8-10 October 2017 Current Affairs

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10 Oct, 2017

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1) Who won the 2017 Nobel Prize for Economics as was announced by the Royal Swedish Academy of Sciences on 9 October 2017? – Richard Thaler (US)

Explanation: American economist Richard Thaler has won the 2017 Nobel Prize for Economics ‘for his contributions to behavioural economics’. The prize worth 9 million Swedish crown ($1.1 million) is being given to Thaler’s contributions in building a bridge between the economic and psychological analyses of individual decision-making.

The economics prize, officially called the ‘Sveriges Riksbank Prize in Economic Sciences’ in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel’s 1895 will.

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2) A group of ministers (GoM) was constituted by the Union Government on 6 October 2017 to make the GST composition scheme more attractive and also revisit GST rates on restaurants. Who is heading this GoM? – Himanta Biswa Sarma

Explanation: A group of ministers (GoM) under Assam Finance Minister Himanta Biswa Sarma was constituted by the GST Council on 6 October 2017 to make the composition scheme more attractive and also revisit GST rates on restaurants. It will submit its report within 2 weeks.

The other members of the GoM are Bihar Deputy Chief Minister Sushil Modi, Jammu and Kashmir Finance Minister Haseeb Drabu, Punjab Finance Minister Manpreet Singh Badal and Chhattisgarh Minister of Commercial Taxes Amar Agrawal.

With only 15.50 lakh businesses out of the total 98 lakh registered under the goods and services tax (GST) regime opting for the composition scheme, the GST Council has decided to set up the GoM to examine measures to make it more attractive.

The GoM has also been tasked with revisiting the tax structure of different categories of restaurants with a view to rationalising or reducing the rates. Currently, GST is levied at 12% on non-AC restaurants while it is 18% in air-conditioned ones.

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3) Which private sector bank on 9 October 2017 became the fourth banking entity of the country to achieve Rs. 2 trillion market capitalization for the first time? – Kotak Mahindra Bank

Explanation: Private lender Kotak Mahindra Bank Ltd on 9 October 2017 crossed Rs. 2 trillion market capitalization for the first time, making it only the fourth listed bank and 21st company to achieve this milestone in India.

The three banking entities to cross Rs. 2 trillion market capitalization mark are HDFC Bank, ICICI Bank and State Bank of India (SBI). Currently, Reliance Industries Limited (RIL) is the most valued company in India with a market cap of Rs. 5.29 trillion, followed by TCS and HDFC Bank with market cap of Rs. 4.70 trillion and Rs. 4.64 trillion, respectively.

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4) What is India’s place in Brand Finance’s Nation Brands 2017 rankings of world’s most valuable nation that was released during October 2017? – Eighth

Explanation: India went down one spot to be ranked at eighth place in Brand Finance’s Nation Brands 2017 rankings of world’s most valuable nation. India switched places with Canada and its brand value dropped by one percentage point while that of Canada’s rose 14%.

The list was topped by the United States while China, the fastest growing nation brand in 2017, saw valuation grow 44%, to be ranked at second place. China is also the fastest growing nation brand in absolute terms.

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5) Veteran film director Kundan Shah, who passed away on 7 October 2017, was most famous for which of his film? – Jaane Bhi Do Yaaro’

Explanation:Jaane Bhi Do Yaaro’ (1983), which went on to become the cult classic of Indian cinema, was the most famous and iconic work of Kundan Shah. He had studied direction at the Film and Television Institute of India (FTII) in Pune and made this film as his maiden film.

The film did not become a box office success but later went on to become one of the most celebrated dark satirical comedies in the history of Indian cinema.

Other important works of Kundan Shah were ‘Kabhi Haan Kabhi Naa’ (1993) with Shahrukh Khan and ‘Kya Kehna’ (2000) with Preity Zinta and Saif Ali Khan. He made his directorial debut on television in 1986 with the popular series ‘Nukkad’. In 1988, he directed the sitcom, ‘Wagle Ki Duniya’, based on cartoonist R.K. Laxman’s character, the common man. He was 69.

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The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.

 


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