UTTAR PRADESH
- Uttar Pradesh govt hikes old-age pension
- In Uttar Pradesh, the state government has hiked old-age pension in the age group 60 to 79 years by rupees 100 monthly.
- Now the old-age pensioners would receive 500 rupees per month from the existing 400 rupees.
- Currently, the people who are above 80 years are already getting 500 rupees per month pension that are fully sponsored by the Union Government.
- The newly hiked pension will benefit around 44.21 lakh people in the state.
INTERNATIONAL
- Singapore topped the IMD World Competitiveness Ranking 2019
- Swiss-based International Institute for Management Development (IMD) World Competitiveness Ranking 2019said Singapore has dethroned the US to become the most competitive economy in the world. Hong Kong stands second spot in the list. USA stands third followed by Switzerland and UAE and fourth and fifth respectively.
- Qatarentered the top 10. India ranked 43, one position higher compared to 2018.
- India’s First Dinosaur Museum Park inaugurated in Gujarat
- GujaratChief Minister Vijay Rupani inaugurated India’s first Dinosaur-Museum-cum-Park in the Mahisagar district.
- It is set to give visitors a Jurassic Park kind of feel.
- The museum is located in Raiyoli area in Balasinor exhibit remains of various dinosaurs and fossil records.
- Dinosaur Museum cum Park is the first park in the country and the world’s third park.
- Raiyoli area is the third largest dinosaur fossil site in the world and it is also the second largest dinosaur hatchery in the world, where thousands of eggs had been found.
NATIONAL
- Cyclone VAYU
- It is a strong tropical cyclone that caused moderate damage.
- It was the strongest tropical cyclone to affect the Saurashtra Peninsula of northwestern India in 21 years. Vayu was the third tropical depression, third cyclonic storm and second very severe cyclonic storm of the 2019 North Indian Ocean cyclone season, and the first of which to form in the Arabian Sea.
- Vayu originated from a low-pressure area that was first noted by the India Meteorological Department(IMD) on 9 June, near the northern Maldives.
- MoSPI has proposed to set up a National Data Warehouse to leverage big data analytical tools
- Ministry of Statistics and Programme Implementation (MoSPI)has proposed to set up a National Data Warehouse with an aim to leveraging big data analytical This move is to further improve the quality of macro-economic aggregates. MoSPI also plans to introduce a legislative framework so that the National Statistical Commission (NSC) can function with independence and give holistic guidance for improving the national statistical system.
- The move also lends its support to thesystem reforms that are currently ongoing. It will also ensure the responsiveness to the changing needs of society that are necessary.
- This proposed set up is necessary as there are increasing demands on the statistical system for the production of relevant and quality statistics.
- Regarding this the government has recently merged theCentral Statistical Organisation (CSO) and the National Sample Survey Office (NSSO) to streamline and strengthen the statistical system. The merger leveraged the strengths of the two organisations so that it can meet the increasing demands.
- The government use the statistical data torevise the GDP estimate would require concomitant changes in the sectoral data flows and associated regulatory framework in the data source agencies to facilitate the use of more macro modelling techniques.
- ASI declares Chaukhandi Stupa as of national important monument
- Chaukhandi Stupa,an ancient Buddhist site located in Sarnath, Uttar Pradesh, has been declared as a Monument and protected area of national importance by Archaeological Survey of India (ASI).
- Chaukhandi Stupa is a lofty mound of brick whose square edifice is surrounded by an octagonal tower. It was built to mark the place where Lord Buddha met his first disciples as he traveled from Bodhgaya to Sarnath.
- The Chaukhandi Stupa is said to be originally a terraced temple during the Gupta period, that 4th to 6th Century.
- Cabinet approved the setting up of Defence Space Research Agency (DSRO)
- The Cabinet Committee on Securityheaded by Prime Minister Narendra Modihas approved the setting up of Defence Space Research Agency (DSRO), a new agency, which will develop sophisticated weapon systems. The approval aimed to To enhance the capabilities of the armed forces to fight wars in space.
- Defence Space Agency (DSA)will constitute of members from the three services. The aim of setting up of DSA is to help the country fight warsin the space.
DSA is being set up under an Air Vice Marshal-rank officer in It will be gradually taking over the space-related capabilities of the three forces.
- RBI to infuse Rs.15,000 crore into financial system through the purchase of government bonds
- The Reserve Bank of Indiais to infuse 15,000 crore into the financial system through bond purchase.
- RBI made the decision after assessing ofprevailing liquidity conditions and also of the durable liquidity needs that are going forward.
RBI uses Open Market Operations (OMO) for injecting liquidity into the system through the purchase of government bonds (G-sec). Therefore, RBI is to conduct the purchase of six G-sec under OMOs through multi-security auction using multiple price method.
- A government security (G-Sec) is a debt obligation of the Indian government to fund theirfiscal deficit.The securities are tradable. G-sec is issued either by the central or the state government. They are offered for short term as well as long term.
- Open market operations (OMO) refers to the buying and selling of government securitiesby the central bank, RBI in case of India, in the open market in order to contract or expand the amount of money in the banking system. The purchase of the securities will inject money into the banking system and stimulate growth, while sales of securities do the opposite and contract the economy.