Current Affairs Update – 1st September, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 1st September, 2016. These are important for the upcoming IBPS PO VI Mains, Bank of Baroda and Bank of Maharashtra PO Exams.


Current Affairs at a Glance – 1st September, 2016
  1. The Union Cabinet on 31 August 2016 approved simplification and liberalisation of the Foreign Direct Investment (FDI) Policy, 2016 in various sectors. These radical changes in FDI regime were introduced by the Union Government on 20 June 2016. The FDI policy amendments are aimed at providing ease of doing business in the country leading to larger FDI inflows contributing to growth of investment, incomes and employment. 
  2. Dena Bank has signed a Memorandum of Understanding (MoU) with Mahila Arthik Vikas Mahamandal (MAVIM) whereby the bank will provide loans to a Maharashtra-based women centric development body to finance various self help groups (SHGs). As per the MoU, MAVIM will co-ordinate with the bank and community managed resource centres (CMRCs) and act as a business facilitator.
  3. With an aim to boost regional air connectivity by developing small airports and airstrips in the state thereby attracting domestic airlines, the Gujarat government on Thursday signed an MoU with the Ministry of Civil Aviation under the Regional Connectivity Scheme (RCS).
  4. State-run cybersecurity bodies of India and the UK have signed a Memorandum of Understanding for close cooperation on counter cyberattacks these countries face.
  5. The second reactor of the Kudankulam Nuclear Power Project (KKNPP) was on 29 August 2016 successfully synchronised to the Southern Power Grid situated at Abhishekapatti, Chennai. This marks the generation of electricity and its supply to the grid by the second reactor.
  6. Union Cabinet on 31 August gave its approval to create a Project Development Fund (PDF) for catalysing Indian economic presence in the Cambodia, Laos, Myanmar and Vietnam (CLMV). The PDF will be created with a corpus of 500 Crore rupees.
  7. Union Government on 1 September 2016 constituted an expert committee to study slit in river Ganga in Bihar. The four-member committee will be headed by Member of Ganga Flood Control commission AK Sinha.
  8. The Energy and Resources Institute (TERI) on 31 August 2016 officially appointed former Finance Secretary Ashok Chawla as the new Chancellor of TERI University.
  9. Michel Temer, Brazil's former Vice President, was on 31 August 2016 sworn in as the President of Brazil. Temer is expected to stay in power until the next scheduled election in late 2018.
  10. Biocon chairperson and managing director Kiran Mazumdar Shaw has been appointed 'Chevalier de l'Ordre National de la Legion d'Honneur' (Knight of the National Order of the French Legion of Honour) for her outstanding contribution and dedication to Biosciences and Research field globally. 




Finance/Banking/Industry –

Union Cabinet approves simplification of FDI Policy 2016 in various sectors


  • The Union Cabinet on 31 August 2016 approved simplification and liberalisation of the Foreign Direct Investment (FDI) Policy, 2016 in various sectors. These radical changes in FDI regime were introduced by the Union Government on 20 June 2016.
  • The FDI policy amendments are aimed at providing ease of doing business in the country leading to larger FDI inflows contributing to growth of investment, incomes and employment. 
Radical Changes in FDI Policy regime

  • Radical Changes for promoting Food Products manufactured/produced in India: To permit 100 percent FDI under government approval route for trading in respect of food products manufactured in India.
  • FDI in Defence Sector up to 100%: FDI beyond 49% has been permitted through government approval route, in cases resulting in access to modern technology. FDI limit for defence sector has also been made applicable to Manufacturing of Small Arms and Ammunitions covered under Arms Act, 1959.
  • Review of Entry Routes in Broadcasting Carriage Services: 100 percent FDI allowed under automatic route for Teleports, Direct to Home, Cable Networks and Mobile TV. Moreover, infusion of FDI beyond 49% in a company not seeking permission from Ministry will result in change in the ownership pattern.
  • Pharmaceutical Sector: 100% FDI under automatic route in Greenfield pharma, FDI up to 100% under government approval in Brownfield pharma and 74% FDI under automatic route in Brownfield pharmaceuticals.
  • Civil Aviation Sector:  To permit 100% FDI under automatic route in Brownfield Airport projects. In Scheduled Air Transport Service and regional Air Transport Service, it has now been decided to raise FDI limit to 100%. For NRIs, 100% FDI will continue to be allowed under automatic route.
  • Private Security Agencies: FDI up to 49% is now permitted under automatic route in this sector and FDI beyond 49% and up to 74% would be permitted with government approval route.
  • Establishment of branch office, liaison office or project office: No approval from Reserve Bank of India or separate security clearance would be required in cases where FIPB approval or license/permission by the concerned Ministry has already been granted.
  • Animal Husbandry: It has been decided to do away with the requirement of controlled conditions for FDI in Animal Husbandry, Pisciculture, Aquaculture and Apiculture.
  • Single Brand Retail Trading: It has been decided to relax local sourcing norms up to three years and a relaxed sourcing regime for entities undertaking Single Brand Retail Trading of products having cutting edge technology.

