INTERNATIONAL

 

• RBI, Bank of Japan sign Bilateral Swap Arrangement

 

• Reserve Bank of India and Bank of Japan have signed a Bilateral Swap Arrangement (BSA).

 

• It was negotiated between India and Japan during the visit of Prime Minister Narendra Modi to Tokyo in October 2018.

 

• The BSA provides for India to access 75 billion US dollars whereas the earlier BSA had provided for 50 billion dollars.

 

• The BSA was approved by the Union Cabinet in January 2019.

 

 

NATIONAL

 

 

·         Government may offer up to Rs 2.5 lakh subsidy for 60,000 e-cars

 

 

• To promote green fuelin India via a Rs 10,000-crore package, government has reportedly proposed a subsidy of up to ₹2.5 lakh on around 60,000 electric cars in India, whereas hybrid cars may get ₹20,000 over the next three years.
• For electric buses, the subsidy would be up to Rs 60 lakh.
• This subsidy will come into effect in April.

 

 

• Government to celebrate ‘Poshan Pakhwada’ from 8th to 22nd March 2019 across the Country
• The Minister for Women and Child Development, Smt. Maneka Sanjay Gandhi announced that the Government will celebrate the first anniversary of POSHAN Abhiyaan on 8th March 2019 by organising Poshan Pakhwada across the Country.
• The key activities including Poshan Melas, Rally on nutrition at all level, Prabhat Pheree, Session on nutrition at schools, self-help group meetings, anaemia camps will be carried out during the event.

 

• The Poshan Pakhwada will be celebrated on lines of ‘Poshan Maah’ held in the month of September 2018.

 

• The Pakhwada will be launched on International Women’s Day, 8th March 2019.

·         Growth Rate in the Core Sector witnessed decline

 

• The data from the Ministry of Commerce and Industriesreported that the growth rate eight core sectors which include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricitywitnessed a decline. The core sector which had witnessed a 2% growth in January 2018 witnessed a growth rate of 1.8% in January. 
• The decline in the output of crude oil, refinery products, and electricity pulled down the growth of eight core sectors to 1.8%. Production of crude oil, refinery products, and electricity contracted 4.3%, 2.6%, and 0.4%, respectively. Coal and cement output slowed to 1.7% and 11% in January as against 3.8% and 19.6% in January 2018, respectively. Natural gas, fertilizers and steel output grew 6.2%, 10.5%, and 8.2 % respectively. The core sector growth would impact theIndex of Industrial Production (IIP) as these segments account for about 41 percent of the total industry output.

 

·         Mainamati Maitree Exercise 2019 held betweens BSF and BGB

 

• Border Security Force (BSF) and Border Guards Bangladesh (BGB) concluded a three-day Mainamati Maitree Exercise 2019 as a part of confidence-building measures between the two border guards. The exercise was held in Comilla district of Bangladesh.
• The objective of Mainamati Maitree Exercise 2019 wasto plan and conduct anti-smuggling and anti-criminal activity related operations with an aim to achieve better joint operational efficiency and border management in the area. The exercise involved joint patrolling, anti-smuggling drills, simulated raids on suspected places in both the countries and checking of goods and identity at international check posts.

 

·         Cabinet approves Rs 1,450 crore for share capital of RBI in NHB

 

ð  The National Housing Bank (NHB) has been set up to operate as the principal agency to promote housing financeinstitutions in India.

ð  Up till now, the authorised capital of NHB stands at ₹2,000 crore of which ₹1,450 crore has been subscribed by RBl. Currently, the capital is fully subscribed by RBl.

 

·         Cabinet approved the Ordinance for arbitration centre

 

• TheUnion Cabinet has approved the promulgation of an Ordinance for establishing the New Delhi International Arbitration Centre (NDIAC) in an effort to make India a hub of institutionalized arbitration. The establishment of institutionalized arbitration will be to the advantage of the public and public institutions in terms of quality of expertise and costs incurred.
• The NDIAC will be headed by a chairperson who will be appointed by the Centre inconsultation with the Chief Justice of India. There will also be two full-time or part-time members. They will be eminent persons having substantial knowledge and experience in institutional arbitration.
• The NDIAC Bill, 2019, could not be taken up for consideration and passing by the Rajya Sabha in the recently concluded session. Therefore, the government, in view of the urgency to make India a hub of institutionalized arbitration and promote ‘ease of doing business’, has decided to promulgate an Ordinance: ‘The NDIAC, 2019’.