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Tuesday, August 02, 2016

Current Affairs - 2 August 2016

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General Affairs 

Rajasthan Launches SMS Monitoring System For Mid-Day Meals In Schools
  • BUNDI:  In a unique initiative to remove corruption from mid-day meal scheme, Rajasthan government has launched an SMS-based system through which meal data will be sent everyday by schools to a toll free number that will be monitored at the state-level.

    Earlier, the per day mid-day meal data was reported on a monthly basis to the district education department.

    Under the new system launched today, the mid-day meal in-charge of the school will have to send the meal data immediately after serving food to students to a toll free number, 15544, that would be checked at the state-level every day, District Education Officer (Secondary set up), Paras Chand Jain said.

    The in-charge has to report everyday about the type of school, the students' attendance status, number of students benefited by the mid-day meal and the quantity of food items used for the meal, he said.

    The new system would bring transparency and reduce possibility of manipulation of data in the mid-day meal programme, said a teacher posted in a senior secondary school.

    At present, a total 62.50 lakh students from class 1 to 8 in 73,199 government schools and elementary education institutions of the state are availing the scheme, according to data available on the mid-day meal programme's website.

    The cooking in at least 68,729 schools for 58.58 lakh students is managed by School Management Committees (SMC) while the rest are looked after by Central Kitchen, Annpurna Mahila Samities or by different NGOs.

    According to the data, a total of 1,19,071 cooks -- including 1,05,902 women and 13,169 men -- are engaged in mid-day meal cooking programme across the state.

UIDAI Appeals People To Link Their Mobile Numbers To Aadhaar
  • NEW DELHI:  Unique Identification Authority of India today appealed people to register or update their mobile numbers in Aadhaar for easy access of various government services online.

    "People can avail various government services online from the comfort of their home or from wherever they are in a hassle-free manner by using their Aadhaar - the unique and non-repudiable identifier," UIDAI CEO Ajay Bhushan Pandey said in a statement.

    "Aadhaar-based OTP (one-time password) identification empowers residents to avail these services online hassle-free and conveniently," he said.

    Those who did not register their mobile number during Aadhaar enrolment should get it registered or update it to have better communications and effortless access to government services, the statement said.

    UIDAI has issued this advisory in view of various applications of public use such as Digi-locker, eSign, eNPS, e-Hospital, e-verification of Income Tax Return (ITR) etc, being rolled out by the government departments using Aadhaar as identifier.

    Services like Aadhaar-based eSign facility allow residents to use digital signature to avail a number of services online in a cashless, presence-less and paperless manner.

    "One can apply for a PAN card or update one's PAN card online using Aadhaar-based eSign facility. The e-Hospital service allows a resident to book appointment in AIIMS or any other hospital online without standing in a queue," the statement said.

    The income tax department allows residents to e-verify the ITR using Aadhaar and then no physical papers need to be sent, it said.

    "To avail any of such online services where Aadhaar-based OTP authentication is being used, the resident must have registered his/her mobile number in Aadhaar," Mr Pandey said. People can visit permanent enrolment centres in their vicinity to update or add their mobile number.

    "With over 103.5 crore Aadhaar generated, UIDAI has opened over 23000 Permanent Enrolment Centres (PECs) across the country. Residents can visit any of the PECs near them and update their mobile number in Aadhaar," the statement said.

UP Is Burning, You Must Go: BJP Ups Ante Against Akhilesh Yadav Over Bulandshahr Case
  • NEW DELHI:  BJP members in Lok Sabha today demanded the resignation of Uttar Pradesh Chief Minister Akhilesh Yadav over the rape of a woman and her daughter in Bulandshahr as they hit out at the state government over the law and order situation there.

    Raising the issue in the Zero Hour, Bhola Singh, who represents Bulandshahr, alleged such incidents were happening in the state as criminals enjoyed the government's "protection".

    "Police is not able to work. The situation in the state is very serious. The Chief Minister should resign," he said, drawing support from other party members.

    "Uttar Pradesh is burning," one of them said.

    Members of Samajwadi Party, which is in power in the state, were seen protesting, with Dharmendra Yadav heard asking the treasury benches to get Prime Minister Narendra Modi's resignation first.

