Weekly Current Affairs Update for IAS Exam
VOL - 24 (12th May 2014 TO 18th May 2014)
Issue : VOL - 24 (12th May 2014 TO 18th May 2014)
File Type: PDF ONLY "NO HARD COPY"
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Covered Topics:
NATIONAL PORTAL OF INDIA
A GLINT OF INDIA
Key policy rates unchanged at 8%
The Reserve Bank of India left its benchmark lending rate
unchanged, taking a break from a recent string of rate increases, to gauge
whether the country's high inflation rates are easing back to acceptable levels.
The RBI kept its key overnight lending rate, which it had
raised at three of the previous four policy meetings, steady at 8% and in line
with expectations. The central bank also left the cash reserve ratio, or the
minimum percentage of deposits that lenders must park with the RBI, unchanged at
4%.
Though India's inflation has slowed in recent months, the RBI
was quick to caution that there still are many factors that could inflame
inflation, such as weak rain during the June-September monsoon season,
triggering a surge in food prices.
The bank said it is implementing recommendations of an
RBI-appointed committee's report that earlier this year suggested the central
bank bring consumer price inflation down to 8% by January 2015 and to 6% by
January 2016. Unlike some other central banks, the RBI hasn't had a formal
inflation target.
The Indian central bank also reduced the amount banks can
borrow from it overnight, while allowing more seven and 14-day loans. That move
should help make banks more disciplined, as well as help pass on policy rates to
borrowers and depositors.
Stock prices in India barely budged on the RBI's moves. The
Bombay Stock Exchange's S&P BSE Sensex index ended the day only 0.3% higher.
Indian bond and currency trading was closed on Tuesday.
The RBI has increased its key lending rate by three-fourths
of a percentage point since Mr. Rajan took the helm as governor in September.
The former chief economist for the International Monetary Fund has been building
his credentials as an inflation buster by raising rates even as the country
struggles with an economic slowdown. As with many economists, his view is that
one of the best ways to encourage sustainable growth is keeping prices in check.
Higher lending rates have helped drag India's economic growth
rate down to the lowest level in a decade. India's gross domestic product grew
4.7% between October and December compared with the like period a year earlier.
That was its seventh consecutive quarter of sub-5% growth.
Indian growth rates have been much higher. In January-March
2011, for example, the country's GDP grew at 9.9% pace.
(Courtesy:
http://www.mea.gov.in)
Ministry of External affairs
Successful conduct of elections in Ukraine
India welcomed the successful conduct of the presidential
elections in Ukraine and congratulates the Government and the friendly people of
Ukraine, as well as President-elect Mr. Petro Poroshenko on his victory in the
election.
India is a firm believer in the power of the expression of
democratic will by the people. As the largest democracy in the world, India has
recently seen a vibrant election where the people have voted a new Government
with a clear mandate. The unambiguous mandate in Ukraine will hopefully provide
a healing touch after the recent incidents of violence. India hopes that the
election of Mr. Poroshenko as the fifth President of the Republic of Ukraine,
would lead to an inclusive dialogue among various sections of Ukraine’s
population for a peaceful resolution of the crisis, restoring peace and
stability in Ukraine and in the region.
Ties between India and Ukraine, which are marked by warmth and
friendship, have grown stronger over the years. India looks forward to further
strengthening its comprehensive partnership with Ukraine.
(Courtesy: http://www.mea.gov.in)
Planning Commission of India
Prime Minister’s New 15 Point Programme for the Welfare of Minorities
1. The Hon’ble President, in his address to the Joint Session
of Parliament on February 25, 2005, had announced that the Government would
recast the 15 Point Programme for the Welfare of Minorities with a view to
incorporate programme specific interventions. Prime Minister, in his address on
the occasion of Independence Day, 2005, announced inter-alia that “We will also
revise and revamp the 15 Point Programme for Minorities. The new 15 Point
Programme will have definite goals which are to be achieved in a specific time
frame”. In pursuance of these commitments, the earlier programme has been
revised as the Prime Minister’s New 15 Point Programme for the Welfare of
Minorities. A copy of the programme is enclosed.
2. The objectives of the programme are as follows:-
a) Enhancing opportunities for education.
b) Ensuring an equitable share for minorities in economic activities and
employment, through existing and new schemes, enhanced credit support for
self-employment, and recruitment to State and Central Government jobs.
c) Improving the conditions of living of minorities by ensuring an appropriate
share for them in infrastructure development schemes.
d) Prevention and control of communal disharmony and violence.
3. An important aim of the new programme is to ensure that
the benefits of various government schemes for the underprivileged reach the
disadvantaged sections of the minority communities. The underprivileged among
the minorities are, of course, included in the target groups of various
government schemes. But in order to ensure that the benefits of these schemes
flow equitably to minorities, the new programme envisages location of a certain
proportion of development projects in minority concentration areas. It also
provides that, wherever possible, 15% of targets and outlays under various
schemes should be earmarked for minorities.
4. The emphasis of the programme on the maintenance of
communal peace and harmony, through appropriate measures, and ensuring a
reasonable representation of minorities in government, including the public
sector, remains as emphatic as ever and these continue to be important
constituents of the new programme.
5. The programme does not envisage any change or relaxation
of any criteria, norms or eligibility conditions in any scheme for minorities.
These would continue to be as provided for in the original schemes included in
the programme.
(Courtesy:
http://planningcommission.nic.in)
NATIONAL EVENTS
Paid news scandal
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The Election Commission has asked the former Maharashtra
Chief Minister Ashok Chavan and the former Jharkhand Chief Minister, Madhu
Koda, to appear before it on May 23 for allegedly giving incorrect accounts
of their 2009 poll expenses.
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It is an ongoing case of alleged expenses made by him
during the 2009 polls which were categorised as “paid news”. Mr. Chavan and
Mr. Koda have been asked to attend the hearing here on May 23 “either in
person or through their authorised representative or counsel.
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The poll panel’s action comes a week after the Supreme
Court gave it a free hand to inquire into complaints of paid news or
incorrect expenses against a political leader. A Bench headed by Justice A.K.
Patnaik had dismissed the plea of Mr. Chavan challenging the EC’s
jurisdiction to inquire into such issues.
The dream is to enter the IAS cadre and N L Beno Zephine, who is visually
impaired, is holding her breath until the marks for the Union Public Service
Commission (UPSC) exam results are released in 15 days.
Divya Prabhu GRJ, 27, a 2010 Indian Forest Services Officer,
has secured the 82nd rank in IAS. The UPSC declared the final results of the
Civil Services Examination 2013 on its official website on Thursday. Divya
Prabhu is the wife of Dr V Ramprasath Manohar, an IAS officer working as the
Chief Executive Officer in Karwar, of Uttar Kannada district.
