Current Affairs Update – 19th January, 2016

Hello and welcome to ExamPundit. Here are the important Current Affairs of 19th January, 2016. These are important for the upcoming LIC AAO 2016.

• The ‘MUDRA’ loan for women entrepreneurs or Boutique Finance
  for Women Entrepreneurs – a special loan scheme under Prime Minister MUDRA
  Yojana – has been launched for catering to the financial needs of women
  entrepreneurs.
• Under the scheme, State Bank of India too has come forward
  to participate and provide loans to help women entrepreneurs in West Bengal who
  are engaged in various handicraft activities.
• One such camp was organised by the bank, earlier this
  month., according to a release issued by the bank.
• Around 80 women entrepreneurs received sanctioned letters
  for loan, SBI said.
• Loans are being provided at a concessional rate of interest.
  Loans up to Rs. 10 lakh will be provided under the scheme without any
  collateral security. A maximum loan amount of Rs. 50 lakh can be availed under
  the scheme.

• The International Monetary Fund (IMF) today kept India’s
  growth projection unchanged at 7.3 per cent in the current fiscal and 7.5 per
  cent in the next, even as it cut world economic outlook to 3.4 per cent for
  2016.
• In its update on World Economic Outlook (WEO), IMF said
  China’s growth would slow to 6.3 per cent in 2016 and further to 6 per cent in
  2017, but India would continue to grow at a “robust pace“.
• As for the world growth, IMF today forecast 3.4 per cent for
  2016 and 3.6 per cent for 2017.
• For India, it retained the growth forecast at 7.3 per cent
  for the current fiscal and 7.5 per cent for 2016—17 and 2017—18.
• IMF said the pick—up in global activity is projected to be
  more gradual than in the October WEO, especially in emerging market and
  developing economies.
• In the last WEO update released in October, IMF had
  projected India to grow at 7.3 per cent in the current fiscal and 7.5 per cent
  in 2016—17. As for world growth, it had put the figures at 3.6 per cent for
  2016 and 3.8 per cent for 2017.

• Union Ministry of Finance on 18 January 2016 released the
  draft report of Justice R V Easwar (Retd) Committee to simplify the provisions
  of Income-tax Act, 1961.
• The draft recommendations of the 10-member committee contain
  27 suggestions for amendments under the Income-tax Act, 1961 and 8
  recommendations for reform through administrative instructions.

• Amendment to Section 255(3) to enhance the monetary limit
  for Single Member Bench (SMC) cases before the Tribunal to rupees one crore
  from the present rupees 15 lakhs
• Amendment to Section 254(2) to reduce the time-limit for
  rectification of orders of the Tribunal from the present four years to 120 days
• Deletion of section 143(1D) – Avoiding undesirable delay in
  issue of refunds

• Tax deduction at source (TDS) rates for individuals and
  Hindu undivided families (HUFs) to be reduced to 5 percent as against the
  present 10 percent
• Proposal for certain amendments in rule 30 and 31 in
  relation to time and mode of payment of TDS and filing of statement of TDS
  under the provisions of section 200
• A presumptive income scheme for professionals should be
  launched. The presumptive tax is levied on an estimated income.

• India is home to the fourth largest population of
  millionaires in the Asia Pacific region, with 2.36 lakh such high net worth
  individuals, while Japan topped the list with 12.60 lakh people, a report says.
• According to the Asia Pacific 2016 Wealth Report, by New
  World Wealth, India was ranked among the top five Asia Pacific countries in
  terms of number of High Net Worth Individuals (HNWIs).
• HNWIs (millionaires) were defined as those individuals with
  net assets of $1 million or more.
• At the end of 2015, there were, 12,60,000 millionaires in
  Japan, while China ranked second with 654,000 HNWIs and Australia was at the
  third place had 290,000.
• Others in the top 10 in terms of number of HNWIs in Asia
  Pacific include, Singapore at the fifth place with 224,000 millionaires, Hong
  Kong (6th, 215,000), South Korea (7th, 125,000), Taiwan (8th, 98,200), New
  Zealand (9th, 89,000) and Indonesia (10th, 48,500).

