NATIONAL NEWS
100% houses in 25 states electrified under Saubhagya Yojana
India achieved electrification in 100% households in 25 states at the end of 2018. Now, only about 10.48 lakh households are left to be electrified in 4 states – Assam, Rajasthan, Meghalaya, and Chhattisgarh.
- The ‘Pradhan Mantri Sahaj Bijli Har Ghar Yojana’ (Saubhagya) in September 2017 to achieve the goal of universal household electrification in the country by 31 March 2019.
Govt releases 6-croreth LPG connections under PMUY
The government on January 2, 2019 gave out the 6-croreth free cooking gas (LPG) connection as the scheme to make available cleaner fuel in every household kitchens runs ahead of schedule.
- The target was later raised to 8 crore connections by 2021 and now envisages giving all households a connection.
- The PMUY was launched on 1 May 2016, with a target to give 5 crore connections by March 2019.
Government sets up export promotion cell for MSMEs
The MSME ministry has established an export promotion cell to create a sustainable ecosystem for micro, small and medium enterprises (MSMEs). The benefits likely to accrue from the setting up of the cell include integration MSMEs into global value chain, evaluation of readiness of MSMEs to export their products and services, and recognition of areas where improvements are required in order to be able to export effectively and efficiently.
Govt forms committee for 'effective' implementation of real estate law RERA
The government has constituted a committee to suggest recommendations to strengthen the real estate law RERA and to remove difficulties in its implementation.
- The decision to form the committee, to be headed by Union Housing and Urban Affairs Joint Secretary Shiv Das Meena, comes months after the ministry organised four workshops where stakeholders, including home-buyers, had given suggestions for effective implementation of the Real Estate Regulatory Act (RERA).
- RERA, which protects the interest of home buyers, empowers states to notify their rules and appoint regulatory authorities
620-km-long 'Women's Wall' for gender equality in Kerala
In a wonderful initiative to support gender equality and renaissance value, around 50 lakh women formed a 620-km-long 'Women's Wall' in Kerala. The wall was formed across the national highway which stretched from the northern tip of Kasaragod to the southern end in Thiruvananthapuram.
- Lakhs of women from across the country participated in this grand shoulder-to-shoulder parade, which was organised partially by the government. The women demonstrators also raised Sabarimala issue.
India plans to launch 32 space missions in 2019
According to a top space official, India is planning to launch 32 space missions in 2019. The missions include the second lunar mission Chandrayaan-2 to land on the moon with lander and rover.
ISRO launches Samwad with Students on New Year Day
As part of the enhanced outreach programme of Indian Space Research Organisation (ISRO), a new platform named Samwad with Students (SwS) was launched in Bengaluru on January 1, 2019.
- Through the initiative, ISRO aimed to engage youngsters across the country to capture their scientific temperament. The new conversation mission will inspire students cutting across schools and colleges.
INTERNATIONAL NEWS
US and Israel exit UNESCO, claiming bias
The United States and Israel officially quit the U.N.’s educational, scientific and cultural agency (UNESCO) at the stroke of midnight, the culmination of a process triggered more than a year ago amid concerns that the organization fosters anti-Israel bias.
- The two countries argued that UNESCO fosters anti-Israel bias.
France to introduce GAFA tax on global internet, technology firms
France will introduce its own tax on large internet and technology companies from January 1. It has been pushing hard for a new so-called “GAFA tax” -- named after Google, Apple, Facebook and Amazon -- to ensure the global giants pay a fair share of taxes on their massive business operations in Europe.
Tropical Storm Usman hits Philippines’
Tropical Storm Usman, which entered the Philippines on Christmas Day, emerged as the deadliest weather disaster for the country this year following Typhoon Mangkhut in September.
- Usman, a slow-moving storm with winds of up to 55 kilometers (34 miles) an hour, killed at least 61 people as it triggered floods and landslides and forced thousands to flee to safer grounds.
