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INDIAN AFFAIRS
Cabinet approves SANKALP & STRIVE Schemes to boost Skill India Mission
In a bid to provide a boost to ‘Skill India Mission’, on October 11, 2017, Union Cabinet approved two new skill development schemes named Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) and Skill Strengthening for Industrial Value Enhancement (STRIVE). Both these schemes are result oriented programmes focusing on vocational education and training.
i. SANKALP is a centrally sponsored scheme having financial outlay Rs 4,455 crore out of which 3300 crore will be in the form of a loan from World Bank.
ii. STRIVE is a central sector scheme having financial outlay Rs 2200 crore out of which half the amount will be in the form of loan assistance from World Bank……………….Click here to view more detail
Cabinet Approvals on October 12 2017
On October 11, 2017, Union Cabinet gave its approval for signing of a Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance.
i. Cabinet approves MoU between SEBI and Capital Markets Authority (CMA), Kuwait
ii. Union Cabinet has approved the signing of Memorandum of Cooperation (MoC) between India and Japan on the Technical Intern Training Program (TITP).
iii. Cabinet approves MoC between India and Japan on Establishing Flexible and Global LNG Market
iv. Cabinet approves MoU between India and Belarus for Cooperation in the field of Vocational Education and Training
v. Cabinet approves MoU between India and Morocco on cooperation in the field of water resources……………………….Click here to Read more
UP government launches ‘Sankalp Seva’ bus service
On 11th October 2017, Uttar Pradesh Chief Minister Yogi Aditynath flagged off 50 buses under the ‘Sankalp Seva’ bus service in Lucknow, Uttar Pradesh.
‘Sankalp Seva’ Bus Service:
i. The buses launched under ‘Sankalp Seva’ bus service will connect 6,000 villages. Uttar Pradesh Transport Minister Swatantra Dev Singh was also present at the event.
ii. In his address, Yogi Adityanath said that, the state government was taking initiatives to provide better bus services to the people, so that, everyone will have access to all kind of facilities.
iii. He also said that, to honour the sacrifices of the martyrs, the state government will construct ‘Gaurav Marg Path’ which will contain statues of the martyrs.
Recent Schemes introduced by Uttar Pradesh:
♦ UP Mukhyamantri Samoohik Vivaah Yojana – Mass Marriage Scheme for Couples
♦ Pandit Deendayal Gramodyog Rozgar Yojana UP
♦ Pradhan Mantri Matritva Vandana Yojana for Pregnant Women in Uttar Pradesh
NMCG signs agreement to set up sewage treatment plants in Haridwar, Varanasi
On 11th October 2017, the Central Government approved setting up of Sewage Treatment Plants (STPs) at Haridwar and Varanasi under its Namami Gange programme.
STPs at Haridwar & Varanasi:
i. The National Mission for Clean Ganga (NMCG) has signed an agreement with Uttarakhand Pey Jal Nigam and Uttar Pradesh Jal Nigam and private players for setting up first STPs in Haridwar and Varanasi under hybrid annuity mode.
ii. The project would be done in public-private partnership mode for a combined cost of Rs.324.69 crore. Union Water Resources Minister Nitin Gadkari presided over the programme where the agreement was signed.
iii. The 50 Million Litres Daily (MLD)-capacity STP in Varanasi was awarded to a consortium (a group of companies) led by Essel Infra Projects Limited. Its estimated cost is Rs.153.16 crore.
iv.A total sewage treatment capacity of 82 MLD (68MLD in Jagjeetpur and 14 MLD in Sarai) in Haridwar was awarded to HNB Engineers Private Limited. Its estimated cost is Rs.171.53 crore.
About Namami Gange programme:
♦ Objectives – elimination of pollution, conservation and rejuvenation of River Ganga
♦ Budget – Rs.20,000 crore
Manohar Lal Khattar announces ration cards for nomadic tribe in Haryana
On 11th September 2017, Chief Minister Manohar Lal Khattar announced ration cards for nomadic tribes living in different parts of Haryana.
Ration cards for Nomadic Tribes in Haryana:
i. Chief Minister Manohar Lal Khattar interacted with representatives of denotified and nomadic tribes from all over Haryana.
ii. Khattar announced that, the Food, Civil Supplies and Consumer Affairs Department would organise camps to issue ration cards to nomadic tribes. This would provide identification to them as permanent residents.
iii. Krishan Kumar, Minister of State for Welfare of Scheduled Castes and Backward Classes said that, the Haryana government has also opened hostels in 11 districts for students belonging to these tribes and poor children belonging to other castes.