• Reflecting an acute shortage of skilled labour force and
  difficult business conditions, India has slipped 11 places to rank 89th on a
  global index of talent competitiveness, a list which has been topped by
  Switzerland.
• Switzerland is followed by Singapore, Luxembourg, the United
  States and Denmark in the top five positions on the annual Global Talent
  Competitiveness Index (GTC) released on Tuesday by INSEAD business school in
  partnership with Adecco Group and the Human Capital Leadership Institute of
  Singapore.
• India’s ranking is worst among the five BRICS countries,
  with China leading the pack with a global rank of 48.
• Last year, India was ranked 78th on the index that measures
  a nation’s competitiveness based on the quality of talent it can produce,
  attract and retain. It is released every year on the first day of the World
  Economic Forum (WEF) Annual Meeting here.

• Oxfam on 18 January 2016 released a report titled An Economy
  for the 1%. The report analysed growing trends of concentration of wealth
  across the world and suggested remedies to correct the anomaly.
• Further, the report was named as such by taking a cue from
  the report of Credit Suisse, a global financial services company, which
  revealed that the richest 1 percent had accumulated more wealth than the rest
  of the world put together.

• In 2015, just 62 individuals had the same wealth as 3.6
  billion people – the bottom half of humanity. This figure is down from 388
  individuals as recently as 2010.
• The wealth of the richest 62 people has risen by 44 percent
  in the five years since 2010 – that’s an increase of more than half a trillion
  dollars (542 billion US dollars) to 1.76 trillion US dollars.
• The wealth of the bottom half fell by just over a trillion
  dollars in the same period (2010-15) – a drop of 41 percent.

• The World Tourism Organization (UNWTO) on 18 January 2016
  released the World Tourism Barometer, which reviewed trends in tourism at the
  regional and global level for 2015 and enumerated prospects for 2016.
• As per the publication, international tourist arrivals grew
  by 4.4 percent in 2015 to reach a total of 1184 million in 2015. In numbers,
  around 50 million more travelers were recorded in 2015 compared to that 2014.
• 2015 marks the 6th consecutive year of above-average growth,
  with international arrivals increasing by 4 percent or more every year since
  the post-crisis year of 2010.

• A Rs. 663-crore World Bank-assisted Karnataka Urban Water
  Sector Improvement Project to provide 24 x 7 drinking water supply for Belagavi
  has been approved and bids are being evaluated.
• The duration of project-implementation is 12 years, i.e.,
  four years for implementation and the remaining time for operation and
  maintenance.
• Now, the 24 x 7 drinking water supply is under
  implementation in 10 demo zones in as many wards of the corporation.
• The project had been evolved considering the demand for the
  next three decades and availability of water. As against the projected
  population’s water needs of 184 million litre a day, the availability was 115
  million litre a day.
• The Irrigation Department has accorded approval for
  additional allocation of about one tmcft from the Hidkal Dam across the
  Ghataprabha, which would be sufficient to bridge the gap of 69 million litre a
  day.

• Indian space agency ISRO is all set to make its first rocket
  launch of the year and the fifth satellite of India Regional Navigation
  Satellite System — IRNSS-1E, on board PSLV-C31 rocket from Sriharikota on
  Wednesday.
• The 48-hour countdown for the launch scheduled at 9.31 am
  from the second launch pad began on Monday at the spaceport of Sriharikota,
  about 100 km from here, and was progressing “smoothly”, ISRO said.
• IRNSS-1E is the fifth navigation satellite in the IRNSS
  space system, comprising seven satellites, which would be on par with US-based
  GPS once the full complement of spacecraft is launched.
• It has configurationsimilar to its predecessors IRNSS-1A,
  1B, 1C and 1D and carries two types of payloads — navigation and ranging
  payload.