BANKING & FINANCE
Bank GNPAs improved to 10.8 pc; net NPAs to 5.3 pc in September: RBI
The asset quality of banks showed improvement with gross non performing assets' (GNPAs) ratio declining to 10.8 per cent in September 2018 from 11.5 per cent in March 2018, according to Financial Stability Report by Reserve Bank of India (RBI).
- The net NPAs ratio also witnessed a fall at 5.3 per cent in September 2018 as against 6.2 per cent in March 2018, RBI said in its report.
NBFCs balance sheet grew 17.2% to Rs 26 trillion as of September 2018: RBI
The balance sheet size of non-bank financial companies (NBFCs) grew by 17.2 per cent to Rs 26 trillion in September 2018 from Rs 22.2 trillion in September 2017, according to Financial Stability Report by Reserve Bank of India (RBI).
Direct tax-GDP ratio of 5.98% during FY18 best in 10 years: Finance Ministry
The direct tax-to-GDP ratio of 5.98 per cent achieved during 2017-18 fiscal is the best in the last 10 years, accoding to the finance ministry. It was 5.57 per cent in 2016-17 and 5.47 per cent in 2015-16.
- The ministry said the larger purpose of demonetisation was to move India from a tax non-compliant society to a compliant society and the impact of note ban has been felt on collection of personal income tax.
BUSINESS & ECONOMY
RBI allows restructure of defaulting MSME loans up to Rs 25 cr
In a measure of relief for the troubled micro and small industries segment, the RBI permitted a one-time restructuring of existing loans to MSMEs that are in default but 'standard' as on January 1, 2019, without an asset classification downgrade. The restructuring has to be implemented by March 31, 2020.
- To be eligible for the scheme, the aggregate exposure, including non-fund based facilities of banks and non-banking finance companies (NBFCs), to an MSME borrower should not exceed Rs 250 million (Rs 25 crore) as on January 1, 2019.
Cabinet approves merger of Dena, Vijaya bank with Bank of Baroda
The Union cabinet has approved the merger of public sector lenders Dena Bank, Vijaya Bank with Bank of Baroda (BoB).
- According to the Union Minister Ravi Shankar Prasad, the merger will make BoB the third largest bank in the country and a "globally competitive entity". There will be no retrenchment of employees as the employees of Dena and Vijaya banks will be transferred to BoB.
CII forecasts India’s Economy to grow 7.5% in 2019
In its ‘Growth Outlook for 2019’, Confederation of Indian Industry (CII) stated that the GDP growth will be in the range of 7.5% in 2019.
- A settled goods and services tax (GST), improving credit availability and capacity expansion from increasing investment in infrastructure are among seven key drivers that will help Indian economy grow 7.5% 2019.
RBI lifts six month ban from Paytm Payments Bank
The Reserve Bank of India (RBI) has allowed Paytm Payments Bank to restart opening new accounts for its consumers after almost six months of the ban.
- Paytm Payments Bank stopped enrolling new customers in June 2018, following an audit by the RBI, which made certain observations about the process the company follows in acquiring new customers and its adherence to know-your-customer (KYC) norms.
SPORTS
Bumrah becomes top wicket-taker in international cricket in 2018
India fast bowler Jasprit Bumrah has become the highest wicket-taker in international cricket in 2018 after picking up 9 wickets in the Melbourne Test against Australia. The 25-year-old has taken 78 wickets this year, overtaking South Africa pacer Kagiso Rabada, who has taken 77 wickets. Bumrah took 48 wickets in Tests, 22 in ODIs and 8 in T20Is in 2018.
Rishabh Pant first Indian wicket-keeper to claim 20 catches in Test series
Indian wicket-keeper batsman Rishabh Pant became the country's first keeper to complete twenty catches in a Test series, during the final day of the 'Boxing Day Test'.
- Pant surpassed former cricketers Naren Tamhane and Syed Kirmani who had recorded nineteen dismissals in 1954-55 and 1979-80 respectively.
APPOINTMENTS
Hemant Bhargava appointed LIC’s Acting Chairman
The government has appointed Hemant Bhargava, Managing Director, Life Insurance Corporation of India, as the Acting Chairman.
- The move comes after VK Sharma retired from the top job at LIC on December 31.
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