EXCLUSIVE JUNE 2019 GA Refresher - Banking & Economy - Bsc4Success
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EXCLUSIVE JUNE 2019 GA Refresher
Banking & Economy
RBI cuts repo rate
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee
(MPC) at its meeting on 6 Jun cut the repo rate by 25 basis points for a third consecutive time and also shifted its stance to
accommodative from neutral amidst concerns about slowing growth.
Highlights
• The policy repo rate, the interest rate at which the central bank provides liquidity to banks to overcome short-
term liquidity mismatches, under the liquidity adjustment facility (LAF) has been cut to 5.75 per cent from 6 per
cent.
• The reverse repo rate under the LAF stands adjusted to 5.50 per cent.
• The marginal standing facility (MSF) rate and the Bank Rate stand at 6.0 per cent.
• The RBI has cut the GDP growth forecast for 2019-20 from 7.2 per cent in the Apr policy to 7.0 per cent – in the
range of 6.4-6.7 per cent for first half of the fiscal and 7.2-7.5 per cent for the second half – with risks evenly
balanced.
• The MPC also revised the retail inflation forecast to 3.0-3.1 per cent for the first half of the fiscal 2019-20 and to
3.4-3.7 per cent for the second half.
• The committee has kept cash reserve ratio (CRR) unchanged at 4 per cent.
• The statutory liquidity ratio (SLR) stands at 19 per cent.
Gross NPA ratio dips
• There has been a significant improvement in asset quality of scheduled commercial banks (SCBs) during 2018-
19 as gross NPA ratio declined to 9.3 per cent as on Mar 2019 against the peak of 11.5 per cent recorded in Mar
2018.
• At the same time, there has been an improvement in provision coverage ratio (PCR) of SCBs to 60.9 per cent at
end-Mar 2019 from 48.3 per cent at end-Mar 2018 and 44 per cent at end-Mar 2015 as informed by the Reserve
Bank of India (RBI) Governor Shaktikanta Das.
• The RBI set up a Central Repository of Information on Large Credits (CRILC) in 2014 which was followed
by an Asset Quality Review (AQR) in 2015.
• As a result, the recognition of non-performing assets improved, leading to a sharp rise in the gross NPA ratio from
4.3 per cent at end-Mar 2015 to 7.5 per cent at end-Mar 2016.
• It further reached the peak of 11.5 per cent in Mar 2018.
Last orders bell for Libor
• Britain’s Financial Conduct Authority (FCA) has ordered banks and markets to stop using the London
Interbank Offered Rate or Libor as a basis for pricing contracts. Banks across the world have been fined about
$9 bn for trying to manipulate Libor that prices mortgages, credit cards and other loans worth over $300 trillion
across the world.
• The Bank of England has come with a new mechanism called “Sterling Overnight Interbank Average Rate
(Sonia)” which is compiled by the BoE and based on actual transactions.
• It will be harder to manipulate Sonia compared to Libor, which is based on quotes supplied by banks.
• FCA Chief Executive Andrew Bailey said the deadline for Sonia is ambitious and aggressive, but necessary given
that Libor remains fundamentally “fragile” and it should not be allowed to “limp on” year after year.
Bank fraud touches Rs 71,500 cr
• Over 6,800 cases of bank fraud involving an unprecedented Rs 71,500 cr have been reported in 2018-19, the
Reserve Bank of India has said.
• A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 cr.
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• In the last 11 fiscal years, a total of 53,334 cases of fraud were reported by banks involving a massive amount of
Rs 2.05 lakh cr.
• During 2008-09, a total of 4,372 cases were reported involving an amount of Rs 1,860.09 cr. In 2009-10, Rs
1,998.94 cr worth fraud was reported in 4,669 cases.
• The data assumes significance as banks are grappling with high-profile fraud cases involving absconding
billionaire Nirav Modi and liquor baron Vijay Mallya among others.
WB, India sign loan pact
• The World Bank will provide USD 287 mn to improve health care in Tamil Nadu.
• The central govt, the state govt and the World Bank signed a loan agreement for the Tamil Nadu Health System
Reform Program recently.
• The Program aims to improve the quality of health care, reduce the burden of non-communicable diseases
(NCDs), and fill equity gaps in reproductive and child health services in the state of Tamil Nadu.
• Tamil Nadu ranks third among all Indian states in the NITI Aayog Health Index, which is reflected in vastly
improved health outcomes.
RBI directs banks
• In order to upgrade the security of cash vending machines, the Reserve Bank of India (RBI) has directed all the
banks to grout the walls, ceilings and floors of their ATMs with plaster/mortar by Sep-end this year.
• The fresh instructions, which are aimed at mitigating risks in ATM operations and enhancing security, has
exempted high secured premises such as airports.
• In Oct 2016, the central bank had set up Committee on Currency Movement (CCM) to review the entire range
of security of treasure in transit.
• If the banks fail to comply the instructions and miss deadline then they would attract regulatory action including
levy of penalty.
IOB’s ‘Bank on Wheels’
• Indian Overseas Bank (IOB), on 27 May, announced that it has launched ‘Bank on Wheels’ facility in 14 of its
lead districts in Tamil Nadu and Kerala, besides Vijayawada.
• The mobile van facility will enable the public, especially senior citizens, conveniently get door-step banking
facility available at identified locations of the lead districts.
• A dedicated banking correspondent will accompany the vehicle with a micro ATM inside the van to take care of
services such as account opening, enrollment of customers in Social Security Scheme, passbook printing, and
other financial inclusion activities.
RBI extends RTGS timings
• To facilitate high-value fund transfers, the Reserve Bank of India (RBI) has announced an extension of timings
for customer transactions through Real Time Gross Settlement (RTGS) by one and half hours from 4:30 PM to
06 PM. The new timing is effective from 1 Jun.
• The RTGS is an online fund transfer system, supported by the RBI, which enables money transaction on a real-
time basis.
• The minimum amount for the transaction under this system is Rs 2 lakh. There is no upper limit on the value of
funds that can be transferred via the RTGS system.
PNB sets recovery target
• Punjab National Bank intends to recover Rs 20,000 cr of bad loans in the current financial year (2019-20) through
one-time settlements and resolutions under the Insolvency and Bankruptcy Code (IBC).
• The state-owned bank’s target is 25% higher than recoveries of Rs 16,000 cr in the previous financial year.
• The bank is stepping up on loan recoveries as losses continue due to higher provisioning as recoveries from the
IBC have been slow and old bad loans have aged, requiring more to be set aside against them.
