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Wednesday, June 29, 2016

Current Affairs Update – 29th June, 2016

Hello and welcome to exampundit . Here are the Important Current Affairs of 29th June, 2016. These are important for upcoming SBI PO Mains & UBI PO PGDBF 2016.


Current Affairs at a Glance– 29th June, 2016
  1. The World Bank Board on 21 June 2016 approved the 63 million US dollar project, Tejaswini: Socioeconomic Empowerment of Adolescent Girls and Young Women in Jharkhand. Tejaswini is the first World Bank project in India that is solely focused on the welfare of adolescent girls and young women
  2. The World Bank’s Board of Executive Directors on 24 June 2016 approved 201.50 million US dollars for Technical Education Quality Improvement Project III (TEQIP III) in India to improve the quality of engineering education in select Indian states.
  3. Axis Bank-country's third largest private sector lender- in a bid to ride on the digital wave has decided to open an innovation lab where it will tie up with financial technology start-ups.
  4. Majuli was in news on 27 June 2016 as the Government of Assam approved its up gradation as a district. The approval was given by the State Cabinet in its first meeting after the formation of the government on 24 May 2016. It is the largest mid river delta system in the world. It is also comprised of many islets locally called the Chaporis.
  5. Armed Forces and state government of Assam on 28 June 2016 started exercise JALRAHAT at Narangi Cantt of Assam. It is an initiative that is being carried on for flood relief in the state.
  6. The World Economic Forum (WEF) on 28 June 2016 released the Human Capital Report 2016. India occupied the 105th position among the 130 countries surveyed in the Index. In 2015, India's position was 100th among the 124 countries surveyed in the Index.
  7. The United Nations Children's Emergency Fund (UNICEF) on 28 June 2016 released the State of the World’s Children 2016 report.
  8. Food and Beverage multinational Nestle SA on 27 June 2016 named Ulf Mark Schneider as its next Chief Executive Officer (CEO).
  9. Suzuki Motor Corp on Wednesday said its board has appointed Toshihiro Suzuki, son of Chairman Osamu Suzuki, as its next chief executive effective the same day, as the Japanese automaker attempts to recover from a vehicle testing scandal.
  10. Dairy major Amul today announced to sponsor the Indian contingent for the Rio 2016 Olympic Games, to be held in August.
  11. India's Ace shooter Sanjeev Rajput on 28 June 2016 clinched the silver medal for India in men's 50-metre rifle 3 position event of the ISSF World Cup in Baku, Ajerbaijan.
  12. Senior artist K.G. Subramanyan (92) passed away in Baroda on Wednesday.



Finance/Economy –

World Bank approves $63 million for Tejaswini Project in Jharkhand


  • The World Bank Board on 21 June 2016 approved the 63 million US dollar project, Tejaswini: Socioeconomic Empowerment of Adolescent Girls and Young Women in Jharkhand.
  • Tejaswini is the first World Bank project in India that is solely focused on the welfare of adolescent girls and young women. 
  • The project will support adolescent girls and young women between the ages of 14 and 24 to complete their secondary level education. It will also help them to acquire relevant skills for the job market. 

Key highlights of the project

  • The project will support market-driven skills training, secondary education and broader socio-economic empowerment for adolescent girls and young women in 17 select districts of the state.
  • It is expected to benefit about 680000 adolescent girls and young women in the state.
  • In the 17 project districts, there are about 2.1 million adolescent girls and young women in the 14-24 age group, of which 13% belong to Scheduled Castes and 25% to Scheduled Tribes.
  • The project will intervene at two levels, i.e., at the community and at the institutional level.
  • The community-based platforms will hold regular counselling and guidance sessions, life skills education, livelihood support services and more.
  • At the institutional level, it will work with partner institutions through performance-based contracts to deliver vocational training, business skills training and non-formal education.

Life skills education will include four core elements:
  • (a) Resilience and soft skills: It includes communication and problem-solving skills, goal-setting and techniques to maintain psychological wellbeing through adversity.
  • (b) Rights and protections: This is related to early marriage, child labour, safe migration, gender-based violence and more.
  • (c) Health and nutrition: It includes sanitation and hygiene, nutritional habits for self and children and sexual and reproductive health.
  • (d) Financial literacy: It will help teach numeracy, saving, budgeting and accessing credit and financial institutions.


