Current Affairs This Week (10th - 16th July)

India

Indian Union Budget 2014-15 announced

Finance Minister Mr. Arun Jaitley presented the Union Budget of India for 2014-15 on 10 July. The total budgeted expenditure estimates including Plan and Non-Plan stand at Rs 17,94,892 crore. Out of this planned expenditure is estimated at Rs 5,75,000 crore whereas non-planned expenditure is Rs 12,19,892 crore. 

Highlights of the Union Budget 2014-15: 

• Tax proposals on indirect tax front would yield Rs 7,525 crore.
• No changes in personal income tax slabs. But tax exemption limit has been increased to  250,000 from  200,000 for those below the age of 60. Income tax exemption limit for senior citizens has been raised to  300,000.
• Investment limit under Section 80C has also been increased to INR150,000 from the current INR100,000
• Housing loan rebate to be raised from Rs 1.5 lakh to Rs 2 lakh. FDI in real estate for low cost housing. 
• 70.6 billion (US$1.2 billion) provided for the development of smart cities. 
• 10 billion (US$170 million) provided for irrigation
• 5 new IITs in Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala and five new IIMs in Himachal Pradesh, Punjab, Bihar, Odisha and Maharashtra.
• 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharbha, Purvanchal. 
• Rs 3650 crore for safe drinking water. More than Rs 26000 crore set aside for toilets and drinking water in all girls' schools.
• Rs 100 crore for training of sportspersons for upcoming Asian Games.
• 14,389 cr for the ‘Pradhanmantri sadak yojna' for development of roads.
• Rs 1000 crore provided for rail connectivity in northeastern region.
• Rs 100 crore for modernization of madrassas.
• Rs 50,548 crore proposed for Schedule Caste development. 
• National multi-scale programme ‘Skill India’ to be introduced to provide training and support for employment.

Sports

Germany wins the FIFA World Cup 2014

Germany became the 2014 FIFA World Cup champion for the fourth time after defeating Argentina 1-0 at the Maracana Stadium in Rio de Janeiro, Brazil. Germany also became the first European country to win a World Cup played in North or South America.

FIFA Awards for World Cup 2014:

• Golden Ball - Lionel Messi (Argentina)
• Golden Boot - James Rodriguez (Colombia)
• Golden Glove - Manuel Neuer (Germany)
• Best Young Player - Paul Pogba (France)
• FIFA Fair Play Trophy – Colombia

World

Emma Watson appointed as UN Women Goodwill Ambassador

Emma Watson has been made a UN Women Goodwill Ambassador. She joins the United Nations Organisation, which is dedicated to gender equality and women’s empowerment.

She has been involved in the promotion of girls’ education for several years, and previously visited Bangladesh and Zambia as part of her humanitarian efforts. She will work with UN Women's HeForShe campaign, which promotes gender equality, in her new role.

Major victory for India, China as WTO rules against the United States

The World Trade Organization has ruled against the United States on an April 2012 complaint by China and India that the U.S. imposes hefty duties on products from the two Asian countries.
In an attempt to justify duties levied on products from India and China, the US has long ruled that both China and India subsidize a number of goods slated by the nations for export, which goes against WTO policy. This in turn presents what the U.S. calls unfair competition for domestic corporations.

BRICS announces launch of $100 billion bank headquartered in China; 1st President to be Indian

Leaders of the BRICS (Brazil, Russia, India, China and South Africa) countries met in Fortaleza Brazil for the 6th BRICS summit. The most important development of the 6th BRICS summit was the launch of a $100 billion bank, called the New Development Bank, and a currency reserve pool seen as an alternative to the Western-dominated international financial system. The bank will aim at funding infrastructure projects in developing nations and will be based in Shanghai, China.

Awards

YES Bank wins prestigious Golden Peacock Environment Management Award

YES Bank, India’s fourth largest private sector Bank was awarded the “Golden Peacock Environment Management Award - 2014” in the Banking (financial) Category at the 16th World Congress on Environment Management. Organized by Institute of Directors (IOD), YES Bank is the only bank to win this prestigious award in the history of the Golden Peacock Environment Management Award. This is the third year running that YES Bank has been recognized by the Golden Peacock Global Award, having won for ‘CSR’ in 2013 and ‘Sustainability’ in 2012, at the London Global Convention. 

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