Dena Bank inks MoU with MAVIM for financing needs of women SHGs


  • Dena Bank has signed a Memorandum of Understanding (MoU) with Mahila Arthik Vikas Mahamandal (MAVIM) whereby the bank will provide loans to a Maharashtra-based women centric development body to finance various self help groups (SHGs). As per the MoU, MAVIM will co-ordinate with the bank and community managed resource centres (CMRCs) and act as a business facilitator.
  • The bank will initially implement the scheme in Nashik, Nandurbar, Jalgaon, Dhule, Aurangabad, Kolhapur, Satara, Pune, Sangali, Ahmednagar Parbhani and Jalna districts of Maharashtra on pilot basis. MAVIM will organize poor people to form women SHGs, impart financial literacy training and guide them to mobilize their saving, setting up linkages between the groups and the bank.
  • Dena Bank is engaged in providing banking services. Its services include treasury, corporate/wholesale banking, retail banking, mobile banking, phone banking, internet banking, international banking, dena automated teller machine (ATM) services and visa bill pay etc.

Gujarat signs MoU with Aviation Ministry for regional connectivity


  • With an aim to boost regional air connectivity by developing small airports and airstrips in the state thereby attracting domestic airlines, the Gujarat government on Thursday signed an MoU with the Ministry of Civil Aviation under the Regional Connectivity Scheme (RCS).
  • The Memorandum of Understanding (MoU) was signed here in presence of Union Civil Aviation Minister Ashok Gajapathi Raju and Gujarat Chief Minister Vijay Rupani.
  • With this, Gujarat has become the third state after Maharashtra and Jharkhand to have signed such agreement with the Centre to boost regional connectivity.
  • As per the agreement signed between both the parties, 11 airports/airstrips in Gujarat will be developed as per RCS scheme of the Ministry of Civil Aviation, said Raju after meeting Rupani.
  • These 11 airports/airstrips include Bhavnagar, Bhuj, Jamnagar, Surat, Porbandar, Mehsana, Mandvi, Amreli, Kandla, Keshod and Deesa.

India and UK cybersecurity agencies sign MoU


  • State-run cybersecurity bodies of India and the UK have signed a Memorandum of Understanding for close cooperation on counter cyberattacks these countries face.
  • "The Union Cabinet under the chairmanship of Prime Minister Narendra Modi has been apprised of the MoU signed on May 20, 2016, between Indian Computer Emergency Response Team (CERT-In) and Ministry of Cabinet Office, UK, as represented by CERT-UK, a unit of the Cabinet Office on Cyber Security," an official statement today said.
  • The MoU intends to promote closer cooperation between India and the UK for exchange of knowledge and experience in detection, resolution and prevention of security-related incidents, it added.
  • With this MoU, participating countries can exchange technical information on cyberattacks , response to cybersecurity incidents and find solutions to counter the cyber attacks. This MoU helps to strengthen cyber space of both countries, capacity building and improving relationship between them.

HCL partners with Mesosphere for Cloud data management


  • HCL Technologies on Thursday announced a partnership with data centre infrastructure company Mesosphere to deliver a unified operational experience and achieve efficient resource utilisation for its customers.
  • The partnership combines Mesosphere's Datacenter Operating System (DC/OS) with HCL's unique Next-Gen information technology and operations capabilities.

Kudankulam Plant Unit-2 synchronised with Southern Power Grid


  • The second reactor of the Kudankulam Nuclear Power Project (KKNPP) was on 29 August 2016 successfully synchronised to the Southern Power Grid situated at Abhishekapatti, Chennai. This marks the generation of electricity and its supply to the grid by the second reactor.
  • The Russian-designed VVER-1000 reactor of Kudankulam is now generating 245 MWe power to the southern grid from the second unit. Output from Kudankulam 2 is being divided between four states: Tamil Nadu, Karnataka, Kerala and Puducherry.
  • However, the unit will be shut down for a mandatory inspection of the turbine generator after a few days of operation. Generation of power will be raised to 250 MWe, 500 MWe, 750 MWe, 900 MWe and then 1000 MWe in stages.

Union Cabinet approves creation of PDF to catalyse Indian economic presence in CLMV countries


  • Union Cabinet on 31 August gave its approval to create a Project Development Fund (PDF) for catalysing Indian economic presence in the Cambodia, Laos, Myanmar and Vietnam (CLMV). The PDF will be created with a corpus of 500 Crore rupees.
  • CLMV countries have a unique position in the regional value chains and offer a gateway for market access to China/EU and other markets due to various trade agreements.
Key Highlights

  • PDF will be housed in Department of Commerce.
  • It will be operated through the EXIM Bank.
  • It will be governed by an Inter-Ministerial Committee under the chairpersonship of the Commerce Secretary.
Advantage

  • India will have the advantage in the regional value chain by securing a dedicated market for domestic raw materials and intermediate goods on a long term basis.
  • This regional access will provide a dedicated market for Indian raw materials and intermediate goods besides a dedicated source for inputs and raw materials for Indian industry.

