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Daily G.K. - Top Stories

02 Feb 2018

INTERNATIONAL AFFAIRS

Oxford lexicon's new entrants: 'Hangry' and 'mansplaining'

The list of new words being added to the Oxford English Dictionary this January has been released, and you may be familiar with a lot of them. "Snowflake", "mansplaining", "hangry", if you're an avid social media user, chances are you've already come across these terms many times before. However, they are only some of a number of well-known words that are finally being recognised by the Oxford English Dictionary, which is updated on a quarterly basis.

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BUSINESS AND ECONOMY

Infra Needs Rs. 50 Lakh Cr to Realise Potential

The sector is estimated to require Rs. 50 lakh crore to help accelerate GDP growth and integrate India's network of roads, airports, railways, ports and waterways. Connectivity is being enhanced in border areas to secure defences; a tunnel will be constructed under Sela Pass in Arunachal Pradesh. The government will also encourage investment in seaplane services for tourism and emergency medicare purposes.

Civil Aviation Targets a Billion Trips Annually

A new initiative, NABH Nirman, will expand airport capacity by more than five times to handle a billion trips in a year.

Airport Authority of India's (AAI) balance sheet will be leveraged for funding. AAI has 124 airports and domestic air passenger traffic has grown at 18% per annum. 56 unserved airports and 31 unserved helipads will come under regional connectivity scheme UDAN. Operations have started at 16 airports.

Green Projects Bag Rs. 4,200 crore for Expansion

As many farmers are installing solar water pumps to irrigate their fields, the finance minister mooted a mechanism to purchase their surplus solar power through distribution companies or licencees at reasonably remunerative rates. The government has allocated Rs. 4,200 crore for capacity addition in wind, solar and green energy corridor projects.

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SCIENCE & TECHNOLOGY

FASTER AND BETTER

Lamborghini, with its Urus, claims to have made the world's first super sports utility vehicle. One of the key elements of the car is its powertrain. It has an engine that is compact, powerful and has the ability to deliver astonishing Torque at low revs. At its heart is Lamborghini's first V8 four-litre twin-turbo engine that delivers a max power of 650 PS at 6,000 rpm and max Torque of 850 Nm at 2,250 rpm. With 163 HP per litre, the V8 engine has the highest specific power in the SUV segment.

The car has more than seven driving modes and a 'Tamburo' driving dynamics selector on the centre console. With STRADA, SPORT and CORSA and the additional NEVE (snow) TERRA (off-road) and SABBIA (sand) modes, the adaptive damper concept is automatically adjusted to different driving modes. It can be customised by the driver via the EGO mode, choosing the required rigidity for a comfortable ride to an aggressive setting depending on the driving style and road conditions.

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NATIONAL AFFAIRS

1% EXTRA CESS, STRESS FOR TOP TAXPAYERS

The Budget doesn't offer any relief to high-income taxpayers and reintroduction of standard deduction will have limited impact due to removal of tax-free medical and transport allowances. Senior citizens are the biggest beneficiaries.

High-income taxpayers will be hurt the most by the increase in cess proposed in the Budget on personal income tax. While high-income taxpayers will have to shell out more from next year, low and middle-income taxpayers will see a marginal drop in their outgo due to the return of standard deduction and the scrapping of tax-free medical and transport allowances. The 4% health and education cess on personal income tax proposed in the Budget to replace the 3% education cess will push up the overall tax of the top 1% of Indian taxpayers.

What Senior Citizens Stand to Gain

Exemption limit of Rs. 50,000 for interest income from savings bank deposits, fixed deposits, recurring deposits and post office schemes, raised from Rs. 10,000 on interest income from deposits with banks and post offices.

Tax-exempt health insurance premium limit raised to Rs. 50,000 from Rs. 30,000 under Section 80D.

Medical expenditure for specific critical illnesses for senior and very senior citizens raised to Rs. 1 lakh for both from Rs. 60,000 and Rs. 80,000 under Section 80DDB.

Pradhan Mantri Vaya Vandana Yojana extended to March 2020 from May 2018. Investment limit doubled to Rs. 15 lakh.

GOVT VOWS MAX SUPPORT TO FARMERS

Farmers can expect a big rise in support prices for the crops as the government has adopted the principle of buying their produce at 1.5 times the input cost in this year's budget proposals that aim to combat rural distress ahead of crucial assembly polls this year and general elections in 2019. Farm leaders welcomed the priority accorded to rural India in the Budget but some are concerned that the funds allocated for agriculture may not be enough. Experts said effective implementation of the minimum support price (MSP) policy will be vital.

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