International News
India to become 3rd Largest Economy in 2025 to overtake Japan
- IHS Market Ltd in a report said that the transform from $3 trillion economies (2019) to $5 trillion economies (2025) is the key reason for the shift.
- The information provider estimates that India will surpass the UK in 2019 to become the world’s 5th largest economy.
- An average GDP growth of 7% is forecasted by IHS Market over the period of 2019-2023.
- India is currently the 6th largest economy in the world and ranks 3rd in terms of purchasing power parity.
National News
India gets Jaipur as its 38th UNESCO World Heritage Site
- Jaipur city, Rajasthan is inscribed in the list of UNESCO world heritage sites during the 43rd session of the world heritage committee at Baku, Azerbaijan.
- About Jaipur:
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- Jaipur is the capital city of Rajasthan.
- Jaipur is the state of major tourists attraction and has iconic monuments such as Jan tar Mantra, City Palace, Hawai Maha, Govinda Dev temple etc.
- The 18th-century town has city planning that was deliberately planned for trade.
Train 18 Production put to halt
- The production of Train18, India’s first semi high-speed train has come to halt as the design of the train violates certain specifications.
- Major Deviations were found from specifications prescribed by the Research Designs and Standards Organisation (RDSO).
- About Train18:
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- Vande Bharat can run up to a speed of 160 km/h and include modern features like automatic doors, onboard hotspot Wi-Fi, GPS based audio-visual passenger information system with up to 30% saving of electrical energy.
Karnataka 1% quota for Trafficked Women’s Girl Child
- The Higher Education Department has issued an order for all state-run universities in Karnataka to provide 1% reservation for girl children of trafficked women.
- Odanadi Seva Samsthe, Mysore, an NGO working for the rescue, rehabilitation of trafficked and sexually exploited women and children sought academic reservation in the University of Mysore.
- The university provides aid for the academic development of victims of dowry harassment, sexual exploitation, trafficking and acid attack.
- The university admits two candidates for undergraduate programmes and one candidate for postgraduate programmes.
MoAFW Commemorates Partnership with UN WFP
- The book contains India’s journey towards food and nutrition security with giving light on the Green Revolution, digitization of food safety nets and the White Revolution.
- Both of them aims for ‘ending hunger, achieving food security, improving nutrition and promoting sustainable agriculture’ to achieve the target of Sustainable Development Goal 2.
- UN World Food Programme:
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- WFP is the United Nations food assistance branch and is the world’s largest humanitarian organization addressing hunger and food security.
NCDEX to add basmati paddy in the Grain Basket
- India contributes about 23% (116 million tonnes) of global rice production (500 million tonnes).
- In the case of basmati rice production, India commands over 70% (about 5.5 million tonnes) of global production (9 million tonnes) becoming the world’s top exporter of basmati rice.
- Basmati accounts for about 5% of the total production of paddy in India.
- About NCDEX:
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- NCDEX: National Commodity and Derivatives Exchange Limited.
- It provides a commodity exchange platform for market participants in India to trade in commodity derivatives.
Changes made in TPAs Health Norms
- Insurance Regulatory and Development Authority (IRDAI) has introduced changes in the regulation governing TPA (Third-Party Administrators)-Health Services.
- TPAs would not be allowed to discuss matters of health services directly to the policyholders or prospects.
- The policyholder will choose the TPAs from the names of the TPAs explicitly provided by the insurers.
- About Third Party Administrator (TPA):
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- A TPA is an organization that administers group insurance policies for an employer. It works in processing claims and determining eligibility and allow the employer and the insurer to communicate information between the two.
“Operation Thirst” launched by RPF
- The operation was launched on 8th and 9th July 2019.
- The operation was to tackle the menace of unauthorized Packaged Drinking Water (PDW) in Railway premises.
- 1371 persons were arrested during the drive for selling PDW of unauthorized brands.
- The unauthorized bottles were seized under section 144 and section 153 of the Indian Railway Act.
India’s First ‘private’ Train TEJAS Express
- Indian Railway Catering and Tourism Corporation (IRCTC) is to be given the custody of the train.
- The train is given on an experimental basis to the private players and will start running within 100 days.
- The Tejas Express will offer premium services and comforts to the passengers.
