Dear Friends,
Welcome to the Quick Gyan (QG) Section of D2G. QG is just a glimpse of what happened today all over the world.
Only For Serious Candidates : We strongly recommend you to read the Current Affairs in detail. For your convenience, we have provided quick links under the updates. Make use of it.
Always Keep Yourself Updated!!!
AWARDS AND HONOURS
Bill Gates tops Forbes’ 100 richest in Tech list
The rich keep getting richer in tech. The combined wealth of the 100 richest tech billionaires — a whopping $892 billion — surged 6% since last year. Forbes released the stats in its second annual Richest in Tech list. Amazon, meanwhile, saw its net income multiply nine times since last year to $857 million, fueled in part by strong demand for its free-shipping membership, Amazon Prime.
Quick Link – Bill Gates tops Forbes
INDIAN AFFAIRS
India’s first tiger cell to come up in Dehradun
The country’s first tiger cell will soon take shape at the Wildlife Institute of India (WII) campus in Dehradun. A memorandum of understanding (MOU) regarding the setting up of the cell will be signed between the National Tiger Conservation Authority (NTCA) and WII. The cell will house a database of tigers as well as DNA and stripes samples of the big cats from over 50 tiger reserves, and will aid conservation efforts by keeping an update on tiger numbers as well as tracking poaching incidents throughout the country.
Quick Link – Tiger Cell
Rajya Sabha passes Mental Health Care Bill
The Rajya Sabha passed Mental Health Care Bill seeking to provide better healthcare for people suffering from mental illness as members across the political spectrum sought urgent steps to address the lack of infrastructure and shortage of psychiatrists in the country. This is a historic and progressive Bill. It has been a long standing effort. It is patient-centric and focuses on how more facilities and support could be provided to the patients.
Quick Link – Mental health Care
Lok Sabha unanimously passes GST Bill amendments
The long-delayed GST Constitution bill passed by the Rajya Sabha last week was unanimously passed by the Lok Sabha on Monday. All the 443 members present voted in its favour. Speaking during a debate on GST Bill, Prime Minister Narendra Modi described the tax reform as a ‘Great Step towards Transformation/Transparency.
Quick Link – GST Bill amendments
BANKING AND FINANCE
RBI retains GDP growth forecast at 7.6% for FY17
With India touted as a “bright spot” in a gloomy global economy, RBI retained its FY17 GDP growth projection at 7.6 per cent, same as it sees both upside and downside risks. While cutting the policy lending rate by 25 bps to 6.5 per cent, RBI expects a normal monsoon will revive rural demand. “The uneven recovery in growth in 2015-16 is likely to strengthen gradually into 2016-17, assuming a normal monsoon, the likely boost to consumption demand from the implementation of the 7th Pay Commission recommendations and OROP, and continuing monetary policy accommodation.
Quick Link – GDP growth
FOREIGN RELATIONS
Anti-dumping duty on steel from six nations
The government has slapped anti-dumping duty on the import of hot-rolled steel products from six nations, including China and South Korea, in a bid to shield domestic manufacturers against cheaper inward shipments. An anti-dumping duty of $474-557 per tonne was imposed on ‘hot-rolled flat products of alloy or non-alloy steel’ import from China, Japan, South Korea, Russia, Brazil and Indonesia, the Department of Revenue in the Ministry of Finance said in a notification.
Quick Link – Anti-dumping duty
CABINET APPROVALS – AUGUST 10′ 2016
Cabinet approves MoU between India and South Africa for cooperation in the field of Tourism
The Union Cabinet has given its ex-post facto approval for a Memorandum of Understanding (MoU) between India and South Africa for cooperation in the field of Tourism.
