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Cabinet approvals on June 6 2018
i. On June 6, 2018, the Union Cabinet chaired by the Prime Minister Narendra Modi approved continuation Programme for Geosynchronous Satellite Launch Vehicle Mark –III.
ii. The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the revision in the wage structure and allowances of GraminDakSevaks (GDS) of the Department of Posts.
iii. The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the revised guidelines of the Department of Public Enterprises (DPE) on time bound closure of sick/ loss making Central Public Sector Enterprises (CPSEs) and disposal of movable and immovable assets.
iv. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for implementation of Phase-Ill of Off-grid and Decentralised Solar PV (Photo Voltaic) Application Programme to achieve additional 118 MWp(Mega Watt peak) off-grid solar PV capacity by 2020.
v. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, approved the project for construction of 9.9 km long new 6 – lane bridge across river Ganga on NH – 96 at Phaphamau in Allahabad .
vi. The Prime Minister approved interventions to deal with the crisis in the sugar sector. The following measures have been approved with a total cost of Rs. 7000 crore…………………………………………………….Click here to Read more
Cabinet Approvals with Foreign Countries on June 6
i. On June 6, 2018, he Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the joint issue of postage between India and Russia.
ii. The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the Memorandum of Understanding (MoU) signed between India and Netherlands on technical cooperation in the field of Spatial Planning, Water Management and Mobility Management .
iii. The Union Cabinet chaired by Prime Minister Shri Narendra Modi was apprised of the Memorandum of Understanding (MoU) signed between India and Denmark on technical cooperation in the field of Sustainable and Smart Urban Development .
iv. The Union Cabinet chaired by Prime Minister Shri Narendra Modi was apprised of the Memorandum of Understanding (MoU) signed between India and United Kingdom on technical cooperation in the field of Sustainable Urban Development in April, 2018.
v. The Union Cabinet chaired by Prime Minister Shri Narendra Modi was apprised of a Memorandum of Understanding (MoU) signed between India represented by the Indian Space Research Organization (ISRO) and Oman represented by the Ministry of Transport and Communications on Cooperation in the peaceful uses of outer space, in February, 2018 at Muscat.
vi. The Union Cabinet chaired by Prime Minister Shri Narendra Modi was apprised of the Agreement signed between India and France in the field of Sustainable Urban Development in March, 2018. The Agreement will be in force for a period of 5 years…………………………………………………….. Click here to Read more
Railways introduces bagasse-based food packaging on premium trains
On 6th June 2018, the Indian Railway Catering and Tourism Corporation (IRCTC) introduced the trial run of environment friendly bagasse-based food packaging on 8 premium trains like Shatabdis and Rajdhanis originating from New Delhi.
Bagasse-based food packaging on premium trains:
i. This move has been done as a part of Indian Railways’ initiative to go green. It also aims to boost India’s sugarcane industry.
ii. Bagasse is the fibrous remains obtained after extracting sugarcane juice. It is utilised to make disposable cutlery and containers to serve meals.
iii. Provision will be made to collect the used packaging. Then it will be processed and disposed by composting to promote environmental sustainability.
Some important international airports in India:
♦ Kempegowda International Airport – Bengaluru, Karnataka
♦ Mangalore International Airport – Mangalore, Karnataka
♦ Cochin International Airport – Kochi, Kerala
Fadnavis inaugurates web portal on medical education
On 6th June 2018, Maharashtra Chief Minister Devendra Fadnavis inaugurated a web portal named Continuous Medical Education (CME) to offer information and suggestions related to exact treatment received by patients for various health issues.
Continuous Medical Education (CME):
i. The Continuous Medical Education (CME) web portal was developed by Maharashtra state government and the Maharashtra Medical Council (MMC).
ii. All registered medical practitioners and doctors use this web portal. Doctors in rural areas can us e this service on mobile or computers.
iii. They can also attend the workshop of CME. Using this facility medical practitioners can obtain online information and suggestions regarding accurate treatment of patients suffering from various ailments.
