Current Affairs Daily Digest: February 25, 2017

The Current Affairs Daily Digest for February 25, 2017 with important tid-bits on current affairs

National Current Affairs

PM Narendra Modi unveils 112 foot Shiva Statue in Coimbatore

Prime Minister Narendra Modi unveiled a 112-feet-tall Lord Shiva statue on the occasion of Mahashivratri at Isha Foundation in Coimbatore, Tamil Nadu. The statue is dedicated to Adiyogi, an incarnation of Lord Shiva who is considered to be the first of yogis. It is made of steel and weighs 500 tonnes. On this occasion, PM Modi also released the book ‘Adiyoga: The source of Yoga’, which deals with yogic sciences

Union Government allows Tamil Nadu to increase number of workdays under MGNREGA

The Union Government has allowed Tamil Nadu Government to increase the number of workdays under the Mahatma Gandhi Rural Employment Guarantee (MGNREGA) scheme in Tamil Nadu from existing 100 days to 150 days. The rise in workdays aims at helping rural labourers, who are staring at job loss due to severe drought in the state. Due to enhancement of the work days, 3 crore more man-days are to be generated. Works like maintenance of other rural assets and desilting of waterbodies in rural areas will be undertaken under the scheme. In Tamil Nadu, MGNREGA scheme is being implemented in 12,524 villages.

States Current Affairs

India’s first hill station bicycle path inaugurated in Darjeeling

India’s first hill station bicycle path was inaugurated in Darjeeling, West Bengal at an altitude of over 2,000 metres. The 20 km long cycle route runs through thick pine forest and Senchal wildlife sanctuary, one of India’s oldest nature reserves. The route starts from near Jorebunglow, south of Darjeeling and ends at a small local First Hill Station Bicycle Patheco-village resort in Chatakpur. Darjeeling is a popular tourist destination in India. It is famous for its tea industry, spectacular views of Kangchenjunga, the world’s third-highest mountain and UNESCO World Heritage Site and Darjeeling Himalayan Railway.

Former Nagaland CM Zeliang appointed as Finance Advisor to state government

Former Nagaland Chief Minister T R Zeliang was appointed as Finance Advisor to the state government He was appointed by the Governor P B Acharya. This post will be in the rank of a cabinet minister and will receive the pay and allowances admissible to a cabinet minister. Zeliang had resigned from the chief ministership on February 19, 2017 following protest of the Joint Coordination Committee (JCC) and Nagaland Tribal Action Committee (NTAC) due his decision to hold elections to urban bodies with 33% reservation for women and violating customary laws of Nagas.

International Current Affairs

Pakistan, Turkey sign 10 agreements to enhance bilateral ties

Pakistan and Turkey have signed 10 agreements and MoUs to enhance their bilateral cooperation in various fields. These agreements were signed during Prime Minister Nawaz Sharif’s visit to Turkey. The agreements were signed in the fields of hydrocarbons, information, environment, forestry, exchange of financial intelligence relating to money laundering and exchange of armed forces personnel. Both countries also hosted the 5th Session of Pakistan-Turkey High Level Strategic Cooperation Council (HLSCC), a framework for consultations at the highest political level between the two sides.

Venezuela, Libya suspended from voting in UNGA

Venezuela and Libya were suspended from voting in the United Nations General Assembly (UNGA) in the 2016-17 session for not paying dues to the world body. This is for the second time in two years both countries have been suspended. Venezuela was to make a minimum $24 million payment under the two-year threshold to get its voting rights restored. While, Libya was to pay minimum payment of $6.5 million. Besides them other four other countries Papua New Guinea, Sudan, Vanuatu and Cabo Verde also may lose their voting rights for not paying their in past two years .

Banking, Business & Economy

India to be fastest growing economy among G-20 nations: Moody’s

International rating agency Moody’s report titled ‘Modest Acceleration in the Global Economy’ has predicted that India will be the fastest growing economy among G-20 countries in year 2017 with 7.1% growth. It held that India remained fastest growing economy even after its growth slowed down in the fourth quarter of 2016 due to demonetisation. The report also mentioned that continuing cyclical recovery in global economic activity with growth in G-20 countries picking up modestly to 3% in 2017 and 2018 from 2.6% in 2016. However, there is a high risk of a significant protectionist shift in United States trade policy that could inflict lasting damage to the global economy. It held that China’s economy stabilised around the official growth target of 6.7% in 2016 but it will likely continue to decelerate to 6.3% and 6% in 2017 and 2018.

FDI inflow increases by 18% to $46 billion in 2016: DIPP

According to Department of Industrial Policy and Promotion (DIPP), the India’s foreign direct investment (FDII) has grown by 18% in 2016 to $46 billion. The sectors which attracted the highest foreign inflows included services, telecom, trading, computer hardware and software, and automobiles. The bulk of FDI came in from Singapore, Mauritius, Netherlands and Japan.

India to be less affected by global economic shocks: IMF

According to the International Monetary Fund (IMF), Indian economy is in fairly good shape and is likely to be less affected than other emerging economies if there is a further shock to the global economy. This is because India has an inward domestically demand-oriented economy. Earlier, IMF in its annual report had forecasted India’s growth to slow to 6.6% in the 2016-17 fiscal due to temporary disruptions caused by demonetisation. But it held that India’s economic growth will bounce back to its expected growth of more than 8% in the next few years. India is in a much better fiscal position and also is much better in terms of its monetary framework and monetary policy.

Sports Current Affairs

India wins all 3 medals at Asian Para-Road Cycling Championship

India won all three medals in the 12.8 Kilometre Individual Time Trial at the sixth Asian Para-Road Cycling Championship held in Bahrain. Chandigarh’s Abhishek won the gold medal, Divij Shah from West Bengal won silver medal and Harinder Singh from BSF won bronze medal.  In this edition of tournament, 9 members of Indian Para Cycling team are participating under the aegis of Cycling Federation of India.

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