By: D.K Chaudhary
1. India to Overtake UK, France to Become 5th-Largest Economy in 2018
i. India is set to leapfrog Britain and France in 2018 to become the world’s fifth-largest economy in dollar terms.
ii. The Centre for Economics and Business Research (CEBR) consultancy’s 2018 World Economic League Table painted an upbeat view of the global economy, boosted by cheap energy and technology prices. India is currently in seventh place in the top world economies with $2 trillion.
Top 3 Economies of the world according to the World Economic Forum are-
- The USA ($18 trillion),
- China ($11 trillion),
- Japan ($4.4 trillion).
2. President Inaugurated 100th Indian Economic Association Conference
i. President Ramnath Kovind inaugurated the 100th Annual Conference of the Indian Economic Association at Acharya Nagarjuna University in Guntur of Andhra Pradesh. The event will be held for four days.
ii. Indian Economic Association is a registered body of Indian economic professionals with an objective of providing a forum for debate and discussion of policy-oriented issues.
- Indian Economic Association (IEA) Established in- 1917.
- President of IEA (Conference)- Prof. C. Rangarajan.
- President of IEA (Association)- Prof. Sukhadeo Thorat.
3. President Dedicated 4 Projects to Andhra Pradesh
i. The President of India, Ram Nath Kovind, dedicated to the people of Andhra Pradesh four projects of the State Government at a function held at Velagapudi, Andhra Pradesh.
ii. The Projects were Andhra Pradesh Fibregrid Project, Andhra Pradesh Surveillance Project, Drone Project; and Free Space Optical Communication (FSOC) system. The President focused on the 24/7 hyper-connected world and the online presence of the government.
- Andhra Pradesh CM- N Chandrababu Naidu, Governor- ESL Narasimhan.
4. Agriculture Minister Launches Livestock Disease Forewarning (LDF) Mobile App
i. Union Agriculture and Farmers’ Welfare Minister, Shri Radha Mohan Singh has launched Livestock Disease Forewarning –Mobile Application (LDF-Mobile App). The app is developed by ICAR-National Institute of Veterinary Epidemiology and Disease Informatics (ICAR-NIVEDI), Bengaluru.
ii. Apart from early warning, the app will also provide information about clinical samples for the diagnosis in case of the epidemic so that immediate action can be taken in case of the epidemic.
- ICAR- Indian Council of Agricultural Research.
- Formerly known as Imperial Council of Agricultural Research, it was established on 16 July 1929.
5. SBI Gets Board Approval to Raise Rs 8,000 crore to Comply Basel III
i. According to the country’s largest lender, SBI, its board has approved raising Rs 8,000 crore through various sources, including masala bonds, to meet Basel III capital norms.
ii. Masala bonds are rupee denominated specialised debt instruments that can be floated in overseas markets only to raise capital. Banks in India have to comply with the global capital norms under Basel III by March 2019, three months later than the internationally agreed time frame by January 2019.
- SBI Chairman- Rajnish Kumar, Headquarters- Mumbai, Established on- 1st July 1955.