Some national parks in Maharashtra:
♦ Sanjay Gandhi National Park
♦ Gugamal National Park
Shri R K Singh chairs ‘Review, Planning and Monitoring (RPM) Meeting’ with States and Power Utilities; asks States to speed up work under Saubhagya
On 6th June 2018, Minister of State(IC) for Power and New & Renewable Energy, R K Singh chaired the ‘Review, Planning and Monitoring (RPM) Meeting’ with the Secretaries of Power/Energy Departments of the States/UTs and Managing Directors of the Power Utilities.
Review, Planning and Monitoring (RPM) Meeting:
i. The progress of work under Saubhagya, Gram Swaraj Abhiyan and Deen Dayal Upadhyaya Gram Jyoti Yojna were discussed in the meeting.
ii. This was the first RPM meeting after 100 % village electrification has been achieved. R K Singh said that draft on amendments to Electricity Act will be circulated soon.
iii. Also, several aspects of rural electrification like availability of trained manpower and material, incoming monsoon and tendering process at local level etc. were discussed.
iv. The discussions were moderated by Arun Kumar Verma, Joint Secretary, Ministry of Power.
v. Presentations were done by various State officials. ‘Feeder Manager Awards’ for reduction in AT&C losses were presented by Sanjiv Nandan Sahai, Additional Secretary, Ministry of Power.
Some important dams in India:
♦ Kakki (Eb) Dam – Kakki River
♦ Nagi Dam – Nagi River
♦ Jamrani Dam – Gola River
WCD Ministry organising day-long National Consultation on Child Protection
On 5th June 2018, The Ministry of Women and Child Development conducted a day-long National Consultation on Child Protection in New Delhi.
National Consultation on Child Protection:
i. The objective of this event is to obtain information and expertise from all related stakeholders on crime against children.
ii. Secretary in Women and Child Development Ministry, Rakesh Srivastva said that, various measures have been taken to ensure that children grow in a violence free environment.
iii. He also said, anti-human trafficking bill that was cleared by the Cabinet, is expected to be introduced in the Monsoon Session of Parliament.
Baba Kalyani heads group to study SEZ Policy
The Indian government has formed a group to study the Special Economic Zones (SEZ) Policy of India, headed by Baba Kalyani.
Baba Kalyani heads group to study SEZ Policy:
i. The SEZ Policy was implemented from 1st April 2000. The Special Economic Zones Act, 2005 was passed by Parliament in May, 2005.
ii. It received Presidential assent on 23rd June 2005 and the Special Economic Zone Act was enacted. The SEZ Act 2005, supported by SEZ Rules, was brought into act on 10th February 2006.
iii. The group that has been formed will evaluate the SEZ policy. It will suggest measures to cater to the needs of exporters according to the current economic condition.
iii. It will also make the SEZ policy WTO compatible, suggest course correction in SEZ policy, make comparative analysis of the SEZ scheme and club the SEZ policy with similar schemes. The Group will submit its recommendation in 3 months.
About World Trade Organization (WTO):
♦ Director-General – Roberto Azevêdo
♦ Headquarters – Geneva, Switzerland
Geo-Intelligence Asia – 2018 for providing insight of the latest technology in the GeoSpatial field
On June 6,2018, The 11th edition of Geo-Intelligence Asia 2018 was organized at Manekshaw Centre in New Delhi. This event was organized by Geo Spatial Media and Communication in association with Directorate General of Information System as knowledge partners.
To examine the latest technology solutions and on the critical role of geospatial technology in military and security applications.
i. The theme of this year’s event : ‘GeoSpatial : A Force Multiplier for Defence and Industrial Security’.
ii. Gen Bipin Rawat, Chief of the Army Staff stressed on the use of various technologies available in the Geo Spatial field to automate the Indian Army find solutions for the challenges faced by the Indian Army.
iii. The session covered subjects like Enhanced Situational Awareness for Combat, Smart Cantonments, GIS and Logistics, Cyber Security and LIDAR .
Bihar govt launches new crop insurance scheme ‘Bihar State crop Assistance scheme’ with effect from Kharif (monsoon) this year
On June 6, 2018, the state government of Bihar launched new crop insurance scheme . This decision was taken by a meeting chaired by the Chief Minister Mr. Nitish Kumar.
i. This insurance scheme will come in effect from the Kharif season of 2018.
ii. The name of the scheme is : ‘Bihar State Crop Assistance scheme’.
iii. Under this scheme the farmers would get a compensation of Rs7500 per hectare if less than 20% of the crop is damaged .
iv. And if more than 20% of crop is damaged , Rs.10000 would per hectare would be given as compensation.
