Current Affairs And News Analysis Of July 26
IMF retains India 2017 GDP growth forecast at 7.2%
(IMF) in its July World Economic Outlook (WEO) Update has retained India’s projected GDP growth rate at 7.2% for 2017-18, slightly up from 7.1% in the previous year.
- India’s growth would accelerate to 7.7% in 2018-19.
- Slowdown in 2016-17 (7.1%) from previous year of 8.0% mainly due to demonetization.
- global economic growth rate will be 3.5% in 2017 and 3.6% in 2018
- China to grow by 6.7 % in 2017 and 6.4% in 2018.
About IMF (International Monetary Fund)
The International Monetary Fund (IMF) is an international organization of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Founded – 7 July 1944 , Headquarter – Washington, D.C., United States, Managing Director Christine Lagarde.
The WEO is a survey conducted and published by the IMF. It is published biannually and partly updated two times a year.
Three Bills passed by Rajya Sabha already passed by the Lok Sabha
The Admiralty (Jurisdiction and Settlement of Maritime Claims), Bill, 2017
- The Bill seeks to consolidate the laws relating to admiralty jurisdiction, legal proceedings in connection with vessels, their arrest, detention, sale and other related matters
- Earlier only the High Courts of Bombay, Calcutta and Madras could take up maritime cases
- The Bill extends the power to the High Courts of Karnataka, Kerala, Hyderabad, Orissa and Gujarat, besides any other High Courts as notified by the Centre
- The bill Seek to repeal Admiralty Court Act, 1861
The Footwear Design and Development Institute Bill, 2017
- It was already passed by the Lok Sabha
- The bill seeks to establish the institute as an institution of national importance
Collection of Statistics (Amendment) Bill, 2017
- The bill aims at amending the Collection of Statistics Bill, 2008, which facilitates the collection of statistics related to social, economic, demographic, scientific and environmental aspects, by central, state and local governments.
- It also allows the appointment of statistics officers to collect information and contains provisions to ensure security of information.
Vande Mataram must once a week: Madras High Court
Madras High Court ordered that “Vande Mataram” must be played and sung in all schools, colleges and universities at least once a week, preferably on Monday or Friday. And in all government offices and institutions, private companies, factories and industries it must be played once a month
About National Song
- composed in Sanskrit by Bankimchandra Chatterjee. It has an equal status with Jana-gana-mana.
- First Sung at 1896 session of the Indian National Congress
Laws Regarding National Songs and other National honours.
Prevention of Insults to National Honour Act, 1971
- Applicable to whole India.
- Disrespect to India’s National Flag or Constitution shall be punished with an imprisonment (max-3 years) or a fine or both.
Flag Code of India 2002 – The Flag Code of India brings different laws related to national honour, conventions and other instructions together and serves as a single reference point about how to properly hoist flag of India with due honour. The Flag Code of India itself is not an act of parliament.
Sri Lanka clears revised deal for Hambantota port
Sri Lanka’s Cabinet has cleared a revised deal for the Chinese-built port in Hambantota. The modified agreement is believed to be more profitable to Sri Lanka and also addresses security concerns raised by other countries. Now Sri Lankan Authorities permission is necessary for entry into the port even for Chinese Naval ships.
- India’s concerns about growing Chinese presence in the island are well known, given the two countries’ competing strategic interests in the island. The Hambantota port is part of China’s Belt and Road Initiative.
Important News For The Day
|Reliance Defence and Engineering Limited (RDEL) launched the first two Naval Offshore Patrol Vessels (NOPVs) — Shachi and Shruti at their shipyard in Pipavav, Gujarat.
These two NOPVs are the first warships to be launched by a private sector shipyard in India. These ships are part of a five-ships being constructed for the Indian Navy under the P-21 project