About Haryana:
♦ Capital – Chandigarh
♦ Chief Minister – Manohar Lal Khattar
♦ Governor – Kaptan Singh Solanki
Gujarat government announces Garments & Apparel Policy 2017
On October 12, 2017, Gujarat State Government under Chief Minister Vijay Rupani announced its Garments and Apparel Policy-2017.
Salient Features of Gujarat Garments and Apparel Policy, 2017:
i. The policy has been prepared with an aim to make Gujarat number 1 state in textiles sector. It is to be noted that Gujarat is a major producer of cotton.
ii. Under this policy, Gujarat Government will make efforts to make supply chain in textiles sector suitable for farm-to-fibre, fibre-to-fabric, fabric-to-fashion and fashion to foreign exports.
iii. To encourage women’s employment in textiles sector, State Government will provide financial assistance of Rs. 4,000 per month to female workers working in the factories. This assistance will be provided for five years.
iv. In order to encourage investments in the textile sector, Gujarat state government will also provide interest subsidy and relief in electric bills.
Quick Facts about Gujarat
♦ Capital – Gandhinagar
♦ Current Chief Minister – Vijay Rupani
♦ Current Governor – Om Prakash Kohli
INTERNATIONAL AFFAIRS
Global Hunger Index – India slips 3 positions to 100th among 119 nations
India has ranked at 100th position among 119 countries on the Global Hunger Index (GHI), 2017. This year’s ranking marks a drop of three positions as compared to 97th rank in Global Hunger Index 2016.
i. India’s GHI 2017 score of 31.4 places it at the high end of the “serious” hunger problem category.
ii. The report outlines that more than 20% of Indian children under the age of five have lower weight in relation to their height and about 33% are too short in relation to their age………………………..Click here to view more detail
BANKING & FINANCE
SEBI fixes penalty for non-compliance of shareholding norms
On 10th October 2017, SEBI announced that, listed companies not following the norms with regard to Minimum Public Shareholding (MPS) would be taken action including fine (penalty) and delisting.
SEBI’s action on non-compliant Listed Companies:
i. According to MPS norms, any listed company must have at least 25 % as public shareholders and 75 % can be held by promoters. Companies not following these norms should to pay a fine of Rs.5,000 a day.
ii. The entire promoter holding, except for compliance to MPS, will be frozen by depositories. The promoter group and directors of the particular company will not be allowed to hold any position in other companies.
iii. If the non-compliance continues for more than 1 year, the amount of fine per day will double to Rs.10,000. Such companies might be de-listed of their shares from stock exchanges.
About SEBI:
♦ Purpose – regulator for the securities market in India
♦ Established in – 1988
NBFC bad loans rise to 5% in 5 years: RBI
On 12th October 2017, the Reserve Bank of India (RBI) said that, Gross Non-Performing Assets (GNPA) ratio for NBFCs has increased to 5 % at end of March 2017 from 2.9 % at end of March 2012.
Increase in NBFC bad loans:
i. Non-Banking Financial Companies (NBFCs) have faced a steady reduction in asset quality in the past 5 years. Bad loans of NBFCs amount to around Rs.74,230 crore. RBI said that, the reduction in asset quality could be mapped to the change in NPA recognition norms.
ii. Return on Assets (RoA) of NBFCs declined from 2013 onwards. However, compared to banks, NBFCs reported a fairly higher RoA.
iii. The Capital to Risk-weighted Assets Ratio (CRAR) of NBFCs has declined in recent years. Still, it was higher than the prescribed regulatory level of 15 %.
Some Non-banking financial companies (NBFCs):
♦ Power Finance Corporation
♦ Reliance Capital
♦ Infrastructure Development Finance Company
♦ LIC Housing Finance
SBI launches SME Assist to provide short-term loans to MSME clients
On October 12, 2017, State Bank of India (SBI) launched a new product called ‘SME Assist’ to provide a short-term working capital demand loan to its Micro, Small and Medium Enterprises (MSME) clients.
