Home Daily Updates IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 21 - NOVEMBER - 2016
IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 21 - NOVEMBER - 2016
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Saturday, 10 December 2016 05:35

 

 



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DAILY NEWS UPDATES

21- NOVEMBER - 2016

 

:: NATIONAL ::

NITI AAYOG VICE-CHAIRMAN BELIEVES BY 2018-19 INDIA WILL CERTAINLY REACH 8% GROWTH

  • “By 2019, we should certainly touch 8 per cent. I don’t know if for the full year of 2018-19, we will get 8 per cent or not, but I know by the end of it, third or fourth quarter, we should be touching 8 per cent,” the NITI Aayog vice-chairman said.
  • Mr. Panagariya explained that the Goods and Services Tax regime that the government hopes to roll out from April 1, 2017 “will lead to some disruption” in the beginning.
  • “Since it’s a new system that will be put in place, many companies which are not in the tax base would come into it. So there will be learning for both the government, who is implementing it and for firms,” he said.
  • India’s gross domestic product was estimated to have grown at 7.6 per cent in 2015-16, then the fastest in five years.
  • However, the first quarter of this fiscal year recorded 7.1 per cent growth as against 7.5 per cent for the same quarter of the previous year.
  • The Finance Ministry had attributed the lower growth in Q1 of 2016-17 to an increase in subsidies by 53 per cent which has resulted in lower growth of net indirect taxes.
  • In September, the NITI Aayog deputy chief had expressed optimism that a good monsoon could prop up growth and make it possible to cross the 8 per cent growth mark in this financial year itself.

FOR GETTING ADMISSION INTO NITS, 75% IN CLASS 12TH IS A MUST

  • Students in the general category who score below 75 per cent in the Class-12 board examinations will no longer be able to join NITs irrespective of their JEE (Mains) performance. The changes will be applicable from the next academic session itself.
  • Ninety-nine percent of students getting admission in the NITs score above 75 per cent in board exams. So, it is not going to adversely affect candidates. There is a very small chunk that will be affected.
  • With this change, the NITs will follow the eligibility criteria followed by the IITs. The eligibility criterion for admission to the IITs is 75 % in Class-12 for general candidates.
  • The 31 NITs offer admission to about 18,000 students each year at present, which is higher than the 10,000 students the IITs admit at present.
  • About 12-13 lakh students appear for the JEE Mains at present, of which just 2 lakh are eligible to appear for the JEE Advanced, which determines admission to the IITs. The admission to NITs is done on the basis of performance in JEE Mains.
  • The online application process will start from December 1, 2016 and the last date for application is January 2, 2017.

GOVT PROPOSING NEW POLICY SO THAT ALL INDIA SERVICES PEOPLE CHOSE N-E STATES

  • The Centre has proposed a new policy to tackle the problem of IAS and IPS officers’ reluctance to accept a posting in the north-eastern States. Successive governments have battled with the problem with little success so far.
  • However, Prime Minister Narendra Modi’s NDA government appears to have succeeded in coming to grips with the situation and has decided to modify the existing policy for inter-cadre transfer/deputation for north east cadres.
  • In February, the Centre had finalised a draft policy to tackle the problem of shortage of officers in the northeastern region by deciding to post officers from other services to the region. But that does not seem to have solved the problem.
  • Under the existing policy if an officer borne on a cadre other than a north-east cadre opts to go on inter-cadre deputation to the north-east, the condition of completion of nine years of service in his/her own cadre and of his/her not having been promoted to the super time scale may be relaxed. Under new policy such deputation may be allowed after seven years.