    On Friday night, a group of criminals waylaid a family travelling from Noida to Shahjahanpur by car, dragged the women, including her 13-year-old daughter, to a nearby field and raped them while tying up the men accompanying them with ropes.

World Will Flourish When All Cultures Are Respected: Mohan Bhagwat
  • LONDON:  The world will flourish when all cultures in their diversity are respected, RSS chief Mohan Bhagwat said as he called Hinduism as a religion which is "more inclusive and not exclusive".

    Mr Bhagwat described Hinduism as a way of life as he addressed yesterday's concluding session of the three-day 'Sanskriti MahaShibir' organised by UK-based charity Hindu Swayamsevak Sangh at Hertfordshire, about 50 km from London.

    He spoke about the positive aspects of Hinduism which believed in the principle of Vasudeva Kutumbakam (the world is one family).

    "In a diverse world, every culture has to be respected and when all cultures are respected, the world will flourish," the RSS Chief told over 2,200 delegates from the UK and the Europe who attended the 'MahaShibir'.

    He said Hinduism is "more inclusive and not exclusive". Mr Bhagwat also spoke about the conflict between development and environment and said: "Hinduism has answers to the question 'should environment be compromised because of development'.

    Emphasising that exercise is essential for a healthy body and mind, he said "healthy society depends on leading a disciplined life, with proper eating habits and regular exercise."

    During the three-day deliberations there were in-depth discussion among others on 'Sanskaar' (values of life), 'Sewa' (selfless service) and 'Sangathan' (community spirit).

    The MahaShibir was addressed among others by Swami Dayatmananda, Head of Ramakrishna Vedanta Centre UK, Swami Nirliptananda, Head of London Sewashram Sangh UK and Acharya

Government Tables Supplementary Demands In Lok Sabha
  • NEW DELHI:  The government on Monday sought parliament's nod for additional spending of R
    s. 1.03 lakh crore, though the cash outgo will only be Rs. 20,948.26 crore.

    "Approval of parliament is sought to authorise gross additional expenditure of Rs. 1,03,013.74 crore. Of this, the proposals involving net cash outgo aggregate to Rs. 20,948.26 crore and gross additional expenditure," a finance ministry document tabled in Lok Sabha said.

    Presenting the Supplementary Demands for Grants for 2016-17 in the Lok Sabha, Finance Minister Arun Jaitley sought parliament's approval for transfer of Rs. 5,000 crore towards National Employment Guarantee Fund and Rs. 1,000 crore for providing funds to Indian Strategic Petroleum Reserves for Sovereign Strategic Crude Oil Reserve at Vizag, Mangalore and Pudur.

    The Demands for Grants also include Rs. 40,000 crore as Ways and Means Advance to Food Corporation of India (FCI) to meet the working capital requirements towards procurement of food grain for targeted public distribution system.

    The government has also sought Rs. 5,000 crore towards Mahatma Gandhi National Rural Employment Guarantee Scheme (MNGREGA).

    The Demands for Grants include 51 grants and one appropriation.

    Jaitley sought approval for additional assistance of Rs. 2,000 crore to states affected by natural calamities like hailstorm and unseasonal rain under National Disaster Response Fund (NDRF).

    Among other sectors, the government is seeking Parliament's approval for providing Rs.31,957 crore to the Ministry of Road Transport and Highways under various heads.

Business Affairs 

Sensex ends 48 points lower, Nifty below 8,650 level amid GST jitters; ICICI Bank top loser
  • The S&P BSE Sensex on Monday wiped off all its gains to settle the day 48 points lower, while the broader Nifty50 ended below its key 8,650-mark.
    The headline indices edged lower amid uncertainities over the passage of the Goods and Services Tax (GST) Bill, which entered the last mile as the government circulated the new draft on GST to Rajya Sabha members.

