Innovative Entrepreneurship & Skill Development Program launched
- Two training centers of Beauty & Wellness Sector, one in Okhla another in Daryaganjarea
- Training in scientific and systematic training in cosmetology and in the area of natural care and cure.
‘Make in India’ conference in Sydney
- Inaugurated by Finance minister Arun Jaitley
- Call the Australian investors to invest in India
- Services sector gave the highest contribution to the GDP of India
- The investors can invest in India and capitalize the biggest market in the world
India will allow private sector hiring through government job exams
- Will provide a rich database which can be used by private sector employers as a ready-made and objective sourcing and screening mechanism
- Scores will be available to all employers openly, wherever consent is given by the candidate.
- Will reduce search costs in the labor market for both employers and employees.
- Will enable better matching of candidates from labor surplus areas with jobs in other regions.
Haryana assembly passes Jat quota bill
- Bill provides reservation to the politically-dominant Jat community and four other communities — Jat Sikhs, Tyagis, Bishnois and Rors.
- bill will give statutory status to Backward classes Block ‘A’, Backward classes Block ‘B’ and Backward classes Block ‘C’
- Bill provides for increase in percentage of reservation in Schedule I, II and III for Class I and II posts for BC ‘A’, BC ‘B’ and BC ‘C’ from 10%, 5% and 5% to 11%, 6% and 6% respectively.
- Increase the existing reservation for Economically Backward Persons in General Caste Category in Class I and II posts from 5% to 7%
Uttarakhand HC orders floor test, allows disqualified MLAs to take part
- Harish Rawat was unseated from his post as chief minister, has been asked by the Court to test his majority
- Center had recently imposed President’s rule in Uttarakhand citing a breakdown of constitutional authority.
Vodafone moves ICJ over tax arbitration with India
- Seeks appointment of a judge to preside over an arbitration over its 14, 200-crore tax case.
- government had initially slapped a tax demand of Rs.7,990 crore on Vodafone for failing to deduct tax on capital gains made over its $11-billion acquisition of 67% stake in a mobile phone business owned by Hutchison Whampoa in 2007
- Recently the IT department sent a reminder notice to Vodafone seeking 14,200 crore in tax and interest.
Egyptian plane hijacked to Cyprus
- EgyptAir Flight MS181 was taken over by a passenger claiming to be wearing a suicide explosive
- Passengers and crew were unharmed. 81 people, including 21 foreigners and 15 crew, were on board the Airbus 320.
- All hostages have been released and the hijacker surrendered.
UNICEF Launches “Unfairy Tales” Of Refugee And Migrant Children
- At least 65 million children and young people globally are on the move to escape conflict, poverty and extreme weather
- A series of animated films to help frame positive insights toward the tens of millions of children and young people on the move worldwide.
- Unfairy Tales are part of an initiative, #actofhumanity, highlighting that children are children, no matter where they come from, and that every child has rights and deserves a fair chance.
Business and Economy
RBI, Sri Lanka Central Bank Sign Currency Swap Pact
- The pact would allow its Sri Lankan counterpart to draw up to $700 million over a maximum
- Sri Lanka is seeking a loan of $1.5 billion from the International Monetary Fund (IMF) to boost foreign exchange reserves and help avert a balance of payments crisis.
- Sri Lanka’s foreign exchange reserves depleted by the central bank’s defense of its rupee currency
- It struggles with heavy debt piled up under the previous government.
ADB lowers Asia’s growth forecast to 5.7%
- Asian Development Outlook, a supplement of ADB has predicted the growth of Asian economy to be at 5.7%
- Due to the reduced global demand and a slow Chinese economy
- Earlier the growth was predicted at 6% for 2016 in December 2015
CBDT signed 11 Advance Pricing Agreements
- India has signed totally 59 unilateral and/or bilateral agreements
- APA was enacted in the Income tax act, 2012. Rollback provisions were provided in 2014.
- Agreements cover corporate guarantees, royalty, software development services, IT enabled services and trading.
European Investment Bank to loan €450 million for Lucknow Metro
- Metro project will be the most expensive public transport system in the Uttar Pradesh costing 6928crore
- Loan will cover half of the total project costs for the Lucknow Metro.
- First phase roll out of €200 million during Prime Minister Narendra Modi’s visit to Brussels, as part of the 13th India E.U. Summit.
