- At 8.5%, state’s GDP to grow faster than national average this fiscal
- Karnataka’s economy is expected to grow at a rate of 8.5% to Rs 9.5 lakh crore in 2017-18, according to the state’s economic survey. Karnataka’s Gross State Domestic Product (GSDP), defined as the sum of the economic value of all goods produced and services rendered within state boundaries for a financial year, makes up a little over 7% of the country’s total GDP, which is expected to grow at 6.5% in 2017-18.
The survey highlights Karnataka’s progress on the per capita income front. At a per capita income level of Rs 1.42 lakh per annum, Karnataka’s citizens are the fifth richest in the country, behind Delhi, Haryana, Maharashtra, and Kerala. Within the state however, income disparity is quite high, Bengaluru urban being the richest with a per capita income of Rs 3.2 lakh per annum, and Kalaburagi the poorest, with a per capita of Rs 65,493 per annum.
- Agriculture declined marginally as a component of GSDP, going from 11.5% of the GSDP to 11.1%. The services sector continued to remain the largest component of the state’s economy. Comprising mainly of real estate and professional services, this sector is expected to make up 35% of GSDP, up from 34.2% in 2016-17. This sector is expected to be the second fastest growing segment, growing at 11.5%, just behind public administration, which is expected to grow at 16.5% in 2017-18.
- The survey states that revenue collections have improved. Revenue receipts are expected to be Rs 1.4 lakh crore, up from 1.3 lakh crore last year. Capital receipts are expected to go up by a whopping 33%, at Rs 36,723 crore, up from Rs 27,529 crore in 2016-17
- Karnataka’s development expenditure is much higher than the national average, and is expected to remain so in 2017-18. Where the national per capita development expenditure is expected to improve by 6% from Rs 13,545 in 2016-17 to Rs 14,404 in 2017-18, Karnataka’s per capita development expenditure is expected to go up by close to 12%, from Rs 15,591 to Rs 17,413.
- The survey shows that Foreign Direct Investment into Karnataka saw a dramatic drop in 2016-17, falling from $4.1 bn in 2015-16 (10% of total FDI in India), to a measly $2.1 bn – a little less than 5% of total FDI into the country.
- UK and India upgrade joint research on clean water and clean energy
- UK-India research projects on ‘Water Quality Research’ and ‘Energy Demand Reduction in Built Environment’ were launched by Dr V K Saraswat, Member, National Institution for Transforming India (NITI) Aayog, Professor Ashutosh Sharma, Secretary, Department of Science and Technology (DST) India and Daniel Shah, Director, Research Councils UK (RCUK) India.
- The ‘Water Quality Research’ programme has eight projects and ‘Energy Demand Reduction in Built Environment’ programme has four projects, with a total joint investment of up to £15 million.
- These projects aim to deliver mutual benefits and research solutions not only to the UK and India but also to address shared global sustainable development goals – clean water and clean energy.
- India to host World Environment Day
- India will host the World Environment Day 2018, Union Environment Minister Harsh Vardhan and United Nations Environment Program chief Erik Solheim said.
- The theme for the World Environment Day-2018, held every year on June 5, is “Beat Plastic Pollution”.
- Canada hosted the event in 2017.
- Meanwhile, Harsh Vardhan also launched the first electric charging facility at the Lodhi Road UN office — the first ever in a UN office in India.
- Amazon Becomes World’s Third Most Valuable Company
- Amazon’s market value surpassed Microsoft’s for the first time, making Amazon the world’s third most valuable company.
- Apple and Alphabet stand ahead of Amazon as the most valuable companies in the world.
- Microsoft, now ranked fourth, follows, ahead of Tencent and Facebook.
· Amazon Launches Its 1st Food Retail Service In India
- Amazon becomes the first foreign e-commerce firm to start its own food retail venture in India called Amazon Retail, piloting its services in Pune.