    The market rose in the morning trade taking lead from Asian markets which rose to one-year peak as chances of interest rate hike in US receded after US GDP growth rate came in below expectations.
    The 30-share index ended the day at 28,003, down 48.74 points, while broad-based 50-share index quoted 8,636, down 1.95 points at close.
    ICICI Bank stock was the top loser on both the benchmark indices and slipped 5 per cent on the bourses after its profit fell 25 per cent in the June quarter as provisions for bad loans more than doubled.
    "Nifty consolidated after making a fresh one year high on the back of negative cues coming in from international markets. However, the 40 point premium on Nifty futures could indicate the first signs of exuberance creeping into the markets," said Nikhil Kamath, Co-founder & Director, Zerodha. 
    "Technically markets are in a longer term bull trend, they made yet another intraday high for the year. We continue to hold an upbeat outlook and would stay long for a medium term target of 9000," the expert added.
    Automakers were among the gainers as expectations rose they could benefit from a more unified tax system.
    Maruti Suzuki India was up 2.41 per cent and Tata Motors rose 1.01 per cent.
    Advanced Enzyme Technologies surged as much as 38.8 per cent on market debut, with analysts saying the enzyme producer had significant growth potential, supported by strong entry barriers and strong margins. 

    June infrastructure output rises 5.2% year-on-year
    • Infrastructure output grew an annual 5.2 per cent in June, its fastest pace in two months, driven by a surge in output of cement, coal and electricity, government data showed on Monday.
      The output expanded 5.4 percent from a year ago between April and June.
      Cement production surged 10.3 percent year-on-year in June, faster than a 2.4-percent rise a month ago. Coal output expanded 12 percent year-on-year compared with a 5.5 percent growth in May.
      Production of electricity rose 8.1 percent on year in June from 4.6 percent growth a month ago.

      CCI imposes Rs 73-crore fine on Lupin for anti-competitive practices
      • The Competition Commission of India (CCI) has imposed a fine of Rs 73 crore on Indian pharma major Lupin for 'co-operating' with the Karnataka Chemists and Druggist Association (KCDA) in its anti-competitive practices. The regulator also imposed a penalty of Rs 8.6 lakh on KCDA.
        It was alleged that Lupin has refused to supply drugs to the stockist, Maruti and Co for not obtaining No-objection Certificate (NOC) from KCDA. Investigation by CCI found that the druggist association was indulged in the anti-competitive practice of mandating NOC prior to the appointment of new stockists by pharmaceutical companies.
        CCI has also observed that the pharmaceutical companies, without any resistance, cooperated with such associations to implement their anti-competitive decisions, thereby becoming equally complicit in the anti-competitive effect of such practice. "Instead of approaching the Commission, these pharmaceutical companies cooperated with the NOC requirement of the associations, thus becoming perpetrators of such anti-competitive practice," says CCI.
        According to the anti-trust regulator, the case highlights the obstinacy of chemists and druggist associations who, despite various orders by the Commission in similar cases in other parts of India with respect to this NOC practice, have not abstained from indulging in such anti-competitive conduct.
        "Instead of desisting from such activity, these associations are mandating the NOC requirement, either verbally (in order to avoid any documentary evidence/proof) or under camouflaged congratulatory/intimation letters, with a view to hide their apparent anti-competitive behaviour behind these benign nomenclatures," observed CCI.

      Govt clears FDI proposals in 89 single-brand retail, 1 multi-brand
      • Government on Monday said it has approved 89 proposals for foreign investment in single brand retail trading (SBRT) and one in the multi-brand sector up to March.
        "The government has approved 89 proposals for foreign investment in single-brand retail trading and one for foreign investment in the multi-brand retail trading sector up to March 2016," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha on Monday.
        In February 2006, the government permitted 51 per cent FDI in the single brand sector. In 2012, it raised the cap to 100 per cent.
        The companies whose SBRT proposals got approval include IKEA, H&M, Adidas, Swarovski International Holding and Montblanc.
        In the multi-brand retail sector, the government has approved the proposal of Tesco Overseas Investments Ltd.
        Replying to a separate question, she said that at present there is no proposal under consideration of the government to review the FDI policy in local newspapers and magazines.
        In another reply, the minister said India has improved in FDI inflow list of UNCTAD.

