Current Affair 2018, May 11. Read Important Current Affairs for UPSC/SSC/Bank and other state exam

Current Affair 11 May 2018

15th Finance Commission Constituted Advisory Council

The Fifteenth Finance Commission constituted an advisory council to advise and assist the commission on any issue or subject related to the Terms of Reference (ToR) of the Commission.

The six-member council will be headed by the President of Forum for Strategic Initiatives, Arvind Virmani.

As per the Ministry of Finance, the newly-constituted council will assist in the preparation of any paper or research study, which would enhance the Commission's understanding of the issues containing in its ToR; and help in broadening the Commission's ambit and understanding to seek best national and international practices on matters pertaining to fiscal devolution and improving the quality and reach and enforcement of its recommendations.

Kerala Government to provide free internet

The Kerala Government will set up a Joint Venture company to launch its new optic fibre network.

  • The Kerala Fibre Optic Network Limited will implement the Kerala Fibre Optic Network (K-FON) project.
  • With this programme over 20 lakh poor families will get free internet service
  • The K-FON initiative is being implemented to provide speedy internet connectivity to government offices and educational institutions and to the public at an affordable rate.

Telangana govt to launch Rythu Bandhu scheme

Telangana Government launched the “Rythu Bandhu Scheme” (Farmers’ investment support scheme) at Karimnagar district on 10th May.

  1. Under the scheme, the farmers will get ₹4,000 each an acre in the Kharif and Rabi seasons to take care of the credit needs ahead of the farm seasons.
  2. The government has excluded about 11 lakh tenant farmers from the scheme.

India’s longest rail bridge on Brahmaputra

Bogibeel bridge, India’s longest rail-cum-road bridge on the Brahmaputra connecting Dibrugarh on the south bank to Dehamji in the north which will boost defence logistics along the China border and reduce travel time for rail passengers and road users is expected to be opened for public by October this year.

India’s longest rail bridge
  • The length of the bridge will be 4.94 km.
  • The bridge will boost defence logistics along the China border and reduce travel time for rail passengers and road users.
  • The bridge will also provide connectivity between rail network on north and south banks of river Brahmaputra after Saraighat Rail-cum- Road Bridge at Guwahati
  • It will also provide road connectivity between north and south bank of Brahmaputra after the Tezpur road bridge
  • With this,the distance between Delhi and Dibrugarh will also be reduced by 155 km, saving three hours of train journey.
  • The bridge will make Itanagar in Arunachal Pradesh easily accessible from Dibrugarh.

India, Panama sign two agreements.

India and Panama have signed two agreements on exemption of Visas for holders of Diplomatic and Official Passports and in the field of Agriculture.

These agreements were signed in the presence of Vice President M Venkaiah Naidu and President of Panama Juan Carlos Varela Rodrigues and Vice President and Foreign Minister Isabel de Saint Malo de Alvarado in Panama city.

  • These ties are based on common values of India and Panama and a shared commitment to democracy, pluralism, multi-culturalism, and the rule of law.

    China launches new satellite to monitor air pollution

    China successfully launched a hyperspectral imaging satellite for comprehensive observation of the atmosphere, including air pollution which is one of the country's major problems.

    Chinese Satellite
    • The Gaofen-5 satellite was launched off the back of a Long March 4C rocket from the Taiyuan Satellite Launch Center in northern Shanxi Province.
    • It was the 274th flight mission by a Long March carrier rocket.
    • The satellite, launched as part of its high-resolution Earth observation project.
    • It will help reduce China’s dependence on foreign hyperspectral satellite data.
    • It has a designed life of eight years.
    • China will also launch Gaofen-6 this year to form a constellation with other Gaofen satellites in orbit.

    Beijing To Hold World Robot Conference

    The 2018 World Robot Conference (WRC) will be held in Beijing, China in August 2018. The event will see over 12,000 competing teams and 50,000 participants from more than 10 countries and regions.

    A robot competition will be held during the conference where participants will compete in five categories.

    The conference will greatly stimulate passion and innovation in the robot industry as well as help with research and development.


    India Fastest Growing Economy at 7.4% in 2018: IMF

    The International Monetary Fund (IMF) reaffirmed that India will be the fastest growing major economy in 2018, with a growth rate of 7.4 per cent that rises to 7.8 per cent in 2019 with medium-term prospects remaining positive.

    1. The IMF's Asia and Pacific Regional Economic Outlook report said that India was recovering from the effects of demonetisation and the introduction of the Goods and Services Tax and "the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption
    2. The region contributes more than 60 per cent of global growth and three-quarters of this comes from India and China, which is expected to grow 6.6 per cent in 2018 and 6.4 per cent in 2019
    3. The Asian region's growth rate was expected to be 5.6 per cent for 2018 and 2019.

    National Technology Day

    • A new exhibition “Machined to think” showcasing the future technologies that are to usher in "fourth industrial revolution", was inaugurated at the Nehru Science Centre, Mumbai.
    • National Technology Day is being celebrated on May 11.
    • On 11th May, 1998 India achieved a major technological breakthrough by successfully carrying out nuclear tests at Pokhran.
    • The first indigenous aircraft "Hansa-3" was test flown at Bangalore also on the same day.
    • India also performed successful test firing of the Trishul missile on May 11.
    • The day glorifies the importance of science in day to day life and motivates students to adopt science as the career option.

    Wild Ass Sanctuary

    • The sanctuary is in the Little Rann of Kutch in Gujarat.
    • It spans the districts of Surendranagar, Rajkot, Patan, Banaskantha and Kutch.
    •  The sanctuary hosts more than 30 species of rare and endangered animals, including black buck and desert fox due to its proximity to the Rann of Kutch and the variety in the region’s vegetation.
    • The sanctuary is home to the ‘near threatened’ wild ass species.
    • Asiatic wild asses are native to India, China, Iran, Mongolia and Turkmenistan.
    • The Asiatic wild ass is the only one of its species and no sub-species exist.
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    Source:Indian Express, Bussiness Standard,BusinessToday, TOI,NDTV,BusinessLine, Economictimes, The Hindu, PIB