PM SAYS DEMONETISATION WILL HELP COMMON MAN

  • Prime Minister Narendra Modi reiterated that the current demonetisation exercise would benefit the common man.
  • Some people hijacked the entire economy and this war is against them. Every common person wants to lead their lives with honesty but they are exploited by black money people.
  • Is not this the responsibility of the government to safeguard the common people? This step of mine will ensure that middle class and poor people are saved from black marketeers and middlemen,” Mr. Modi said.
  • On the one hand the sponsored terrorism from across the border kills our soldiers, on the other hand the financial terrorism from across the border targets our youngsters through drugs.
  • It seeks to destroys our economy by printing fake currency. Entire business of drugs sustains in cash. Crores and crores of fake currency was smuggled in the country.
  • Making the notes of Rs. 500 and Rs. 1000 illegal, the entire business of fake currency got a big jolt. By using that money and buying drugs and arms, terrorists sought to destroy our country and kill our youngsters.
  • “I had asked for 50 days. In just ten days now over 5,000 crore rupees have already been deposited in banks. That banks will invest that money in the market and give people loans with that money,” he added.
  • The Prime Minister also formally launched the ‘Housing for All’ in rural areas under which the government proposes to provide an environmentally safe and secure pucca house to every rural household by 2022.
  • Named the Pradhan Mantri Awaas Yojana (Gramin) or PMAY-G, in its first phase the target is to complete one crore houses by March 2019.

ONLINE PORTALS SEES BOOM AFTER DEMONETISATION

  • The prices of several vegetables have gone down significantly over the last 10 days, but it has brought relief to only a small, digitally-empowered section.
  • While those who buy online or through their debit/credit cards may be buying more, the large cash-dependent population has cut down on consumption.
  • Following demonetisation, there is a glut in the vegetable market, which has brought down prices by about 30 per cent, but buying patterns reflect a digital divide.
  • There is a sharp fall is sales at smaller retail outlets and Hopcoms, but a surge in sales at retail chains and online portals.
  • Families, who frequent neighbourhood markets, have shifted to outlets that accept cards. While a shift from outlets to retail chains and online portals is evident.

:: INTERNATIONAL ::

POST G-20 CHINA WANTS GREATER PARTICIPATION OF GLOBAL SOUTH

  • Taking cue from the G-20 summit in Hangzhou, China is advocating greater participation of the Global South and the emerging countries in the world economy, including closer ties between Beijing and New Delhi.
  • At a major brainstorming exercise marshalled by the Communist Party of China (CPC), several speakers recognised that western economies were avoiding structural reforms, which were necessary to revive an anaemic global economy.
  • The two-day intensive exercise in Chongqing, a booming city on banks of the Yangtze river, included invitees from major national and international think-tanks, as well as political parties across a wide cross-section of the globe.
  • Two separate sessions focussed on Africa and countries along the Mekong River, signalling China’s intent to include the Global South in its blueprint to lift the global economy.
  • Many participants proposed a pervasive economic engagement between China and India to help bring about a global turnaround.
  • Collaboration in high-speed railways was promising as it would not be hampered by the availability of land — a chronic problem confronting foreign investors seeking avenues in India’s manufacturing sector.
  • Consequently, the Chongqing conclave called for re-defining the rules of economic governance, which, should equally focus on non-economic factors hampering revival.

:: BUSINESS AND ECONOMY ::

DIVIDENDS OF PUBLIC SECTOR BANKS IS DOWN DUE TO NPAS

  • Saddled with mounting bad loans, as many as 16 public sector banks, including PNB, BoB and Canara Bank, skipped paying dividends in 2015-16, leading to a 67 per cent decline in government receipts to Rs.1,444.6 crore.
  • Only six state-owned banks declared dividends, though at a lower rate for the fiscal ended March 2016.
  • Under the existing guidelines, profit-making banks have to pay a minimum dividend of 20 per cent of their equity or 20 per cent of their post-tax profit, whichever is higher.
  • The government, which is the majority shareholder in all the public sector banks, witnessed a 67 per cent decline in dividend receipts from PSU banks at Rs.1,444.6 crore.
  • Balance sheet of most of the banks have been under stress due to the clean-up exercise targeted at non-performing assets. Due to heavy provisioning for bad loans, many banks posted losses in the last quarter of the previous fiscal.
  • Gross NPAs of the PSU banks had surged from 5.43 per cent (Rs 2.67 lakh crore) in 2014-15 to 9.32 per cent (Rs 4.76 lakh crore) in 2015-16 of the total advances. Banks have been given time till March 2017 to clean up their balance sheet.

