Home Daily Updates IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 28 - JUNE - 2016
IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 28 - JUNE - 2016
Tuesday, 28 June 2016 10:47

 

RMI'S Current Affairs - https://www.facebook.com/RMIS-Current-Affairs

DAILY NEWS UPDATES

28- JUNE - 2016

 

DRAFT NATIONAL WIND-SOLAR HYBRID POLICY 2016 RELEASED

Union Ministry of New and Renewable Energy released Draft National Wind-Solar Hybrid Policy 2016.

The policy was unveiled as part of Union Government’s attempt to reach the target of 175 Gigawatts (GW) of installed capacity from renewable energy sources by 2022. It includes 100 GW from solar and 60 GW from wind.

Goal: To reach wind-solar hybrid capacity of 10 GW by 2022

Objectives of the Policy:

• To provide a framework for promotion of large grid connected wind-solar PV system for optimal and efficient utilization of transmission infrastructure and land, reducing the variability in renewable power generation and thus achieving better grid stability.

• To encourage new technologies, methods and way-outs involving combined operation of wind and solar PV plants.

Highlights of the Policy:

(i) Wind-Solar Hybrid Systems:

• These systems will be configured to operate at the same point of grid connection.

• Optimal and efficient utilization of transmission infrastructure and better grid stability by reducing the variability in renewable power generation.

• The size of the solar PVs capacity to be added as the solar-hybrid component could be relatively smaller.

(ii) Implementation:

The implementation of wind solar hybrid system will depend on different configurations and use of Technologies like Wind-Solar Hybrid-AC integration, Wind-Solar Hybrid-DC integration, Hybridisation of existing wind/solar PV plants along with New Wind-Solar Hybrid Plants.

(iii) Incentives:

• The Government will encourage development wind-solar hybrid systems through various incentives.

• All fiscal and financial incentives available to wind and solar power projects may also be made available to hybrid projects.

• Low cost financing for hybrid projects may be made available through IREDA and other financial institutions including multilateral banks.

(iv) Research and Development:

Government will support the technology development projects in the field of hybrid systems. Besides, support will be provided for development of standards for hybrid systems.

The policy will remain in force unless withdrawn or superseded by the Government. The Government can undertake a review of the Policy as and when required.

SUNIL MITTAL ELECTED CHAIRMAN OF INTERNATIONAL CHAMBER OF COMMERCE

The founder chairman of Bharti Enterprises Sunil Mittal was elected as the chairman of the Paris-based International Chamber of Commerce (ICC). The voting for the election of chairman was held in Sao Paulo, Brazil.

With this, he became the 51st chairman of the ICC and the third Indian business leader to be elected as the chief of the ICC in its near 100-year history.

Mittal succeed Terry McGraw, Chairman Emeritus of S&P Global, who becomes ICC's Honorary Chairman.

ICC also announced that John Denton, Partner and CEO of Corrs Chambers Westgarth, has been elected succeed Mittal as the organisation's First Vice-Chair.

About International Chamber of Commerce

• The International Chamber of Commerce is the world's largest business organisation with over 6.5 million members in over 130 countries.

• It was founded in 1919 under the leadership of its first president Etienne Clementel, a former French minister of commerce. Clementel was also instrumental in creating the ICC International Court of Arbitration in 1923.

• ICC was awarded the highest level consultative status with the United Nations (UN) in 1946,

• ICC was instrumental in drawing up international treaty of war reparations in 1924 which was drawn up on the recommendations of Dawes Commission.

INDIA SIGNS TWO MOUS WITH NAMIBIA ON CAPACITY BUILDING FOR CIVIL SERVANTS, CENTRE OF EXCELLENCE IN ICT

India and Namibia signed two Memoranda of Understanding (MoUs) on capacity building for civil servants of Namibia and to set up of centre of excellence in Information and Communications Technology (ICT).

The agreements were signed after a dialogue between President Pranab Mukherjee and his Namibian counterpart Hage Geingob.