India –

AK Sinha committee constituted to study silt in river Ganga in Bihar


  • Union Government on 1 September 2016 constituted an expert committee to study slit in river Ganga in Bihar. The four-member committee will be headed by Member of Ganga Flood Control commission AK Sinha.
  • The committee has been asked to submit its report within 10 days.
  • Other members of the committee are Chief Engineer of Central Water Commission SK Sahu, Prof. of IIT, AK Gosain and members of National Disaster Management Authority Dr. Rajnish Ranjan.

Sponsored





Dhingra Commission submits its report to Haryana Chief Minister


  • Justice SN Dhingra Commission set up on 31 August 2016 by the Haryana government submitted its report to the Haryana Chief Minister Manohar Lal. It hinted at irregularities.
  • The commission was set up in May 2015 to probe the circumstances of grant or rejection of licences for development of colonies, group housing societies and commercial complexes in Gurgaon. 
Highlights of the Report

  • The 182-page report has two parts of which the first part contains the findings and the second contains evidence.
  • The report elaborates the manner adopted to commit irregularities and the people behind it.
  • The Commission has reportedly examined more than 200 cases of grant of Change of Land Use (CLU) licences.

Appointments –

Ashok Chawla appointed Chancellor of TERI University


  • The Energy and Resources Institute (TERI) on 31 August 2016 officially appointed former Finance Secretary Ashok Chawla as the new Chancellor of TERI University.
  • The decision to appoint Chawla was taken in its meeting held on 19 August 2016 by the governing council of TERI.
  • With this, the University ended its last association with former Chancellor and Head R.K. Pachauri, who was accused of sexually harassing a female colleague in 2015.
  • Chawla has also been serving as the Chairman of Teri since February 2016.

Michel Temer sworn in as President of Brazil


  • Michel Temer, Brazil's former Vice President, was on 31 August 2016 sworn in as the President of Brazil. Temer is expected to stay in power until the next scheduled election in late 2018.
  • His appointment came following the removal of Dilma Rousseff from the office through the Senators' voting.
  • Senators voted 61-20 to convict Rousseff for illegally using money from state banks to boost public spending, an act seen as a leading factor behind the massive 60 billion US dollars deficit, the worst recession being faced by Brazil, leaving millions of people out of work.

Indian-origin Ajei Gopal named CEO of ANSYS


  • A software industry veteran Ajei Gopal on 30 August 2016 was named the Chief Executive Officer (CEO) of a leading US company ANSYS.
  • Gopal will take over the charge of the Pennsylvania-based company with effect from 1 January 1 2017.
  • James Cashman, who has served as ANSYS’ CEO since 2000, will become Chairman of the Board of Directors, effective from January 2017.

Awards & Honors –

Bezwada Wilson, Thodur Madabusi Krishna receive Ramon Magsaysay Award 2016


  • Carnatic singer Thodur Madabusi Krishna and Bezwada Wilson, campaigner for eradication of manual scavenging, on 31 August 2016 received the prestigious Ramon Magsaysay Award 2016.
  • They were among six persons who received the award. Four others who received the award are: Conchita Carpio-Morales of the Philippines, Dompet Dhuafa of Indonesia, Japan Overseas Cooperation Volunteers and Vientiane Rescue of Laos.
About Bezwada Wilson

  • Wilson, the national convenor of the Safai Karmachari Andolan (SKA), got the award for asserting the inalienable right to a life of human dignity.
  • He has been leading a grassroot movement to eradicate the degrading servitude of manual scavenging in India, reclaiming for the Dalits the human dignity that is their natural birthright.
  • He has spent 32 years on his crusade, leading not only with a sense of moral outrage but also with remarkable skills in mass organising, and working within India’s complex legal system.
About Thodur Madabusi Krishna

  • Krishna won the award under the Emergent Leadership category for bringing social inclusiveness in culture. He is a Carnatic music vocalist.
  • His forceful commitment as artist in breaking barriers of caste and class to unleash what music has to offer not just for some but for all led to his selection for the award.

Kiran M Shaw honored with 'Knight of Legion of Honour' by France


  • Biocon chairperson and managing director Kiran Mazumdar Shaw has been appointed 'Chevalier de l'Ordre National de la Legion d'Honneur' (Knight of the National Order of the French Legion of Honour) for her outstanding contribution and dedication to Biosciences and Research field globally.
  • The award will be conferred on behalf of the President of the French Republic at a special ceremony later this year, Biocon said here in a statement.
  • Chevalier l'Ordre National de la Legion d'Honneur, created in 1802 by Napoleon Bonaparte, is the highest civilian award of the French Republic for outstanding contribution in diverse fields bestowed on citizens of the world.
  • The award is conferred by the President of the French Republic.
  • Other Indians to have received this honour in the past include Yashwant Sinha, Narayana Murthy, Amitabh Bachchan, Aishwarya Rai, Nandita Das, Shah Rukh Khan, veteran musician Balamuralikrishna and the late actor Sivaji Ganesan, among others.




Regards



Team ExamPundit

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