DAILY CURRENT AFFAIRS: APRIL 12, 2018

NATIONAL

India jumps 13 places in latest annual Index of Economic Freedom

India has jumped 13 places in the last one year to 130th spot in the latest annual Index of Economic Freedom. India’s’ economic freedom score is 54.5, making its economy the 130th freest in the 2018 Index.

The index was released by a top American think-tank the Heritage Foundation.

In 2017, India with a score of 52.6 points was ranked at 143 among 180 countries, two spots below neighbour Pakistan.

As per the latest Index of Economic Freedom, China has jumped one spot and Pakistan is now at 131 position.

India to grow 7.3% this financial year, 7.6% in Next says ADB

India’s economic growth is expected to rebound to 7.3 % this fiscal and further to 7.6 % in 2019-20 with increased productivity post GST and investment revival due to banking reform, the Asian Development Bank (ADB).

The ADB’s growth projection of 7.3 % this fiscal is same as that of rating agency Fitch, but RBI’s forecast is 7.4 %.

Growth is expected to pick up further to 7.6 % in FY2019 as efforts are on to strengthen the banking system.

Cabinet approves agreement between India & ISA

The Union Cabinet chaired by Prime Minister Narendra Modi gave its ex-post facto approval for entering into Headquarters (Host country) Agreement between India and the International Solar Alliance (ISA) and authorising the Ministry of External Affairs for signing the Headquarters Agreement.

The Headquarters Agreement will institutionalise the functional arrangements between India and ISA. It will help in smooth transition of ISA as international inter-governmental organisation.

The creation of ISA will lead to accelerated solar technology development and deployment in ISA member countries including India.

ISRO successfully launches IRNSS-1I navigation satellite

The Indian Space Research Organisation (Isro) has successfully launched the IRNSS-1I navigation satellite aboard the PSLV-C41.

The rocket was launched from First Launch Pad (FLP) of SDSC SHAR, Sriharikota.

The navigation satellite IRNSS-1I is part of Indian satellite navigation system ‘Navigation with Indian Constellation’ (NavIC).

NavIC, also known as Indian Regional Navigation Satellite System (IRNSS), is an independent regional navigation satellite system designed to provide position information in the Indian region and 1,500 km around the Indian mainland.

Till now, PSLV has successfully launched 52 Indian satellites and 237 customer satellites from abroad.

ISRO

Headquarters: Bengaluru

Director: Kailasavadivoo Sivan

World’s largest solar park to come up in Gujarat

Gujarat Chief Minister Vijay Rupani has approved setting up a 5,000 MW capacity solar park at the Dholera Special Investment Region (SIR).

The proposed solar power generation project would be set up in 11,000 hectares of land with an investment of Rs 25,000 crore.

The project will contribute significantly in achieving target of producing 175 gigawatt of electricity through renewable energy sources by 2022.

INTERNATIONAL

India, Morocco sign pact to promote mineral exploration

India has inked a pact with Morocco under which focus would be laid on evaluation of potential mineral resources and promoting exploration and mining through participation of both public and private sector.

An MoU (Memorandum of Understanding) in the field of Mining and Geology for a period of 5 years was signed by both the countries.

Aziz Rabbah, Minister of Energy, Mines and Sustainable Development of Kingdom of Morocco held discussions with Mines Minister Narendra Singh Tomar.

Under this MoU, both the institutes agreed to collaborate in the field of telemedicine.

UAE approves issuance of Law on Equal Wages, Salaries for Men & Women

In an effort to narrow the gender gap in the United Arab Emirates, the Cabinet has approved the issuance of the Law on Equal Wages and Salaries for Men and Women.

The objective is to ensure the protection of women’s rights and support their role in the national development process.

In 2015, the UAE Council for Gender Balance was established to position UAE among the leading countries in the world in terms of gender balance.

Capital: Abu Dhabi

Currency: United Arab Emirates dirham

BANKING AND ECONOMY

J&K Bank Launches Scheme For Industrial Units: Add on Working Capital GST

Jammu and Kashmir Bank has launched a special financing scheme to help the state industry cope with the delay in reimbursement of GST under special tax relief.

The ‘Add on Working Capital GST’ scheme was launched by J&K Finance Minister Syed Altaf Bukhari in the presence of Minister for Industry and Commerce Chander Parkash Ganga.

This scheme shall considerably strengthen the business enterprises that are facing stressed liquidity position due to Goods and Services Tax regime.

Chairman and CEO J&K Bank: Parvez Ahmed

The SBI launched UK subsidiary: SBI (UK) Limited

The SBI has announced the launch of its UK subsidiary, SBI (UK) Limited, with an initial capital commitment of 225 million pounds from its parent entity.

The Prudential Regulation Authority of UK wants Foreign banks to start UK subsidiaries in UK to protect depositories from uncertainties in foreign banks.

It becomes the first foreign bank in the UK to ringfence its retail division from its wholesale business.

Regional Head of SBI UK: Sanjiv Chadha

APPOINTMENTS

C.S. Ghosh re-appointed as Bandhan CEO

Chandra Shekhar Ghosh has been re-appointed as managing director and CEO of Bandhan Bank.

He has been appointed for a period of three years.

Bandhan Bank Ltd. is an Indian banking and financial services company headquartered in Kolkata, West Bengal.

Bandhan Bank Chairman: Ashok Lahiri

SPORTS

Commonwealth Games 2018:

Kidambi Srikanth first Indian male badminton player to become world No. 1

Kidambi Srikanth became the first Indian male to become world No. 1 in badminton rankings.

The ace Indian shuttler defeated Denmark’s Viktor Axelsen to reach to the top of rankings. He’s the second Indian to do so after Saina Nehwal, who became the first Indian to climb atop the world rankings in 2015.

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