CHINA PLANS TO PUT MORE CURBS ON INTERNET

  • China’s ambitions to tighten regulation of the Internet have found a second wind in old fears - terrorism and fake news.
  • Chinese officials and business leaders, speaking at the third World Internet Conference, called for more rigid cyber governance.
  • They pointed to the ability of militants to organise online and the spread of false news items during the recent U.S. election as signs cyberspace had become dangerous and unwieldy.
  • China, recommended using identification systems for netizens who post fake news and rumours, so they could “reward and punish” them.

RBI PROPOSES INTEREST FREE BANKING IN THE COUNTRY

  • The Reserve Bank of India (RBI) has proposed the opening of “Islamic window” in conventional banks for “gradual” introduction of Sharia-compliant or interest-free banking in the country.
  • Both the Centre and the RBI have been exploring the possibility of introduction of Islamic banking for a while now to ensure financial inclusion of those sections of society that remain excluded due to religious reasons.
  • Given the complexities of Islamic finance and various regulatory and supervisory challenges involved in the matter and also due to the fact that Indian banks have no experience in this field, Islamic banking may be introduced in India in a gradual manner,” the RBI has told Finance Ministry
  • “Initially, a few simple products similar to conventional banking products may be considered for introduction through the Islamic window of conventional banks after necessary notification by the government.
  • “Introduction of full-fledged Islamic banking with profit-loss sharing complex products may be considered at a later stage on the basis of experience gained in course of time,” it said.
  • Islamic or Sharia banking is a finance system based on the principles of not charging interest. The charging of interest is prohibited under Islam.
  • The central bank has also prepared a technical analysis report. This report has already been sent to the Finance Ministry for its consideration.

:: IMPORTANT DETAILED NEWS ::

AKSHAYA MUKUL WINS SHAKTI BHATT FIRST BOOK PRIZE 2016

Senior journalist Akshaya Mukul won the Shakti Bhatt First Book Prize 2016 for his book Gita Press and the Making of Hindu India.

The judges, authors Samanth Subramanian, Mahesh Rao and Janice Pariat, chose Mukul’s book for its “eye-opening and captivating exploration into a parallel literary culture that can often feel at a great remove from English-speaking metropolitan India”.

Mukul had also won the best non-fiction book prize for Gita Press and the Making of Hindu India at the Ramnath Goenka awards. However, he boycotted the event.

The Shakti Bhatt First Book Prize was set up in 2008 to encourage authors from the sub-continent.

About the book

The book talks about Jaydayal Goyandka and Hanuman Prasad Poddar, two Marwari businessmen-turned-spiritualists, who set up the Gita Press and Kalyan magazine.

The book goes on to explain how Gita Press created an empire that spoke in a militant Hindu nationalist voice; and how ideas articulated by Gita Press played a critical role in the formation of a Hindu political consciousness.

SIX WINNERS OF INFOSYS PRIZE 2016 ANNOUNCED

The Infosys Science Foundation declared the names of six individuals as the winners of Infosys Prize 2016. The prize, which is given to recognize and celebrate the talent and contribution of some of the best researchers and scientists today, is running into its eighth consecutive year.

The winners were selected from 6 categories including the field of Engineering and Computer Science, Humanities, Life Sciences, Mathematical Sciences, Physical Sciences and Social Sciences. The prize for each category included a winning amount of 65 Lakh Rupees, a 22 karat gold medallion and a citation certificate.

Six people were chosen from a total of 250 nominations by an esteemed jury panel including renowned scientists and professors such as Prof. Pradeep K Khosla, Prof. Amartya Sen, Prof Shrinivas Kulkarni, Dr. Inder Verma, Prof Srinivasa S R Varadhan and Prof Kaushik Basu.

The winners of the prize are:

Prof. V. Kumaran for Engineering and Computer Science:

Kumaran, a Professor at the Department of Chemical Engineering, Indian Institute of Science (IISc) Bangalore, was awarded for his exemplary work in complex fluids and complex flows, especially in transition and turbulence in soft walled tubes and tubes that play an important role in cardio-vascular and pulmonary health.