• The bank posted a loss of Rs 4,750 cr in the quarter ended Mar as provisions for non-performing assets remained
elevated at Rs 9,154 cr.
• PNB made a net loss of Rs 13,417 cr a year ago after the Rs 14,000 cr Nirav Modi scam.
Fed leaves rate unchanged
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• The US central bank Federal Reserve left its key interest rate unchanged on 19 Jun but signaled that it's prepared
to start cutting rates if needed to protect the U.S. economy from trade conflicts and other threats.
• The Fed kept its benchmark rate — which influences many consumer and business loans — in a range of 2.25%
to 2.5%, where it's been since Dec.
• Jerome Powell is the Chair of the Board of Governors of the Federal Reserve System.
• The position is known colloquially as "Chair of the Fed" or "Fed Chair".
IndusInd, BFI merger
• IndusInd Bank on 19 Jun said 4 Jul, 2019 will be the effective date of the merger with Bharat Financial
Inclusion Ltd (BFIL).
• MR Rao, current CEO of BFIL, will become the CEO of IndusInd Financial Inclusion Ltd (IFIL).
Commenting on the effectiveness of the scheme, Romesh Sobti, MD & CEO, IndusInd Bank said: "IndusInd
Bank embarked on its transformational Rural strategy over three years ago with the Scheme of Arrangement with
BFIL being the anchor point.
Fine on South Indian Bank
• The RBI on 19 Jun said it has imposed a fine of Rs 10 lakh on South Indian Bank for violating norms regarding
bank guarantees.
• The penalty follows references from a govt department and a private party alleging non-payment of invoked bank
guarantees by the lender.
• The penalty has been imposed through an order dated Jun 13.
• The RBI added the action is based on deficiencies in regulatory compliance and is not intended to pronounce
upon the validity of any transaction or agreement entered into by the bank with its customers.
EMI insurance
• India's largest and fastest growing consumer lending technology company, ZestMoney, has announced a
partnership with Digit Insurance to offer EMI insurance to the company's five mn customers.
• The partnership integrates the digital capability of ZestMoney to provide EMI for everyone and insurance by
Digit to relieve its customers of debt in case of unforeseen circumstances.
• This policy will cover EMI cost in the event of hospitalization, death or permanent disability.
• The insurance product is specifically designed for ZestMoney's customers which can be availed while applying
for a loan on the digital platform.
Exim Bank posts profit
• The Export Import Bank of India (Exim Bank) reported a turnaround performance, posting a net profit of Rs
82 cr in FY19, against a net loss of Rs 2,924 cr in the year-ago period.
• While the bank’s funded loan portfolio saw a de-growth of Rs 13,915 cr to Rs 93,617 cr during the financial year,
non-funded portfolio, including project-related and financial guarantees, increased by Rs 856 cr to R 14,096 cr.
• The bank, which is a Govt of India-owned export finance institution, attributed the de-growth in loan portfolio to
reorientation in its business, reducing refinance significantly to banks, and stepping up focus on direct finance to
exporters, overseas importers, and sovereigns.
Banks can use Aadhaar
• Banks can use Aadhaar for Know Your Customer (KYC) verification with the customer's consent, the Reserve
Bank has said as it updated its list of documents eligible for identification of individuals.
• The RBI specifies KYC norms to be followed by banks and other entities regulated by it for various customer
services, including opening of bank accounts.
• In Feb, the Union Cabinet had approved promulgation of an ordinance to allow voluntary use of the 12-digit
unique number as identity proof for opening bank account and procuring mobile phone connection.
ADB to provide loan
• Multilateral funding agency Asian Development Bank (ADB) has signed an agreement to provide USD 750 mn
equivalent in Indian rupee long-term financing to electrify railway tracks in India.
• It is the largest single non-sovereign loan ever committed by ADB to Indian Railway Finance Corporation (IRFC)
to fund the railways track electrification project.
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• As part of a broad modernisation programme that will help India's railway sector transition to electric power and
away from dependence on fossil fuels.
• Concurrently, with the loan agreement signing, risk participation agreements were signed with private risk
participants for the project.
RBI releases draft framework
• The Reserve Bank of India (RBI) has released the much-awaited draft guidelines on liquidity risk management
framework for non-banking financial companies (NBFCs) and core investment companies (CICs).
• In its draft guidelines, RBI has proposed to introduce a Liquidity Coverage Ratio (LCR), which is the
proportion of high liquid assets set aside to meet short term obligations for all NBFCs with an asset size of more
than Rs 5000 cr.
• Starting Apr 2020, NBFCs will have to maintain a minimum of 60% of LCR as high liquid assets which will be
increased in a calibrated manner to 100% by Apr 2024.
• The regulator has also proposed to revise the Asset Liability Mismatch (ALM) of NBFCs to ensure that the
difference between inflows and outflows during the first 7 days is not more than 10% of the total outflows.
Fine on HDFC Bank
• The Reserve Bank of India (RBI) has imposed a Rs 1-cr penalty on private sector lender HDFC Bank for non-
compliance with directions on ‘Know Your Customer/Anti-Money Laundering norms and on reporting of frauds.
• The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read
with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to
the aforesaid directions issued by RBI.
Financial Literacy Week
• Financial Literacy Week 2019 was observed from Jun 3-7 on the theme of "Farmers" and how they benefit by
being a part of the formal banking system.
• 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.
No NEFT, RTGS charges
• The RBI has removed charges for payments via NEFT and RTGS and asked banks to pass on the benefits to
customers.
• This means that payments via NEFT and RTGS would become either free or charges would be drastically
reduced. The Reserve Bank levies minimum charges on banks for transactions routed through its Real Time
Gross Settlement System (RTGS) meant for large-value instantaneous fund transfers and the National
Electronic Funds Transfer (NEFT) System for other fund transfers.
• Banks, in turn, levy charges on their customers. In order to provide an impetus to digital funds movement, it has
been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and
NEFT systems.
SEBI, IRDAI set up sandbox
• After the Reserve Bank of India released a draft framework for setting up a regulatory sandbox (RS) for fintech
players in the counter, the market and insurance regulators have also launched similar initiatives.
• RS is an infrastructure that helps fintech players live test their products or solutions, before getting the necessary
regulatory approvals for a mass launch.
• It saves start-ups time and cost. Fintech in India is at the cusp of a revolution and regulators are aware of the fact.
• The market regulator SEBI and insurance regulator IRDAI have announced initiatives to encourage tech start-ups,
especially fintech, by making data and systems available to them through the RS.
