Current Affairs Questions & Answers - Jun 12, 2017

ANSWER: Sustainable Action for Transforming Human Capital

Explanation:
NITI Aayog has launched SATH-‘Sustainable Action for Transforming Human capital’ with the State Governments for furthering the agenda of cooperative federalism.

NITI Aayog under the SATH initiative plans to identify and build three future ‘role model’ states for health systems.

After identification of three states, NITI Aayog will work in close collaboration with the state machinery of these three states.

It will help in designing a robust roadmap, develop a program governance structure, establish monitoring and tracking mechanisms, and provide support to the state institutions to achieve the end objectives.

SATH program will be implemented by NITI Aayog along with McKinsey & Company and IPE Global consortium.

How SATH Works: Know More

• For selecting three model states, NITI Aayog spelled out three-stage process, namely, expression of interest, presentations by the states and assessment of commitment to health sector reforms.
• Subsequently, 16 states expressed interest in the initiative out of which 14 states presented their project proposals-Andhra Pradesh, Assam, Bihar, Chandigarh, Goa, Gujarat, Haryana, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Punjab, Telangana and Uttar Pradesh.
• From these four states, NITI Aayog has shortlisted 5 states.
  After subsequent screening and evaluations, three states will be selected.
• Parameters such as MMR, IMR, incidence of malaria will be considered for determining potential impact, and metrics such as density of doctors and nurses, compliance to IPHS norms will be used to determine likelihood of success.
• The program will be launched after signing of MoUs with these three selected states.

Niti Aayog: Know More

• NITI Aayog is essentially an advisory body that seeks to provide critical directional and strategic inputs across spectrum of key elements of policy to the centre as well as states.
• The Government of India has established Niti Ayog as a “Think Tank” which has no power to impose policies.
• By establishing Niti Aayog the government wants to be an “enabler” and leaves the impetus to provide a platform for cooperative and competitive federalism to the newly established body.

ANSWER: Vikram Limaye

Explanation:
SEBI has granted conditional approval for the appointment of Vikram Limaye as the MD and CEO of the NSE.

In February 2017, Limaye who is MD and CEO of infrastructure financing company IDFC was selected for the post of NSE chief.

However, SEBI had not cleared his appointment as he was also present in the Supreme Court appointed four-member panel managing the affairs of the Board of Control for Cricket in India (BCCI).

Now, the SEBI has cleared the appointment of Limaye subject to the condition that he relieves himself from his BCCI assignment, among other things.

Limaye’s term with the BCCI ends in August this year.

The NSE has already assured SEBI that Limaye will not seek an extension on his BCCI assignment.

Limaye is expected to take charge of NSE at a time the exchange is facing challenges in multiple fronts.

NSE has been functioning headless for the past six months.

Additionally, the vice chairman and founding member of the NSE Ravi Narain resigned from the board as the SEBI investigation in the algorithmic trading platform issue picked up.

SEBI has also issued show cause notices to 14 directors of the exchange for their failure to maintain market sanctity.

NSE plans for an initial public offering in the second half of this year.

Vikram Limaye: Know More

• Vikram Limaye is chartered accountant with an MBA from The Wharton School.
• Earlier, Mr Limaye was also named a member of a four-member panel by the Supreme Court to run the Board of Control for Cricket in India (BCCI), the apex cricket management body in the country.
• Vikram Limaye was selected as the Managing Director of the National Stock Exchange (NSE) after Chitra Ramakrishna had quit the exchange in December 2016 citing personal reasons.

ANSWER: USD 381.167 billion

Explanation:
According to RBI, India’s foreign exchange (Forex) reserves have increased by $2.404 billion to touch a lifetime high of $381.167 billion in the week that ended on June 2.

The increase was due to increase in foreign currency assets (FCAs). Components The components of India’s Foreign Exchange Reserves include: Foreign currency assets (FCAs), Gold, Special Drawing Rights (SDRs) and RBI’s Reserve position with International Monetary Fund (IMF).

Out of all the components, FCAs constitute the largest component of the Forex Reserves.

FCA rose by $2.748 billion to $357.290 billion in the reporting week.

FCA: Know More

• FCAs consist of US dollar and other major non-US global currencies.
• It also comprises of investments in US Treasury bonds, bonds of other selected governments, deposits with foreign central and commercial banks.
• FCAs include with them the effects of appreciation or depreciation of non-US currencies like the euro, pound, and the yen and is expressed in terms of dollars.
• The gold reserves declined by $343.2 million to $20.095 billion in the reporting week.
• SDRs’ value decreased marginally by $0.2 million to $1.472 billion.
• RBI’s reserve position with the IMF declined by $0.4 million to $2.309 billion.

ANSWER: Imposition of high import duty on certain Indian steel products

Explanation:
India has moved the World Trade Organisation (WTO) against the US as it has not yet complied with the rulings of the WTO pertaining to imposition of high import duty on certain Indian steel products.

In December 2014, the WTO’s appellate body pronounced a ruling against the act of US which is imposing high import duty on certain Indian steel products.

It had ruled that the imposition of import duty on steel products was inconsistent with various provisions of the Agreement on Subsidies and Countervailing Measures.

The Agreement on Subsidies and Countervailing Measures (the SCM Agreement) - addresses two separate but closely related matters

1. The multilateral disciplines on the use of subsidies and the
2. Conditions under which Members may apply countervailing measures.

India has sought consultation with the US for compliance of the WTO’s rulings.

If the US refuses to comply then India has planned to approach the WTO’s compliance panel.

In order to comply with the WTO rulings on countervailing duties on imports of hot-rolled carbon steel products from India, the US needs to amend its domestic norms.

