CURRENT AFFAIRS 19-20th Oct., 2014

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CURRENT AFFAIRS 20th Oct., 2014

1. According to IMF’s latest world economic outlook, India will become a USD two trillion economy this year, while its GDP size would cross another milestone of USD three trillion after five years in 2019. India’s ranking would also improve to seventh largest economy in the world in 2019 from its tenth position currently.

2. Government has set up a committee under T K Vishwanathan, former Law Secretary to frame bankruptcy law to enable entrepreneurs to close down unviable businesses. It would also look into protection of interest of stakeholders and would study the rescue mechanism and suggest ways of improving it.

3. Five year old Indian boy Harshit Saumitra became the youngest person to reach the Everest Base Camp (EBC). He overtakes the record set by Aaryan Balaji, a seven-year old Indian boy. Harshit took 10 days to cover the distance of 62km trek.

4. Indira Gandhi National Open University has launched web-based radio and television channels for the benefit of its students across the country and abroad. These new virtual channels provides access to high quality curriculum based audio-video programmes for students and get an opportunity to interact with experts on various subjects in real time through this new initiative.

5. Rashtriya Swasthya Bima Yojana (RSBY) will be merged with the Universal Health Assurance Mission (UHAM) proposed by the NDA government. RSBY insures families of unorganised sector workers for up to Rs. 30,000 of medical care and is expected to be transferred from the Ministry of Labour and Employment to the Union Health Ministry

CURRENT AFFAIRS 19th Oct., 2014

1. Capital market regulator Securities and Exchange Board of India (Sebi) has decided that separate departments will conduct investigation and decide on punishment to ensure more fairness and effectiveness. The decision is based on the recommendations made by international consultant Oliver Wyman.

2. Government has increased the natural gas prices to $5.61 per mBtu and decontrolled the price of diesel. The gas price hike will impact power and fertiliser prices and piped gas consumers. Diesel prices will now be exposed to the volatility in global crude oil prices.

3. International Monetary Fund has reported that China, not the US, is now the world's largest economy. This announcement comes due to a revision in the IMF's estimate of average prices in China. China's growth has been real and the inflation has not been as high as they thought.

4. UK government announced the inaugural Dadabhai Naoroji Awards to Patricia Hewitt, Dame Asha Khemka and actor Madhav Sharma. The award is to honour individuals who have worked to strengthen the UK-India relationship over the years.

5. An Indian joint venture company will develop the Chabahar Port in Iran with an investment of $85.21 million (around Rs. 520 crore) and operate the port for 10 years through a leasing agreement