Current Affairs Update – 1 June, 2017

Hello and welcome to exampundit. Here are the important Current Affairs update of 1 June, 2017. These are important for the upcoming  RBI Grade B Phase I, Dena Bank PGDBF, NICL AO Mains and other exams in 2017 July and August.


Current Affairs at a Glance - 1 June, 2017
  1. India on 31 May 2017 signed a loan agreement of USD 36 million with the World Bank for Himachal Pradesh Public Financial Management Capacity Building Programme.
  2. India lost its fastest-growing major economy tag in the January-March period, which was the fourth quarter of the financial year (FY) 2016-17, with the Gross Domestic Product (GDP) growth coming down to 6.1 per cent compared with a provisional 7 per cent in the previous quarter.
  3. Reserve Bank of India has appointed S. Ganesh Kumar as Executive Director.
  4. Indian Oil’s Director (Refineries), Sanjiv Singh took over as the Chairman of IOC on Thursday.
  5. Former Indian Ambassador to the United States, Nirupama Rao has been appointed as the public policy fellow to a top American think-tank based in Washington.
  6. The Global Day of Parents was observed on 1 June 2017.
  7. The National Aeronautics and Space Administration (NASA) on 31 May 2017 renamed the Solar Probe Plus Spacecraft, NASA's first mission to a star which will be launched in 2018, as the Parker Solar Probe in honour of astrophysicist Eugene Parker.
  8. Japan on 1 June 2017 launched a satellite to help build a high-precision geolocation system that will complement the US operated Global Positioning System (GPS). The rocket carrying the Michibiki No. 2 satellite, H-IIA, was launched from the Tanegashima space center in Kagoshima Prefecture, Southern Japan
  9. Beren and Luthien, a book by Lord of the Rings author John Ronald Reuel Tolkien (JRR Tolkien), was published on 1 June 2017, 100 years after it was first conceived.






Financial & Banking News

India, World Bank signs Loan Agreement for HP Public Financial Management Capacity Building


  • India on 31 May 2017 signed a loan agreement of USD 36 million with the World Bank for Himachal Pradesh Public Financial Management Capacity Building Programme.
  • The project aims to improve the efficiency of public expenditure management and tax administration in Himachal Pradesh.
  • The agreement was signed by Joint Secretary of Department of Economic Affairs Raj Kumar and the Bank's Country Director Junaid Kamal Ahmad.
  • The Implementing Entity Agreement was signed by the Additional Director, Treasuries, Accounts and Lotteries, on behalf of Government of Himachal Pradesh (GoHP), and the Country Director (India) on behalf of the World Bank.

India loses fastest growing economy tag after sharp growth slowdown


  • India lost its fastest-growing major economy tag in the January-March period, which was the fourth quarter of the financial year (FY) 2016-17, with the Gross Domestic Product (GDP) growth coming down to 6.1 per cent compared with a provisional 7 per cent in the previous quarter.
  • The growth of 6.1 per cent was also lower than China’s growth in the same period which was 6.9 per cent.
  • The data released by the Ministry of Statistics on 31 May 2017 showed that the GDP grew 7.1 per cent in the FY 2016-17, which was slower than 8 per cent growth registered during FY 2015-16.
  • The GDP numbers for the FY 2016-17 was based on the new 2011-12 base year, which was adopted in recent past. The changes in the new base year also include Index of Industrial Production (IIP) and Wholesale Price Index (WPI).



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Appointments


RBI appoints Ganesh Kumar as Executive Director


  • Reserve Bank of India has appointed S. Ganesh Kumar as Executive Director.
  • His appointment is consequent upon voluntary retirement of Chandan Sinha on May 31, 2017. The central bank currently has 11 Executive Directors.
  • As Executive Director, Ganesh Kumar will look after Department of Information Technology, Department of Payment and Settlement Systems and Department of External Investments and Operations.
  • Prior to being promoted as ED, Ganesh Kumar was Chief General Manager-in-Charge, Department of Information Technology in the Reserve Bank.