        DHFL to raise Rs 4,000 crore through NCDs
        • Private housing finance company, Diwan Housing Finance Limited (DHFL), has come out with a public issue of secured redeemable NCDs of face value of Rs 1,000 each, aggregating up to Rs 4,000 crore.
          The issue will open on August 3 and close on August 16 and has got AAA ratings by Credit Analysis and Research as well as Brickwork Ratings India.
          DHFL has also linked these bonds to the consumer price index (CPI), which has been offered as an option to the investor linking to the coupon rate. The instruments will offer retail investor's a yield return of 9.20 to 9.30 per cent, while the institutions will get 9.1 per cent. These bonds will be 3, 5 and 10-year tenure with monthly, annual and cumulative payments options and the offering will be on first come, first served basis.
          The company registered with the National Housing Bank is the second largest private lender in the country, after HDFC in the housing space. With an asset under mortgage of Rs 72,000 crore and 349 office located primarily in tier-2 and 3 towns, DHF has the Capital Adequacy Ratio of 17 per cent. The company will utilise the proceeds of the NCD issue for onward lending, financing and corporate issues.
          Speaking with Business Today, Kapil Wadhwan CMD DHFL said: "We are giving an option to the public to reap the benefits of a sound and flexible investment. We could have gone for a private placement to generate funds, but for the first time in the three decades of our business are going to the public with these flexible options to invest into the company."
          The company has posted a profit of Rs 729 crore in the previous fiscal and also operates an insurance business under the DHFL Pramerica Life Insurance Company, which was bought from country's largest realty firm DLF Limited in 2013.

        General Awareness

        National Tourism Awards for the year 2014-2015.

        • In the National Tourism Award function Lok Sabha SpeakerSumitra Mahajan was the Chief Guest and Union Minister for Tourism Mahesh Sharma were also present in the function held at Vigyanbhavan in New Delhi.
          • The Awards were given away in various categories by the notably Kerala Tourism has bagged six awards in various categories.
          • The Foreign Tourist Arrivals to the country during the period January-June 2016 has witnessed a growth of 8.9 % with 41.86 lakh tourists as against last year same duration.
          • The Foreign Exchange Earnings from tourism sector the same span this year also surged by 14.1 % at Rs 73,065 crore during the same period last year.
          Some of the Awards are listed below:

          Award WinnerCategory
          Madhya Pradesh
          followed by Gujarat and Karnataka respectively
          Best state for comprehensive development of tourism
          Rajasthan’s Sawai Madhopur railway stationBest Tourist Friendly railway station award
          Mumbai’s Chhatrapati Shivaji International AirportBest Airport award
          Telangana’s WarangalBest Heritage City award
          Monuments of Amarkantak in Madhya Pradesh.Best maintained and disable-friendly monument
          Taj Exotica, Salcette, GoaBest hotel award under the five star deluxe category
          Fateh Prakash Palace in Udaipur, Coconut Lagoon at Kumarakom in Kottayam and Gajner Palace in Bikaner.Best heritage hotel awards in three different categories
           The Lalit in New Delhi received an award under the category ofHotel providing best facilities for the differently-abled guests.
          Kerala Tourism in the Tourism Promotion and Publishing categoryMost Innovative use of Information Technology’ – social media/mobile app.

          The Wayanad initiative—KeralaResponsible Tourism’ category
          Sargaalaya Arts and Crafts Village at Iringal, a small but thriving village in Kozhikode–KeralaKerala Tourism in the Rural Tourism project category
          Kerala–Invis Multimedia and social media managed by Stark CommunicationsTourism Promotion and Publishing’ category
          Turtle on the Beach, Kovalam—KeralaBest hotel in the Five Star category
          Coconut Lagoon, KumarakomBest Heritage Hotel in Classic Category
          Coconut Creek Farm and Homestay, Kumarakom—KeralaBest Incredible India Bed and Breakfast Establishment
          Somatheeram Research Institute and Ayurveda Hospital Pvt Ltd, ThiruvananthapuramBest Wellness Centre.

        Monday, August 01, 2016

        Current Affairs - 1 August 2016

        by , in

        General Affairs 

        Indians Living Abroad Can Now Send Funds Online For Flagship Schemes
        • NEW DELHI:  Non-Resident Indians (NRIs) and Persons of Indian Origins (PIOs) will now be able to make monetary contributions online for government's flagship programmes 'Swachch Bharat' and Clean Ganga among other social sector projects, External Affairs Minister Sushma Swaraj announced in New Delhi today.