Polythene to be completely prohibited from 31st July in Uttarakhand to support Centre’s ‘Beat Palstic Pollution’
On June 5, 2018, The government of Uttarakhand announced that it would ban use of polythene bags fom July 31st 2018.
i. This is inspired by Governments campaign against plastic use ‘Beat Plastic Pollution’ that was launched ahead of World Environment Day.
ii. A week before the ban the state will conduct a massive mass awareness campaign on environmental damage caused due to plastic use
iii. Along with Uttarakhand, Tamil Nadu, Nagaland, Maharashtra, Jharkhand also declared the ban.
iv. Tamil Nadu’s ban will be in full effect from January 2019, Jharkhand’s ban will be from June 5 2019 and Nagaland’s decision would be in effect from December 2019.
UP govt decides to set up one police station in each district to check power theft & minimize power loss in state
On June 6, 2018, Uttar Pradesh government to set up police station in every district .
To minimize power theft and power loss.
i. 33 enforcements units are working to check power theft.
ii. The state government announced that only 15% of power loss would be compensated.
iii. 55 more enforcement units have been approved.
iv. State cabinet has also decided to declare Nagar Palika Vrindavan and Nagar Panchayats Barsana, Gokul, Govardhan, Nandgaon, Radhakund and Baldev as no liquor areas. This places are under Mathura District .
v. The state government has also approved a Solid Waste Management policy, Animal Breeding Policy 2018 and Milk Policy 2018. Milk policy 2018 will come into effect for a period of 5 years.
MP announces outstanding power bill waiver scheme ‘Bijli Bill Mafi Yojana’ for BPL families
On June 6, 2018, Government of Madhya Pradesh launched a outstanding power bill waiver scheme for poor and families of labourers.
Key points :
i. The name of the bill is : ‘Bijli Bill Mafi Yojana 2018 (Power Bill Waiver Scheme)’
ii. This would benefit 77 lakh people.
iii. Labourers falling under the unorganized sector would be given electricity at a subsidized rate.
iv. Another Yojana called : ‘Mukhyamantri Jan Kalyan (Sambal) Yojana 2018’.
v. Under this scheme , the BPL families would be given power supply at a rate of Rs.200 per month.
vi. Power connection would be provided free of cost and would benefit 88 lakh families.
vii.Eligibility for the schemes would be that the beneficiaries consuming power below 1000 watts and could operate a fan , a television and bulbs. It would waiver the outstanding bill as on June 1,2018.
viii. The scheme would come into effect from July 1 2018 and would cost Rs.1000 crore to the state exchequer.
♦ Chief Minister of Madhya Pradesh : Mr. Shivraj Singh Chouhan.
Closing ceremony of India–Indonesia Coordinated Patrol (IND-INDO CORPAT)
On 6th to 9th June 2018, the closing ceremony of the 31st edition of the India – Indonesia Coordinated Patrol (IND-INDO CORPAT) is held in Belawan, Indonesia.
India–Indonesia Coordinated Patrol (IND-INDO CORPAT):
i. INS Kulish, a Kora class Missile Corvette commanded by Commander Deepak Bali and one Dornier Maritime Patrol Aircraft of the Andaman and Nicobar Command reached Belawan on 6th June 2018 for the closing ceremony.
ii. The opening ceremony of IND-INDO CORPAT was held on 24th and 25th May 2018 at Port Blair. The co-ordinated patrol (CORPAT) was held from 26th May to 2nd June 2018.
iii. The visit of the Indian Naval Ship indicates India’s peaceful presence and solidarity with friendly countries. This is expected to improve India – Indonesia ties.
iv. During the stay in harbour, activities like official calls, formal reception on board ship, sporting fixture, ship open to visitors and professional interaction between naval personnel of both the countries have been planned.
v. The delegation is led by senior officer from Indian Navy, Commodore Ashutosh Ridhorkar, Naval Component Commander, Andaman and Nicobar Command embarked onboard INS Kulish.
