Daily Gk 9th June 2017

Current affairs for IBPS RRB,RBI,DENA BANK,SSC CGL

Daily Gk 9th June 2017

National

Shri J P Nadda conferred WHO Director-General’s Special Recognition Award for contribution to global tobacco control

·         Shri J P Nadda, Union Minister of Health and Family Welfare was conferred the WHO Director-General’s Special Recognition Award for global tobacco control.

·         The global recognition was presented to him by Dr Poonam Khetrapal Singh, Regional Director, WHO South-East Asia at the ‘National Consultation on Accelerating Implementation of WHO Framework Convention on Tobacco Control (FCTC) for achievement of SDGs’.

·         Accepting the award, Shri J P Nadda said that it is recognition of the collective endeavor of the Ministry, members of NGO, social activists, civil society organizations and many more who are not present here, but are contributing to this cause day in and day out in their own ways across the country.

·         “Tobacco is a prime driver of poverty and it affects the family as a whole, the community and the country and requires a multisectoral approach to control it. It has rightly been identified as a development issue.

·         I am very pleased to note, therefore, that there has been a 54% relative reduction in prevalence of tobacco use among minors (15-17 years) and 28% reduction in the age group of 18-24 years. Further, age of initiation among youth has also increased by one year,” Shri Nadda elaborated.

Minister of Railways Inaugurates 1st Indian Railways Human Resources Round Table Conference

·         Minister of Railways Shri Suresh Prabhakar Prabhu inaugurated Indian Railways' 1st HR Round Table Conference in New Delhi.

·         On the occasion, Minister for Railways Shri Suresh Prabhakar Prabhu said that Railway is a large organisation & for every big organisation, it is necessary to revisit the basic issues, introspect them and bring a change to be competitive, versatile & efficient.

·         Chairman Railway Board Shri AK Mital said that In all other organization the cost of employees is around 30% whereas in Indian Railways it is 60% of the operation cost. The need of the hour is to increase the earning so that the cost of employees will go down which will be possible only when efficiency & output of each & every employees will improve.

·         Indian Railways is the biggest civilian employer in the country spanning the length and breadth of the sub-continent within strength of over 13 lakh employees.  The employees are spread over 10 departments in 17 Zones, 6 Production Units and 68 Divisions. 

·         The service of the Indian Railways are 24X7 and the work content varies from high precision engineering to customer interface and train operations with many departments working in a coordinated manner.  Improving the productivity of the human resources through inter-change of ideas with various stakeholders and HR practitioners and academics is the aim of the Conference.  The Conference was organized around three themes i.e.

·         Stakeholders Expectations from HR.

·         The Future of Work – HR Role

·         Creativity Within Constraints

India announces mounting of a National Mission on advanced ultra supercritical technologies for cleaner coal utilization

• India announces mounting a National Mission on advanced ultra supercritical technologies for cleaner coal utilisation at a total cost of US $ 238 million and setting up of two Centres of Excellence on Clean Coal Technologies at US $5 million each.
• In its quest for cleaner fuels, a National Mission on methanol and di-methyl ether is being mounted. A new centre on solar photovoltaic, thermal storage and solar fuels research has been approved US $ 5 million.
• Funding opportunities have been announced in the area of energy storage, clean coal, waste water treatment amounting to US $ 10 million. This announcement was made at the 2ndMission Innovation Ministerial and 8th Clean Energy Ministerial at Beijing, China.
• India also announced two MI-centric Funding Opportunities in Smart Grid and Offgrid Access at US $ 5 million each. Joint virtual Clean Energy Centre with UK and Indian Government funding of UK £ 5 million each has been initiated.
• Under the Indo – USJoint Clean Energy Research (PACE – R) the new collaborative public – private programme on Smart Grids & Energy Storage has been approved. India has also embarked upon a joint programme on renewable energy with Norway
  Energy Ministers from 23 Nations with 80% of Clean Energy Investments and 75% of GHG Emission met on June 6-8, 2017 at Beijing, China to focus on Advancing Clean Energy Cooperation and Implementing Paris Agreement Commitments

First Workshop on “Accelerating Sagarmala Implementation – Engaging with States” in New Delhi

·         The flagship programme of Ministry of Shipping – Sagarmala, has moved from the conceptualization and planning to the implementation stage.