World Bank approves $201.50 million for Technical Education Quality Improvement Project in India


  • The World Bank’s Board of Executive Directors on 24 June 2016 approved 201.50 million US dollars for Technical Education Quality Improvement Project III (TEQIP III) in India to improve the quality of engineering education in select Indian states.
  • The objective of the project is to enhance quality and equity in participating engineering education institutes and improve the efficiency of the engineering education system in focus states.
  • The maturity period for the project if 25 years with an additional 5 years grace period.

Two Components of the Projects
  • Improving quality and equity in engineering institutes in focus states
  • It will focus on improving engineering education in all government and government-aided colleges including the ATUs in Andaman and Nicobar Islands, LIS, states in the North East of India and hill states.

It has three sub-components:
  • (i) institutional development for participating institutes
  • (ii) widening impact through ATUs
  • (iii) twinning arrangements to build capacity and improve performance of participating institutes

System-level initiatives to strengthen sector governance and performance
  • It will support the Ministry of Human Resource Development (MHRD) and key apex bodies including the All India Council for Technical Education (AICTE) and National Board of Accreditation (NBA).
  • It will strengthen sector governance, management, accountability mechanisms and performance in the overall system of engineering education.


Axis Bank launches innovation lab to partner with fintech start-ups


  • Axis Bank-country's third largest private sector lender- in a bid to ride on the digital wave has decided to open an innovation lab where it will tie up with financial technology start-ups.
  • This innovation hub that is located in Bangalore will focus on curating start-ups and working with them to help them develop the value propositions and the bank will look at absorbing their technology.
  • These start-ups will mainly be focusing across lending, digital, payments and artificial intelligence space. For this, the bank has also tied up with Zone Start-ups, Nasscom, venture capitalist and some global banks. At the moment the lender is also experimenting with emerging technologies such as blockchain, mobiolity, cloud etc.
  • In its annual report released a few days ago, the lender had stated that it is planning to focus on start-ups and ecommerce as a business segment and has created a new business vertical-the New Economy Group within the corporate banking system. 
  • The bank said that this vertical will focus on improving relationship with e-commerce companies and start-ups, through a relationship-driven comprehensive coverage model.


Union Cabinet approves recommendations of 7th Pay Commission


  • Union Cabinet on 29 June 2016 approved the recommendations of the 7th Pay Commission. The salaries and arrears, effective from 1 January 2016, will be made applicable now.
  • The commission recommended 23.55 percent hike in pay and allowances of government employees.

Approved Recommendations are
  • The minimum pay for government employees is recommended to be set at 18000 rupees per month.
  • The maximum pay is recommended to be 225000 rupees per month for Apex Scale and 250000 per month for Cabinet Secretary and others presently at the same pay level.
  • The increase in pay will be 16 percent, increase in allowances will be 63 percent and increase in pension will be 24 percent.
  • The present system of pay bands and grade pay has been dispensed and a new pay matrix has been designed. Grade Pay has been subsumed in the pay matrix. The status of the employee, determined by grade pay, will now be determined by the level in the pay matrix.
  • The rate of annual increment for employees will be 3 percent.
  • Abolition of 52 allowances and introduction of a Health Insurance Scheme.
  • One Rank One Pension proposed for civilian government employees on line of OROP for armed forces.
  • Increase in Military Service Pay and revised pension formula for civil employees including Central Armed Police Forces (CAPF) and Defence Personnel retiring before 1 January 2016.
  • Military Service Pay (MSP), which is a compensation for the various aspects of military service, will be admissible to the defence forces personnel only.
  • Ceiling of gratuity enhanced from 10 lakh rupees to 20 lakh rupees and ceiling on gratuity will be raised by 25 percent whenever DA rises by 50 percent.


