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1
Centre earmarked 18,276 Crore Rupees for interest subsidy to farmers
The Union Cabinet has approved the Interest Subvention Scheme for farmers for the year
2016-17. For this purpose Union Government has earmarked a sum of 18,276 Crore
Rupees. The scheme will help farmers getting short term crop loan payable within one year
up to 3 lakhs Rupees at only 4% per annum. Interest subvention for providing short term
crop loan to farmers has been provided to Public Sector, Private Sector, Cooperative,
Regional Rural banks and NABARD.
http://currentaffairs.gktoday.in/union-cabinet-approves-interest-subvention-scheme-
farmers-year-2016-17-07201634182.html

19 New Ministers of States Inducted in union council of ministers

19 new Ministers of State were inducted in the Union Council of Ministers
in a major expansion. These new ministers were administered oath of office
and secrecy by Prez Pranab Mukherjee at Rashtrapati Bhavan. This was the
2nd expansion of the NDA government led by PM Narendra Modi. Of the 19 new
ministers, 17 belong to BJP, 1 each from Apna Dal and RPI.
http://currentaffairs.gktoday.in/19-ministers-state
-inducted-union-council-ministers-07201634166.html
10/07/2016 2
Cabinet Expansion
1. Venkaiah Naidu: Ministry of Information & Broadcasting
2. Ananth Kumar: Ministry of Parliamentary Affairs
3. Prakash Javdekar: Ministry of Human Resource Development
4. Ravi Shankar Prasad: Ministry of Law & Justice
5. Narendra Singh Tomar: Ministry of Rural Development
6. Smriti Zubin Irani: Ministry of Textiles

http://currentaffairs.gktoday.in/cabinet-reshuffle-
cabinet-ministers-mos-portfolios-07201634207.html

10/07/2016 3
Rajasthan- 1st State to introduce Minimum Wages Act, 1948
Rajasthan becomes 1st state to introduce Minimum Wages Act, 1948 for part time workers,
Labour deptt. Issued a notification. As, per the new rule, it is now mandatory for employer
to pay 50% of the prescribed daily minimum wage to a person
who works for less than 4 hours a day. Besides, in another decision
state government also has decided to increase the minimum wages
in all categories of scheduled employments by 104 Rupees per
month.
http://indiatoday.intoday.in/education/story/minimum-wage/1/
711019.html

Ministry seeks law panels opinion on uniform civil code

The Union Law Ministry has asked the Law Commission to examine in detail all issues
pertaining to the Uniform Civil Code and submit a report to the government.
Through an office memorandum dated June 17, the Legislative Department
has made a reference to the Law Commission for an in-depth examination
of matters in relation to Uniform Civil Code.
http://www.thehindu.com/news/national/ministry-seeks-law-panels-opinion-
on-uniform-civil-code/article8798035.ece
10/07/2016 4
TRAI launched MySpeed mobile App for
measuring real time mobile internet
speed that consumers get-
This is the first app of its kind launched
under the digital India initiative
of the gov.
http://currentaffairs.gktoday.in/trai-launches-
myspeed-app-measure-real-time-mobile-internet-
speed-07201634198.html
Captain Radhika Menon: First Woman
to receive exceptional bravery award
at sea
International Maritime Organisation
(IMO) conferred her the prestigious for
saving the lives of seven fishermen,
whose hopes of survival were all over.
http://currentaffairs.gktoday.in/captain-radhika-
menon-woman-receive-exceptional-bravery-
award-sea-07201634268.html
10/07/2016
SBI launches SBI Mingle, a social media
Banking platform
Launched by CMD Arundhati Bhattacharya, on
the occasion of 61st State Bank day( observed
on 1st July), this platform has been designed
for Facebook and twitter users.
http://currentaffairs.gktoday.
in/sbi-launches-sbi-mingle-social-media-banking-platform-
07201634197.html
India ranks 91st in the Networked
Readiness Index (NRI) for 2016
This index released by World
Economic Forum( WEF), measures
countries success in creating the
necessary conditions for a
transition to a digitized economy
and society. Read more :
http://currentaffairs.gktoday.in/india-r
anks-91st-2016-networked-readiness-index-
07201634206.html 5
 The 2nd anti-drug working group
meeting of heads of anti-narcotics
agencies of BRICS countries began in
New Delhi
Issues related to narco-terrorism and
money laundering were discussed.
http://currentaffairs.gktoday.in/brics-drug-
control-meeting-begins-delhi-07201634232.html
The annual Rath Yatra (Chariot Festival) of
Lord Jagannath began in different parts of
the country. The festival is celebrated on
2nd day of Sukla Paksha i.e. the day in bright
fortnight of Ashadha month. It will see
congregation of more than 10 lakh
devotees. Read more at:
http://currentaffairs.gktoday.in/world-famous-rath-yatra-
lord-jagannath-begins-07201634223.html

