1. Floods in Assam, Arunachal Pradesh
(i) The flood situation in Assam has deteriorated with over three lakh people being affected. Incessant rainfall has flooded roads and bridges and damaged settlements in a few villages with villagers leaving their households.
(ii) Over 8,200 hectares of crops have been destroyed in the Brahmaputra valley.
(iii) The government is taking all necessary measures for rescue, relief and rehabilitation of those affected by the floods. Also, National Disaster Response Force teams have been deployed.
2. 26 African countries create TFTA: Cape Town to Cairo free-trade zone
(i) 26 African countries signed a historic deal that would facilitate the creation of Africa’s largest free trade zone, the Tripartite Free Trade Area (TFTA).
(ii) The Tripartite Free Trade Area will cover 26 countries spread over an area that stretches from the southernmost tip of the African continent (South Africa) to Cairo (Egypt) in the North. The pact is aimed at easing the movements of goods across 26 member countries which account for more than half of the continent’s GDP.
(iii) The TFTA pact combines the following three existing African trade blocs:
(a) Southern African Development Community (SADC)
(b) East African Community (EAC)
(c) Common Market for Eastern and Southern Africa (COMESA)
3. Senior scientist Dr. Srivari Chandrasekhar appointed Director of CSIR-IICT
(i) Senior Scientist Srivari Chandrashekhar has been appointed as the Director of the Council of Scientific and Industrial Research (CSIR) – Indian Institute of Chemical Technology (IICT), a premier research institute of the Central Government.
(ii) Chandrashekhar joined the IICT in 1986 as a Junior Research Fellow and gradually rose to become the Chief Scientist in 2010.
(iii) He has to his credit the distinction of having developed technologies for synthesis of latest anti-tuberculosis drug bedaquiline, anti-tumor and abortive drug mesoprostol and drug for treatment of schizophrenia asenapine, among others.
4. Telecom sector receives highest FDI
(i) The Telecom and IT Minister Ravi Shankar Prasad said that the telecom sector received the highest Foreign Direct Investment (FDI) in the last one year.
(ii) He also announced that the Government is working on the revival of BSNL and MTNL.
5. Current Account Deficit (CAD) shrinks to 0.2 percent of GDP in Q4
(i) The country’s Current Account Deficit (CAD) narrowed sharply to USD 1.3 billion or 0.2 percent of Gross Domestic Product (GDP) in the fourth quarter of the last financial year on a sequential basis mainly on account of a lower trade gap.
(ii) The CAD shrank to 1.3 percent of GDP for the full financial year in 2014-15.
6. Union Cabinet gives nod to Bangladesh, Bhutan, India and Nepal (BBIN) Motor Vehicle Agreement
(i) With a view to boost economic ties with countries in South Asia, the union government decided to sign a road connectivity pact with Bangladesh, Bhutan, Nepal.
(ii) The pact will be inked on 15th June in Thimpu, capital of Bhutan, between the transport ministers of Bangladesh, Bhutan, India and Nepal.
(iii) This agreement will mutually benefit the South Asian countries by improving cross border movement of passengers and goods for overall economic development of the region.
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