Government permits 100% FDI in e-commerce
- 100% FDI is permitted in B2B (business-to-business) transactions
- An e-commerce firm will not be permitted to sell more than 25% of total sales from one vendor or its group companies
- Prevent the online websites from providing huge discounts and the rates will be in par with the retailers
RBI cancels recognition of 22 NBFC’s
- the NBFC’s whose registration has been cancelled are
- Kundan Leasing and Finvest,
- Raseera Investments,
- Limtex Impex,
- Dignity Motors Finance,
- Akansha Consultancy Services,
- Bini Commercial Enterprises,
- Nirankar Investments
- Surin Investments
Reliance signs deal with Rafael
- Deal with Israeli based Rafael defense to manufacture air to air missile systems, air defense and observatory balloons.
- Reliance will hold 51% of the stake and Rafael will hold 49% in the joint venture agreement
- Target over $10 billion in the next 10 years
- Project will have an initial capital outlay of more than 1,300 crore, excluding the cost of technology
Gujarat, Maharashtra –top contributors of Indian Export
- Gujarat, Maharashtra, Tamil Nadu, Karnataka and Andhra Pradesh occupy the first 5 places
- First five states contribute to 69% of the total export of India
- Study analyzed the exports between 2008-09 to 2014-15
NTT acquires IT firm of Dell
- Deal is valued at $3 billion.
- Dell has been debt ridden due to the acquisition of data storage provider for $67 billion.
- NTI will make its presence in North America and expand its global network and improve its infrastructure services
- NTI will now have around 230 data centers across the globe including those of Dell in UK, Australia and US.
- Dell services in India are based in Bangalore, Noida, Chennai and Coimbatore
Science and Technology
India ranks third among highest financial Trojan Infections
- Analysis was made by Symantec, a global security solutions firm
- Report places India at third place owing to the continued exposure of Indian financial systems to Trojan infections
- Overall risk was reduced by 73% at the global level
India’s first indigenous Sonar Dome flagged off
- Sonar dome will be supplied to Mazgaon Docks,Mumbai for use in the warships of Indian Navy.
- Sonar dome has been designed by Research & Development Establishment (Engineers), a Defense Research and Development Organisation (DRDO) laboratory
- Manufactured by composites manufacturing company Kineco Ltd, Pilerne, Goa.
Indian media industry to reach 2026 billion by 2020
- Industry’s revenue will be dominated by the advertisements contributing to half of the entire worth
- Revenue from ads has been estimated at 99400 crores by 2020
Uber launches ‘Uber MOTO’ in Gurgaon
- Will use bikes to ferry commuters instead of cars.
- In Bangalore, its bikes being seized by the traffic authorities as it they didn’t have the necessary permits.
China Launches BeiDou Navigation Satellite
- Was taken into orbit by a Long March-3A carrier rocket.
- 22nd satellite in the BeiDou Navigation Satellite System (BDS)
- 225th launch of Long March Carrier Rocket
BEL-Thales joint venture to develop PHAROS fire control radar
- Will allow Thales and BTSL to jointly develop PHAROS, a fire control radar for both gun and missile systems.
- Joint development will strengthen the co-operation of Thales and BTSL in the field of innovative technologies.
- The responsibility of overall system design will be borne by Thales.
- BTSL will develop the mechanical design and radar processing modifications. Thales will be responsible for the design and production of the radar antenna.
- Jointly developed PHAROS system will cater to both domestic Indian and international market requirements.
Anti-lock braking system a must for two-wheelers
- Two-wheeler manufacturers will have to fit the equipment for the existing scooter or bike models available for sale by April 2019
- For two-wheelers with an engine capacity above 125 cc, fitting the ABS will be compulsory
- Optional ABS or CBS for engine capacities below 125cc.
- Cost of two-wheelers is likely to go up between 4,000 and Rs.6,000
People in News
Former USC President Steven Sample dies at 75
- Steven transformed USC into one of the nation’s leading research universities
- He was in service for over 19 years
- USC became the first university in the country to receive five donations of $100 million.
Oscar winning actress Patty Duke dies at 69
- Has died of sepsis from a ruptured intestine, at the age of 69.
- as a teen won an Oscar for playing Helen Keller in The Miracle Worker
- She received ten Emmy Award nominations and three Emmy Awards, and two Golden Globe Awards.
Htin Kyaw sworn in as Myanmar President
- He is the first elected civilian leader in more than 50 years.
- Takes over from Thein Sein, who introduced wide-ranging reforms during his five years in power.