Kerala Imposes 14.5% fat tax on junk food In the first-of its-kind move in the
country, Kerala Government has proposed a Fat Tax on fast food items like
burgers, pizzas, donuts and pasta etc. served in branded restaurants in a bid to
discourage the junk food culture. This was announced in the maiden budget
of the CPI(M)-led LDF Government in Kerala presented by Finance Minister
Dr. T.M. Thomas Issac. It is expected that the Fat tax will add an additional
Rs.10 crore to the state coffers. The fat taxs major concern is with issues
related to public health more than revenue generation. Read more at:
http://currentaffairs.gktoday.in/kerala-imposes-14-5-cent-fat-tax-junk-food-07201634254.html

10/07/2016 6
 Facebook Messenger now has an end-to-end
encryption option

Social media giant Facebook has started rolling

out a new feature for Messenger that will
provide end to end encryption for messages on the
platform.
While on WhatsApp, the end-to-end encryption is turned on by default, with
Messenger users will have to manually turn on the feature.
The end-to-end encryption is a system that allows only the communicating
users to read the messages. The upgrade will prohibit even Facebook from
reading users conversation.
Facebook said end-to-end encryption would not immediately be available on
Messenger for group conversations, payments or videos.
Read more:
http://www.thehindu.com/sci-tech/facebook-offers-end-to-end-encryption-
option-in-messenger/article8828912.ece

