CURRENT AFFAIRS 17-18th Oct., 2014

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CURRENT AFFAIRS 18th Oct., 2014

1. Environment minister Prakash Javadekar launched the national Air Quality Index (AQI), terming it “one number, one colour, one description” measure. The index is classified into six categories - good, satisfactory, moderately polluted, poor, very poor, and severe. This index transforms various air pollution levels into a single number for a simple description of air quality to citizens.

2. India is examining the possibility of trading in local currency with South Asian Association for Regional Cooperation (SAARC) countries. If implemented it could reduce the region’s dependence on the dollar, also cut down conversion losses for exporters and enhance trade between SAARC nations.

3. Government has set up a committee headed by Bibek Debroy, research professor with Centre for Policy Research, to recommend steps to restructure the Railway Board. The committee will also examine and suggest modalities for implementing the Cabinet decision on setting up a Rail Tariff Authority.

4. Indian-origin Singaporean poet and writer KTM Iqbal was named for the 2014 Cultural Medallion, the highest cultural award of Singapore. His achievements include more than 200 children's songs written for Radio Singapore in the 1970s and 1980s, as well as seven collections of poetry.

5. Rajiv Mehrishi was appointed as the Union Finance Secretary in Department of Economic Affairs of the Union Ministry of Finance. He replaces Arvind Mayaram, who was appointed as the Union Tourism Secretary.

CURRENT AFFAIRS 17th Oct., 2014

1. US-based economist Arvind Subramanian is appointed as chief economic advisor (CEA) in the finance ministry. He is a former International Monetary Fund economist and his task will be to work out a new monetary policy framework in which the government will set the inflation target, to be implemented by a policy panel of the central bank.

2. Reserve Bank of India (RBI) is in talks with the Centre to set up a financial resolution authority (FRA) which will help in closing financial institutions in trouble, without necessarily merging and taking the losses. Rajan spoke of the need to open the licensing process to establish new asset reconstruction companies to “put distress assets back on track”.

3. The PSLV C26 carried the 1,425-kg Indian Regional Navigational Satellite System (IRNSS-1C) and placed it in its orbit. The IRNSS-1C was the third satellite (of the total seven) of the Indian Regional Navigation Satellite System with four more planned to be launched before 2015. IRNSS is similar version of GPS in Indian region.

4. The World Bank’s representatives is holding meeting with environmental experts, about the Jal Marg Vikas (Ganges waterways) project announced by the government. National Waterway-1 (NW1) is a 1,620-km stretch of the Ganges from Allahabad to Haldia. The World Bank may offer to provide technical assistance for the initial study, whose outcome would decide investments on the project.

5. Indian scientist Dr Sanjaya Rajaram received the World Food Prize 2014 for his scientific research that led to a prodigious increase in world wheat production by more than 200 million tons building upon the successes of the Green Revolution.

6. UN General Assembly has designated 2014 as the International Year of Family Farming. World Food Day was observed across the world on 16 October 2014 with the theme Family Farming: Feeding the world, caring for the earth.