Other highlights of Agreements

• Namibia is committed to honour the deal signed with India in 2009 to supply Uranium for civil use.

• Namibia is the fourth largest producer of uranium and assured India that it study the framework New Delhi has signed with 12 other countries including UK, US, Australia, Sri Lanka, France and South Korea besides others.

• Besides this, the two countries also discussed ways to further enhance co-operation in the mining and exploration of other minerals including zinc and marble.

MICROSOFT & AICTE SIGNED AGREEMENT TO BUILD APP FOR HRD MINISTRY'S SWAYAM PLATFORM

Microsoft was selected as the technical partner to build a mobile Application (app) for Union Human Resources Development Ministry's SWAYAM (Study Webs of Active-Learning for Young Aspiring Minds) platform.

The platform will launch 2000 Massive Open Online Courses (MOOC)for over three crore students in 2016.

Microsoft signed a deal of 38 crore rupees with All India Council of Technical Education (AICTE) to build and run the app for three years. Later, it will be taken over by AICTE.

Microsoft will deploy a team of dedicated people to set up the state-of-the-art application.

About SWAYAM platform

• University Grants Commission (UGC) Regulation, 2016 was finalized in a credit framework for online learning courses through SWAYAM.

• According to the regulation, the partner institutions which are identified by the National MOOCs coordinator will make the online courses available on SWAYAM platform.

• Twice in each year, Registrars of all the institutions will be given the list of online courses being offered in each semester.

Physical facilities like laboratories, computer facilities, library etc, shall be made available for free by the parent institution.

• A certificate upon successful completion of the MOOCs will be issued by the parent institution and issued through the host institution.

• The credits earned through courses through SWAYAM platform in the credit plan of the program will be given equivalent weightage by the parent institution.

PM MODI OUTLINES RAPID, A FIVE-POINT CHARTER FOR TAX ADMINISTRATORS AT THE RAJASVA GYAN SANGAM

Prime Minister Narendra Modi outlined RAPID, a five-point charter for tax administrators to reform and to expand the net base of the direct tax. He announced it during the inauguration of Rajasva Gyan Sangam in New Delhi.

The Prime Minister outlined the RAPID as

R - Revenue,

A - Accountability,

P - Probity,

I – Information

D - Digitization.

Salient Features of RAPID

• It will help to focus on digitization, voluntary tax compliance, facilitation for taxpayers, increasing the tax base, upgradation of digital and physical infrastructure for tax administrators etc.

• It seeks to bring reform to India’s old and redundant revenue administration.

• It makes the tax system accessible and easier for the tax payers. Besides, it also makes it difficult to the defaulters.

• The need of economic reforms in the revenue sector to enhance the respect for the law of the land amongst common citizens is also considered.

Rajasva Gyan Sangam

• This is the first time that the two revenue boards the Central Board of Direct Taxes (CBDT), and the Central Board of Excise and Customs (CBEC), are holding a simultaneous conference.

• It is a national conference that helps to assess the performance of the previous year and deliberate on emerging issues without any hierarchical barriers.

• During the conference, PM Modi stressed on the need for tax administrators to engender trust in the system and demonstrate the leadership to bring about a change in taxing system.

• He also urged the officers to turn the Gyan Sangam into a Karma Sangam, so that the ideas generated from this conference lead to concrete action on the ground.

AUSTRALIA WON HERO HOCKEY CHAMPIONS TROPHY 2016

Australia won Hero Hockey Champions Trophy 2016 at the Lee Valley Hockey and Tennis Centre in London. It defeated India 1-0 in a shoot-out.

The game finished with the score locked at 0-0 but later Australia scored a goal in the shoot-out reducing the score to 1-0 and won the final match to win the Gold medal. Australia’s Blake Govers missed a penalty stroke, while India was dominant in the third and fourth quarter before losing the shoot-out.

With this victory, Australia claimed the Champions Trophy title for the 14th time.

Germany defeated Great Britain to win the bronze medal.