10/07/2016 7
 Fitness bands undervalue exercise by up to 40 percent

Researchers from the University of Queensland (UQ) in Australia determined the

accuracy of several popular wrist-worn fitness monitors. None of the devices
proved to be consistently accurate overall and the percentage error for energy
expenditure was between nine and 43 per cent. Measurement of heart rate was
more accurate, with only minor variances, said Matthew Wallen of UQs School
of Human Movement and Nutrition Sciences. Study involved 22 healthy
volunteers (even split of males and females) completing a variety of activities
ranging from running, cycling and walking, to seated and laying rest for a
period of approximately one hour. The measurements of the wrist-worn
devices were compared to electrocardiography readings every 15 seconds
and against a portable gas analysis system which measured the number of
calories burnt. Read more: http://www.dnaindia.com/scitech/report-studies-show-
fitness-bands-undervalue-exercise-by-up-to-40-percent-2230849
10/07/2016 8
UK launches bilateral trade talks for post-
Brexit deal with India
Britain said it would start preliminary talks
with India on 8th July about an eventual
bilateral trade deal after last month's
referendum vote to leave the European
Union, which has forced London to rethink
its trade ties with the rest of the world.
British Business Secretary Sajid Javid also
said Britain would have as many as 300
trade specialists in place before the end of
the year, up from about 100 now, as the
country tries to increase its firepower to
operate as a solo trading nation.
http://www.firstpost.com/business/uk-launches-
bilateral-trade-talks-for-post-brexit-deal-with-india-
2880640.html
10/07/2016
Overwhelming response: Reliance Jio's Rs
2,000 Cr bond issue gets bids of Rs 3,700 cr
Eliciting robust response from investors,
Reliance Jio Infocomm Thursday received bids
worth over Rs 3,700 crore for its Rs 2,000-crore
bond issue on BSE's new platform.
The Rs 1,500-crore bond issue with a green
shoe option of Rs 500 crore got oversubscribed
"within a few minutes of the issue opening,"
BSE said.
The 'BSE-Bond' platform for private placement
of debt securities "has created a new record
with Rs 3,700 crore of bids received in the
bond issuance of Reliance Jio",
the exchange in a release.
http://www.firstpost.com/
business/overwhelming-response-
reliance-jios-rs-2000-cr-bond-
issue-gets-bids-of-rs-3700-cr-
2879886.html
9
 L&T Infotech to actively scout for buys in
analytics, consulting space
The mid-sized IT company, which will come out
with over Rs 1,200-crore IPO on 11 July, said it
would be interested in buys in the US, Europe
or even Indian market.
Besides, analytics, consulting and Internet of
Things, another area of interest for the
Uber vs Ola: The battle for dominance in
company is cloud-based infrastructure
Indias taxi market
transformation. Read more:
Ola, one of a handful of Indian unicorns http://www.firstpost.com/business/lt-infotech-to-actively-
(start-ups valued at more than $1 billion), scout-for-buys-in-analytics-consulting-space-2879968.html
has emerged as a key player in the broader
coalition against Uber. It has become part of
a larger campaign against Ubers growing
global dominance. With a valuation of $68
billion, Uber is the worlds most valuable
start-up. Read More:
http://www.livemint.com/Companies/okLbTyf5OtqKnO1r
oYBAeP/Uber-vs-Ola-the-battle-for-dominance-in-Indias-
cab-market.html
10/07/2016 10
India jumps by 19 places to 35th in a
World Bank report on logistics
In the present edition of the index, India's
performance is by far the best since 2007,
with the country improving to 35. In 2014,
India was ranked 54th and so the jump this
time around is tremendous. With this
jump, India is one of the best performing
economies relative to the average income
level of its people as logistics forms the
backbone of domestic and international
trade in any economy and is a critical
factor for competitiveness Read more:
http://www.firstpost.com/business/india-jumps-by-19-
places-to-35th-in-a-world-bank-report-on-logistics-
2873834.html
10/07/2016
raises Rs 550cr from Stripes,
existing investors
Bigtree Entertainment, which owns and
operates BookMyShow (BMS), has raised over
Rs 550 crore in funding, led by US-based
Stripes Group in series D funding round.
It is the largest to date for the company, also
saw participation from BMS' existing investors
- Network 18, Accel Partners, and SAIF
Partners. Read More:
http://www.firstpost.com/business/bookmyshow-raises-rs-
550cr-from-stripes-existing-investors-2876088.html
gets cabinet nod for 74%
foreign holding- Axis bank, Indias 3rd largest
Private Bank, has been permitted
74% Foreign holding by cabinet
on 5th Jul , an increase from the
Current level of 62%. Read More:
http://www.firstpost.com/business/
axis-bank-gets-cabinet-nod-for-74
-foreign-holding-2875318.html
11
Centre approves Rs 643.25 crore FDI Lupin, Dr Reddy's recall 1.7 lakh blood
investments pressure, acidity tablets in US
The Union government on 6th July approved Drug majors Lupin and Dr Reddy's are recalling
four Foreign Direct Investment (FDI) proposals over 1.7 lakh bottles of two different tablets,
entailing a total investment of Rs 643.25 crore. used in the treatment of blood pressure and
One proposal each from Corona Remedies acidity, in the US due to deviations from
Private Limited and Ordain Health Care Global manufacturing norms.
Pvt. Ltd in pharmaceutical sector. Another
proposal from Macmillan Publishers
International Ltd, UK and one from Advanced
Enzyme Technologies Ltd.
http://www.firstpost.com/business/centre-approves-rs-643-
25-crore-fdi-investments-2877948.html

http://www.firstpost.com/
business/lupin-dr-reddys-recall
-1-7-lakh-blood-pressure-acidity
-tablets-in-us-2878676.html

