Current Affairs India - 3 June 2014

1. Union Rural Development Minister Gopinath Munde passed away today morning after he met with a road accident in Delhi. He met with the accident on his way to the Indira Gandhi International Airport. The accident happened at around 6.30 a.m. when a vehicle rammed into his car at Moti Bagh area. Later, he was admitted at AIIMS Trauma Centre, where he passed away due to internal injuries and cardiac attack.

Expressing shock over his death Prime Minister Narendra Modi said his demise is a major loss for the Government and the country. -Gopinath Munde ji was a true mass leader. Hailing from backward sections of society, he rose to great heights & tirelessly served people,- the PM tweeted. Munde won the 2014 Lok Sabha election from Beed Constituency by a margin of 2 lakh, defeating NCP's Suresh Dhas. He was the most popular BJP leader in Maharashtra also considered to be the key candidate for Maharashtra Chief Minister Post from BJP side.

2. India has overtaken Germany and Italy to emerge as the world's second largest textile exporter, just behind China. As per the data released by the Apparel Export Promotion Council, India's textiles exports were estimated at USD 40 billion in 2013, compared with China's USD 274 billion. China-s textile export is nearly seven times higher than India-s overall textile export.

Textiles includes everything from fibre and yarn to fabric, readymade garments made of cotton, silk, wool and synthetic yarn. Over 55% of global trade relates to readymade garments, where India ranked sixth in 2013 with exports of USD 16 billion. Italy, Germany and Bangladesh secured third, fourth and fifth ranks respectively with textile export value of USD 36 billion USD 35 billion and USD 28 billion respectively.

3. India has slipped to seventh rank, its lowest position in over a decade, in the foreign direct investment confidence index, as per the survey of 300 global executives by global consulting firm A T Kearney. Indian was able to attract only USD 25.5 billion FDI inflows in 2012 compared to USD 31.6 billion in 2011, resulting in 7th rank compared to 5th rank in 2011. This is the lowest ranking for India since 2001. India was ranked second for three years in 2005, 2007 and 2012 and was placed on the third spot in 2010.

The 2014 A T Kearney Foreign Direct Investment Confidence Index survey placed US as the top destination in the world for foreign direct investment. The US moved to the top position last year displacing China as US economy grew at a steady rate.

4. The Reserve Bank of India announced a few measures in its bi-monthly monetary policy today which signal a relaxation of some measures announced last year. The RBI has relaxed the eligibility limit for foreign exchange remittances to USD 125,000 from USD 75,000 today. RBI reduced the limit last year only from USD 200,000 due to steep depreciation of Indian Rupee.

The recent stability in the foreign exchange market has prompted the central bank to relax this limit under the liberalised remittance scheme (LRS), RBI Governor Raghuram Rajan said in the RBI's second bi-monthlymonetary policy statement for 2014-15 issued today.

5. India's manufacturing sector grew for the seventh consecutive month in May due to higher domestic and export order flows. The HSBC India compiled Manufacturing Purchasing Managers' Index (PMI), an indicator to judge the performance of the sector, increased marginally to 51.4 in May compared to 51.3 in April. Any reading higher than 50 indicates growth in the sector.

6. R K Malhotra, Director (R&D) at Indian Oil Corp (IOC), has been given additional charge as Chairman of the India-s largest company as appointment of a regular head has been delayed. He has a month's service left before retirement. RS Butola retired as Chairman of IOC on Saturday but the appointment of his successor B Ashok, who was selected by government head-hunters Public Enterprise Selection Board (PESB) in October 2013, is yet to be formalized by the Central Government.

7. Ravi Kant, non-executive vice-chairman of Tata Motors, retired from the Board on 31st May 2014 on attaining the age of 70 as per the Company-s retirement policy. He worked as Managing Director of the Auto Company from 2005 to 2009 and as a non-executive vice chairman thereafter.

8. India's top batsman Virat Kohli won the Ceat International Cricketer of the Year award and off-spinner Ravichandran Ashwin, the fastest player from the country to pick 100 Test wickets, won the Indian Player of the Year award for 2013-14 yesterday.

Left-handed opener Shikhar Dhawan was named the International Player of the Year while Robin Uthappa won the -Domestic Cricketer of the Year- prize for his contribution in his state Karnataka-s Ranji Trophy win. Former India wicketkeeper and a member of the 1983 World Cup-winning team, Syed Kirmani, was given the-Lifetime Achievement- award.

The other important awards include ODI Player of the Year (Shikhar Dhawan, India); T20 Player of the Year (Shakib Al Hasan, Bangladesh); Test Player of the Year (Mitchell Johnson, Australia); Popular Choice award (Glenn Maxwell, Australia) and Young Player award (Vijay Zol, Maharashtra).