Current Affairs Update – 12-14 August, 2017



Hello and welcome to exampundit. Here are the Important Current Affairs of 12, 13 & 14 August, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial
News
Economic Survey Volume II admits achieving 7.5% growth target for this
fiscal as tough

  • Finance Minister Arun Jaitley on
    11 August 2017 presented the second volume of Economic Survey 2016-17 in both
    houses of the Parliament. Volume II of the survey was presented on the last day
    of the monsoon session of the Parliament.
  • The second volume containing
    updated macroeconomic data was authored by Chief Economic Adviser Arvind
    Subramanian and his team.
  • Volume II of the survey says
    achieving the high end of the 6.75-7.5 per cent growth projected previously
    will be difficult due to appreciation of rupee, farm loan waivers and
    transitionary challenges from implementing GST
Highlights of the Economic Survey 2016-17 Volume-2
Fiscal Developments

  • The fiscal outcome of the Central
    Government in 2016-17 was marked by strong growth in tax revenue, sustenance of
    the pace of capital spending and a consolidation of non-salary/pension revenue
    expenditure. This combination allowed the Government to contain the fiscal
    deficit to 3.5 per cent of GDP in 2016-17.
  • The Union Budget for 2017-18
    opted for a gradual fiscal consolidation path: the fiscal deficit is expected
    to decline to 3.2 percent of GDP in 2017-2018. The fiscal deficit target of 3
    per cent of GDP under the FRBM framework is projected to be achieved in
    2018-19.
Monetary Management and Financial Intermediation

  • The Reserve Bank of India cut the
    policy rate by 50 basis points during 2016-17. However, it shifted its monetary
    policy stance from accommodative to neutral in February 2017.  As of August 2017, Repo rate stood at 6.00
    per cent and reverse repo rate at 5.75 per cent.
  • Monetary aggregates decelerated
    significantly following the withdrawal of legal tender status of specified bank
    notes on November 9, 2016. As of 31st March 2017, currency in circulation
    contracted by 19.7 per cent whereas reserve money contracted by 12.9 per cent.
  • Credit off-take from banks
    continued to decelerate further. During 2016-17, gross bank credit outstanding
    grew at around 7 per cent on an average. The average gross bank credit to
    industry contracted by 0.2 per cent in the FY 2016-17.
Climate Change, Sustainable Development and Energy

  • India ratified the Paris
    Agreement on 2nd October, 2016. India’s actions for the post-2020 period are
    based on its Nationally Determined Contribution (NDC).
  • India’s NDC targets to lower the
    emissions intensity of GDP by 33 – 35 per cent by 2030 from2005 levels, to
    increase the share of non-fossil based power generation capacity to 40 per cent
    of installed electric power capacity(cumulative) by 2030, and to create an
    additional carbon sink of 2.5-3 Gt CO2e through additional forest and tree
    cover by 2030.
External Sector

  • India’s balance of payments
    situation which was benign and comfortable during 2013-14 to 2015-16, further
    improved in 2016-17, as a result of low and falling trade and current account
    deficits and moderate and rising capital inflows, resulting in further
    accretion of foreign exchange reserves.
  • Reflecting the slowly improving
    world economic situation, India’s exports turned positive at 12.3 per cent in
    2016-17 after an interregnum of two years. This along with a marginal decline
    in imports by 1.0 per cent resulted in narrowing down of trade deficit to US$
    112.4 billion (5 per cent of GDP) in 2016-17 as compared to US$ 130.1 billion
    (6.2 per cent of GDP) in 2015-16.
Agriculture and Food Management

  • The average farm size in India is
    small, and declining since 1970-71. The predominance of small operational
    holdings is a major limitation to reap the benefits of economies of scale in
    agriculture operations.
  • The progress in agriculture needs
    to be evaluated in terms of outcomes such as catching up with global yields of
    various crops as a means to increase incomes of farmers.
Industry and Infrastructure

  • Industrial performance has shown
    moderation from 8.8 percent during 2015-16 to 5.6 percent in 2016-17.
  • Industrial growth as per Index of
    Industrial Production (IIP) new series of 2011-12 shows overall IIP growth at 5
    percent in 2016-17 as compared to 3.4 percent last year.
  • The Index of Eight Core Industries
    growth during 2016-17 was 4.8 percent as compared to 3.0 percent in 2015-16.
Services Sector

  • The services sector remains the
    key driver of India’s economic growth, contributing almost 62 per cent of its
    gross value added growth in 2016-17. However, the growth of this sector has
    moderated to 7.7 per cent in 2016-17 compared to 9.7 per cent achieved in the
    previous year, though it continues to be higher than the other two sectors and
    nearly at the top among the 15 major economies.
  • The services growth moderation is
    mainly due to the deceleration in growth in two services categories- trade,
    hotels, transport, communication and services related to broadcasting (7.8 per
    cent), and financial, real estate & professional services (5.7 per cent).
    The share of services sector in total gross capital formation (GCF), at current
    prices, has increased consistently over the last four years from 53.3 per cent
    in 2011-12 to 60.3 per cent in 2015-16.
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Odisha government launches Facebook programme ‘SheMeansBusiness’

