Current Affairs

 The Centre unveiled a draft scheme for extending the affordable air travel programme UDAN to international circuits, with state governments identifying the routes for operation. The draft International Air Connectivity (IAC) scheme envisages to increase the international ticketing to 20 crore by 2027.  According to the draft scheme, state governments will identify the routes to be connected, and airline operators will assess demand on the identified routes and submit proposals for providing connectivity. Operations under the scheme will be permitted through fixed-wing aircraft only with more than 70 seats.
Source- Business Standard

 The Indian economy is expected to grow by around 7.5% in 2018 and 2019 as it is largely resilient to external pressures like those from higher oil prices, according to Moody's Investors Service. In its Global Macro Outlook for 2018-19, Moody's stated the run-up in energy prices over the last few months will raise headline inflation temporarily but the growth story remains intact as it is supported by strong urban and rural demand and improved industrial activity. Moody's put G-20 growth at 3.3% in 2018 and 3.1% in 2019. The advanced economies will grow 2.3% in 2018 and 2% in 2019, while G-20 emerging markets will remain the growth drivers at 5.1% in both 2018 and 2019. 
Source- The Economic Times

 Ujjivan Small Finance Bank, a wholly-owned subsidiary of Ujjivan Financial Services Ltd, has launched an overdraft (OD) facility for micro and small enterprise (MSE) customers across its branches nationally. The facility is an add-on product to the existing MSE term loans offered by the bank. The OD facility is offered to all MSEs with a turnover of Rs 50 lakh or more, at a competitive rate of interest. This interest rate is for one year, with a credit limit between a minimum of Rs 11 lakh to a maximum of Rs 50 lakh, which can be renewed annually.
Source- The Hindu Business Line

 India got its second Gold medal at the 18th Asian Games in Indonesia when Vinesh Phogat defeated Japan’s Yuki Irie in the final of freestyle 50 kg category in Women’s Wrestling. With this victory, Vinesh created history as she is the first Indian woman wrestler to win gold in the Asian Games. Vinesh Phogat had entered the final after beating Uzbekistan’s Yakhshimuratova Dauletbike on technical superiority. Bajrang Punia had given India its first Gold of the Games in men’s freestyle 65 Kg category. 
Source- AIR World Service

 Indian rowers Sawarn Singh, Dattu Bhokanal, Om Prakash and Sukhmeet Singh won the men's Quadruple Sculls to win India's fifth gold medal at the Asian Games 2018. The medal is only the second ever gold medal for India in the rowing competition in Asian Games history. India has now won a total of 21 medals at Asiad 2018. 
Source- The Hindu

 Top seeds Rohan Bopanna and Divij Sharan notched up their maiden men’s tennis doubles gold medal at the Asian Games, in Palembang, Indonesia. Bopanna and Sharan defeated Aleksander Bublik and Denis Yevseyev of Kazakhstan. India have claimed the men’s doubles gold on four occasions at the Games, the last pair being Somdev Devvarman and Sanam Singh in the 2010 Guangzhou edition. Mahesh Bhupathi and Leander Paes remain the most successful Indian men’s doubles pair in the Asian Games history, having claimed back-to-back gold medals in the 2002 and 2006 Games. 
Source- The Hindu

 NITI Aayog released five thematic reports on Sustainable Development in Indian Himalayan Region. It was released by NITI Aayog Vice Chairman Dr Rajiv Kumar, CEO Amitabh Kant and member Dr V K Saraswat in New Delhi. The themes include Inventory and Revival of Springs in the Himalayas for Water Security, Sustainable Tourism, and Transformative Approach to Shifting Cultivation, Strengthening Skill and Entrepreneurship Landscape in the Himalayas. As per the Reports, Himalayan Tourism is growing annually at 6.8% has created a huge challenge related to solid waste, water, traffic, loss of bio-cultural diversity.
Source- Press Information Bureau (PIB)

 The Mukesh Ambani-led Reliance Industries Ltd (RIL) became the first Indian company to cross Rs 8 trillion market capitalization after its shares surged nearly 37% in 2018. RIL share prices rose 1.31% to hit a record high of Ra1,262.50, pegging its market cap at Rs8.01 trillion after data from the Telecom Regulatory Authority of India (TRAI) showed Reliance Jio continued to add subscribers at a healthy pace.
Source- The Livemint

 Iran unveiled its first domestic fighter jet named 'KOWSAR' with President Hassan Rouhani. The new "Kowsar" is a fourth-generation fighter shown at the National Defence Industry exhibition in Tehran. It was "100-percent indigenously made" for the first time.
Source- Aljazeera.com

  The fourth Summit of Heads of State/Government of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) will be held at Kathmandu in Nepal on August 30 and 31.  Prime Minister Narendra Modi will participate in the summit. During the two-day Summit, leaders of member states will review progress achieved so far in the areas of cooperation and provide guidance to the future work of the BIMSTEC. 
Source- The Hindu


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