Current Affairs Update – 1 June, 2017

Hello and welcome to exampundit. Here are the important Current Affairs update of 1 June, 2017. These are important for the upcoming  RBI Grade B Phase I, Dena Bank PGDBF, NICL AO Mains and other exams in 2017 July and August.

Current Affairs at a Glance – 1 June, 2017

  1. India on 31 May 2017 signed a loan agreement of USD 36 million with the World Bank for
    Himachal Pradesh Public Financial Management Capacity Building Programme
    .
  2. India lost its fastest-growing major economy tag in the January-March
    period
    , which was the fourth quarter of the financial year (FY) 2016-17,
    with the Gross Domestic Product (GDP) growth coming down to 6.1 per cent
    compared with a provisional 7 per cent in the previous quarter.
  3. Reserve Bank of India has
    appointed S. Ganesh Kumar as
    Executive Director.
  4. Indian Oil’s Director
    (Refineries), Sanjiv Singh took over as the Chairman of IOC
    on Thursday.
  5. Former Indian Ambassador to the
    United States, Nirupama Rao has been appointed as the public
    policy fellow to a top American think-tank based in Washington.
  6. The Global Day of Parents was observed on 1 June 2017.
  7. The National Aeronautics and
    Space Administration (NASA) on 31 May 2017 renamed the Solar Probe Plus Spacecraft, NASA’s first mission to a star which
    will be launched in 2018, as the Parker
    Solar Probe
    in honour of astrophysicist Eugene Parker.
  8. Japan on 1 June 2017 launched a satellite to help build a
    high-precision geolocation system that will complement the US operated Global
    Positioning System (GPS). The rocket carrying the Michibiki No. 2 satellite,
    H-IIA, was launched from the Tanegashima space center in Kagoshima Prefecture,
    Southern Japan
  9. Beren and Luthien, a book by Lord of the Rings
    author John Ronald Reuel Tolkien (JRR Tolkien), was published on 1 June 2017,
    100 years after it was first conceived.

Financial & Banking News
India, World Bank signs Loan Agreement for HP Public Financial
Management Capacity Building

  • India on 31 May 2017 signed a
    loan agreement of USD 36 million with the World Bank for Himachal Pradesh
    Public Financial Management Capacity Building Programme.
  • The project aims to improve the
    efficiency of public expenditure management and tax administration in Himachal
    Pradesh.
  • The agreement was signed by Joint
    Secretary of Department of Economic Affairs Raj Kumar and the Bank’s Country
    Director Junaid Kamal Ahmad.
  • The Implementing Entity Agreement
    was signed by the Additional Director, Treasuries, Accounts and Lotteries, on
    behalf of Government of Himachal Pradesh (GoHP), and the Country Director (India)
    on behalf of the World Bank.
India loses fastest growing economy tag after sharp growth slowdown

  • India lost its fastest-growing
    major economy tag in the January-March period, which was the fourth quarter of
    the financial year (FY) 2016-17, with the Gross Domestic Product (GDP) growth
    coming down to 6.1 per cent compared with a provisional 7 per cent in the
    previous quarter.
  • The growth of 6.1 per cent was
    also lower than China’s growth in the same period which was 6.9 per cent.
  • The data released by the Ministry
    of Statistics on 31 May 2017 showed that the GDP grew 7.1 per cent in the FY
    2016-17, which was slower than 8 per cent growth registered during FY 2015-16.
  • The GDP numbers for the FY
    2016-17 was based on the new 2011-12 base year, which was adopted in recent
    past. The changes in the new base year also include Index of Industrial
    Production (IIP) and Wholesale Price Index (WPI).

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Appointments
RBI appoints Ganesh Kumar as Executive Director

  • Reserve Bank of India has
    appointed S. Ganesh Kumar as Executive Director.
  • His appointment is consequent
    upon voluntary retirement of Chandan Sinha on May 31, 2017. The central bank
    currently has 11 Executive Directors.
  • As Executive Director, Ganesh
    Kumar will look after Department of Information Technology, Department of
    Payment and Settlement Systems and Department of External Investments and
    Operations.
  • Prior to being promoted as ED,
    Ganesh Kumar was Chief General Manager-in-Charge, Department of Information
    Technology in the Reserve Bank.
Sanjiv Singh takes over as Indian Oil Chairman