More Details about SBI’s ‘SME Assist’:
i. The loans shall be provided on the basis of clients’ input credit claims under Goods and Services Tax (GST), subject to submitting of a certificate from their chartered accountant confirming the input credit claims.
ii. These loans will help clients to manage their working capital requirement till the time they get input credit and will thereby ensure stability in operations.
iii. Loans under ‘SME Assist’ will be provided at concessional interest rates.
iv. Borrowers of loan under ‘SME Assist’ will have the benefit of a moratorium period for the first three months.
Quick Facts about State Bank of India
♦ Founded in – 1955
♦ Headquarters – Mumbai
♦ Current Chairman – Rajnish Kumar
Mastercard launches its first Innovation Centre in India
On October 10, 2017, American financial technology company Mastercard launched its first innovation lab in India in Pune, Maharashtra.
More Details about Mastercasrd’s first Innovation Centre in India:
i. This centre is Mastercard’s ninth lab in the world and the second in Asia Pacific besides Singapore.
ii. The centre in Pune will focus on new payment technology ideas for the rapidly growing digital economy in India.
iii. In India, Mastercard will collaborate with financial institutions, merchant partners and the technology community to identify and experiment with future technologies in a few key areas including digital payments, data solutions, financial inclusion, alternative payments and safety and security.
iv. The first project to be undertaken by this centre will be about providing Indian farmers, access to more buyers which will enable them to run a more profitable business and will eventually pave the way to a cashless agricultural sector.
RBI allows interoperability of wallets in six months
On October 12, 2017, Reserve Bank of India (RBI) instructed banks and non-bank entities to make their digital wallets/prepaid payment instruments (PPIs), interoperable through the Unified Payments Interface (UPI) within six months.
More Details about RBI’s instruction pertaining to interoperability of wallets:
i. As per RBI’s master directions, in the first phase, all PPIs that are Know Your Customer (KYC)-compliant should be made interoperable amongst themselves through UPI.
ii. In the next phase, interoperability shall be enabled between wallets and bank accounts through UPI.
iii. RBI has stated that PPIs will be permitted to be loaded or reloaded by cash, by debit to a bank account, by credit and debit cards, and other PPIs. However, cash loading to PPIs will be limited to Rs 50,000 per month.
iv. At any point of time, PPI’s should not have outstanding amount of more than Rs 100000.
GIC Re launches India’s third largest IPO
India’s biggest reinsurer, General Insurance Corp of India (GIC Re)’s Rs. 11,370 crore Initial Public Offer (IPO) opened for subscription on October 11, 2017.
More Details about GIC Re’s IPO:
i. GIC Re’s Rs. 11370 crore IPO is Indian primary market’s third largest IPO after Coal India (Rs.15,200 crore in 2010) and Reliance Power (Rs. 11,600 crore in 2008).
ii. Following this IPO, government’s stake in GIC Re will fall by 14.22% and will fetch Rs. 9,800 which shall help in meeting its disinvestment target.
iii. The issue price range is between Rs 855 to Rs 912 per equity share.
iv. Funds raised through this IPO will be used by GIC Re for augmenting the capital base and support business growth.
Quick Facts about GIC Re
♦ Founded in – 1972
♦ Headquarters – Mumbai
♦ Current Chairman & Managing Director – Alice Vaidyan
BUSINESS
Government forms ‘think-tank’ for guidance to achieve oil and gas targets
On 10th October 2017, Minister for Petroleum and Natural Gas, Dharmendra Pradhan announced the formation of an internal ‘think-tank’, consisting of experts to advise on technology and build a successful gas network in India.
‘Think-tank’ for Oil & Gas:
i. Dharmendra Pradhan made this announcement at the India Energy Forum by CERAWeek. He said that, the ‘think-tank’ is formed to reduce the target set by the Prime Minister to reduce oil import dependence by 10 %.
ii. The think tank will be in an advisory role and will look after gas infrastructure, financing model for projects, price competitiveness etc.
