GA- 13 Apr 2018
Industrial production grows 7.1% in February 2018: CSO
- According to data released by the Central Statistics Office (CSO), factory output measured in terms of the Index of Industrial Production (IIP) had grown 7.1% in February 2017.
- It was mainly driven by robust performance of manufacturing sector coupled with higher offtake of capital goods and consumer durables.
- The IIP recorded growth of 8.54% in November 2017, 7.1% in December 2017 and 7.4% in January 2018. During April-February period, IIP has slowed to 4.3% from 4.7% compared to same period 2017-18 fiscal.
- The IIP is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period.
- It is compiled and published monthly by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation.
- The CSO had revised the base year of the IIP from 2004-05 to 2011-12 in May 2017.
RBI tightens reporting norms for Liberalised Remittance Scheme
- The Reserve Bank of India (RBI) tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which individual can transfer up to US $2,50,000 abroad in a year.
- It aims to improve monitoring and also to ensure compliance with LRS limits.
- Currently, the LRS transactions are permitted by banks based on declaration made by remitter.
- The monitoring of adherence to limit is confined to obtaining such declaration without independent verification, in absence of reliable source of information.
- LRS is facility provided by RBI for all resident individuals including minors to freely remit upto certain amount in terms of US Dollar for current and capital account purposes or combination of both.
India’s economy to grow 7.3% in 2018-19
- The Asian Development Outlook 2018 released by Asian Development Bank (ADB) projected India’s economic growth to 7.3% in 2018-19 fiscal and further to 7.6% in 2019-20 fiscal.
- Indian growth is expected to pick up to 7.3% in fiscal year (FY) 2018 and 7.6% in FY2019, following the estimated 6.6% in FY2017.
- The ADB’s growth projection is in line with that of rating agency Fitch, but is lower than Reserve Bank of India’s (RBI) forecast of 7.4%.
- India will remain the world’s fastest growing major economy.
- ADB, headquartered in Manila, Philippines, is a regional development bank which aims to promote social and economic development in Asia.
AIIB approves $140 million loan
- The Asian Infrastructure Investment Bank (AIIB) approved $140 million loan for project aimed at improving rural roads (connectivity) in Madhya Pradesh.
- It was approved at meeting of Board of Directors of AIIB recently held in Beijing, China.
- The Project will be co-financed with World Bank.
- It also aims to improve durability and accessibility and enhance resilience to climate change of gravel surfaced rural road in Madhya Pradesh.
NHAI signs agreement for its first International project
- The National Highways Authority of India (NHAI) signed agreement for upgradation of Yagyi – Kalewa section of highway in Myanmar to two lane with earthen shoulder.
- This project is part of India-Myanmar-Thailand (IMT) Trilateral Highway and will be NHAI’s first international project.
- It aims to provide seamless vehicular movement for enhancing trade, business, health, education and tourism between Indian, Myanmar and Thailand.
- It is being funded by Ministry of External Affairs, India and will be executed on Engineering, Procurement and Construction (EPC) mode at a cost of Rs.1177 crores.
Govt constitutes 13 member Task Force
- The Union Govt constituted 13-member task force, headed by Minister of State (MoS) for Civil Aviation Jayant Sinha, to prepare road map and fast-track implementation of unmanned aerial vehicle (UAV) technology or drones in the country.
- The task force will prepare roadmap, including outcomes, timelines, implementation and review mechanism and measurable metrics for implementation of UAV technology.
- Its road map will focus on Research & Development (R&D), acquisition and commercialisation, application and adoption in specific sectors, regulatory framework as well as preference for Make in India.
- It will lay down implementable recommendations for central and state governments, industry and research institutions.
India inks pact with M3orocco
- India has inked a pact with Morocco to evaluate the potential mineral resources and promote exploration and mining through participation of both public and private sector.
- The Memorandum of Understanding (MoU) was signed in New Delhi after the bilateral discussions between Mines Minister Narendra Singh Tomar and his counterpart Aziz Rabbah of Morocco.
- The focus of the MoU is on the development of the geological infrastructure for Geoscience Maps and geochemical maps, strengthening geological research and evaluation of the potential of mineral resources.
World’s first microfactory launches
- Veena Sahajwalla, an Indian-origin scientist in Australia, launched the world’s first microfactory that can transform the components from electronic waste items such as smartphones and laptops into valuable materials for re-use.
- The modular microfactories can operate on a site as small as 50 square metres and can be located wherever waste may be stockpiled.
- A microfactory is one or a series of small machines and devices that uses patented technology to perform one or more functions in the reforming of waste products into new and usable resources.
Bangladesh ends Reservation in Govt Jobs
- Bangladesh Prime Minister Sheikh Hasina has announced the scrapping of reservation in govt jobs.
- The quota system for govt jobs has been abolished.
Saudi Aramco inks MoU for ₹3-lakh crore mega refinery at Ratnagiri
- Saudi Aramco, the state-owned oil company of the Kingdom of Saudi Arabia, has signed a pact with a consortium of Indian oil companies to jointly develop and build a mega integrated refinery and petrochemicals complex Ratnagiri Refinery & Petrochemicals Ltd (RRPCL), in Maharashtra.
- The MoU was signed on the sidelines of the International Energy Forum (IEF) conference in New Delhi.
- The Indian consortium consisting of IOCL, HPCL and BPCL will own a 50% stake in the joint venture while Saudi Aramco will hold the remaining half.
DefExpo India- 2018 starts in Tamil Nadu
- The 10th edition of a biennial exhibition of weapons and military hardware “DefExpo India- 2018” has started at Tiruvidanthal, Kancheepuram in Tamil Nadu.
- The 4-day long defence expo has been formally inaugurated by Prime Minister Narendra Modi.
