Thursday, 8 June 2017

Daily Update On Current Affairs - June 08, 2017

current affairs
Here's your daily summary of Current Affairs.

India Among Top FDI Destinations, But Tax Concerns Remain

India continues to be a favourite FDI destination though tax-related concerns remain a deterrent for some foreign investors. A UNCTAD report said that the foreign direct investment (FDI) inflows to developing Asia shrank by 15 percent to 443 billion US dollars in 2016, the first decline since 2012. This affected three sub-regions, with only South Asia spared. However, UNCTAD's World Investment Report 2017 said an improved economic outlook in major economies, such as ASEAN, China, and India, is likely to boost investors' confidence, propping up the region's FDI prospects for 2017. In South Asia, FDI inflows increased by 6 percent to 54 billion US Dollars. Flows to India were stagnant at 44 billion US dollars.

EPFO Extends Deadline For Submitting Aadhaar Number To June 30

Employees' Provident Fund Organisation, EPFO has extended the deadline for submitting Aadhaar number to 30th of this month for its members. However, the deadline for submission of Aadhaar number will be 30th of September in case of north-east states. EPFO has directed its field offices to ensure that Aadhaar Number is furnished by the employer in respect of all new members with effect from 1st of July, except north-east states where it will be applicable from 1st of October, 2017. In January, the EPFO had made it mandatory for its pensioners and subscribers to submit Aadhaar numbers.

Monsoon Advances Into Most Parts Of Coastal, South Interior Karnataka

South West Monsoon has advanced into most parts of Coastal and South Interior Karnataka. According to the meteorological centre, rainfall occurred at most places over Coastal Karnataka and North Interior Karnataka besides at many places over South Interior Karnataka. Bevoor in Koppal district received the highest rainfall of 13 cm during the 24 hours ending at 0800 hrs this morning. Heavy rain accompanied with thunder and gusty wind continued to lash the Hyderabad-Karnataka region for the second day today bringing respite to the people from the heatwave. Heavy rainfall was also reported from some parts of Koppal, Bidar, Kalaburgi, Udupi and Bagalkote and Ballari districts with the precipitation ranging between ten and 7cm.

Election Commission Announces Schedule For The President's Election; Voting To Take Place On 17th July

The Presidential election will be held on 17th of next month. Announcing the schedule, Chief Election Commissioner Nasim Zaidi said, the nomination will begin from the 14th of this month with 28th being the last date. Scrutiny of nomination papers will take place on 29th. The last date for withdrawal of candidature is the first of July. Counting will take place on 20th of July if required. Mr Zaidi said Commission is taking all necessary measures to ensure free and fair poll. 

World’s First Hybrid ‘Aeroboat’ Unveiled

The world’s first hybrid ‘aeroboat’ which has been built by an Indo-Russian joint venture has been unveiled at a start-ups event organized by Russia’s state-run Skolkovo Foundation. The aeroboat is capable of travelling on land, water, snow, and sand. It has been designed to access difficult terrain, such as flooded or marshy areas in which the regular boats cannot ply because of shallow water, patches of dry land or by marine vegetation. The aeroboats can handle steep slopes and embankments without the requirement of marine infrastructure such as jetties. The aeroboat will have a room for 10 passengers and one crew member. The aeroboat has been designed by IIAAT Holding. IIAAT Holding is a joint venture between the International Institute for Advanced Aerospace Technologies and Indian firm Millennium Aerodynamics. Aeroboats are much faster and robust when compared to hovercrafts. Aeroboats are capable of moving at the speed of around 150 kph or more on the water. Hovercrafts, on the other hand, can move at around 45-50 kph or more. Aeroboats, unlike hoverboats, are cheaper to maintain and fuel. The aeroboats “hybrid” engine is capable of running on either petrol or electricity thus helping in reducing the carbon emissions and improve energy efficiency. While hovercrafts work on the static air cushion, aeroboats functions on dynamic air-cushion. The dynamic air-cushion feature provides a lot of advantage to aeroboats in terms of speed and maneuverability. The amphibious aeroboats can provide high-speed year-round navigation even on frozen surfaces.

Indian-American Among 12 New Astronauts Chosen By NASA

NASA has chosen 12 new astronauts, including an Indian-American, from a record number of over 18,000 applicants, who will be trained for missions into Earth orbit and to deep space. The new candidates include six military officers, three scientists, two medical doctors, a lead engineer at SpaceX and a NASA research pilot. The seven men and five women comprise the 22nd class of American spaceflight trainees since 1959. Indian American Lt Col Raja Grinder Chari, is a commander of the 461st Flight Test Squadron and the Director of the F-35 Integrated Test Force at Edwards Air Force Base in California.

North Korea Launches Multiple Ground-To-Ship Missiles

North Korea has launched multiple surface-to-ship missiles today. South Korea's Defence Ministry said North Korea today fired multiple unidentified projectiles, assumed to be surface-to-ship missiles from the vicinity of Wonsan, Gangwon Province. It would be the fourth missile test by the nuclear-armed regime in less than five weeks, as Pyongyang continues to defy UN warnings and US threats of possible military action. Early last month, the North test-fired its longest-range ballistic missile yet tested, in a bid to bring the US mainland within reach. Pyongyance also carried out two atomic tests and dozens of missile launches since the beginning of last year.

RBI Keeps The Repo Rate Unchanged

The Reserve Bank of India has kept repo rate unchanged at 6.25% in its second bi-monthly monetary policy review. Reverse Repo rate has been kept unchanged at 6%. The RBI has cut the Statutory Liquidity Ratio (SLR) by 50 basis points to 20%. RBI has projected the headline inflation in the range of 2.0-3.5% in the first half of 2017-18 and 3.5-4.5% in the second half. According to the central bank, the implementation of GST is not expected to have a material impact on overall inflation. It has observed that the 7th Pay Commission allowances, geopolitical, financial risk pose upside risk to inflation. RBI has reduced the growth projection for the current fiscal to 7.3% from 7.4%. The monetary policy decision has been taken by the six-member monetary policy committee (MPC). The RBI has also revised its target for gross value added (GVA) by 10 basis points to 7.3%.

ASSOCHAM Disappointed As RBI Keeps Rates Unchanged

In a statement issued today, the industry Chamber said, clearly the RBI has chosen to remain over-cautious about the inflation outlook even when the key data like crude oil, monsoon, the inability of the producers to hike prices made a clear-cut case for softening of the interest rates. It also said that a large part of the industry is reeling under a heavy debt and the high-interest costs are becoming a big drag on the balance sheets. It, however, said RBI cannot be faulted on this as its main mandate has been to keep inflation low, and not growth dynamics. PHDCCI President Gopal Jiwarajka said that a rate cut was expected from the RBI as inflation is in the comfortable zone and supply side is expected to improve with a good monsoon on the cards. He said the growth in industry output needs to be accelerated to the level of 9-10 percent with vital measures for the employment generation in the economy.

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