Daily Current Affairs 31st January, 2017

Daily Current Affairs 31st January, 2017

ECONOMY

Economic Survey 2017 tabled in Parliament: Key highlights

  • Union finance minister Arun Jaitley on 31 January 2017 tabled the Economic Survey 2016-17 in Parliament budget session. The survey projects the economy to grow in the range of 6.75{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} to 7.25{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in the next fiscal year 2017-18 in the post-demonetisation year.The survey prepared by chief economic adviser in the finance ministry Arvind Subramanian stated the adverse impact of demonetisation on GDP growth will be transitional.
  • Here are the major highlights from the Economic Survey 2016-17:
  • Gross domestic product (GDP) growth in 2016-17 to dip to 6.5{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769}, down from 7.6{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in last fiscal.
  • Economic growth to rebound to 6.75 to 7.5{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in 2017-18.
  • Economic Survey sees fiscal windfall from Pradhan Mantri Garib Kalyan Yojana, low oil prices.
  • .Farm sector to grow at 4.1{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in the current fiscal, up from 1.2{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in 2015-16.
  • Fiscal gains from Goods and Services Tax (GST) will take time to realise.
  • Growth rate of industrial sector estimated to moderate to 5.2{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in 2016-17 from 7.4{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} last fiscal.
  • The survey prepared by Chief Economic Adviser in the finance ministry Arvind Subramanian said the adverse impact of demonetisation on GDP growth will be transitional.
  • The Economic Survey 2016-17 has advocated the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty.

RBI lifts ATM withdrawal limits from Feb 1, 2017

  • In a big relief to people, RBI has announced lifting of restrictions on daily withdrawal of money from ATMs with effect from 1 February 2017 and has also withdrawn all limits on Current Accounts and overdraft accounts with immediate effect
  • In a circular to the banks the RBI however stated the weekly limits of 24 thousand rupees on Savings Bank accounts will continue.

Finance Ministry to aid Rashtriya Rail Sanraksha Kosh for rail safety

  • The Union Finance Ministry has agreed to contribute partially to a new dedicated railway safety fund named as ‘Rashtriya Rail Sanraksha Kosh’ in the upcoming Union Budget 2017-18.
  • The proposed safety fund will be utilised for track improvement, bridge rehabilitation, rolling stock replacement, human resource development, improved inspection system and safety work at level crossing, among other things.

ENVIRONMENT,SCIENCE AND TECH

India to launch standby navigation satellite

  • India is planning to launch one of its back up navigation satellites this year as a replacement to IRNSS-1A satellite, whose three atomic clocks have failed.
  • Each of seven satellites has three clocks. The clocks are important to provide precise data.

Vampire star caught in the act by ASTROSAT

  • India’s first dedicated space observatory, ASTROSAT has captured the rare phenomenon of a small six-billion-year-old vampire star preying on a bigger celestial body.
  • The vampire star phenomenon is observed when smaller star sucks material (mass and energy) out of the bigger companion star, causing its eventual death.
  • It is also called a blue straggler as small star becomes bigger, hotter and bluer, giving it the appearance of being young, while the ageing companion burns out and collapses to a stellar remnant

APPOINTMENT

Ashok Amritraj Appointed UN in India Goodwill Ambassador for the Sustainable Development Goals

  • Film producer and Wimbledon tennis player, Ashok Amritraj has been appointed the United Nations in India Goodwill Ambassador for the Sustainable Development Goals

 

 

 

 

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