Multibillion Agreement between India-Russia:



  • India and Russia are close to concluding an Inter-Governmental Agreement (IGA) for a multi-billion deal to locally bulk manufacture AK-103 assault rifles in the next few months.
  • India has signed several multi-billion dollar defence deals with Russia in the last couple of years and more are in the pipeline.
  • Upon signing that, there will be direct business negotiations between Kalashnikov from Russia and India’s Ordnance Factory Board (OFB).
  • The Army has recently signed a contract for 72,400 assault rifles from Sig Sauer of the U.S. and another tender for 93,895 Close Quarter Battle (CQB) carbines is in advanced stage of conclusion. These rifles are for frontline troops deployed in forward areas.
  • The Indian Army is looking to replace the indigenous INSAS (Indian National Small Arms System) rifles in use with a modern rifle. The AK-103 will be bulk produced by the OFB with technology transfer.

Labour Bureau report on MUDRA:

Mudra yojana

  • The Labour Bureau has completed its survey on employment generated by the MUDRA loan scheme, giving the Centre a potential data tool to combat other reports showing a dismal scenario on jobs.
  • The Pradhan Mantri Mudra Yojana was introduced in April 2015 as an effort to extend affordable credit to micro and small enterprises. Loans up to Rs. 10 lakh are extended to these non-corporate, non-farm enterprises by the Micro Units Development and Refinance Agency (MUDRA) through last-mile financial institutions. So far, 15.56 crore loans worth a total of Rs. 7.23 lakh crore have been disbursed.

In December 2017, faced with mounting criticism on the failure to create job opportunities, the Labour Ministry had asked the Labour Bureau to initiate the survey on jobs created through the MUDRA scheme.

MODI gets Seoul Peace Prize:

Narendra Modi

  • Prime Minister Narendra Modi was given the Seoul Peace Prize for 2018 for his contribution to international cooperation and fostering global economic growth.
  • The Prime Minister dedicated the $200,000 (Rs. 1.42 crore) prize money to the Namami Gange programme that seeks to stop pollution in the Ganga and rejuvenate the river.

India share of water to Pakistan:

  • The Indus system comprises the rivers Indus, Jhelum, Chenab, Ravi, Beas and Sutlej. The basin is mainly shared between India and Pakistan with a small share for China and Afghanistan, the Ministry said in the statement.
  • Under the Indus Water Treaty signed by India and Pakistan in 1960, the waters of three rivers — Ravi, Sutlej and Beas (eastern rivers) of about 33 million acre feet (MAF) were allocated to India for exclusive use.
  • Among India’s various schemes is the Shahpurkandi project that will help in utilising the water from the Thein dam to irrigate 37,000 hectares of land in Jammu and Kashmir and Punjab and generate 206 MW of power, the statement said.
  • Another facility is the Ujh multipurpose project that will create a storage of about 781 million cubic metre of water on river Ujh , a tributary of Ravi.


Will your preparation be effective without Daily Current Affairs and Readings? Subscribe below for AFA UPSC WEB to receive daily updates to mail…

Enter your mail to receive daily updates...