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June 6, 2018

WORD OF THE DAY

WILDCATTING

A practice by a markets regulator which calls for the review of an entire industry whenever critical problems are found within one or two companies in the industry.

Courtesy: Mint

 

NATIONAL NEWS

  1. Maharashtra government will provide the financial grant of 1,000 rupees per quintal to those farmers whose tur and gram could not be purchased by the administration before the May 31 deadline.
    • The state government had set up tur procurement target of 6 lakh quintals.
  2. In Uttarakhand, Polythene will be completely prohibited from 31st July in the state.
    • All the polythene vendors have been asked to finish the polythene stock before 31st July.
  3. The Madhya Pradesh government has announced an outstanding power bill waiver scheme for labourers and poor families.
    • The state cabinet headed by Chief Minister Shivraj Singh Chouhan approved the Bijli Bill Mafi Yojana 2018 (Power Bill Waiver Scheme) which is expected to benefit about 77 lakh people of the state.
    • Another Yojana called: ‘Mukhyamantri Jan Kalyan (Sambal) Yojana 2018’.
      1. Under this scheme, the BPL families would be given power supply at a rate of Rs.200 per month.
  1. Cabinet Approvals
    • The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for implementation of Phase-III of Off-grid and Decentralised Solar PV (Photo Voltaic) Application Programme to achieve additional 118 MWp (Mega Watt peak)off-grid solar PV capacity by 
      1. 3, 00,000street lights would be installed in North Eastern States and Left Wing Extremism affected districts.
      2. Solar power plants up to 25 KWH in areas where grid power has not reached
    • Cabinet approved the joint issue of postage between India and Russia.
      1. This was done between the Department of Posts, India and Russia Post (Joint-Stock Company “MARKA” of Russian Federation).

 

  1. The Indian Railway Catering and Tourism Corporation (IRCTC) introduced the trial run of environment-friendly bagasse-based food packaging on 8 premium trains like Shatabdis and Rajdhanis originating from New Delhi.
    • Bagasse is the fibrous remains obtained after extracting sugarcane juice.
    • It is utilised to make disposable cutlery and containers to serve meals.
  2. Maharashtra Chief Minister Devendra Fadnavis inaugurated a web portal named Continuous Medical Education (CME) to offer information and suggestions related to exact treatment received by patients for various health issues.
    • All registered medical practitioners and doctors use this web portal. Doctors in rural areas can use this service on mobile or computers.
  3. Minister of State (IC) for Power and New & Renewable Energy, R K Singh chaired the ‘Review, Planning and Monitoring (RPM) Meeting’ with the Secretaries of Power/Energy Departments of the States/UTs and Managing Directors of the Power Utilities.
  4. The Indian government has formed a group to study the Special Economic Zones (SEZ) Policy of India, headed by Baba Kalyani.
    • The SEZ Policy was implemented from 1st April 2000.
    • The Special Economic Zones Act, 2005 was passed by Parliament in May 2005.
  5. The 11th edition of Geo-Intelligence Asia 2018 was organized at Manekshaw Centre in New Delhi.
    • This event was organized by GeoSpatial Media and Communication in association with Directorate General of Information System as knowledge partners.
    • The theme of this year’s event: ‘ GeoSpatial: A Force Multiplier for Defence and Industrial Security’.
  6. The state government of Bihar launched new crop insurance scheme.
    • This insurance scheme will come into effect from the Kharif season of 2018.
    • The name of the scheme is: ‘Bihar State Crop Assistance scheme’.
    • Under this scheme, the farmers would get a compensation of Rs 7500 per hectare if less than 20% of the crop is damaged.
    • And if more than 20% of crop is damaged, 10000 would per hectare would be given as compensation.
  7. Uttar Pradesh government to set up police station in every district
    • 33 enforcement units are working to check power theft.
    • The state government announced that only 15%of power loss would be compensated.
    • 55 more enforcement units have been approved.
    • State cabinet has also decided to declare Nagar Palika Vrindavan and Nagar Panchayats Barsana, Gokul, Govardhan, Nandgaon, Radhakundand Baldev as no liquor areas. These places are under Mathura District.

 

INTERNATIONAL NEWS

  1. China has approved the first domestically developed, long-acting injectable HIV drug named 
    • Albuvirtide has been approved by the China Food and Drug Administration
    • It can block the fusion of the virus and host cell membranes, blocking the HIV life cycle in the earliest stage.

 

BANKING AND ECONOMY

  1. Monetary Policy Committee (MPC) of Reserve Bank of India has increased the policy Repo Rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.25 per cent 
    • MPC revised CPI inflation for 2018-19 to 4.8-4.9% in the first half and 4.7% in the second half. The MPC stated that the GDP growth rate for 2018-19 is retained at 7.4 percent.
    • Repo Rate: 6.25%
    • Reverse Repo Rate: 6.00%
    • Marginal Standing Facility (MSF) Rate: 6.50%

 

  1. The anti-poverty agency predicts global growth will decelerate slightly from a solid 1 per cent this year to 3 percent next year and 2.9 percent in 2020
    • The World Bank predicts that US growth will register 2.7 percent in 2018, aided by tax cuts, before slowing to 2.5 percent next year and 2 percent in 2020.
    • India is expected to grow by 3% in FY19and 7.5% in FY20.
    • This was released in World Bank’s ‘Global Economic Prospect’
    • China’s growth is projected at 6.5 percent this year, 6.3 percent in 2019 and 6.2 percent in 2020. 

 

  1. Bank of Baroda increased its Marginal Cost-Based Lending Rate (MCLR) by basis points.
  2. IDFC Bank received RBI’s approval for merger of Capital First, Capital First Home Finance and Capital First Securities with the company
  3. World Bank approved an amount of  6000 crore for the implementation of Atal Bhujal Yojana.
    • This scheme aims to improve ground water management through community participation.
    • Under this scheme, priority is given to areas with critically low ground water level.
    • The priority areas are: Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh.

 

APPOINTMENTS

  1. Rudrendra Tandon was appointed as next Ambassador of India to ASEAN.
  2. Tsewang Namgyal was made the next Ambassador of India to the Republic of Lithuania.

 

SPORTS

  1. India cricket captain Virat Kohli is among the world’s highest-paid athletes, according to a Forbes’ compilation topped by American boxing champion Floyd Mayweather.
  • Kohli, the only sportsperson from India to be featured in the list, is ranked 83rd with earnings of USD 24 million.

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