CSIR-CIMFR inked MoU for coal quality analysis with coal supplying companies

  • Council of Scientific and Industrial Research (CSIR) and Central Institute of Mining and Fuel Research (CSIR-CIMFR) on 28 June 2016 inked a Memorandum of Understanding (MoU) with Coal Supplying companies and Power Utilities for quality analysis of coal being supplied to power utilities by coal companies.
  • Highlights of the MoU
  • The CSIR-CIMFR would make use of its knowledge base support in maintaining the quality of coal at national level for the entire power sector.
  • It is estimated that about 300 million metric tons of coal samples would be analyzed for quality per year.
  • The contract value of the project is around 250 crore rupees per annum at minimum.


India –

Majuli in Assam declared as island district


  • Majuli was in news on 27 June 2016 as the Government of Assam approved its up gradation as a district. The approval was given by the State Cabinet in its first meeting after the formation of the government on 24 May 2016.
  • At present, Majuli is a Mohkuma, a sub division of the Jorhat District and represented by the Chief Minister Sarbananda Sonowal in the Assembly.

Key facts related to Majuli island
  • Geographical features: It is a fluvial landform (a riverine delta), a unique geographical occurrence and a result of the dynamics of the Brahmaputra river system.
  • It is bounded by the river Subanisri and her tributaries on the North West, the kherkatia Suli (a spill channel of the river Brahmaputra) in the northeast and the main Brahmaputra River on the South and the South west.
  • It is the largest mid river delta system in the world. It is also comprised of many islets locally called the Chaporis.
  • Its area has shrunk from about 1250 square kilometers in 1891 to about 515 square kilometers due to the erosion of river-bank.


Exercise Jalrahat for flood Relief in Assam started


  • Exercise Jalrahat: a Joint Initiative by State Government and Armed Forces for Flood Relief in Assam
  • Armed Forces and state government of Assam on 28 June 2016 started exercise JALRAHAT at Narangi Cantt of Assam. It is an initiative that is being carried on for flood relief in the state.
  • The Exercise spread over three days terminates on 30 June 2016.
  • Exercise Jalrahat, a joint initiative led by GAJRAJ Corps with full support from HQ Eastern Command, is based on Flood Relief in an urban setting.
  • It is a clubbed name of the relief works that will be carried by all the three forces of India that is, Indian Army, Navy and Air Force.


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Reports/Indexes –

World Economic Forum released the Human Capital Report 2016


  • The World Economic Forum (WEF) on 28 June 2016 released the Human Capital Report 2016.
  • The WEF prepared the report in collaboration with Mercer, an American global human resource and related financial services consulting firm.
  • The report presents an analysis by focusing on a number of key issues that can support better design of education policy and future workforce planning.
  • The Human Capital Index 2016 ranks 130 countries on how well they are developing and deploying their human capital potential.

Top three Countries in the Human Capital Index are:
  • Finland (1)
  • Norway (2)
  • Switzerland (3)

Bottom three Countries in the Human Capital Index are:
  • Chad (128)
  • Yemen (129)
  • Mauritania (130)

India’s position in the Human Capital Index
  • India occupied the 105th position among the 130 countries surveyed in the Index. In 2015, India's position was 100th among the 124 countries surveyed in the Index.
  • In the Asia-Pacific region, it is placed behind Sri Lanka (50), China (71), Indonesia (72), Iran (85), Bhutan (91) and Bangladesh (104).
  • India has secured 62nd, 98th, 106th, 119th and 120th position in the 0 to 14, 15 to 24, 25 to 54, 55 to 64, and 65 and Over categories respectively.


UNICEF released the State of the World's Children 2016 Report


  • The United Nations Children's Emergency Fund (UNICEF) on 28 June 2016 released the State of the World’s Children 2016 report.
  • The data in the report show that, unless the pace of progress to reach them is accelerated, the futures of millions of disadvantaged and vulnerable children will be jeopardized.

Key highlights of the State of the World's Children 2016 report
  • The report mentions that unless the world focuses more on the plight of its most disadvantaged children, by 2030:
  • Almost 70 million children may die before reaching their fifth birthdays.
  • Children in sub-Saharan Africa will be 10 times more likely to die before their fifth birthdays than children in high-income countries.
  • Nine out of 10 children living in extreme poverty will live in sub-Saharan Africa.

