Daily GK Updates - 2nd August, 2018

NATIONAL UPDATES:

1. SAATHI Initiative Launched : Ministry of textiles and Ministry of Power launched SAATHI (Sustainable and Accelerated Adoption of efficient Textile technologies to Help Small Industries) initiative in the power loom sector.Energy Efficiency Services Limited (EESL) will replace old electric motors with new IE3 motors.The use of these efficient equipments will result in energy savings and cost savings to the unit owners.

2. Government extended the CFS : The government extended the Concessional Financing Scheme (CFS) till 2023 to support Indian entities bidding for important infrastructure projects abroad.Under the scheme, the government provides the counter-guarantee and interest equalisation to EXIM bank.Also, the scheme will now cover all Indian entities, compared to the earlier stipulation of minimum 75% Indian shareholding.

3. Cabinet clears changes to GST laws : The Cabinet approved amendments to the GST laws, including the hike in turnover threshold for businesses to avail the composition scheme to Rs 1.5 crore.The amendments will allow employers to claim input tax credit on facilities like food, transport and insurance provided to employees.Besides, businesses with turnover of up to Rs 1.5 crore would be eligible for availing composition scheme.

4. First-ever dragonfly festival in Delhi : The dragonfly festival is being organised from Aug 3 to Sept 1 at World Wide Fund (WWF) auditorium, New Delhi.The aim is to spread awareness about the role of Dragonflies in maintaining a healthy  ecosystem. Festival includes special events like Be a scientist for a day, Date Date with a dragonfly etc. by WWF India and Bombay Natural History Society (BNHS).

5. Javed Akhtar awarded Hindi Sahitya Samman : Eminent personalities from different fields, including Bollywood song writer Javed Akhtar, were presented the Delhi government’s “Hindi Sahitya Academy Samman”.Akhtar was awarded the ‘Shalaka Samman’ for his contribution to the world of films and poetry.Veteran theatre director M K Raina received the ‘Shikar Samman’.

INTERNATIONAL UPDATES:

1. 2 day Indo-US Military Cooperation : A 2-day Indo-US Military Cooperation Meeting began in New Delhi as a prelude to 2 plus 2 Dialogue between the 2 countries.The meeting was co-chaired by Lt Gen Satish Dua, Chief of Integrated Defence Staff to the chairman and Lt Gen Bryan Fenton, Deputy Commander, Indo-Pacific Command.India and the US were also working to have a joint drill of all the three armed forces

2. India and Germany signed agreement : India and Germany signed agreements on financial and technical cooperation worth Rs 5,250 crore within the framework of the Indo-German development cooperation.As part of the cooperation, areas such as infrastructure development, urban mobility and climate relsilience are being promoted.Environmental and resource protection is also one of the funded areas of the cooperation.

3. Akshay Venkatesh gets Fields Medal : Akshay Venkatesh, a renowned Indian-Australian mathematician, is one of four winners of mathematics’ prestigious Fields medal, known as the Nobel prize for math.The Fields medals are awarded every four years to the most promising mathematicians under the age of 40.The prize was inaugurated in 1932 at the request of Canadian mathematician John Charles Fields.

4. UAE launches amnesty scheme for overstayers : The UAE launched a landmark three-month visa amnesty programme that will benefit hundreds of illegal foreign workers, including Indians, who are overstaying their permits.The programme allows the workers to leave the country without paying penalty and also gives them six months to find a job.Also, residents can also rectify their status by getting a new sponsored, valid visa.

OTHER UPDATES:

BANKING/FINANCE:

1. RBI raises rates again by 25 bps : The RBI on 1st August 2018 raised interest rates by 25 basis points, setting its benchmark repo rate at 6.5%.The increase will push up the cost of loans for all borrowers, from consumers looking to finance theirpurchases of homes and cars to businesses looking to meet their capital needs.The RBI retained its forecast for economic growth in the current fiscal year at 7.4%.

DEFENCE:

1. Advanced Air defence interceptor test fired : The advanced Air defence interceptor missile has been successfully test fired from Abdul Kalam Island on 2nd August 2018.The missile has been built with indigenous technology.The missile is being developed as part the Ballistic Missile Defence (BMD) system, which can intercept medium-range ballistic missiles travelling at speeds of Mach 3 to 8.