Current Affairs Update – 4 October 2018

Current Affairs Update 4 October 2018

Current Affairs is an important part for many exams. Be prepared for this section with ByScoop which brings all the important Current Affairs in one place. 4 October 2018

Important Cabinet Approvals on October 3, 2018

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) between India with several nations as well as approved various programs and projects in India. These include:

Country Purpose
Russia Bilateral Cooperation in the Road Transport and Road Industry
Russia Promote cooperation between the Small & Medium Enterprises (SMEs) of the two countries. MoU was signed between National Small Industries Corporation Ltd. (NSIC), India and JSC-Russian Small & Medium Business Corporation (RSMB Corporation), Russia
Singapore Ex-post facto approval to the Second Protocol amending the Comprehensive Economic Cooperation Agreement (CECA) to enhance bilateral trade
  • Cabinet has approved redevelopment of Railway Stations. Indian Railway Stations Development Corporation Limited (IRSDC) will be the Nodal Agency and main Project Development Agency of this program.
  • With a partial modification of the earlier decision taken on 16.05.2018, the cabinet has approved the establishment of National Institute of Mental Health Rehabilitation(NIMHR) in Sehore District (Bhopal-Sehore highway) instead of Bhopal in Madhya Pradesh. 
  • Approved to provide financial package of Rs. 469.41 crore for the Revival and Mill Development Plan (RMDP) of Nepa Limited, a public sector newsprint company located in Nepanagar, Madhya Pradesh.  
  • Approved the increase in the Minimum Support Prices (MSPs) for all Rabi crops for 2018-19 to be marketed in 2019-20 season to increase farmers income. 

Centre Enhances MSP for Rabi Crops of 2018-19 Season to be marketed in 2019-20

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has approved the increase in the Minimum Support Prices (MSPs) for all Rabi crops for 2018-19 to be marketed in 2019-20 season.  

The details of the increased MSP is as follows:

Crop Absolute Increase in MSP MSP in 2018-19 (Rs/ quintal) Cost of Production in 2018-19 (Rs/ quintal) Return over cost in %
Wheat 105 (6.1%) 1840 866 112.5
Barley 30 (2.1%) 1440 860 67.4
Gram 220 (5%) 4620 2637 75.2
Masur (Lentil) 225 (5.3%) 4475 2532 76.7
Rapeseed & Mustard 200 (5%) 4200 2212 89.9
Safflower 845 (20.6%) 4945 3294 50.1

Mukesh Ambani Emerges Richest Indian for 11th Consecutive Year by Forbes

  • Reliance Industries’ Chairman Mukesh Ambani has emerged as the richest Indian for the 11th consecutive year as per the ‘Forbes India Rich List 2018’
  • With a net worth of 47.3 billion USD, Ambani is also the year’s biggest gainer, adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.
  • Wipro Chairman Azim Premji has retained the second spot with his wealth at USD 21 billion.
  • While, ArcelorMittal Chairman and CEO Lakshmi Mittal moved a place ahead to the third slot with a net worth of USD 18.3 billion.

Swachh Survekshan Grameen Awards 2018

  • The Ministry of Drinking Water and Sanitation had commissioned “Swachh Survekshan Grameen-2018” (SSG 2018) to develop ranking of all districts of India on the basis of quantitative and qualitative sanitation (Swachhata) parameters. 
  • Based on this ranking, PM Modi gave awards to top Ranked State, District and State with maximum citizen participation from all the zones of the country.
  • Here is the List of the winners:
Top 3 States Top 3 Districts States with maximum citizen participation Districts with maximum citizens’ participation
Haryana Satara, Maharashtra Uttar Pradesh Nashik, Maharashtra
Gujarat Rewari, Haryana Gujarat Solapur, Maharashtra
Maharashtra Pedapalli, Telangana Maharashtra Chittorgarh, Rajasthan

RBI Allows State Owned Oil Firms to Borrow Long-Term Working Capital From Overseas

  • The Reserve Bank of India (RBI) has allowed state-owned oil companies namely Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd to borrow long term working capital from overseas.
  • These companies will be allowed to raise up to USD 10 billion external debt for working capital needs with a minimum average maturity period of 3 or 5 years under the automatic route. 
  • Till now oil marketing companies were not allowed to raise external commercial borrowing (ECB) for working capital needs on a long-term basis. 

ADB Sanctions $ 100 Million Loan Agreement for Sewerage and Drainage Coverage in Kolkata

  • The Asian Development Bank (ADB) and the Government of India has signed a $100 Million Loan Agreement to expand sewerage and drainage coverage, provide sewage treatment and strengthen capacity of Kolkata Municipal Corporation (KMC) for resilient urban services.
  • This loan is the Third and Final Tranche of $400 Million Multi Tranche Kolkata Environmental Improvement Investment Program approved in 2014.
  • The financing under Tranche 3 will be used to construct 43 km of additional sewer drain pipes, four pumping stations, 13 km of pumping mains, and three sewage treatment plants to improve sanitation service quality and climate resilience in selected areas of KMC.

World Bank Debars 9 Indian Firms/Individuals for Fraudulent & Corrupt Practices

  • The World Bank has released the World Bank Group Sanctions System Annual Report FY18.
  • As per the report, nine Indian companies and individuals have been barred by the World Bank from its various projects across the globe.
  • A total of 78 firms/individuals are debarred from World Bank in FY18 
  • The report also stated that 40 firms and individuals have been suspended temporarily this year compared to 22 firms/individuals in FY17.
  • The report aims to combat fraud and corruption in projects and prevent wrong doing from happening, reduce risk and help bring more private investment into developing countries. 
  • The Indian individuals/firms barred by the World Bank in FY18 include:
Firm/Individual Name Length of Debarment
Olive Health Care 10 years, 6 months
Mr Jay Modi 7 years, 6 months**
Angelique International Limited 4 years, 6 months
M/s Famy Care Limited  4 Years
Madhucon Project Ltd. 2 Years
M/s RKD Constructions Pvt. Ltd. 1 year, 6 months
Tatva Global Environment Pvt. Ltd. 11 months**
SMEC (India) Pvt. Ltd. 6 months (**CND for 2 years)
Macleods Pharmaceuticals Ltd. 3 months**

Sandeep Bakhshi Appointed New CEO of ICICI Bank as Chanda Kochhar Steps Down

  • Chanda Kochhar has quit as the ICICI Bank’s Chief Executive Officer and Managing Director over allegations of conflict of interest over a loan to Videocon Group that had in turn lent to a company part-owned by her husband.
  • The bank has appointed its Chief Operating Officer Sandeep Bakhshi as the new CEO and MD with immediate effect.

Justice Surya Kant Appointed New Chief Justice of Himachal HC

  • Justice Surya Kant has been appointed as the Chief Justice of the Himachal Pradesh High Court.
  • The post of chief justice of the high court had been lying vacant since April, 2017.

Ex-MP & GITAM founder MVVS Murthy Passes Away

  • Well known industrialist, founder of GITAM University, and ex MP of the Telugu Desam Party, MVVS Murthy died in a car accident in the US. He was 78 years.
  •  Murthy went to the US for a global alumni meet of the Gandhi Institute of Technology and Management, popularly known as GITAM University to be held on October 6.

World Animal Day: October 4, 2018

  • The World Animal Day is observed annually on October 4 since 1929. 
  • The day aims to raise the status of animals in order to improve welfare standards around the globe. The event was moved to 4 October for the first time in 1929.
  • It was originated by Heinrich Zimmermann and he organized the first World Animal Day on 24 March 1925 at the Sport Palace in Berlin, Germany. 

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