Daily Current Affairs 1st June, 2017

Daily Current Affairs 1st June, 2017


India and Morocco conclude five MoUs to enhance cooperation in various fields

  • India and Morocco have signed five memorandums of understanding (MoUs) covering fields as diverse as water resources management, television broadcasting, institutional co-operation and cultural and educational exchanges, further providing venues for enhanced cooperation.
  • The MoUs were signed during delegation-level talks in the presence of Vice President Mohammad Hamid Ansari and Moroccan Prime Minister Abdelilah Benkirane in Rabat.
  • Ansari also held one-to-one talks with the Moroccan Prime Minister in which the two leaders discussed a range of issues, including terrorism. Two speakers from both the countries have also offered to set up a Parliament Forum between the two countries for the exchange of information.

Astana Summit: India and Pakistan to become Full members of SCO

  • India and Pakistan’s admission to the China-backed Shanghai Cooperation Organisation (SCO) will be formalised at the SCO’s summit to be held in Astana, Kazakhstan. The Astana Summit will be held on 8-9 June.
  • The summit will complete the admission procedures of these two countries.
  • The Shanghai Cooperation Organisaiton (SCO) granted full membership status to Pakistan and India during its Ufa summit held in Russia in 2015.
  • India signed the Memorandum on accession in June 2016.
  • The presence of world’s two most populous countries, China and India in the grouping would make SCO as the organisation with the largest population coverage.


Four month window to disclose black money opens today

  • The Income Declaration Scheme which seeks to provide an opportunity to all person who have not declared their income correctly in previous years to come forward and declare undisclosed incomes, will open today and will remain in force till 30th of September, 2017.
  • The Scheme is part of Finance Act, 2016 and will provide an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 {be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} on undisclosed assets.
  • Under the scheme, the declarations can be filed online or with the jurisdictional Principal Commissioners of Income-tax across the country.

India Loses its Fast Growing Economy Tag to China 

  • As per the data released by the Ministry of Statistics, India registered 7.1{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} growth in the financial year 2016-17, which is slower than the 8{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} registered in 2015-16.
  • In the fourth quarter of 2016-17, India registered a growth of GDP growth of 6.1{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} compared with China’s 6.9{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in the same period. Hence, it has lost its fastest-growing major economy tag in the fourth quarter of 2016-17.
  • A decline is also visible in the Gross value added (GVA) growth. It was 6.6{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} for 2016-17 and 5.6{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in the Q4 of 2016-17, compared with 7.9{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in 2015-16 and 8.7{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in Q4 of that year. The GDP growth rate has registered a slightly higher growth because of proportionate increase in indirect tax net of subsidies.
  • While GDP gives a picture of whole economy, GVA gives pictures at enterprises, government and households levels. In other words, GDP is GVA of all enterprises, government and households.
  • Further, Gross Value Added (GVA) broadly reflects the supply or production side of the economy.
  • The GDP numbers have been computed based on the new 2011-12 base year recently adopted for data including the Index of Industrial Production (IIP) and Wholesale Price Index (WPI).


  • Smart Performance Appraisal Report Recording Online Window was recently to enable the Indian Trade Service (ITS) officers to fill their Annual Performance Appraisal Report (APAR) online for the year 2016-17 onwards.
  • The APARs would be generated and transmitted online to the concerned officers for filling up of the self appraisal. The officer can then submit the self appraisal online through Digitally Signed Signature (DSC) or through E-sign.
  • The subsequent processes of reporting and reviewing would also be done online by the Reporting and Reviewing Officer by using DSC or E-sign. The timelines have been drawn up for each stage of the process.
  • The entire process of filling up of APAR would have to be completed by 31st December and no remarks can be added after that date.

SEBI Approves Airtel and Telenor Merger

  • Bharti Airtel has stated that it has got approvals from the Securities and Exchange Board of India (SEBI), Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) for the proposed scheme of merger with Telenor (India) Communications Private Ltd.
  • Bharti Airtel now has filed the joint company application before the New Delhi Bench of the National Company Law Tribunal for approval. Bharti Airtel had announced its proposed merger with Telenor South Asia Investments Pte Ltd in February.
  • The merger will transfer all of Telenor India’s assets and customers and thus augmenting Airtel’s overall customer base and network. The merger is also subject to other statutory approvals like that of the Competition Commission of India. The merger will further bolster Airtel’s strong spectrum foot-print in seven circles including Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These seven circles with a huge population concentration will offer a high potential for growth. It will result in the addition of 43.4 MHz spectrum in the 1800 MHz band.


Telangana Launches T-Wallet

  • Telangana has launched a digital wallet named T-Wallet for people to make  public and private financial transactions.


First Scorpene submarine Kalvari to be commissioned by July

  • The first of the six Scorpene submarines- Kalvari, being built in India under technology transfer is likely to join the Navy by end of July. Kalvari is going through its final phase of trials.
  • Kalvari is named after a deep-sea tiger shark. The Scorpene is part of the ambitious Project 75 of Indian Navy’s submarine programme.
  • This type of submarine is designed to operate in all theatres including the Tropics. It can undertake various types of missions that are undertaken by any modern submarine including anti-surface warfare, anti-submarine warfare, mine laying, intelligence gathering, surveillance, etc.
  • With its superior stealth capability, it can launch a crippling attack on the enemy using precision guided weapons. The attack can be launched with torpedoes, as well as tube launched anti-ship missiles, whilst underwater or on surface.


Asia’s largest tech trade show COMPUTEX kicks off in Taipei

  • Asia’s largest technology trade show COMPUTEX has kicked off in Taipei, Taiwan on 31st of May.
  • The show will be held for 5 consecutive days, with 1,602 exhibitors, from more than 1,600 companies from 30 countries using 5,009 booth spaces to showcase their latest products.
  • The trade show has been organized by TAITRA ( Taiwan External Trade Development Council ) and TCA (Taipei Computer Association). The trade show has 4 main themes that focuses on : IoT applications, innovations and startups, business solutions, and gaming.


