5 and 6 August 2017 Current Affairs : M Venkaiah Naidu 13th Vice-President, Rajiv Kumar NITI Aayog, BHARAT 22 ETF, Vijender Singh win

///5 and 6 August 2017 Current Affairs : M Venkaiah Naidu 13th Vice-President, Rajiv Kumar NITI Aayog, BHARAT 22 ETF, Vijender Singh win

This Daily Current Affair Capsule is a brief collection of important news from national dailies and government releases on PIB useful for UPSC IAS, CDS, SSC CGL, NDA, etC) It covers national, international, economic, sports news.


National Important Current Affairs – 5 and 6 August 2017

■ Former Union Minister M Venkaiah Naidu will be the 13th Vice President of India. He has defeated Opposition candidate Gopalkrishna Gandhi by 272 votes.

M. Venakiah Naidu was serving as Minister of Housing and Urban Affairs and Information and Broadcasting in the present government. During his three decades in public life, Mr Naidu has held several positions, which includes serving as the President of BJP.


■ Economist Rajiv Kumar will be the new Vice Chairman of NITI Aayog. He will be succeeding Arvind Panagariya, the first Vice Chairman of the NITI Aayog. A. Panagariya had recently resigned from his post. He holds a D.Phil. in Economics from Oxford and a PhD from Lucknow University. He is a senior fellow at the Centre for Policy Research.

The government has also appointed Dr Vinod Paul, a pediatrician at the All India Institute of Medical Sciences (AIIMS) as a member of the NITI Aayog.


■ For promoting innovation and entrepreneurship in agriculture, the government is launching a new AGRI-UDAAN programme that will mentor startups and help them connect with potential investors.

This programme will help convert innovative ideas from India’s rural youth into viable businesses. It will be managed by ICAR-NAARM’s technology incubator, a-IDEA along with IIM Ahmedabad’s Centre for Innovation.


India’s first private sector missile sub-systems manufacturing facility, a joint venture between Kalyani Group and Israel’s Rafael Advanced Defence Systems Ltd., has been recently inaugurated near Hyderabad. This has been recently formed in line with the government’s ‘Make in India’ initiative of the Centre and the policy to encourage private sector participation in defence production, the 51:49 joint venture will develop a wide range of advanced capabilities.
This facility Kalyani Rafael Advanced Systems (KRAS) plant will initially make Anti-Tank Guided Missile (ATGM) Spike. Apart from supplying to Indian demand, it plans to export to South East Asian countries.


■ The Ministry of Human Resource Development will introduce amendment to the Right of Children to Free and Compulsory Education Act, 2009, to enable States to do away with the no-detention policy if they wish.

  • Note that:  25 States have recently agreed with the idea of doing away with or tweaking the no-detention policy.
  • About the ‘No detention policy’ : It entails a child is not detained till Class 8 — to give a boost to levels of learning without worrying about the grades. The no-detention policy was introduced as a part of the Continuous and Comprehensive Evaluation (CCE) under the Right to Education Act (RTE) in 2010. The idea behind this policy was to ensure that no child admitted in a school shall be held back in any class or expelled from school until the completion of elementary education. The policy was path-breaking but, it has ended up degrading the quality of education and learning outcomes.

Expert’s take:

  • The TSR Subramanian committee for formulation of the National Policy on Education has suggested that ‘no detention’ policy should be discontinued after Class V. It had recommended restoration of detention provision, remedial coaching and two extra chances to each student such to move to a higher class.
  • A sub-committee of the Central Advisory Board of Education also studied the issue closely and recommended a provisional detention clause at Classes V and VIII. In 2013, a parliamentary panel had also asked the ministry to ‘rethink’ on its “policy of automatic promotion up to Class VIII”.


■ Uttar Pradesh government has announced the appointment of actor Akshay Kumar as the Brand Ambassador of Swachh Bharat Mission in UP.


International Current Affairs Capsule – 5 and 6 August 2017

Prime Minister Narendra Modi expressed his thoughts in a video message during the 2nd edition of Samvad-Global Initiative on Conflict Avoidance and Environment Consciousness. The two day-conference is taking place in Yangon, in Myanmar. He has said dialogue is the only way to cut through deep-rooted religious stereotypes and prejudices that divide communities across the world and sow seeds of conflict between nations and societies. Modi has said societies across the world are facing several questions like how to avoid conflict and live in peace and harmony.

