Daily GK Updates: 22nd August 2014

1.    RBI projects 5.5 % GDP growth during current fiscal

i. The Reserve Bank has said the economy is likely to grow at 5.5 per cent in the current fiscal as it sees pick-up in manufacturing and investment.

ii. As per the RBI’s annual report for the Financial Year 2013-14 released yesterday, there are signs of improvement in mining and manufacturing activity, expected pick-up in investments, improved external demand and stabilizing global commodity prices.

iii. The RBI also said that its surplus for the Financial Year 2014 fiscal declined 14.75 per cent to 52,679 crore rupees as its interest income from investments in foreign sovereign bonds declined during the year even as its investments increased.

2.    Arvind Subramanian all set to be the Chief Economic Advisor (CEA).

i. The Modi Government is likely to name Arvind Subramanian, the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and senior fellow at the Centre for Global Development as its Chief Economic Advisor (CEA).

ii. The CEA’s post has been vacant since last September after Dr. Raghuram Rajan took over as Reserve Bank Governor.

iii. The Modi Government that has the economy’s revival high on its agenda presented its maiden Budget last month without a full-time senior economist on-board.

iv. The appointment could also give the Centre’s war on food price rise a key strategist as the CEA normally heads the Inter-Ministerial Group on inflation, of course if the Modi Government decides to retain it

3.    Import duty of sugar hiked from 15 to 25 per cent

i. Government today hiked the import duty on raw and refined sugar from 15 per cent to 25 per cent to help the sugar industry clear cane arrears to farmers.
ii. The hike in duty is aimed at curbing import of sugar and improving the bearish sentiment in domestic market.
iii. The sugar imports have been putting pressure on domestic prices and have prevented millers from clearing cane arrears to farmers.
iv. However the move is expected to make the sweetener costlier for the common man.

4.    B'desh to set up exclusive Economic Zone for Japan

i. Bangladesh has decided to set up an Exclusive Economic Zone for Japan to attract investors and entrepreneurs. Ii. Commerce Minister Tofail Ahmed told this to reporters last evening after a meeting with visiting Japanese Vice Minister for Economy, Trade and Industry.

iii. The first Bangladesh-Japan Public-Private Economic Dialogue aimed at deepening economic and commercial co-operation was held in Dhaka yesterday.

iv. Japan has been moving investment away from China after adoption of "China plus One" policy in 2008 to reduce over dependence on Beijing. Prime Minister Sheikh Hasina during her visit to Japan in May, 2014 had offered 40 industrial plots in the Export Processing Zones to Japan.

v. The Commerce Minister told reporters that the allocation of the Exclusive Economic Zone will be finalised during the forthcoming visit of the Japanese Premier to Bangladesh on 6th September.

5.    Hockey India inducts Madhya Pradesh as new Associate Member

i. Hockey India on Thursday added its 23rd associate member by welcoming on board Hockey Madhya Pradesh under its wings.

ii. Prior to being the associate member of Hockey India, Hockey Madhya Pradesh was known as Madhya Pradesh Hockey Association, HI said in a statement.
iii. Speaking on the newly formed Hockey Madhya Pradesh, HI Secretary General Narinder Batra said, "I welcome Hockey Madhya Pradesh to the family of Hockey India and we look forward to them to continuing their commendable work that they have been doing since their inception as Madhya Pradesh Hockey Association.

Note:i. Hockey India currently has 25 permanent, 23 associate, 2 members through State Olympic Associations, 6 Academy members and 1 Hoc-Key Member.
ii. Nitin Dhimole is the President and Lok Bahadur is the General Secretary of the Hockey Madhya Pradesh.

6.    Lifter Rahul bags first gold for India at Youth Olympics

i. Weightlifter Ragala Venkat Rahul bagged India's first medal of the second Youth Olympic Games in Nanjing, China on Thursday.

ii. In the 77 kg category, Rahul won the Silver by lifting 141 kgs in Snatch, and 175 kgs in Clean and Jerk to finish with a total of 316 kgs. This was also India's first medal in Weightlifting in Youth Olympics.
iii. India had won eight medals, 6 Silver and 2 Bronze, in the inaugural Youth Olympics in 2010 in Singapore.

7.    India maintain its 2nd position in ICC ODI team rankings

i. India has maintained its second position in the latest ICC ODI team rankings after Australia despite not having played ODIs for quite some time.

ii. Australia has 115 points while India has 112 points followed closely by South Africa and Sri Lanka with 111 points each.

iii. Among the batsmen, Virat Kohli is placed third while skipper Mahendra Singh Dhoni is sixth and Shikhar Dhawan is ranked eleventh in the ranking list.

iv. Hashim Amla is at the top followed by AB Devillliers. Amoong the bowlers, India’s Ravindra Jadeja is placed fifth while Ashwin is at 18th place.