- It will reportedly be available on Amazon India platform and sell locally made and packaged food to the consumers directly. Amazon also has Amazon Now app, which connects retailers with customers for sale of groceries.
· BAFTA Awards 2018: Complete List Of Winners
- drama Three Billboards Outside Ebbing, Missouri won maximum prizes at the British Academy of Film and Television Arts (BAFTA) Awards 2018, which took place at the Royal Albert Hall in London, UK.
- Best Film Three Billboards Outside Ebbing, Missouri
2. Outstanding British Film Three Billboards Outside Ebbing, Missouri
3. Best Director Guillermo Del Toro, The Shape of Water
4. Best Actress Frances McDormand, Three Billboards Outside Ebbing, Missouri
5. Best Actor Gary Oldman, Darkest Hour
· Union Cabinet Approves New Bill to Ban Unregulated Deposit Schemes And Chit Funds (Amendment) Bill
- In a major policy initiative to protect the savings of the investors, the Union Cabinet has given its approval to introduce the following bills in the Parliament:-
Banning of Unregulated Deposit Schemes Bill, 2018 in parliament &
2. Chit Funds (Amendment) Bill, 2018.
1. The Banning of Unregulated Deposit Schemes Bill, 2018
- The bill is aimed at tackling the menace of illicit deposit-taking activities in the country. Companies/ institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings.
2. The Chit Funds (Amendment) Bill, 2018
- The Union Cabinet gave its approval to introduce the Chit Funds (Amendment) Bill, 2018 in Parliament. In order to facilitate the orderly growth of the Chit Funds sector and remove bottlenecks being faced by the Chit Funds industry, thereby enabling greater financial access of people to other financial products, the following amendments to the Chit Funds Act, 1982 have been proposed:
Use of the words “Fraternity Fund” for chit business under Sections 2(b) and 11(1) of the Chit Funds Act, 1982, to signify its inherent nature, and distinguish its working from “Prize Chits” which are banned under a separate legislation;
ii. Increasing the ceiling of foreman’s commission from a maximum of 5% to 7%, as the rate has remained static since the commencement of the Act while overheads and other costs have increased manifold;
iii. Allowing the foreman a right to lien for the dues from subscribers, so that set-off is allowed by the Chit company for subscribers who have already drawn funds, so as to discourage default by them; and
iv. Amending Section 85 (b) of the Chit Funds Act, 1982 to remove the ceiling of one hundred rupees set in 1982 at the time of framing the Chit Funds Act, which has lost its relevance.
· India Successfully Test-Fires Agni-II Missile
- India successfully test-fired Agni II medium-range nuclear-capable missile from APJ Abdul Kalam island off the Odisha coast. The Strategic Forces Command (SFC)fired Agni-II from a mobile launcher at launch complex 4 of the Integrated Test Range.
- Agni-II, which has a length of 20 meters, weighs 17 tonnes and can carry a payload of 1000 kgs over a distance of 2000 km. It is a part of the Agni series of missiles developed by the DRDO.
Gk bit – Agni Missile System
- The Agni missileis a family of medium to intercontinental range ballistic missiles developed by India, named after one of the five elements of nature. Agni missiles are long range, nuclear weapons capable surface to surface ballistic missile. The first missile of the series, Agni-I was developed under the Integrated Guided Missile Development Program and tested in 1989. After its success, Agni missile program was separated from the IGMDP upon realizing its strategic importance. It was designated as a special program in India’s defence budget and provided adequate funds for subsequent development. As of 2008, the Agni missile family comprises three deployed variants while two more variants are under testing.
Agni-I MRBM 700 – 900 km (Operational)
Agni-II MRBM 2,000 – 3,000 km (Operational)
Agni-III IRBM 3,500 – 5,000 km (Operational)
Agni-IV IRBM 3,000 – 4,000 km(Testing)
Agni-V ICBM 5,000 – 8,000 km (Testing)
Agni-VI ICBM 8,000 – 10,000 km (Under development)
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