Current Affairs Update – 2nd August, 2015

• To ensure smooth procurement and distribution of grains, the
  government has released Rs 13,000 crore as food subsidy to state-owned Food
  Corporation of India (FCI).
• The corporation is facing a subsidy arrear of above Rs 55,000
  crore as of March 31, 2015.
• For 2015-16, the government has allocated Rs 97,000 crore as
  food subsidy to FCI against an estimated bill of Rs 1,18,000 crore.
• In 2014-15, the government had allocated Rs 92,000 crore as
  food subsidy, out of which Rs 91,995.35 crore was given to FCI. The subsidy
  incurred in the year was Rs 1,02,476 crore.
• The bulk of the food subsidy is paid to FCI for running the
  public distribution system (PDS).
• Besides, FCI also has a cash credit limit of Rs 54,495 crore
  with a consortium of 67 banks at a rate of 10.51 per cent. In addition to this,
  the corporation can also raise short-term loan of up to Rs 30,000 crore by
  inviting tenders from banks.

• Projecting the country’s highways sector as a “unique
  opportunity” for investments, the government has rolled out projects worth
  $93 billion, including the $45 billion flagship road building programme, the
  National Highways Building Project (NHDP).
• Investment opportunities include “new models being
  rolled out both for greenfield (hybrid annuity) and brownfield projects
  (monetisation),” according to the Road Transport and Highways Ministry,
  which has come out with a list of such projects.
• To woo bidders, it said a “peep into opportunity”
  unfolds “20,000 kms of NHDP length with total investment of $45 billion
  over the next three years.”
• Among the largest government-led PPP development programmes
  in the world, the NHDP envisages the development of 20,000 kms of existing
  National Highways (NHs) into world-class roads in different phases.
• The government, releasing a document on the highways sector,
  said the opportunities comprise the “Bharat Mala project of $12 billion
  for 6,000 kms,” a scheme for providing connectivity to 123 district
  headquarters for $15 billion and the construction of 350 bridges/ROBs in two
  years for $8 billion.
• Besides, it includes ‘Char Dham’ connectivity for 2,500 kms
  in mountainous terrains for $8 billion and a “strong network of roads in
  the North-East and Border areas for $5 billion.”

• India’s gold imports increased by about 61% to 155 tonnes in
  the first two months of the current fiscal mainly due to weak global prices and
  the easing of restrictions by the Reserve Bank of India (RBI).
• In the international market, gold has been trading weak over
  the past few months. On Friday, it closed at $1,095 in the New York market.
• Large imports of gold impact the country’s current account
  deficit, which occurs when the value of the import of goods and services is
  more than its exports. The CAD in 2014-15 shrank to 1.3% of GDP from 1.7% in
  2013-14.
• The RBI and the government have maintained that the CAD
  level is comfortable.
• In 2014-15, India imported 915.54 tonnes of gold as against
  661.71 tonnes in the previous financial year.

• Indian women’s recurve team squandered a two-set lead and
  went down to top seed Russians in the shoot-off to bag a silver medal at the
  World Archery Championships, here today.
• The trio of Deepika Kumari, Laxmirani Majhi and Rimil
  Buriuly put pressure on the Russians opening up a 4-0 lead but could not wrap
  the issue as they lost the next two sets before going down in the shoot-off
  27-28.
• India thus picked their second silver in the ongoing World
  Archery Championships where compound archer Rajat Chauhan opened the account
  with a historic individual medal yesterday.
• This is India’s best ever show in the World Archery
  Championships where they are in hunt for a third medal, and a double for
  Laxmirani who will fight for a bronze in the individual recurve section later
  in the day.

• South Sudan became the 206th member of the Olympic family on
  Friday after the International Olympic Committee approved its inclusion,
  despite ongoing fighting in the African country.
• The unanimous recognition of the country’s Olympic Committee
  drew a loud round of applause from the IOC members with South Sudanese
  officials visibly moved and some in tears.
• Thousands have been killed and more than 2.2 million
  displaced since fighting broke out in December 2013 between President Salva
  Kiir’s government and rebels commanded by Riek Machar.
• Both sides have been accused of human rights abuses and
  indiscriminate killings, which have often been carried out along ethnic lines,
  with Machar’s Nuers pitted against Kiir’s powerful Dinkas.
• South Sudan’s marathon runner Guor Marial competed at the
  London 2012 Olympics but did so under the Olympic flag after refusing to run
  for Sudan and with South Sudan not yet an IOC member at the time.

• Jerome Kohlberg Jr., a founder of investment firm Kohlberg
  Kravis Roberts & Co and a pioneer of the leveraged buyout, died on Thursday
  at his home in Martha’s Vineyard, Massachusetts, aged 90.
• Kohlberg began working at investment bank Bear Stearns &
  Co in 1955, where he mentored younger colleagues Henry Kravis and George
  Roberts. The three formed their own firm, KKR, in 1976.
• It is best known for taking over tobacco and food
  conglomerate RJR Nabisco, chronicled in the book Barbarians at the Gate: the
  Fall of RJR Nabisco, a deal that heralded an industry of large, often hostile,
  corporate.

Regards

Team ExamPundit

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