2 February 2017 Current Affairs : General Budget, Rex Tillerson, National Income estimates, Fiscal Deficit, T20 series Win

///2 February 2017 Current Affairs : General Budget, Rex Tillerson, National Income estimates, Fiscal Deficit, T20 series Win

Here are today’s current affairs updates from The Hindu, PIB, Indian Express, with PDF download. It covers useful national, international, economic, sports news for exams like UPSC, CDS, IAS, IFoS, SSC CGL, etc.

 

National Important Current Affairs Update – 2 February 2017

☀ The Union Minister for Finance and Corporate Affairs, Arun Jaitley presented the General Budget 2017-18 in Parliament. This Budget is the First combined Budget of Independent India that includes the Railways Budget.

☀ Campaigning for the assembly elections in Punjab and Goa will come to an end today. These two state will go to polls on Saturday to elect their new state government. The Election Commission has imposed complete prohibition on broadcasting or propagating election-related material on TV, radio or newspapers in these states.

☀ Rajya Sabha will take up the Motion of thanks on President Pranab Mukherjee’s address to the joint sitting of the Parliament. Union Minister Ravi Shankar Prasad is scheduled to initiate the discussion on it.

☀ The registration for Kailash Manasarovar Yatra has started on the website www.kmy.gov.in and the process is fully online.

  • This year the Yatra will take place between 12 June to 8th of September through two routes.
  • Applicants for this Yatra must be at least 18 years and not more than 70 years.
  • The last date for registration is 15 March.

☀ The National Entrepreneurship Awards 2016 were recently presented, to recognise the entrepreneurial spirit of India’s youth and encourage more young Indians to become entrepreneurs.

  • These awards system have been created through a partnership between MSDE and a number of reputed institutions across the country including, Indian Institute of Technology (IIT – Delhi, Mumbai, Kanpur and Chennai), Tata Institute of Social Sciences (TISS), Mumbai and XLRI, Jamshedpur.
  • Every year, one of these institution plays the role of the lead institution to anchor the awards.
  • For 2016-2017, the lead institution is IIT, Delhi.

☀ The Income Tax Department has initiated Operation Clean Money. The initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. 

  • Data analytics has been used for comparing the demonetisation data with information in ITD databases.
  • In the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile.

 

International Daily Current Affair Capsule – 2 February 2017

☀ Kuwait has suspended the issuance of visas for travelers belonging to Pakistan, Afghanistan, Iran, Iraq and Syria to prevent entry of radical Islamic terrorists. The authorities in Kuwait have imposed restrictions on tourist, trade and visitor’s visas for those belonging to these countries.

  • Kuwait City is worried about the possible migration of radical Islamic terrorists.
  • This move comes after US President Donald Trump banned entry in US from seven majority-Muslim countries.

 

☀ UK Prime Minister Theresa May has received British Parliament’s first stage approval to begin the process of Britain’s exit from the European Union (EU) after winning a crucial vote in the House of Commons. 498 MPs voted in favour of Brexit Bill, while 114 voted against it. The bill will now progress to the next more detailed legislative stage before it can become law.

☀ In the US Congress, the High-Skilled Integrity and Fairness Act of 2017 that will overhaul the popular H1B and L1 visas has been tabled, taking a hard stance on immigration. This reform bill, if passed, would significantly change the H1B visas granted to companies and allocated to employees.

  • Note that: Some of the worst hit by the new H1B bill will be Indian IT companies such as Infosys, TCS, and Wipro, as well as US tech giants like Apple, Facebook and Google, who use the H1B visa to fill positions that cannot be filled by American workers.

What is H1B Visa?

The H1B visa is a non-immigrant visa that allows companies to employ foreigners for a period of up to six years. H1B visa holders are allowed to apply for permanent residency in the US as well as buy or sell property in the country.

This visa is aimed at helping companies employ foreigners in positions for which they have been unable to find American employees. The minimum salary for an employee holding the H1B visa is set at $60,000 per year.

Every year, the US government grants 65,000 H1B visas, while an additional 20,000 are given to foreign students who have completed their masters course from a US university.

 

☀ In US, Rex Tillerson, has been sworn in as President Donald Trump’s Secretary of State. The  64 years old Texas native, was cleared for full Senate approval in a 56-43 vote. He is the former chairman and chief executive of Exxon Mobil.

☀ Pakistan has imposed international travel ban on Jamaat-ud-Dawa chief Hafiz Saeed. He has been placed on Exit Control List along with other 37  members of Lashkar e Taiba. Saeed is the alleged mastermind of the 2008 Mumbai attacks.

 

Economics News Current Affair Capsule – 2 February 2017

☀ The Stock markets gave a rousing cheer to the Union Budget and Sensex at the Bombay Stock Exchange has shot up a huge 486 points to an over 3-month closing of 28,142. And at the forex market, the rupee posted its biggest single-day gain this year, strengthening a hefty 40 paise, to 67.47 against the dollar.

 Fiscal deficit in the first nine months of 2016-17 touched 93.9% of the Budget estimate. The fiscal deficit had stood at 87.9% in the corresponding nine months a year ago. The fiscal deficit is the gap between expenditure and revenue. According to data released by the Controller General of Accounts, tax revenue was 71.4% of the full-year budget estimate.

☀ The broadcast regulator TRAI has recommended introduction of digital terrestrial transmission for broadcast services in India, followed by complete shut down of analog transmission by end of 2023 is suggested.

At present, terrestrial TV broadcasting in India is under the exclusive domain of Doordarshan (Prasar Bharati), the Public Service Broadcaster and it is predominantly analog.

  • DTT offers better quality of images and sound as compared to analog signals.
  • The DTT transmitters have lower power requirements than traditional analog transmitters.

 

☀ The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2015-16 (with Base Year 2011-12) as per the new revision policy.

  • Nominal GDP (GDP at current prices) for the year 2015-16 is estimated as Rs. 136.75 lakh crore (exhibiting growth of 10.0%).
  • Real GDP (GDP at constant on 2011-12) prices for the years 2015-16 stands at Rs. 113.58 lakh crore (showing growth of 7.9%).
  • Nominal Net National Income (NNI) at current prices for the year 2015-16 stands at Rs. 120.83 lakh crore (showing an increase of 10.2%).
  • Gross Saving during 2015-16 is estimated as Rs. 44.05 lakh crore.
  • The rate of Gross Capital Formation to GDP at constant (2011-12) prices has decreased from 35.8 per cent in 2014-15 to 35.5 per cent in 2015-16.

 

Sports News Current Affair Capsule – 2 February 2017

☀Record six wicket clenched by Yuzvendra Chahal helped India win the 3 match T20 series with England. In the last and decisive match held at M Chinnaswamy Stadium in Bengaluru last night hosts defeated British visitors by 75 runs.

 

 


This is our contribution towards making students more aware of what to study and what to ignore in daily news. We hope this compilation of current affair capsule was useful for going through today’s important events. Please share your comments with us. Have a Good Day!

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2017-02-02T11:52:30+00:00