  • Indian Oil’s Director
    (Refineries), Sanjiv Singh took over as the Chairman of IOC on Thursday. Singh
    was the Director (Refineries) on the IndianOil Board since July 2014.
    Concurrently, Singh will also be Chairman of Chennai Petroleum Corporation Ltd.
    (CPCL) and Hindustan Urvarak and Rasayan Ltd. (HURL), a joint venture company
    set up to revive the fertiliser plants at Gorakhpur, Sindri and Barauni.
  • He is a chemical engineer from
    IIT-Roorkee with a Diploma in Management. Singh joined IndianOil in 1981 and has
    served for over 35 years.
  • An official statement said that
    he played a key role in the setting up, commissioning and stabilisation of two
    greenfield refineries at Panipat and Paradip. He has also steered the
    successful implementation of the petrochemical projects of Paraxylene/PTA and
    Naphtha Cracker with downstream units at Panipat Refinery.
Nirupama Rao appointed public policy fellow to US think-tank

  • Former Indian Ambassador to the
    United States, Nirupama Rao has been appointed as the public policy fellow to a
    top American think-tank based in Washington.
  • Rao would be working on a project
    on Indo-China relationship. She will be affiliated with the Wilson Centre’s
    Asia programme and would be spending three months in residence at the Wilson
    Centre, which is a key non-partisan policy forum for tackling global issues,
    beginning in June 2017.
  • Commenting on the development,
    the Wilson Centre stated that Rao will be working on a book project on
    Sino-Indian ties and will be contributing to the Wilson Centre’s activities on
    India, including its India in Asia Initiative.
Days
Global Day of Parents observed on
1 June across the world

  • The Global Day of Parents was
    observed on 1 June 2017. The day provides an opportunity to appreciate all
    parents in all parts of the world for their selfless commitment to children and
    their lifelong sacrifice towards nurturing this relationship.
  • The Global Day of Parents was
    proclaimed by the UN General Assembly in 2012 via its resolution A/RES/66/292
    to honour parents throughout the world.
  • The Global Day of Parents
    recognises that the family has the primary responsibility of protecting and
    nurturing their children and thus it emphasises that the parents play a
    critical role in rearing their children. Parents are also responsible for the
    full and harmonious development of the personality of their children. They
    provide them with an environment of love, happiness and understanding.
World News
NASA renames Solar Probe Mission to honour pioneering physicist Eugene
Parker

  • The National Aeronautics and
    Space Administration (NASA) on 31 May 2017 renamed the Solar Probe Plus
    Spacecraft, NASA’s first mission to a star which will be launched in 2018, as
    the Parker Solar Probe in honour of astrophysicist Eugene Parker.
  • The announcement was made at a
    ceremony at the University of Chicago, where Eugene Parker serves as the S
    Chandrasekhar Distinguished Service Professor Emeritus at the Department of
    Astronomy and Astrophysics.
  • Eugene Parker was the first to
    predict the existence of the solar wind back in 1958. He theorized that the sun
    constantly sends out a flow of particles and energy called the solar wind.
  • This is the first time NASA has
    named a spacecraft for a living individual.
Japan launches satellite for high-precision positioning system

  • Japan on 1 June 2017 launched a
    satellite to help build a high-precision geolocation system that will
    complement the US operated Global Positioning System (GPS).
  • The rocket carrying the Michibiki
    No. 2 satellite, H-IIA, was launched from the Tanegashima space center in
    Kagoshima Prefecture, Southern Japan. The same was confirmed by the footage
    recorded by Japan’s Aerospace Exploration Agency.
  • The Michibiki system can cover
    the Asia-Oceania region.
  • When combined with the
    US-operated GPS, the Japanese system would enhance the stability of receiving
    radio waves and increase the precision of position information. The US GPS has
    a margin of error of about 10 metres but together with the Japanese system
    positioning error will be reduced to only a few centimetres.
Books & Authors
JRR Tolkien’s book Beren and Luthien published after 100 years

  • Beren and Luthien, a book by Lord
    of the Rings author John Ronald Reuel Tolkien (JRR Tolkien), was published on 1
    June 2017, 100 years after it was first conceived.
  • The books was published by
    HarperCollins on the 10th anniversary of the last Middle Earth book ‘The
    Children of Hurin’. 
  • Beren and Luthien is described as
    a very personal story that JRR Tolkien envisaged after returning from the
    Battle of the Somme. The names Beren and Luthien are carved on the gravestone
    Tolkien and his wife share in Wolvercote cemetery in Oxford.
  • The book was edited by his son
    Christopher Tolkien and contains versions of a tale that became part of The
    Silmarillion, the myths and legends of the First Age of the World conceived by
    Tolkien.
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Team ExamPundit