- Bhubaneswar to float municipal bonds
- The municipal corporation is finalising the modalities to float municipal bonds and raise at least Rs 500 crore from the capital market for execution of various smart city and other infrastructure projects.
- Municipal bonds are debt obligations issued by the city authority to raise funds from the investors. In simple words, when a person purchases a municipal bond, they are actually lending money to the local government and in return, they will get the money returned with interest.
- Since the smart city projects would require huge funds that can’t be borne alone by the governments. The funds raised through municipal bonds will help us execute the projects on time.
- The state capital was one among the 44 other cities to get the credit ratings from the Union ministry. Rourkela is the other city to get the ratings. Rourkela got “BB Plus”, which is considered to be moderately risky regarding timely servicing of financial obligations. The city proposed to invest Rs 4,537 crore under the smart city project and Rs 461 crore under Amrut over the next five years. The Centre will provide Rs 600 crore for the smart city and around Rs 230 crores under Amrut.
· IMF estimates growth rate of India as 7.3 percent this year
- TheInternational Monetary Fund (IMF) in its latest World Economic Outlook (WEO) said that India has been estimated to grow at 3% in 2018 and 7.4% in 2019. This is to regain the tag of the world’s fastest-growing major economy 2018, surpassing China with more than 0.7% points. In 2017, India had clocked a 6.7% growth rate.
- In India, important reforms like the Goods and Services Tax (GST), the inflation-targeting framework, the Insolvency and Bankruptcy Code, and steps to liberalise foreign investment and make it easier to do business have been implemented in the recent years.
- China was the fastest-growing economy in 2017. The IMF has lowered the growth projections for both India and China by 0.4% and 0.32%, respectively, from its annual April’s WEO.
- 32nd India – Indonesia coordinated patrol (CORPAT)
- Indian Naval Ship Kulish, a Kora class missile corvette, commanded by Commander Deepak Bali and an Indian Dornier (naval maritime time patrol aircraft) from Andaman and Nicobar command entered Belawan harbour, Indonesia for the opening ceremony of the 32nd edition of India – Indonesia coordinated patrol (IND-INDO CORPAT), to be held from 11 – 27 Oct 2018.
- The delegation is led by Commodore Ashutosh Ridhorkar, Naval Component Commander, Andaman and Nicobar Command.
- The ships and aircraft from both the countries would undertake patrolling on the respective sides of 236 nautical miles long International Maritime Boundary Line.
- The patrolling would be conducted in three phases from 14 – 24 Oct 2018 followed by a closing ceremony at Port Blair, Andaman and Nicobar Island, scheduled from 25 – 26 Oct 2018.
· Union Cabinet approves Merger Of NCVT And NSDA To Establish NCVET
- The Union Cabinet chaired by the Prime Minister Narendra Modi approved the merger of the existing regulatory institutions in the skills space – National Council for Vocational Training (NCVT) and the National Skill Development Agency (NSDA)into the National Council for Vocational Education and Training (NCVET).
- The institute will regulate the functioning of entities engaged in vocational education and training, both long-term and short-term and establish minimum standards for the functioning of such entities.
· Mobile Health App MedWatch Launched By Indian Air Force
- The Indian Air Force on the occasion of its 86th anniversary announced an innovative mobile health App named ‘MedWatch’.
- The main aim is to provide health information to air warriors and all citizens of India.
- It has been developed by Directorate of Information Technology (DIT) and the idea was conceived by IA doctors.
- It is in sync with Prime Minister’s vision of ‘Digital India, Ayushman Bharat and Mission Indradhanush’.
· Tushar Mehta appointed as Solicitor General Of India
- Tushar Mehta will assume the office of the Solicitor General till June 30, 2020.
- Presently, Mehta is serving as the Additional Solicitor General (ASG) of India.
- Solicitor General is the second highest ranking law officer of the government after the Attorney General.