Important Current Affairs 11th August 2018

Important Current Affairs 11th August 2018

 INTERNATIONAL NEWS

 Curtain Raiser: Exercise SCO Peace Mission 2018 

As part of Shanghai Cooperation Organization (SCO) initiatives, SCO Peace Mission Exercise is conducted biennially for SCO member states. The joint exercise for the year 2018 will be conducted by Central Military Commission of Russia from 22 August to 29 August 2018 at Chebarkul, Chelyabinsk, Russia. This will be a historic occasion due to the maiden participation of India post becoming a full member of the SCO in June 2017. This exercise marks a major milestone in the multilateral relations of SCO member nations. The exercise will involve tactical level operations in an international counter insurgency or counter terrorism environment under SCO Charter. 
Indian contingent of 200 personnel is primarily composed of troops from infantry and affiliated arms & services alongwith Indian Air Force. The Indian contingent has been put through a strenuous training schedule which includes firing, heliborne operations, combat conditioning, tactical operations and house intervention drills.

NATIONAL NEWS

56th Convocation of IIT Bombay
The Prime Minister of India, Shri Narendra Modi, addressed the 56th Convocation of Indian Institute of Technology Bombay in Mumbai. Addressing the graduating students, the Prime Minister said that the success of the IITs inspired the creation of several engineering colleges around the country, which led to India becoming one of the world’s largest pools of technical manpower.
The PM said that IIT graduates are at the forefront of some of the best start-ups in India. These are start-ups that are also at the forefront of solving so many national problems. 
Speaking of innovation, the PM said that the best ideas come not in Government buildings or fancy offices, but in campuses like that of IITs, in the minds of youngsters studying in such campuses. He invited students to Innovate in India, innovate for humanity. He stated that innovations and enterprise are going to be the foundation stone for making India a developed economy. A long term sustainable technology-led economic growth is possible on this foundation.

Index of Industrial Production (IIP): Industrial output records 5-month high growth of 7% in June 2018
According to data released by Central Statistics Office (CSO), factory output measured in terms of Index of Industrial Production (IIP) had 7% in June 2018, five-month high. This was on account of higher output in mining, manufacturing and power generation segments.

Facts
1. The cumulative IIP growth for period April-June 2018 was 5.2% over corresponding period of previous year.
2. The manufacturing sector in June 2018 grew by 6.9%, as against decline of 0.7% in the year-ago month.
3. Power generation segment grew by 8.5% in June against 2.1% growth year ago. The mining sector output recorded 6.6% growth in June against 0.1% in June 2017.

Index of Industrial Production (IIP)
IIP is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period. It is compiled and published monthly by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation.

IBC Bill amendment passed, puts homebuyers at par with financial creditors

A bill to amend the Insolvency and Bankruptcy Code (IBC) 2016, allowing home buyers to be treated as financial creditors and seeking to set up a special dispensation for small sector enterprises, was passed by Parliament on Friday. The bill, which was passed in Lok Sabha on July 31, was approved in the Rajya Sabha by a voice vote. The legislation seeks to replace the June 6 ordinance that sought to put these amendments into force to aid quick resolution of several bankrupt firms.

India gets first all-women SWAT team, all 36 commandos from northeast

The Delhi Police inducted India's first all-woman Special Weapons and Tactics (SWAT) team for anti-terrorist operations. After rigorous training of around 15 months from specialists all across India and abroad, 36 women commandos from the northeastern states have been inducted into this squad. While 13 members are from Assam, rest of them hail from Arunachal Pradesh, Sikkim and Manipur.
Delhi Police Commissioner Amulya Patnaik, who was behind the idea of the SWAT team, said, "The team is ready to take on hostage crises and terror strikes in urban areas.

Chhattisgarh CM Raman Singh launches 'Tiffin Yojana' for poor labourers

Cheif Minister Raman Singh has launched the "Mukhyamantri MNREGA Mazdoor Tiffin Vitaran Yojana" wherein the state will distribute tiffin boxes to over 10 lakh labourers for free.
He said, "The government has come forward with many beneficial schemes for the labourers. One among them is Tiffin Yojana that comes under Mahatma Gandhi Gramin Rozgar Guarantee Yojana in which around 10, 80,000 labourers will be given tiffins in a month."

