Current Affairs 19th Nov 2017



  • Former Prime Minister Manmohan Singh will be the recipient of this year’s Indira Gandhi Prize for Peace, Disarmament and Development.
  • A jury headed by former President Pranab Mukherjee made the decision.
  •  The award is given out annually to individuals and organisations in recognition of creative efforts toward promoting international peace, development and a new international economic order, ensuring that scientific discoveries are used for the larger good of humanity, and enlarging the scope of freedom.
  • The award, comprising a cash prize of Rs. 25 lakh and a citation, was instituted by the Indira Gandhi Memorial trust in 1986.
  •  Previous recipients include the former Soviet leader Mikhail Gorbachev, former U.S. President Jimmy Carter, former President of the Czech Republic Vaclav Havel, and organisations such as the United Nations High Comissioner for Refugees and ISRO.




  • The Union Ministry of Textiles has sought additional funds to be disbursed to powerloom weavers under the PowerTex India Scheme.
  • The In-Situ (assistance given to weavers to add attachments to powerlooms), yarn bank, and group workshed schemes have had ‘good’ response and Rs. 72 crore was disbursed since April under the PowerTex programme.
  • The Textiles Ministry has sought about Rs. 100 crore more for this financial year for this project.
  • The Ministry has also recommended an increase in capital subsidy for the powerloom sector from the current 10% to 30%.
  • The In-Situ scheme had ‘good response’ in clusters such as Bhiwandi where weavers produce grey fabric.
  • The yarn bank scheme has taken off well in places such as Malegaon, Bhiwandi, and Ichalkaranji.
  •  Schemes such as those for the yarn bank and group worksheds have had lukewarm response in the south due to several inherent reasons, according to several industry sources here.


  • The Union Ministry of Textiles  launched PowerTex India, a three-year comprehensive scheme for Powerloom Sector Development in April this year.
  • It has nine major components, including two new schemes.
  • It has outlay of Rs. 487 crores for three years from 2017-18  working out to approximately Rs. 160 crore a year.
  • The two new schemes are Pradhan Mantri Credit Scheme (PMCS) for powerloom weavers and solar energy scheme (SEC) for powerlooms.
  • Other components include :- In-situ Upgradation of Plain Powerlooms; Group Workshed Scheme (GWS); Yarn Bank Scheme; Common Facility Centre (CFC); Facilitation, IT, Awareness, Market Development and Publicity for Powerloom Schemes; Tex Venture Capital Fund and Grant-in-Aid and Modernisation & Upgradation of Powerloom Service Centres (PSCs).




India has seen its per capita GDP rise to USD 7,170 in 2017, from USD 6,690 last year, helping improve its rank by a position to 126th.

  • India has moved up one position to 126th in terms of GDP per capita of countries, still ranked lower than all its BRICS peers, while Qatar remains the world’s richest on this parameter, as per IMF data.
  • The data, which forms part of the latest World Economic Outlook report of the International Monetary Fund, ranks over 200 countries in terms of per capita GDP based on purchasing power parity (PPP).
  •  PPP between two countries is the rate at which the currency of one country needs to be converted into that of a second country to ensure that a given amount of the first country’s currency will purchase the same volume of goods and services in the second country as it does in the first.
  • India has seen its per capita GDP rise to USD 7,170 in 2017, from USD 6,690 last year, helping improve its rank by a position to 126th.
  • Qatar remains top-ranked with per capita GDP of USD 1,24,930, followed by Macao at the second position with USD 1,14,430 and Luxembourg third with USD 1,09,190.
  •  Among BRICS countries, India has the lowest per capita GDP. Russia boasts of a GDP per capita of USD 27,900, while for China, it stood at USD 16,620, Brazil at USD 15,500 and South Africa at USD 13,400.
  • Interestingly, as per a recent Credit Suisse report, India is home to 2.45 lakh millionaires with a total household wealth of USD 5 trillion.
  •  As per the IMF data, the richest 10 countries in the world in per capita GDP terms also include Singapore (4th, USD 90,530), Brunei (5th, USD 76,740), Ireland (6th, USD 72,630), Norway (7th, USD 70,590), Kuwait (8th, USD 69,670), United Arab Emirates (9th, USD 68,250) and Switzerland (10th, USD 61,360).
  •  The US has failed to make it to the top 10 and is ranked 13th with a GDP per capita of USD 59,500 while the UK is ranked even lower.
  • According to a Fortune magazine report based on the IMF data, several top-ranking countries such as Qatar and Brunei “have fuel and oil propelling their economies”, while investment and strong banking systems have helped propel economic growth in other countries like Iceland and Ireland.