·         As a part of the programme, more than 400 projects have been identified across the areas of port modernization and new port development, connectivity enhancement, portlinked industrialization and coastal community development.

·         To create awareness about the Sagarmala programme among the stake holders and to engage with them, the Ministry is organising a series of workshops over the next 6 – 8 months under the aegis of the Sagarmala Programme.

·         The first workshop titled, “Accelerating Sagarmala Implementation – Engaging with States” is being organized on 9th June, 2017 in New Delhi at India Habitat Centre.

·          The main objective of this workshop is to enhance the engagement among Ministry of Shipping, other line ministries and various maritime states of India for Sagarmala Programme.

·         The workshop will be presided by Secretary (Shipping) and the key note address will be delivered by Shri. Amitabh Kant, CEO, NITI Aayog. The workshop is expected to be attended by Principal Secretaries of the maritime states, Chairmen of ports and officials of the line ministries.

‘DigiYatra’- A New Digital Experience for Air Travellers

• The Ministry of Civil Aviation is adding a Digital experience for Air Travellers through DigiYatra Platform. The ‘DigiYatra’ is an industry-led initiative co-ordinated by the Ministry in line with the Prime Minister Shri Narendra Modi’s Digital India’s vision to transform the nation into a digitally empowered society.
• This follows Air Sewa which brings together all the stakeholders on a common platform for handling customer grievances and disseminating real-time data.
• The Union Minister for Civil Aviation, Shri P Ashok Gajapathi Raju expressed hope that ‘DigiYatra’ initiative will transform the flying experience for passengers and position Indian Aviation amongst the most innovative air networks in the world. 

International

One million dollar fund established to bolster BRICS media

·         The Brazil-Russia-India-China-South Africa (BRICS) grouping has signaled its intent to expand its footprint in the global media space, with the injection of a one million dollars fund.

·         During an inaugural session of the BRICS Media Forum in the Chinese capital, Cai Mingzhao, president of Xinhua News Agency and executive president of the Forum, announced that the news agency will invest 1million U.S. dollars for boosting media cooperation in the five-nation grouping.

·         The plan will promote six objectives, including “balanced reporting”— a view shared by several speakers at the forum who called for alternative media narrative, which did not take the cue from Washington or London. The proposal would also focus on joint development of BRICS digital media, financial information services and promoting people- to-people contacts.

·         The BRICS media forum is the result of a joint initiative by Xinhua News Agency, Brazil's CMA Group, Russia’s Sputnik News Agency and Radio, The Hindu group of publications from India, and South Africa's Independent Media.

·         The theme of a BRICS-driven alternative media was also highlighted by Mukund Padmanabhan, editor of “The Hindu”. Mr. Padmanabhan welcomed the Action Plan, and the “very specific proposals” aired by the Xinhua President.

Ex-FBI chief James Comey testimony: Trump administration spread ‘lies, plain and simple’

·         Former FBI Director James Comey has accused the Trump administration of defaming him, but declined to offer his opinion on whether President Donald Trump sought to obstruct justice by asking him to drop an investigation into the former national security advisor.

·         The hearing could have significant repercussions for Mr. Trump’s presidency as special counsel Robert Mueller and several congressional committees investigate alleged Russian efforts to influence the 2016 presidential election and whether Trump's campaign colluded with this.

·         Mr. Trump fired the FBI chief on May 9, 2017 setting off a political fire storm, and he has since called Mr. Comey a “showboat” and a "grandstander”.

Car boot sale diamond ring auctioned for 650,000 pounds in UK

·         A large diamond ring bought for just 10 pounds at a car boot sale in the UK has been auctioned for a whopping 656,750 pounds, almost double its estimate.

·         The owner believed that the “exceptionally-sized” ring was a piece of fake costume jewellery when she bought it at a hospital in London in the 1980s and would wear it daily.

·         However, on evaluation the jewel turned out to be a 26-carat diamond. The cushion-shaped white diamond cut in the 19th century was expected to fetch 350,000 pounds.

