Daily GK Update 10th July 2014

1.    In terms of GDP, India's economy is 10th biggest: World Bank
i. After growing at an average annual rate of just over 6 per cent from 1980 to 2010, India’s economy is now the 10th biggest in the world in terms of gross domestic product, according to the World Bank.
ii. However, its growth has slowed in recent years, with an expansion of 4.7 per cent in 2013-2014, up from 4.5 per cent the previous year, the slowest pace in the previous decade.
iii. India’s growth has been largely driven by the services sector which comprises over half of the economy, while the agricultural, manufacturing, and especially the industrial sectors have slowed down significantly, according to the latest quarterly review by the Indian Ministry of Finance.
iv. India remains the poorest country among the G20, with per capita income at $1,499 compared to China’s $6,807.
v. China, the United States and the United Arab Emirates are India’s main trading partners, with its most valuable exports being refined petroleum, followed by jewelry, manufactured drugs, and rice.
2.    Fiscal deficit target at 4.1% of GDP for 2014-15
i. Finance Minister Arun Jaitley on Thursday said the government will retain the fiscal deficit target for 2014-15 at 4.1 per cent of GDP and reduce it further to 3 per cent by 2016-17.
ii. Presenting his maiden Budget, the Minister said the prevailing economic situation presents a great challenge and there was a need to introduce fiscal prudence that will lead to fiscal consolidation and discipline.
iii. Outlining the roadmap for fiscal consolidation, Mr. Jaitley said fiscal deficit would be brought down to 3.6 per cent in 2015-16 and 3 per cent by 2016-17.
iv. The fiscal deficit which had touched a high of 5.7 per cent in 2011-12, was brought down to 4.8 per cent in 2012-13 and further to 4.5 per cent in 2013-14.
v. The reduction in fiscal deficit by the UPA government, he said, was mainly achieved by a reduction in expenditure rather than by way of realisation of higher revenues.
3.    Tax exemption limit raised to Rs 2.5 lakh 
i. Salaried class has got something to cheer with Finance Minister Arun Jaitley on Thursday raising tax exemption limit to Rs 2.5 lakh from Rs 2 lakh, providing a relief of Rs 5,000.
ii. The proposal, according to an estimate, is likely to be benefit about 2 crore tax payers. 
iii. Similarly, he raised tax exemption limit from Rs 2.5 lakh to Rs 3 lakh in the case of senior citizens. 
iv. Thus, tax on income from Rs 2.5 lakh to Rs 5 lakh is retained at 10 per cent, up to Rs 10 lakh at 20 per cent and above 10 lakh at 30 per cent. 
4.    FDI limit in the defence sector up to 49 per cent from 26 per cent
i. Government on Thursday allocated Rs 2.29 lakh crore for the Defence Ministry in the Budget, marking an increase of around 12.5 per cent from the last fiscal as it raised the FDI limit in the defence sector up to 49 per cent from 26 per cent now.
ii. The Ministry was allocated Rs 2,03,672 crore in 2013-14 and was provided Rs 2,24,000 crore in the interim budget presented by the UPA government in February this year. 
iii. The Ministry was allocated Rs 2,03,672 crore in 2013-14 and was provided Rs 2,24,000 crore in the interim budget presented by the UPA government in February this year. 
5.    Beti Bachao Beti Padhao Yojana to create awareness on women's issues
i. For the safety and welfare of women, Rs 100 crores have been provided for Beti Bachao Beti Padhao Yojana to generate awareness on the issues.
ii. An outlay of fifty crore rupees has been made for pilot testing of a scheme on safety for women on public road transport. Another 150 crore rupees have been allocated for a scheme to increase the safety of women in large cities. Crisis management centres will be set up in all districts of the capital, Delhi and private hospitals.
6.    Budget 2014-'15 : Over Rs 2000cr Namami Ganga to clean up river
i. To clean up the Ganga, Rs 2037 crores has been provided for the Ganga conservation mission - Namami Ganga in the General Budget.Another Rs 100 crores has been provided for Ghat development and beautification at Kedarnath, Haridwar, Kanpur, Varanasi, Allahabad, Patna and Delhi..
7.    Govt allocates Rs 500 cr for Internet connectivity in villages
i. The government on Thursday said it will allocate Rs 500 crore for its 'Digital India' initiative to set up broadband network in villages and promote local manufacturing of hardware and Indian software products. 
ii. Under the Digital India initiative, National Rural Internet and Technology Mission, the government will focus on setting up broadband in villages, promote local manufacturing of hardware and Indian software products, Finance Minister Arun Jaitley on Thursday said while presenting the Budget for 2014-15. 
iii. Also in what could provide more opportunities for the technology firms, the Minister proposed to set up 100 smart cities for which the government will provide Rs 7,060 crore.
8.    India and UK to launch civil nuclear cooperation
i. India and United Kingdom decided to launch negotiations for civil nuclear cooperation. The decision was taken during the visit of UK foreign secretary of state William Hague to India.  He visited India on 7- 8 July 2014.
ii. The Union External Affairs Minister, Sushma Swaraj and UK foreign secretary of state William Hague had discussions on variety of issues related to bilateral, regional and global issues of mutual interest.
iii. At present, the Bilateral trade between the UK and India stands at 15 billion US dollars.  
9.    Typhoon Neoguri makes landfall on Japan’s southern main island
i. Typhoon Neoguri slammed into Japan’s southern main island early today after lashing the Okinawa island chain, with three people killed as powerful winds and torrential rains battered the country.
ii. The typhoon’s winds slowed somewhat overnight, with the storm packing gusts of up to 126 kilometres (78 miles) per hour as it moved east at 25 kilometres per hour.
10.  Argentina beats Netherlands; to meet Germany in World Cup final
i. Argentina defeated the Netherlands 4-2 on penalties on Wednesday to set up a third World Cup final against Germany.
ii. Romero parried the first spot kick from Ron Vlaar and then from Wesley Sneijder as well to see the Albiceleste through after 120 minutes of negative semi-final football from both sides had ended 0-0.
iii. Lionel Messi, Ezquiel Garay, Sergio Aguero and Maxi Rodriguez converted Argentina’s spot kicks while Arjen Robben and Dirk Kuyt were on target for the Dutch.
iv. It was the first World Cup semi-final ever to end 0-0 after 120 minutes, and the Dutch failed to score in 240 minutes overall as they had required penalties to beat Costa Rica in the quarter-finals.
11.  FIFA suspended Nigeria’s team from International football competitions
i. FIFA suspended Nigeria from all international football competitions with immediate effect. Nigeria was suspended on account of government interference in running Nigeria Football Federation (NFF).
ii. The Statement released by FIFA includes that during the period of suspension, the NFF may not be represented in any regional, continental or international competitions, including at club level, or in friendly matches.
iii. Nigeria reached the second round of the World Cup 2014 in Brazil and this is the third time to reach second round of World Cup in their history (earlier in 1994 and 1998).
12.  Murali Vijay's Test 100 steadies India at 259 for 4 vs Eng
i. Murali Vijay's fourth Test hundred and an aggressive half-century by skipper MS Dhoni steadied India at 259 for 4 at stumps on day one in the Nottingham test against England.
ii. The visitors lost Dhawan, Pujara, Kohli and Rahane at crucial times. The day belonged to Murali Vijay, whose fourth Test hundred helped the side finish on a strong note.
iii. He was later joined by Dhoni, who slammed his second successive fifty. The challenge for England on the second day would be to break this 81-run stand and attack the Indian lower order. For England James Anderson was the pick of the bowlers as he took two wickets.

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