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The Bulletin - 06.09.2018, 07.09.2018 and 08.09.2018


Nobel Economics Prize awarded to William D. Nordhaus, Paul M. Romer
  • The Royal Swedish Academy decided to award the Sveriges Riksbank Prize in Economic Sciences to William D. Nordhaus and Paul M. Romer, for integrating innovation and climate with economic growth.
  • Dr. Nordhaus was the first person to create an integrated assessment model, i.e. a quantitative model that describes the global interplay between the economy and the climate.
  • Dr. Romer laid the foundation of what is now called endogenous growth theory. The theory is both conceptual and practical, as it explains how ideas are different to other goods and require specific conditions to thrive in a market.

India, Russia formally ink the $ 5.2 billion deal for S-400 air defence system 
  • India and Russia, have formally inked the $ 5.2 billion deal for S-400 system. The air defence system is expected to be delivered by the year 2020. 

THE S-400 

  • The Russian S-400 Triumf advanced air defence system became a bone of contention between India and the US, particularly after the US brought in a new law on August 2, 2017, called ''Countering America’s Adversaries Through Sanctions Act' or CAATSA. This, among other things, imposed new sanctions on Iran, Russia and North Korea. 
  • The S-400 Triumf is an advanced surface-to-air missile system, developed by Russia’s state-owned company Almaz-Antey, and can shoot down hostile aircraft and ballistic missiles. It has an estimated range of 250 kilometres and a possible upgrade is speculated to extend it to 400 kilometres. 
Bilateral Maritime Exercise Between Japan and India (JIMEX 18)
  • Japanese Maritime Self Defence Force (JMSDF) Ships Kaga, an Izumo Class Helicopter Destroyer and Inazuma – a Guided Missile Destroyer arrived at Visakhapatnam on 07 October 2018. 
  • The JMSDF Ships would be participating in the third edition of Japan-India Maritime Exercise (JIMEX) with the ships of Eastern Fleet of the Indian Navy (IN) from 07 to 15 October 18.
ESIC wins ‘ISSA GOOD Practice Award, Asia & the Pacific 2018’
  • The Employees’ State Insurance Corporation (ESIC) has won the ‘ISSA Good Practice Award’ for Administrative Solution for Coverage Extension at the “Regional Social Security Forum for Asia and the Pacific” held at Kuala Lumpur, Malaysia.
  • The award recognizes the measures taken by ESIC for extension of coverage-SPREE (Scheme for Promoting Registration of Employers and Employees), reduced rate of contribution rates for 24 months in newly implemented areas and raising the wage limit for coverage under the ESI Act, etc.
RBI consumer confidence survey
  • In the September 2018 RBI survey, 35.2% said their employment prospects had improved, while 45.5% said they had worsened. The net response is a negative 10.3 percentage points, far worse than in December 2013.
  • The one-year-ahead-expectations survey shows that 54.1% say job prospects will improve, while 29% believe they will worsen. That’s a net positive response of 25.1 percentage points.
  • 28.3% said their incomes had risen, while 23.4% said they had decreased. The net response is a mere 4.9 percentage points.
  • Expectations for the year ahead - The net response in September 2018, at 51.3 percentage points, is higher than the net response of 37.2 percentage points in 2013. People remain hopeful that incomes will rise.

Govt appoints Rakesh Sharma as IDBI chief
  • Sharma is appointed for six months or until further orders and will have the task of ensuring a smooth transfer of majority ownership from the government to Life Insurance Corporation of India (LIC).
  • Sharma is a former MD and CEO of Canara Bank.
Govt panel set to probe e-commerce firms’ big discounts
  • A 10-member panel set up by the corporate affairs ministry will examine the trends in digital economy, including steep discounts in online retailing, and whether the e-tailers are subject to any restrictions in their access to dealerships from manufacturers. 
RBI woos foreign investors with “Voluntary Retention Route”
  • The Reserve Bank of India (RBI) has asked for a commitment of staying invested a minimum three years in local debt from them. 
  • In exchange, it has offered unbridled access to local derivatives market and its own liquidity facilities. 
  • Foreign investors can hedge their investments for both currency and interest rate risk the way they want. And they have to commit 67% of their investment, whittling down their commitment by a maximum of 33%, giving them flexibility to manage their gains or losses.
Arunachal Pradesh govt launches Chief Minister’s Sashakt Kisan Yojana and Chief Minister’s Krishi Samuh Yojana in Itanagar
  • The Chief Minister’s Sashakt Kisan Yojana will subsume three state flagship programmes, namely - CM’s Employment Generation Scheme, CM’s Agri-Mechanization Programme and CM’s Flagship Programme on Tea and Rubber.
  • The Chief Minister’s Krishi Samuh Yojana aims at empowering the farmers through cooperative approach, by providing timely supports and marketing interventions of the government for better price realization and doubling farmers’ income.
  CII and UN Environment sign MoU 
  • The Confederation of Indian Industry (CII)  signed an MoU with the UN Environment for coherent implementation of the environmental dimension of sustainable development.  
  • It aims to provide a framework of cooperation and facilitate cooperation in areas including environment, climate change, renewable energy, energy efficiency, resource conservation and management, water sanitation, smart cities and urban infrastructure. 
Odisha Government Launches 'Nirman Kusuma' Scheme 
  • Odisha Chief Minister Naveen Patnaik launched 'Nirman Kusuma' programme for providing financial assistance to the children of the construction workers for their technical education in the state.
  • The children of construction workers would get financial assistance for their education in Industrial Training Institutes (ITIs) and polytechnics. While an ITI student will be entitled to get financial assistance of Rs. 23,600, a diploma student to get Rs. 26,300 per annum. A total of 1,878 students will get benefit from the programme. 
India beat Sri Lanka by 144 runs to clinch U19 Asia Cup 2018 title
  • Yashasvi Jaiswal was adjudged man-of-the-tournament for scoring 318 runs in the tournament.
  • The tournament held in Bangladesh.
Caroline Wozniacki won her 30th WTA singles title with victory over Latvia's Anastasija Sevastova in the China Open final in Beijing