Gita Mittal Becomes Jammu And Kashmir's First Woman Chief Justice

Justice Gita Mittal has become the first woman Chief Justice of Jammu And Kashmir High Court.  She took oath on Saturday morning. The ceremony was administered by Governor Narinder Nath Vohra at Srinagar. Mittal had been previously appointed as the Chief Justice of the Delhi High Court on April 14, 2017, after the retirement of Chief Justice Gorla Rohini.
Justice Mittal completed her graduation from Campus Law Centre in 1981. In 2004, she was appointed as the Additional Judge of Delhi High Court and was made permanent in 2008. She had been a member of the Governing Council of the National Law University and Indian Law Institute, New Delhi since 2013.
Before being appointed as the Chief Justice of Delhi High Court, she chaired the court committees on the Delhi High Court's Mediation and Conciliation Centre, as well as the committee monitoring the Implementation of Judicial Guidelines for Dealing with Cases of Sexual Offences and Child Witnesses.

President of India inaugurates ‘One District one Product’ Summit
The President of India, Shri Ram Nath Kovind, inaugurated the ‘One District One Product’ Summit in Lucknow, Uttar Pradesh.
The President said that micro, small and medium enterprises are called the backbone of our economy. These enterprises are engines of inclusive development. After the agricultural sector, most people find employment in this sector. This sector generates more employment opportunities at a lower cost of capital. And the most important thing about this sector is that it creates jobs in rural and backward areas.
The President noted that under the ‘One District One Product’ scheme, the state government has set a goal of providing employment to 25 lakh people in five years through the financial assistance of Rs. 25,000 crores. He expressed hope that this scheme will create large number of employment opportunities for the youth and strengthen the inclusive and sustainable development of Uttar Pradesh.

Cage Farming in Karnataka
The Centrally Sponsored Scheme (CSS) on Blue Revolution: Integrated Development and Management of Fisheries approved by the Government in December 2015 inter-alia provides financial assistance for (i) open sea cage culture and (ii) installation of cages/pens in reservoirs and other open water bodies. Under the CSS, the unit cost of open sea cage is fixed at Rs. 5 lakh per cage and having minimum diameter of 6 m and depth of 4 m in case of each circular cage and 96 cubic meter volume (6mx4mx4m) in case of each rectangular cage. 
Similarly, the unit cost for installation of cages/pens in reservoirs and other open water bodies is fixed at Rs. 3 lakh per cage including installation and inputs for first crop.
The Government of Karnataka reported the installation of 8 marine cages with an expenditure of Rs. 29.9 lakh for Seabass and Cobia culture and a total of 102 cages in reservoir with an expenditure of Rs.81 lakh. Besides, National Fisheries Development Board (NFDB), Hyderabad has also sanctioned 500 brackish-water cages to the Central Marine Fisheries Research Institute (CMFRI) for installation in the selected District of Karnataka.

New Pension Scheme (NPS)

National Pension System (NPS) has been designed giving utmost importance to the welfare of the subscribers. Government has made a conscious move to shift from the defined benefit Pension Scheme to defined contribution pension scheme i.e. NPS, due to rising and unsustainable pension bill. There are a number of benefits available to the employees under NPS. Some of the benefits are enlisted below:
1. NPS is a well designed pension system managed through an unbundled architecture involving intermediaries appointed by the Pension Fund Regulatory and Development Authority (PFRDA) viz. pension funds, custodian, central record keeping and accounting agency, National Pension System Trust, trustee bank, points of presence and Annuity service providers.
2. The pension wealth which accumulates over a period of time till retirement grows with a compounding effect. The all-in-costs of the institutional architecture of NPS are among the lowest in the world.
3. Contribution made to the NPS Tier-I account is eligible for tax deduction under the Income Tax Act, 1961. An additional tax rebate of Rs.50000 is also allowed for contributions made to NPS Tier-I under Section 80CCD (1B) of the Income Tax Act, 1961.
4. PFRDA has increased the maximum age limit from 60 years to 65 years for joining NPS-All Citizen Model and Corporate Sector Model, vide “PFRDA (Exits and Withdrawals under the NPS) (Second Amendment) Regulations, 2017” dated 06.10.2017.
5. PFRDA vide “PFRDA (Exits and Withdrawals under the NPS) (Third Amendment) Regulations, 2018” dated 02.02.2018 has facilitated easy exit & withdrawal in case of disability and incapacitation of the subscriber covered under NPS.
6. Transparency and Portability is ensured through online access of the pension account by the NPS subscribers, across all geographical locations and portability of employments.