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Current Affairs of 5th July

Anjali Singh, Published On:05-Jul-2019


                       Current affairs

1.The Economic Survey 2019 presented by Chief Economic Adviser (CEA) Krishnamurthy Subramanian focusses on moving to a “virtuous cycle” of savings, investments and exports to transform India into a $5 trillion economy in the next five years.

  • According to the survey, India’s GDP is forecast to expand by 7% in fiscal 2019­-20, slightly higher than the 6.8% in 2018­-19
  • In his first Survey, Dr. Subramanian highlighted the fact that private investment was a key driver for demand, capacity, labour productivity, new technology adoption, and for job creation. 
  • The Economic Survey has recommended that digital technology and the JAM troika — Jan Dhan, Aadhaar and Mobile — be expanded to other welfare schemes, citing their favourable impact on the Mahatma Gandhi National Rural Employment Guarantee Scheme.

2.Yes Bank has acquired 9.47% stake in Eveready Industries by invoking pledged shares, the lender informed the exchanges. 

  • The pledged shares were invoked since one of the group companies, McLeod Russel, defaulted.
  • Eveready had a consolidated turnover of ₹1,541.86 crore in FY 2018-­19.

3.The Union Home Minister Shri Amit Shah called the Union Budget 2019 as “truly a budget of hope and empowerment.” 

  • In a series of Tweets, Shri Amit Shah said “it highlights the exemplary work in key sectors relating to the economy, housing, infrastructure and the social sectors over the last five years and on this basis, ignites a spirit of hope that India can become a 5 Trillion Dollar economy in the coming years”.
  • He said that the Budget 2019-20 is a futuristic one which provides a coherent roadmap for sectors that will drive growth and innovation among our citizens. The emphasis on clean energy and cashless transactions are also steps in the right direction.
  • The Union Home Minister further said that today’s ‘Budget For New India’  has set the stage for fulfilling our collective dreams of water for every citizen, ensuring electricity connectivity across India and boosting manufacturing especially in sunrise sectors. The Budget will enable India to become a more vibrant start-up hub.
  • It clearly reflects Prime Minister Shri Narendra Modi’s vision for India’s development, where the farmers prosper, poor lead a life of dignity, the middle class get the due for their hard work and Indian enterprise gets a boost.

4.The Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman said that Pradhan Mantri Awas Yojana – Gramin (PMAY-G) aims to achieve the objective of “Housing for All” by 2020.   

  • Presenting the Union Budget 2019-20 in the Lok Sabha, she said that a total of 1.54 crore rural homes have been completed in the last five years and in the second phase of PMAY-G, from 2019-22, 1.95 crore houses are proposed to be provided to the eligible beneficiaries. The houses will be provided with amenities like toilets, electricity and LPG connections.

5.“Make in India”, with particular emphasis on Micro, Small and Medium Enterprises, is one of the major focus areas of the Union Budget this year. 

  • Delivering her budget speech in Parliament, Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman announced various proposals aimed at strengthening the sector.
  • For ease of access to credit for MSMEs, Government has introduced a scheme for providing of loans upto Rs. 1 crore within 59 minutes through a dedicated online portal. Under the Interest Subvention Scheme, Rs. 350 crore has been allocated for FY 2019-20 for 2% interest subvention for all GST registered MSMEs, on fresh or incremental loans.
  • The Finance Minister also announced the Government’s intent to create a payment platform for MSMEs to enable filing of bills and payment on the platform itself to eliminate delays in government payments.

6.The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman said that the Government aims to set up more Common Facility Centres (CFCs) under the ‘Scheme of Fund for Upgradation and Regeneration of Traditional Industries’ (SFURTI).  

  • Presenting the Union Budget 2019-20 in the Lok Sabha, she said this will facilitate cluster based development to make the traditional industries more productive, profitable and capable for generating sustained employment opportunities. 
  • The focused sectors are Bamboo, Honey and Khadi clusters. SFURTI envisions setting up of 100 new clusters during 2019-20 to enable 50,000 artisans to join the economic value chain.
  • The Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship’ (ASPIRE) has been consolidated for setting up of Livelihood Business Incubators (LBIs) and Technology Business Incubators (TBIs). 
  • The Scheme contemplates setting up 80 Livelihood Business Incubators (LBIs) and 20 Technology Business Incubators (TBIs) in 2019-20 to develop 75,000 skilled entrepreneurs in agro-rural industry sectors.
  • The Finance Minister further said that fishing and fishermen communities are closely aligned with farming and are crucial to rural India.  
  • Through a focused Scheme – the Pradhan Mantri Matsya Sampada Yojana (PMMSY) – the Department of Fisheries will establish a robust fisheries management framework. This will address critical gaps in strengthening the value chain, including infrastructure, modernization, traceability, production, productivity, post-harvest management, and quality control.

7.India announced measures to strengthen oversight of the country’s shadow banks and improve their access to funding by providing guarantees for purchases of their assets. 

  • The Reserve Bank of India will now be the regulator of housing finance firms, replacing the National Housing Bank.
  • The government will also provide a one-time partial credit guarantee for loan losses to state banks that buy as much as 1 trillion rupees ($14.6 billion) of high-rated pooled assets of non-banking finance companies

            Appointment and Resignation

8.Five­time legislator H.K. Kumaraswamy was appointed Janata Dal (Secular) Karnataka president. 

  • He replaces A.H. Vishwanath, who tendered his resignation following the party’s debacle in the Lok Sabha polls and has since been vocal in his criticism of the coalition government.  
  • The party appointed former legislator Madhu Bangarappa as the working president of the party. In a surprise move, Nikhil Kumaraswamy, son of Chief Minister H.D. Kumaraswamy, has been appointed the youth wing president. 

9. Labour Minister Santosh Gangwar took charge of the ministry and made it clear that Team Modi 2.0 will focus on labour reforms and work for the welfare of informal sector workers. 


10.Barun Haldar, veteran newsreader of All India Radio(AIR) passed away in Kolkata. 

  • He was a popular presenter of Western Music in AIR Kolkata. He was associated with AIR news till 1999.


11.Frank Lampard was appointed Chelsea head coach.


  • Lampard has signed a three ­year contract with the Premier League club, where he spent 13 years and became the team’s all ­time leading scorer with 211 goals. 
  • The former England midfielder succeeds Maurizio Sarri after just one season in management, having led Derby to the Championship play­off final in May. 
  • Lampard made 648 appearances for Chelsea, winning three Premier League titles, four FA Cups and two League Cups, as well as the Europa League and the Champions League

12.West Indies cricketers paid glowing tributes to retiring Chris Gayle after he drew the curtains on his World Cup career.

  • Gayle played the last match of his fifth and final World Cup against Afghanistan
  • The West Indies legend has decided to end his international career after playing the home series against India next month.

Source: The Hindu, The Economic Times, The Indian Express, Press Information bureau website

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