Here’s your daily summary of Current Affairs – August 03, 2018
Lok Sabha passes Bill for constitutional status to National Commission for Backward Classes
The Lok Sabha on 2 August passed the Constitution 123rd Amendment Bill – a bill that seeks to grant constitutional status to the National Commission on Backward Classes. Earlier, the Lok Sabha had passed the bill in April last year and the Rajya Sabha passed it with certain amendments in August last year and returned it to the Lower House. The NCBC was created as a statutory body in 1993.
Main Features of the bill:
- The Bill seeks to establish Constitutional status to National Commission for Backward Classes under Article 338B and provide it the authority to examine complaints and welfare measures regarding socially and educationally backward classes.
The composition of the NCBC:
- NCBC will comprise of 5 members appointed by the President.
- Their tenure & conditions of service will also be decided by the President through rules.
Andhra Pradesh Govt. approves unemployment allowance of Rs.1000/month
The Andhra Pradesh Government has approved the “Mukhyamantri Yuva Nestam” scheme that makes unemployed youth in the state, eligible of receiving Rs 1000 per month from the government, which would benefit 12 lakh youth in the 22-35 years age. The website for the same will be launched before the end of this month, in which the unemployed youth would register their details. The disbursement of allowance will start after 15 days of registration which will be credited directly through the bank accounts.
Ballistic Missile Interceptor AAD Successfully Flight Tested
DRDO conducted the successful test of the Ballistic Missile Interceptor Advanced Area Defence (AAD) on 2 August from Abdul Kalam Island, Odisha. The endo-atmospheric missile, capable of intercepting incoming targets at an altitude of 15 to 25 kms was launched against multiple simulated targets of 1500 km class ballistic missile. One target among simultaneously incoming multiple targets was selected in real-time, the weapon system radars tracked the target and the missile locked on to it and intercepted the target with a high degree of accuracy. Chief of the Air Staff, Air Chief Marshal BS Dhanoa, witnessed the flight test along with other senior officials.
SAATHI Initiative Launched
Ministry of Textiles and Ministry of Power have joined hands under the initiative SAATHI(Sustainable and Accelerated Adoption of efficient Textile technologies to Help Small Industries) in order to sustain and accelerate the adoption of energy efficient textile technologies in the powerloom sector and cost savings due to using of such technology. Energy Efficiency Services Limited (EESL), a Public Sector entity under the administrative control of Ministry of Power, will replace old inefficient electric motors with energy efficient IE3 motors which will result in energy and cost saving up to 10-15% in the first phase.
India’s GDP growth to rise to 7.5% this fiscal: Morgan Stanley
India’s economic growth momentum is likely to pick up further in the April-June period and the country is expected to clock GDP growth of 7.5%in this financial year, says a Morgan Stanley report. According to the global financial services major, the growth recovery will remain robust, supported initially by consumption and exports. In the January-March quarter, India’s gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7% on robust performance by manufacturing and service sectors as well as good farm output. “In aggregate, we expect GDP growth to pick up to 7.5% in this financial year as against 6.7 percent in 2017-18,” Morgan Stanley said in a research note.
Kotak cuts stake in the bank to 19.7%
The promoters of Kotak Mahindra Bank Ltd. have reduced their shareholding in the lender after a preferential issue of non-convertible shares, in line with a directive by the Reserve Bank of India. The private lender raised Rs 500 crore by issuing 1 crore non-convertible perpetual non-cumulative preference shares of Rs 5 each to eligible investors, according to its stock exchange filing. As a result, the promoters of the bank now hold a 19.7% stake compared with 30.3% as of June-end.
Apple becomes the first US-listed trillion-dollar company
Apple Inc became the first $1 trillion (USD) publicly listed U.S. company on 2 August, crowning a decade-long rise fueled by the ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
Indian-Australian Akshay Venkatesh wins Fields Medal, the ‘Nobel Prize’ for Mathematics
Akshay Venkatesh, a renowned Indian-Australian mathematician, is one of four winners of mathematics’ prestigious Fields medal, regarded as the Nobel prize for math. New Delhi-born Venkatesh, 36, who is currently teaching at Stanford University, has won the Fields Medal for his profound contributions to an exceptionally broad range of subjects in mathematics. The Fields medals are awarded every four years to the most promising mathematicians under the age of 40. At least two, and preferably four people, are always honored in the award ceremony. The prize was inaugurated in 1932 at the request of Canadian mathematician John Charles Fields, who ran the 1924 Mathematics Congress in Toronto.
NHAI to sign MoU with SBI for a long-term, unsecured loan of Rs 25,000 Crore
National Highways Authority of India (NHAI) is getting an unsecured loan of Rs 25,000 crore from State Bank of India for 10 years with 3 years of moratorium on repayments. This is the largest amount of loan to have been sanctioned to NHAI in one stroke by any institution. This is also the largest long-term unsecured loan sanctioned by SBI at a time to any entity. A MoU in this regard will be signed between the two organizations in the presence of Shri Nitin Gadkari, Minister of Road Transport & Highways, Shipping, Water Resources, River Development & Ganga Rejuvenation in New Delhi on 3 August.
Environment & Skill Development Ministries Sign MoU to train 1 lakh RAC Service Technicians
The two Ministries have agreed to jointly undertake upskilling and certification of 1 lakh RAC(Refrigeration and Air Conditioning) service technicians on good servicing practices and knowledge of alternative refrigerants to ozone-depleting chemicals. The project will be funded under the Skill India Mission – Pradhan Mantri Kaushal Vikas Yojana (PMKVY).
Union Minister for Environment, Forests and Climate Change: Dr. Harsh Vardhan
Union Minister for Skill Development and Entrepreneurship (MSDE): Dharmendra Pradhan
SBI, Reliance Jio tie up for digital banking service
State Bank of India (SBI) and Reliance Jio, have tied up with to provide a platform offering digital banking, commerce, and financial services to customers. RIL and SBI already have a 70:30 joint venture, the Jio Payments Bank. With regard to the current tie-up, services would be provided through YONO (You Only Need One), a digital banking app launched by the SBI. Yono’s digital banking features and solutions will be enabled through the MyJio app for customers, RIL said in a press statement, adding that Jio Prime will offer exclusive deals from Reliance Retail, Jio, partner brands, and merchants.
EAM Sushma Swaraj on 3-nation tour to Kazakhstan, Kyrgyzstan, and Uzbekistan
Advancing India’s growing engagement with an extended neighborhood, External Affairs Minister, Sushma Swaraj is undertaking a visit to 3 Central Asian countries – Kazakhstan, Kyrgyz & Uzbekistan – from 2 August. This is her first visit to these countries as EAM.
Emmerson Mnangagwa wins Zimbabwe’s first post-Mugabe election
Zimbabwe President Emmerson Mnangagwa, a former spy chief installed after Robert Mugabe’s removal in a coup in November, was elected on 2 August. The election, the first since the army’s removal of 94-year-old Mugabe, passed off relatively smoothly but its aftermath revealed the deep rifts in Zimbabwean society and the instinctive heavy-handedness of the security forces.
International Aerobic Championship: India wins two Bronze Medals
India won two bronze medals at the 2018 International Aerobic Championship in Arizona, USA, which concluded recently. Anikate Chakraborty finished third with a tally of 18.450 in Age Group 2 of the men’s individual category, while Esha, Yurika, and Divyashree also claimed a bronze medal in the women’s trio event.
Learn Two a Day:
Van Vihar National Park: Madhya Pradesh
Vansda National Park: Gujarat