Current Affairs for IAS Exams - 05 October 2019

::NATIONAL::

VP calls for sustained dialogue for achieving development goals

The Vice President of India, Shri M. Venkaiah Naidu today underlined the need for India to engage with the international community in a sustained and fruitful dialogue that would take the country’s development agenda forward and help in creating a harmonious and prosperous world.
Addressing the 18th meeting of the Governing Body of Indian Council of World Affairs (ICWA) at Sapru House in New Delhi today, he said that country was undergoing rapid transformation today.
Stating that India was economically vibrant and enjoyed the status of being a favoured destination for foreign investments, he said, “the intensive thrust on all round development and the transformative reforms currently under implementation, have drawn appreciation from observers all over the world.”
Shri Naidu said that India’s robust diplomatic outreach and engagement with world nations has secured it an important place in the comity of nations. “We must now build on our successes and forge ahead,” he added.
Appreciating the council for its good work in research and in raising awareness among both experts and the general public through its activities, the Vice President advised the Council to adopt a neighbourhood first approach just as in Indian foreign policy, with more research output, outreach and interactions with its counterparts in our neighbourhood.

Cabinet gives approval to the new strategic disinvestment process

The Cabinet has approved a new process of strategic disinvestment with a view to expediting privatization of select PSUs.
Official sources said, the Cabinet approved the new policy under which the Department of Investment and Public Asset Management, DIPAM under the Ministry of Finance has been made the nodal department for the strategic stake sale.
DIPAM and NITI Aayog will now jointly identify PSUs for strategic disinvestment. The decision has been taken with a view to streamlining and speeding up the process.
Finance Minister NirmalaSitharaman during the presentation of the Budget had announced about increasing the divestment target from 90 thousand crore rupees to 1.05 lakh crore rupees for the current fiscal year, focusing on consolidation of public sector undertakings and strategic disinvestment.

::ECONOMY::

RBI cuts repo rates by 25 bps

On expected lines, the Reserve Bank of India (RBI) has today slashed the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.15 per cent from 5.40 per cent with immediate effect. Consequently, the reverse repo rate under the LAF stands reduced to 4.90 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 5.40 per cent.
Announcing its fourth bi-monthly monetary policy statement in Mumbai, RBI has revised the GDP outlook for 2019-20 to 6.1%, from 6.9% in previous Monetary Policy committee meet. For 2020-21, RBI has revised the GDP outlook to 7.2%.
The Monetary Policy Committee (MPC) also decided to continue with an accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.
The RBI statement said these decisions are in consonance with the objective of achieving the medium-term target for Consumer Price Index (CPI) inflation of 4 per cent within a band of /- 2 per cent, while supporting growth.
The repo rate, at which it lends to the system, has been brought down to help reduce borrowing costs for home and auto loans, which are now directly linked to this benchmark. Reverse repo rate is the rate at which the RBI borrows money from commercial banks within the country.
This is the fifth straight cut in rates by the Reserve Bank in its key rates in as much policy reviews in 2019, and takes the total quantum of reductions to 1.35 per cent.

Centre approves amendments in Electric Vehicle (EV) Charging Guidelines and Specifications

In a major decision to give a boost to Electric Vehicles in country, Union Minister of State for Power and New & Renewable Energy (IC) and Skill Development & Entrepreneurship, Shri RK Singh has approved amendments in Electric Vehicle Charging Guidelines and Specifications.
Speaking about the decision, Power Minister Shri RK Singh said that revised guidelines are more consumer friendly as they incorporate a number of suggestions received from various stakeholders. “We have tried to address the concerns of EV owners in new guidelines” he said and expressed hope that revised guidelines will encourage faster adoption of EVs in India.
Assuming that most of the charging of EVs would take place at homes or at offices where the decision of using Fast or Slow chargers would rest on the consumers, it has been clarified in the guidelines that private charging at residences/offices shall be permitted and DISCOMs may facilitate the same.
Bureau of Energy Efficiency (BEE), a statutory body under Ministry of Power has been nominated as the Central Nodal Agency. Further a provision for State Nodal Agency for the respective states has been provided for in the Guidelines.
The roles of the respective Nodal Agencies have been specified. These Nodal Agencies will act as the key facilitator in installation of Charging Infrastructure for Electric Vehicles throughout the country.

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::INERNATIONAL::

India expresses commitment for early completion of Kartarpur corridor project

Government has said, India is committed towards early completion of the Kartarpur Corridor project and asked Pakistan to show flexibility on charging fees as it is a sentimental matter for the pilgrims.
Responding to a question, MEA spokesperson Raveesh Kumar said, New Delhi hopes that the infrastructure projects on the Indian side get completed in a time-bound manner.
He told newsmen, the four-lane highway has been completed and the state-of-the-art passenger terminal will be completed by October end. Mr. Kumar said, India shared an agreement with Pakistan but it has not received a reply yet.
The Kartarpur Corridor will connect Darbar Sahib in Kartarpur, Pakistan, with Dera Baba Nanak shrine in Gurdaspur district of Punjab. It will facilitate visa-free movement of Indian pilgrims, who will only have to obtain a permit to visit the revered Kartarpur Sahib.

::SCIENCE & TECHNOLOGY::

India builts its own bullet resistant jacket under make in India initiative

Union Minister of Consumer Affairs, Food and Public Distribution Shri Ram Vilas Paswan today showcased the Bullet Resistant Jackets being made under the ‘Make in India’ initiative .
The standard is expected to fulfil the long pending demand of Indian Armed Forces, Paramilitary Forces and State Police Forces and will assist them in streamlining their procurement process.
Addressing the media after showcasing the jackets, Union Minister Shri Ram Vilas Paswan expressed happiness over the fact that India has now joinedselected League of Nations such as US, UK & Germany to have its own standard for Bullet Resistant Jackets. ShriPaswan informed the gathering that the standard that has been set by BIS is at par with International Standards.
He said that this will also lead to an increase in the employment generation across the nation.ShriPaswan congratulated the BIS officials for this feat and said that their efforts and contribution for setting such standards should be recognised and appreciated.
As the critical performance requirements and their evaluation procedures have been clearly brought out in this standard, it will ensure the availability of quality Bullet Resistant Jackets at economical price.
Central Armed Police Forces like CRPF, BSF, SSB, CISF, NSG etc. have already initiated the process of procuring such jackets as per the Indian Standard set by BIS.

::SPORTS::

Avinash Sable qualifies for Tokyo Olympics in steeplechase event

India's Avinash Sable has qualified for Tokyo Olympics in men's 3,000-metre steeplechase event by shattering his own national record at the World Championships in Doha yesterday.
Avinash clocked 8 minutes 21.37 seconds to breach the Olympics qualifying standard of 8 minutes 22 seconds. He also bettered his own national record of 8 minute and 25.23 seconds which he clocked on Tuesday during the first round heats.
The 25-year-old from Mandwa in Maharashtra had made it to Friday's finals in dramatic circumstances after he initially failed to make the cut in the heat races on Tuesday.