CAM, SEBI sign MoU
• Bolstering efforts to curb white collar frauds, the corporate affairs ministry and markets watchdog SEBI will start
automatic sharing of data between them.
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• The move also comes against the backdrop of concerns over corporate
governance practices amid instances of misdoings and financial irregularities.
• The ministry and SEBI entered into a formal memorandum of understanding
(MoU) for data exchange.
• The pact will facilitate the sharing of data and information between SEBI and
the ministry on an automatic and regular basis.
SEBI allows futures
• Capital markets regulator SEBI has permitted stock exchanges with
commodity derivative segment to introduce futures on indices.
• SEBI in a circular said, the stock exchanges, willing to start trading in futures
on commodity indices, are required to take prior approval for launching such
contracts.
• The regulator has directed the stock exchanges to submit proposal with
contract specifications and risk management framework for approval before
launching any futures contract on an index.
• The SEBI directives are in line with recommendations of Commodity
Derivatives Advisory Committee.
GST collections cross Rs 1 lakh cr
• India's goods and services tax (GST) revenue collections crossed Rs 1 lakh cr for the third straight month in
May to Rs 1,00,289 cr, despite slowdown in the industrial activities.
• However, GST mop-up in May was lower than all-time high of Rs 1.13 lakh cr in the month of Apr, highest ever
since the indirect tax regime was rolled out on Jul 1, 2017.
• GST collections rose by 6.67 per cent over the revenue of Rs 94,016 cr reported in May 2018.
• The revenue in May, 2019 was 2.21 per cent higher than the monthly average of GST revenue in financial year
2018-19 (Rs 98,114 cr), according to a data released by the Ministry of Finance.
HDFC buys Apollo Munich
• HDFC Ltd, India’s largest mortgage financier, has agreed to acquire the entire 50.8% stake of Apollo Hospitals
Group in a health insurance joint venture with German reinsurer Munich Re Group as part of its strategy to tap
this potential growth market.
• HDFC will pay Rs 1,336 cr to Apollo Hospitals for the deal. It will pay an additional Rs 10.84 cr to employees of
Apollo Munich Health Insurance Co. Ltd to purchase their 0.4% stake in the company.
• HDFC currently runs HDFC Ergo General Insurance Co., a joint venture with Ergo International AG.
Services sector growth slows
• The manufacturing sector’s performance failed to enthuse the service sector after the Purchasing Manager's Index
(PMI) for services in May dropped to 50.2 as against 51 in Apr.
• This is the weakest expansion in a year. If the index is on or above 50, it implies that there is an expansion, while
a score that is below 50 denotes contraction.
Govt set to upgrade CPI, IIP
• The govt is looking to bring out a new series for two key macroeconomic indicators — the Index of Industrial
Production (IIP) and the Consumer Price Index (CPI) — in 2020, almost two years ahead of schedule.
• Both IIP and CPI are released on the 12th of every month. The new series of the IIP will have a base year of
2017-18, while for the CPI, it will be 2019.
Manufacturing shows growth
• Indicating a recovery in the industrial sector, the Purchasing Managers’ Index (PMI) for manufacturing sector
expanded in May and rose to 52.7 as against 51.8 in Apr.
• This shows strongest improvement in the health of the manufacturing sector during last three months.
• This index is prepared on the basis of a survey which is conducted among purchasing executives in over 400
companies.
CII launches new Index
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• The Confederation of Indian Industry (CII) has launched a Fiscal Performance Index (FPI) to assess state
and central budgets.
• The Index incorporates qualitative assessments of revenue expenditure, capital expenditure, revenues, fiscal
prudence and the level of public debt arrive at a more holistic picture of fiscal performance than the fiscal deficit
to GDP ratio according to the CII.
• As an example the index will consider expenditure on infrastructure, education, healthcare and other social sectors
beneficial for economic growth compared to other revenue expenditure.
• It will also consider tax revenues a more sustainable source of revenues for the govt as compared to one-time
income sources.
FDI inflows record decline
• The Foreign direct investment (FDI) in India declined for the first time in the last six years in 2018-19, falling by
1 per cent to $44.37 bn as overseas fund inflows subsided in telecom, pharma and other sectors, official data
showed.
• According to the latest data of the Department for Promotion of Industry and Internal Trade (DPIIT), FDI in
2017-18 was a record $44.85 bn. Last time it was in 2012-13 when foreign inflows had registered a contraction of
36 per cent to $22.42 bn compared to $35.12 bn in 2011-12.
• Singapore has replaced Mauritius as the top source of foreign investment into India in the last fiscal, accounting
for $16.22 bn inflows.
• India has received $8 bn FDI from Mauritius.
GDP
Fitch cuts growth forecast
• Fitch lowered India’s growth forecast to 6.6 per cent for the current fiscal from 6.8 per cent projected earlier, as
manufacturing and agriculture sectors showed signs of slowing down over the past year.
• In its latest Global Economic Outlook, the global rating agency retained its GDP growth forecast for the next
fiscal (2020-21) at 7.1 per cent and 7.0 per cent for 2021-22.
GDP to slow down to 6.8 per cent
• DBS Bank has revised India’s GDP growth for fiscal year 2020 downwards to 6.8 per cent year-on-year (YoY)
from 7 per cent projected earlier, citing headwinds for exports amidst challenging trade outlook.
• A negative output gap will keep demand-side inflationary risks in check, with core inflation catching down with
headline consumer price inflation (core at 4.2 per cent in May versus 6 per cent average in Oct-Dec 2018).
FICCI forecasts GDP growth
• The country's median GDP is forecast at 7.1 per cent for FY20 and 7.2 per cent for FY 21.
• The industry body FICCI's economic outlook survey said that the minimum and maximum growth estimate stood
at 6.8 per cent and 7.3 per cent, for 2019-20.
• The survey was conducted in May 2019 among economists belonging to the industry, banking and financial
services sectors. India's GDP likely grew 6.5 per cent in the fourth quarter ended Mar 2019.
India’s economy to grow 7.5%
• India's economic growth will regain strength and approach 7.5% by 2020 buoyed by rural consumption and
subdued inflation, the Organisation for Economic Co-operation and Development (OECD) said in its
Economic Outlook.
• This growth will come from higher domestic demand due to improved financial conditions, fiscal and quasi-fiscal
stimulus, including new income support measures for rural farmers, and recent structural reforms.
WB retains growth forecast
• The World Bank has retained its forecast of India's growth rate at 7.5% for the current financial year.
• In its Global Economic Prospects report, the World Bank also said growth rate is expected to remain the same
for the next two fiscals.