- The theme of the expo is “India: The Emerging Defence Manufacturing Hub”, which will showcase the strengths of India’s defence public sector and uncover the country’s growing private industry.
Book “India’s Heritage of Gharana Music: Pandits of Gwalior” launches
- The book title “India’s Heritage of Gharana Music: Pandits of Gwalior”, authored by classical vocalist Meeta Pandit, has been launched by politicians Jyotiraditya Scindia and Karan Singh.
- The book is an outcome of an emotional journey that author undertook after her elder brother Tushar Pandit died in a road accident in 1994.
Renu Swaroop appointed Secretary of DBT
- Dr. Renu Swaroop, the renowned scientist, has been appointed the Secretary of the Department of Biotechnology (DBT).
- She, currently senior adviser in the same department, has been appointed to the post for a period of two years or until she attains 60 years of age.
- She succeeded Prof K Vijay Raghavan.
Bhanu Pratap Sharma appointed as chairman of BBB
- The Union Finance Ministry has reconstituted Banks Board Bureau (BBB) and appointed former bureaucrat Bhanu Pratap Sharma as its chairman.
- It will replace earlier BBB headed by former Comptroller and Auditor General (CAG) Vinod Rai as its two-year term ended in Mar 2018.
- The reconstituted BBB will have two-year tenure, same as its predecessor.
- Investment banker Vedika Bhandarkarm; Pradeep Kumar, former managing director of SBI and Pradip P. Shah, founder managing director of rating agency Crisil are the other members of reconstituted BBB.
- BBB is super authority (autonomous body) of eminent professionals and officials for public sector banks (PSBs).
Balram Bhargava appointed new DG of ICMR
- Balram Bhargava has been appointed the new Director General of the Indian Council of Medical Research (ICMR) and Secretary of the Department of Health Research.
- He will succeed Soumya Swaminathan, who has been appointed as WHO Deputy Director General for Programmes.
IPS officer Rajesh Ranjan appointed DG CISF
- Senior IPS officer Rajesh Ranjan has been appointed as Director General of Central Industrial Security Force (CISF).
- He has been appointed as the chief of the CISF till Nov 30, 2020, i.e. the date of his superannuation.
Late Vinod Khanna honoured with Dada Saheb Phalke Award
- Veteran actor Vinod Khanna has been honoured with the Dada Saheb Phalke Award for his contribution to the Indian cinema.
- The Dadasaheb Phalke Award is India’s highest award in cinema.
- It is presented annually at the National Film Awards ceremony by the Directorate of Film Festivals, an organisation set up by the Ministry of Information and Broadcasting.
- As of 2016, the award comprises a Swarna Kamal (Golden Lotus) medallion, a shawl, and a cash prize of Rs. 1,000,000.
Rahul Aware clinches gold
- Indian wrestlers, Rahul Aware won India’s first wrestling gold medal by defeating Canada’s Steven Takahashi in the men’s freestyle 57 kg wrestling final by 15-7.
- This was the first CWG medal of his career after he was forced to miss the Glasgow games due to injury.
- Beside him, veteran Olympian Sushil Kumar clinched gold in the 74 kg category after winning his match by technical superiority against South Africa’s Botha Johannes.
- In the Women’s 53 kg category, Babita Kumari Phogat claimed the Silver after she lost to Canada’s Diana Weicker, 2-5 in the final.
Indian Badminton star Kidambi Srikanth becomes World No.1
- Indian badminton star Kidambi Srikanth has become the world No. 1 in the Badminton World Federation (BWF) rankings.
- He replaces Denmark’s Viktor Axelsen.
- Srikanth moved to the top of rankings with 76,895 points in men’s singles category to displace current world champion Axelsen, who lost at least 1,660 points because he could not defend his Malaysian Open title.
Anish Bhanwala becomes India’s youngest CWG gold medallist
- Anish Bhanwala became the youngest gold medallist of India in the history of CWG after winning a gold medal in the Men’s 25m Rapid Fire Pistol at CWG 2018.
- The 15-year-old, Bhanwala shot a score of 30/40 in the final.
- India now has six gold medals in shooting after Jitu Rai, Manu Bhaker, Heena Sidhu, Tejaswini Sawant and Shreyasi Singh.
Shooting gold for Tejaswini Sawant, silver for Anjum Moudgil
- Tejaswini Sawant won India its fifth shooting gold medal at the 2018 Commonwealth Games, winning the women’s 50m Rifle 3 Positions Finals in Gold Coast.
- This was 37-year-old Tejaswini’s second medal at the 2018 edition, after winning silver at the women’s 50m Rifle Prone.
- India’s Anjum Moudgil won silver at the event, after having topped qualification.
Wrestler Bajrang Punia wins freestyle 65 kg gold
- Bajrang Punia won the gold medal in the men’s freestyle 65 kg wrestling final of the 2018 Commonwealth Games at Gold Coast.
- Pooja Dhanda and Mausam Khatri settled for silver medals whilst Divya Karan won her bronze medal match.
- The 24-year old Bajrang Punia beat Kane Charig of Wales on a technical superiority, thus winning India’s 17th gold medal at the Games.
Sushil Kumar wins third CWG gold in wrestling
- Wrestler Sushil Kumar won a record third gold medal at the Commonwealth Games after defeating South Africa’s Botha Johannes by techinical superiority in men’s 74kg wrestling.
- He became the most successful wrestler at the Commonwealth Games after winning three succssive gold medals in different editions.
Indian boxer, Naman wins India’s 1st boxing medal at CWG 2018
- Nineteen-year-old Naman Tanwar won India its first boxing medal at the 2018 Commonwealth Games, winning a bronze in the men’s 91 kg category.
- Naman lost out to Australia’s Jason Whateley in the semifinal of the event to secure the bronze.