Current Affairs – June 04, 2019

Here’s your daily summary of Current Affairs – June 04, 2019

National - Current Affairs - June 04, 2019

Air Chief Marshal BS Dhanoa leaves for 4-day Sweden visit

1c 1 - Current Affairs - June 04, 2019
Chief of Air Staff Air Chief Marshal B S Dhanoa will begin a four-day visit to Sweden on 03rd June to broaden defence cooperation with the European country. He will visit various operational and training units of the Swedish Air Force and interact with top military brass of the country, officials said. It will be the first visit abroad by Air Chief Marshal Dhanoa after he became chairman of the powerful chiefs of staff committee (CoSC) last week.


Kasturirangan committee submits new draft education policy to HRD Ministry

2c 1 - Current Affairs - June 04, 2019
Former ISRO chief Dr. Kasturirangan led Committee submitted the draft National Educational Policy (NEP) to HRD Minister Ramesh Pokhriyal Nishank in New Delhi. The policy draft recommends incorporation of Indian knowledge systems in the curriculum, constituting a National Education Commission and curbing arbitrary fees hikes by private schools.
The expert panel also proposed massive transformation in Teacher Education by moving all teacher preparation and education programs into large multidisciplinary universities or colleges.
The existing NEP was framed in 1986 and revised in 1992.


Telangana enhances Rythu Bandhu scheme to Rs 5000 per acre per season

3c 1 - Current Affairs - June 04, 2019
The Telangana Government has issued a notification to extend the Rythu Bandhu scheme for 2019-20 while enhancing the amount from Rs 4000 to Rs 5000. The Rythu Bandu scheme, Telangana CM K Chandrasekar Rao’s pet scheme, is aimed at providing income support to the agriculturists directly to back their crops.
The scheme, which provides Initial Investment support to agriculture and horticulture crops through a grant of Rs 4000 per acre per farmer each season towards the purchase of inputs like seeds, fertilizers, pesticides, labor, and other filed operations, has now been enhanced from Rs 4000 to Rs 5000 per acre per farmer per season.


Rajasthan govt increases financial aid given to girls under ‘Aapki Beti’ scheme

4c 1 - Current Affairs - June 04, 2019
The Rajasthan government increased the financial assistance given to school girls under the ‘Aapki Beti’ scheme and ex-gratia payment to the families of polling personnel who die during election duty. Under the Aapki Beti scheme, girls living under the Below Poverty Line (BPL) and whose mother or father or both have died to get annual financial assistance in the state.
The amount has been increased to 2,100 from Rs 1,100 for the girls studying in class 1 to 8 and for the girls in class 9 to 12, the financial aid has been increased to Rs 2,500 from Rs 1,500, according to an official release.
Similarly, the government has also increased ex-gratia payment to the next of kin of an officer killed on election duty to Rs 20 lakh from Rs 15 lakh, it stated.


Assam govt hikes parental income limit under the fee waiver scheme

5c 1 - Current Affairs - June 04, 2019
Assam government has waived admission fees for students taking admission up to Post Graduate level whose parental income is less than 2 lakh rupees per year. Participating in an AIR talk show in Guwahati, Assam Education Minister Siddhartha Bhattacharya said that order in this direction has been issued. All provincialized government colleges and 5 universities are incorporated under the scheme.


Business - Current Affairs - June 04, 2019

GST collections cross Rs 1 lakh crore mark for the third straight month in May

6c 1 - Current Affairs - June 04, 2019
India’s goods and services tax (GST) revenue collections crossed Rs 1 lakh crore for the third straight month in May to Rs 1,00,289 crore, despite a slowdown in the industrial activities. However, GST mop-up in May was lower than the all-time high of Rs 1.13 lakh crore in the month of April, highest ever since the indirect tax regime was rolled out on July 1, 2017.
GST collections rose by 6.67 percent over the revenue of Rs 94,016 crore reported in May 2018. The revenue in May 2019 was 2.21 percent higher than the monthly average of GST revenue in the financial year 2018-19 (Rs 98,114 crore), according to a data released by the Ministry of Finance.


