Current Affairs Update – 9 May, 2017

Hello and welcome to exampundit. Here are the important Current Affairs update of 9 May, 2017. These are important for the upcoming SBI PO Mains, NIACL Assistant Mains, BOB Manipal, NICL AO Mains and other exams in 2017 July and August.


Current Affairs at a Glance - 9 May, 2017
  1. India’s growth is expected to rebound to 7.2 per cent in the 2017-18 fiscal and 7.7 per cent in 2018-19 after disruptions caused by demonetisation, the International Monetary Fund (IMF) said today, while recommending the removal of long-standing structural bottlenecks to enhance market efficiency.
  2. Banking on the Government's drive to promote a cash-less economy, cashback portal Cashkaro.com has tied up with YES Bank to launch card-linked offers as part of its loyalty programme for both offline and online shoppers.
  3. SAMADHAN, a new doctrine or strategy against Maoists, was announced by Union Home Minister Rajnath Singh.  The doctrine was spelt out by Singh on 8 May 2017 during the Review Meeting of Left Wing Extremism affected State.
  4. A seven-judge Constitution bench of the Supreme Court (SC), headed by Chief Justice J S Khehar, on 9 May 2017 sentenced Justice C S Karnan, the Calcutta High Court judge, to six months of imprisonment. It is the first time that the Supreme Court has sent a high court judge to jail on charges of contempt.
  5. Defence Minister Arun Jaitley during his visit to Japan informed his Japanese counterpart, Tomomi Inada that India hopes to pursue a strategic partnership with Japan for regional peace and stability. His visit comes at a time of rising tension in the region, including territorial rows in the South China Sea and nuclear and missile threats from North Korea.
  6. The 29th edition of the Sunday Times Rich List 2017 was announced on 7 May 2017. The List announced the names of Britain’s 1000 wealthiest people including 40 Indian-born citizens. The Hinduja brothers Srichand and Gopichand are placed on the first spot in the Sunday Times Rich List 2017. The Hinduja Brothers have estimated assets worth 16.2 billion pounds.
  7. India on 8 May 2017 was unanimously elected as the President of the UN-Habitat, an organ of the United Nations’ Organisation (UNO).





Financial & Banking News –

India to grow at 7.7% in 2018-19: IMF

India to grow at 7.7% in 2018-19: IMF

  • India’s growth is expected to rebound to 7.2 per cent in the 2017-18 fiscal and 7.7 per cent in 2018-19 after disruptions caused by demonetisation, the International Monetary Fund (IMF) said today, while recommending the removal of long-standing structural bottlenecks to enhance market efficiency.
  • The temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages ease, the IMF said in its regional economic outlook.
  • Such disruptions would also be offset by tailwinds from a favourable monsoon season and continued progress in resolving supply-side bottlenecks, the IMF said. The investment recovery is expected to remain modest and uneven across sectors as deleveraging takes place and industrial capacity utilisation picks up, it noted. “In India, growth is projected to rebound to 7.2 per cent in FY2017-18 and further to 7.7 per cent in FY2018-19,” the IMF said.
  • “Headwinds from weaknesses in India’s bank and corporate balance sheets will also weigh on near-term credit growth. Confidence and policy credibility gains, including from continued fiscal consolidation and anti-inflationary monetary policy, continue to underpin macroeconomic stability,” the IMF said.
  • According to the report, growth in Asia is forecast to accelerate to 5.5 per cent in 2017 from 5.3 per cent in 2016.
  • Growth in China and Japan is revised upward for 2017 compared to the October 2016 World Economic Outlook, owing mainly to continued policy support and strong recent data.


Cashkaro.com ties up with YES Bank to launch card-linked offers

  • Banking on the Government's drive to promote a cash-less economy, cashback portal Cashkaro.com has tied up with YES Bank to launch card-linked offers as part of its loyalty programme for both offline and online shoppers.
  • The offer will be currently available on all YES BANK debit cards, and will be extended to all other payment products of YES Bank in the near future, Cashkaro said in a statement.
  • The initiative will now enable YES Bank debit card holders to earn customised cashback offers from a wide range of participating online merchants as well as brick and mortar stores, including Forever 21, TataCliq, Chaayos, Junkyard Café, UrbanClap, Zivame, Nearbuy, Limeroad, Netmeds, BigBasket, Fortis Healthworld, The Beer Café and FreshMenu.
  • This initiative removes the need for additional coupon codes and merchant integrations, thereby offering users a hassle-free experience with offers being personalised to their unique needs, the company said, adding that the credit of cashback to YES Bank Savings Account and YES PAY Wallet is also completely automated right from tracking to settlement.



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News related to India and states –

Union Home Minister announced SAMADHAN to tackle of Left Wing Extremism

  • SAMADHAN, a new doctrine or strategy against Maoists, was announced by Union Home Minister Rajnath Singh.  The doctrine was spelt out by Singh on 8 May 2017 during the Review Meeting of Left Wing Extremism affected State.
  • The meeting was convened to discuss an integrated security strategy and development works in 35 worst-affected districts. During the meeting, the Home Minister explained the each component of the Acronym and they are S-smart leadership, A-aggressive strategy, M-motivation and training, A-actionable intelligence, D-dashboard-based KPIs (key performance indicators) and KRAs (key result areas), H-harnessing technology, A-action plan for each theatre and N-no access to financing.
  • The doctrine was released two weeks after the martyrdom of 25 CRPF personnel by the Maoists at Sukma in Chhattisgarh.


