NATIONAL UPDATES:
1.
Economic Survey 2016-17 – Highlights:
Union finance
Minister Arun Jaitley tabled the Economic Survey 2016-17 in Parliament budget
session. The survey prepared by chief economic adviser in the finance ministry Arvind
Subramanian. The survey projects the economy to grow in the range of 6.75% to
7.25% in fiscal year 2017-18 in the post-demonetisation year. It says that the
adverse impact of demonetisation on GDP growth will be transitional.
Major highlights from the Economic Survey
2016-17
Growth
Forecast:
Gross domestic
product (GDP) growth in 2016-17 pegged at 6.5%, down from 7.6% in last fiscal
2015-16.
Economic growth
to rebound to 6.75 to 7.5% in 2017-18.
Farm sector to
grow at 4.1% in 2016-17, up from 1.2% in 2015-16.
Growth rate of
industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% in
2015-16.
Service sector
is estimated to grow at 8.9% in 2016-17 GST, other structural reforms should
take the growth rate trend to 8-10%.
Taxation:
Prescribes cut in individual Income Tax rates, real estate stamp duties.
IT net could be
widened gradually by encompassing all high income earners.
Time table for
cutting corporate tax should be accelerated. Tax administration could be
improved to reduce discretion and improve accountability.
Goods
and Services Tax (GST): Fiscal gains from GST will take time to
realise.
Fiscal
Deficit:
Implementation of muted tax receipts, wage hike to put pressure on fiscal
deficit in 2017-18. For fiscal health of the economy fiscal prudence for both
centre and states is needed. Fiscal windfall from low oil prices to disappear
in 2017-18.
Inflation: The
average consumer price index (CPI) inflation rate declined to 4.9% in 2015-16
from 5.9% in 2014-15. CPI-based core inflation remained sticky around 5% in the
2016-17. Oil prices, seen rising by one-sixth in 2017-18 over the previous
fiscal 2016-17 prices which could dampen India’s economic growth.
Monetary
Policy:
monetary easing headroom may be capped due to sharp rise in prices in 2017-18.
Market interest rates seen lower in 2017-18 due to demonetisation. Government
Debt to GDP ratio: It was 68.5% in 2016, down from 69.1% in 2015. Banking: Suggests setting up public
sector asset rehabilitation agency (PSARA) to take charge of large bad loans in
banks. With government backing, PSAR can overcome coordination and political
issues on bad loans.
Demonetisation: The
adverse impact of demonetisation on GDP growth will be transitional. It will
affect growth rate by 0.25-0.5%, but to have long-term benefits It may affect
supplies of certain agricultural products like sugar, milk, potatoes and
onions. Remonetisation will ensure that the cash squeeze is eliminated by April
2017. Universal Basic Income (UBI):
Advocates the concept of UBI as an alternative to the various social welfare
schemes in an effort to reduce poverty. It will be alternative to plethora of
state subsidies for poverty alleviation. UBI would cost between 4 and 5% of GDP.
2.
BNHS launches climate change programme in Central Himalayas: The
Bombay Natural History Society (BNHS) has launched climate change programme to
assess the status, distribution and conservation of finches and pheasants in
the Central Himalayas. The first study will be funded by Oracle and facilitated
by CAF-India.
Currently, there
are nearly 50 species of pheasants and 62 species of finches in the Indian
subcontinent. Several of these species are listed under the ‘Globally
Threatened’ category created by the International Union for Conservation of
Nature (IUCN).
3.
Vampire star caught in the act by Indian space observatory ASTROSAT: India’s
first dedicated space observatory ASTROSAT has captured the rare phenomenon of
a 6 billion year old Vampire star preying on a bigger celestial body. The
Findings were published in the journal Astrophysical Journal Letters in the
fourth week of January 2017. The findings were made by a team of scientists
from IIA, Inter-University Centre of Astronomy and Astrophysics (IUCAA), Tata
Institute of Fundamental Research (TIFR), Indian Space Research Organisation
(ISRO) and the Canadian Space Agency (CSA).
4.
Union Government launches Sparsh Leprosy Awareness Campaign: The
Union Government on 30 January 2017 launched nationwide Sparsh Leprosy
Awareness Campaign (SLAC). The Campaign was launched on the occasion of
Anti-Leprosy Day. The Anti-Leprosy Day is observed annually in the memory of
Mahatma Gandhi to rememorize his selfless efforts and care for the people
affected by leprosy.
5.
