Current Affairs for IAS Exams - 25 August 2015


Current Affairs for IAS Exams – 25 August 2015


:: National ::

Government hopeful about GST Bill, Talks for Extending Session

  • The government is consulting with the opposition to discuss extra sittings of Parliament to pass the GST or Goods and Services Tax Bill.
  • After failing to push the GST bill in the monsoon session of Parliament, the government is now linking its biggest reform measure to the need to firm up India's economy amid a global crisis.
  • To pass the GST Bill, the government may consider a second part of the session, which ended on August 13 after days of protests and chaos over Congress demands for the removal of BJP leaders accused of corruption.
  • The GST proposal creates a national sales tax to replace a complicated network of central and state levies that inflates costs. Supporters say GST will add up to two percentage points to economic growth and boost domestic trade while creating a unified national market.
  • The GST was passed in May by the Lok Sabha, where the government has a huge majority. But it has been stalled in the Rajya Sabha, where the government and its allies are in a minority.
  • Delays in the passage of the GST Bill will make it tougher for the government to meet a self-imposed deadline of next April for its launch.
  • The Congress, which initiated the GST Bill in 2006, was non-committal on its support to the Bill today.

:: International ::

After four years Britain reopens embassy in Iran

  • Tehran: In a significant development that marks immense improvement in Iran-West relations, United Kingdom on Sunday reopened embassy in Tehran.

  • The embassy was closed in 2011 after hardliners angry over imposition of sanctions had stormed the compound, smashing windows and burning British flags.

  • To mark the reopening of the UK embassy, Foreign Secretary Philip Hammond arrived in Tehran with Iranian diplomats and called it a historic moment in UK-Iran relations as it is the first British Ministerial visit since 2003.

  • Britain has had no diplomatic presence in Tehran since hard-liners protesting the imposition of international sanctions stormed it in November 2011, but the election of President Hassan Rouhani and the recent nuclear deal between Iran and world powers have brought about a significant diplomatic thaw.

  • Hammond and the new British charge d'affaires, Ajay Sharma, were attending the embassy reopening ceremony together with representatives of the Iranian Ministry of Foreign Affairs, the Foreign Office said.

:: Business ::

RBI to prevent undue rupee volatility

  • Reserve Bank of India (RBI) deputy governor S.S. Mundra on Tuesday reiterated that the central bank would step in to prevent an “unruly or undue” volatility in the rupee.

  • Speaking on the sidelines of a banking conference organized by the Federation of Indian Chambers of Commerce and Industry (Ficci), Mundra said RBI cannot target a particular level for the rupee, but can step in to ensure the Indian currency is not volatile.

  • Mundra said that the country is on the right path when it comes to the level of foreign exchange reserves and current account deficit. “...I would believe that in the medium to long term, we are on the right path.

  • The reform agenda is progressing in the right direction,” Mundra said, adding that India cannot be disconnected from global events.

  • The deputy governor’s comments came amid a sharp fall in the rupee in the last couple of weeks, just a day after RBI governor Raghuram Rajan said that India has $380 billion of foreign exchange to support the rupee.

  • The rupee is trading near two-year lows against the dollar after a fresh bout of risk aversion in emerging markets due to concerns on China’s economic growth.

  • The economists expect $5 billion to $6 billion of outflows from India mainly for deferred oil payments to Iran to be funded out of either RBI’s foreign exchange reserves or its forwards with banks.

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:: Sports ::

Dronacharya Award declared

  • Wrestling coach Anoop Singh and Paralympics coach Naval Singh were among the five names officially approved by the Sports Ministry for the prestigious Dronacharya Awards this year.

  • Based on the recommendations of the Committee and after due scrutiny, Anoop and Naval’s names were approved on the basis of current performance (2011-2014), while Nihar Amin (swimming), S R Singh (boxing) and Harbans Singh (athletics) were selected in the ‘Lifetime Achievement Category’ in which achievements over a period of 20 years is taken into account.

  • The Dronacharya Award, instituted in 1985, are given to honour eminent coaches who have successfully trained sportspersons or teams and enabled them to achieve outstanding results in international competitions.

  • Three-time national champion and international wrestler, Anoop has guided top grapplers such as Sushil Kumar, Yogeshwar Dutt, Satyawart Kadian, Bajrang, Amit Dahiya, and around 58 wrestlers to achieve their dream.

  • Romeo James (hockey), Shiv Prakash Mishra (tennis) and TPP Nair’s (volleyball) names were approved for the Dhyan Chand Award.

  • Romeo James is a former India goalie and also took part in 1984 Summer Olympics in Los Angeles where the Indian team finished fifth.

  • He also coached the Indian team in 1994 Asian Games in Hiroshima and guided them to a silver.

  • The awards are to be given away by the President Pranab Mukherjee on August 29, the National Sports Day.

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Sources: Various News Papers & PIB

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