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• According to the report, private consumption and investment will benefit from strengthening credit growth amid
more accommodative monetary policy, with inflation having fallen below the Reserve Bank of India's target.
National News
May trade deficit widens
• India’s trade deficit expanded to a six-month high of $15.4 bn in May, with import growth outpacing export
growth following a 37% jump in gold imports.
• According to data released by the commerce ministry, exports grew 3.93% in May, while imports rose 4.31%.
• Exports have been in low single digits in six out of the last seven months, barring Mar when it grew in double
digits.
• Rising crude oil prices, amid sanctions on Iranian oil imports, could further increase imports and put pressure on
India’s current account deficit.
India’s retaliatory tariffs
• India has raised tariffs on 28 items exported from the US in retaliation to America’s withdrawal of preferential
access for Indian products from 5 Jun.
• India had repeatedly postponed the imposition of tariffs of more than $200 mn on import of US goods worth $1.4
bn since they were first announced on 20 Jun 2018.
• The duties were in retaliation to the US decision of significantly hiking customs duties on certain steel and
aluminium products.
• Among the targeted imports, duty on walnut has been raised from 30% to 120%, while duty on chickpeas, Bengal
gram (chana) and masur dal has been raised from 30% to 70%.
ONGC topples IOC
• ONGC, India's top oil and gas producer, has toppled Indian Oil Corp (IOC) to regain crown of being the
country's most profitable public sector company.
• According to earnings statements of the listed companies, Oil and Natural Gas Corp (ONGC) reported a 34 per
cent jump in its 2018-19 fiscal net profit to 26,716 cr rupees.
• In comparison, IOC registered a net profit of 17,274 cr rupees for the fiscal year ended Mar 31, 2019.
• ONGC, in the previous two financial years, had lost the most profitable PSU tag to IOC.
• IOC had also lost the title of being India's largest company by turnover tag to Mukesh Ambani-led Reliance
Industries in FY19.
India out of monitoring list
• The Trump administration removed India from its currency monitoring list of major trading partners.
• It cited certain developments and steps being taken by New Delhi which address some of its major concerns.
• Switzerland is the other nation that has been removed by the US from its currency monitoring list.
• The list includes other countries like China, Japan and Germany.
• India has been removed from the monitoring list in the latest semi-annual report on macroeconomic and foreign
exchange policies of major trading partners of the US.
DCC clears penalty
• The Digital Communications Commission (DCC), the apex decision-making body of the telecom department,
approved imposing penalty on Bharti Airtel and Vodafone Idea for not providing points of interconnection to
Reliance Jio.
• However, before imposing the penalty, the Commission has decided to seek Trai's views on revising Rs 3,050 cr
penalty recommended by the sector regulator amid financial stress in the sector.
• The Telecom Regulatory Authority of India (Trai) in Oct 2016 recommended imposing total penalty of Rs
3,050 cr on Airtel, Vodafone Idea for allegedly denying interconnectivity to newcomer RJio.
First BS6 Certification
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• As far two-wheeler manufacturers are concerned, Hero MotoCorp has become the first company to get BS VI
certification for its Hero Splendor iSmart.
• Hero has received the type approval certificate from International Centre for Automotive Technology (ICAT)
after the Splendor iSmart was successfully tested for BS6 compliance.
• The BS6 regime will kick off from Apr 1, 2020.
Power from waste-to-energy
• Continuing its efforts to establish an environment-friendly network, the Delhi Metro has become the first ever
project in the country to receive power generated from a waste-to-energy plant.
• The Delhi Metro Rail Corporation (DMRC) said it has started receiving 2 MW power from a 12 MW capacity
waste-to-energy plant set up in Ghazipur.
• The waste-to-energy plant set up by East Delhi Waste Processing Company Limited (EDWPCL) is based on a
Public Private Partnership (PPP) involving the Delhi govt and East Delhi Municipal Corporation (EDMC),
besides the EDWPCL.
JV for Kandla-Gorakhpur pipeline
• State-owned oil marketing companies Hindustan Petroleum Corporation Limited, Indian Oil Corporation and
Bharat Petroleum Corporation Ltd have inked a pact to form a joint venture company for the country's largest
LPG pipeline project from Kandla in Gujarat to Gorakhpur in Uttar Pradesh.
• The 2,757 km long LPG pipeline, which is expected to provide reliability in the supply chain of LPG, would
cover an overall distance of 1,063 km in Gujarat, 611 km in Madhya Pradesh, and 1,083 km in Uttar Pradesh.
Indian Oil would own 50 per cent equity holding in the joint venture company, while BPCL and HPCL would
have 25 per cent each.
First session of 17th Lok Sabha
• The first session of the newly elected Lok Sabha begun with administering of oath to the Members.
• Pro-Tem speaker Dr. Virendra Kumar administered the oath to the members.
• In the first session, the newly elected MPs took their oaths, the Speaker of the 17th Lok Sabha was elected, and
the President addressed a joint sitting of Parliament.
• The first session of the 17th Lok Sabha began on 17 Jun and will be sitting till Jul 26. During this period a full
Budget will be presented by the Modi govt on Jul 5.
• PM Narendra Modi is the first BJP leader who has been elected for a second time after completion of his five-year
tenure, a feat so far achieved only by three Congress leaders -- Jawaharlal Nehru, Indira Gandhi and Manmohan
Singh.
Drinking water to all by 2024
• The Centre has set a target of providing clean drinking water to all by 2024, Jal Shakti Minister Gajendra Singh
Shekhawat said announced.
• The govt is formulating a plan to provide clean drinking water to nearly 14 cr households.
• Prime Minister Narendra Modi, during his poll campaign, had promised to integrate all ministries that look after
water-related issues into one ministry.
• In states like Uttar Pradesh, Bihar, West Bengal, Chhattisgarh, Jharkhand and Odisha, the coverage of clean
drinking water is less than five per cent.
Food grains production
• As per Third Advance Estimates for 2018-19, total foodgrain production in the country is estimated at 283.37 mn
tonnes (mt) which is higher by 17.62 mt than the previous five years' (2013-14 to 2017-18) average production of
foodgrain.
• Total production of Rice during 2018-19 is estimated at record 115.63 mt.
• Production of Wheat, estimated at record 101.20 mt. Production of Nutri / Coarse Cereals estimated at 43.33 mt is
marginally higher by 0.24 mt than the average production.