India in the report
  • The report states that five countries will account for more than half of the global burden of under-five deaths. These countries are India (17 per cent), Nigeria (15 per cent), Pakistan (8 per cent), the Democratic Republic of the Congo (7 per cent) and Angola (5 per cent).
  • The average annual rate of reduction in neonatal mortality required for India to reach the target is almost double the current level.


Appointments –

Nestle named Ulf Mark Schneider as CEO


  • Food and Beverage multinational Nestle SA on 27 June 2016 named Ulf Mark Schneider as its next Chief Executive Officer (CEO). He is the CEO of Fresenius, a Germany-based healthcare company. He will join Nestle on 1 September 2016 and start as CEO on 1 January 2017.
  • He will succeed incumbent CEO Paul Bulcke, who will resign from the position on 31 December 2016. Bulcke has been named by Nestle board as its next chairman after incumbent Peter Brabeck-Letmathe retires in 2017.
  • 50-year old Schneider will be the first outsider to run 150-year old Nestlé since 1922, when banker Louis Dapples was appointed to head the company after its only financial loss.
  • The appointment of Schneider highlights the increasing importance of health and nutrition for Switzerland-based manufacturer of Maggi noodles and Kit Kat candy bars.
  • Schneider appointment will expand the Nestle's capability to become one of the pre-eminent players in the Nutrition, Health and Wellness sector.


Suzuki Motors appoints scion Toshihiro Suzuki as CEO


  • Suzuki Motor Corp on Wednesday said its board has appointed Toshihiro Suzuki, son of Chairman Osamu Suzuki, as its next chief executive effective the same day, as the Japanese automaker attempts to recover from a vehicle testing scandal.
  • The appointment comes after patriarch Osamu Suzuki this month said he would decline the CEO position to take responsibility for the automaker's use of incorrect testing methods when calculating vehicle mileage.


Sports –

Amul to sponsor Indian contingent for Rio Olympics


  • Dairy major Amul today announced to sponsor the Indian contingent for the Rio 2016 Olympic Games, to be held in August.
  • The Gujarat Cooperative Milk Marketing Federation (GCMMF), which sells its product under the brand Amul, will pay Rs 1 crore to the Indian Olympic Association (IOA) for the sponsorship.
  • The agreement for the official sponsorship of the Indian contingent in 2016 Olympic games, was signed by IOA Secretary General Rajeev Mehta and GCMMF Managing Director R S Sodhi.


Sanjeev Rajput wins silver in ISSF World Cup


  • India's Ace shooter Sanjeev Rajput on 28 June 2016 clinched the silver medal for India in men's 50-metre rifle 3 position event of the ISSF World Cup in Baku, Ajerbaijan.
  • To claim the silver medal, Rajput shot 456.9 points. This was his third World Cup medal and first in five years (he won gold at 2011 Changwon World Cup).
  • This was also India's second medal of the competition and of the same colour as well, after pistol ace Jitu Rai's silver winning effort in the men's 10m air pistol earlier in the competition.
  • Croatia's Petar Gorsa won the gold medal with 457.5, while Hyeonjun Kim of Korea bagged the bronze after he shot 445.5.
  • This was the last World Cup before the Rio Olympic Games.


Obituaries –

Senior artist K.G. Subramanyan passes away


  • Senior artist K.G. Subramanyan (92) passed away in Baroda on Wednesday.
  • Subramanyan, who was recovering from a recent surgery, was a modernist, having studied art under stalwarts like Nandlal Boss, Ramkinkar Baij and Benode Bihari Mukherjee in Shantiniketan.
  • When he turned 90, Seagull Foundation For The Arts decided to celebrate the occasion with a year-long travelling exhibition of the master’s latest works.


Naga rebel leader Isak Chishi Swu dies

  • Naga rebel leader Isak Chishi Swu died on 28 June 2016 following a prolonged illness at Fortis hospital in Vasant Kunj, Delhi. He was 87.
  • He was the co-founder and chairman of Nationalist Socialist Council of Nagaland (Isak-Muivah) (NSCN-IM).




Regards



Team ExamPundit

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