Daily news 14 june 2017

1. IRDAI takes over management of Sahara Life Insurance

i. The Insurance Regulatory and Development Authority of India (IRDAI) has taken over the administration of Sahara India Life Insurance, a first of its kind move in the insurance sector.
ii. R.K. Sharma, general manager, IRDA has been appointed as the administrator with “immediate effect” to manage Sahara India Life Insurance Company.
iii. The current board of Sahara India Life is headed by Chairman OP Srivastava. Sanjay Agarwal is whole-time director and CEO.

Takeaways from Above News-

Lucknow-based Sahara India Life Insurance was the first wholly Indian owned life insurance company in the private sector.
It is promoted by Sahara Pariwar Group headed by Subrata Roy.
2. Uttar Pradesh tops the list with maximum child labor in the state– CRY report

i. According to the Child Rights and You (CRY) report, over 8 lakh children in India between the age group 5 and 6 years are engaged in child labor.
ii. Uttar Pradesh has the highest number of 2,50,672 children engaged in labor, followed by Bihar with 1,28,087 children and Maharashtra where the number stands at 82,847.
iii. The report has outlined that reach of Integrated Child Development Services (ICDS), which was introduced with the intent of providing a strong base to these children, is quite limited as it covers only 50% percent of this population.

Takeaways from Above News-

Integrated Child Development Services (ICDS) was Launched on October 2, 1975, by Government of India.
Its Objective is to provide food, organization preschool education, and primary healthcare to children under 6 years of age and their mothers.
CRY is an organization working to restore child rights in India.
It was founded in the year 1979 by Rippan Kapur.
3. Sikkim govt signs MoU with British Council

i. The Human Resource Development department of Sikkim government signed an MoU with the British Council to enhance the quality of education in the state. The MoU will improve the educational structure of the schools of Sikkim.
ii. The purpose of the MoU is to support the aims and aspirations of the young people of Sikkim through collaborative projects in the area of English, education, and skills by strengthening the capacity of the teachers and other professionals, working with youth in the state and support its cultural economy.

Static Takeaways from Above News-

Khangchendzonga National Park is situated in Sikkim.
Rangit Dam is a famous Dam in Sikkim.
4. G7 environment ministers meeting 2017 held in Bologna, Italy

i. Group of Seven (G7) Environment Ministers Meeting was held in Bologna, Italy to discuss issues ranging from climate change to sustainable development and litter at sea. The meeting was attended by the Environment Ministers of the seven countries (US, UK, France, Germany, Italy, Canada and Japan) and the Commissioners of the European Union for Environment and Climate.
ii. ‘5-year Bologna Roadmap’ was adopted at the meeting, which focuses on important issues such as resource efficiency indicators, citizen involvement, awareness on food waste and economic analysis of the efficient use of resources.

Takeaways from Above News-

G7 members include US, UK, France, Germany, Italy, Canada, and Japan.
G7 presidency rotates annually between member countries. The Presidency for the year 2017 is held by Italy. Canada will hold the G7 presidency in 2018.
Rome is the Capital of Italy.
Paolo Gentiloni is the Prime Minister of Italy.
5. India's first canal top solar PV system at NTPC Mouda

i. State-run power giant National Thermal Power Corporation (NTPC) has energized India's first 150 kWp canal top solar PV System on cooling water (CW) channel inside power station premises at its 2,320 MW, Mouda Thermal Power Project, near Nagpur in Maharashtra.
ii. This novel Solar PV system makes use of side walls of CW channels as load bearing structure thereby significantly decreasing cost of civil and mounting structure.

Important Takeaways from above News-

NTPC was Incorporated on November 7, 1975.
Shri Gurdeep Singh is the Chairman and MD of NTPC.
6. Telangana launches PashuBazar website for online cattle sale

i. The Telangana government has launched a website to facilitate this service. The online sale or purchase of cattle through pashubazar.telangana.gov.in website will help farmers as the cattle need not be brought to shandies every time and farmers can save on transportation cost on cattle.
ii. Special Chief Secretary, Animal Husbandry, Suresh Chanda launched the website developed with NIC’s support. The Pashu Bazaar platform was developed to help farmers to sell their animals without physically taking them to weekly markets. The farmer can keep maximum five registrations for sale at any time.

