Current Affairs for July 18, 2019
BANKING AND ECONOMY
CURRENT AFFAIRS VIDEO
- Cabinet has passed the National Medical Commission Bill 2017 which aims to replace Indian Medical Council Act, 1956.
- It proposes to convert the final year exam of MBBS into the National Exit Test (NEXT).
- Apart from NEXT, the NEET and common counselling for admissions will be used by all institutions.
- Cabinet Committee on Economic Affairs (CCEA) cleared the Dam Safety Bill, 2019.
- Purpose: – To ensure that India’s 5,600 dams are made and maintained safely.
- The Bill seeks to establish National Dam Safety Authority as a regulatory body to implement the policy.
- Apart from this, CCEA approved ₹1,600-crore pre- investment for India’s largest hydropower project – Dibang Multipurpose Project (2,880 MW) being built in Arunachal Pradesh.
- Cabinet Committee on Economic Affairs approved 3 new railway projects, with at a cost of ₹6,000 crore, to be built in Uttar Pradesh and Assam.
- New projects – Railway Sahjanwa and Dohrighat (in UP), Bongaigaon-Agthori line (Assam) and Allahabad and Mughalsarai (in UP).
- Lok Sabha passed the Appropriation (No.2) Bill-2019 to allow the government to withdraw ₹98.18 lakh crore from the Consolidated Fund of India to meet its expenditure during 2019-20.
5. Cabinet approved the Insolvency and Bankruptcy Code (Amendment) Bill, 2019 to implement seven amendments to Insolvency and Bankruptcy Code, 2016.
It proposes a deadline for the completion of the resolution process within 330 days, (against the 270 days limit at present) including all litigation and judicial processes.
Votes of all financial creditors covered under Section 21(6A) of IBC Act shall be cast in accordance with the decision approved by the highest voting share [more than 50%] of financial creditors on present and voting basis.
Amendment Bill proposes that the IBC’s resolution plan will be binding on all the stakeholders (including government).
It also allows creditors who voted against the majority to receive a minimum liquidation value.
Merger& Acquisition are a part of bankruptcy resolution.
- Ministry of Skill Development and Entrepreneurship has launched ‘Kaushal Yuva Samwaad’ in New Delhi to celebrate 4th Anniversary of Skill India Mission.
- Kaushal Pakhwada fortnight campaign was also launched to inspire young trainees of the Skill India Mission.
- India and Italy decided to jointly set up a fast-track mechanism for companies and investors of both countries.
- Aim: – To help the Italian companies and investors in India and Indian companies and investors in Italy.
- Under this platform, general suggestions from Italian companies and investors will be heard with regard to ease of doing business in India.
- Indian side will be represented by Department for Promotion of Industry and Internal Trade (DPIIT) and Italian side will be represented by Italian Embassy in India.
- Israel Aerospace Industries signed a follow-up deal worth $50 million with Indian Navy and Mazagon Dock Shipbuilders Ltd.
- Purpose: – To improve system development and delivery.
- Central Government will build India-based Neutrino Observatory (INO) at Pottipuram in Theni District, Tamil Nadu.
- The observatory will have India’s first Iron Calorimeter (ICAL) detector.
- Aim: – ICAL will observe naturally occurring atmospheric neutrinos.
- Glavkosmos (Russian space agency) and ISRO signed an agreement to train Indian astronauts for the Gaganyaan mission (2022).
- Ministry of AYUSH is planning to set up 4,200 Ayush wellness centres in 2019-20 in India.
- UN Development Program, along with Oxford Poverty and Human Development Initiative (OPHI) released the Multi-dimension Poverty Index (MPI) 2019, which mentions a total 1.3 billion people are multidimensionally poor in 101 countries.
- 886 million (more than two-thirds of them) live in middle-income countries.
- India’s MPI value reduced from 0.283 in 2005-06 to 0.123 in 2015-16. India and Cambodia are the fastest to reduce their MPI.
- India lifted 271 million people out of poverty between 2006 and 2016.
- Parameters: – 10 indicators are measured under three dimensions health, education, and standard of living.
- State–wise: – Jharkhand has improved the most in reducing poverty.
- U.S. imposed sanctions against Myanmar military’s Chief Min Aung Hlaing and other leaders barring them from entering into the country.
- Reason: – Extrajudicial killings of Rohingya Muslims.
- Bernard Arnault (owner of French brand LVMH) has become the second richest person in the world after overtaking Bill Gates, according to Bloomberg Billionaire Index 2019.
- Jeff Bezos (Amazon’s owner) is Number 1 while Bill Gates is number 3.
BANKING AND ECONOMY
- Nielsen India (a Market research firm) has lowered the growth targets for fast moving consumer goods (FMCG) to 9-10% for 2019 against 11-12% estimated earlier.
- Larsen & Toubro Infotech Ltd has acquired Lymbyc (a specialist AI company) for ₹38 crore to strengthen its digital and analytics services.
- According to Nasscom the demand for digitally-skilled workforce will rise at 35% compounded annual growth rate between FY 2019-2023.
- The job requirement will rise to 2.3-2.7 million for digitally-skilled professionals by 2023.
- HDFC ERGO General Insurance Company and Muthoottu Mini Financiers Ltd. (NBFC) have signed a “Bancassurance Corporate Agency Agreement”.
- Purpose: – HDFC ERGO’s insurance will be offered to the customers of NBFC through its network branches.
- HDFC and Common Service Centres (CSCs) have launched a co-branded ‘Small Business MoneyBack Credit Card’ for small traders and village level entrepreneurs (VLEs).
- 3.6 lakh CSCs will act as an access point for delivery of this card’s services.
- HDFC Bank has de-listed its 22 outstanding Global Depository Receipts (GDRs) from the Luxembourg Stock Exchange.
- Reason: – The low trading volume of GDRs.
- A GDR is a bank certificate issued in more than one country for shares in a foreign company.
- SIDBI has launched the Fund of Funds for Startups (FFS)- a web-based application system at a budget of Rs 10,000 crore.
- Purpose: – To improve the procedure of loan disbursement and increase transparency.
- Alternative Investment Funds (AIFs) can now contribute towards FFS through online mode.
- Icertis (a software startup) has become the unicorn startup after raising $115 million (now net valuation is over $1 billion).
- Bank of America Merrill Lynch’s report estimates that India needs $270 billion (about ₹18.5 trillion) investment over the next 5-15 years to fulfil the promise of piped water supply to all homes by 2024.
- Apart from this, Namami Gange, interlinking rivers to redirect water to water-scarce regions and irrigation projects will also need investment.
- Today only 18.3% of rural households have piped water supply.
- Budget 2019: – Allocated ₹9,150.36 crore for the National Rural Drinking Water Programme (a 69% increase from previous year).
- Mindtree has appointed Anilkumar Manibhai Naik as its non-executive chairman after its acquisition by L&T.
- World Day for International Justice (or Criminal Justice) Day is observed on 17th July.
- On this day, in 1998, Rome Statute was adopted as an effect of which the International Criminal Court (ICC) was established in 2002.
- Muhammed Anas and Hima Das have won gold at the Tabor Grand Prix (Athletics) held at Tabor, Czech Republic.
- Archer Deepika Kumari won a silver medal at the 2020 Olympics test event held at Tokyo, Japan.
- Durand Cup, the oldest football tournament in Asia, is jointly organized by Army, Navy and Air Force of India.
- The cup got a lease of life after the West Bengal government extended its support to the three services.