Hello and welcome to exampundit . Here are the important Current Affairs of 22nd June, 2016. These are important for the upcoming SBI PO Mains 2016 Exam.
Union Cabinet approved establishment of Fund of Funds for Startups
- The Union Cabinet on 22 June 2016 approved the establishment of Fund of Funds for Startups (FFS). The establishment of the fund is in tune with the Start up India Action Plan that was unveiled in January 2016 to boost start up ecosystem in the country.
Features of Fund of Funds for Startups
- Beneficiaries: It will be utilised for contribution to various Alternative Investment Funds (AIF), registered with Securities and Exchange Board of India (SEBI) which would extend funding support to Startups.
- Resource allocation: It has a corpus of 10000 crore rupees which shall be built up over the 14th (2015-20) and 15th Finance Commission (2020-25) cycles subject to progress of the scheme and availability of funds.
- An amount of 500 crore rupees has already been provided to the corpus of FFS in 2015-16 and 600 crore earmarked in the 2016-17.
- Further provisions will be made as grant assistance through Gross Budgetary Support by Department of Industrial Policy and Promotion (DIPP).
- The 10000 crore rupees corpus could potentially be the nucleus for catalyzing 60000 crore rupees of equity investment and twice as much debt investment.
- This would provide a stable and predictable source of funding for Startup enterprises and thereby facilitate large scale job creation.
- Employment: On full deployment, the Fund is expected to generate employment for 18 lakh persons on full deployment.
- Execution: The expertise of the Small Industries Development Bank of India (SIDBI) would be utilized to manage the day to day operations of the FFS.
- Monitoring: The DIPP will monitor and review performance of the fund in line with the Start up India Action Plan.
The NITI Aayog-appointed Tarun Khanna Committee on Innovation and Entrepreneurship opined that India has the potential to build about 2500 highly scalable businesses in the next 10 years.
Given the probability of entrepreneurial success that means 10000 Start ups will need to be spawned to get 2500 large scale businesses.
Tech Mahindra acquires UK digital firm The Bio Agency
- IT services provider Tech Mahindra on Wednesday said it has acquired The BIO Agency (BIO). It is a UK-based agency that offers digital services to global clients and engages with their customers. Tech Mahindra acquired the British firm for 45 million pounds (Rs 445 crore).
- The BIO Agency services brands across financial services, retail, property, travel, and technology sectors and the acquisition will help them make sizeable inroads into Fortune 100 / 500 telecommunications and enterprise clients of Tech Mahindra, the company said in a statement.
- Tech Mahindra has embraced the future with its focus on digital and sees this as an important strategic move. The acquisition will further strengthen and enable the company to engage with its clients at the start of the journey and more importantly, help design the customer experience for their businesses.
ISRO launches record 20 satellites from Sriharikota
- Indian Space Research Organisation (ISRO) on 22 June 2016 launched a record 20 satellites in a single mission from the Satish Dhawan Space Center in Sriharikota, Andhra Pradesh.
- With this launch of 20 satellites, ISRO also managed to break its previous record of placing 10 satellites into orbit in a single mission in 2008.
- The 20 satellites including India’s latest earth observation satellite Cartosat-2 was launched on-board Polar Satellite Launch Vehicle PSLV C-34. The other 19 satellites were from the US, Germany, Canada and Indonesia as well as two satellites from Sathyabama University, Chennai, and the College of Engineering, Pune.
- The Cartosat-2 series satellite is the primary satellite carried by PSLV-C34. This satellite is similar to the earlier Cartosat-2, 2A and 2B. After its injection into a 505 km polar Sun Synchronous Orbit by PSLV-C34,
Other satellites included
- LAPAN A3 of Indonesia: The micro-satellite will be used for earth surveillance and magnetic field monitoring.
- BIROS from Germany: This is meant for remote sensing of high temperature events.
- SKYSAT GEN 2-1 from US: It will be used for earth imaging. The micro-satellite was developed by Google Company Terra Bella's SkySat Gen2-1.
- Dove Satellites from US: it comprises of a total of 12 Flock-2P Earth imaging satellites.
- Maritime Monitoring and Messaging Microsatellite (M3MSAT) from Canada: This micro-satellite of Canada will be used for collection and study of automatic identification system signals from low earth orbit.
Aadhaar to be linked with caste, domicile certificates
- Union Government in June 2016 asked all state governments to link Aadhaar with caste and domicile certificates of school students.
- Under first-of-its-kind initiative, the states have been asked to ensure that such certificates are issued within 60 days time to the students when they are studying either in Class V or VIII.
- To make sure that the scholarships will be granted on time to students belonging to Scheduled Caste and Scheduled Tribes and without causing any harassment to SC/STs students. There have been complaints of delay in grant of scholarships and harassment.
- To facilitate access of bona fide candidates belonging to Scheduled Castes and Scheduled Tribes to the reserved posts and services under the State or Central governments.
- To secure admission in educational institutions and get other facilities.
Maharashtra Cabinet approves Minority Status to Jew community
- The Maharashtra Cabinet on 21 June 2016 approved the minority status to Jew community. This decision will benefit the students from these communities to avail scholarships from the state government.
- After getting the minority status, the Jews in the state will be entitled to use benefits of government schemes meant for minorities and can also apply in educational institutions under the minority status.
- The people of this community will now be able to easily get their marriage registrations done in Maharashtra.
- The Jewish people living in the state would now also be able to set up their own educational institutions and practice and promote their culture.