ISRO’s GSLV-Mk III Launched

  • ISRO’s GSLV-Mk III has been launched from the Satish Dhawan Space Centre in Sriharikota on June 5, 2017. GSLV-Mk III is the heaviest rocket ever made by ISRO which is capable of carrying heavy payloads.

Salient Facts

  • GSLV-Mk III can put four-tonne satellites in the Geosynchronous Transfer Orbit (GTO) and is capable of placing up to eight tonnes in a Low Earth Orbit (LEO).
  • This capacity is enough to carry a manned module and launch people into space. The rocket has three-stages with two solid motor strap-ons (S200), a liquid propellant core stage (L110) and a cryogenic stage (C-25).
  • The solid booster S200 is the third largest solid booster in the world. It was successfully tested at the Satish Dhawan Space Centre (SDSC), Sriharikota on January 24, 2010.
  • The indigenously developed cryogenic upper stage, C-25, which is the most difficult component was successfully tested on February 18, 2017.
  • On June 5, GSLV-Mk III’s first developmental flight, D1, will place GSAT-19 satellite into space. GSAT-19 will help to improve telecommunication and broadcasting areas. This is India’s first fully functional rocket to be tested with a cryogenic engine.
  • Cryogenic engine makes use of liquid propellants (liquid oxygen and liquid hydrogen). ISRO took about 25 years, 11 flights and over 200 tests on different components to come up with this rocket.
  • The rocket weighs 640-tonne which will be equivalent to the weight of 200 fully-grown Asian elephants.
  • The rocket will be India’s heaviest but shortest rocket with a height of 43 metre.

ADB and PNB sign $100 million loan to finance Solar Rooftop projects

  • The Asian Development Bank (ADB) and the Punjab National Bank (PNB) have signed a $100 million loan — to be guaranteed by the Government of India — that will finance large solar rooftop systems on industrial and commercial buildings throughout India.
  • The PNB will use the ADB funds to make further loans to various developers and end users to install rooftop solar systems.
  • This is the first tranche loan of the $500 million multi tranche finance facility Solar Rooftop Investment Program (SRIP) approved by ADB in 2016.
  • The financing includes $330 million from ADB’s ordinary capital resources and $170 million from the multi donor Clean Technology Fund (CTF) administered by ADB.
  • The first tranche loan of $100 million would be financed entirely from the CTF.

NASA’s Parker Solar Probe to Explore Sun’s Atmosphere

  • NASA’s Parker Solar Probe will be launched in the summer of 2018 to explore the sun’s atmosphere.
  • The purpose of the launch will be to study sun’s outer atmosphere and to understand how sun works.
  • The name of the probe initially called the Solar Probe Plus has been renamed as the Parker Solar Probe in honor of astrophysicist Eugene Parker.
  • This is the first time NASA has named a spacecraft after a living person.


Bollywood actor and Comedian Razzak Khan passes away

  • Famous comic star Razzak Khan, who is popularly known for his comic roles in movies like Hello Brother, Hungama and Hera Pheri has passed away after having a heart attack in Mumbai.


Admiral Sunil Lanba takes over as Chief of Naval Staff

  • Admiral Sunil Lanba has taken over as the new Chief of Naval Staff.
  • The 58-year-old Lanba, a specialist in Navigation and Direction, will have the full three-year tenure as the Navy Chief.
  • He has succeeded Admiral R K Dhowan.

BS Bassi appointed as UPSC Member

  • The President Pranab Mukherjee has appointed Bhim Sain Bassi, IPS (Retd) as a member of Union Public Service Commission (UPSC).


World’s longest and deepest rail tunnel has inaugurated in Switzerland

  • The world’s longest and deepest rail tunnel, running under the Switzerland Alps, has inaugurated in Switzerland. The 57-kilometer long Gotthard Base Tunnel has connected northern and southern Europe and shorten travel time for many rail routes.
  • This tunnel was built in 17 years by 2,400 workers, which cost of over 12 billion dollars. The full service of this tunnel will begin in December.
  • Till now, the Japan’s Seikan tunnel, which has measured 53.9 kilometers, was the longest rail tunnel in the world.


Historian Ramachandra Guha resigns as BCCI Administrator

  • Historian Ramachandra Guha has tendered his resignation as BCCI administrator citing personal reasons.
  • He submitted his resignation letter to Chairman of the Committee of Administrators of the BCCI Vinod Rai on May 28.
  • Ramachandra Guha was one among the four administrators appointed by the Supreme Court on January 30 to run the affairs of BCCI. The four member committee was headed by former Comptroller and Auditor General Vinod Rai.
  • The other two members are managing Director of Infrastructure Development Finance Company (IDFC) Vikram Limaye and former Indian women cricket captain Diana Edulji.

Only 4 Indians Feature in ESPN World Fame 100 list

  • India captain Virat Kohli, former captain Mahendra Singh Dhoni and left-handed batsmen, Yuvraj Singh and Suresh Raina are the only Indians who featured in ESPN’s ranking of the 100 most famous active athletes in the world.
  • In the list, Virat kohli has been placed in the 13th spot, Dhoni in the 15th spot and Yuvrai and Raina in the 90th and 95th places respectively. T
  • he first place in the list was occupied by Portuguese footballer Christiano Ronaldo followed by Lebron James, soccer star Lionel Messi, tennis star Roger Federer, Phil Mickelson, Neymar, Usain Bolt, Kevin Durant, Rafael Nadal and Tiger Woods in that order.







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