Current Affairs 28th December 2017

Current Affairs 28th December 2017 - Important Points

• India to become 5th-largest economy in - 2018
• President inaugurated conference at Acharya Nagarjuna University on - 27th December 2017
• Russian satellite lost after being set to launch from wrong spaceport on - 27th December 2017
• Lok Sabha passed GST (Compensation to States) Amendment Bill, 2017 on - 27th December 2017

Current Affairs 28th December 2017 - Details

India to become 5th-largest economy in - 2018

India will be the world's 5th-largest economy in terms of dollar by the coming year 2018.
The Centre for Economics and Business Research consultancy’s 2018 World Economic League Table decorated an upbeat view of the global wealth, increased by low-prices energy and technology prices. 
Deputy Chairman of CEBR, Douglas McWilliams informed that in spite of temporary setbacks, India's wealth has still caught up with that of France and the United Kingdom and in the coming year it will surpass both of them. 

President inaugurated conference at Acharya Nagarjuna University on - 27th December 2017

 President Ram Nath Kovind officially inaugurated the Annual Conference of Indian Economic Association at Acharya Nagarjuna University area on 27th December 2017  in Andhra Pradesh. 
Indian Economic Association is a registered organization of Indian economic professionals, accepted way back in year 1917, with the aim of contributing a forum for talks and conversations of policy-oriented matters. The Association presently has more than 5000 subscribers, both individual and institutional.
Chief Minister N Chandrababu Naidu congratulated the President at the program. Talking on this event, Mr Kovind said that India is one of the quickest increasing economies in the world.
The resourceful policy making is required to handle the various discriminations in our society.

Russian satellite lost after being set to launch from wrong spaceport on - 27th December 2017

Russian deputy prime minister Dmitry Rogozin on Wednesday 27th December 2017 informed the loss of a $45m satellite initiated previous month was due to an embarrassing programming mistake.
Russian space agency Roscosmos informed last month that they had lost communication with the freshly released weather satellite “the Meteor-M” after it propelled from Russia’s new Vostochny cosmodrome in the nation’s far east.
Talking to Rossiya 24 state TV channel, Rogozin informed that the non-success had been happened due to a human mistake. The rocket carrying the satellites had been scheduled with the wrong collaborates.
Rogozin further informed that the rocket was really scheduled as if it was taking off from Baikonur. They did not receive the coordinates accurate.

Important Highlights

• The rocket was taking 18 smaller satellites related to scientific, research and business companies from Russia, the US, Japan, Canada, Norway, Sweden and Germany.
• In April past year, after retard and huge costs overruns, Russia initiated its 1st rocket from Vostochny, a day after a technical glitch pushed an embarrassing deferment of the program in the presence of the president, Vladimir Putin.

Lok Sabha passed GST (Compensation to States) Amendment Bill, 2017 on - 27th December 2017

The Lok Sabha on 27th December 2017 approved the GST (Compensation to States) Amendment Bill, 2017. The Bill is focused at rising the tax on luxury vehicles from 15% to 25%.
The Bill was approved amid disorder by the opposition over controversial statements made by Union Minister Anant Kumar Hegde on secularism and the Constitution. The Bill looks forward to substitute the Ordinance released in September 2017 to give effect to the resolution of the GST Council. The Ordinance issuing for a rise in the GST cess on cars ranging from mid-size to hybrid and the luxury cars to 25%.
The funds gathered after hike in cess on luxury vehicles will be utilized to reimburse states for revenue loss on account of execution of the Goods and Services Tax. The Bill was presented in Lok Sabha by Arun Jaitley on 22nd December 2017. 
 
Did you know?
The Act helps the central government to inform the rate of the Goods and Services Tax Compensation Cess on items including pan masala, coal, aerated soft drinks, and tobacco, subject to certain caps.  The amount collected by levying the GST.