Andhra Postal circle releases stamps on Yoga booklet
- To commemorate the 2nd International Day of Yoga, Andhra Pradesh Postal circle on 21 June 2016 released “Information booklet, Stamps on Yoga” and “12 stamps on Suryanamaskarams”.
- The booklet contains illustrations and description of 24 yoga asana (postures). It also provides a brief description on the various Yoga postures depicted in the original Stamps.
- The booklet contains four Commemorative stamps released in 1991 on various yoga postures-- Bhujangasana, Dhanurasana, Ushtrasana and Utthita Trikonasana.
UNCTAD released World Investment Report 2016
- The United Nations Conference on Trade and Development (UNCTAD) on 21 June 2016 released a report entitled World Investment Report 2016 – Investor Nationality: Policy Challenges.
- The report examines international production by multinational enterprises (including sales, exports, employment and value added), as well as their ownership structures and control of affiliates.
- In a novel analysis, the report focuses on how policymakers can distinguish between "domestic" and "foreign" companies in a globalized economy and provides with a new framework for handling ownership issues in 21st century investment policymaking.
- While the USA surpassed Hong Kong and China in terms of FDI inflows in 2015 with 380 billion US dollars, India continues to be at the 10th position with 44 billion US dollars.
Highlights of World Investment Report 2016
- FDI inflows: Top 10 countries in terms of FDI inflows in decreasing order - The USA, China, Hong Kong, Ireland, Netherlands, Switzerland, Singapore, Brazil, Canada and India.
- Global investment trends: The flows jumped by 38 per cent to 1.76 trillion US dollars, their highest level since the global economic and financial crisis of 2008–2009.
Report with respect to India
- Globally, India was at the top tenth position in terms of FDI inflows in 2015. Compared to 35 billion US dollars in 2014, it received 44 billion US dollars of investments in 2015.
- India’s and Bangladesh’s FDI performance pushed inflows to South Asia to 50 billion US dollars, an increase of 22 per cent from 2014.
- India became the fourth largest recipient of investment in developing Asia.
World Bank releases India Development Update 2016
- The World Bank Group on 20 June 2016 released the mid-year edition of India Development Update 2016: Financing Double-Digit Growth. The report finds that India’s economy expanded at a faster pace in FY 2016.
- It says that the economy was lifted to a higher growth path by demand from urban households and public investments, despite the fact that other key growth engines had stalled.
Highlights of the Update
- It reviews the current challenges in India’s financial sector and analyzes some of the impacts of the recommendations of the 14th Finance Commission on Indian states.
- Agriculture, rural household consumption, private investments, and exports have not performed to potential.
- The oil bonanza most directly benefited the government, which for the first time in five years exceeded its revenue collection targets and used the resources to contain the fiscal deficit.
- Capital spending by the central government was ramped up.
- Urban households were the main drivers of growth in FY 2016.
- The manufacturing and services sectors, which expanded 7.4 and 8.9 percent, respectively, also created urban jobs.
- Inflation abated primarily because of lower food prices.
- Lower inflation raised real incomes and allowed RBI to cut interest rates, which favored the financially-connected urban households.
- To remain on this growth path and sustain growth at 7.6 percent into FY17, the challenge for the Indian economy is to activate the stalled engines that are agricultural growth, rural demand and trade.
- The dissipation of the large boost from historically low oil prices in the past year will make this a challenging task, but prospects of a normal monsoon will help, the Update suggests.
PayPal India appoints Anupam Pahuja as Managing Director
- Digital payments platform PayPal on Wednesday said it has appointed Anupam Pahuja, a company veteran heading technology for Asia Pacific, as the Managing Director and Country Manager for India.
- Pahuja will be responsible for all aspects of PayPal's India business and further strengthening the company's operations in the country.
- Prior to PayPal, Anupam was the Managing Director of NASDAQ-listed SumTotal Systems, the world’s largest eLearning company.
Awards & Honors –
Six Indian WW1 warriors gets place in Digital Archive of United Kingdom
- Six Indian World War I (WW-I) heroes on 20 June 2016 became part of Britain’s new digital archive. The archive was launched as part of UK government’s centenary celebrations of WW-I and aims to tell the inspiring stories of war heroes.
- The new Digital Archive was launched by Foreign and Commonwealth Office (FCO) to chronicle individual biographies of the war heroes. The new digital archive can be accessed through the UK government’s official gov.uk portal.
The Indians to be archived digitally for their important role during the War are:
- Risaldar Badlu Singh from Punjab
- Sepoy Chatta Singh from Uttar Pradesh
- Naik Darwan Singh Negi from Uttar Pradesh (modern day Uttarakhand)
- Lance Naik Lala from Himachal Pradesh
- Rifleman Gabar Sing Negi from modern day Uttarakhand
- Lance-Daffadar Gobind Singh from Rajasthan
Books & Authors –
A Life in Diplomacy authored by MK Rasgotra
- The book titled A Life in Diplomacy was in news in the third week of June 2016. The book was written by former Indian diplomat Maharajakrishna Rasgotra.
- It is an insider's account of the personalities and policies that shaped Indian diplomacy.
- The book provides a ringside view of the beginnings of ethnic violence in Sri Lanka, the last years of the Cold War, the negotiations on the formation of SAARC, Indira Gandhi's assassination and the Bhopal gas disaster.
Noted Telangana poet and lyricist Guda Anjaiah dies
- Noted Telangana poet and lyricist Guda Anjaiah died on 21 June 2016 at his house at Ragannagudem, Telangana following a brief illness. He was 61. He is survived by three daughters.
- His songs both regaled and incensed supporters of statehood movement.