Sanjiv Singh takes over as Indian Oil Chairman


  • Indian Oil’s Director (Refineries), Sanjiv Singh took over as the Chairman of IOC on Thursday. Singh was the Director (Refineries) on the IndianOil Board since July 2014. Concurrently, Singh will also be Chairman of Chennai Petroleum Corporation Ltd. (CPCL) and Hindustan Urvarak and Rasayan Ltd. (HURL), a joint venture company set up to revive the fertiliser plants at Gorakhpur, Sindri and Barauni.
  • He is a chemical engineer from IIT-Roorkee with a Diploma in Management. Singh joined IndianOil in 1981 and has served for over 35 years.
  • An official statement said that he played a key role in the setting up, commissioning and stabilisation of two greenfield refineries at Panipat and Paradip. He has also steered the successful implementation of the petrochemical projects of Paraxylene/PTA and Naphtha Cracker with downstream units at Panipat Refinery.

Nirupama Rao appointed public policy fellow to US think-tank


  • Former Indian Ambassador to the United States, Nirupama Rao has been appointed as the public policy fellow to a top American think-tank based in Washington.
  • Rao would be working on a project on Indo-China relationship. She will be affiliated with the Wilson Centre's Asia programme and would be spending three months in residence at the Wilson Centre, which is a key non-partisan policy forum for tackling global issues, beginning in June 2017.
  • Commenting on the development, the Wilson Centre stated that Rao will be working on a book project on Sino-Indian ties and will be contributing to the Wilson Centre's activities on India, including its India in Asia Initiative.

Days

Global Day of Parents observed on 1 June across the world


  • The Global Day of Parents was observed on 1 June 2017. The day provides an opportunity to appreciate all parents in all parts of the world for their selfless commitment to children and their lifelong sacrifice towards nurturing this relationship.
  • The Global Day of Parents was proclaimed by the UN General Assembly in 2012 via its resolution A/RES/66/292 to honour parents throughout the world.
  • The Global Day of Parents recognises that the family has the primary responsibility of protecting and nurturing their children and thus it emphasises that the parents play a critical role in rearing their children. Parents are also responsible for the full and harmonious development of the personality of their children. They provide them with an environment of love, happiness and understanding.

World News

NASA renames Solar Probe Mission to honour pioneering physicist Eugene Parker


  • The National Aeronautics and Space Administration (NASA) on 31 May 2017 renamed the Solar Probe Plus Spacecraft, NASA's first mission to a star which will be launched in 2018, as the Parker Solar Probe in honour of astrophysicist Eugene Parker.
  • The announcement was made at a ceremony at the University of Chicago, where Eugene Parker serves as the S Chandrasekhar Distinguished Service Professor Emeritus at the Department of Astronomy and Astrophysics.
  • Eugene Parker was the first to predict the existence of the solar wind back in 1958. He theorized that the sun constantly sends out a flow of particles and energy called the solar wind.
  • This is the first time NASA has named a spacecraft for a living individual.

Japan launches satellite for high-precision positioning system


  • Japan on 1 June 2017 launched a satellite to help build a high-precision geolocation system that will complement the US operated Global Positioning System (GPS).
  • The rocket carrying the Michibiki No. 2 satellite, H-IIA, was launched from the Tanegashima space center in Kagoshima Prefecture, Southern Japan. The same was confirmed by the footage recorded by Japan’s Aerospace Exploration Agency.
  • The Michibiki system can cover the Asia-Oceania region.
  • When combined with the US-operated GPS, the Japanese system would enhance the stability of receiving radio waves and increase the precision of position information. The US GPS has a margin of error of about 10 metres but together with the Japanese system positioning error will be reduced to only a few centimetres.

Books & Authors

JRR Tolkien's book Beren and Luthien published after 100 years


  • Beren and Luthien, a book by Lord of the Rings author John Ronald Reuel Tolkien (JRR Tolkien), was published on 1 June 2017, 100 years after it was first conceived.
  • The books was published by HarperCollins on the 10th anniversary of the last Middle Earth book 'The Children of Hurin'. 
  • Beren and Luthien is described as a very personal story that JRR Tolkien envisaged after returning from the Battle of the Somme. The names Beren and Luthien are carved on the gravestone Tolkien and his wife share in Wolvercote cemetery in Oxford.
  • The book was edited by his son Christopher Tolkien and contains versions of a tale that became part of The Silmarillion, the myths and legends of the First Age of the World conceived by Tolkien.






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