Takeaways from above News-

K. Chandrashekar Rao is the CM of Telangana.
E. S. L. Narasimhan is the Governor of Telangana.
7. India ratifies two key ILO conventions on child labour

i. India ratified two key ILO conventions on child labor, according to a statement issued by the International Labour Organisation (ILO) in Geneva, Switzerland. Labour Minister Bandaru Dattatreya, who is in Geneva stated that the ratification reaffirmed India’s “commitment to a child labor free society”.
ii. According to ILO, the Government of India deposited with the International Labour Office the instruments of ratification of the two fundamental ILO Conventions concerning the elimination of child labor, the Minimum Age Convention (No 138) and the Worst Forms of Child Labour Convention (No 182).
iii. India is the 170th ILO member state to ratify Convention No 138, which requires states to set a minimum age under which no one shall be admitted to employment or work in any occupation, except for light work and artistic performances.

Important Takeaways from Above News-

ILO Director-General is Guy Ryder.
The ILO was created in 1919.
ILO Headquarters in  Geneva, Switzerland.
8. NASA confers Exceptional Public Service Medal to Michael A'Hearn posthumously

i. NASA has posthumously awarded the Exceptional Public Service Medal to Michael A’Hearn, one of the world’s leading comet scientists. A’Hearn died at the age of 76.
ii. The NASA Medal is for “fundamental work on comets and small bodies of the solar system, leadership in space missions, and ensuring public access to data from NASA missions and related projects.”

Takeaways from above News-

National Aeronautics and Space Administration is the full form of NASA.
Robert M. Lightfoot Jr. is NASA Acting Administrator.
NASA was established in 1958.
9. Virat Kohli becomes No.1 ranked ODI batsman

i. In a major shakeup at the top of the rankings after the group stages of the ICC Champions Trophy 2017, Indian captain Virat Kohli displaced South Africa’s AB de Villiers as the No.1 ranked ODI batsman in the world while Australian fast bowler Josh Hazlewood took over from Proteas pacer Kagiso Rabada as the No.1 ranked bowler.
Top three ODI Batsman are-

Virat Kohli (IND)
David Warner (AUS)
AB de Villiers (SA)
Top Three ODI Bowlers are-

Josh Hazlewood (AUS)
Imran Tahir (SA)
Mitchell Starc (AUS)
10. Ex-Uttarakhand CM Pokhriyal authors book on Vajpayee ‘Yug Purush, Bharat Ratna, Atal Ji’

i. Former Uttarakhand Chief Minister Ramesh Pokhriyal ‘Nishank, has officially handed over the first copy of the 450-page book titled -‘Yug Purush, Bharat Ratna, Atal Ji’ to the President of India Shri Pranab Mukherjee.

Daily news 13 june 2017

1. Indian girl bags Little Miss Universe Internet 2017 crown at Little Miss Universe in Georgia

i. A 12-year-old Padmalaya Nanda from Odisha has created history by becoming the youngest girl to bag the "Little Miss Universe Internet 2017" and "Little Miss Actress" crowns at the Little Miss Universe 2017 at the port city of Batumi in Georgia.
ii. This is the first time that a 12 yr Indian girl has won this beauty pageant title. She will now participate in the "Little Miss World 2017" competition that will be held at Greece from Sept 25 to Oct 1, 2017.

Static Takeaways-

The Capital of Georgia is Tbilisi.
Its Currency is Georgian lari.
2. RBI Issues New Rs500 banknotes with inset letter ‘A’

i. In continuation of issuing of Rs500 denomination banknotes in Mahatma Gandhi (new) series from time to time which are currently legal tender, a new batch of banknotes with inset letter “A” in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India; with the year of printing '2017’ on the reverse, are being issued.
ii. The new series earlier released and currently, in circulation has the inset letter "E". They will continue to be valid. The design of these notes is similar in all respects to the Rs500 banknotes.

