IMF forecasts 7.4% growth for India in FY19

CURRENT GK

1. Malta’s Valletta becomes Europe’s Capital of Culture :- Valletta has been officially inaugurated as the European Capital of Culture. Over 140 projects and 400 events have been planned in 2018 around three main themes: Island Stories, Future Baroque and Voyages. With about 6,000 inhabitants, Valletta is the smallest capital in the European Union. It is located in a fortress and is a UNESCO World Heritage Site. 

2. India at 62nd Position on WEF’s Inclusive Development Index: – India ranks 62nd among emerging economies on the Inclusive Development Index, falling from its last year’s ranking of 60th, according to a report released on Jan. 22 by the Geneva-based World Economic Forum. The rank is also much below that of its neighbors, with China taking the 26th spot while Pakistan is at 47th place. Norway is once again the world’s most inclusive advanced economy while Lithuania tops the list of emerging economies. The World Economic Forum (WEF) is a Swiss nonprofit foundation, based in Cologny, Geneva, Switzerland. The Forum is best known for its annual meeting at the end of January in Davos. It was founded in 1971. Klaus Schwab is the executive chairman of WEF.

3. India fifth most attractive market for investments: PwC survey :-India has emerged as the fifth most attractive market for investments and the optimism over global economic growth is at a record level, a survey of CEOs by global consultancy PwC said. Around 46 per cent of global CEOs consider the US as one of the three most important countries for growth, followed by China (33 per cent) and Germany (20 per cent) at second and third places, respectively. At the fourth spot is the UK (15 per cent). India (9 per cent) bumps Japan (8 per cent) as the fifth most attractive market in 2018.

4. Centre bans import of pet coke for trading purpose in Delhi and NCR: – As part of measures to control air pollution, the Union environment ministry has banned import of pet coke for purpose of trading in Delhi and its neighbouring states. It has notified do’s and don’ts for its sale and use in cement plants and other end user industrial units, including refineries. The ministry listed 13 points to regulate use of pet coke which is one of the key sources of air pollution in the region. The notification was issued in compliance with the 2017 Supreme Court order.

5. Chennai to host Def Expo in April :- For the first time, Tamil Nadu will host DefExpo 2018, an international exhibition on Defence, in April, showcasing some of the latest technologies and products manufactured by both Indian and foreign companies. It will also give an opportunity for the State to showcase its strength as one the largest manufacturing hubs for defence production. The event, which is the largest in the defence sector in India, will attract visitors from over 80 countries, said Defence Minister Nirmala Sitharaman.

6. National Conference of State, PSBs and RRBs of NHFDC held :- A National Conference of the State channelizing Agencies, Public Sector Banks and Regional Rural Banks of National Handicapped Finance and Development Corporation (NHFDC) held on 19th January 2018 in New Delhi. Shri Thaawarchand Gehlot and Shri Krishan Pal Gurjar addressed the participating agencies and advised for better coordination with NHFDC and Channelizing agencies for the smooth and better implementation of NHFDC Schemes for the benefit of larger number of Persons with Disabilities (Divyangjan).

7. International Dam Safety Conference to be held at Thiruvananthapuram: – India will be hosting the International Dam Safety Conference – 2018 at Thiruvananthapuram on January 23-24. Shri Pinarayi Vijayan, Chief Minister of Kerala will inaugurate the conference and Shri Arjun Ram Meghwal, Union Minister of State for of Water Resources, River Development and Ganga Rejuvenation will preside over the inaugural function. Central Water Commission is organizing the event in association with Kerala Water Resources Department (KWRD), Kerala State Electricity Board, National Institute of Technology Calicut and College of Engineering, Trivandrum.

8. India, Uttarakhand and the World Bank sign $120 million Loan Agreement: – The Government of India, the Government of Uttarakhand and the World Bank Board signed a $120 million Loan Agreement which will help increase access to improved water supply services in peri-urban areas in the State of Uttarakhand. The Uttarakhand Water Supply Program for Peri-Urban Areas will help the State increase water supply coverage as well as ensure sustainable water supply service delivery in peri-urban areas. It will develop and implement a service-oriented and efficient water supply policy for peri-urban areas, strengthen the current monitoring and evaluation systems, and provide dedicated incentives for preparation and adoption of water supply ‘master-plans’ in peri-urban areas. 

9. NIIF makes its First Investment:-The Government of India is pleased to take note that the National Investment and Infrastructure Fund (NIIF) has made its First investment. NIIF has partnered with DP World to create an investment platform for ports, terminals, transportation and logistics businesses in India. The platform will invest in opportunities in the ports sector, and beyond sea ports into areas such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals, and logistics infrastructure including cold storage. The first close of the NIIF Master Fund took place on October, 16, 2017 with contributions from a subsidiary of Abu Dhabi Investment Authority (ADIA) and four Domestic Institutional Investors (DIIs), viz., HDFC Group, ICICI Bank, Kotak Mahindra Life and Axis Bank. An India-UK Green Growth Equity Fund (GGEF) is also being set-up under the fund of funds vertical of NIIF, and shall have anchor commitments of GBP 120 million each from Government of India (through NIIF) and Government of UK.

10. IMF forecasts 7.4% growth for India in FY19:- On the eve of Prime Minister Narendra Modi’s keynote address at the World Economic Forum (WEF) in Davos, the International Monetary Fund (IMF) said India’s growth will pick up in FY19. That will see the country regain the tag of fastest-growing major economy, backing the government’s revival theme. The IMF also said 2017 saw the best global growth in seven years. India is forecast to grow 7.4% in FY19 against 6.7% this year, gaining pace to 7.8% in FY20, the IMF said in its January update of the World Economic Outlook: Brighter Prospects, Optimistic Markets, Challenges Ahead. The global economy is expected to grow 3.9% this year.