The new doctrine, ‘SAMADHAN’ will have 8 pillars and they are
 1. S- Smart Leadership
2. A- Aggressive Strategy
3. M- Motivation and Training
4. A- Actionable Intelligence
5. D- Dashboard Based KPIs (Key Performance Indicators)
6. H- Harnessing Technology
7. A- Action plan for each Theatre
8. N- No access to Financing

Justice Karnan is the first High Court judge to be sentenced to jail by Supreme Court

  • A seven-judge Constitution bench of the Supreme Court (SC), headed by Chief Justice J S Khehar, on 9 May 2017 sentenced Justice C S Karnan, the Calcutta High Court judge, to six months of imprisonment.
  • Justice Karnan has been sentenced for imprisonment for repeated incidents of contempt of court.
  • It is the first time that the Supreme Court has sent a high court judge to jail on charges of contempt.
  • In addition, the bench, comprising Justices Dipak Misra, J Chelameswar, Ranjan Gogoi, M B Lokur, P C Ghose and Kurian Joseph, prohibited media, both print and electronic, from publishing any further orders if any passed by Justice Karnan.


India and Japan affirm plans to strengthen their defence cooperation amid rising tension in Asian region

India and Japan affirm plans to strengthen their defence cooperation amid rising tension in Asian region

  • Defence Minister Arun Jaitley during his visit to Japan informed his Japanese counterpart, Tomomi Inada that India hopes to pursue a strategic partnership with Japan for regional peace and stability. His visit comes at a time of rising tension in the region, including territorial rows in the South China Sea and nuclear and missile threats from North Korea.
  • Besides, Jaitley also welcomed a planned trilateral naval exercise involving the United States, India and Japan in July 2017 as a way of strengthening cooperation in the Asia-Pacific.
  • Jaitley, who also holds Finance portfolio, visited Japan to attend an annual meeting of the Asian Development Bank that ended on 7 May 2017.


Lists –

Sunday Times Rich List 2017: Three out of four wealthiest in Britain are Indians

Sunday Times Rich List 2017: Three out of four wealthiest in Britain are Indians

  • The 29th edition of the Sunday Times Rich List 2017 was announced on 7 May 2017. The List announced the names of Britain’s 1000 wealthiest people including 40 Indian-born citizens.
  • The Hinduja brothers Srichand and Gopichand are placed on the first spot in the Sunday Times Rich List 2017. The Hinduja Brothers have estimated assets worth 16.2 billion pounds.
  • As per the list, the billionaires are richer than before, so much so that the combined wealth of the top 500 individuals and families is more than the total put up by the wealthiest 1000 in the year 2016.
  • The Sunday Times Rich List is a list of the 1000 wealthiest people or families in the United Kingdom.


World News –

India elected as President of UN-Habitat, the United Nations’ Human Settlements Programme

  • India on 8 May 2017 was unanimously elected as the President of the UN-Habitat, an organ of the United Nations’ Organisation (UNO).
  • The country has been elected to head the body after 10 years. Since the UN-Habitat came into being in 1978, it is only the third time that India has been elected to lead this important organization after 2007 and 1988.
  • The UN-Habitat promotes socially and environmentally sustainable human settlements across the world. The body reports to the United Nations General Assembly. 
  • On the other hand, M. Venkaiah Naidu, the Union Minister of Housing & Urban Poverty Alleviation, also chairs the 26th Meeting of the Governing Council of the UN-Habitat in Nairobi, Kenya, which commenced on 8 May 2017. Naidu will preside over the deliberations of the Governing Council of UN-Habitat for the next two years. 
  • The theme of the four day meeting of the 58 member Governing Council of UN-Habitat is “Opportunities for effective implementation of the New Urban Agenda.”
  • In addition, Naidu also chaired the Bureau Meeting of the Asia-Pacific Ministers’ Conference on Housing and Urban Development beginning in Nairobi on 8 May 2017.


Sports News –

N'Golo Kante named Football Writers' Association Footballer of the Year

  • N’Golo Kante in the first week of May 2017 voted the 2017 Footballer of the Year by the Football Writers’ Association.
  • Kante topped the poll of the 340-strong membership ahead of his Blues team-mate Eden Hazard, with Tottenham’s Dele Alli in third place.
  • Kante and Hazard together collected more than 65 percent of the journalists’ votes, which were spread over a record number of 17 different players.
  • The 26-year-old Kante will receive the prestigious FWA accolade at a gala dinner in London on 18 May 2017.


Olive Ridley to be mascot of Asian Athletics Championships

Olive Ridley to be mascot of Asian Athletics Championships

  • The logo and mascot of the Asian Athletics Championships were released on 8 May 2017. The sea turtle, Olive Ridley was declared the mascot of the Championship. The logo depicts an athlete crossing the finishing line with historical tourist attractions of Odisha.
  • The logo and mascot of the Asian Athletics Championships were released by Odisha Chief Minister Naveen Patnaik in the presence of Olympians PT Usha and Anju Bobby George. The two Olympians were also felicitated during the programme. The championship is scheduled to be held from 6 to 9 July 2017 at Kalinga Stadium in Bhubaneswar.
  • The mascot is named as OLLY and represents the sea turtles that annually migrate to coastal Odisha for mass nesting. The nesting process starts between November and December and continues until April and May.


Obituaries –

Legendary Sitarist Rais Khan passes away

  • Renowned Sitar maestro Ustad Rais Khan passed away on 6 May 2017 in Karachi, Pakistan. He was 77.
  • Ustad Rais Khan was born in Indian city of Indore, Madhya Pradesh, on 25 November 1939.
  • The Sitarist’s maternal grandfather Inayat Ali Khan was also considered one of the finest sitar players in the subcontinent.





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