Monday, 14 August 2017

Daily Update On Current Affairs - August 12, 2017

Current Affairs

Here's your daily summary of Current Affairs.

AICTE to shut down engineering colleges with less than 30% admissions

With over 27 lakh seats lying vacant in various engineering colleges across the country, All India Council for Technical Education, AICTE, has decided to close down those technical colleges which recorded less than 30 percent admissions in the last five years. Speaking at the world education summit, Chairman of AICTE Anil D Sahasrabuddhe said that such colleges will be closed down from next year. According to ACTED data, there are around 10,350 engineering institutions in the country that are approved by the AICTE with a total intake capacity of over 37 lakh students. Out of this, 27 lakh seats are lying vacant.

Government reconstitutes existing CBFC for three years 

The Centre has appointed lyricist Prasoon Joshi as Chairman of the Central Board of Film Certification, CBFC, for a period of three years. Mr. Joshi has replaced former Chairman Pahlaj Nihalani. The government has also reconstituted the existing CBFC with immediate effect for a period of three years or until further orders. Information and Broadcasting Ministry in a release, on the 11th August, said, there are 12 members on the new board, which includes Ms. Gautami Tadimalla, Narendra Kohli, Naresh Chandra Lal, Vivek Agnihotri and Ms. Vidya Balan.

Ministry of Commerce gives approval for Industrial Parks in Andhra Pradesh

Department of Industrial Policy and Promotion (DIPP) has approved Industrial Parks in Hindupur and Bobbili in Ananthapur and Vizianagaram districts of Andhra Pradesh. This comes under the Modified Industrial Infrastructure upgradation scheme. The objective of the scheme is to provide quality and reliable infrastructure to the industrial units located at these places. The project aims to provide roads, water etc to the units.

Telengana initiates to improve Sriram Sagar modernization project

The Telangana Government has approved Rs 2000 cr towards the improvement of Sriram Sagar project and increase the area served by the life line project. The project on the Godavari river is intended to boost water supply to the districts. Water from the Kaleshwaram project will keep the reservoir full throughout the year.

Bank of England refuses to change the animal fat plastic notes        

Bank of England has revealed that it refuses to change the way their new plastic notes are made. Some vegetarians and religious groups have opposed the use of animal fat in the new series of plastic notes. More than 1 lac people signed petitions calling Bank of England to stop the use of animal fat in the plastic notes.

Import Duty Raised on Crude Palm Oil

The government has raised the Import Duty on crude palm oil to 15% from 7.5% and on refined to 25 % from 15 % to curb cheaper shipments and boost local prices for supporting domestic farmers and refiners. The Central Board of Excise and Customs in New Delhi issued the notification to this effect on the 10th August. The import duties on other crude edible oils like soya and sunflower have also been hiked to 17.5% from existing 12.5%. The hike in import duty of crude and refined palm oil will help restrict cheaper imports from Malaysia and Indonesia and benefit farmers in distress due to fall in prices of oilseeds below minimum support price because of bumper production. This move is expected to give a boost to the sowing of oil seeds in the ongoing season.

IIP output contracts 0.1% in June

The country's industrial output contracted 0.1 percent in June this year, mainly due to a fall in output of the manufacturing and capital goods sectors. Factory output, measured in terms of the Index of Industrial Production, had grown 8% in June last year. According to data released by the Central Statistics Office, the manufacturing sector contracted 0.4% in June this year, but mining output rose 0.4 percent, and electricity generation increased 2.1 percent during the month. Capital goods output, which is a barometer of investment, shrank 6.8 percent in June.

Stock markets continue downward trend; Sensex loses 318 points

The domestic stock markets dropped sharply, today, amid a continued global market slide, while the rupee weakened modestly against the dollar. Falling for the fifth straight session, the Sensex at the Bombay Stock Exchange plunged 318 points, or 1 percent, to close at 31,214. The Sensex has now lost over 1,100 points in five trading sessions. The Nifty at the National Stock Exchange slipped 109 points, to 9,711. At the forex market, the rupee depreciated 5 paise, to 64.13 against the dollar. Gold rose 130 rupees, to an over three-month high of 30,020 rupees per ten grams in Delhi.

Mid-term Economic Survey presented in Lok Sabha

The Economic Survey volume two for the year 2016-17 was tabled in Parliament on the 11th August 2017. It said achieving 6.75-7.5 percent growth projected previously will be difficult due to the appreciation of the rupee, farm loan waivers and transitionary challenges from implementing GST. The survey, however, noticed a rekindled optimism on structural reforms in Indian economy riding on various factors such as the launch of GST, positive impacts of demonetization and further rationalization of energy subsidies. The Survey said farm loan waivers could reduce aggregate demand by as much as 0.7 percent of GDP, imparting a significant deflationary shock to an economy.

SEBI ties up with its Iranian Counterpart for technical assistance

On the 10th August, the Indian market regulator SEBI entered into an MOU with the Securities & Exchange Organisation of Iran for mutual cooperation and technical assistance. The MOU will promote technical assistance and facilitate international cooperation in the area of security regulation.

Oxford University Press brings out Tamil and Gujarati dictionaries online

The Oxford University Press has launched Tamil and Gujarati dictionaries online, as part of its special focus on Indian languages. This is also part of the University’s attempt to bring out dictionaries in 100 of the world’s top languages online. They have already bought out the Hindi version last year.

Maheshwari bags memorable bronze at Asian Shotgun Championship

Shooter Maheshwari Chauhan bagged a bronze medal at the Asian Shotgun Championship. She earned India's first women's skeet individual medal at a top international competition in Astana. Maheshwari also led India to the team silver alongside compatriots Rashmi Rathore and Saniya Sheikh.

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