10/07/2016 12
City of Dreams: Evolution of Mumbai startup ecosystem

A city with two names and 22 million people Mumbai, nostalgically still called Bombay, is
truly a city of dreams. Just like its landscape, which is an archipelago of many tiny islands,
Mumbai is made up of a million dreams. In fact, with a GDP of $209 billion, the capital city
of Maharashtra is the wealthiest in the country. Yet, there is a strange irony. Read more:
http://www.dnaindia.com/scitech/report-studies-show-

Income tax scrutiny of 4 startups which tanked without good

startup valuation- How is it reason- The hard truth about startups today
possible that a is nine out of ten fail to make a mark. The
company/business which is reasons for failure maybe plenty, but
incurring losses, can be typically, many startups fail either because
pegged at such high their products/services are conceptually too
valuation? new or they arent useful enough. Read
http://bit.ly/29DWeaI http://bit.ly/29xiaX4
10/07/2016 13
 Serena Williams wins seventh
Wimbledon, record-equalling 22nd
major title: Serena Williams powered
to her seventh Wimbledon crown as
the world number one finally claimed
a record-equalling 22nd major title
with a 7-5, 6-3 victory over Angelique
Kerber in Saturday's final. supremacy at a time when doubters were
Williams had been stuck on 21 Grand beginning to raise eyebrows. Equaling
Slams since winning last year's Margaret Court's all-time record of 24
Wimbledon, but the American star Grand Slam titles will be Serenas next goal.
ended that frustrating barren spell to The 71st singles title of Williams'
retain the title and draw level astonishing career also moved her within
with Steffi Graf's Open era record. But two of Martina Navratilova's all-time
the far more significant reward is the record of nine Wimbledon
knowledge she has reestablished her triumphs.
http://timesofindia.indiatimes.com/sports/tennis/wimbledon-2016/top-stories/Serena-
Williams-wins-seventh-Wimbledon-record-equalling-22nd-major-
title/articleshow/53132194.cms
10/07/2016 14
 Raonic fights past Federer to reach final
Milos Raonic became the first Canadian man to reach a Grand Slam singles final, when
he overhauled Roger Federer in five nerve-jangling sets on the Centre Court.
In a tussle which see-sawed one way and then the other, Raonic leapt out of the
starting gate with stylish authority commentary: Now well find out what Milos is made
of. Prophetic words yet typically of this capricious encounter, it was Federer who had
three chances for what would surely have been a decisive break, before Raonic himself
snatched the set at the death. Come the decider, a wondrous exchange saw the No.6
seed go a break up, and he held on to triumph 6-3, 6-7(3), 4-6, 7-5, 6-3 in three hours
and 25 minutes.

Read more at:

http://www.wimbledon.com/en_GB/news/articles/2016-07-
08/raonic_roars_into_first_grand_slam_final.html
10/07/2016 15
 Lewis Hamilton takes pole for British Grand Prix
The Mercedes one-two was followed up by Red Bull's Max Verstappen, who was third
quickest at an overcast Silverstone on Saturday, where Hamilton has dominated the
action in practice and qualifying. Reigning world champion Hamilton, who is 11 points
behind Rosberg in the drivers' standings, had his first lap deleted by the stewards for
exceeding track limits. But the Briton, who had a huge Silverstone crowd behind him
and celebrated in front of them afterwards, returned to the track to set an even quicker
time to leave the German Rosberg trailing by three-tenths of a second.

