Current Affairs Today - Current Affairs 2017

हिंदी करंट अफेयर्स प्रश्नोत्तरी 2017 के लिए यहाँ क्लिक करें.

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New IIP, WPI Series Introduced

The government has released new-look index of industrial production (IIP) and the wholesale price index (WPI) , which have been built on the new series of data. The new IIP and WPI series has been released by Chief Statistician of India and Secretary, Ministry of Statistics & Programme Implementation, and Secretary, Department of Industrial Policy and Promotion to usher in greater accuracy and improved synchronisation leading to better policies.  

Salient Highlights

Instead of the earlier 2004-05, base year for the IIP and the WPI will be 2011-12. Already, the Consumer Price Index (CPI), the Gross Domestic Product (GDP) and gross value addition etc., have 2011-12 as the base year. The common base year of 2011-12 is aimed at reducing discrepancies.

IIP

The new series of IIP  will include 809 manufacturing products and 55 mining products that are re-grouped into 521 item groups. The new series of IIP will include technology items like smart phones, tablets, LED television etc. A technical review committee has also been established to identify new items by ensuring that the series remains relevant. The committee is slated to meet at least once a year.

WPI

The  number of items covered in the new series of the WPI has increased from 676 to 697. Overall, 199 new items have been added and 146 old items have been dropped.

Under the primary articles, new vegetables and fruits like radish, carrot, cucumber, bitter gourd, mosambi (sweet lime), pomegranate, jackfruit, and pear have been added. Under the mineral group, new items like copper concentrate, lead concentrate and garnet have been added and other items like copper ore, gypsum, kaolin, dolomite, and magnesite have been dropped. Under the manufacturing items, 173 new items including conveyer belt, rubber tread, steel cables, tissue paper, and wooden splint have been added, while 135 items like khandsari, poppadom, and video CD players have been taken out.

Under the new series of WPI, weight of manufactured items has decreased to 64.2 per cent from 64.9 per cent in old series. Similarly, the weight of fuel and power has decreased to 13.1 per cent from 14.9 per cent. On the other hand, the weight of primary items have increased to 22.6 per cent from 20.1 per cent.

Significance

The IIP has been revised after a gap of 13 years and the obsolete items which are no longer in production in the index have been replaced with contemporary products in the new index making it to be more comprehensive in nature.

Introduction of the new series would make all the key macroeconomic indicators such as IIP, WPI, CPI and national accounts to have a common base of 2011-12, paving way for easier comparisons among them.

The new series indices have painted a healthier picture of the Indian economy in 2016-17 than that of the old series.

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Sakshi Malik, Vinesh Phogat & Divya Kakran bags Silver Medals at the Asian Wrestling Championship

Sakshi Malik, Vinesh Phogat & Divya Kakran have bagged silver medals at the Asian Wrestling Championship held at the KD Jadhav Stadium in New Delhi. Though wrestler Sakshi, India’s bronze medallist at the Rio Olympics was strong in her first two rounds against Uzbekistan’s Nabira Esenbaeva and then Kazakhstan’s Ayaulym Kassymova, she was defeated by Rio Gold medallist Risako Kawai of Japan and got settled for a silver medal in the 60 kg category.

Divya Kakran and Vinesh Phogat bagged silver in the 69 kg and 55kg categories respectively.

In the championship, 112 freestyle,103 Greco-Roman and 83 female wrestlers are competing for 24 Gold and Silver, and 48 bronze medals. Asian Wrestling Championships are organized every year by the Asian Associated Wrestling Committee (AAWC). While the men’s wrestling tournament began in 1979, women’s tournament began in 1996.  

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Forex Reserves reach Life-Time High of $375.71 billion

According to RBI, India’s foreign exchange (Forex) reserves have increased by  $2.985 billion to touch a lifetime high of $375.71 billion in the week that ended on May 5. The increase was due to increase in foreign currency assets (FCAs). The reserves had increased by $2.474 billion to $351.53 billion in the previous week.

Components

The components of India’s Foreign Exchange Reserves include: Foreign currency assets (FCAs), Gold, Special Drawing Rights (SDRs) and RBI’s Reserve position with International Monetary Fund (IMF).

Out of all the components, FCAs constitute the largest component of the Forex Reserves. FCA rose by $2.474 billion to $351.53 billion in the reporting week. FCAs consist of US dollar and other major non-US global currencies. It also comprises of investments in US Treasury bonds, bonds of other selected governments, deposits with foreign central and commercial banks. FCAs include with them the effects of appreciation or depreciation of non-US currencies like the euro, pound, and the yen and is expressed in terms of dollars.

The gold reserves  increased $569.9 million to $20.438 billion. SDRs’ value decreased marginally by $0.4 million to $1.459 billion. RBI’s reserve position with the IMF declined $58.4 million to $2.288 billion.

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