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Current Affairs on Economy

Current affairs on 19 January 2017

Prime Minister Narendra Modi approved amendment in the Modified Special Incentive Package Scheme (M-SIPS)
  1. The Union Cabinet chaired by Prime Minister Narendra Modi on 18 January 2017 gave its approval for an amendment in the Modified Special Incentive Package Scheme (M-SIPS).
  2. The proposed amendment seeks to further incentivize investments in the electronic sector and will help India in achieving the goal of Net Zero Imports in Electronics by 2020.
  3. The applications will be received under the scheme up to 31 December 2018 or till such time that an incentive commitment of Rs 10,000 crore is reached, whichever is earlier and in case the incentive commitment of Rs 10,000 crore is reached, a review will be held to decide further financial commitments.
  4. The incentives will be available for investments made within 5 years from the date of approval of the project and approvals will normally be given to eligible applicants within 120 days of submission of the complete application.
  5. The proposed committee will have the CEO, NITI Aayog, Secretary Expenditure and Secretary, Ministry of Electronics and Information Technology (MeitY) as its members.
 ‘Mission 41K’ was unveiled by Railway Ministry
  1. With the objective of Reducing energy consumption worth rs. 41,000 crore in railways for next 10 years, the ambitious ‘Mission 41K’ was unveiled by Union Railway Minister Suresh Prabhu on 17 January 2017 
  2. Under this, Indian Railway (IR) would take measures which include moving 90% of traffic to electric traction over diesel. Presently, this is at 50% of the total rail traffic.
  3. Under "Mission 41K"initiative, IR will electrify 24,000km of rail tracks over the next five years by doubling the annual rate of electrification from 2,000 km to 4,000 km in the next two years.
  4. It is worth to state that Indian Railways consumed over 18.25 billion units of electrical energy for its traction and non-traction application during 2014-2015 for which it paid a total of Rs. 12,635 crore and diesel traction it spent Rs. 18,586 crore in the same period.
CCEA approved listing of 5 public sector general insurance companies in the stock market
  1. Cabinet Committee on Economic Affairs (CCEA) on 18 January 2017 gave its go-ahead for the listing of five public sector general insurance companies - New India Assurance, United India Insurance, Oriental Insurance, National Insurance, and General Insurance Corporation of India in the stock market.
  2. Thus now government will bring down its holdings in these companies from 100% to 75% through  the offer of shares in one or more tranches.
Indian Railway launched the non-fare revenue policy
  1. In a first in Railways, Railways on 18 January 2017 launched the non-fare revenue policy, a offering various schemes for revenue-yielding activities including train branding, rail radio schemes and the mega offer of setting up about 2400 ATMs at platforms of major stations.
  2. The policy envisages that in addition to the existing identified sites, Railways shall allow advertising at areas hitherto unused such as area along tracks, road overbridges and level-crossing gates. 
  3. The policy will offer out-of-home advertising policy and allow monetisation of railway assets by means of advertising. 

Current affairs on 18 January 2017

IMF Cuts India’s GDP Growth Forecast
  1. The IMF has cut India’s growth rate for the current fiscal year to 6.6% from its previous estimate of 7.6% and it is beleive that China will do 6.87% growth.
  2. It was due to disruption caused by the government’s move to invalidate high-value currencies.
  3. The global growth for 2016 is now estimated at 3.1%.
Posted on: 01st January 1970 Read complete Article →

Current affairs on 17 January 2017

Rabi crops sowing crosses 616 lakh hactare
  1. As per data released by the Agriculture Ministry, Rabi crops have been sown in around six crore 16 lakh hectares till date which is about 35 lakh hectares more than last year.
  2. Wheat has been sown in around three crore nine lakh hectare which is about 20 lakh hectare more than last year.
  3. Over one crore 55 lakh hectare area has been covered under the cultivation of pulses which is around 16 lakh hectare more under the crop last year. The coarse cereals have been sown in over 54 lakh hectare, Oilseeds in 81 lakh hectare.
Posted on: 01st January 1970 Read complete Article →
OMC to Bear Entire MDR Levy
  1. Public sector (PSU) oil marketing companies (OMC) will now bear the entire Merchant Discount Rate (MDR) levy on credit/debit card transactions.
  2. Banks charged 1 per cent on all credit card transactions and between 0.25 per cent and 1 per cent on debit card transactions at fuel outlets.
WPI inflation Rises to 3.39% in December
  1. Data released by commerce and industry ministry showed WPI inflation at 3.39% in December compared with 3.15% in November that is led by higher inflation in non-food products.
  2. WPI inflation in manufactured products, increased to 3.6% from 3.2% in the previous month.
  3. Food inflation turned negative as food prices fell 0.7% in December 2016.

