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  • Current Affairs 8th August 2019

    Updated : 08-Aug-2019
    Current Affairs 8th August 2019

    Current Affairs 8th August 2019 - Important Points

    • China is designated a  ‘Currency Manipulator’ by -  United States 
    • National Institute of Design (Amendment) Bill, 2019 passed by - Rajya Sabha
    • Bangladesh- Russia signs uranium supply pact  for - Rooppur Nuclear Power Plant 
    • National Handloom Day obersvered on - 7th August 2019

    Current Affairs 8th August 2019 - Highlights

    China is designated a  ‘Currency Manipulator’ by -  United States 

    The latest initiative by the US can shoot up tense trade ties between China and the United State because Donald Trump’s administration labeled China as ‘Currency Manipulator’ for the 1st time since 1994. United State Secretary Steven Mnuchin, under the guidance of President Donald
    Trump, has strong-minded that China is a Currency Manipulator.
    United State government has explained in a statement that China has a long history of serving an undervalued currency via protracted, big-scale interference in the foreign exchange market. Steven
    Mnuchin will talk to the IMF to eradicate the unfair competitive benefit created by China's latest
    ‘Currency manipulator’ is a term generally utilized by United States Department of the Treasury to designate nations that engage in a certain degree of currency intervention. Currency intervention is
    generally a monetary policy operation when a government/central bank buys/sells foreign currency
    in exchange for their own local currency. 
    Important Points

    • The US designate China as a currency manipulator following China permitted its yuan to weaken
      past the important 7/dollar level for the 1st time in above a decade.
    • The Chinese government later declared that it would stop buying United State agricultural
      products, inflaming a yearlong trade war with the USA.
    • This sharp 1.4 percent drop in the Yuan comes few days after when United State President Donald
      Trump stunned financial markets by vowing to execute 10 percent tariffs on the remaining USD
      300 billion of Chinese imports from Sept. 1st. 
    • United State treasury department informed in a statement that Chinese establishment had ample
      control over the Yuan exchange rate.
    • With this initiative of China, the dollar breaks down and bolstered the price of Gold.

    National Institute of Design (Amendment) Bill, 2019 passed by - Rajya Sabha

    Rajya Sabha has passed National Institute of Design (Amendment) Bill, 2019. Now it has to be approved by Lok Sabha. The Bill pursues to modify National Institute of Design Act, 2014, which announces National Institute of Design, Ahmedabad as an institution of national significance.
    National Institute of Design (Amendment) Bill, 2019
    It pursues to declare 4 National Institutes of Design in Amaravati Andhra Pradesh, Assam, Madhya Pradesh and Haryana as institutions of national significance.
    Presently, these institutes are registered as Societies under Societies Registration Act, 1860 and do not have right to grant degrees/diplomas. Once these 4 institutions are declared of national importance, they will be granted the power to award degrees and diplomas.
    Significance of National Importance Tag
    It will assist to produce highly skilled manpower in designing sector which in turn, will form job opportunities, both direct and indirect. It will also deliver sustainable design interventions for handloom, crafts, rural technology, SMEs and large scale enterprises; and outreach programs for capacity, capability and institution development.

    Bangladesh- Russia signs uranium supply pact  for - Rooppur Nuclear Power Plant 

    Bangladesh inked pact with Russia for lifetime supply of uranium for its 2400 mega-watt Rooppur Nuclear Power Plant in Bangladesh. Under the pact, Russia will issue nuclear fuel required for plant during its whole life cycle. Rooppur Nuclear Power Plant will come into operation by 2022.
    Important Highlights

    • Pact was inked in Dhaka, Bangladesh between Bangladesh Atomic Energy Commission and Russian Nuclear Fuel Supply Company Joint Stock Company, a Russian state-owned nuclear fuel company. Bangladesh Atomic Energy Commission is tasked with executing project.
    • It is a framework pact that emphasizes on pricing methodology.
    • With this pact, both nations will assist to determine prices of nuclear fuel, considering volatile worldwide market which is marked by continuous changes.
      RNPP Project:
    • In 2017, 2 nations including Russia and Bangladesh have also inked spent fuel sent back pact for
      management of nuclear waste of RNPP.
    • Work on these 2 units of RNPP, each generating 1200 mega-watt of electricity is planned to be
      finished in 2022 and 2024 respectively.
    • With power production capacity of 1200 mega-watts, each unit of power plant will have to reload 33 percent of total needed nuclear fuel in every 18 months, and 1st, 2nd and 3rd reload will be delivered by Russian firm free of cost.

    National Handloom Day obersvered on - 7th August 2019

    Every year National Handloom Day is celebrated across India on 7th August 2019. The year 2019 marks 5th National Handloom Day. To mark the event, Union Minister of Textiles and Women and Child Development, Smriti Zubin Irani, supervised over a function at Vigyan Bhawan in New Delhi
    National Handloom Day
    Aimed to honor Handloom weavers in India.
    To lime-light India’s Handloom industry.
    It focuses on the contribution of Handloom to socio-economic progress of India and to upsurge
    income of weavers.
    Main Event of National Handloom Day was organized in Bhubaneswar, Odisha with main aim
    behind holding is to empower females and girls. Bhubaneswar was selected as venue for main event
    due to its rich tradition of Handlooms and as above 50 percent of total weavers population of India
    lives in Eastern and North Eastern Regions and most of them are females.
    Activities Undertake across nation included-
    Allocation of Pehchan Cards and Yarn Passbooks
    Allocation of MUDRA loan which is a flagship scheme of Union Government extends affordable
    credit to MSME.
    Allocation of lighting units and certificates for manufacturing of work sheds.
    The day was celebrated at Weavers’ Service Centers in various States.
    At 16 NIFT Campuses and Handloom Mela and exhibition, workshops, panel debates, special stalls for
    Handloom products at Gandhinagar and Kolkata NIFT campuses were organized.
    Live broadcast of talks on Twitter from digital studio of IMG Reliance, which was involved by young
    designers and prominent personalities, from Handloom sector was also organized.

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