PIB (07/05/2019): UPSC Current affairs to prepare for UPSC exam

Launch of Fourth Scorpene-Class Submarine – VELA

  • Vela, the fourth Scorpene-class submarine being constructed by Mazagon Dock Shipbuilders Limited for the Indian Navy, was launched today, on 06 May 2019, by Mrs. Veena Ajay Kumar, wife of Dr. Ajay Kumar, IAS, Secretary Defence Production, who was the Chief Guest on the occasion.
  • VAdm AK Saxena, CWP&A was also present during the launching ceremony. This occasion reaffirms the means taken by Mazagon Dock Shipbuilders Ltd (MDL) in the progressing ‘Make In India’ program, which is by and large effectively actualized by the Department of Defense Production (MoD).
  • The submarine was towed to Mumbai Port Trust, for partition from the boat, after which she will experience thorough preliminaries and tests, both in the harbor and adrift before conveyance to the Indian Navy.

15th Finance Commission to hold meetings with RBI and Banks & Financial Institutions and Eminent Economists.

The 15th Finance Commission has scheduled a two-day visit to Mumbai to hold meetings with the Reserve Bank of India (RBI) and with the Banks and Financial Institutions on 8th and 9th May 2019.  The Commission will be headed by its Chairman, Shri N.K. Singh and include all its Members and senior officials.

In the meeting with the RBI, headed by Governor Shri Shaktikanta Das, the Commission is likely to discuss the following issues:-

  • Views on key macro-economic assumptions for the Fifteenth Finance Commission (FCXV), keeping in view the key parameters central to macro-financial stability.
  •  Views on the cost of borrowings of the Centre and the States during the award period of the FCXV.
  •  Modalities for ensuring that the borrowing cost becomes increasingly market-driven.

Auction for Sale (Re-Issue) of Government Stocks

Government of India has announced the Sale of

  •  ‘7.32 percent Government Stock, 2024’ for an advised measure of Rs. 5,000 crore (ostensible) through cost-based sale,
  •  ‘7.26 percent Government Stock, 2029’ for a told measure of Rs. 6,000 crore (ostensible) through cost-based sale,
  •  ‘7.69 percent Government Stock, 2043’ for a notified amount of Rs. 2,000 crore (nominal) through price based auction, and
  •  ‘7.72 percent Government Stock, 2049’ for an informed measure of Rs. 4,000 crore (ostensible) through cost-based closeout.

India and U.S. Hold Bilateral Trade Meeting

  • India & the United States held the India-U.S. Reciprocal Trade meeting in New Delhi today. Suresh Prabhu, Minister of Commerce & Industry and Civil Aviation, Government of India and Mr. Wilbur Ross, Secretary of Commerce, United States of America co-chaired the bilateral meeting.
  • Both the co-chairs, Suresh Prabhu and Mr. Wilbur Rossappreciated the strong, robust and growing bilateral ties between India and the U.S. across the entire spectrum of trade and commerce.
  • Both sides expressed satisfaction over the progress during the year 2018, with bilateral trade in Goods and Services registering a growth of 12.6% from $ 126 billion in 2017 to $142 billion in 2018.