CURRENT AFFAIRS 14th JULY, 2014

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1. Central government plans to expand India Inclusive Innovation Fund to 1 billion dollar, according to Raghunath Mashelkar, chairman of National Innovation Foundation-India. It aims to promote grass root level innovations to deliver solutions for social and economic problems. It invests in healthcare, water, energy and agriculture.

2. Standard & Poor’s has said that the Indian government budget would not have an impact on the country’s sovereign ratings until the agency could see how the measures will be implemented, especially regarding meeting the fiscal deficit target. Budget has fixed fiscal deficit target at 4.1% of GDP for this year 2014-15.

3. Legendary actor Dilip Kumar's ancestral home in Pakistan has been declared as a national heritage by Pakistan Prime Minister Nawaz Sharif. The project would play an important role to bring people of Pakistan and India closer.

4. Chief justice of Supreme Court justice R. Lodha recently gave his nod to the Law Ministry’s proposal to increase the sanctioned strength of High Court judges by 25 per cent. This would mean the appointment of about 200 more HC judges across the country, with the aim of reducing the backlog of about 40 lakh cases.

5. Germany wins FIFA World Cup 2014 by defeating Argentina, their first trophy since 1990s. Lionel Messi of Argentina wins theGolden Ball, an honor that goes to the most valuable player in the tournament. Netherlands takes the third place by defeating the host nation Brazil.