Daily GK Updates - 7th June, 2017

NATIONAL UPDATES:

1. India signs agreement to provide Sri Lanka with USD 318 million for Railway: India has signed an agreement with Sri Lanka to provide fresh assistance of 318 million US $ credit line for the development of the railway sector in the Srilanka. India has already provided four Lines of Credit for the development of railway in Sri Lanka through its EXIM bank amounting around US $ 966 million.

2. Jaitley says that CAG will audit Goods and Services Tax Network: According to the Finance Minister Arun Jaitley, Comptroller and Auditor General (CAG) of India will audit the Goods and Services Tax Network (GSTN). GSTN is a company that provides technology backbone for the Goods and Services Tax (GST). In the GSTN, the central and the state governments will together own 49 % of the equity and the rest would be with some very responsible bodies like LIC Housing, National Stock Exchange, and HDFC Bank.

3. Health Minister JP Nadda launches 'Skills for Life, Save a Life' initiative: The union Health Minister ‘J P Nadda’ has launched ‘Skill for Life, Save a Life’ initiative to promote skill development in the health sector in New Delhi. The initiative aims to upscale the quality and quantity of trained professionals in the healthcare system.

4. Kalinga Literary Awards winners: Writer Anand Neelakantan, Poet Haraprasad Das and author Paramita Satpathy were announced winners of the Kalinga Literary Awards. Neelakantan was chosen for Kalinga International Literary Award, Haraprasad was chosen for Kalinga Literary Youth Award and Satpathy was chosen for Kalinga Karubaki Award.

5. Govt. to appoint Nyaya Mitras to expedite resolution of pending cases: Union Government will appoint Nyaya Mitras across the country to expedite the cases pending for last 10 years in lower courts. Retired judges will be appointed as Nyaya Mitras to expedite the over seven lakh fifty thousand cases pending across the country. Their responsibilities would include offering assistance to litigants who are suffering due to delay in trial.

INTERNATIONAL UPDATES:

1. Montenegro becomes NATO’s 29th member: Montenegro has formally become the 29th member of North Atlantic Treaty Organization. To get there, Montenegro has stood up against its ally Russia which has sought to maintain strong historic and political influence in the country.

2. Fugan temple in China discovered after 1000 years: Fugan temple in China’s Chengdu city around 1,000 years after it was deemed to have been lost. It lasted from Eastern Jin Dynasty (317-420 A.D.) to Southern Song Dynasty (1127-1279 A.D.) Archaeologists unearthed 1000+ tablets inscribed with Buddhist scriptures and over 500 pieces of stone sculpture as well as glazed tiles with inscriptions.

3. World’s First Hybrid Aeroboat unveiled at Moscow: The world’s first hybrid “aeroboat” that has been built by an Indo-Russian joint venture was unveiled in Moscow. This Hybrid “aeroboat” is capable of travelling on land, water, snow and sand. The aeroboat is designed to access difficult terrain, such as flooded or marshy areas where the use of regular boats is made impossible. It has been designed by IIAAT Holding.

4. Sher Bahadur Deuba elected as the PM of Nepal: Nepali Congress Chairman Sher Bahadur Deuba has been elected as the new Prime Minister of Nepal. This is the tenth time in just over a decade that the leadership has changed hands. This will be Deuba’s fourth stint as PM of Nepal.

OTHER UPDATES:

BANKING & FINANCE:

1. Monetary Policy Review - RBI keeps repo rate unchanged: RBI kept repo rate unchanged at 6.25% during its bimonthly monetary policy review on June 7, 2017. This is 4th time in a row that repo rate has been kept unchanged. Cash Reserve Ratio has also been kept at current 4%, Statutory Liquidity Ratio (SLR) was cut by 50 basis points to 20%. The reverse repo rate under the LAF remains at 6.0 per cent. The Marginal Standing Facility (MSF) rate and the Bank Rate at 6.50 per cent.

BUSINESS & ECONOMY:

2. Sun Pharma, the most valued Indian pharma company: Sun Pharmaceuticals Industries continues to be the most valued pharma company in India with a market cap of Rs1.23 trillion. Cadila Healthcare has become India’s 2nd most valuable pharmaceutical company in terms of market capitalisation beating Lupin. Its market cap stood at Rs55,000.57 crores.

BOOKS & AUTHORS:

3. ‘Ministry of Utmost Happiness’ of Arundhati Roy launched: The much awaited second novel of Arundhati Roy “The Ministry of Utmost Happiness” has been launched. Arundhati Roy was the first Indian woman to win the prestigious Booker Prize with her 1997 work.