          Ms Swaraj said this while chairing a meeting of the India Development Foundation of Overseas Indians (IDF-OI), a not-for-profit trust established by government of India with an aim to supplement country's social development efforts.

          "Facilitating diaspora's desire to give back to India. EAM chairs 6th Board Meeting of IDF-OI in Delhi @GivingtoIndia," External Affairs Ministry Spokesperson Vikas Swarup said.The minister also unveiled IDF-OI's Online Payment Gateway at the Meeting. "Glad to inform that NRIs/PIOs will now be able to make contributions online to IDF-OI, by using their credit/debit cards," Ms Swaraj was quoted as saying.


          During the meet, the Board Members discussed ways to enhance diaspora engagement with India's social sector.

          IDF-OI is presently promoting Government of India's flagship programmes- Swachh Bharat and National Mission for Clean Ganga.

          IDF-OI, which leads overseas Indian philanthropy into India, is also partnering with the state governments to select projects identified by the states and seek overseas Indians' engagement with these projects.

        Confident Of Getting GST Bill Passed In Parliament: Rajnath Singh
        • BENGALURU:  Union Home Minister Rajnath Singh today expressed confidence over getting the long-pending the Goods and Services Tax bill passed in parliament.

          "We are getting constitution amended for GST on which discussions have been on since long...since Congress' time. I am confident that we will do those amendments and pass the GST," Mr Singh said.


          "Due to lot of structural and procedural changes that we have brought in and due to foreign direct investments, also by integrating certain new things to our economic system we can proudly say that India is today the fastest growing economy in the world," he said, addressing 'Karnataka Raju Kshatriya Samavesha' function.

          The proposed GST will subsume most of the indirect taxes. Government has listed the Constitutional Amendment Bill for introduction of GST in the Rajya Sabha for consideration and passage next week.

          Praising the administration of Maharaja Krishnadevaraya of Vijayanagara empire, who ruled between 1509-1530, Singh said during his rule the great king had brought in some structural and procedural reforms, like the Prime Minister Narendra Modi-led government is trying to bring in today.

          He said Krishnadevaraya for the first time eliminated several old and outdated laws and replaced them with new ones, keeping the welfare of the people in mind.

          Highlighting the prosperity of the Vijayanagara Empire, Singh said "For the progress of India there is need for foreign direct investment, you will be surprised that even during Maharaja Krishnadevaraya's reign, foreigners used to come and invest here. That's the reason why his empire was prosperous."

          "If you see now, our government also in the same way during the year 2015-16 has got our country USD 52 billion foreign direct investments.."

          "Our government has eliminated as many as 1200 old laws in two years and we will replace them with new ones," he added.

        Sonia Gandhi To Launch Congress Campaign In UP With Varanasi Roadshow
        • VARANASI:  Kicking off her poll campaign for the 2017 Uttar Pradesh Assembly election, Congress president Sonia Gandhi will hold a roadshow in Varanasi on August 2.

          Thousands of supporters and party workers are likely to participate in Mrs Gandhi's roadshow which would cover nearly 8 km distance, passing through the busy and narrow lanes of the city, Congress District unit president Prajanath Sharma said.


          She would also garland statues of Mahatma Gandhi, Rajiv Gandhi and Sardar Patel falling enroute, he said. At the Englishiyaline, Mrs Gandhi is expected to make a five minute speech and also garland the statue of Pandit Kamla Pati Tripathi, a former UP chief minister and union minister, Mr Sharma said.

          Congress's UP Chief Ministerial candidate Sheila Dikshit and Ghulam Nabi Azad will also be present in the roadshow, he said.

          The Congress chief is expected to take on Prime Minister Narendra Modi in his Loksabha constituency over "lack of development" despite his promise made during the 2014 Loksabha campaign to turn around the holy city. The roadshow is also aimed at rejuvenating her party workers ahead of the crucial Assembly polls.

