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- The Union Government has set the target for the roll out of the Goods and Services Tax as 1st April, 2017. There will be two components of GST – Central GST (CGST) and State GST (SGST) in order to comply with federal structure of India. The GST is expected to bring in several benefits such as uniformity, ease of compliance, and reduction in the cost of locally manufactured goods and services.
- The Union Government has launched a nationwide breastfeeding programme called MAA (Mother’s Absolute Affection). The programme aims to create awareness about the benefits of breastfeeding, and was launched by the Ministry for Health and Family Welfare. World Breastfeeding Week is also observed from 1-7th August.
- The Reserve Bank of India (RBI) has constituted a committee to look at various facets of household finance in India. The Committee will be chaired by Tarun Ramadorai, Professor of Financial Economics, University of Oxford. It will have representation from financial sector regulators namely, Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) apart from Reserve Bank of India (RBI).
- The Union Government has set an inflation target of four per cent for the next five years i.e. till March 31, 2021. In this regard, Union Government will soon set up a Monetary Policy Committee (MPC) to adhere to the target till March 31, 2021.
- The circuit bench of the National Green Tribunal (NGT) has ordered the inspection of all industrial units located on the banks of the Periyar river to check the feasibility of effluent treatment plants and to find out whether the effluents discharged into the river are within the prescribed parameter.
- The 31st edition of Summer Olympic Games opened in the Brazilian city of Rio de Janeiro. It was declared open by Acting Brazilian President Michel Temer at the Maracana Stadium. The theme of the 31st edition of Summer Olympic Games was “World peace and Environment“. It is for the first time the summer Olympics will be held in South America. India, which has fielded its biggest ever contingent of 120 sportspersons was led by flag-bearer and Olympic Gold medallist Abhinav Bindra.
- China has successfully launched its first satellite for mobile telecommunication. It is called The Tiantong-01, and launched on-board of the Long March-3B carrier rocket from Xichang Satellite Launch Centre.