·         “The owner would wear it day-to-day. It is a good looking ring. But it was bought as a costume jewel. No-one had any idea it had any intrinsic value at all,” said Jessica Wyndham, head of the jewellery department at Sotheby’s auction house in London.

What does Shanghai Cooperation Organisation membership mean for India?

·         India will be admitted as a full member of the Shanghai Cooperation Organisation (SCO) during the ongoing summit of the regional grouping in Kazakhstan.

·         Prime Minister Narendra Modi, who is in Kazakhstan now, will attend the SCO summit and meet some foreign leaders, including Chinese President Xi Jinping. He is also scheduled to attend the inauguration of the Astana Expo with the theme of “Future Energy”.

·         What is the Shanghai Cooperation Organisation (SCO)?

·         The Shanghai Cooperation Organisation is a Eurasian political, economic, and military organisation which was founded in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. The SCO’s objectives arecentred around cooperation between member nations on security-related concerns, military cooperation, intelligence sharing and counter-terrorism. It is mainly aimed at military cooperation between the members and involves intelligence-sharing, counter-terrorism operations in Central Asia. The presence of China and India, the world’s most populous countries, would make the SCO the organisation with the largest population coverage.

·         Who are the permanent members of the SCO?

·         The SCO was founded by leaders of China, Kazakhstan, Kyrgyzstan, Russia and Tajikistan in 2001. Uzbegistan joined the group later. India and Pakistan signed the memoranda for becoming a permanent member of the SCO in 2016. The inclusion of India and Pakistan into the SCO would mean the addition of another 1.45 billion people which would make the grouping cover around 40 per cent of the global population.

·         What does this mean for India?

·         Cooperation on counter-terrorism is expected to emerge as a major point of India’s exchange with SCO. India is expected to have a greater say in pushing for effective action in combating terrorism and on issues relating to security when it becomes a full member of the SCO, seen as a counterweight to NATO. India, one of the largest energy consuming countries in the world, is also likely to get greater access to major gas and oil exploration projects in Central Asia once it becomes part of the SCO. India’s entry into the China-dominated grouping is seen as a major milestone as it is expected to increase the group’s heft in regional geo-politics and trade negotiations besides giving it a pan-Asian hue.

Contemporary Economic Developments

RBI’s decision to hold interest rates reveals rift with Centre

·         The decision by the Reserve Bank of India (RBI) to leave its policy repo rate unchanged, shrugging off a sharp deceleration in April retail inflation, brought to the fore clear signs that the Centre and the central bank are not seeing eye-to-eye on interest rates.

·         Addressing the customary post-monetary policy press conference, RBI Governor Urjit Patel informed the media that the members of the Monetary Policy Committee (MPC) had declined an invitation to meet with Finance Ministry officials — a meeting that was scheduled to be held ahead of the monetary policy review.

·         For the first time since the six-member MPC was formed to decide on rates, the rate decision was not unanimous as one of the members, Ravindra H. Dholakia, dissented. However, the RBI did not specify whether Mr. Dholakia was in favour of cutting or raising rates.

82.6% of currency present before demonetisation back in system: RBI

• The Reserve Bank of India (RBI) said 82.6% of currency present before the demonetisation exercise was back in the system.
• “82.6% of the economy is remonetised, which is a large number. And if you look in terms of volume it is 108% of the figure of that date,” RBI deputy governor B.P Kanungo said at a post bimonthly monetary policy interaction. 
• According to RBI data, the currency in circulation was Rs 17.9 billion as on November 4 - just before high value notes were withdrawn from November 9. As on May 26, the currency in circulation was Rs 14.9 billion.

RBI holds rates at 6.25% to preserve ‘credibility’

·         The Reserve Bank of India (RBI) has decided to hold the interest rate at 6.25% in the second bimonthly monetary policy review.

·         The decision taken by the six-member monetary policy committee (MPC) was not unanimous for the first time since the formation of the panel. One of the members was not in favour of the decision.

