International News
India to become 3rd Largest Economy in 2025 to overtake Japan
- IHS Market Ltd in a report said that the transform from $3 trillion economies (2019) to $5 trillion economies (2025) is the key reason for the shift.
- The information provider estimates that India will surpass the UK in 2019 to become the world’s 5th largest economy.
- An average GDP growth of 7% is forecasted by IHS Market over the period of 2019-2023.
National News
India gets Jaipur as its 38th UNESCO World Heritage Site
- Jaipur city, Rajasthan is inscribed in the list of UNESCO world heritage sites during the 43rd session of the world heritage committee at Baku, Azerbaijan.
Train 18 Production put to halt
- The production of Train18, India’s first semi high-speed train has come to halt as the design of the train violates certain specifications.
- Major Deviations were found from specifications prescribed by the Research Designs and Standards Organisation (RDSO).
Karnataka 1% quota for Trafficked Women’s Girl Child
- The Higher Education Department has issued an order for all state-run universities in Karnataka to provide 1% reservation for girl children of trafficked women.
- Odanadi Seva Samsthe, Mysore, an NGO working for the rescue, rehabilitation of trafficked and sexually exploited women and children sought academic reservation in the University of Mysore.
MoAFW Commemorates Partnership with UN WFP
- The book contains India’s journey towards food and nutrition security with giving light on the Green Revolution, digitization of food safety nets and the White Revolution.
- Both of them aims for ‘ending hunger, achieving food security, improving nutrition and promoting sustainable agriculture’ to achieve the target of Sustainable Development Goal 2.
NCDEX to add basmati paddy in the Grain Basket
- India contributes about 23% (116 million tonnes) of global rice production (500 million tonnes).
- In the case of basmati rice production, India commands over 70% (about 5.5 million tonnes) of global production (9 million tonnes) becoming the world’s top exporter of basmati rice.
- Basmati accounts for about 5% of the total production of paddy in India.
Changes made in TPAs Health Norms
- Insurance Regulatory and Development Authority (IRDAI) has introduced changes in the regulation governing TPA (Third-Party Administrators)-Health Services.
- TPAs would not be allowed to discuss matters of health services directly to the policyholders or prospects.
- The policyholder will choose the TPAs from the names of the TPAs explicitly provided by the insurers.
“Operation Thirst” launched by RPF
- The operation was launched on 8th and 9th July 2019.
- The operation was to tackle the menace of unauthorized Packaged Drinking Water (PDW) in Railway premises.
- 1371 persons were arrested during the drive for selling PDW of unauthorized brands.
India’s First ‘private’ Train TEJAS Express
- Indian Railway Catering and Tourism Corporation (IRCTC) is to be given the custody of the train.
- The train is given on an experimental basis to the private players and will start running within 100 days.
- The Tejas Express will offer premium services and comforts to the passengers.
195 cases of NRI husbands Deserting their Wives: RPO
- 195 cases of NRI husbands deserting their wives in the past 2 years is noted by the regional passport office (RPO).
- A large number of the cases were reported from Punjab.
- Complaints filed by third parties are accepted.
India built 250 Homes in Myanmar for Rohingya
- The project was signed in 2017 between India and Myanmar.
- Under the agreement, the government of India had committed to spending $25 million over 5 years for rehabilitation of Rohingya.
Wholesale Inflation declines in June
- Wholesale price-based inflation declined to its 23 month low of 2.02% in June.
- Inflation eased marginally in food articles basket to 6.98 per cent in June from 6.99 per cent in May.
- Vegetable inflation softened from 33.15 per cent in the previous month to 24.76 per cent in June.
Banking
RBI can supersede NBFC board
- For strengthening the regulatory authority of RBI over NBFCs, appropriate proposals are being placed in the Finance Bill.
- According to the Finance Bill, the RBI can supersede the NBFC Board for a maximum five year period, if the RBI finds that it in the ‘public interest’ or to prevent the affairs of an NBFC whose conducts are detrimental to the interest of the depositors or creditors.
SEBI gets power to Probe Data Leak
- Securities and Exchange Board of India (SEBI) has acquired new powers to act against information tampering, leak of data, destroying of regulatory data or unauthorised access to data.
- According to the bill, if a person tampers with information, destroys regulatory data, access data in an unauthorised manner then a penalty of up to Rs 10 crore or 3 times the unlawful gains, whichever is higher would be imposed on the entity.
‘UTKARSH 2022’: Three-year roadmap of RBI
- The three-year medium-term strategy- named UTKARSH 2022 has been made for improving regulation, supervision of the central bank and avoid any crisis.
- Deputy Governor Viral Acharya anchored an internal committee which was formed to identify issues to be addressed in the next three years.
Bank 44,016 frauds in the last 11 years
- As per the data provided by the Finance Ministry, 44,016 Bank frauds have occurred in the last 11 years.
- Since 2008-2009, 2016-17 was the worst year with the highest amount of money involved in bank frauds.
- 2016-17 alone had 3927 frauds of amount Rs 25,883 crore.
RBI data on Affordable Housing in Four Years
- The house price-to-income ratio has increased in the last 4 years, as per the RBI’s quarterly Residential Asset Price Monitoring Survey.
- The price-to-income ratio is used by the lenders as a measure of purchasing power for home buyers and the affordability of a residential property.
- A wide gap between home prices in the country and real income was found in the survey.
Appointments
| Name of the Person | Designation |
| Anshula Kant | MD and CFO of World Bank |