Banking Takeaways-

Shri B.P. Kanungo is the newly appointed Deputy Governor of RBI
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
RBI was nationalized in 1949.
3. Nalanda model of water conservation chosen for National Award

i. A model of water conservation adopted successfully by the authorities in Nalanda district of south-central Bihar, has been selected for the national award for excellence in the Mahatma Gandhi national rural employment guarantee program (MGNREGP), by the ministry of rural development.
ii. The award for excellence will be conferred on ‘Project Jal Sanchay’, the water conservation model developed in chief minister Nitish Kumar’s native district, at a function to be organized at Vigyan Bhawan in New Delhi on June 19.

Static Takeaways-

Valmiki National Park located in West Champaran district of Bihar.
Nalanda University is one of the oldest University in Bihar.
4. World’s largest floating Solar Farm launched in China

i. China has launched world’s largest floating solar farm in  Anhui province. The 40-megawatt power plant has 160,000 panels resting on a lake that emerged after the collapse of a coal mine in central Anhui province.
ii. As per the Reports, China has been the world's largest investor in clean energy since 2012, spending $88 billion on the wind and solar power in 2016.

Static Takeaways-

The capital of China is  Beijing and its Currency is Renminbi.
The President of China is Xi Jinping.
Qinghai Lake is the largest Lake in China.
5. Shah Rukh Khan, Salman Khan, Akshay Kumar Make It to Forbes World's Highest-Paid Celebrities List

i. The Forbes list of world’s highest-paid celebs is out and has Sean Combs right at the top. On the list, Bollywood big stars with Shah Rukh Khan leading the charge at the 65th position with $38 million in earnings this year.
ii. On his heels is Salman Khan at the 71st spot with $37 million earned in 2016-2017. Akshay Kumar is at 80th position with $35.5 million. Unlike last year, Amitabh Bachchan has not made to the list.

Top three names in the list are-

Sean Combs $130 Million (Musicians),
Beyoncé Knowles $105 Million (Musicians),
J.K. Rowling $95 Million (Authors).
Important Takeaways-

Forbes is an American business magazine was founded in 1917
Forbes headquarter is in New York City, USA.
6. World’s smallest & cheapest private jet ‘Vision Jet’ launched in USA

i. The World’s smallest and cheapest private jet 'Vision Jet' was launched in the USA recently. The Vision Jet can haul five adults up to 1,150 miles at 28,000 feet.
ii. It is the first Private Jet with a single engine and can be conveniently operated by a single pilot, thus keeping production and maintenance costs low for the users. The jet can fly at a speed of 345mph and has an operating altitude of 28,000 feet.

Static Takeaways-

The Capital of the USA is Washington D.C.
Its President is Donald Trump.
Vice President of USA is Mike Pence.
7. Jitu Rai-Heena Sidhu clinch gold medal in ISSF World Cup

i. India’s Jitu Rai and Heena Sidhu combined to clinch the gold medal in mixed team 10m air pistol event of the ISSF World Cup, beating Russia in the final in Gabala, Azerbaijan. France beat Iran by an identical score to win the bronze in the event.
ii. 430 athletes from 45 countries are competing for medals in the ongoing World Cup, which is the last chance for rifle and pistol shooters to qualify for the ISSF World Cup Finals.

Static Takeaways-

The Capital of Azerbaijan is Baku.
The Currency of Azerbaijan is Azerbaijani manat.
8. Rafael Nadal rises to second in ATP world rankings

i. Rafael Nadal’s magnificent run to a 10th French Open title has earned the Spaniard a move into second in the latest ATP world rankings.
ii. The Top three players in the list are- 1. Andy Murray, 2. Rafael Nadal, and 3. Stan Wawrinka.

