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Current Affairs on Economy

Current affairs on 26 May 2017

Foreign Investment Promotion Board (FIPB) dissolved

  1. On 24 May 2017, The Union Cabinet gave its approval to wind up the Foreign Investment Promotion Board (FIPB) that was created in 1991 during economic reforms under the Prime Minister’s Office (PMO).
  2. The winding is possible as the job is delegated to the Department of Industrial Policy and Promotion (DIPP) and, in 2003, the FIPB was reconstituted and placed in the Department of Economic Affairs (DEA) under the Ministry of Finance.

Current affairs on 25 May 2017

Israel aerospace industries signs $630 million deal with India

  1. Israel Aerospace Industries (IAI) has closed another major deal worth 630 million US dollar with India to supply advanced long-range air and missile defense systems for four ships of the Indian Navy. 
  2. The LRSAM is a joint development by IAI and India’s Defence Research and Development Organisation (DRDO). The system provides the ultimate protection against a variety of aerial, naval and airborne threats. The deal, a major boost to the ‘Make in India’ campaign.
Posted on: 25th May 2017 Read complete Article →

Karnataka Bank inks pact with LIC

  1. Karnataka Bank Ltd has entered into a Memorandum of Understanding (MoU) with Life Insurance Corporation (LIC) of India for selling life insurance products of LIC.
  2. The bank signed the corporate agency agreement with LIC in Mangaluru, Karnataka, thus now will be able to provide the vast choice of life insurance products to its customers across all its 769 branches with this MoU.

Current affairs on 23 May 2017

Narmada Seva Mission launched in Madhya Pradesh for the conservation of Narmada River

  1. “Narmada Seva Mission” is the name of the conservation mission launched in Amarkantak (Madhya Pradesh) for conservation of Narmada River and on the occasion of the culmination of the ‘Narmada Seva Yatra’ that started on 11 December 2016 and ended on 15 May 2017. 
  2. More than 700 Narmada seva committees have already been formed in the state and over 74000 Narmada sevaks have registered under the initiative to clean and protect the river.
Posted on: 23rd May 2017 Read complete Article →

Turbo Megha Airways became the first private airline to get a licence to fly under UDAN

  1. Turbo Megha Airways, the Hyderabad-based airline that flies as TruJet, became the first private airline to get a licence to fly under UDAN
  2. UDAN is the government scheme for subsidized regional flights. The Director General of Civil Aviation (DGCA) on 17 May 2017 issued the first air operator certificate in the scheduled commuter category to Turbo Megha Airways.
  3. Prime Minister Narendra Modi had launched the first flight under UDAN (Uday Desh Kaa Aaam Naagrik) on the Shimla-Delhi route on 27 April 2017. 

Union Finance Ministry declared a new series of index of industrial production (IIP) and the wholesale price index (WPI)

  1. The base year for the indices in the new series of IIP and WPI has been shifted to 2011-12, against the earlier 2004-05. Gross domestic product (GDP) is also expected to undergo revision, based on the new WPI and IIP numbers.
  2. In the new series of the IIP, there are 809 items, against 620 in the old one. As many as 149 items such as steroids, cement clinkers, prefabricated concrete blocks, and refined palm oil have been added in the new series, while 124 items such as calculators, colour TV picture tubes, and gutka have been deleted.
  3. In the new series of the WPI, the number of items covered has increased from 676 to 697. In all, 199 new items have been added and 146 old items have been dropped.

Current affairs on 06 May 2017

‘SAMPADA’ the scheme to boost  marine and agriculture produce launched 

  1. The Union Government gave its approval to a new Rs. 6,000 crore central scheme ‘SAMPADA’ for the 2016-20 period with an aim to boost processing of marine and agriculture produce and with the bojective to supplement agriculture, modernise processing and decrease agri-waste
  2. The term ‘SAMPADA’ stands for – Scheme for Agro-Marine Processing And Development of Agro-Processing Clusters has got it's total allocation of Rs. 6,000 crore.
  3. SAMPADA is an umbrella scheme incorporating ongoing schemes like mega food parks, integrated cold chain and value addition infrastructure, food safety and quality assurance infrastructure, and others. It also includes new schemes like infrastructure for agro-processing clusters, creation of backward and forward linkages, creation/expansion of food processing and preservation capacities.
  4. SAMPADA will help in generating an investment of Rs. 31,400 crore and facilitate handling of 334 lakh tonnes of agro-produce valuing Rs.1,04,125 crore. This is expected to benefit 20 lakh farmers and create about 5,30,500 direct and indirect employment.
Posted on: 06th May 2017 Read complete Article →

Cabinet approves National Steel Policy

  1. Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the National Steel Policy 2017.
  2. The Cabinet also approved a policy for use of domestic steel products in government organisations.
  3. The policy projects crude steel capacity of 300 million tonne, production of 255 million tonne and robust finished steel per capita consumption of 158 kg by 2030-31.

Current affairs on 01 May 2017

NCRPB sanctions 25 projects in Haryana

  1. The National Capital Region Planning Board (NCRPB) has sanctioned 25 infrastructure projects for Haryana related to urban transport and water supply.
  2. Proejcts were approved with a loan assistance of Rs 1,552 crore and covers 34,144 square kilometres.
Posted on: 01st May 2017 Read complete Article →

Current affairs on 28 April 2017

TERI, French firm sign MoU

  1. The Energy and Resources Institute (TERI), the Innovative Finance Foundation (IFF) and 3WAYSTE company signed an MoU to collaborate on 
  2. the rollout of a breakthrough technology for municipal solid waste management.
  3. The technology is capable of treating all household waste into residue fuel to produce clean energy.
Posted on: 28th April 2017 Read complete Article →
Posted on: 28th April 2017 Read complete Article →
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