President Hassan Rouhani has been sworn in as President for another four-year term at the Iranian parliament in Tehran in this evening.

■ The US Senate has confirmed three Indian-Americans picked by President Donald Trump for key governmental posts. These three Indian-Americans are :

  • Neil Chatterjee : Member of the Federal Energy Regulatory Commission
  • Vishal Amin : Intellectual Property Enforcement Coordinator
  • Krishna R Urs. Chatterjee : US Ambassador to Peru


Economics Today’s Current Affair Capsule – 5 and 6 August 2017

■ The Comptroller and Auditor General of India has mentioned  in an audit report on the Food Corporation of India (FCI) that more than 4.72 lakh tonnes of wheat valued at Rs 700.30 crore got damaged in Punjab till March 2016 due to delay in implementation of the private entrepreneur scheme which was expected to increase the storage capacity of foodgrains in the state.

  • The damaged wheat was declared as non-issuable for public distribution as it was stored in open areas.
  • The auditor also found that FCI sold wheat to bulk consumers at a rate below the cost under open market sale scheme during 2013-14, leading to non-recovery of Rs38.99 crore.
  • This report pertains to implementation of the Private Entrepreneur Guarantee (PEG) schemes in Punjab and the way the FCI managed its debt, labour and incentive payments during 2011-16.


■ A new Exchange Traded Fund (ETF) by the name BHARAT 22 has been recently launched.

  • Bharat 22 consists of 22 stocks of CPSE’s, PSB’s & strategic holding of SUUTI.
  • Bharat 22 is a well diversified portfolio with 6 sectors (Basic Materials, Energy, Finance, FMCG, Industrials & Utilities).
  • The Bharat 22 Index will be rebalanced annually.
  • ICICI Prudential AMC will be the ETF Manager.
  • Asia Index Private Limited (JV BSE and S& P Global) will be the Index Provider.


■ The Loan and Project Agreements for Asian Infrastructure Investment Bank (AIIB) lending of US$ 329 million for Gujarat Rural Roads Project have been signed between the Government of India, Government of Gujarat and the AIIB. Its objective is to improve the rural road connectivity and accessibility (by providing all weather road connectivity) to 1,060 villages in all the 33 districts in Gujarat state benefiting about 8 million people.

About the AIIB :  It was established as a new multilateral financial institution aimed at providing “financial support for infrastructure development and regional connectivity in Asia.” It was founded in October, 2014, and has its headquarters in Beijing.


GST Council has given its in-principle approval to E Way bill rules. The pre-registration requirement under GST e-way bill is not mandatory for exempted goods and it will be required for packages worth over 50 thousand rupees. There will be no check posts and the process will be technology-driven.

  • GST Council has cut tax on textile work to 5 percent from 18 percent.
  • The GST rate on a few tractor components has been reduced to 18 percent from 28 per cent.
  • The work contracts under GST will be taxed at 12 percent with input tax credit.


■ The Bengaluru International Airport, will soon have India’s first helicopter-taxi service in partnership with Thumby Aviation Private Limited. The HeliTaxi service will ensure quick and seamless transfers to and from airport. Two helicopters have been designated for the purpose with plans to commission more when the demand increases.


Sports Current Affairs – 5 and 6 August 2017

■ Indian shooter Ankur Mittal has clinched the individual as well as the team gold medal in men’s double trap at the 7th Asian Shotgun Championship.

Mittal had earlier won a gold medal at the International Shooting Sport Federation World Cup in Acapulco, Mexico.


■ Indian boxer Vijender Singh has won his career’s second professional title, defeating China’s Zulpikar Maimaitiali to win the WBO Oriental Super Middleweight belt in Mumbai.
This is Vijender’s 9th professional victory. The Olympic medalist being unbeaten since he turned pro in 2015.

“Current Affairs Questions for UPSC IAS Prelims”

Q1.  Which city hosted the 2017 meeting of BRICS Trade Ministers?

  • A) Shanghai
  • B) Brasília
  • C) Cape Town
  • D) Moscow


Q2. Which committee has been constituted by the SEBI on fair market conduct, trading plans, insider trading rules?

  • A) K M Krishna committee
  • B) G K Parashar committee
  • C) T.K. Viswanathan committee
  • D) D K Chauhan committee


Answer these questions in the comments below. We encourage you to discuss your thoughts on the news and issues mentioned in today’s current affairs post. The idea is to promote healthy discussions on interesting issues to make preparation fun. Have a good day!

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