          She would target PM Modi over his much-hyped Clean Ganga initiative, highlighting the river's "plight" in his constituency and also "expose" the Centre's Swachch Bharat Campaign in the temple city, the party district unit chief said.

          Poll strategist Prashant Kishor, senior Congress leaders Salman Khurshid, Rana Goswami, Zafar Ali, Rajeshpati Tripathi, Rajesh Mishra, Ajay Rai along with other leaders are holding regular meetings for the success of the show. State president Raj Babbar along with several senior party leaders will arrive in the city this evening. They will camp here till August 2, Mr Sharma added.

        PM Narendra Modi Urges People Not To Take Antibiotics Without Prescription
        • NEW DELHI:  Prime Minister Narendra Modi on Sunday urged people not to take antibiotic medicines without a doctor's prescription.

          "The habit of taking antibiotics can create a big problem. It may give relief for some time, but you should never take an antibiotic without doctor's prescription," PM Modi said in his radio programme 'Mann Ki Baat'.

          Self-medication in the use of antibiotics can lead to antibiotic resistance, he said.


          "Government is committed to stop antibiotic resistance. You must have noticed that antibiotic medicine strips have a red line to warn you," the prime minister said.

          He also urged people to be alert and prevent the spread of dengue which usually breaks out in the rainy season.

          "Dengue can be prevented. We must be alert about cleanliness," PM Modi said.

          "You must be seeing advertisements on TV, but sometimes we are indifferent. Government, hospitals and doctors will do their work, but you must be alert that dengue does not enter your household," he said.

        Government Open To Deliberating On Merger Of Oil Firms: Dharmendra Pradhan
        • KOLKATA:  Government is open to deliberating on the issue of mega merger of state-owned oil firms for creating a behemoth, Union Minister Dharmendra Pradhan said.

          "The government plans to deliberate on the issue of merging the E&P companies and oil marketing firms in the public sector," the Minister for Petroleum and Natural Gas told PTI.

          The state-owned oil companies are IOC, BPCL, HPCL, ONGC and OIL.

          He said with crude oil prices falling, the profits and margins of state-owned E&P (exploration and production) firms ONGC and Oil India were getting eroded.

          "Both ONGC and OIL are taking a hit on profits. The issue had been recently flagged by a director of one of the PSUs that it was in interest of the E&P firms to get merged with the oil marketing companies."


          "There is nothing wrong in discussing the issue within the ministry," he said.

          Regarding the mega refinery on the west coast, he said the process of land acquisition is yet to begin.

          The proposed west coast mega refinery would come up in Maharashtra with a capacity of 60 million tonnes (in two phases).

          Mr Pradhan said an SPV involving IOC, BPCL and HPCL has been formed for the project.

          "The exact equity pattern, quantum of land required and the total investment required is to be decided by the promoters," Mr Pradhan said.

          To a query, the minister said he did not foresee any problem regarding land acquisition for the project.

          Asked about the government's response to private sector Reliance seeking subsidy for LPG distribution, Mr Pradhan said, "We are giving subsidised LPG through Public Sector Undertakings (PSUs) only because they are assigned to do that. Subsidy is involved in the issue".

          Mr Pradhan said he would be going to the UK for a roadshow in September as the Indian PSUs had bid for small fields (oil and gas) in that country. 

        Business Affairs 

        Lok Sabha to take up Debt Recovery Bill On Monday, August 1st
        • The government is scheduled to move in the Lok Sabha on Monday an amended bill to strengthen the debt recovery laws with an objective to improve the ease of doing business in the country.
          Introduced in the Lok Sabha in May, the bill seeks to amend four legislations -- Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899 and the Depositories Act, 1996.
          Following the introduction, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions Bill, 2016 was referred to a Parliamentary Joint Committee.
          As per the Lok Sabha schedule of legislative business for Monday, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, as Reported by Joint Committee is listed for consideration and passing.
          The government has come up with this legislation at a time when there is mounting concerns over loan recovery in view of stressed assets to the tune of over Rs 8 lakh crore in the banking system.
          The legislation proposes to give the RBI powers to regulate asset reconstruction companies, prioritise secured creditors in repayment of debts and provide stamp duty exemption on loans assigned by banks and financial institutions to asset reconstruction firms.
          Around 70,000 cases involving more than Rs 5 lakh crore are pending in Debt Recovery Tribunals (DRT) and the proposed amendments would facilitate expeditious disposal of recovery applications. 

