18 November 2017-Current Affairs

  1. Indian Economy gets Moody’s thumbs up
  2. Bill and Melinda Gates Foundation to help UP’s vaccination programmes
  3. PSLV built by domestic industry by 2020

  1. Indian Economy gets Moody’s thumbs up

  • Global credit rating agency Moody’s Investors Services raised India’s sovereign rating for the first time in 13 years citing the country’s high growth potential in the years to come
  • Rating was changed from Baa3 with a positive outlook to Baa2 (moderate credit risk) with a stable outlook.  Baa3 is the lowest investment grade rating.
  • It expects  a gradual decline in the government debt burden over the medium term despite challenges like fixing the GST’s implementation issues, weak private sector investment and the slow resolution of banks’ bad loans
  • Moody’s cites “the large pool of private savings available to finance government debt”, the steps taken to enlarge the formal economy by mainstreaming more and more businesses from the informal sector, and measures aimed at improving spending efficiency through better targeting of welfare measures, as all broadly supportive of a gradual strengthening of the fiscal metrics over time.
  • The agency appreciated the government’s measures including
    • improving the business climate
    • fostering foreign investment
    • encouraging greater formalisation of the economy
    • Establishing a credible and effective monetary policy framework.
  • Other important measures which have yet to reach fruition include planned land and labour market reforms, which rely to a great extent on cooperation with and between the States.
  • The stable outlook denotes that they do not expect a rating change in the foreseeable future.
  • For the economy to capitalise on this upgrade, the political leadership must stay the reform course, electorally alluring temptations to resort to populism notwithstanding.
  • References
  • http://www.thehindu.com/todays-paper/economy-gets-moodys-thumbs-up/article20547929.ece
  • http://www.thehindu.com/todays-paper/tp-opinion/timely-recognition/article20547805.ece
  • http://www.thehindu.com/todays-paper/tp-business/fiscal-deficit-may-miss-target-but-consolidation-commitment-clear/article20547788.ece

  1. Bill and Melinda Gates Foundation to help UP’s vaccination programmes
  • Bill and Melinda Gates Foundation to help will support the Uttar Pradesh government in intensifying vaccination programmes for diseases like Japanese Encephalitis and cerebral fever
  • The State government had come under sharp criticism a few months ago when 30 infants allegedly died of shortage of oxygen supply in Gorakhpur.
  • Collaboration is proposed to bring vector-borne and water-borne diseases under control, drinking water supply, sanitation, mother and child nutrition and ways to enhance agricultural productivity.
  • Another proposal is for strengthening anganwadi centres to tackle child malnutrition and fortify their diets through existing government programmes
  • Reference
  • http://www.thehindu.com/todays-paper/tp-national/up-gets-a-booster-shot-from-gates/article20547845.ece

  1. PSLV built by domestic industry by 2020
  • The Indian Space Research Organisation (ISRO) is preparing to hand over the entire gamut of launch vehicle manufacture to domestic industry by 2020.
  • Until now, public and private industries have only supplied devices, components and sub-systems for ISRO’s launch vehicles,
  • ISRO already has a partnership with private industry to produce satellites. The IRNSS-1H communication satellite aboard the ill-fated PSLV C-39 was the first to be produced by a consortium of six companies.
  • Reference
  • http://www.thehindu.com/todays-paper/tp-national/pslv-built-by-domestic-industry-by-2020/article20547838.ece