• In a global first, the World Bank in third week of January
  2016 decided to extend an assistance of 20 million US dollar to help
  reconstruct the Indira Gandhi Zoological Park (IGZP), which got devastated
  during cyclone Hudhud in October 2014, in Visakhapatnam.
• It is the very first time in the history of the World Bank
  that it is directly involved in a zoo. The decision is a new addition in the
  portfolio of the bank as part of its ever-expanding work on urban regeneration.
• The funding is a part of the 370 million US dollar Andhra
  Pradesh Disaster Recovery Project for which the bank is extending assistance of
  250 million US dollars from 2015-2020.
• The four coastal districts of Visakhapatnam, Srikakulam,
  Vizianagaram and East Godavari are expected to get 20 million US dollar for
  forest restoration and disaster prevention measures.

• The Union Government on 18 January 2016 decided to institute
  a new award category under the National Film Awards titled The Most Film
  Friendly State/UT.
• The new award will be conferred for the first time at the
  63rd National Film Awards to be held on 3 May 2016. 
• The decision to create a new category of award was taken as
  part of the government’s effort to promote the Indian film industry and India’s
  Soft Power.

• Clean energy firm ReNew Power Ventures on 18 January 2016
  announced the commissioning of 40 megawatt wind power project in Karnataka.
• With this, the total wind capacity commissioned by ReNew
  Power has reached 693 megawatts and in Karnataka, it raised to 68.4 megawatts
  from earlier 28.4 megawatts.
• It commissioned first of its kind wind project at Bhesada,
  Rajasthan.
• It installed tallest Hybrid Towers in India for the first
  time with 30 meters higher than conventional towers.

• French President Francois Hollande on 18 January 2016
  declared a state of economic and social emergency to redefine country’s
  economic and social model.
• To tackle the emergency, Hollande unveiled a 2 billion euro
  plan to revive hiring and catch up with a fast-moving world economy.
• Also, the government has proposed series of economic
  measures to revive long-stagnant economic growth and reduce chronic
  unemployment, which has been around 10 percent for years.
• Under a two-year scheme, companies employing fewer than 250
  people will receive a 2000 euro bonus for each new employee with a contract of
  more than six months, under certain conditions.

• Viktor Troicki on 16 January 2016 outlasted Grigor Dimitrov
  in an epic 82-minute third set to claim the 2016 WTA Apia International title
  of Tennis in the men’s single category.
• Troicki defeated Bulgaria’s Dimitrov by 2–6, 6–1, 7–6, (9–7)
  score in the final match played at Sydney, Australia. The Serbian player has
  become the fourth player in the Open era to claim back-to-back Sydney
  International titles.

• Former Maharashtra health minister and Senior Bharatiya
  Janata Party (BJP) leader Dr Daulatrao Aher died on 19 January 2016 following
  prolonged illness in Nashik. He was 74.
• He was a member of the 13th Lok Sabha of India from Nashik
  constituency in 1989-1991 and was elected MLA from Nashik for three terms —
  1985-90, 1995-99 and 1999-2004.

• Glenn Frey, a founding member and guitarist of the Eagles,
  one of the most popular and commercially successful artists of the 1970s,
  passed away on 18 January 2016 in New York, the USA. He was 67.
• Frey succumbed to complications from Rheumatoid Arthritis,
  Acute Ulcerative Colitis and Pneumonia.
• He was also one of the primary singers of the Eagles. He
  sang lead vocals on songs such as Take It Easy, Peaceful Easy Feeling, Tequila
  Sunrise, Already Gone, Heartache Tonight, and so on.

• The world’s oldest man, a Japanese, died Tuesday at the age
  of 112 after suffering chronic heart problems, officials said.
• Yasutaro Koide had said his secret to a long life was not to
  smoke, drink or overdo it.
• Mr. Koide, who was born on March 13, 1903, died two months
  short of his 113th birthday.
• In the year he was born, the Wright brothers made their
  historic first flight in Kitty Hawk, North Carolina, and a modernising Japan
  was embroiled in a dispute with Russia over Manchuria that would erupt into the
  Russo-Japanese War in early 1904.

Regards

Team ExamPundit

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