iii. The following people will be a part of the ‘think-tank’:
1.Dev Sanyal – Executive Vice President of Regions and Chief Executive of Alternative Energy at BP
2.Ashok Belani – Executive vice president Technology at Schlumberger
3.Vijay Kelkar – Economist and Head of Government Committee on natural gas price
4.Chanda Kochhar - Managing Director and Chief Executive Officer of ICICI Bank
5.K V Kamath – Chief of the New Development Bank of BRICS countries
6.Satish Pai – Managing Director of Hindalco Industries
7.Rahul Dhir – Chief Executive Officer at Delonex Energy
About Ministry of Petroleum and Natural Gas:
♦ Purpose – responsible for the exploration, production, refining, distribution, marketing, import, export, and conservation of petroleum, natural gas, petroleum products, and liquefied natural gas in India
AWARDS & RECOGNITIONS
Actor Prakash Raj receives Karanth award
On 10th October 2017, Prakash Raj, actor and film-maker, received the Kota Shivaram Karanth Huttura Prashasti award, at the Kota Shivaram Karanth Theme Park, in Kota, Udupi district of Karnataka.
Prakash Raj – received Kota Shivaram Karanth Huttura Prashasti award:
i. The Kota Shivaram Karanth Huttura Prashasti award is instituted in the name of Jnanpith awardee K Shivaram Karanth.
ii. It is given by the Kotatattu gram panchatyat in Kota, the birthplace of the literary giant, K Shivaram Karanth, in Udupi district of Karnataka.
iii. Prakash Raj received the award amidst strong protests by members of BJP Yuva Morcha. The protests were conducted due to Prakash Raj’s comment over Prime Minister Narendra Modi’s silence on journalist Gauri Lankesh’s murder. Prakash Raj is a close friend of Gauri Lankesh.
About Prakash Raj:
♦ Age – 52
♦ Occupation – Film actor, Producer, Film director, Television presenter
APPOINTMENTS & RESIGNS
John Flint appointed as CEO of HSBC
On 12th October 2017, HSBC announced that, it has appointed John Flint as its next CEO, in London.
John Flint – CEO of HSBC:
i. John Flint currently runs HSBC’s retail and wealth management business. He will take charge as CEO on 21stFebruary, 2018.
ii. John Flint would replace current CEO Stuart Gulliver. Gulliver is retiring after seven years in this job.
iii. Flint has worked across most of HSBC’s business lines. He spent the first 14 years of his career with the bank in Asia, which gave him a great experience that is necessary to the CEO role.
iv. Flint’s main task will be to grow revenues across HSBC’s businesses. As HSBC plans to grow profits again, following a period of restructuring after the 2008-9 financial crisis.
About HSBC Holdings plc:
♦ Headquarters – HSBC Tower, London, England, UK
♦ Group Chairman – Mark Tucker
Yuvraj Singh named Laureus’ first Indian ambassador
On 11th October 2017, Yuvraj Singh was announced as the first Indian ambassador of Laureus at an event in Mumbai.
Yuvraj Singh – Laureus’ first Indian ambassador:
i. Yuvraj Singh has become the first Indian ambassador of Laureus. Laureus works to improve the lives of young people through sport.
ii. Yuvraj Singh is an Indian cricketer. He is a left-hander. Laureus consists of Indian cricket legends like Sachin Tendulkar, Rahul Dravid and Kapil Dev.
iii. Yuvraj Singh said that, it was an honour for him to join the Laureus Family in India, and to find out the great work being done to help young people overcome challenges in their lives.
About Laureus:
♦ Vision – using the power of sport to end violence, discrimination and disadvantage. Proving that sport can change the world
♦ Consists of – Laureus Sport for Good, the Laureus World Sports Academy and Ambassadors Programme and the Laureus World Sports Awards
ACQUISITIONS & MERGERS
Tata Teleservices to merge Consumer Mobile Business with Bharti Airtel
On 12th October 2017, Bharti Airtel announced the acquisition of Consumer Mobile Businesses (CMB) of Tata Teleservices Ltd (TTSL) and Tata Teleservices Maharastra Ltd (TTML).
Merger of Tata Teleservices with Bharti Airtel:
i. Tata Teleservices has been merged with Bharti Airtel. After this merger, over 40 Million Tata customers will join Bharti Airtel.
ii. The merger will be on a debt-free, cash-free basis and all past liabilities and dues will be settled by Tata.
iii. As a part of the Agreement, Bharti Airtel will absorb Tata consumer mobile businesses (CMB) operations across the country in nineteen circles (17 under TTSL and 2 under TTML).
iv. The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel.