About Indian Navy:
♦ Chief of the Naval Staff (CNS) – Admiral Sunil Lanba
♦ Headquarters – New Delhi
BANKING & FINANCE
RBI releases Second Bi-monthly Monetary Policy Statement 2018-19
On June 6,The Reserve Bank of India (RBI) released its Second Bi-monthly Monetary Policy Statement 2018-19. After assessing the current and evolving macroeconomic situation in the economy, the six members Monetary Policy Committee (MPC) headed by RBI governor Urjit Patel decided to:
• Increase the policy Repo Rate under the Liquidity Adjustment Facility (LAF) by 25 basis points to 6.25 percent.
• The Reverse Repo Rate under the LAF stands adjusted to 6.0 percent.
• The Marginal Standing Facility (MSF) rate and the Bank Rate stand at 6.5 percent.
The decision of the MPC was consistent with the monetary policy in consonance with the objective of achieving the medium-term target for Consumer Price Index (CPI) inflation of 4 percent within a band of +/- 2 per cent.
The committee revised the retail inflation estimate to 4.8-4.9 percent for the first half of 2018-19 and 4.7 percent in the second half.
|Reverse Repo Rate||6.0%|
|Marginal Standing Facility Rate||6.5%|
|Cash Reserve Ratio(CRR)||4%|
|Statutory liquidity ratio (SLR)||19.5%|
The RBI retained GDP growth for 2018-19 at 7.4 percent, the same as that of the First Bi-monthly Monetary Policy Statement in April. Growth is projected in the range of 7.5-7.6 percent in April-September and 7.3-7.4 percent in October-March.
- RBI had hiked the rates after 4 years,It had last hiked the rates in January 2014.
- All members of the monetary policy committee voted for 0.25% rate hike
- The MPC will meet on July 31 and later on August 1.
Bank of Baroda increases MCLR by 5 basis points , effective from June 7,2018
On June 6, 2018, Bank of Baroda increased its Marginal Cost-Based Lending Rate (MCLR) by 5 basis points.
Key points :
i. This would come into effect from June 7,2018.
ii. The chart shows the effect on the terms loans:
|Tenure||Earlier (in %)||After June 7 ,2018 (in %)|
iii. Other banks that have recently raised their MCLR rates are : SBI by 10 basis points, Punjab National Bank by 5-10 basis points, Union Bank , ICICI Bank , Kotak Mahindra Bank .
IDFC Bank, Capital First shares gain on RBI nod for merger
On 6th June 2018, IDFC Bank received RBI’s approval for merger of Capital First, Capital First Home Finance and Capital First Securities with the company.
IDFC Bank, Capital First shares gain on RBI nod for merger:
i. The Reserve Bank of India (RBI) has given its no objection for the voluntary merger of Capital First Ltd, Capital First Home Finance Ltd and Capital First Securities Ltd with IDFC Bank.
ii. In January 2018, the company said that, its board of directors has approved merger of the three entities with IDFC Bank.
About IDFC Bank:
♦ MD & CEO – Rajiv B.Lall
♦ Headquarters- Mumbai
World Bank approves Rs. 6,000 crore Atal Bhujal Yojana for ground water conservation in 7 states.
On June 6, 2018, World Bank approved an amount of Rs. 6000 crore for the implementation of Atal Bhujal Yojana.
i. The Atal Bhujal Yojana is under the Ministry of Water Resources , River Development and Ganga Rejuvination .
ii. This scheme would be implemented from 2018-19 to 2022-23 for a period of 5 years.
iii. This scheme has been recommended by the Expenditure Finance Committee.
About Atal Bhujal Yojana :
i. This scheme aims to improve ground water management through community participation.
ii. Under this scheme , priority is given to areas with critically low ground water level .
iii. The priority areas are : Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh .
iv. They cover 25% over exploited and critical ground water level and have two major types of ground water systems : Alluvial and Hard rock aquifers .
v. This would benefit nearly 8350 Gram Panchayats in 78 districts in these states.
vi. Active participation of the communities in various activities such as formation of Water User Associations, monitoring and disseminating ground water data, water budgeting, preparation and implementation of Gram-Panchayat wise water security plans and IEC activities related to sustainable ground water management.
