1. Ease of Doing Business Grand Challenge
• The government has launched Ease of Doing Business Grand Challenge on resolving seven identified Ease of Doing Business problems with use of cutting edge technologies.
• The objective of this challenge is to tap potential of young Indians, startups and other private enterprises to provide solutions to complex problems using current technology.
• It is in pursuance of Government’s resolve to make India one of the easiest places to conduct business in the world.
• This challenge is aimed at attracting innovative ideas on artificial intelligence (AI), Internet of Things (IoT), big data analytics, blockchain and other cutting edge technology to reform government processes.
2. Quadricycle
• The ministry of road transport and highways has approved the sale of quadricycles for personal use.
• Quadricycle – a vehicle of the size of a 3-wheeler but with 4 tyres and fully covered like a car. It has an engine like that of a 3-wheeler.
• Ministry of Road Transport & Highways notified the insertion of ‘Quadricycle’ as a ‘non transport’ vehicle under the Motor Vehicles Act 1988.
• Quadricycles were only allowed for transport usage under the Act, but now has been made usable for non-transport also (Personal use).
• It is cheap and safe mode of transport for last mile connectivity.
3. The Open Transit Data platform
• To increase transparency and build transport solutions, the transport department of the Delhi government has launched the Open Transit Data platform which provides real-time datasets free of cost.
• Through this the government aims to provide real-time data which can be used by third party app developers and researchers.
• This includes geo-coordinates of all bus stops, route maps, timetables as well as the real time GPS feeds of bus locations which will be updated every 10 seconds.
4. Prompt corrective action (PCA) framework
• The 11 state-run banks, which are under the RBI’s prompt corrective action (PCA) framework, have seen a 400 basis points increase in their share of retail loans at 19% in the four years ending September 2018.
• The 11 banks under the PCA are: Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra. These banks together control over 20 per cent of the credit market.
• The RBI began to place state-run banks under the PCA framework for the first time in September 2016, when their NPAs soared beyond the regulatory tolerance levels.
5. Microsoft surpasses Apple to become most valuable US Company
• Microsoft has become the most valuable US company with $753.3 billion in market capitalization.
• Amazon with $736.6 billion is currently at third and Alphabet (the parent company of Google) with $725.5 billion is at the fourth spot.
• The investors are now betting big on companies with robust Cloud services and software services which are witnessing an increased demand.
6. Prevention of Corruption Act
• The Supreme Court has ordered the government to respond to a petition challenging two amendments to the Prevention of Corruption Act.
• The amendments were:
1. The introduction of S. 17 A (1) by which prior permission for investigation of corruption offences was required from the government.
2. The removal of S. 13 (1) (d) (ii) (criminal misconduct) from the Act. It had earlier made it an offence for a public servant to abuse his position to give pecuniary or other advantage to a third party.
7. First-ever India Russia Strategic Economic Dialogue held at St. Petersburg
• The first-ever India Russia Strategic Economic Dialogue was held at St. Petersburg in Russia.
• Indian side was led by NITI Aayog Vice Chairman Rajiv Kumar and Russian delegation headed by Economic Development Minister Maxim Oreshkin.
• It was created by PM Narendra Modi and President Vladimir Putin in their informal summit (held at Sochi in May 2018) to give big push to economic partnership between both countries.
• India has already launched Strategic Economic Dialogue with China.
8. Government of India and Asian Development Bank (ADB) sign $200 Million Loan to improve State Highways in Bihar
• The Asian Development Bank (ADB) and the Government of India signed a $200 million loan to finance widening and upgrading of about 230 Kilometers State Highways in Bihar to all-weather standards with road safety features.
• Since 2008, ADB has provided four loans to Bihar, amounting to $1.43 billion, to upgrade about 1,453 km of State Highways and to construct a New Bridge over the Ganga River near Patna.
• This BSHP-III project, approved by the ADB Board in October this year, will involve upgrading State Highways to standard two-lane width with road safety features.
9. Task Force for drafting a New Direct Tax Legislation
• In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017.
• In partial modification of the earlier order, the Government has appointed Shri Akhilesh Ranjan, Member (Legislation), CBDT as Convener of the Task Force. Other members of the Task Force remain unchanged.
• The Task Force shall submit its report to the Government by February 28, 2019
10. RBI can transfer Rs 1 lakh crore of excess reserves to government
• According to Bank of America Merrill Lynch report, the Reserve Bank has “more than adequate” reserves and it can transfer over Rs 1 trillion to the government after a specially constituted panel identifies the “excess capital”.
