Daily GK Update 9th July 2014

1.    Economic Survey predicts GDP in range of 5.4 to 5.9 % in 2014-15
i. Indian economy is likely to grow in the range of 5.4 to 5.9 per cent in 2014-15 overcoming the sub-5 per cent GDP growth of past two years, even as poor monsoon and disturbed external environment remain a cause for concern, says the Economic Survey.

ii. The Survey, released a day ahead of the budget for 2014-15, expects that moderation in inflation will ease the monetary policy stance and revive the confidence of investors. "...with the global economy expected to recover moderately, particularly on account of performance in some advanced economies, the economy can look forward to better growth prospects in 2014-15 and beyond," it said.
iii. After recovering in 2009-10 and 2010-11, GDP growth slowed down to decade's low of 4.5 per cent in 2012-13. 
·         GDP growth seen at 5.4-5.9 pc in 2014/15 
·         Growth rate of 7-8 pc can occur after 2015/16 
·         CAD to be contained at 2.1 pc of GDP in 2014-15 
·         Wholesale inflation expected to moderate by end-2014 
·         Need DTC as clean modern replacement for existing I-T laws 
·         RBI intervention in forex market behind accumulation of reserves "generally"
·         Rupee has stabilised, reflecting an overall sense of confidence in forex and capital markets
·         Capital controls under FEMA do not support rapidly globalising economy. 
2.    Amit Shah is new BJP President
i. BJP leader Amit Shah and close aide of Prime Minister Narendra Modi is the party's new President.
ii. He replaces the incumbent Rajnath Singh who became Home Minister after the party's victory in the Lok Sabha polls.
iii. A decision in this regard was taken at the party's Parliamentary Board meeting in New Delhi today. Announcing the decision, Mr. Singh said the board has unanimously elected Shah as the party chief and expressed hope that the BJP will touch a new high under his leadership. 
3.    Emma Watson appointed as UN Goodwill Ambassador
i. Emma Watson, the British Actress was appointed as the Goodwill Ambassador for UN Women.
ii. With this appointment, the accomplished actress and humanitarian Watson will work for empowerment of young women and also as an advocate for UN Women’s campaign in promoting gender equality.   
iii. Watson is the first Goodwill Ambassador appointment under Phumzile Mlambo-Ngcuka’s leadership. Phumzile Mlambo-Ngcuka is the Under-Secretary-General and Executive Director of UN Women.
4.    Supreme Court appointed three judges
i. Justice Arun Mishra, Justice Adarsh Kumar Goel and Justice Rohington F Nariman were appointed as Supreme Court judges on 7 July 2014. The three judges were administered the oath of office by Chief Justice of India, R M Lodha.
ii. Justice Mishra and Justice Goel were the Chief Justice of the Calcutta High Court and the Orissa High Court, respectively. Justice Nariman was a senior advocate at the Supreme Court and has been elevated from the advocates bar. 
5.    WC '14: Germany crush hosts Brazil 7-1; Argentina Vs Netherlands in 2nd semis tonight
i. Germany handed hosts Brazil their biggest ever defeat, 7-1 to seal a shot at the Football World Cup for the fourth time. The first semi-final at Belo Horizonte witnessed Germany making a mockery of the home team's terrible defending to become the first team to score seven goals at a World Cup semi-final, with five coming in the first 29 minutes.
ii. In the second semi-final, Argentina will clash with the Netherlands at Sao Paulo late tonight. All India Radio will broadcast live commentary on the match. It can be heard on FM Rainbow, Rajdhani and national channel.
iii. The title clash will take place on Sunday

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