Daily Current Affairs

Prelims Prominence - August 7, 2017

Health

Measles-Rubella (MR) Campaign widens its reach 2nd phase of MR vaccination campaign rolled out

  • India has resolved to eliminate measles and control rubella/congenital rubella syndrome (CRS) by 2020.
  • Ministry of Health & Family Welfare has initiated measles-rubella (MR) vaccination campaign in the age group of 9 months to less than 15 years in a phased manner across the nation.
  • All children from 9 months to less than 15 years of age will be given a single shot of Measles-Rubella (MR) vaccination during the campaign.
  • The first phase of measles-rubella vaccination campaign has been successfully completed in five states, namely, Tamil Nadu, Karnataka, Goa, Lakshadweep and Puducherry.
  • The next round is starting in 8 states/UTs (Andhra Pradesh, Chandigarh, Dadra & Nagar Haveli, Daman & Diu, Himachal Pradesh, Kerala, Telangana and Uttarakhand) from August 2017, aiming to cover 3.4 crore children.
  • The Measles-Rubella campaign is a part of global efforts to reduce illness and deaths due to measles and rubella/CRS in the country. Measles immunization directly contributes to the reduction of under-five child mortality, and in combination with rubella vaccine, it will control rubella and prevent CRS.

Today’s National Day

National Handaloom Day – 7 August

The National Handloom Day August 7 was declared in 2015 to mark the 1905 Swadeshi movement.

It was on August 7, 1905 that the formal proclamation of the Swadeshi Movement was made in a meeting at the Calcutta Town hall.
Movement involved –
Boycotting British products
Revival of domestic products and production processes.
India exports about 95% of hand-woven fabric in the world
Handweaving covers one of the largest sectors in Indian economy and it provides employment to about 43 lakh weavers.
It is time to encourage citizens to use more of handloom products because a certain increase of 5% in the consumption would help the handloom market and revenue grow by over 33%.

International Organisations

AIIB –INDIA Loan agreement

  • India has signed a loan agreement with China led-Asian Infrastructure Investment Bank (AIIB) of $329 n for Gujarat Rural Roads Project (GRRP).
  • The objective of the GRRP is to improve the rural road connectivity and accessibility by providing all weather road connectivity to 1,060 villages in all the 33 districts of Gujarat, benefiting about 80 lakh people.
  • It will benefit the service providers such as public transport operators, hospitals, educational institutions, local markets and traders

Enlighten about Asian Infrastructure Investment Bank (AIIB)

  • AIIB is a multilateral development bank backed by China, seen as a rival to the World Bank and Asian Development Bank (ADB).
  • It was established to fund various infrastructure projects including energy, transportation, urban construction and logistics as well as education and healthcare in Asia-Pacific region.
  • It established with 57 founding members and started to function in January 2016
  • As of May 2017, the bank has 52 members.
  • It has an authorised capital of US $100 billion.
  • It is headquartered in Beijing.

Share of Votes -

  • China is the largest shareholder with 26.06% voting shares
  • India is the second largest shareholder with 7.5% voting shares followed by Russia (5.93%) and Germany (4.5%).

Agricultre

AGRI-UDAAN Food and Agribusiness Accelerator 2.0 programme

Objective –

  • To promote innovation and entrepreneurship in agriculture
  • It will mentor startups and help them connect with potential investors.
  • Will help convert innovative ideas from India’s rural youth into viable businesses startups and help them connect with potential investors
  • It aims to attract the youth from rural India and elsewhere, and train them so they can add value to the farmers’ produce.
  • It is managed by ICAR-NAARM’s (Indian Council of Agricultural Research-National Academy of Agricultural Research Management) technology incubator, a-IDEA along with IIM Ahmedabad’s Centre for Innovation
  • Start-ups will get incubation space to run their businesses and have access to research laboratories and libraries.
  • It will also help the selected start-ups with regulatory services like company registration and environmental compliances.
  • In the first round of the programme 40 start-ups will be shortlisted who will pitch their ideas to a panel of evaluators.
  • Out of these, 8 to 12 start-ups will be selected for the final capacity building workshop.