Draft National Education Policy
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The Committee led by the Chairman Dr. Kasturirangan submitted the Draft National Educational Policy to the Union
Human Resource Development Minister, Ramesh Pokhriyal ‘Nishank’ and Minister of State for HRD, Sanjay
Shamrao Dhotre in New Delhi.
Highlights
• The Committee has proposed to rename MHRD as Ministry of Education (MoE).
• Extension of Right to Education Act 2009 to cover children of ages 3 to 18.
• A 5+3+3+4 curricular and pedagogical structure based on cognitive and socio-emotional developmental stages of
children: Foundational Stage (age 3-8 yrs): 3 years of pre-primary plus Grades 1-2; Preparatory Stage (8-11
years): Grades 3-5; Middle Stage (11-14 years): Grades 6-8; and Secondary Stage (14-18 years): Grades 9-12.
• R-structuring of Undergraduate programs (e.g. BSc, BA, BCom, BVoc) of 3 or 4 years duration and having
multiple exit and entry options.
• A new apex body Rashtriya Shiksha Ayog is proposed to enable a holistic and integrated implementation of all
educational initiatives.
• The National Research Foundation, an apex body is proposed for creating a strong research culture and building
research capacity across higher education.
Extension of PM-KISAN
• Fulfilling its poll promise, the govt approved a proposal to extend the benefit of Rs 6,000 per year under the PM-
KISAN scheme to all farmers in the country.
• The decision was taken in the first Cabinet meeting of the new govt.
• The Rs 75,000-cr Pradhan Mantri Kisan Samman Nidhi (PMKSS) was announced in the interim budget,
under which the govt decided to provide Rs 6,000 per year (in three equal installments) to an estimated 12 cr
small and marginal farmers holding land up to 2 hectares.
• Already, 3.11 cr small farmers have so far received the first tranche of Rs 2,000 each under the PM-Kisan scheme
and 2.75 cr peasants have got the second instalment as well, as per the official data.
PM hikes NDF scholarship
• Prime Minister Narendra Modi has approved changes to the Prime Minister’s Scholarship Scheme for wards of
deceased defence personnel under the National Defence Fund — his first decision on assuming office.
• The govt approved the increase from Rs 2,000 to Rs 2,500 a month for boys and from Rs 2,250 to Rs 3,000 a
month for girls.
• The ambit of the scheme was widened to cover the wards of State police officials martyred in terror or Naxal
attacks.
• The scheme is meant to encourage technical and postgraduate education for widows and wards of deceased
personnel of the armed forces, the paramilitary forces and the Railway Protection Force.
No Min Education
• The Ministry of Road Transport and Highways on 18 Jun decided to remove the requirement of minimum
educational qualification for driving a transport vehicle.
• The process of amendment to Rule 8 of Central Motor Vehicles 1989 and the draft notification in this regard
will be issued soon.
• According to the present Central Motor Vehicle Rules, 1989, a transport vehicle driver needs to have passed class
8.
• The removal of the requirement will open up employment opportunities for a large number of unemployed youth,
and the decision will also help to meet the shortage of nearly 22 lakh drivers in transport and logistics sector,
which is hindering its growth.
PM reconstitutes Niti Aayog
• Prime Minister Narendra Modi reconstituted the federal policy think-tank National Institution of Transforming
India (NITI) Aayog by introducing key Cabinet ministers as members as ex-officio members.
• Defence Minister Rajnath Singh, Home minister Amit Shah, Finance minister Nirmala Sitharaman and
Agriculture minister Narendra Singh are now ex-officio members of the think tank that is headed by Modi.
www.bsc4success.com live.bscacademy.com mailto:bsc4success@gmail.com• The induction of union ministers as ex-officio members in the body, which has state chief ministers as members
of the governing council is expected to forge better ties between central and state govts in deciding policy choices.
• Besides, Road Transport and Highways and Ministry of Micro, Small and Medium Enterprises (MSME) minister
Nitin Gadkari, Social Justice and Empowerment minister Thawar Singh Gahlot, Railways and Commerce minister
Piyush Goyal and Minister of Statistics and Programme implementation are four special invitees.
• Rajiv Kumar will continue to be the vice-chairperson, along with full time members—Ramesh Chand, VK
Saraswat and VK Paul.
• NITI Aayog was constituted via a resolution of the Union Cabinet on Jan 1, 2015, replacing the erstwhile
planning commission.
PM Kisan Pension Scheme
• Farmers will have to contribute Rs 100 per month under the Pradhan Mantri Kisan Pension Yojana that seeks to
provide a minimum fixed monthly pension of Rs 3,000 on the attainment of 60 years.
• The central govt will also contribute an equal amount to the pension fund to be managed by the LIC of India,
which will be responsible for the pension payout.
• The new govt in its first cabinet meeting had approved a separate pension scheme for farmers with an aim to
cover 5 cr beneficiaries in the first three years, which would cost the exchequer Rs 10,774.5 cr per annum.
Inspection of the Feni Bridge
• The High Commissioner of India to Bangladesh Riva Ganguli Das inspected the ongoing construction of the
Feni Bridge known as Maitree Setu in Chattogram.
• Being developed as a corridor for trade and commerce between India's North-East and Bangladesh, the bridge will
connect Tripura with Chittagong port of Bangladesh.
• It will provide direct road connectivity between South Tripura and Chittagong
allowing India to use Chittagong as a “port of call" and promoting trade,
tourism and people-to-people ties.
Architectural heritage of the town in MP
• The architectural heritage of the town in Madhya Pradesh which depict
peculiar style of the Bundela dynasty have been included in UNESCO’s
tentative list of world heritage sites following a proposal sent by the
Archaeological Survey of India (ASI) to the UN body.
• The ASI had sent a proposal to the UNESCO on Apr 15, 2019 to include the
sites in its list.
• According to the rules, to be a part of UNESCO’s World Heritage sites, the
heritage or any historical site first has to be on the tentative list. After it makes
to the tentative list, another proposal is sent to the UNESCO.
Buddhist site located in the city in UP
• According to a notification issued by Union Ministry of Culture the ancient Buddhist site located in the city in
Uttar Pradesh has been declared as ‘protected area of national importance’ by Archaeological Survey of India
(ASI).
• For declaring the stupa as protected area govt sought public feedback on 8 Mar 2019 for a period of two months.
• The Stupa is known as ‘Chaukhandi’ because of its four armed plan.
• The stupa is an ancient Buddhist site which evolved from burial mounds and served as a shrine for a relic of
Buddha.