World Bank forecasts 7.3 per cent growth in FY19 for India, making it fastest growing economy
On June 6, 2018, World Bank predicts India’s GDP growth to be 7.3% for FY19.
Key points :
i. India is expected to grow by 7.3% in FY19 and 7.5% in FY20.
ii. This was released in World Bank’s ‘Global Economic Prospect’ report.
iii. China is expected to slow down slightly from 6.9 per cent in 2017 to 6.5 per cent in 2018, 6.3 per cent in 2019 and 6.2 per cent in 2020.
iv. South Asia is predicted to grow by 6.9% in 2018 and 7.1% in 2019.
v. Recovery in Bangladesh, Pakistan and Sri Lanka is expected to be accompanied by moderating activity in Afghanistan, Bhutan and Maldives.
vi. This would make India the ‘Fastest growing country ‘ .
BUSINESS & ECONOMY
Corporate India announces M&A deals worth USD 25 bn in May: Grant Thorton
On June 6, 2018, According to assurance , tax and advisory firm Grant Thorton’s report corporate India has made Merger and Acquisition (M & A) deals worth $25 billion in May 2018.
i. There were 46 transactions worth $25,656 million in May 2018 compared to previous year’s 35 transactions worth $897 million .
ii. This boost is mainly credited to the M&A deal of Flipkart and Walmart (US) worth $16 billion.
iii. It alone contributed to 62% of the total worth of M&A in May.
iv .Following the surge in May, the total worth of M&A deals for the first 5 months stand to $63,328 million or about $63 billion for a total of 204 transactions.
v. Manufacturing, banking and financial services, e-commerce, IT and ITeS and healthcare sector will be the focus sectors for M&A transactions.
vi.The period between January and May registered 10 deals in the billion-dollar category and 24 deals valued $100 million or above each.
vii.The start-up sector led the deal volumes, capturing a 17 per cent share, garnering $36 million.
viii. The manufacturing sector witnessed three billion-dollar transactions, while the transport and energy sectors inked deals worth over $100 million.
AWARDS & RECOGNITION
Virat Kohli’s statue unveiled at Madame Tussauds
On 6th June 2018, Indian cricket captain Virat Kohli’s wax statue was unveiled at Madame Tussauds in New Delhi.
Virat Kohli’s statue unveiled at Madame Tussauds:
i. Virat Kohli’s statue was crafted using more than 200 measurements and photographs obtained during the sitting session.
ii. Virat Kohli’s statue features him in a dynamic pose, with the Indian cricket team jersey.
iii. Wax statues of other sport legends like Sachin Tendulkar, Kapil Dev, and Lionel Messi are also present in Madame Tussauds.
Kohli features in world’s highest-paid athletes list according to the Forbes.
Indian Cricket captain Virat Kohli has become the only Indian to appear in annual list of the world’s 100 highest-paid athletes 2018, as per Forbes.
Kohli features in world’s highest-paid athletes list according to the Forbes:
i. The annual list of the world’s 100 highest-paid athletes 2018 has placed Virat Kohli at the 83rd spot with a total earnings of 24 million dollars in the last 12 months.
ii. He has earned 4 million dollars through salary and winnings and 20 million dollars through brand endorsements.
iii. This year’s list has not featured any female athletes. American boxer Floyd Mayweather has topped the list with a earning of 285 million dollars.
iv. He has attained this number one spot in the list of the world’s highest-paid athlete for the fourth time in seven years.
v. Second place is occupied by football player Lionel Messi with 111 million dollar earnings.
vi. Football player Cristiano Ronaldo has moved down to 3rd rank with an earnings of 108 million dollars.
vii. Mixed martial artist and boxer, Conor McGregor has secured the fourth spot with an earnings of 99 million dollars.
viii. Football player Neymar is in fifth position with $90 million earnings. NBA players dominate the list with a total of 40 basketball players in the top 100.
ix. NBA (National Basketball Association) player LeBron James, is at sixth rank with total earnings of 112 million dollars. He is the highest-paid basketball player on the list.