Read more at:

http://timesofindia.indiatimes.com/sports/racing/top-stories/Lewis-
Hamilton-takes-pole-for-British-Grand-Prix/articleshow/53131587.cms
10/07/2016 16
 Arsenal look to bolster strike force with Alexandre Lacazette or Alvaro Morata
Arsenal have decided against cashing in on Olivier Giroud but remain in the hunt for a
new striker. Alexandre Lacazette and Alvaro Morata are Arsene Wenger's two main
targets, according to the Mirror. The Gunners were initially willing to entertain the idea
of selling Giroud, who has played an important role in France reaching the Euro 2016
final this summer, scoring three goals and setting up two, and received several enquiries
from interested clubs. However, those have been knocked back and Arsenal are now
focused on adding to their forward line rather than diminishing it.

http://www.espnfc.co.uk/blog/transfer-talk/79/post/2910193/arsenal-look-
to-bolster-strike-force-with-alexandre-lacazette-or-alvaro-morata
10/07/2016 17
 Iraq: Baghdad bombing kills more than
200 : On 3rd Jul16, Sunday, The city of
Baghdad woke up from a powerful
explosion, that came near the end of the
Islamic holy month of Ramadan, when the
streets were filled with young people and
families out after sunset. A lorry packed
with explosives blew up in a busy shopping
street filled with people after they had
broken their fast. he death toll from the
blast in Karada, a predominantly Shia
neighbourhood in central Baghdad, rose to
over 200 on Monday morning, as the
bodies of more victims were pulled from
the rubble. ISIS have taken the
responsibility of the blasts.
http://www.aljazeera.com/news/2016/07/iraq-
baghdad-bombings-kill-23-160703045945293.html
10/07/2016
First Zika-Related Death Reported in
Continental U.S.: An elderly Utah
woman with a Zika virus infection has
died, marking the first such death in the
continental U.S., health authorities
confirm. The Salt Lake County, Utah
resident was confirmed to have died in
late June. The U.S. Centers for Disease
Control and Prevention (CDC) confirmed
the death as well and noted that as of
this week, 1,132 cases of travel-
associated Zika had been reported in
the U.S.
http://time.com/4398952/zika
-death-utah-continental-
us/?xid=homepage
18
 Britains Next Prime Minister Will Be
Theresa May or Andrea Leadsom:
Energy Minister Andrea Leadsomand
Home Secretary Theresa Maywill face off
to succeed David Cameron as the
Conservative Party leader and Britains
Prime Minister. It became clear that Britain
would have its first female PM since
Margaret Thatcher on Thursday, when the
Conservative Party voted for May and
Leadsom over a third candidate, Michael
Gove. May led the ballot for the 330 Tories
with 199 votes over Leadsoms 84 and
Goves 46, the Guardian reports.
blasts.
http://time.com/4396741/one-of-women-
britains-prime-minister/

10/07/2016 19
South China Sea: Beijing begins military drills
ahead of key territorial ruling: China has kicked
off a week of military drills in the South China
Sea ahead of a hotly anticipated and potentially
destabilizing court ruling on its territorial claims
in the region. CCTV, the countrys state
broadcaster, said the maneuvers were due to
start at about 8am Beijing time on Tuesday. At
least two guided missile destroyers, the
Shenyang and Ningbo, and one missile frigate,
the Chaozhou, were reported to be among the
vessels being deployed to the region, where
China has overlapping territorial claims with
Brunei, Malaysia, the Philippines and Vietnam.
https://www.theguardian.com/world/2016/
jul/05/south-china-sea-beijing-begins-
military-drills-ahead-of-key-territorial-ruling
10/07/2016
China builds Asias longest single
cave, double track tunnel: China
has completed Asias longest 16-km
single tunnel with double tracks for
high-speed trains in the countrys
northwest Shaanxi province, state
media reported on Saturday. The
643-km line, with a designed speed
of 250 km per hour, will slash the
travel time between Xian and
Chengdu from 16 hours to just
three hours.
http://www.thehindu.c
om/news/international
/china-builds-asias-
longest-single-cave-
double-track-
tunnel/article8828654.
ece
20
NATO to give surveillance planes to MENA countries: NATO allies have agreed to provide
increased military support, including surveillance planes, to Middle Eastern and North
African countries whose governments are in conflict with hardline armed groups like the
Islamic State of Iraq and the Levant (ISIL, also known as ISIS). NATO Secretary-General
Jens Stoltenberg on Saturday said alliance leaders also agreed to launch a new naval
mission in the Mediterranean Sea, and made commitments to maintain a stable military
presence in Afghanistan and to fund Afghan security forces through 2020
http://www.aljazeera.com/news/2016/07/nato-give-surveillance-planes-mena-countries-
160709192055050.html