Current affairs on 16 January 2017

SBI in Pact with Oman’s SGRF
  1. State General Reserve Fund of Oman (SGRF), a Sovereign Wealth Fund & the SBI will infuse $150 million & $50 million respectively in Oman India Joint Investment Fund (OIJIF).
  2. The bank is backing the private equity fund for its second offering (Fund II) and decision is driven by the performance in the first fund.
  3. The first fund of $100 million, has been fully invested across 7 companies.
Posted on: 01st January 1970 Read complete Article →
Sebi Notifies Rules for Foreign Holding
  1. In order to attract more overseas funds, regulator Sebi has notified rules allowing foreign investors to own up to 15 per cent stake in an exchange.
  2. Sebi has amended regulations to increase the limit of shareholding of foreign entities in Indian stock exchanges to 15 per cent, from 5 per cent.
Ken-Betwa River Linking Project Cleared
  1. Government has cleared the India’s first river interlinking project,the Ken-Betwa project with total cost of Rs 9393 crore that was first envisaged in 1980.
  2. It will connect Ken river in Madhya Pradesh with the Betwa in Uttar Pradesh and will help irrigate 6.35 hectares annually and will provide 49 million cubic metres (mcm) of drinking water & provide 78MW of power.

Current affairs on 13 January 2017

World Bank drops India's growth rate to 7%
  1. As per World Bank, with immediate withdrawal of a large volume of currency in circulation and subsequent replacement with new notes in India contributed to slowing growth and thus world Bank has decelerated India's growth for 2016-17 fiscal to 7% from its previous estimate of 7.6%.
  2. Also, the country would regain momentum in the following years with 7.6 and 7.8% growth.
  3. According to the report, India maintains the distinction of being the fastest growing emerging market economies of the world, bypassing China.
Posted on: 01st January 1970 Read complete Article →
Air India Launches Fly For Sure Scheme
  1. The national carrier Air India (AI) has launched a ‘Fly For Sure’ scheme under that the passenger would be able to take the next flight for their destinations.
  2. To avail the scheme, the passenger would have to pay non-refundable Rs 2,000.
  3. In case the flight is missed, Air India will accommodate the passenger in the next flight for the choice of destination by the traveler.

Current affairs on 12 January 2017

India sees increase in tourist arrivals
  1. India registered an 11% increase in foreign tourist arrivals in 2016 over 2015, with as many as 9 million tourists visiting the country and that resulted in a 15%  growth in income from FTAs.
  2. During a session on ‘Partnering with diaspora to accelerate tourism in India’, Vinod Zutshi, Secretary, Ministry of Tourism, has notified this was way above the projected 4.5% growth.
Posted on: 01st January 1970 Read complete Article →

Current affairs on 11 January 2017

BIS Revises Standard on Gold Hallmarking
  1. Bureau of Indian Standards (BIS) has revised Indian Standard on gold hallmarking as gold jewellery will now be available in three grades of 14, 18 & 22 carat.
  2. The caratage will also be marked on jewellery in addition to fineness.
  3. Hallmark on gold jewellery will now have four marks, like the BIS Mark, the purity in carat, fineness & jeweller’s identification mark.
Posted on: 01st January 1970 Read complete Article →
PM Inaugurates India Int’l Exchange
  1. PM Modi has formally inaugurated the India International exchange (IIE) at GIFT city near Gandhinagar in Gujaratm that will trade in all the products like currency, equities, commodities and derivatives.
  2. GIFT city & IIE- the International Center of BSE were the dream projects of Modi.
Aadhaar Mandatory for MGNREGA Work
  1. From April 1, people living in rural areas need to have Aadhaar under Mahatma Gandhi National Rural Employment Guarantee Act.
  2. People will be required to give proof of possession of Aadhaar or undergo the enrolment process till March 31, 2017.
  3. The govt has invoked Section 7 of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act 2016 for the purpose.
First student startup fund has Rs 200 crore 
  1. In order to motivate the stratups, Gujarat government has come up with India's first student startup and innovation policy, which aims to provide Rs 200 crore in the form of grants to ideas developed by them. 
  2. The policy aims to support over 1,000 innovation per year and create pre-incubation support in all universities of the state. 

Current affairs on 09 January 2017

Prime Minister Narendra Modi launched Pravasi Kaushal Vikas Yojana

  1. ‘Pravasi Kaushal Vikas Yojana’ is launched by Prime Minister Narendra Modi on 8 January 2017 at Bengaluru on the occasion of the inauguration function of 14th Pravasi Bhartiya Divas (PBD).
  2. This scheme aims to boost the confidence level of the Indian youth so that they did not feel strangers when they land in a country of their choice for vocation and assured.
Posted on: 01st January 1970 Read complete Article →

SEBI relaxed its rules for investment by angel funds 

  1. In order to give a fillip to start-up funding, the Securities and Exchange Board of India (SEBI) relaxed its rules for investment by angel funds as the upper limit for number of angel investors in a scheme will be increased from 49 to 200.
  2. The SEBI has also allowed the angel investors to invest in up to five-year old entities, which was earlier three years.
  3. To diversify risks, SEBI also allowed angel funds to make overseas investments, up to 25% of their investible corpus, in line with other Alternative Investment Funds (AIFs).
Posted on: 09th January 2017 Read complete Article →