Current Affairs of 7-8 November

PM celebrated Diwali with Army - Prime Minister Narendra Modi visited the Kedarnath shrine, to offer prayers and inspect the re-development works in the shrine premises. The prime minister also visited Harsil where he met the Army and Indo-Tibetan Border Police (ITBP) jawans to celebrate Diwali.

Grand Statue of Lord Ram - Uttar Pradesh Chief Minister Yogi Adityanath, on Diwali said that “a grand statue” of Lord Ram would be built in Ayodhya.

Cabinet Approved Six Airport Under PPP - The Cabinet approved a proposal to manage Ahmedabad, Jaipur, Lucknow Guwahati, Thiruvananthapuram and Mangaluru under public private partnership (PPP). This would be done through Public Private Partnership Appraisal Committee (PPPAC).

M. Venkaiah Naidu 
Vice President Will Visit France - Vice President of India, Shri M. Venkaiah Naidu will be visiting Paris from 9 to 11 November 2018 in the activities commemorating the centenary of the Armistice of World War I. The Heads of over 50 countries and their representatives are expected to participate in the centenary activities.

Ravi Shankar Prasad
Central Tribal University in Andhra Pradesh - Law Minister Ravi Shankar Prasad said, the Cabinet has approved amendment to the Central Universities Act- 2009 for setting up of a Central Tribal University in Andhra Pradesh.
India Elected for ITU - India has been elected as a Member of the International Telecommunications Union (ITU) Council for another 4-year term (2019-2022). The elections to the Council were held during the ongoing ITU Plenipotentiary Conference 2018 at Dubai, UAE.

Moody’s Report on Indian Economy - Indian economy will expand 7.4 per cent in 2018, but the growth will slow down to 7.3 per cent in the next year as domestic demand tapers on higher borrowing cost due to rising interest rates, Moody’s Investors Service report Global Macro Outlook 2019-20 said.

UN Postal Stamps for Commemorate Diwali - India thanked the UN Postal Administration for issuing special postal stamps to commemorate Diwali. The background of the sheet features the United Nations Headquarters building illuminated with the message of “Happy Diwali” to celebrate the spirit of the festival.

India Signed Deal for Controlling Pollution - India has sealed a deal with four global agencies, including the World Bank and GIZ, the Asian Development Bank (ADB) and Bloomberg Philanthropies, to build capacities of all 102 polluted cities across the country. The list includes Mumbai, Pune, Kolkata, Varanasi, Kanpur, Lucknow, Allahabad, Patna, Bengaluru, Chandigarh, Jaipur and Hyderabad among others.

India and Morocco Signed MoU - Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved signing and ratifying the Extradition Agreement between India and Morocco. Union Cabinet also approved the Agreement between India and Morocco on Mutual Legal Assistance in Civil and Commercial Matters.

Disinvestment in DCIL - Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi has given ‘in principle’ approval for strategic disinvestment of 100% Government of India's shares in DCIL to consortium of four ports namely, Vishakhapatnam Port Trust, Paradeep Port Trust, Jawahar Lal Nehru Port Trust and Kandla Port Trust. Presently the Government of India holds 73.44% shares in Dredging Corporation of India Limited.

International Film Festival of India - 49th International Film Festival of India (IFFI) 2018 will be held in Goa from 20th to 28th November, 2018.

NPAs in MUDRA Loans - The share of gross non-performing assets (NPAs) in outstanding Mudra loans eased to 4.83% at the end of FY18 from 6.15% a year ago, according to data with Micro Units Development & Refinance Agency (Mudra). The value of outstanding Mudra loans as on March 31, 2018 was Rs 2.02 lakh crore, of which loans worth Rs 9,770 crore were classified as NPAs. 

Nano Space Technology Park - The Kerala government is preparing to set up a nano space technology Park with technical support from the Indian Space Research Organisation (ISRO). An MoU (memorandum of understanding) on this will be signed soon.

RBI Liberalised ECB Norms - The Reserve Bank has liberalised the norms governing foreign borrowings for infrastructure creation “in consultation with the Government”. The minimum average maturity requirement for ECBs (external commercial borrowings) in the infrastructure space raised by eligible borrowers has been reduced to three years from earlier five years. 

USA exempted India for Developing Chabahar - The United States has exempted India from imposition of certain sanctions for the development of the strategically-located Chabahar port in Iran, along with the construction of the railway line connecting it with Afghanistan.

Report on Unemployment - Unemployment rate in the country was recorded at 6.9 percent in October 2018, highest in 2 years, according to the Centre for Monitoring Indian Economy (CMIE) data. The number was 6.75 in October last year. 

Defence Ministry Enhanced Financial Power to Army Chief - Defence Ministry has enhanced financial powers to the Vice Chiefs of the three Services. The move is aimed at expediting the decision-making process involved in the procurements for the Armed Forces. With this, the Vice Chiefs will be able to exercise financial powers up to five times more than the existing powers with an enhanced ceiling of 500 crore rupees.