Some important stadiums in India:
♦ Birsa Munda Athletics Stadium – Ranchi, Jharkhand
♦ JRD Tata Sports Complex – Jamshedpur, Jharkhand
♦ Keenan Stadium – Jamshedpur, Jharkhand
APPOINTMENTS & RESIGNS
Rudrendra Tandon appointed as next Ambassador of India to ASEAN
On 5th June 2018, Rudrendra Tandon was appointed as next Ambassador of India to ASEAN.
Rudrendra Tandon – next Ambassador of India to ASEAN:
i. Rudrendra Tandon is an Indian Foreign Service (IFS) Officer of 1994 batch. He is currently Joint Secretary at Headquarters.
ii. He has been appointed as next Ambassador of India to ASEAN (Association of Southeast Asian Nations). He will take up this assignment soon.
Madhu Sethi appointed as the next Ambassador of India to the Republic of Cuba
On 4th June 2018, Madhu Sethi was appointed as the next Ambassador of India to the Republic of Cuba.
Madhu Sethi – next Ambassador of lndia to the Republic of Cuba:
i. Madhu Sethi (YOA : 2004) is Counsellor in the High Commission of India, London, at present.
ii. She has been appointed as the next Ambassador of India to the Republic of Cuba. She will take up the new assignment soon.
Tsewang Namgyal concurrently accredited as the next Ambassador of India to the Republic of Lithuania
On 4th June 2018, Tsewang Namgyal was made the next Ambassador of India to the Republic of Lithuania.
Tsewang Namgyal – next Ambassador of India to the Republic of Lithuania:
i. Tsewang Namgyal is an Indian Foreign Service (IFS) Officer of 1992 batch. At present he is the Ambassador of India to the Republic of Poland.
ii. He has been named the next Ambassador of India to the Republic of Lithuania. He will take up this assignment soon.
Cricket Australia CEO Sutherland announces resignation
On 6th June 2018, Cricket Australia Chief Executive Officer James Sutherland informed the Chairman and Board of Cricket Australia his intention to resign from his current position.
Resignation of James Sutherland:
i. James Sutherland started working with Cricket Australia in 1998. He became CEO of Cricket Australia in 2001.
ii. He has given 12 months’ notice. He will continue as CEO until a new person is appointed.
iii. The Cricket Australia Board has appointed an executive search agency to carry out the recruitment process to find a new CEO.
SCIENCE & TECHNOLOGY
China approves first home made anti-HIV drug
China has approved the first domestically developed, long-acting injectable HIV drug named Albuvirtide.
i. Albuvirtide has been approved by the China Food and Drug Administration. It can block the fusion of the virus and host cell membranes, blocking the HIV life cycle in the earliest stage.
ii. Albuvirtide is injected once a week. Albuvirtide has lesser side effects, mainly on the liver, compared to imported anti-HIV drugs.
iii. Albuvirtide is a fusion inhibitor. It should be used with antiretroviral drugs to treat people with HIV infection who have received antiviral therapy. Albuvirtide will reduce treatment costs for HIV-infected patients.
New material found to eliminate organic pollutants in water
Researchers have developed a new material that is capable of absorbing organic pollutants present in water.
New material found to eliminate organic pollutants in water:
i. The research was conducted by the researchers of University of Seville. The study has been published in the journal Environmental Research.
ii. The material is a type of phyllosilicate. Phyllosilicates are a subclass of silicates. The material has been obtained from cation exchange with an organo-functionalised mica (C18-Mica-4).
iii. It shows the ability to eliminate organic pollutants in a solution in less than 24 hours
iv. The material C18-Mica-4 can eliminate most of the pollutants that were evaluated in urban waste water, and surface water and potable water.
Russian Language day – June 6
On 6th June 2018, UN Russian Language Day was observed.
Russian Language day:
i. The Russian Language day is observed every year on 6th June. In 2010, this day was established by the United Nations Educational, Scientific and Cultural Organization (UNESCO).
ii. In 2010, the United Nations established language days for all its six official languages: Arabic, Chinese, English, French, Russian, and Spanish.
iii. The UN Russian Language Day coincides with the birthday of Aleksandr Pushkin, a Russian poet, who is called the father of modern Russian literature. This day focuses on cultural events, readings, plays and music