Famous Ragnya Devi temple
• Hundreds of Kashmiri Pandit devotees prayed at the famous Ragnya Devi temple in Jammu and Kashmir's
Ganderbal district as the Kheer Bhawani mela was celebrated amid chants of religious hymns and ringing of
temple bells.
• Nestled in the shade of mammoth Chinar trees in Tulmulla village, the temple witnessed a massive gathering of
devotees, most of them Kashmiri Pandits, who have journeyed from across the country.
• The Kheer Bhawani mela is one of the biggest religious functions of the displaced community.
www.bsc4success.com live.bscacademy.com mailto:bsc4success@gmail.com• Walking barefoot, the devotees carried rose petals and offered tribute to the goddess as men took a dip in the
stream close to the shrine.
Initiative to control FMD, Brucellosis
• The Union Cabinet at its first meeting cleared an initiative for controlling Foot and Mouth Disease (FMD) and
Brucellosis to support livestock rearing farmers.
• The Information and Broadcasting Minister Prakash Javadekar said the initiative will benefit crores of farmers
and improve the health of animals.
• The Cabinet has cleared a total outlay of Rs 13,343 crs to fully control these diseases amongst the livestock in the
country in the next five years and subsequently eradicate these diseases.
• In case of FMD, the scheme envisages vaccination coverage to 30 cr bovines (cows-bulls and buffaloes) and 20 cr
sheep/goat and 1 cr pigs at six months' interval along with primary vaccination in bovine calves.
• The Brucellosis control programme shall extend to cover 100 per cent vaccination coverage of 3.6 cr female
calves.
Govt forms ‘Jal Shakti’ Ministry
• A new ‘Jal Shakti’ Ministry, in which the erstwhile ministries of Water Resources and Drinking Water and
Sanitation will be merged, has been formed with Gajendra Singh Shekhawat at its helm.
• During the election campaign, Modi had promised to form an integrated ministry dealing with water issues.
• The ambit of the Ministry will encompass issues ranging from international and inter-states water disputes, the
Namami Gange project, the flagship initiative to clean the Ganges, its tributaries and sub-tributaries and provide
clean drinking water.
• In the first Modi govt, the project to clean the Ganga was moved from the Ministry of Environment and Forests to
the Ministry of Water Resources.
• Rattan Lal Kataria will be the Minister of State in the newly formed ministry.
Pension for traders
• The newly-inducted Union Cabinet, in its first meeting, approved a mega pension scheme to provide a minimum
assured pension of Rs 3000 per month to all small shopkeepers and retail traders.
• The new scheme is a part of Prime Minister Narendra Modi's universal social security programme.
• Under the scheme, all shopkeepers, retail traders and self-employed persons are guaranteed a monthly pension
amount of Rs 3,000 once they attain the age of 60 years.
• It aims at benefiting over 3 cr traders and shopkeepers.
• All small shopkeepers and self-employed persons as well as the retail traders with GST turnover below Rs 1.5 cr
and age between 18-40 years can enroll for this scheme.
Govt revises draft education policy
• Amid massive outcry over Hindi being made a compulsory language in all non-Hindi speaking states, the Human
Resource Ministry (HRD) ministry has climbed down and tweaked the draft National Education Policy to say
that students are free to choose any language they wish to study in.
• The revised draft policy states, "In keeping with the principle of flexibility, students who wish to change one or
more of the three languages they are studying may do so in Grade 6 or Grade 7, so long as they are able to still
demonstrate proficiency in three languages"
Kargil Vijay Diwas
• Kargil Vijay Diwas is celebrated on Jul 26 – the day the over two-month-long war ended in 1999 after Indian
troops recaptured the positions that were intruded upon by Pakistani soldiers – every year to honour the soldiers
who laid down their lives in the war.
• This time the celebrations are planned to be held in a much grander way than in the previous years.
• This will be one of the biggest events for Rajnath Singh as the defence minister.
India elected to UN-Habitat
• India has been elected to the Executive Board of the first UN-Habitat Assembly at the Plenary Session of the
Assembly held in Nairobi.
• The UN-Habitat has its headquarters located at Nairobi, Kenya.
www.bsc4success.com live.bscacademy.com mailto:bsc4success@gmail.com• The special theme for the UN-Habitat Assembly this year was "Innovation for Better Quality of Life in Cities and
Communities".
Plan for snakebite emergency
• The World Health Organization unveiled a new strategy to dramatically cut deaths and injuries from snakebites,
warning a dearth of antivenoms could soon spark a "public health emergency".
• Each year, nearly three mn people are bitten by poisonous snakes, with an estimated 81,000-138,000 deaths.
Another 400,000 survivors suffer permanent disabilities and other after-effects.
• Most snakebite victims live in the world's tropical and poorest regions, and children are worse affected due to
their smaller body size.
India’s only orangutan dies
• The 41-year-old orangutan died of respiratory complications recently at Nandan Kanan Zoo in Odisha.
Orangutans are not native to India and Binny was brought in the zoo in 2003 from Pune.
• She was sourced from Singapore.
• The condition of orangutans in their distribution area, Borneo and Sumatra, is precarious. Orangutans are not
migratory animals and stay rooted in their area.
T-Series cross 100 mn mark
• Bhushan Kumar-led music label T-Series has become the first ever YouTube channel to cross the 100-mn
subscriber mark.
• In doing so, it has also pulled ahead of YouTuber PewDiePie’s channels, and consolidated its position as the most
subscribed channel on the platform.
• The channel had also launched a campaign #BharatWinsYouTube where its appealed to Indians to subscribe to
the T-Series channel.
• While T-series launched its channel in 2006, PewDiePie was launched in 2010.
STATE News
Rajasthan increases fin aid
• The Rajasthan govt has 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 get annual financial assistance in the state.
• The amount has been increased to Rs 2,100 from Rs 1,100 for the girls studying in class 1 to 8 and for the girls in
class 9 to12, the financial aid has been increased to Rs 2,500 from Rs 1,500.
• Similarly, the govt has also increased ex-gratia payment to the next of kin of an official killed on election duty to
Rs 20 lakh from Rs 15 lakh.
Nipah outbreak in Kerala
• A Kerala youth being treated for testing positive for Nipah virus (NiV) is stable.
• A total of 311 people are being closely observed by health professionals in their homes.
• The officials are trying to find out, how many of these 311 had any direct contact with the youth, who has tested
positive.
• People have been asked not to panic, but seek immediate medical attention if fever develops.
• A central team of professionals were already in the state and their main objective was to identify the source of the
outbreak.
MP Cabinet passes resolution
• The Madhya Pradesh Cabinet has passed a resolution to increase reservation quota for Other Backward
Classes (OBC) from existing 14 per cent to 27 per cent.