  • Odisha Chief Minister, Naveen
    Patnaik launched Facebook’s programme called ‘She Means Business’ for women
    entrepreneurs in the state on 10 August 2017.
  • The programme was launched in
    partnership with Odisha’s micro, small and medium enterprises (MSME) department
    and Project Mission Shakti.
  • Under the scheme, around 25000
    women entrepreneurs and Self-Help Group (SHG) members will get training on
    digital marketing skills by the end of 2018.
  • The training will involve
    teaching of basic nuances of digital marketing like how to start your business
    on Facebook, how to make it real-time business, how to give quick response to
    queries and ensure timely delivery and quality assurance.
  • The social media platform,
    Facebook, will be monitoring the growth of the MSMEs in Odisha after imparting
    training to them in the next one year.
  • It will also prepare a data base
    of the MSMEs through registrations in which they would be taking down the email
    ids and the mobile phone numbers of entrepreneurs in all the workshops.
News related to India & States
India’s first online course on Infusion Therapy launched

  • The Infusion Nurses Society
    (INS), a global authority in infusion therapy, on 13 August 2017 launched
    India’s first online course on Infusion Therapy for nurses.
  • Under the online course, the
    Infusion Nurses Society aims to train over 3000 nurses in the vital medical
    procedure.
  • As per the INS, due to the reach
    and ease of the digital platform, the course will enable members to access the
    various infusion therapy modules and presentations through its website.
  • Infusion therapy deals with all
    aspects of fluid and medication infusion, via intravenous or subcutaneous
    application.
Indian Coast Guard Ship Shaurya commissioned in Goa

  • The Indian Coast Guard Ship
    (ICGS) Shaurya on 12 August 2017 was commissioned in Vasco, Goa by Union
    Minister for Petroleum and Natural Gas Dharmendra Pradhan.
  • ICGS Shaurya is the fifth in the
    series of six 105-metre offshore patrol vessels (OPVs).
  • The vessel will be based at
    Chennai under administrative and operational control of Commander Coast Guard
    Region (East).
  • The ship will be deployed
    extensively for Exclusive Economic Zone surveillance, apart from safeguarding
    India’s maritime interests.
  • At present, the Indian Coast
    Guard has a fleet of 129 ships and boats, and 72 ships and boats are at various
    stages of construction at different shipyards in India.
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Appointments
Santosh Sharma appointed CMD of Hindustan Copper Limited

  • Santosh Sharma was today
    appointed as Chairman and Managing Director of Hindustan Coper Limited (HCL).
  • He is at present Director
    (Operations) in the HCL.
  • The Appointments Committee of the
    Cabinet (ACC) has approved his appointment to the post for a period of five
    years, an order issued by the Department of Personnel and Training (DoPT) said.
  • Emandi Sankara Rao has been
    appointed as Managing Director and Chief Executive Officer of IFCI Ltd.
  • He is at present working as
    Director and Chief Executive Officer of IIFCL Asset Management Company Ltd.
World News
World Health Organisation declares Somalia free of polio

  • The World Health Organisation
    (WHO) on 13 August 2017 declared Somalia free of polio. The UN health agency
    announced that it had not recorded any case of polio disease in Somalia in the
    last three years.
  • The declaration by WHO keeps
    Somalia outside the last group of countries which still record cases of polio
    in the world. Afghanistan, Nigeria and Pakistan are the remaining countries
    where polio is still being recorded.
  • The WHO stated that Somalia
    recorded the last case of polio in 2014 in the central part of the country.
    However, since then it has remained free of the disease.
  • On the other hand, the WHO also
    warned that Somalia remained vulnerable, calling for continued vaccination
    campaign.
Sports News
Legendary sprinter Usain Bolt retires, his last race marred by injury

  • Usain Bolt, the greatest sprinter
    of modern times, retired from the Athletics world on 13 August 2017. But the
    farewell ended in pain as he injured himself while running the last lap of the
    men’s 4x100m relay race at the World Athletics Championships in London.
  • While running the final race of
    his career, the 30-year-old Bolt, after taking the baton from his Jamaican
    teammate Yohan Blake, suffered cramps on his left hamstring as he tried, in
    vain, to chase down his rivals in the race.
  • Bolt went down on his keens with
    hands on his head in dejection and was then lying alone on the tracks for a
    while before Blake and the other teammates, Julian Forte, Yohan Blake and Omar
    McLeod, gathered around him.
  • The towering Jamaican, who had
    dominated the sprint race like nobody else, was helped to his feet. As he
    limped over the finishing line, the crowd applauded him. Britain won the gold
    in 37.47 seconds while United States (38.01) and Japan took the silver and
    bronze respectively.
Days
International Youth Day 2017 observed globally

  • The International Youth Day was
    observed across the world on 12 August 2017 with the theme ‘Youth Building
    Peace’.
  • This year, the Day is aimed at
    celebrating young people’s contributions in preventing conflicts and bringing
    about transformations along with inclusion, social justice and sustainable
    peace.
  • The International Youth Day was
    proclaimed by the United Nations General Assembly (UNGA) on 17 December 1999 through
    its resolution 54/120.
  • The Day came into existence
    through the recommendation of the World Conference of Ministers Responsible for
    Youth in August 1998 that 12 August should be declared International Youth Day.

Environment Minister launches ‘Gaj Yatra’ to mark World Elephant Day 2017

  • On the occasion of the World Elephant Day, i.e. on 12 August 2017, the Union Environment, Forest and Climate Change Minister Dr Harsh Vardhan has launched ‘Gaj Yatra’.
  • Gaj Yatra is a nationwide campaign to protect elephants. The campaign is planned to cover 12 elephant range states.
  • During the period of the campaign, artists and craftsmen will create life-size works on the theme of elephants in places along the route of the roadshow, covering 12 states that have wild elephants, using local art and craft.
  • Specially fabricated vehicles will be deployed to display these on pre-determined routes with campaigners.
  • The ‘Gaju’ mascot, which was released by the Ministry in 2012, will be helm the campaign.
  • The campaign will be led by the Wildlife Trust of India.

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