The main objectives of the MoU are:
a) to expand bilateral cooperation in the tourism sector
b) to exchange information and data related to tourism ;
c) to encourage cooperation between tourism stakeholders, including hotels and tour operators.
d) to establish exchange programmes for cooperation in Human Resource Development;
e) Investing in the tourism and hospitality sector;
f) to encourage visits of Tour Operators/Media/ Opinion Makers and tourists from both countries for promotion of two way tourism;
g) to exchange experiences in the areas of promotion, education, marketing, destination development and management;
h) to participate in travel fairs/exhibitions in each other’s country; and
i) to promote safe, honorable and sustainable tourism.
Amendments to the Maternity Benefit Act, 1961
The Union Cabinet has given its ex-post facto approval for amendments to the Maternity Benefit Act, 1961 by introducing the Maternity Benefit (Amendment) Bill, 2016 in Parliament. The maternity benefit Act 1961 protects the employment of women during the time of her maternity and entitles her of a ‘maternity benefit’ – i.e. full paid absence from work – to take care for her child. The act is applicable to all establishments employing 10 or more persons. The amendments will help 1.8 million (approx.) women workforce in organised sector.
The Lokpal and Lokayuktas (Amendment) Bill, 2016
The Union Cabinet has given its ex-post facto approval for amendments to Section 44 and consequential amendments of the Lokpal and Lokayuktas Act, 2013 by introducing the Lokpal and Lokayuktas (Amendment) Bill, 2016 in the Parliament. The approved amendments will address concerns and apprehensions expressed by different categories of public servants and address the difficulties being faced in implementing the provision of section 44 of the Lokpal and Lokayuktas Act, 2013.
The Factories (Amendment) Bill, 2016
The Union Cabinet has given its ex-post facto approval for amendment of Section 64 and section 65 and consequential amendment of section 115 of the Factories Act, 1948 by introducing the Factories (Amendment) Bill, 2016 in the Parliament. The approved amendments will give boost to the manufacturing sector and facilitate ease of doing business with an aim to enhance employment opportunities.
Cabinet approves Agreement between the India and Croatia on Economic Cooperation
The Union Cabinet has given its approval for signing and ratification of an Agreement between India and Croatia on Economic Cooperation. India and Croatia had earlier signed an Agreement on trade and economic cooperation in September, 1994 with an aim to promote and develop bilateral trade and economic relations. Signing of the new Agreement between India and Croatia would be a step in continuity as the existing Agreement expired in November, 2009.
Cabinet approves foreign investment in other Financial Services sector
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to amend regulation for foreign investment in the Non- Banking Finance Companies (NBFCs).The amendment in the existing Foreign Exchange Management (Transfer or Issue of Security by the Person Resident Outside India) regulations on Non- Banking Finance Companies (NBFCs) will enable inflow of foreign investment in “Other Financial Services” on automatic route provided such services are regulated by any financial sector regulators (RBI, SEBI, PFRDA etc.) / Government Agencies.
Cabinet approves financial support to BHEL for R&D project
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved a proposal of R&D project for development of Advanced Ultra Super Critical (AUSC) Technology for Thermal Power Plant with an estimated cost of Rs.1554 crore and providing one time budgetary support of Rs.900 crore spread over a period of three years, commencing from 2017-18, to be provided as plan Gross Budgetary Support to BHEL for implementation of the R&D project.
Quick Link – CABINET APPROVALS
MERGERS AND ACQUISITIONS
HDFC Standard, Max Life approve merger terms
Analjit Singh-led promoter group of Max Financial Services will get Rs850 crore as non-compete fee following merger of its life insurance business with HDFC Standard Life Insurance Company Ltd (HDFC Life). The payment will be made by the merged entity over a four-year period, with an upfront fee of Rs501 crore followed by three equal annual instalments totalling Rs349 crore.
Quick Link – HDFC,MAX life
OBITUARY
Surfing’s 1st world champion passed away at 71
Bernard “Midget” Farrelly, who won surfing’s first world championship and was a pioneering surfboard designer, has died aged 71. Farrelly became the first Australian to win a major surfing title when he won the Makaha Invitational in Hawaii in 1963.