Important Takeaways-

ATP stands for Association of Tennis Professionals.
Chris Kermode is the Executive Chairman & President of ATP.
9. Lewis Hamilton wins Canadian GP for sixth time

i. Lewis Hamilton won the Canadian Grand Prix for the sixth time. He won against Sebastian Vettel’s overall championship and lead to 12 points.
ii. It was Hamilton’s third victory of the season and also his third in a row. It was the three-time champion’s sixth victory at the Circuit Gilles Villeneuve. It was the 56th title of his career.

Static Takeaways-

The Capital of Canada is Ottawa.
Its Currency is Canadian dollar.
Lewis Hamilton races for the Mercedes.
10. Veteran Telugu Poet, Writer C Narayana Reddy Passes Away

i. Legendary Telugu poet and writer C Narayana Reddy passed away. He was 85. He was honored with Padma Shri in 1977 and Padma Bhushan in 1992 by the Government of India.
ii. He had received the Jnanpith Award for the year 1988. He was also the president of the Telangana Saraswatha Parishath. He was also a former Rajya Sabha MP.

Indian economy: Latest GDP estimates show the worst is not over

Finally, we have the numbers we have been waiting for. The latest GDP estimates are out, showing how the Indian economy steadily decelerated through the past year — a slide that got only worse with demonetisation. For the full year ended March 31, economic growth slowed to 7.1% from 8% a year earlier, and slipped sharply to 6.1% in the January-March quarter — the slowest in 13 quarters. The numbers vindicate what critics of demonetisation had predicted. These also deflate the government’s claim that the economic pain from its November 8 decision to scrap high-value currency notes would be temporary, with limited impact. Yet, most policy makers continue to be in denial.

Sample this: The government’s chief statistician, TCA Anant, refused to link the slowdown through the third and fourth quarter to demonetisation that brought widespread economic disruptions and sharply depressed both consumption and investment demand, with sectors such as construction and retail sales being the worst hit. Arvind Subramanian, the government’s chief economic adviser, said he thinks the worst is over. Finance minister Arun Jaitley argued what happened over the last two quarters of 2016-17 was more of an extension of the deceleration that had already set in from July.

I sincerely hope they do not believe in what they have said — that they have been forced by their occupational hazards to make these comments. Because, a closer scrutiny of the estimates points to a scenario that is more worrying than what the headline numbers would suggest.

The growth in gross value added (GVA), which factors out indirect taxes from estimating the value of GDP and is seen as a more appropriate measure of economic expansion,was 5.6% in the fourth quarter. The frequent revisions in excise duties on fuel and fuel products, which we saw through 2016-17, explain why GDP growth in the quarter turned out to be a half percentage point higher than the growth in GVA.

Further, if the impact of government spending and agriculture is factored out, the growth of GVA for the rest of the economy turns out to be just 3.8% in the January-March period. The corresponding figure in the same quarter a year ago was 10.7%. In other words, the deceleration in the sectors that the economy leans on for jobs and sustainable growth was much sharper than what we see in the headline GDP numbers. The construction sector, hardest hit by the note-ban decision, contracted; financial services grew just 2.2% and growth in mining slowed sharply.

All of these explain why the news of unemployment has returned to make headlines. Ironically, many of the victims continue to support demonetisation, with the hope that it would weed out corruption, destroy black money and help script a better future for them. The numbers we have now do not present a rosy outlook for the immediate future, however.

The most worrying pointer from the latest GDP data relates to investment demand. It slipped sharply through the year to end with a 2.1% contraction in the last quarter, underscoring an environment of fast-eroding business confidence and shrinking opportunities to find and deploy new capital.

To say that the worst is over would not only be naïve, but disastrous in its consequences. Make no mistake, even the sustained rally in the stock market should not be construed as evidence of either improving sentiments or the fundamentals getting better.

The Sensex has been rising because of expectations that the Reserve Bank of India would cut interest rates on the back of moderating inflation, that the monsoon will be good enough to spur demand and that the government will finally resolve the long-pending problem of bad loans. It is also hoped that the goods and service tax (GST) will be a game-changer.

As of now, these are hopes and expectations, and just that. There is little on the ground to suggest things will turn around soon. If anything, come July 1, we might see yet another disruption, when GST rolls out.