Current Affairs April 5, 2017
SASEC meets to push limit on trade synergy, connectivity:
India and six other South Asian countries pledged to improve intra-regional connectivity to boost trade and tourism as $ 70 billion incremental GDP and 20 million jobs by 2025.
Finance ministers of India, Bangladesh, Bhutan, Nepal, Sri Lanka, Maldives and Myanmar met to reshape the South Asia Sub regional Economic Cooperation (SASEC), which was originally founded 16 years ago by four nations – Bangladesh, Bhutan, India and Nepal.
China is set to overtake US economy in 2050:
According to the latest World Bank figures
, the economy of the United States is the largest in the world. At $18 trillion
, it represents a quarter share of the global economy (24.3%). China follows, with $11 trillion
, or 14.8% of the world economy. Japan is in third place with an economy of $4.4 trillion,
which represents almost 6% of the world economy. India is in seventh place with $2 trillion
A new study by Price water house Cooper says that China will be in the first place by 2050, because emerging economies will continue to grow faster than advanced ones.
BANKING & BUSINESS
IOB cuts base rate by 20bps:
Indian Overseas Bank has cut its base rate by 20 basis points from April 1. The new base rate of the PSB is 9.5%. The move comes ahead of the RBI’s meeting on monetary policy. One basis point is equal to 0.01%. Therefore, 100 basis points would be equivalent to 1%.
SCIENCE & TECHNOLOGY
Graphene sieve makes seawater as safe drinking water:
Researchers from the University of Manchester have now successfully developed a graphene-based sieve capable of removing salt from sea-water, which may provide safe drinking water for millions of people. When immersed in water, graphene-oxide membranes becomes slightly swollen and smaller salts flow through the membrane along with water, but larger ions or molecules are blocked.
Kharat is new Indian Bank chief:
Kishor Kharat has assumed charge as the Managing Director and CEO of Indian Bank. Prior to this, he was MD and CEO of IDBI Bank. Kharat was also on the Board of Directors of IDBI Federal Life Insurance as well as Exim Bank.
Geetha Johri becomes Gujarat’s first woman DGP:
IPS officer Geetha Johri became the first woman to be appointed in-charge director general of police (DGP), Gujarat. Johri has been made in-charge of the post and has not been made regular DGP. Johri, a 1982-batch officer, is currently managing director of Gujarat Police Housing Corporation (GPHC).
Mahesh Kumar Jain takes charge as CEO & MD of IDBI Bank:
Mahesh Kumar Jain assumed charge as MD & CEO of IDBI Bank. He was formerly MD & CEO of Indian Bank. He handled key portfolios such as corporate and retail credit, SME credit etc. He was a member of NIBM Governing Board and CII National Council on Financial Sector Development.
ADB India appoints Kenichi Yokoyama as India’s country director:
Kenichi Yokoyama has taken over as country director of India Resident Mission of the Asian Development Bank. Yokuyama was previously heading the Nepal Resident Mission of ADB. He replaces M.Teresa Kho who is now being posted as Deputy Director General of ADB’s East Asia Department in Manila.
HISTORICAL EVENTS OF THE DAY
April 5 – National Maritime Day:
Every year 5th April is being observed as National Maritime Day of India. 2017 was the 54th edition of National Maritime Day. On this day in 1919 navigation history was created when SS Loyalty, the first ship of the Scindia Steam Navigation Company, journeyed to the United Kingdom.
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