195 cases of NRI husbands Deserting their Wives: RPO
- 195 cases of NRI husbands deserting their wives in the past 2 years is noted by the regional passport office (RPO).
- A large number of the cases were reported from Punjab.
- Complaints filed by third parties are accepted.
- The RPO sends show-cause notices to the husband when they receive complaints against them.
India built 250 Homes in Myanmar for Rohingya
- The project was signed in 2017 between India and Myanmar.
- Under the agreement, the government of India had committed to spending $25 million over 5 years for rehabilitation of Rohingya.
- About Rohingya:
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- They belong to the Indo-Aryan ethnic group and reside in the Rakhine state of Myanmar.
- Before the 2016-17 crisis, about 1 million Rohingya lived in Myanmar.
Wholesale Inflation declines in June
- Wholesale price-based inflation declined to its 23 month low of 2.02% in June.
- Inflation eased marginally in food articles basket to 6.98 per cent in June from 6.99 per cent in May.
- Vegetable inflation softened from 33.15 per cent in the previous month to 24.76 per cent in June.
- Inflation in the fuel and power category cooled substantially from 0.98 per cent last month to minus 2.20 per cent.
- Manufactured items too saw a decline in prices with inflation at 0.94 per cent in June, against 1.28 per cent in May.
Banking
RBI can supersede NBFC board
- For strengthening the regulatory authority of RBI over NBFCs, appropriate proposals are being placed in the Finance Bill.
- According to the Finance Bill, the RBI can supersede the NBFC Board for a maximum five year period, if the RBI finds that it in the ‘public interest’ or to prevent the affairs of an NBFC whose conducts are detrimental to the interest of the depositors or creditors.
- Other announcements of Budget 2019:
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- For purchase of high-rated pooled assets of financially sound NBFCs, of not more than ₹1 lakh crore, the government will provide one-time six months’ partial credit guarantee to PSUs for first loss of up to 10%.
- Provided some tax incentives to the NBFCs by treating them on par with banks in relation to Debenture Redemption Reserve (DRR).
SEBI gets power to Probe Data Leak
- Securities and Exchange Board of India (SEBI) has acquired new powers to act against information tampering, leak of data, destroying of regulatory data or unauthorised access to data.
- According to the bill, if a person tampers with information, destroys regulatory data, access data in an unauthorised manner then a penalty of up to Rs 10 crore or 3 times the unlawful gains, whichever is higher would be imposed on the entity.
- About SEBI:
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- SEBI was established in 1988 and got powers and mandate under the SEBI Act, 1992.
- Its objective is to regulate the securities market and protect the securities investors.
‘UTKARSH 2022’: Three-year roadmap of RBI
- The three-year medium-term strategy- named UTKARSH 2022 has been made for improving regulation, supervision of the central bank and avoid any crisis.
- Deputy Governor Viral Acharya anchored an internal committee which was formed to identify issues to be addressed in the next three years.
- RBI:
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- The RBI is India’s central bank, established on April 1, 1935, under the Reserve Bank of India Act.
Bank 44,016 frauds in the last 11 years
- As per the data provided by the Finance Ministry, 44,016 Bank frauds have occurred in the last 11 years.
- Since 2008-2009, 2016-17 was the worst year with the highest amount of money involved in bank frauds.
- 2016-17 alone had 3927 frauds of amount Rs 25,883 crore.
- The frauds mentioned in the list are those involving Rs 1 lakh or more.
RBI data on Affordable Housing in Four Years
- The house price-to-income ratio has increased in the last 4 years, as per the RBI’s quarterly Residential Asset Price Monitoring Survey.
- The price-to-income ratio is used by the lenders as a measure of purchasing power for home buyers and the affordability of a residential property.
- A wide gap between home prices in the country and real income was found in the survey.
- Residential Asset Price Monitoring Survey (RAPMS)
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- The survey is conducted across 13 cities -Delhi, Bengaluru, Mumbai, Chennai, Hyderabad, Jaipur, Chandigarh, Kolkata, Pune, Bhopal, Ahmedabad, Lucknow, and Bhubaneswar.
Appointments
| Name of the Person | Designation |
| Anshula Kant | MD and CFO of World Bank |
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