          India to clock GDP growth of 7.5 % this fiscal: Deutsche
          • The Indian economy is expected to grow 7.5 per cent this financial year, a tad lower than the median estimate of 7.6 per cent as the economic fundamentals of the country continue to lag, says a Deutsche Bank report.
            According to the global financial services major, growth indicators such as PMI, industrial production, non-oil-non-gold imports, have either remained flat or recorded a sequential slowdown in April-June compared to the January-March levels, while inflation pressure has increased considerably in the second quarter of this year.
            As per the latest results of the survey of professional forecasters released by the Reserve Bank, the median expectation for growth (gross value added in real terms) is 7.6 per cent and 7.8 per cent for this fiscal and 2017-18 respectively.
            Since the survey was conducted in May this year, the forecasts do not incorporate the likely downward revisions to growth post Brexit.
            Deutsche Bank's growth forecast for this fiscal is 7.5 per cent, which is a tad lower than the median estimate of 7.6 per cent.
            For 2017-18, the report said "we have reduced our growth forecast post Brexit from 7.8 per cent to 7.6 per cent, factoring in increased uncertainty and weaker global growth in the medium term."
            The direct impact from Brexit is unlikely to be material for India. But if it leads to prolonged uncertainty and lower global growth, as is expected, then India's growth should also get affected on the margin, it said.
            The IMF, which released its latest World Economic Outlook forecasts post Brexit has indeed revised down India's growth projection to 7.4 per cent for this and next fiscal, factoring in the likely impact of Brexit and a sluggish investment recovery.
            Indian economy grew 7.9 per cent in March quarter and recorded a five-year high growth rate of 7.6 per cent for the 2015-16 fiscal on robust manufacturing growth.

            Earnings, progress on GST Bill key for markets this week
            • The next batch of quarterly earnings and progress on the much-awaited GST Bill would set the trend for stock market this week, say experts.
              "Next batch of June corporate results, progress of monsoon rains, sentiments in global markets will set the market trend this week. Investors will continue to watch developments on the Goods and Services Tax (GST) constitutional amendment bill in Parliament," said Vijay Singhania, Founder-Director, Trade Smart Online.
              Also, auto stocks will remain in focus this week. These companies will start unveiling monthly sales volume data for June, he added.
              Moreover, on macroeconomic data front, PMI data on manufacturing and services sector would also influence trading.
              The next batch of companies scheduled to announce June quarter earnings include HCL Technologies, Tech Mahindra, Indian Bank, Tata Power and GlaxoSmithKline Consumer Healthcare.
              "Market movement this week will depend on quarterly result announcement. Along with this activities of foreign portfolio investors is going to be key," said Rohit Gadia, Founder & CEO, CapitalVia Global Research.
              The government has listed the much-awaited GST bill for consideration and passage in Rajya Sabha's agenda for this week.
              On a weekly basis, the Sensex rose by 248.62 points or 0.89 per cent and NSE Nifty perked up 97.30 points or 1.13 per cent. Both the indexes were up for a fifth straight month.

            Steel imports see steepest decline in over a decade
            • Import of steel, which has been a cause  of much pain for the domestic industry in the past two years, fell over 30 per cent - the steepest decline in over a decade--in the first quarter of 2016/17 at under 1.8 million tonnes.
              The fall was a direct result of a host of measures taken by the Indian government in the past 11 months including imposition of anti dumping duty, increasing import duties on various grades of steel and finally, and levying an import parity price to curb the alleged dumping of the commodity from China, Japan and Korea.
              Imports had grown over 20 per cent in 2015/16 following an even more staggering 71 per cent growth in 2014/15. India has been the only major market to post an increase in consumption of steel in the past two years, a position it has retained in the first six months of 2016, and the increased imports meant countries like China and Japan benefited more from the higher demand than domestic companies like Steel Authority of India Ltd, Tata Steel, JSW Steel and Essar.

