INDIA'S YOUTH: August 2013

FALLING RUPEE

The RUPEE, which reached 68 vs US dollar on Wednesday, hasn't been this bad in over 18 years. It is going to affect the common man in many ways like expensive foreign travel, costlier imported goods and higher EMIs.

Impact of falling rupee on the common man:-

Higher fuel prices- depreciating rupee will increase costs of imports of crude.

Higher EMIs- RBI may resort to higher rates to control Rupee fall, home and car loan rates to go up.

Higher Inflation- Sharp rise in prices to have negative impact on our savings.

Slow down in job creation and job loss- Sectors like IT and textiles which depend on exports to be impacted.

Costlier overseas education- students who wish to acquire international qualification will have to pay more for the same.

Expensive foreign travel- higher exchange rates will impact our travel and hotel charges.

Costlier imported products- increase in costs of imports which has a direct bearing on inflation.

Slower Growth- sharp fall of rupee will slow down growth expectations and lower foreign investment.

CURRENT AFFAIRS

Raghuram Rajan Appointed as the New Governor of RBI

On 6 August Chief economic adviser Raghuram Govind Rajan has been appointed as the Governor of the Reserve Bank of India (RBI).He will take up the mantle of governorship in the Reserve Bank of India (RBI) from 5 September 2013. The present incumbent – D Subbarao will demit his office on 4 September 2013.Rajan will have a term of three years.He will be the 23rd Governor of RBI.He is 50 years of age and so far, he is the youngest person to become the Governor of the Reserve Bank of India.He was appointed as the youngest-ever Economic Counselor and Director of Research (chief economist) at the International Monetary Fund (IMF) from October 2003 to December 2006.Rajan was appointed as Chief Economic Advisor to the Ministry of Finance, Government of India on 10 August 2012.

Australia’s Most Powerful Super Computer Unveiled

Australia’s most powerful super computer, Raijin, was unveiled in Canberra. Raijin, named after the Japanese God of thunder and rain, has cost of $45.2 million to build and will cost $10.85 million a year to run. The super computer, unveiled at Australian National University (ANU),and it is the 27th most powerful computer in the world.

Rajeev Rishi is new CMD of Central Bank

On 1 August Rajeev Rishi appointed as the Chairman and Managing Director of Central Bank of India. Prior to the new appointment, Mr. Rishi served as the Executive Director of Indian Bank, since October 2010. Before joining Indian Bank, he was the General Manager of Oriental Bank of Commerce.

Japan Sends World’s First Talking Robot Into Space

On 4 August Japan has successfully launched the world’s first talking humanoid robot called “” Kirobo “” in to space , to serve as companion to astronaut Kochi Wakata who will begin his mission in November.Kirobo boarded the kounotori 4 cargo transfer vehicle launched from the Japan Aerospace Exploration Agency’s Tanegasimha space center a top an H-IIB launch vehicle.The robot is part of a program that aims to provide companionship using such devices to people living alone including the elderly.The 34 centimetres tall robot can speak Japanese and is designed to provide emotional support for people isolated for long periods.The Robot designed by Tomotaka Takahashi, of the University of Tokyo.”"Kirobo “” derived from the Japanese words for “hope” and “robot”.

India Won Bronze Medal at Junior Women Hockey World Cup

On 4 August Indian Junior Women Hockey team won its first ever Bronze medal in ERGO Hockey Junior World Cup at Monchengladbac, Germany .India defeated England by 3-2 in a penalty shoot-out.Indian forward Rani was declared the Best Player of the ERGO Junior Women Hockey World Cup 2013.

What is so special about this Hamburger (World’s first lab-grown beef burger)?

The world’s first lab-grown beef burger, developed in the lab of Professor Mark Post of Maastricht University in the Netherlands, weighed 140g with production cost 250000 Euros or 330000 US dollar. The beef used in the burger was developed from the stem cells extracted from a living cow. As claimed by scientists, when mixed with breadcrumbs, egg powder and salt, for improving its taste; as well as coloured with red beetroot juice and saffron; it will taste very much like a usual burger.

How the beef used in the burger (World’s first lab-grown beef burger) was produced?

The beef used in the burger was developed by using the stem cells taken from a living cow. Stem cells, as we know, are the master cells with a unique capability to grow into multiple types of cells i.e. blood, tissue, muscle, etc. Scientists, then placed these cells in a nutritional medium to grow into small strands of meat. Thousands of these meat strands were used for making the burger.