2017
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what is new ?
IMF: INDIA WILL GROW AT 7.7% IN 2018-19
The International Monetary Fund in its regional economic outlook has predicted the growth rate of India as
7.2% in the 2017-18 fiscal and 7.7% in 2018-19 fiscal. The report has stated that the disruptions caused by
the demonetisation would be offset by a favorable monsoon and continued progress in resolving supply-
side bottlenecks. However, it has predicted the investment recovery to remain modest and uneven across
sectors. Though weaknesses in bank and corporate balance sheets is likely to aaffect the near term credit
growth, the report cites confidence and policy credibility gains and continued fiscal consolidation and anti-
inflationary monetary policy to be the factors that underpin macroeconomic stability.
According to the report, IMF has recommended the removal of long-standing structural bottlenecks to en-
hance market efficiency. The report has revised the growth downward in India due to effects from the
currency exchange initiative and in South Korea due to political uncertainty. According to the report, improv-
ing agricultural productivity in the labour-intensive agricultural sector remains a key challenge. It has said
that much more needs to be done to address structural bottlenecks and improve market efficiency. Liberalising
commodity markets as per the report will help in infusing more flexibility in the distribution and marketing of
farm produce and will enhance the competitiveness, efficiency, and transparency in state agriculture mar-
kets. IMF has said that input subsidies to farmers should be administered through direct cash transfers as
underpricing of agricultural inputs would have large negative impacts on agricultural output.
IMF International Monetary Fund (IMF) was established on December 27, 1945 with stated objectives to
promote international economic cooperation, international trade, employment, and exchange rate stability,
including by making resources available to member countries to meet balance of payments needs. Its
headquarters are in Washington, D.C. The IMF works to improve the economies of its member countries
MAY 11: NATIONAL TECHNOLOGY DAY
National Technology Day is being observed across India on May 11 to mark India’s technological advance-
ments. 2017 National Technology Day Theme: ‘Technology for inclusive and sustainable growth’.
The day is being commemorated to celebrate the anniversary of first of the five tests of Operation Shakti
(Pokhran-II) nuclear test, held on 11 May 1998 in Pokhran, Rajasthan. The operation was led by the former
President APJ Abdul Kalam.
After conducting two more tests as a part of the Pokhran-II/Operation Shakti initiative, India was declared
as a nuclear state by the then Prime Minister Atal Bihari Vajpayee. On this same day country’s first indig-
enous aircraft Hansa-3 was test flown at Bangalore. India also conducted successful test firing of the
Trishul missile on the same day.
The Trishul missile was developed as a part of the Integrated Guided Missile Development Programme by
the Defence Research and Development Organisation (DRDO). The Trishul Missile got inducted by the
Indian Army and Indian Airforce. Considering all these technical achievements, 11 May was chosen to be
commemorated as National Technology Day. To commemorate this day, Technology Development Board
(TDB) has instituted a National Award. This award is conferred on to various individuals and industries by
the President for their successful achievement in commercialization of Indigenous Technology.