Economy

Finance Minister Arun Jaitley announces new ETF-Bharat-22

  • Finance Minister Arun Jaitley launched a new ETF under the name Bharat 22, which will comprise shares of 22 companies.
  • The Finance Minister said that Bharat-22 ETF will comprise of the government's holding in SUUTI, CPSE ETF and PSU banks.
  • Among the 22 stocks, IOC, BPCL and NALCO will have 4.4 per cent weight each in Bharat-22. Power Grid will have 7.9 per cent weight, while Axis Bank (7.7 per cent), SBI (8.6 per cent) and Coal India (3.3 per cent) ITC (15.2 per cent), ONGC (5.3 per cent), NTPC (6.7 per cent) will have 3-15 per cent weightage in the ETF.

Enlighten about ETF

  • An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks.An ETF holds assets such as stocks, commodities, or bonds and generally operates with an arbitrage mechanism designed to keep it trading close to its net asset value, although deviations can occasionally occur. Most ETFs track an index, such as a stock index or bond index. ETFs may be attractive as investments because of their low costs, tax efficiency, and stock-like features. By 2013, ETFs had become the most popular type of exchange-traded product.ETF distributors only buy or sell ETFs directly from or to authorized participants, which are large broker-dealers with whom they have entered into agreements—and then, only in creation units, which are large blocks of tens of thousands of ETF shares, usually exchanged in-kind with baskets of the underlying securities. Authorized participants may wish to invest in the ETF shares for the long-term, but they usually act as market makers on the open market, using their ability to exchange creation units with their underlying securities to provide liquidity of the ETF shares and help ensure that their intraday market price approximates the net asset value of the underlying assets. Other investors, such as individuals using a retail broker, trade ETF shares on this secondary market.

NCLT Approves Airtel-Telenor Merger

  • The proposed merger between Bharti AirtelBSE and Telenor India has been approved by the National Company Law Tribunal (NCLT). The companies have been instructed by tribunal to hold a meeting of equity shareholders and unsecured creditors.
  • Bharti Airtel in June received nod from the Competition Commission of India (CCI), Securities & Exchange Board of India (SEBI), BSE and the National Stock Exchange of India.

Enlighten about CCI :

Competition Commission of India is a statutory body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an appreciable adverse effect on competition in India. It was established on 14 October 2003. It became fully functional in May 2009 with Dhanendra Kumar as its first Chairman.

Defence

India’s first private missile production facility unveiled

India’s first private sector missile sub-systems manufacturing facility, a joint venture between the $2.5 billion Kalyani Group and Israel’s Rafael Advanced Defence Systems Ltd, inaugurated in Hyderabad.

  • According to Kalyani Group chairman Baba N. Kalyani, the Kalyani Rafael Advanced Systems (KRAS) plant will make anti-tank guided missile (ATGM) Spike. Besides supplying to the Indian Army, the plan is to export to South East Asian countries.
  • Advanced equipment formed in line with the ‘Make in India’ initiative of the Centre and the policy to encourage private sector participation in defence production, the 51:49 joint ventures will develop a wide range of advanced capabilities.

Appointmens

Mohammad Mustafa Appointed CMD of SIDBI

Senior bureaucrat Mohammad Mustafa appointed as Chairman and Managing Director in Small Industries Development Bank of India (SIDBI).

  • Mustafa, a 1995 batch IAS officer of Uttar Pradesh cadre, is at present Joint Secretary in Department of Financial Services.
  • The Appointments Committee of the cabinet has approved his appointment to the post for three years, an order issued by the Department of Personnel and Training (DoPT).

Enlighten about SIDBI :

Small Industries Development Bank of India:, is an independent financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises (MSME) in India. Set up on April 2, 1990 through an act of parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India. Currently the ownership is held by 34 Government of India owned / controlled institutions. Beginning as a refinancing agency to banks and state level financial institutions for their credit to small industries, it has expanded its activities, including direct credit to the SME through 100 branches in all major industrial clusters in India.Besides, it has been playing the development role in several ways such as support to micro-finance institutions for capacity building and onlending. Recently it has opened seven branches christened as Micro Finance branches, aimed especially at dispensing loans up to 5 lakh.

It is the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities.