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Author: Sadhwi Srinivas

All news available date-wise and month-wise. Click on the date to revise news.

February 2018
« Jan    

Putin to oppose International Tribunal for MH17

  1. Moscow will veto a UN Security Council resolution to set up an international criminal court to  prosecute those responsible for shooting down a Malaysia Airlines plane over Ukraine a year ago.
  2. The resolution is supported by Ukraine, Netherlands and the West.
  3. Russia-backed separatist rebels or Russian soldiers are the prime suspects, which Russia denies.

New IIM opens in Nagpur

  1. Maharashtra’s first IIM opened in Nagpur on 26 July, with CM Devendra Fadnavis doing the inauguration honors.
  2. A batch of 60 students will start this term on the makeshift premises of Visveswaraya National Institute of Technology (VNIT).
  3. IIM Ahmedabad is to serve as the mentor school.
Goods and Services Tax (GST) Finance and Banking

Cabinet approves legislation for GST – So what changes now?

The NDA cabinet has accepted most of the amendments to the GST legislation proposed by a Rajya Sabha select committee.


  1. GST bill will be amended to say that states will be compensated ‘for 5 years’ rather than up to five years. Will the center compensate the states in full?
  2. The government has also accepted the panel’s recommendation that the additional 1% tax on supply of goods proposed in the bill be restricted to the inter-state sale of goods and not stock transfers by a company from one warehouse to another.
  3. It will now pass officially if there is support from two-thirds of the members in Lok Sabha and Rajya Sabha.
  4. Once this is done – a GST council—with representation from the centre and the states—will be constituted to help in drafting the GST law.

What is the Copenhagen Consensus Center?

  1. The Copenhagen Consensus Center seeks to establish priorities for advancing global welfare using cost-benefit analysis methods based on the theory of welfare economics.
  2. It is intended as a corrective to standard practice where media attention and public opinion results in priorities that are often far from optimal.
  3. It was conceived and organized by Bjorn Lomborg, and is an independent non-profit organization registered in the USA.

UNO’s Sustainable Development Goals. Quick Recap

  1. The Sustainable Development Goals (SDG) developed by the UN span between 2015-2030, with 17 official goals including poverty eradication and environmental protection.
  2. They are related to the Millennium Development Goals (MDG) charted by the UN to span between 2000-2015.
  3. Bjørn Lomborg,  president of the Copenhagen Consensus Center, performed a cost-benefit analysis on the goals.
  4. He found that benefits rarely even correlate with the costs of the SDG.

How can Greece recover?

  1. The biggest promise for improving Greece’s economy lies in maximizing its foreign exports, and encouraging foreign investments.
  2. A 2012 McKinsey study suggested that food products and tourism could add billions to Greece’s G.D.P.
  3. To implement such changes, Greece will have to first work on improving its reputation and trust among its citizens.
Iran’s Nuclear Program & Western Sanctions International Stories of Key Importance

Obama defends Iran nuclear deal, Israel declares it a big mistake

  1. President Obama said the Iran nuclear deal is the only way to avert a nuclear arms race in the Middle East and reduce chances of war.
  2. The deal announced on Tuesday offers to roll back economic sanctions on Iran if it scales down its nuclear program.
  3. Israel PM Netanyahu has called this move to amicably suppress Iran a mistake of historic proportions.

Govt lists 8 new bills for Monsoon session

  1. The NDA government will introduce 8 new bills and take up 11 pending bills for consideration beginning 21 July.
  2. The list includes the controversial Land bill, but is unlikely to be taken up owing to non-consensus of the joint committee.
Urban Transformation – Smart Cities, AMRUT, etc. Infrastructure

Foreign investors express interest in Smart Cities project

  1. The Ministry of Urban Development (MoUD) is anticipating private foreign investments worth at least Rs 4 lakh crore till 2020 in the 100 Smart Cities.
  2. This accounts for 80% of the estimated spending on the mission, with only the remaining 20% coming from the center and the states.
  3. Smart Cities initiative involves efficient provision of infrastructure and services, urban mobility and governance, mainly through use of digital technology.

Think-tank to challenge Article 35A in Supreme Court

  1. An RSS affiliated think-tank is planning to approach the Supreme Court to challenge Article 35A of Constitution.
  2. The article is said to allow the J&K to grant special privileges and rights to permanent residents but denies rights to several others who too have genuine claims.
  3. The articles allows for many non-permanent residents of J&K who cannot for a panchayat election even while they can vote in the Lok Sabha elections.

Greece’s parliament backs government reform plan

  1. Greece’s reform plan containing austerity measures saw 251 in favor, 32 against and 8 neutral votes.
  2. The proposed measures include tax hikes and cuts in pension spending, which are likely to cause major dissent among Greek civilians.
  3. All opposition parties except the Nazi-inspired Golden Dawn and the Communist Party voted in favor.

8-10% economic growth eminently achievable for India

  1. FM Arun Jaitley has said that the revenue collection situation is expected to be more comfortable than last year.
  2. Why so?
  3. Factors responsible include the ongoing reform process for sustainable irrigation and agriculture insurance to help farmers, proposed GST, increased infrastructure investment and emphasis on smart cities.

Modi proposes “Das Kadam” initiative for BRICS nations

  1. Prime Minister Narendra Modi proposed a 10-point initiative at the BRICS summit on Thursday.
  2. The proposed initiatives include a trade fair to be hosted by India, a railway research centre, cooperation among supreme audit institutions, a Digital Initiative and an agricultural research centre.
  3. India will be the next chair of BRICS for 11 months beginning February next year.
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