Current Affairs - 29th Jan 2014
Centenary celebrations of India’s first cantilever bridge
Pamban railway bridge- Indi8a’s first cantilever bridge connecting Rameshwaram to the mainland (Chennai) completed its 100 years of existence and former President A.P.J Abdul Kalam inaugurated the celebrations.
The bridge was put to test for the first time in December 1964, when a severe cyclonic storm hit the area but this 65.23 meter long rolling central lift span remained unharmed.
The new lending rates by RBI
The new Repo Rate after Reserve Bank of India (RBI) Governor Raghuram Rajan on 28 January 2014 increased it by 0.25% under RBI’s third quarter monetary policy review is – 8% .
This move is expected to translate into higher EMIs and push up the cost of borrowing for corporates. Consequently, the Reverse Repo Rate under the Liquidity Adjustment Facility (LAF) will be revised to 7% and the marginal standing facility rate and bank rate to 9%.
However, the RBI kept the cash reserve ratio (CRR) unchanged at 4% as liquidity seems to be comfortable.
RBI’S monetary policy review
The RBI released the Macroeconomic and Monetary Developments Report along with the third quarter monetary policy review on 28 January 2014.
RBI’s broad expectation about economic growth rate (GDP Growth Rate) during 2013-13 is that – GDP growth rate will remain below 5% (The RBI said the growth is expected to fall below 5% in 2013-14 in absence of pick-up in manufacturing sector, but likely to recover to 5.5% in the next financial year (2014-15). In the first half of 2013-14, the GDP growth was at 4.6%)
Ukraine political crisis
In back-to-back moves to try resolving the ongoing Ukrainian political crisis, the prime minister submitted his resignation on 28 January 2014 and the Parliament repealed anti-protest laws that had set off violent clashes between protesters and police. the name of the Prime Minister who resigned is – Mykola Azarov.
Azarov was one of the government figures most disliked by opposition supporters. The twin moves were significant concessions to the protesters who have occupied the capital’s main square for two months and fought sporadically with police for the last 10 days.
High computing system of DRDO
Dhruva-3, which was developed by the Advanced Numerical Research & Analysis Wing (ANURAG), Hyderabad, will be useful for the design of advanced aircrafts like the AMCA (Advanced Medium Combat Aircraft), where analysis of aerodynamics at high speeds under different conditions is required.
It will be deployed to solving mission critical Defence R&D applications.
Raymond Veil passes away
He was the founder of the watch brand of the same name (Raymond Weil) and is considered one of the great innovators of the Swiss watch industry. Born in Geneva in 1926, Weil first made his foray into the watch industry at Camy Watch, of which he soon took the reins.
In 1976, in the midst of an industry-wide crisis, he decided to go it alone and created his own company focused on putting into practice his vision that timepieces should be high-quality and with superior design, but at affordable prices.