• The matter will now be taken up in the monsoon session of the state Assembly.
www.bsc4success.com live.bscacademy.com mailto:bsc4success@gmail.com• The Cabinet has also increased by three per cent the dearness allowance for employees and pensioners.
• It will cost the state exchequer Rs 1,647 cr and will benefit around seven lakh employees.
Tripura to host Film Festival
• In an effort to raise awareness about science and environment through films, the 10th National Science Film
Festival of India (NSFFI) will be organised in Tripura on Jan and Feb 2020.
• The NSFFI debuted in Chennai eight years ago in 2011.
• It has covered almost all regions of the country since then including Bhubaneshwar, Kolkata, Bangalore,
Lucknow, Mumbai, Guwahati and Mohali.
• This the second time the show will be held in a north Eastern city.
• The film festival would include films produced by UNICEF, UNESCO and filmmakers from different countries.
• It will also include entries from Tripura and other states.
Assam to set up Skill Univ
• Assam govt will set up a Skill University at the cost of 850 cr rupees at Darrang district.
• The Mission Director of Assam Skill Development Mission, AP Tiwari said that the proposed institution will be
known as Skill City.
• This will be perhaps the first skill university of the country with a capacity of 10 thousand seats.
• The admission test for the first batch of the North East Skill Centre will be held on 30 Jun. 80 per cent seats will
be reserved for Assam and rest 20 per cent for other North Eastern states.
AP allows CBI
• Reversing his predecessor, N Chandrababu Naidu’s orders, Chief Minister, YS Jagan Mohan Reddy has decided
to allow the Central Bureau of Investigation (CBI) to go ahead with its raids and investigations in the State
without prior permission of the State govt.
• The Chandrababu Naidu govt had through an order issued in Nov 2018, withdrew the ‘general consent,’ virtually
curtailing the Central agency's powers to investigate in the State.
• The general consent was routinely given by the State govts for periods ranging from six months to one year to the
CBI and all agencies under the Delhi Special Police Establishment (DSPE) Act, 1946.
Unemployed graduates in Raj
• Unemployed youth having graduation or equivalent degree will be given unemployment allowance up to Rs
3,500 by the Rajasthan govt.
• They will get the benefit of the Chief Minister Yuva Sambal Yojana from Feb 2019.
• The state govt has implemented the scheme from Feb this year after rechristening the earlier Akshat Yojana.
• To be eligible for the scheme, applicants should be natives of Rajasthan. Under the scheme, male applicants will
get Rs 3,000 per month whereas women and differently-abled will get Rs 3,500 per month.
Saudi lifts ban on fruits
• Kerala's fruits and vegetable exporters have heaved a sigh of relief following the lifting of the export ban by Saudi
Arabia after the Nipah virus attack in 2018.
• Saudi Arabia is one of the major export market of fruits and vegetables from Kerala and the presence of large
floating population ensures a good volume of business from there.
• Currently, mangoes such as Alphonso, Banganapalle are the major items in the export basket, followed by banana
and pineapple.
• Kerala ships around 150 tonnes of fruits and vegetables on a daily basis to various gulf countries and of this, the
consignment to Saudi alone was 30-40 tonnes.
25 states miss deadline
• Over 25 state govts may have to pay environment compensation of Rs one cr each for not submitting their
respective action plans on systematic disposal of plastic waste to the Central Pollution Control Board (CPCB)
as the Apr 30 deadline set by the National Green Tribunal (NGT) has passed by.
• The states had to submit action plans by Apr 30 to the CPCB, failing which they would have to pay the pollution
body a compensation at the rate of Rs one cr per month, as per the National Green Tribunal (NGT) order.
www.bsc4success.com live.bscacademy.com mailto:bsc4success@gmail.com• There was lack of knowledge among state authorities and a communication gap between state and central govt
officials which is the main cause of this delay.
Assam hikes income limit
• Assam govt has waived admission fees for students taking admission up to Post Graduate level whose parental
income is less than 2 lakh rupees per year.
• Assam Education Minister Siddhartha Bhattacharya said that order in this direction has been issued.
• All provincialized govt colleges and five universities are incorporated under the scheme.
• Stress is being given in introducing several professional subjects for the benefits of the students.
• The quality of the govt schools are improved following the Gunotsav.
MP govt to provide aid
• The Madhya Pradesh govt has announced to provide 5,000 rupees in minimum compensation to small and
marginal farmers in the event of crop loss due to natural calamities.
• The State Revenue and Transport Minister Govind Singh Rajput said, the state govt has made amendments in
rules to this effect.
• The govt had also taken measures like filling up vacant posts of Patwaris to fast track the redressed of matters
pertaining to land.
Telangana enhances Rythu Bandhu
• The Telangana Govt 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 purchase of inputs like seeds, fertilisers, pesticides, labour and other
filed operations, has now been enhanced from Rs 4000 to Rs 5000 per acre per
farmer per season.
International News
Fastest growing economy
• Bangladesh has emerged as the fastest growing economy among the 45
countries of the Asia-Pacific region according to Asian Development Bank (ADB).
• In the financial year 2018-19 Bangladesh attained growth rate of 7.9 % which is its fastest rate since 1974.
• The bank predicted that the growth will be 8% in the next financial year.
• The ADB country director handed over the report to the Prime Minister of Bangladesh Sheikh Hasina.
• The higher public sector investment, stronger consumption demand, revival in exports, improved power supply
and higher growth in private sector credit were the key factors of the high growth performance of Bangladesh.
Blackout in Argentina, Uruguay
• A massive blackout left more than 44 mn people without electricity in Argentina and Uruguay recently after an
unexplained failure in the neighboring countries' interconnected power grid.
• Argentina's power grid is generally known for being in a state of disrepair, with substations and cables that were
insufficiently upgraded.
• Uruguayan officials did not provide the number of clients with power back, but a growing list of regions with
service indicated that restoration was progressing faster there.
Cananda to ban plastic
• Canadian Prime Minister Justin Trudeau has announced that single-use plastics will be banned in the country
from 2021.
www.bsc4success.com live.bscacademy.com mailto:bsc4success@gmail.com• He declared it a global challenge to phase out the plastic bags, straws and cutlery clogging the world's oceans.
• Less than 10 per cent of plastics used in Canada are currently recycled.
• Each year a mn birds and more than 100,000 marine mammals worldwide suffer injury or death by becoming
entangled in plastic or ingesting it through the food chain.