Earlier, the US had moved the arbitration panel of the World Trade Organisation against India as it complained that India had failed to remove trade restrictions on American poultry.

WTO: Know More

• The WTO is an inter-governmental organization for governments to negotiate global trade agreements and progressively liberalizing trade.
• The WTO operates a system of trade rules that apply to all its members. The World Trade Organisation is also a place for Member governments to settle their trade disputes.
• It’s located in Geneva, Switzerland.
• It was established on 1 January 1995 and its official languages are English, French and Spanish. Countervailing duties are those duties that are imposed by a country to counter the negative impact of import subsidies to protect domestic producers.

ANSWER: United Nation’s Office for South-South Cooperation

Explanation:
India and the United Nations Office for South-South Cooperation (UNOSSC) on 8 June 2017 launched a partnership fund to support the Sustainable Development Goals (SDGs) across the developing world.

The fund was launched on the occasion of the World Oceans Day at a special ceremony held at the Permanent Mission of India to the UN.

The India-UN Development Partnership Fund will implement country-level projects that are catalytic towards achieving the 17 Sustainable Development Goals of the 2030 Agenda.

The initiative is aimed at reducing poverty and hunger, improving health, education and equality, and expanding access to clean water, energy and livelihoods.

The fund will focus on Least Developed Countries (LDCs) and Small Island Developing States (SIDS).

CEWSPIC: Know More

• Initially, the fund will start with an initial contribution of USD 1 million for its first project Climate Early Warning System in Pacific Island Countries (CEWSPIC).
• CEWSPIC Project was formulated by India and the UN Development Programme in consultation with the governments of Cook Islands, Kiribati, Marshall Islands, Micronesia, Nauru, Solomon Islands and Tonga.
• The project will increase resilience to natural disasters in these seven Pacific island countries.

ANSWER: All of the above

Explanation:
The International Olympic Committee (IOC) yesterday approved new events for the 2020 Tokyo Games, including a number of mixed-gender competitions.

The IOC’s Executive Board made the decision at a meeting in Lausanne, Switzerland on 8th June.

The additions include a mixed team event for judo.

Each team will consist of 3 men and 3 women, all representing different weight classes.

Team events have already taken place at the judo world championships, but never on a mixed-gender basis. Table Tennis will also get a mixed doubles competition.

The event was featured in the recent world championships in Germany.

A Japanese pair won gold.

Three-on-three basketball is an example of the IOC’s focus on youth and urban sports. The 10-minute match on a half-sized court is known for its speed.

The International Basketball Federation adopted it as an official discipline with common rules in 2007, to make it popular around the world.

The IOC has recommended awarding the hosting rights for both the 2024 and 2028 Games at the same time. In Tokyo, the number of mixed events will double from nine in Rio 2016 to 18.

All new events will make use of existing venues. Los Angeles and Paris are bidding to host the 2024 Summer Games. Bach expressed hope that the two cities will both be awarded the hosting rights in a dual allocation.

ANSWER: New Delhi

Explanation:
Minister of Railways Shri Suresh Prabhakar Prabhu inaugurated Indian Railways’ 1st HR Round Table Conference. C

Railway is a large organisation & for every big organisation, it is necessary to revisit the basic issues, introspect them and bring a change to be competitive, versatile & efficient.

People in the organisation has to take a decision of change. Organisational change can happen only if the shortcomings are realised.

Railways is a complex organization. It has commercial role, social role and welfare role and has to meet expectations of people which are unique and conflicting. It also has to play a role of national transporter.

Railways is the most important strategic asset of country.

The change should start from the top level so it should be discernible to the people as discussed in the HR Round Table Conference. Railways as an organisation should cater to the larger corporate goals, corporate goals should cater to societal priorities.

The action & attention should be at Divisional level, Railway Divisions as a business unit should be a focal point of the changes.

Chairman Railway Board Shri AK Mital said that In all other organization the cost of employees is around 30% whereas in Indian Railways it is 60% of the operation cost.

The need of the hour is to increase the earning so that the cost of employees will go down which will be possible only when efficiency & output of each & every employees will improve.

ANSWER: 18

Explanation:
The Goods and Services Tax (GST) Council has constituted 18 sectoral groups like telecom, textiles, gems and jewellery, e-commerce and mining, constituting officers both from the Centre and states to address sector-specific issues and assist in smooth roll-out of the new indirect tax regime from July 1.

The constitution of the 18 sectoral groups was decided in the 14th meeting of the GST Council held on May 18-19 in Srinagar.

These 18 sectoral groups representing various sectors of the economy and containing senior officers of the Centre and the states are being set up to ensure smooth implementation of GST by timely responding to the issues and problems of their respective sectors.

These groups will interact and examine representations received from trade and industry associations/bodies of their respective sector, highlight specific issues for the smooth transition to the GST regime and prepare sector-specific draft guidance.

The other sectoral groups are banking, financial and insurance, exports (including export oriented units and special economic zones), information technology and information technology enabled services, transport and logistics, micro small and medium enterprises (including job work).

Also included are oil and gas (upstream and downstream), services received and provided by government, food processing, big infrastructure (airport and sea ports including maintenance, repair and overhaul, power sector, housing and construction).

Other groups are on travel and tourism, handicrafts, media and entertainment and drugs and pharmaceuticals.

The officials of these sectoral groups will deal with the issues and the problems of the respective sectors they represent.

The concerned industry groups/associations or even individual industry representatives may approach the respective sectoral group officers with their problems, if any, relating to GST implementation who, in turn, will try to guide and help them in resolving the same.

This exercise will help in dealing with most of the sectoral problems and issues at the local/regional level.