Current Affairs India - 7 October 2015

1. Union cabinet has approved a proposal to build a National War Memorial and Museum near India Gate in New Delhi today. The memorial will be in the in memory of 22,500 soldiers who sacrificed their lives while in the line of duty post-independence.

The Cabinet also cleared 3 new All India Institutes of Medical Sciences which will be established at Nagpur in Maharashtra, Manglagiri in Andhra Pradesh and at Kalyani in West Bengal under Pradhan Mantri Swasthya Suraksha Yojana. The cost will be nearly Rs. 5,000 crore.

The Cabinet Committee on Economic Affairs has approved National Watershed Management Project-Neeranchal with an outlay of Rs. 2142 crore. It will ensure access to irrigation to every farmland help achieve objectives of Pradhan Mantri Krishi Sinchai Yojana for efficient use of water. Also Union cabinet has approved a proposal for Non Gazetted Railways employees to get 78-day wages as productivity-linked bonus for the fiscal 2014-15.

2. The Pravasi Bharatiya Divas (PBD) Conference 2016 will be held in New Delhi from 8th January to 10th January 2016. The Conference 2016 will be organised with an objective for developing a new paradigm for engagement with the Diaspora over the next decade.

3. International Monetary Fund, IMF, has projected India-s economic growth rate at 7.5% in 2016 compared to China's growth rate of 6.3%, in its latest World Economic Outlook Update. IMF also said growth in India is expected to rise above the rates in other major emerging market economies. The report said the growth will benefit from recent policy reforms, a consequent pickup in investment, and lower commodity prices. On Inflation the report, said in India, it is expected to decline further in 2015, reflecting the fall in global oil and agricultural commodity prices.

The report also projects global growth rate for 2015 at 3.1%, which is 0.3% than in 2014, and 0.2% lower than the forecasts in the July 2015 World Economic Outlook (WEO) Update.