1)15th BIMSTEC Ministerial meeting begins in Kathmandu.
Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
The BIMSTEC is a sub-regional grouping comprising of seven countries of South Asia and South East Asia. It was established on 6 June 1997 through the Bangkok Declaration. It is headquartered at Dhaka, Bangladesh.
Objectives:=Its objectives are technological and economical cooperation among south Asian and south East Asian countries along the coast of the Bay of Bengal.
It also covers cooperation in commerce, technology, investment, agriculture, tourism, human resource development, fisheries, transport and communication etc.
Countries Involved:- Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.
2)Electronic Voting Machines To Have Paper Trail In Gujarat Assembly Polls:-
VVPAT stands for Voter-Verified Paper Audit Trail. VVPAT system maintains a physical trail of all votes cast. Small slips of paper records the details of the vote.
The Election Commission (EC) first introduced VVPAT in the 2014 Lok Sabha elections.
In the case of Subramanian Swamy vs Election Commission of India (ECI), the Supreme Court held that VVPAT is “indispensable for free and fair elections” and directed the ECI to equip EVMs with VVPAT systems.
3)Global Retirement Index:=
The index created by French asset management company Natixis Global, ranks countries on the basis of four factors — the material means to live comfortably in retirement; access to quality financial services to help preserve savings value and maximize income; access to quality health services; and a clean and safe environment.
The index ranks 43 countries which include International Monetary Fund (IMF) advanced economies, members of the Organization for Economic Co-operation and Development (OECD) and the BRIC countries (Brazil, Russia, India and China).
India's Performance in the Index:=
India ranks 43rd in this year’s GRI and has the same score compared to last year. Its sub-indices all rank in the bottom five. On all the four parameters, India ranked lowest whereas Switzerland, Norway and Iceland help top positions.
4)Dumping of Goods:= Dumping is an unfair trade practice of exporting goods to another country at a price lesser than what is paid in the exporting nation or their normal production cost, thereby distorting international trade and causing injury to the domestic manufacturers of the goods in the importing country.
China has been doing this unfir practice and has duped steel in countries like India.
Solution to this is application of Anti Dumping Duty.
The use of anti dumping measure as an instrument of fair competition is permitted by the WTO.
5)A consortium of 12 Indian and British universities, including Oxford and Cambridge, has received a £7 million grant from the U.K. government to build self-sufficient solar-powered buildings in remote Indian villages. The grant is part of a new solar project called ‘SUNRISE’.
Some Most Important Points:=
The programme is aimed at developing printed photovoltaic cells and new manufacturing processes which can be used to make solar energy products in India. These will then be integrated into buildings in at least five villages of India, allowing them to harness solar power to provide their own energy and go off-grid.
5)The Law Ministry has approved a revised Cabinet proposal on the creation of the Financial Data Management Centre (FDMC) that would subsequently collect raw data directly.
FDMC will collect data in electronic format from the (financial) regulators. Over time, it will gradually build capacity to collect data from the regulated entities i.e. Financial Service Providers.
What has RBI to say about it :- The Reserve Bank of India (RBI) would now no longer be the sole collector and custodian of financial data.
The RBI is also against sharing raw data that it gets from banks and other market sources with FDMC as it is not obliged to share confidential client information of banks with anybody.
6)Government’s new system of rating officers on the basis of a 360-degree approach:=
What is 360- degree approach?
The 360-degree approach is a new multi-source feedback system for performance appraisal of bureaucrats for future postings.
The system seeks to look beyond the ratings received in appraisal reports written by their bosses. It relies on feedback of juniors and other colleagues for an all-round view.
A Parliamentry Standing Committee has not been very happy about this approach.
As Per the Committee The present 360-degree appraisal system is opaque, non-transparent, and subjective.
Feedback in this process is obtained informally, making the process susceptible to being manipulated.
There is :=
7)Ministry of Petroleum and Natural Gas celebrated the World Biofuel Day 2017 on 10th August. It aims is to sensitize youths (school and college going students), farmers and other stakeholders about the benefits of biofuel and seek their involvement in Biofuel programme run by the Government.
On this day in 1893, Sir Rudolph Diesel (inventor of the diesel engine) for the first time successfully ran mechanical engine with Peanut Oil.
8)The first phase of National Cyber Coordination Centre, set up to scan the country’s web traffic to detect cyber security threats, has been made operational now.
NCCC, a multi-stakeholder body, will be implemented by Indian Computer Emergency Response Team (CERT-In) at Ministry of Electronics and Information Technology.
The Centre derives necessary powers as per provisions of section 69B of the Information Technology Act, 2000 and the Rules notified thereunder.
Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
The BIMSTEC is a sub-regional grouping comprising of seven countries of South Asia and South East Asia. It was established on 6 June 1997 through the Bangkok Declaration. It is headquartered at Dhaka, Bangladesh.
Objectives:=Its objectives are technological and economical cooperation among south Asian and south East Asian countries along the coast of the Bay of Bengal.
It also covers cooperation in commerce, technology, investment, agriculture, tourism, human resource development, fisheries, transport and communication etc.
Countries Involved:- Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.
2)Electronic Voting Machines To Have Paper Trail In Gujarat Assembly Polls:-
VVPAT stands for Voter-Verified Paper Audit Trail. VVPAT system maintains a physical trail of all votes cast. Small slips of paper records the details of the vote.
The Election Commission (EC) first introduced VVPAT in the 2014 Lok Sabha elections.
In the case of Subramanian Swamy vs Election Commission of India (ECI), the Supreme Court held that VVPAT is “indispensable for free and fair elections” and directed the ECI to equip EVMs with VVPAT systems.
3)Global Retirement Index:=
The index created by French asset management company Natixis Global, ranks countries on the basis of four factors — the material means to live comfortably in retirement; access to quality financial services to help preserve savings value and maximize income; access to quality health services; and a clean and safe environment.
The index ranks 43 countries which include International Monetary Fund (IMF) advanced economies, members of the Organization for Economic Co-operation and Development (OECD) and the BRIC countries (Brazil, Russia, India and China).
India's Performance in the Index:=
India ranks 43rd in this year’s GRI and has the same score compared to last year. Its sub-indices all rank in the bottom five. On all the four parameters, India ranked lowest whereas Switzerland, Norway and Iceland help top positions.
4)Dumping of Goods:= Dumping is an unfair trade practice of exporting goods to another country at a price lesser than what is paid in the exporting nation or their normal production cost, thereby distorting international trade and causing injury to the domestic manufacturers of the goods in the importing country.
China has been doing this unfir practice and has duped steel in countries like India.
Solution to this is application of Anti Dumping Duty.
The use of anti dumping measure as an instrument of fair competition is permitted by the WTO.
5)A consortium of 12 Indian and British universities, including Oxford and Cambridge, has received a £7 million grant from the U.K. government to build self-sufficient solar-powered buildings in remote Indian villages. The grant is part of a new solar project called ‘SUNRISE’.
Some Most Important Points:=
The programme is aimed at developing printed photovoltaic cells and new manufacturing processes which can be used to make solar energy products in India. These will then be integrated into buildings in at least five villages of India, allowing them to harness solar power to provide their own energy and go off-grid.
5)The Law Ministry has approved a revised Cabinet proposal on the creation of the Financial Data Management Centre (FDMC) that would subsequently collect raw data directly.
FDMC will collect data in electronic format from the (financial) regulators. Over time, it will gradually build capacity to collect data from the regulated entities i.e. Financial Service Providers.
What has RBI to say about it :- The Reserve Bank of India (RBI) would now no longer be the sole collector and custodian of financial data.
The RBI is also against sharing raw data that it gets from banks and other market sources with FDMC as it is not obliged to share confidential client information of banks with anybody.
6)Government’s new system of rating officers on the basis of a 360-degree approach:=
What is 360- degree approach?
The 360-degree approach is a new multi-source feedback system for performance appraisal of bureaucrats for future postings.
The system seeks to look beyond the ratings received in appraisal reports written by their bosses. It relies on feedback of juniors and other colleagues for an all-round view.
A Parliamentry Standing Committee has not been very happy about this approach.
As Per the Committee The present 360-degree appraisal system is opaque, non-transparent, and subjective.
Feedback in this process is obtained informally, making the process susceptible to being manipulated.
There is :=
- Lack of Objectivity
- Possibility of Biasness
- No Statutory Status
7)Ministry of Petroleum and Natural Gas celebrated the World Biofuel Day 2017 on 10th August. It aims is to sensitize youths (school and college going students), farmers and other stakeholders about the benefits of biofuel and seek their involvement in Biofuel programme run by the Government.
On this day in 1893, Sir Rudolph Diesel (inventor of the diesel engine) for the first time successfully ran mechanical engine with Peanut Oil.
8)The first phase of National Cyber Coordination Centre, set up to scan the country’s web traffic to detect cyber security threats, has been made operational now.
NCCC, a multi-stakeholder body, will be implemented by Indian Computer Emergency Response Team (CERT-In) at Ministry of Electronics and Information Technology.
The Centre derives necessary powers as per provisions of section 69B of the Information Technology Act, 2000 and the Rules notified thereunder.
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