GDP growth slips to 5.8% in Q4 in FY218-19

7c 1 - Current Affairs - June 04, 2019
The rate of gross domestic product (GDP) growth in the January-March quarter of 2018-19 slipped to 5.8 percent, mainly due to a slowdown seen in the country’s key sectors like agriculture, industry, and manufacturing in the past nine months. The economic growth rate for the full 2018-19 financial year stood at a 5-year low of 6.8 percent, showed data released by the Central Statistics Office (CSO). The numbers were way below the forecast of 6.5 percent for the March quarter and 7.1 percent for FY19.
The country’s fiscal deficit in full 2018-19 stood at 3.4 percent of GDP, roughly in line with the Interim Budget estimate. Spending during the financial year was Rs 23.1 trillion, against the revised target of Rs 24.1 trillion.


Financial Literacy Week will be observed during June 3-7: RBI

8c 1 - Current Affairs - June 04, 2019
Financial Literacy Week 2019 will be observed from June 3-7 on the theme of “Farmers” and how they benefit by being a part of the formal banking system, said a press note from Reserve Bank of India (RBI).
Financial Literacy Week is an initiative of RBI to promote awareness on key topics every year through a focused campaign. Growth in agriculture is necessary for the overall economic growth and finance is an essential enabler for the same.RBI is actively involved in formulating policies that enhance the flow of credit to the farming community.


Fintech adoption grew 64% in 2019; India and China ahead in emerging markets: EY

9c 1 - Current Affairs - June 04, 2019
The adoption of Fintech, short for financial technology, grew at 64% worldwide in 2019. While among the developed markets, the adoption rates were highest in the Netherlands (73%), the UK (71%) and Ireland (71%) lead the charts, in emerging markets China and India are ahead with 87% adoption, claims EY Global FinTech Adoption Index 2019, published June 3.
The report attributes the higher adoption of FinTech services in European markets to the open banking system in Europe, which allows consumers to carry out banking from third-party solutions if they are not happy with the bank’s services. The third party solutions can be anyone from a social media platform or a payment wallet as long as they comply with the EU’s GDPR laws.


The US ends special trade treatment for India amid a tariff dispute

14c 1 - Current Affairs - June 04, 2019
The US will end preferential trade status for India next week, President Donald Trump has confirmed amid a deepening row over protectionism. India had been the largest beneficiary of a scheme that allows some goods to enter the US duty-free. In March he announced that it would be revoked because India had failed to provide adequate access to its markets, but Mr. Trump gave no date.


Appointments 330 x 70 - Current Affairs - June 04, 2019

NSA Ajit Doval gets an extension, given cabinet rank

10c 1 - Current Affairs - June 04, 2019
National Security Advisor (NSA) Ajit Doval, a close confidant of Prime Minister Narendra Modi, was reappointed to the post for five more years and given Cabinet rank in the second term of the NDA government.
The Government of India upgraded his position from Minister of State (MoS) rank to a Cabinet in recognition of his contribution over the five years in the security of the country.


CAG Rajiv Mehrishi has chosen External Auditor for WHO

11c 1 - Current Affairs - June 04, 2019
The election was held in the 72nd WHO Assembly in Geneva on May 23 where the CAG was elected with a majority (90 out of 162 votes) in the first round of voting itself, according to an official release.
Mehrishi will take over from the incumbent External Auditor of WHO, the Supreme Audit Institution of Philippines. This is the second major international audit assignment for the CAG this year following his selection to the post of External Auditor of Food and Agriculture Organisation in Rome earlier this year in March 2019.
The CAG of India is currently also on the Board of Auditors of the United Nations and Vice Chair of the UN Panel of External Auditors.


Flipkart’s Sachin Bansal joins Ujjivan Small Finance Bank as director

12c 1 - Current Affairs - June 04, 2019
Ujjivan Small Finance Bank, which is chasing a plan to upgrade itself into a state-of-the-art mass-market bank, has appointed Flipkart founder Sachin Bansal as its independent director.
This is the second big futuristic move by Ujjivan management after it roped in HDFC Bank’s digital banking head Nitin Chugh as its next chief executive.


MN Sarma to be new Secretary General of General Insurance Council

13c 1 - Current Affairs - June 04, 2019
MN Sarma, the former Chairman & Managing Director (MD) of United India Insurance will be the new Secretary General of the General Insurance Council, the official representative organization of the rapidly growing Indian insurance industry.
61-year-old Sarma, who retired in May 2018, will take over the new responsibility in August. He will be supported by CR Vijayan, a former director of the GIC Re, who has been selected as the Deputy Secretary General of the GI Council.


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