Daily GK Updates - 25th September, 2017

NATIONAL UPDATES:

1. PM Narendra Modi launches 'Saubhagya' scheme for electrification: Prime Minister Narendra Modi has launched the ‘Saubhagya’ scheme in New Delhi, to mark the birth anniversary of ‘Pandit Deendayal Upadhyaya’. The scheme ‘Saubhagya’ will provide subsidy on equipment like transformers, meters, and wires and expected to cover all rural families after expected electrification of all villages by the end of 2017. Prime Minister also inaugurated ONGC’s new corporate office that was renamed Pandit Deendayal Upadhyaya Urja Bhawan, from Rajiv Gandhi Urja Bhawan.

2. Bibek Debroy to head Modi’s Advisory Council: NITI Aayog member Bibek Debroy will head the Economic Advisory Council constituted by PM Modi. The council will analyse any issue  economic or otherwise referred to it by the Prime Minister and will advise him on it. The council has 3 part-time members – Surjit Bhalla, Rathin Roy, Ashima Goyal.

3. Bharat Dynamics Limited  to supply MRSA Missiles to the Indian Army: Bharat Dynamics Limited, a defence PSU has a signed contract with Research Centre Imarat for supply of Medium Range Surface-to- Air Missiles to Indian Army. The contract has been signed for production, deliveries and product support of MRSAM system for the Indian Army.

4. West Bengal gets USD 300 Million ADB loan: The board of Asian Development Bank (ADB) has sanctioned a USD 300 million loan facility for carrying forward fiscal reforms in West Bengal. The full effect of reforms would take at least 5 years to materialize and a follow-on program would be needed to carry these forward.

5. Chief Economic Adviser to get one-year extension: According to the Finance Minister Arun Jaitley, the Chief Economic Adviser Arvind Subramanian will get one-year extension (till October 2018).He has been quite vocal in his stand on RBI's monetary policy and has openly supported the need for a rate cut. Subramanian had assumed the office of India's CEA in October 2014 after the government picked him up out of many aspirants for the coveted job.

INTERNATIONAL UPDATES:

1. Shinzo Abe to dissolve lower house of Japan: Japanese PM Shinzo Abe has said he would dissolve Parliament’s lower house for a snap election, as he seeks a fresh mandate to overcome “a national crisis.” Abe said he needed a fresh mandate to proceed with plans to use tax hikes to increase social spending & take a tough stance towards North Korea.

OTHER UPDATES:

BUSINESS/ECONOMY:

1. Masala bonds to be treated as ECBs from 3rd Oct.: The Reserve Bank of India (RBI) relaxed norms for issuance of rupee-denominated overseas bonds (masala bonds).They will be treated as external commercial borrowings from October 3, thereby freeing up more investments by FPIs. From 3rd October, masala bonds will no longer form part of the limit for FPI investments in corporate bonds.

2. Apple tops the list of “Most valuable brands”: Apple and Google have once again take the two top spots in a list of the world’s 100 most valuable brands, according to rankings by consultancy group Interbrand.

3. RIL becomes world’s 3rd largest energy company in the world: Reliance Industries has jumped 5 places to rank as world’s 3rd-biggest energy company behind Russian gas firm Gazrpom & German utility E.ON, according to Platts Top 250 Global Energy Company Rankings.

SPORTS:

4. Wrestler Bajrang wins gold in Asian Indoor Games: Wrestler Bajrang (India) beat Daichi Takatani (Japan) in the men's freestyle 65kg final to win the gold in Asian Indoor and Martial Arts Games.Now, Indians added four medals including a gold on the ninth day of the games at Ashgabat in Turkmenistan. Two women wrestlers Sheetal Tomar and Navjot Kaur also grabbed a bronze each. Krishnan Sasikiran won the third bronze in men's standard individual chess.India now stands at 12th place in the medals tally with 6 Gold, 7 Silver, and 11 Bronze.

5. P.V. Sindhu for Padma Bhushan: Olympic silver medallist shuttler P.V. Sindhu has been recommended for the prestigious Padma Bhushan by the Sports Ministry. World No. 2 Sindhu has been in stellar form since winning a silver medal at Rio Olympics and is the second athlete after MS Dhoni to have been nominated for the honour this year.

6. Vaishnavi clinches Belgian Junior title: Indian shuttler Vaishnavi Reddy has clinched the women’s singles Under-19 title at the Belgian Junior Open badminton tournament. She defeated top seed Vivien Sandorhazi in a three-game final at Herstal.