Thursday, 3 August 2017

Daily Update On Current Affairs - August 03, 2017

current affairs

Here's your daily summary of Current Affairs.

Lok Sabha passes two key bills for implementation of GST in J&K       

The Lok Sabha has passed the Central Goods and Services Tax (Extension to Jammu and Kashmir), Bill, 2017 and the Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017. The two Bills will replace the ordinances promulgated earlier in this regard. The first Bill provides for the extension of the Central Goods and Services Tax Act, 2017 to Jammu and Kashmir and the other provides for the extension of the Integrated Goods and Services Tax IGST Act, 2017 to the State.

Committee formed to study data protection 
The Ministry of Electronics and Information Technology has formed an expert committee under the chairmanship of Justice Srikrishna to study the various factors relating to data protection. They will suggest a Data Protection Bill. The Committee will design a broader framework and will cover all kinds of data and ensure that deliberations on the issue start as soon as possible. 

India and Somalia sign an agreement on exchange of sentenced persons

In an agreement signed between the two nations, India and Somalia have agreed to exchange or transfer sentenced persons. This is done with a view to enhancing the humanitarian cooperation between the two nations.  The two countries also agreed to enhance cooperation in all the spheres. The agreement was signed on the 1st of August 2017 by the External Affairs Minister Ms.Sushma Swaraj and the visiting Somali Foreign Minister.

US says, it has no intention of toppling North Korean regime but warns that Pyongyang must halt its nuclear missile program

US has said, it has no intention of toppling the North Korean regime, but warned that Pyongyang must halt its nuclear missile program. Briefing reporters on diplomatic efforts to put pressure on Pyongyang, US Secretary of State Rex Tillerson Tillerson said, Washington would be willing to talk to the North if its leaders are ready to abandon the nuclear weapons. He said, US is not posing a threat to North Korea, rather Pyongyang is presenting an unacceptable threat to Washington and it has to respond.

World Bank permits India to construct Kishanganga and Raffle projects

The World Bank has permitted India to construct the hydroelectric projects under the Jhelum and Chenab rivers and their tributaries, with certain restrictions under the Indus Water Treaty of 1960. Pakistan and India will reconvene in Washington in Sept 2017 to review the same.

BRICS Trade Ministers meeting held in Shanghai   

The meeting of the Trade Ministers of the BRICS nations was held in Shanghai, China on the 1st and 2nd August 2017. India was represented at the meeting by Ms. Nirmala Seetharaman, Union Minister for Trade and Commerce. Measures to expand cooperation amongst the member nations were discussed at the meeting. Economic and technical cooperation also figured in the agenda of the meeting.

RBI cuts repo rate by 25 bps to 6%      

In line with market expectations, the Reserve Bank of India on 2nd August in its 3rd bi-monthly monetary policy decision of FY 2017-18 reduced the Repo Rate under the Liquidity Adjustment Facility by 25 basis points from 6.25 percent to 6.0 percent. The reverse repo rate under the LAF stands adjusted to 5.75 percent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.25 percent. In the wake of record low retail inflation, the monetary policy committee (MPC) headed by RBI Governor Mr. Urjit Patel slashed policy repo rate by 25 basis points to 6 percent and reverse repo by a similar proportion to 5.75 percent in its third Monetary policy review in Mumbai on the 2nd August. The MPC also decided to keep the policy stance neutral in consonance with the objective of achieving the medium-term target for consumer price index inflation of 4 percent. Despite a cut in the benchmark lending rate, RBI retained its GDP forecast to 7.3 percent.

Telecom Market likely to cross ` 6.6 trillion revenue by 2020: Minister 
Communications Minister Manoj Sinha has said that Indian Telecom Market is expected to cross the 6.6 trillion rupees revenue mark by the year 2020. Speaking at a Workshop on Telecom India in New Delhi on the 2nd August, Mr. Sinha said, by the end of last year the number of internet subscribers in India was more than 391 million making India globally the 2nd highest in terms of internet users. He said the Indian telecom industry has seen a paradigm shift from a voice centric market to a data-centric market. The Minister said the government had launched the Digital India initiative in July 2015 which had three broad targets - providing Digital Infrastructure as a core utility to every citizen, Governance, and Services on Demand as well as Digital empowerment of citizens. 

Govt launches portal e-Rashtriya Kisan Agri Mandi

The government launched a portal e-Rashtriya Kisan Agri Mandi (e-RaKAM) which will provide a platform to sell agricultural produce. e-RaKAM is a first of its kind initiative that leverages technology to connect farmers of the smallest villages to the biggest markets of the world through internet. e-RaKAM is a digital initiative bringing together the farmers, PSUs, civil supplies and buyers on a single platform to ease the selling and buying process of agricultural products.

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