CURRENT AFFAIRS 7-8th Oct., 2014

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CURRENT AFFAIRS 8th Oct., 2014

1. India is likely to retain the top position in the global chart of remittances inflows at $71 billion this year with the growth rate of 1.5 per cent over the previous year, according to World Banks Migration and Development Brief. Globally, remittances are expected to rise 7.4 per cent to $582 billion in 2014, over $542 billion the previous year.

2. Government is keen to replace Wholesale Price Index (WPI) by comprehensive Producers Price Index (PPI) by the next fiscal to capture price movements and decide on policy measures to effectively control inflation. The PPI provides a broader coverage in terms of products and industries and it also includes services, something which is not a part of the WPI.

3. International Monetary Fund's (IMF) World Economic Outlook has revised India’s 2014 GDP growth projection marginally upwards to 5.6%. It has left its projection for India’s 2015 GDP growth unchanged at 6.4%. The report said growth in India is likely to increase due to rise in exports and investment which may offset the effect of an unfavourable monsoon on agricultural growth earlier in the year.

4. Nasdaq-listed IT company Cognizant has acquired digital marketing company Cadient Group for an estimated USD 30 million. Congnizant see this acquisition will further strengthens and expands it’s digital marketing capabilities.

5. Four specialised agencies of the United Nations -UNDP, FAO, UNIDO and ILO have pledged USD 4 million to implement a livelihood project in Mizoram. The project would include a wide range of issues including food security, livelihood, energy security sustainable livelihoods, income generation and eco-system preservation.

CURRENT AFFAIRS 7th Oct., 2014

1. Finance Ministry is considering amendments to the RBI Act 1934 to enable the central bank appoint a fifth Deputy Governor and a Chief Operating Officer. The condition is that COO would be from among the two Deputy Governors from the RBI’s quota and he would be a person with at least 25 years of experience in public administration and governance.

2. A new report by the Boston Consulting Group, total jobs.com and The Network has ranked India at 18th position globally on the list of most desirable destinations to work. US has been ranked on the top, followed by the UK, Canada, Germany and Switzerland.

3. World Bank's South Asia Economic Focus report has projected Indian economy to grow by 6.4 per cent in 2015-16 as against 5.6 per cent in 2014-15. The report says India is benefiting from a “Modi dividend” and recovering US economy that would provide a market for Indian merchandise and service exports.

4. Anglo-American John O'Keefe and Norwegian couple May-Britt and Edvard Moser won the 2014 Nobel Prize for medicine for discovering the brain's internal positioning system, helping humans find their way and giving clues to how strokes and Alzheimer's affect the brain.

5. Japanese scientists Isamu Akasaki and Hiroshi Amano and American Shuji Nakamura won the 2014 Nobel Prize for Physics for inventing a new energy efficient and environmentally friendly light source, the LED.

6. Union Government launched Swachhta Udyami Yojana – Swachhta Se Sampannta ki Aur of National Safai Karamcharis Finance and Development Corporation. The scheme was launched by the Minister of State for Social Justice and has twin objective of cleanliness and providing livelihood to Safai Karamcharis and liberated Manual Scavengers to achieve the overall goal of Swachh Bharat Abhiyan.