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Evening News Digest: 9 October 2018

Nobel Prize in Economics 2018

  • American economists William Nordhaus and Paul Romer have been awarded the Nobel Prize for their work on understanding how economies can grow sustainably.
  • William Nordhaus
    • Contribution: “for integrating climate change into long-run macroeconomic analysis”
    • Nordhaus’ fndings deal with interactions between society and nature..
    • In the mid-1990s, he became the first person to create an integrated assessment model, i.e. a quantitative model that describes the global interplay between the economy and the climate.
    • His model integrates theories and empirical results from physics, chemistry and economics.
    • It is used to examine the consequences of climate policy interventions, for example carbon taxes.
  • Paul Romer
    • He demonstrates how knowledge can function as a driver of long-term economic growth.
    • Previous macroeconomic research had emphasised technological innovation as the primary driver of economic growth, but had not modelled how economic decisions and market conditions determine the creation of new technologies.
    • Paul Romer solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations.
    • Romer’s solution, which was published in 1990, laid the foundation of what is now called endogenous growth theory.
    • Romer’s theory has generated vast amounts of new research into the regulations and policies that encourage new ideas and long-term prosperity.

India, Tajikistan sign MoUs to boost relationship

  • Indian President Ram Nath Kovind met President of Tajikistan Emomali Rahmon in Dushanbe on 08 October.
  • India signed Memoranda of Understanding (MoU) in the fields of political relations, strategic research, agriculture, renewable energy, traditional medicine, space technology, youth affairs, culture and disaster management.
  • Why Central Asia is important for India?
    • Asian countries are facing very few choices in terms of how to deal with Chinese expansion and countries in need of funding for their infrastructure project often fall in the debt trap.
    • So there are few projects which could balance the Chinese dominance such as International North-South Corridor initiated by India.
    • That’s why, Central Asian countries become important for both China’s One Belt One Road and India’s INSC.
    • NTSC is a 7,200-km-long multi-mode network of ship, rail, and road route for moving freight between India, Iran, Afghanistan, Armenia, Azerbaijan, Russia, Central Asia and Europe.
    • Similarly, the Ashgabat Agreement is a multimodal transport agreement between India, Iran, Kazakhstan, Oman, Pakistan, Turkmenistan and Uzbekistan for creating an international transport and transit corridor facilitating transportation of goods between Central Asia and the Persian Gulf.

High level strategic policy group setup to assist National Security Council

  • The Central government has set up the Strategic Policy Group (SPG) to assist the National Security Council.
  • SPG will be chaired by National Security Advisor (NSA).
  • Other members will be the NITI Aayog vice chairman, the cabinet secretary, the chiefs of the three defence services, the RBI governor, the foreign secretary, the home secretary, the finance secretary and the defence secretary.
  • The umbrella group will help the Indian government to have a holistic policy towards mitigating the internal as well as external security threats.

World Post Day: October 9

  • World Post day is celebrated each year on October 9 as anniversary of the Universal Postal Union (UPU), which started in 1874 in Switzerland. 
  • In 1948, the UPU became an agency of the United Nations.

Jharkhand to be partner state for 49th Goa Int Film Festival

  • This year Goa International Film Festival from 20th to 28th of November will have Jharkhand as a partner state.
  • This will allow Jharkhand to showcase its culture and favourable film making incentives announced by the state government. It was decided to open community radio station at every districts of Jharkhand.
  • It was also decided to organize Jharkhand Film Festival, under Indian Panorama, in two towns of Jharkhand in the January 2018.

Centre decides to start issuing Sovereign Gold Bonds 2018-19

  • The Centre in consultation with the Reserve Bank of India has decided to issue Sovereign Gold Bonds 2018-19.
  • The Sovereign Gold Bonds will be issued every month from this month to February next year. 
  • The Bonds will be sold through banks, Stock Holding Corporation of India Limited, designated post offices and recognised stock exchanges National Stock Exchange of India Limited and Bombay Stock Exchange Limited. 
  • Gold Bonds
    • Under the scheme, the bonds are denominated in units of one gram of gold and multiples thereof. 
    • Minimum investment in the bonds is one gram with a maximum limit of subscription of 500 grams per person per fiscal year
    • The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long-term capital gains arising to any person on transfer of bond.

Javelin thrower Sandeep Chaudhary produces stunning world record effort at Para Asian Games

  • Javelin thrower Sandeep Chaudhary produced a stunning world record effort as India bagged 11 medals, including three gold, on a productive day at the Asian Para Games.
  • Chaudhary clinched India’s first gold of the Games in the men’s F42-44/61-64 category.
  • Middle distance runner Raju Rakshitha (women’s T11 1500m) and swimmer Jadhav Suyash Narayan (men’s S7 50m butterfly) also won gold medal for India.
  • Para Asian Games 2018 was held in Jakarta, Indonesia.

Weightlifter Jeremy Lalrinnunga claims India’s first Youth Olympics gold

  • Weightlifter Jeremy Lalrinnunga clinched India's maiden gold medal at the Youth Olympics in the men's 62 kg category. 
  • Jeremy Lalrinnunga is from Mizoram.
  • Youth Olympics 2018 is held in Buenos Aires, Argentina.

India to be the 11th wealthiest: BCG

  • India’s personal financial wealth is projected to grow to $5 trillion by 2022, making it the world’s 11th wealthiest nation, according to a report by Boston Consulting Group (BCG).
  • According to the report, India is currently the fifth largest Asian market in terms of number of affluent, high net worth and ultra-high net worth individuals. The total number of such individuals was pegged at 4.13 lakh in 2017.
  • Interestingly, almost 70% of India’s personal financial wealth was in liquid assets such as equities, currencies and bonds.
  • Category:
    • Ultra-high net worth: In excess of $100 million was categorised as ultra-high net worth.
    • High Net Worth: In the range of $1 million and $100 million.
    • Affluent: Wealth between $250000 and $1 million.

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