• The report notes that the central bank can transfer Rs 1 trillion to the government if the transfer is limited to passing excess contingency reserve and can go up to Rs 3 trillion if the total capital is included.
• Although RBI was promoted as a private shareholders’ bank in 1935 with a paid up capital of Rs 5 crore, the government nationalised it in January 1949, making the sovereign its “owner”. What the central bank does, therefore, is transfer the “surplus” — that is, the excess of income over expenditure — to the government, in accordance with Section 47 (Allocation of Surplus Profits) of the Reserve Bank of India Act, 1934.
11. India to export fish meal and fishoil to China
• The Vice Minister, General Administration of Customs of China (GACC), Hu Wei, led a six-member delegation to India to discuss various issues of market access for different productslikemilk and milk products, agricultural products like soy meal, fruits and vegetables, tobacco and pharmaceutical products for which India has been seeking market access from China.
• Both the Indian and Chinese sides appreciated each other’s concerns and agreed to resolve the market access issues expeditiously to achieve the vision of the leaders of both the countries by promoting a more balanced trade.
• A protocol on Hygiene and Inspection requirements for the export of Fish Meal and Fish Oil from India to China was signed today.
• The signing of Protocol formalises the consensus reached by both sides on hygiene and inspection requirements of fish meal and fish oil to be exported from India to China, and will enable India to commence export of fish meal and fish oil to China.
• China imports fish oil to the tune of USD 143.29 million, and fish meal to the tune of USD 263.43 million, and signing of the protocol between the two countries paves the way for export of Indian fish oil and fish meal to China.
12. Government of India and Asian Development Bank (ADB) Signs $75 Million Loan to Improve Urban Services in 4 Karnataka Towns
• Government of India and the Asian Development Bank signed a $75 million loan here to provide 24 x7 water supply in Karnataka’s four coastal towns of Kundapura, Mangalore Puttur and Udupi and improve sanitation infrastructure for Mangalore town.
• The Program, approved by ADB Board in 2014, aims to improve urban water resource management in selected river basins in Karnataka through modernization and expansion of urban water supply.
• The investment program is supporting four coastal towns in Karnataka to provide continuous piped water supply to people, and promote efficient and sustainable use of water.
13. CSIR to establish a High-End Skill Development Centre in Chandigarh
• India’s premier National Research Laboratory CSIR-Institute of Microbial Technology (CSIR-IMTECH) announced a new partnership with Merck, a leading German science and Technology Company, to establish a ‘High End Skill Development Centre’ in CSIR-IMTECH, Chandigarh.
• This ‘High End Skill Development Centre’ will enrich skills by conducting workshops, trainings and seminar series on cutting edges life science processes, tools and techniques.
• This High-End Skill Development Centre will function on the principle of “no-profit, no-loss” basis and has been primarily created to augment Government of India’s initiative for building skills in the area of Life Science.
14. NPCC gets Miniratna and ISO 9001:2015 certification
• National Projects Construction Corporation Limited (NPCC) has been conferred with the status of Miniratna: Category –I by the Government of India.
• The empowerment of Miniratna Status to NPCC will help the company in taking speedy decisions by enhancing the delegation of powers to the Board.
• NPCC, a schedule ‘B’ CPSE under the administrative control of Ministry of Water Resources RD & GR, has also been awarded ISO 9001:2015 Certification.
• The Corporation, incorporated in 1957, is a premier construction company having mandate with creation of infrastructure to provide impetus for economic development of the country.
15. Cumulative No of Houses sanctioned under PMAY(U) now more than 65 Lakhs
• The cumulative number of houses sanctioned under PMAY(U) now is 65,04,037.
• The Ministry of Housing & Urban Affairs has approved the construction of another 2,05,442 more affordable houses for the benefit of urban poor under Pradhan Mantri Awas Yojana (Urban).
• The approval was given in the 40th meeting of the Central Sanctioning and Monitoring Committee held here today.
• 2,05,442 houses sanctioned under Pradhan Mantri Awas Yojana(Urban) in the 40th CSMC.
• Maharashtra gets 1,16,042 Houses, Karnataka– 31,657, Bihar-26,880, Tamil Nadu – 15,529 and Jammu & Kashmir – 15,334.
• The approvals under the Beneficiary led construction(BLC) vertical is 85,227 while it is 1,20,215 under Affordable Housing in Partnership (AHP)vertical.