Lionel Messi given 21-month sentence for tax fraud: Barcelona football star Lionel Messi
has been sentenced to 21 months in prison after a Spanish court found him guilty of
three counts of tax fraud. A court statement on Wednesday said the sentence
could be appealed through the Spanish supreme court. Judges also sentenced
the Argentine forward's father, Jorge, to 21 months in prison for the same
three crimes. The court also ordered Messi to pay a fine of around 2 million
euro ($2.2m) and his father to pay 1.5 million euro ($1.6m) for the crimes.
http://www.aljazeera.com/news/2016/07/lionel-messi-21-month-sentence-tax
-fraud-160706105459219.html
10/07/2016 21
 Impact of Brexit on UK and the world
Economic impacts:
1. Brexit managed to wipe $2 trillion off the global market. This came as a quick blow,
maybe due to panic or anticipations of losing further but this really happened. It is said
to have gone down $1.50 trillion year-to-date. Huge figures indeed!
2. British pound saw its worst ever day. Right at the early hours of Friday it went from
being $1.50 against the US dollar to just $1.33 which made FX traders experience the
nightmare of their life.
3. The 8% slump in the pound is a big warning that UK is about to see inflation in days to
come with imports costing more than earlier.
4. Poorer citizens of UK will experience economic crisis more than ever as living costs will
spike in days to come.
5. Treasury modeling of currency shocks shows that there will be 2.3% increase in CPI
which will increase living cost for poor households by 3.3% while the richest people (who
constitute 10% of the populace) will see 1.6% increase in living costs.
6. The stock market of London started suffering abrupt loss but regained
its stance to stop finally at 199 points or minus 3.1% amid clouds that
forecast recession in the coming. UK, at the brink of recession, did not
expect such a negative impact.
10/07/2016 22
 Impact of Brexit on UK and the world
Political impacts:
1. British Prime Minister David Cameron tried to retain stability in the government but
soon his political position became unsustainable. He announced his plans to leave the
position by October. The Conservative party might become shattered with the
referendum going totally against their plans and new elections will have to be called for.
2. There could be clash between UK nations and they might lose their unity after all.
Scotland and Northern Ireland had supported remaining in the UK since Scots have never
been keen on being dominated by the English. There could be more referendum of exists
for Independence in times to come.
Immigration:
1. UK will gain complete control over its immigration issues. There would be no pestering
for open border policies to be burdened with. It would be able to filter and control the
number of immigrants it wants to take in.
2. EU nation citizens who are living in Britain and the British people who are
living in one of the EU nations will have to update their immigration statuses.
3. Travel costs from EU nations to Britain and vice versa will considerably
increase and people will not have easy access to and forth.

10/07/2016 23
 Impact of Brexit on UK and the world
Trade impacts:
1. Trading will suffer as companies would have to rethink policies in order to meet the
set of guidelines of both the sides. They will have to reframe strategies to stay in the
trade.
2. British imports will suffer badly and is expected to go down by 25% in the next few
years.
3. One third of the Indian investment in the UK is in the IT and telecom sector and now
India will have to set up different headquarters for Europe and Britain. Either India could
be inclined towards EU or with easier trade propositions from Britain alone.
4. UK, now free to make its own regulations, could be inclined towards making more
investment in India after all India continues to be a great investment destination from
the emerging markets perspective.
5. Larger companies, like Tata Group will face the shortcoming of higher tariffs
imposed by the EU against British imports.

Source: http://www.careerride.com/view.aspx?id=27023

10/07/2016 24