About Tata Teleservices:
♦ Headquarters – Mumbai
♦ Interim Chairman – Ratan Tata
SCIENCE & TECHNOLOGY
SpaceX completes successful launch of recycled rocket Falcon 9
On 12th October 2017, SpaceX launched its recycled rocket Falcon 9 and landed it on a drone ship in the Atlantic Ocean.
Launch of Falcon 9:
i. SpaceX has launched the rocket Falcon 9, that had already flown to space and landed it successfully on an ocean platform. It is as part of SpaceX’s effort to recycle costly rocket components.
ii. At 6:53 pm (2253 GMT), the tall, white Falcon 9 rocket blasted off from Cape Canaveral, Florida carrying the Echostar 105/SES-11 satellite.
iii. The satellite aims to provide television coverage and communications capabilities to North America, Hawaii, Mexico and the Caribbean. It is a “dual-mission” satellite for the US-based operator EchoStar and Luxembourg-based operator SES.
iv. About 10 minutes after launch, the tall portion of the rocket, known as the first stage, returned to Earth for a controlled, upright landing on a drone ship called “Of Course I Still Love You,” stationed in the Atlantic.
v. This is the 18th successful landing of Falcon 9 rocket first stage. The Falcon 9’s first stage had previously flown on a cargo mission to the International Space Station in February 2017. SpaceX flew a recycled rocket component for the first time in March 2017.
About SpaceX:
♦ Headquarters – Hawthorne, California, U.S.
♦ CEO & CTO – Elon Musk
♦ President & COO – Gwynne Shotwell
SPORTS
Ashish Nehra announces retirement from all forms of cricket
On 12th October 2017, Ashish Nehra announced that, he will be retiring from all forms of cricket, after the first Twenty20 international between India and New Zealand at Delhi’s Feroz Shah Kotla, on 1st November 2017.
Ashish Nehra’s retirement:
i. Ashish Nehra is glad to retire at his home ground. He wanted to retire while he was still on top.
ii. Ashish Nehra made his senior debut for India, during the Test series against Sri Lanka in 1999 and helped the Indian cricket team reach the 2003 World Cup final. He is 38 years old.
iii. Ashish Nehra has collected 44 Test, 157 one-day international and 34 Twenty20 wickets in his 18-year international career. Nehra also played for four teams in the Indian Premier League from 2012-16.
About Ashish Nehra:
♦ Role – Bowler
♦ Batting – Right
♦ Bowling – Left arm medium-fas
FIFA suspends the Pakistan Football Federation
The Pakistan football federation was suspended from FIFA (Fédération Internationale de Football Association) by the Bureau of FIFA council on 10th Oct 2017.
Reason for suspension
The reason behind the suspension was the “Interference of third party” in PFF i.e, the PFF accounts and their offices were under the control of an administrator appointed by court and this actually violated the rules of FIFA that it should manage its affairs independently and without the interference of third parties.
Consequences
i. Due to this suspension not only PFF members but also its officials won’t receive any benefits from the courses, programmes or trainings conducted by FIFA as well as Asian Football Confederation (AFC)
ii. Also, in accordance with article 16 paragraph 3 of the FIFA statutes, when an association is suspended, the other member associations should not entertain sporting contact with the suspended federation and thus PFF won’t receive any sporting contact from other associations too.
iii. The suspension will be removed only when PFF offices and accounts are returned to PFF from the third party administrators.
About FIFA:
♦ Headquarters – Zurich, Switzerland
♦ It has 211 member associations
♦ President – Swiss-Italian Gianni Infantino
Arjen Robben retires from International Football
Arjen robben, the 33 years old football player announced his retirement news from the international football. He played for Bayern Munich, a German club. He is well known for his speed and accurate shots. He scored two goals against Sweden on the last match and it was not enough for his team to get qualified to World cup 2018. That made him to end up his international carrier.
About Arjen Robben
i. Arjen was born in a place called Bedum, in north eastern Netherlands.
ii. He played his debut match at the age of 19 against Portugal.
iii. He was picked by the regional club FC Groningen and later he also played for PSV (Philips Sport Vereniging).
Achievements
i. Arjen was in fourth position in the Netherlands “all time goal scorers” list.
ii. He has played in three World Cup finals and three European Championships for the Dutch.
Other Points
After the resignation from the International Cricket Arjen said: “I want to focus on my club now.”It’s a good time to pass the torch to the next generation.”