North East Seed biodiversity festival begins in Agartala : The
two-day North East Seed Biodiversity Festival cum Workshop of Traditional Crops
2017 has begun in Agartala (Tripura).The chief
guest for the function was Pabitra Kar ( Deputy Speaker, Tripura
Legislative Assembly.)
6.
Beti
Bachao Beti Padhao - no provision for individual cash transfer component: Union Govt has clarified that Beti Bachao Beti Padhao
has no provision for individual cash transfer component. The clarification
came following reports that certain unauthorized sites, organisations, NGOs and
individuals are distributing forms in the name of cash incentive under the
scheme.
7. UberMOTO launches service in Hyderabad:
Cab-hailing firm Uber has launched two-wheeler aggregation
service UberMOTO in Hyderabad.
The firm, which has signed an agreement with the Hyderabad Metro Rail Ltd
recently, formally launched the services. Using the app, people can hire
two-wheelers for short-distance commute at cheaper rates.
8. 12th Raising Day of NDRF observed: National Disaster Response Force (NDRF) team
has observed 12th Raising Day celebrations.
9.
Finance Ministry to aid Rashtriya Rail Sanraksha Kosh for rail safety:
The
Union Finance Ministry has agreed to contribute partially to a new dedicated
railway safety fund named as ‘Rashtriya Rail Sanraksha Kosh’ in the upcoming
Union Budget 2017-18.
INTERNATIONAL UPDATES:
1. H-1B reform bill introduced in US House of
Representatives: Legislation has been
introduced in the US House of Representatives which, among other things, calls
for more than doubling the minimum salary of H-1B visa holders to 130,000
dollars. The current H-1B minimum wage is 60,000 dollars. This will make it
more difficult for firms to use the program to replace American employees with
foreign workers, including from India.
2.
Miss
France Iris Mittenaere crowned Miss Universe 2016: Miss
France Iris Mittenaere has been crowned Miss Universe, 2016 securing victory
over the 85 other contestants in the final of the 65th ceremony of the world
famous beauty pageant, in suburban Pasay city, south of Manila,
Philippines. Iris Mittenaere of France received the crown from Miss
Universe 2015 Pia Wurtzbach, while Raquel Pelissier of Haiti and Andrea Tovar
of Colombia became the first and second runners-up respectively.
3. Moussa
Faki Mahamat named as AU Commission chair : Chad's
Moussa Faki Mahamat has been elected as the new chairperson of the African
Union Commission, in a vote held at the bloc's headquarters in the Ethiopian
capital, Addis Ababa on 30th Jan 2017.
4.
Tsar, the rare tiger-lion offspring: An extremely
rare cross between a tiger and a lion has been born in a travelling zoo in
southern Russia, one of only a few dozen of the animals believed to exist.
Named Tsar, the two-month-old liger cub, is the offspring of a tigress Princess
and lion Caesar. Ligers (Lion + Tiger) can grow to be the biggest cat in the
animal kingdom, weighing more than 400 kilograms. A liger called Hercules in
the United States is currently listed in the Guinness Book of World Records as
the biggest feline in the world, at a weight of 418 kilograms and length of
3.33 metres.
SPORTS:
1.
Dushyant Chautala appointed President of Table Tennis Federation of India: Dushyant
Chautala on 30 January 2017 was appointed the President of the Table Tennis Federation
of India (TTFI).
2. PV Sindhu wins Syed
Modi Grand Prix Gold Title: Top seed Olympic silver medallist PV Sindhu has won her maiden women's singles
crown at the Syed Modi Grand Prix
Gold badminton tournament at the
Babu Banarasi Das Indoor Stadium in Lucknow (UP).
BANKING/FINANCE:
3.
India Post Payments Bank starts pilot services: India
Post Payments Bank (IPPB) kicked off its operations by rolling
out pilot services in Raipur and
Ranchi.
AWARDS:
4.
Priyanka Chopra among 150 most fashionable women: Indian actress Priyanka Chopra, who has been turning
heads on the red carpet with her elegant choice of outfits, has made it to the
list of Harper's Bazaar's 150 most fashionable women.
OBITUARIES:
5. Hollywood Legend & Harry Porter actor John Hurt
dies at 77 : The versatile actor Sir John Hurt, who could move
audiences to tears in The
Elephant Man, terrify them in Alien,
and spoof that very same scene in Spaceballs,
has died. He was 77.Twice nominated for an Oscar for playing the tortured John
Merrick in David Lynch's The
Elephant Man and for his role
as the heroin addict Max in Midnight
Express.