Current Affair of 29 April 2018, Exam View.

Current Affair 29 April 2018

DAC Approves Capital Acquisition Proposals of Over Rs3,687 crore

The Defence Acquisition Council (DAC), chaired by the Raksha Mantri Smt Nirmala Sitharaman, met and accorded approval to Capital Acquisition Proposals of the Services valued at over Rs 3,687 crore.

The NAG missile is a third generation anti-tank guided missile, which has top attack capabilities that can effectively engage and destroy all known enemy tanks during day and night.

The DAC also approved procurement of thirteen 127 mm calibre guns for the Navy.

The DAC also reviewed the progress of the DRDO programme to develop indigenous Airborne Warning and Control System (AWACS).

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India’s first industrial solar microgrid commissioned in Gujarat

Swedish-Swiss multinational giant ABB has commissioned India’s first industrial solar microgrid at its Vadodara manufacturing facility in Gujarat.

India’s first industrial solar microgrid commissioned in Gujarat

Microgrids with integrated battery energy storage allow cutting down of planned and unplanned power outages. When are often connected to renewable energy sources and provide more control to companies on how and when to deploy the stored power. A key benefit is the reduction in overall operational costs and reduced electricity bills.

The Vadodara factory is ABB’s largest facility in India with over 3,000 employees and among its biggest manufacturing hubs in the world.

The microgrid’s rooftop photovoltaic field and its battery-energy storage system will support the factory’s productivity and enable green power supply

ABB manufactures critical power equipment including transformers, high voltage products, distribution relays, motors, generators and turbochargers at the Vadodara facility. The company is present in the areas of electrification products, robotics and motion, industrial automation and power grids. It operates in more than 100 countries with about 135,000 employees.

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Maharashtra signed MoU with British Council

The government of Maharashtra recently signed a memorandum of understanding (MoU) with the British Council to strengthen educational and cultural cooperation between the two nations .

Under this new agreement, British Council would be training 30,000 teachers in the English language in the state. The training will be funded by Tata Trusts, the Tata group's philanthropic organisation. The council hopes to copy its initiative in Maharashtra to other states as well in the future .

Over the last year, there have been 12 partnerships between higher education institutions in Maharashtra with the UK under the bilateral UK India Education and Research Initiative.

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India-Nepal IGC meeting began in Kathmandu

India-Nepal Inter Governmental Committee (IGC) meeting on trade, transit and cooperation to Control Unauthorised Trade begins in Kathmandu.

India- Nepal IGC meeting Again begin in Kathmandu

Indian side is led by Commerce Secretary Rita Teaotia. The main focus of 2 day meeting will be on further strengthening trade and investment ties between both the countries. The IGC meeting provides a regular platform to review implementation of past trade and transit agreements besides discussing new measures to facilitate bilateral trade and investment.

It is a platform to discuss and resolve issues relating to bilateral trade, transit facilities provided by India to Nepal to facilitate trade with third countries, investment promotion and improvement of infrastructure at land customs stations. IGC also deliberate upon day-to-day problems in regulation of Nepalese traffic-in-transit and issues related to Indian investment in Nepal and resolves them.

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Agreement with World Bank

  • The Government of India and the World Bank signed a $125 million agreement to support India in developing an innovative biopharmaceutical and medical devices industry.
  • The Innovate in India for Inclusiveness Project (I3) agreement was executed between the project implementing agency - Biotechnology Industry Research Assistance Council and Ministry of Finance and International Bank for Reconstruction and Development on behalf of World Bank.
  • Biotechnology Industry Research Assistance Council (BIRAC) is a not-for-profit Public Sector Enterprise, set up by Department of Biotechnology (DBT).
  • The Innovate in India for Inclusiveness Project (I3) will support Government of India’s Biotechnology Industry Research Assistance Program (BIRAC), set up five years ago to support innovative start-ups and collaborations through strategic partnerships.
  • BIRAC will now scale-up its efforts across the industry and focus on providing the ingredients that are currently missing in India’s biopharma innovation ecosystem

NHAI Inks Pact With Macquarie

The National Highways Authority of India (NHAI) recently entered into a pact with Macquarie for road projects under the highway monetisation drive, according to an official.


Agreement (has been signed) with Macquarie for the first bundle (of highway projects) -- USD 1.5 billion -- one of the highest FDI in highways.

Last month, Macquarie won the maiden bundle of 9 highway projects under toll-operate-transfer (TOT) model that will bring Rs 10,500 crore cash to NHAI's kitty under the first tranche of monetisation drive.

The first bundle for monetisation, released by NHAI in October 2017, covered 9 stretches -- five highways running across Andhra Pradesh and four in Gujarat. The government had assessed the asset condition through drone videos and network survey vehicles.

Against NHAI's expectations of Rs 6,258 crore, the winning bid was for Rs 9,681.5 crore. The total funds that will accumulate in government kitty will be about Rs 10,500 crore.

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Govt. collects Rs 7.41 trillion from GST

India collected Rs 7.41 trillion in taxes in the first year of the Goods and Services Tax (GST) with revenues for a good part of four months not being accounted for because of the mid-year rollout and an accounting lag.

For the period ending March 31, 2018, the GST collection has been put at Rs 7.41 trillion.

From 2018-19 fiscal year that began this month, the government is shifting to a cash basis of accounting where revenues accrued at the completion of a month would be taken on record. Accordingly collection for April is likely to be released on May 1.

  • During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs 7.19 trillion.
  • This includes Rs 1.19 trillion of CGST, Rs 1.72 trillion of SGST, Rs 3.66 trillion of IGST (including Rs 1.73 trillion on imports) and Rs 620.21 billion of cess (including Rs 57.02 billion on imports)

Financial Year has reached to an average of 65 per cent from around 55-57 per cent observed during initial months. The cumulative compliance levels (percentage of returns filed till date) for initial months has crossed 90 per cent and for July, 2018, has reached 96 per cent

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Asia Badminton Championship: Indian challenge ended

At the Asia Badminton Championship in Wuhan, China, Indian challenge ended today with the defeat of both Saina Nehwal and H S Prannoy in the semi-finals.

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  • The Ministry of Health and Family Welfare has limited the production of oxytocin formulations to the domestic use of the public sector only. It has restricted the import of oxytocin and its formulations.
  • Oxytocin drug is secretly being produced and sold in a big way, which is causing its extensive misuse, which is harmful to humans and animals.
  • Oxytocin is a hormone that is secreted by the pituitary gland located in the brain.
  • Due to the effect on man's behavior, oxytocin is also known by names such as cute hormones and pleasure hormones.
  • Due to the misuse of oxytocin, problems like sterility are emerging in milch animals.