watch?v=7Axhr5DqNQs&t=480s]
- According to the Economic Survey 2018-19, elderly population (60 years and above) will get double from 6% in 2011 to 16% by 2041, while the population size of youth (between 0-19 years), is expected to fall from 41% in 2011 to 25% by 2041.
Population rate is expected to grow less than 1% from 2021 to 2031 and under 0.5% from 2031 to 2041.
Total Fertility Rate (TFR) is projected to decline below replacement level fertility at 1.8 by 2021.
TFR of 2.1 is the ‘replacement level fertility’ (RLF) below which populations begin to decline. India’s RLF is at 2.15-2.2 (higher than the standard benchmark of 2.1).
At State level, southern States as well as West Bengal, Punjab, Maharashtra and Himachal Pradesh have below RLF and will have TFR decline to 1.5-1.6 by 2021.
By 2031, all States are likely to see below replacement level fertility.
The Working Age group between 20-59 will become 59% by 2041.
- Central Government claims to have made 99.2% of rural India open defecation-free under Swachch Bharat Abjiyan.
- The next target is 100% safe and scientific disposal of solid and liquid waste, according to the Economic Survey 2018-19.
- According to Economic Survey 2018-19, train collision incidents were reduced to 0 from 3 (in previous year) and derailments fell to 46 from 54 in previous year.
- Fire incidents in trains increased to six.
- Total train accidents fell from 104 in 2016-17 and 73 in 2017-18 to 59 in 2018-19.
- Indian Railways carried 1221.39 million tonnes of revenue earning freight (increased 5.33% at 1159.55 million tonnes in 2017-18).
10. Economic Survey 2018-19 demanded to set up a central welfare database of citizens to combine data maintained by different Ministries and departments.
- Purpose: – To enhance ease of living for citizens, particularly the poor.
- It can be created within the framework of the privacy laws of India.
11. Economic Survey 2018-19 demanded for using JAM troika (Jan Dhan, Aadhaar and Mobile) for all welfare schemes.
- Survey claims that under MGNREGA, more than 90% of wage payments were generated within 15 days, through Direct Benefit Transfer by using Aadhar linked payment mechanism in 2018-19.
- Economic Survey mentioned that 10.6 million were the foreign tourist arrivals (FTAs) in 2018-19 as compared to 10.4 million in 2017-18.
- This depicts the growth rate of FTAs has declined from 14.2% in 2017-18 to 2.1% in 2018-19.
- Foreign exchange earnings (FEEs) from tourism was $27.7 billion in 2018-19 (-3.3% rate) as compared to $28.7 billion in 2017-18 (20.6% growth rate).
- Foreign Direct Investment in hotel and tourism also declined to $1,076 million in 2018-19 from $1,132 million in 2017-18.
- India sold 54,800 electric two-wheelers in 2018 while sale of electric cars was only around 2,000 in 2017 with a share of 0.06%.
- According to Society of Manufacturers of Electric Vehicles (SMEV), Uttar Pradesh has sold the highest electric vehicles 6,878 units in 2017-18, followed by Haryana and Gujarat.
- “National Electric Mobility Mission Plan 2020 (NEMMP)” is already in place to increase sales of electric vehicles (that includes buses, two-wheelers and cars) to 60-70 lakh units by 2020.
Faster Adoption and Manufacturing of Electric vehicles (FAME) scheme was launched in 2015 (with a budget of ₹795 crore) to fast-track the goals of NEMMP.
FAME India Phase II was launched on April 1, 2019 (with a budget of ₹10,000 crore).
- India needs to create 5.5-6 million jobs each year over the next 10 years, according to the Economic Survey 2019.
- Nearly 11 million people (9.1 million in rural and 1.8 million in urban area) lost their jobs, according to Centre for Monitoring Indian Economy.
- The Survey cited Rajasthan’s model of labour reforms to boost employment and factory productivity.
- According to Economic Survey 2019 claims that 6,079 cases involving ₹2.8 trillion were withdrawn before going in tribunals under the Insolvency and bankruptcy code (IBC).
- The Survey, referring to RBI reports, highlighted that ₹50,000 crore has been received by banks from previous NPAs.
- Investments of around $80 billion till 2022 will be required in the emerging green economy (for clean energy), growing more than threefold to $250 billion during 2023-30, according to Economic Survey 2019.
- India, currently, has an installed capacity of renewable energy at about 80 gigawatts (GW) and targets to achieve 175GW by 2022 and 500GW by 2030.
- Overall size of the energy efficiency market in India is estimated to be $22.81 billion.
- Carbon emission will be reduced by 33-35% by 2030 from 2005 levels, as part of UN Framework Convention on Climate Change adopted by 195 countries in Paris in 2015.
- Yes Bank invoking pledged shares to acquire 9.47% stake in Eveready Industries.
- Adani Power bought 47.62% stake in GMR Chhattisgarh Energy Ltd., held by its wholly owned subsidiary, GMR Generation Assets Limited for ₹4,792 crore.
- Bruhat Bengaluru Mahanagara Palike (BBMP) is planning to increase the solid waste management (SWM) cess to 15% of property tax from the existing 3%.
- David Lipton has been appointed as the interim chief of International Monetary Fund.
- Karnataka CM and five-time legislator H.K. Kumaraswamy has been appointed as Janata Dal (Secular) president.
- His son, Nikhil Kumaraswamy has been appointed as the youth wing president.
- Frank Lampard has been appointed head coach of Chelsea Football Club (an English professional football club).
- Azim Premji (Wipro’s Chairman) and Ajaypal Singh Banga (Mastercard’s CEO and President) are chosen for Global Excellence Award 2019 given by US-India Strategic Partnership Forum (USISPF).
- Reason: – To honour their contribution in strengthening economic ties between the US and India.
- The award will be conferred during USISPF’s 2nd Annual Leadership Summit in Washington.
- Sprinter Hima Das (nicknamed as ‘Dhing Express’) won the gold medal in women’s 200m in Poznań Athletics Grand Prix 2019 held in Poznań, Poland.
- Athletes K. Vismaya, Muhammed Anas, KS Jeevan (racers) won bronze.
- Tajinder Pal Singh Toor won bronze in shotput.
- Commonwealth Chess Championship 2019 (held in Delhi) winners: –
- Men’s: – Abhijeet Gupta (for a record 5th time)
- Women’s: – Tania Sachdev
- FIBA (International Basketball Federation) Women’s Asia Cup 2019 (Division A) will take place in September in Bengaluru.
- NASA tests its ‘launch-abort system’ for the Orion capsule (that will take US astronauts to the Moon) from Cape Canaveral Air Force Station in Florida, USA.
- Purpose: – To test the evacuation process of astronauts from the capsule in the event of an explosion or rocket’s failure.
- Politician Santosh Rana, one of the foremost leaders of the Communist Party of India (Marxist-Leninist) (CPI-ML) passed away.
- Polavaram multi-purpose Project is likely to be completed by 2022. It is an under construction multi-purpose National project on Godavari River in Andhra Pradesh.
- Indian scientists, in collaboration with Australian University of Queensland (QBI), have discovered a gene- NAPRT1– which directly linked to Schizophernia.
- Indian researchers’ team was led by R.Thara.
- Volcano erupted on the Sicilian island of Stromboli.
- Stromboli is a small island in the Tyrrhenian Sea, off the north coast of Sicily, containing one of the three active volcanoes in Italy.
- Jagannath Rath Yatra or Chariot Festival began at Puri in Odisha in commemoration of Hindu god Jagannath.