Prof. Sunit Amrith for Humanities

Amrith, a Professor of History at Harvard University (US), was awarded for his excellent contribution to the history of migration, environment and international public health. It was also to recognize his field-changing research on the interrelated past of contemporary Asia.

Dr. Gagandeep Kang for Life Sciences

She was awarded for her ground-breaking contribution to understanding the natural history of rotavirus and other infectious diseases prevalent both in India and abroad. She is the Executive Director of Translational Health Science and Technology Institute (THSTI) Faridabad.

Prof. Akshay Venkatesh for Mathematical Sciences

A professor in Department of Mathematics at Stanford University (US), Verma has been awarded for his enormous contribution to the modern number theory.

Dr. Anil Bhardwaj for Physical Sciences

Bhardwaj, Director of Space Physics Laboratory at Vikram Sarabhai Space Centre in Thiruvananthapuram, has been recognised for his exceptional work in Planetary Science and Exploration including detection and delineation of the nature and origin of planetary x-rays.

Prof. Kaivan Munshi for Social Sciences

Munshi, Professor at Faculty of Economics at the University of Cambridge (UK) has been recognised for his deep analysis of the multifaceted role of ethnic groups and caste-based communities in the process of economic development.

ZAK BROWN APPOINTED AS EXECUTIVE DIRECTOR OF MCLAREN TECHNOLOGY GROUP

The McLaren Technology Group announced the appointment of Zak Brown as its Executive Director.

Brown is chosen for the position after Ron Dennis was forced out as Chairman and Chief Executive of McLaren in November 2016.

About Zak Brown

Zak Brown is a former professional racing driver.

He is the founder and CEO of Just Marketing International, the world’s largest motorsport marketing agency.

In 2013, CSM Sport & Entertainment acquired JMI, which was founded in 1995.

About McLaren Technology Group

The McLaren Technology Group is a British conglomerate based in Woking, Surrey, United Kingdom.

It was founded by Ron Dennis shortly after his acquisition of the McLaren Formula One team in 1981.

The group was originally named the TAG McLaren Group due to a partnership with Mansour Ojjeh's TAG Group.

It was renamed to simply the McLaren Group in 2003. In 2015, it was renamed as McLaren Technology Group.

It was originally formed from a Formula One team established by New Zealander Bruce McLaren in 1963.

It is the third largest conglomerate in the UK by revenue.

NAIDU INAUGURATES MULTIMEDIA EXHIBITION- AAZADI 70 SAAL, YAAD KARO KURBANI

The Union Minister of Information & Broadcasting, M Venkaiah Naidu inaugurated a multimedia exhibition with the theme ‘Aazadi 70 Saal, Yaad Karo Kurbani’ at the 47th International Film Festival of India in Panaji.

The exhibition was organised by National Film Archives of India (NFAI) to celebrate 70 years of India’s Independence and its depiction through films.

About the exhibition

• It covers patriotic films that give importance to the role played by Indian soldiers and freedom fighters in helping India gain Independence.

• It includes screening of films honouring martyrs and leaders like Bhagat Singh, Netaji Subash Chandra Bose, Mahatma Gandhi, Lokmanya Tilak, Sardar Vallabhbhai Patel and Dr. Babasaheb Ambedkar.

• It also includes silent films made during the period, 1913-31.

• Films based on discriminative issues like untouchability, women empowerment, caste system have also made it into the esteemed list.

• Film adaptations of historic movements like Swadeshi movement, Civil Disobedience Movement, Salt Satyagraha and Dandi march, the boycott of Simon Commission and Quit India movement are also included in the line-up.

Overall, the exhibition shows the diversity in Indian cinema and how it has contributed immensely to bring forth India’s independence struggle from the past to present. It aims to inspire the new generation with the same. The public can get to visit the exhibition until 28 November 2016.

Besides this, the Union Minister also inaugurated the newly recreated website of NFAI, NFAI New Year Calendar which goes by the theme ‘Dance in Indian Cinema’ and an Exhibition on Virtual Reality. The virtual reality exhibition is truly one of its kind, as it gives a full virtual tour of NFAI premises and exhibition.

 

 

 

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Last Updated on Saturday, 10 December 2016 08:02
 

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