·         “Five members were in favour of the monetary policy decision, while Dr.  Ravindra H.  Dholakia was not in favour,” the RBI said in a statement. However, it did not specify whether Mr. Dolakia was in favour of a rate cut or hike.

·         The minutes of the MPC’s meeting will be published by June 21.

·         “The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index [CPI] inflation of 4% within a band of +/- 2%, while supporting growth,” the RBI said. 

·         It noted that inflation had fallen below 4% only since November 2016. The MPC remained focused on its commitment to keeping headline inflation close to 4% on a durable basis keeping in mind the output gap, it said.

·         The RBI also reduced banks statutory liquidity ratio requirement to 20%, with effect from June 24, from 20.5%. This will free up resources for banks for lending.

·         Separately, the RBI has reduced the standard asset provisioning requirement for home loans from 0.4% to 0.25% — a move which will prompt banks to push such loans by reducing the interest rates. Risk weight on such loans have also been rationalised.

HDFC Life, Max to rework merger deal

·         HDFC Life and Max Life are evaluating various options to merge and both the companies are committed to the deal despite reservations expressed by the insurance regulator, according to a statement issued by the former.

·         “Further to the representations made to IRDAI, the IRDAI has on June 7, 2017, reaffirmed its original position regarding Section 35 of the Insurance Act, 1938,” HDFC Life said in the statement. “HDFC Life and Max Life remain committed to the merger and are evaluating various options.”

Products used by common man to cost less: Centre

·         Ministry of Finance stated that day-to-day commodities will attract zero GST after the indirect tax regime is rolled out on July 1."On roll-out of GST with effect from July 1, 2017, there will be zero GST on food grains, flours, cereals, pulses, atta, maida & besan among others," said another tweet by the Ministry.

·         Similarly, fresh milk, vegetables and fruits, puffed rice, common salt, animal feed, organic manure, fire wood, raw silk, wool and jute will attract no tax.  “Due to no GST on these items, most of them are expected to become cheaper in the range of approximately 4-5% as compared to their existing prices,” the Ministry said.

2 States breach 3% fiscal deficit target

·         While the Reserve Bank of India (RBI) had cautioned seven States not to breach the 3% fiscal deficit target, two States have already breached that threshold, RBI officials told analysts and researchers in a teleconference post the monetary policy review.

·         Several analysts and researchers who attended the teleconference told The Hindu that the central bank officials said they do not have any constitutional backing to stop States from breaching the 3% fiscal deficit mark.

·         RBI Governor Urjit Patel along with the deputy governors interacted with analysts and researchers during the teleconference.

·         “We can only advise them, caution them, but can do nothing to stop them,” said an analyst quoting RBI officials who attended the call. RBI had asked seven States not to breach the mark, excluding expenditure for UDAY scheme.

·         While the Fiscal Responsibility Budget Management Act prescribes a fiscal deficit threshold of 3% of gross state domestic product, States can take permission from the Centre for exceeding the 3% mark.

• The report said the GFD-GDP ratio in 2015-16 (RE) breached the 3% ceiling of fiscal prudence for the first time since 2004-05. Information on 25 States indicates that the improvement in fiscal metrics budgeted by states for 2016-17 may not materialise.\

Sports

Virat Kohli sole Indian in Forbes list of highest paid athletes

·         Indian cricket captain Virat Kohli is the sole sportsperson from the country to feature among the world’s 100 highest paid athletes in the latest Forbes list topped by soccer star Cristiano Ronaldo.

·         Kohli, 28, has been ranked 89th on the 2017 Forbes list of ‘The World’s highest paid athletes’ with a total pay of $22 million that includes $3 million from salary and winnings and another $19 million from endorsements.

·         Describing Kohli as the “Indian cricket phenom”, Forbes said the sports star has “for good reason” already drawn comparisons to all-time great Sachin Tendulkar.

·         It added that Kohli has continuously shattered batting records and in 2015 was named the captain of the Indian national team, making him one of the youngest players to ever hold the job.

·         It noted that last year Kohli made nearly $1 million in salary and match fees from his national team play, and he’s also among the Indian Premier League’s highest-paid players thanks to a $2.3 million salary from the Royal Challengers Bangalore.

source:cl

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