Nepal celebrates Republic Day
• Nepal celebrated its 12th Republic Day on 29 May. A number of programmes were organised in different parts of
the country to mark the occasion.
• The main function was held at Army Pavilion in Kathmandu, which was attended by the President Bidya Devi
Bhandari, Prime Minister KP Sharma Oli, cabinet ministers, senior govt officials, heads and representatives of
various diplomatic missions and other dignitaries.
• On Jesth 15, 2065 of Nepali Calendar (May 28, 2008) the Constituent Assembly of the Himalayan nation declared
Nepal a Federal Democratic Republic, abolishing the 240 year-old monarchy.
Russia launches icebreaker
• Russia launched a nuclear-powered icebreaker as part of an ambitious programme to renew and expand its fleet of
the vessels in order to improve its ability to tap the Arctic’s commercial potential.
• The ship, dubbed the Ural and which was floated out from a dockyard in St Petersburg, is one of a trio that when
completed will be the largest and most powerful icebreakers in the world.
• Russia is building new infrastructure and overhauling its ports as, amid warmer climate cycles, it readies for more
traffic via what it calls the Northern Sea Route (NSR) which it envisages being navigable year-round.
Algeria, Argentina malaria free
• Algeria - the nation where malaria was discovered - is officially free of malaria, the World Health Organization
(WHO) has said, making it the third African country to eliminate one of the world’s leading killer diseases.
• With no recorded cases of malaria in three consecutive years, Argentina was also declared malaria-free - the
second country in the Americas after Paraguay in 45 years to wipe out the disease, which kills more than 400,000
people a year.
• Although WHO has declared 38 countries malaria-free since 1955, the fight against malaria has stalled as malaria-
carrying mosquitoes have become resistant to drugs and insecticides in bednets that protect people from being
bitten while sleeping.
India bans JMB
• The Jamaat-ul-Mujahideen Bangladesh (JMB), which was blamed for the terror attack at a cafe in Dhaka in
2016 in which 22 people including 17 foreigners were killed, has been declared as a banned terrorist organisation
by the govt.
• In a notification, the home ministry said the outfit has committed and promoted acts of terrorism and has been
engaged in radicalisation and recruitment of youths for terrorist activities in India.
India’s assistance to Niger
• India has extended USD 15-mn assistance to Niger for organising the African Union (AU) summit scheduled to
be held in Niamey in Jul.
• The summit is scheduled to be held in Niamey from Jul 7-8. It will also be the first time that Niger is scheduled to
host an AU summit.
• The assistance in the form of grant was symbolically handed over to Niger's Deputy Foreign Minister Lamido
Ousseini Bala Goga Salamatou in the presence of Minister and Special Advisor to the Niger President
Mohammed Saidil Moctar, by Ambassador of India to Niger Rajesh Agarwal at a ceremony held on Jun 17 in
Niamey.
India to cross China's population
• India is projected to surpass China as the world's most populous country in the next eight years. As per a United
Nations report, released recently, India is expected to add nearly 273 mn people between 2019 and 2050 and
remain the most populated country through the end of the current century.
www.bsc4success.com live.bscacademy.com mailto:bsc4success@gmail.com• Previous UN projections had estimated that India will surpass China as the world's most populous country as early
as 2022.
• The 2017 world population report, released by the UN two years ago, had estimated that the population of India
will surpass that of China's by around 2024.
• China, with 1.43 bn people in 2019, and India, with 1.37 bn, have long been the two most populous countries of
the world, comprising 19 and 18 per cent, respectively, of the global total in 2019.
• They are followed by the United States of America.
National Strategy for Wellbeing 2031
• The UAE Cabinet has adopted the National Strategy for Wellbeing 2031.
• One of the most important initiatives is the development of the first 'National Wellbeing Observatory' to support
the policymaking process.
• It will monitor a number of indicators of wellbeing in the UAE, submit regular reports to the UAE Cabinet,
propose training programmes for govt employees, and launch of the Academy of Wellbeing future generations, in
addition to the formation of a National Wellbeing Council to manage and coordinate the national strategy.
• It also aims to promote an integrated concept of wellbeing, thus supporting the vision of the UAE Vision 2021
and the UAE Centennial 2071.
Imports from Pakistan plunges
• Imports from Pakistan declined by 92 per cent to $2.84 mn in Mar this year after imposition of 200 per cent
customs duties on all products following Pulwama terror attack.
• On Feb 16 this year, taking strong economic action against Pakistan following the attack, India raised the customs
duty to 200 per cent on all goods imported from the neighbouring country, including cotton, fresh fruits, cement,
petroleum products and mineral ore.
• According to the data of the commerce ministry, the imports from the neighbouring country stood at $34.61 mn in
Mar 2018. India's exports to Pakistan too have dipped by about 32 per cent to $171.34 mn in Mar.
India extends aid to Nepal
• India has extended a financial aid of 1.6 bn Nepalese rupees to Nepal to help 50,000 people in Nuwakot and
Gorkha districts rebuild their houses damaged in the devastating earthquake in 2015.
• India’s ambassador to Nepal Manjeev Singh Puri handed over the cheque to Finance Secretary of Nepal Rajan
Khanal for the reconstruction work.
• The ambassador thanked the Nepal govt for the partnership and reiterated that India remained committed to
completion of post-earthquake reconstruction projects in the Himalayan nation.
• India has so far granted Nepal a total of Rs 4.5 bn Nepalese rupees under the housing reconstruction projects.
African bloc suspends Sudan
• The African Union (AU) has suspended Sudan until the establishment of civilian rule, intensifying global pressure
on its new military leaders to stand down after the worst violence since Omar al-Bashir's fall in Apr.
• Ethiopia - where the continental bloc is based - planned a mediation effort.
• Both sides had been in talks over a civilian-led transition to democracy.
• But their already faltering negotiations collapsed when security forces stormed a sit-in protest camp, killing
dozens of people.
• Meeting in Ethiopia's capital, Addis Ababa, the AU's peace and security council invoked its response to
interruptions of constitutional rule by suspending Sudan.
UN extends sanctions
• The UN Security Council has extended an arms embargo and sanctions on South Sudan for a year, despite
resistance from African countries, Russia and China.
• A US-drafted resolution was adopted by a vote of 10 in favour with five abstentions.
• Resolutions in the 15-member council require a minimum of nine votes for adoption.
• The measure renews until May 31, 2020, an arms embargo on South Sudan along with an assets freeze and global
travel ban slapped on eight South Sudanese nationals for their role in fuelling the war.
B’desh's first iron ore mine
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