              India was the third largest producer of steel in the first half of 2016 at 46.38 million tonnes, and is closing in on Japan that produced 52.6 mt of steel in the same period.
              India's production grew by 2.7 per cent that was higher than all other major countries like China (-1.1 per cent), Japan (-1.1 per cent), US (0.2 per cent), Germany (-1.2 per cent), Russia (-1.3 per cent) and Brazil (-13 per cent).
              The Indian government has set a production target of 200 million tonnes by 2020 that, if achieved, would easily see India overtake Japan as the second largest steel producing country in the world. By 2025, production is expected to hit 300 million tonnes.
              "Indian steelmakers say they have made investments in new capacity to ramp up steel output this year by 10-12 million metric tonnes and need government policy against imports to protect their investments and the banks that financed them," says Charlotte Rao of Platts, S&P Global. "If Indian steelmakers maintain this level of production for the rest of 2016, India will likely produce 100 million metric tonnes of steel by the end of its current fiscal year in March 2017, and it would only narrowly miss toppling Japan as the world's second largest steelmaker after China."

              Sebi asks public at large to keep away from PACL properties
              • Market regulator Sebi today asked the public at large not to deal with any property where PACL and its promoters have interests, following a Supreme Court order.
                PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over a period of 18 years. The watchdog is looking to recover around Rs 60,000 crore for repayment to investors in the case.
                In a release today, Sebi said that public at large are advised "not to deal with any of the properties wherein PACL Ltd and/or its directors/promoters/agents/employees/group and/or associate companies directly or indirectly have any interest".
                On July 25, the Supreme Court restrained PACL, its "directors/promoters/agents/employees/group and/or associate companies are restrained from in any manner selling/ transferring/alienating any of the properties" wherein the company has an interest, either in within or outside India.

              General Awareness

              Indian-American Girl Sruthi Palaniappan Becomes Youngest Delegate At Democratic National Convention

              • As like icing a cake, Sruthi Palaniappan, 18-year-old Indo-American has become the youngest delegate at the Democratic National Convention which has nominated Hillary Clinton as the party’s presidential candidate.
                What is Democratic National Convention:-
                The Democratic National Convention (DNC) is a symposium of presidential nominating conventions held every four years since 1832 by the United States Democratic Party.

                i. The primary goal of the Democratic National Convention is to nominate and confirm a candidate for president and vice president, adopt a comprehensive party platform and unify the party.
                ii. Pledged delegates from all fifty U.S. states and from American dependencies and territories such as Puerto Rico and the Virgin Islands, and super delegates which are unpledged delegates representing the Democratic establishment, attend the convention and cast their votes to choose the Party’s presidential candidate.
                iii. They have been administered by the Democratic National Committee since the 1852 national convention. The declarations of DNC for 2016 as follows,
                LocationPermanent ChairpersonPlatform

                Presidential Nominee
                [acceptance speech]
                Vice Presidential Nominee
                Wells Fargo center, PhiladelphiaMarcia Fudge (Ohio)TBDHilary Clinton (New York)Tim Kaine (Virginia)
                Sruthi Palaniappan:-
                1. This great news is confirmed that Sruthi Palaniappan is the youngest delegate at the DNC and it is also noted that Hilary Clinton is also the first ever Woman Candidate for the US president nominations.
                2. Sruthi Palaniapan is a student of the prestigious Harvard University and an ardent supporter of Hilary Clinton, to make her as the first ever woman president of the United States.
                3. She is from Cedar Rapids and his father Palaniappan Addiappan also a member of the Credential Committee and attending the convention meeting.
                4. Being sruthi as the youngest delegate, on the contrary Jerry Emmett of Arizonais the oldest delegate of the DNC at the age of 102.
                5. Sruthi made history, when she was given an opportunity to represent Iowa during roll call votes and sruthi was merely impressed by Obama’s speech and popped up that she has been able to immerse herself at every step along the way and witness the political process first-hand.
                About AMERICA :
                ♦ Capital – Washington D.C.
                ♦ Currency – US Dollar
                ♦ President – Barack Obama

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              Current Affairs - 16 December 2018

              General Affairs   Cyclone Phethai Gathers Over Bay Of Bengal, May Hit Andhra On Monday ...

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