Final standings - Hero Hockey Champions Trophy 2016

1: Australia

2: India

3: Germany

4: Great Britain

5: Belgium

6: Korea

Individual Awards

Best player: Tobias Hauke (Germany)

Best junior player: Harmanpreet Singh (India)

Best goalkeeper: George Pinner (Great Britain)

Top scorer: Marco Miltkau (Germany)

INDIA WON SILVER MEDAL AT ARCHERY WORLD CUP IN ANTALYA

The Indian mixed recurve team of Deepika Kumari and Atanu Das won silver at the Archery World Cup in Antalya, Turkey.

In the final clash at Konyaalti Beach Park, the Indian team lost to South Korea 1-5.

Indian team trailed 0-2 in the first set against the top-seed Korean pair of Choi Misun and Ku Bonchan and went down 1-5 in the final.

The Sixth seeded Indian duo reached final after beating second-seeded pair of Mauro Nespoli Guendalina Sartori 5-1 in straight sets in the semi-finals.

Earlier, the women's recurve team of Deepika Kumari, Bombayla Devi Laishram and Laxmirani Majhi also went down in the bronze medal clash to Italy 1-5.

MERCEDES DRIVER NICO ROSBERG WON 2016 FORMULA 1 GRAND PRIX OF EUROPE

Nico Rosberg of Germany won the European Grand Prix Formula 1 championship in Baku, Azerbaijan.

To win the title, the Mercedes driver overcame Ferrari driver Sebastian Vettel of Germany in the final race.

In this championship, Rosberg completed second career Grand Slam. Prior to him, only Lewis Hamilton, Mika Hakkinen, Jack Brabham and Juan Manuel Fangio could able to achieve this rare feat.

He recorded the first career Grand Slam in Russian Grand Prix in May 2016. Grand Slam in Formula One racing denotes winning a race from pole while leading every lap and scoring the fastest lap.

For Rosberg, it was the first European title and the 5th title in 2016 season as he stood as the champion in Austria, Bahrain, China and Russia also.

Overall, it was the 19th title since the beginning of his career in 2006.

About European Grand Prix

• The Formula 1 event was introduced during the mid-1980s. It was held regularly between 1999 and 2012.

• The race was removed from the calendar in 2013. In 2016, the race returned, being run on a street circuit in Baku, Azerbaijan.

• In earlier years, the European Grand Prix was not a race in its own right but just an honorific title.

• The first race to be so named was the 1923 Italian Grand Prix, held at Monza and won by Carlo Salamano in a Fiat and the last one was the 1977 British Grand Prix.

• Since its reintroduction, the European Grand Prix has usually been held in a country in Europe that also holds a national Grand Prix in that same year.

INDIA, SOUTH KOREA LAUNCHES KOREA PLUS, AN INITIATIVE TO STRENGTHEN RELATIONS

India and South Korea launched a special initiative, Korea Plus. The initiative aims at promoting and facilitating Korean Investments in India.

The platform was launched by the Commerce & Industry Minister Nirmala Sitharaman and Joo Hyunghwan, the Minister of Trade, Industry & Energy, Government of Korea.

Key facts of Korea Plus

• The mandate of Korea Plus covers the entire investment spectrum including supporting Korean enterprises entering the Indian market for the first time.

• It will look into issues faced by Korean companies doing business in India and policy advocacy to the Union Government on their behalf.

• It will act as a mediator in arranging meetings, assisting in public relations and research/evaluation

• It will provide information and counselling in regard to Korean companies’ investing in India.

It comprises of a representative from the Ministry of Industry, Trade and Energy, Government of Korea and representative from Korea Trade Investment and Promotion Agency (KOTRA). Besides, it also includes three representatives from Invest India.

Background

The two nations inked an MoU for establishing Korea Plus in January 2016. This MOU came as an outcome of the visit of the Indian Prime Minister to South Korea in May 2015.

BREXIT IS COMPLETE

  • The United Kingdom opted for a momentous change of course by voting to leave the European Union in a closely-fought referendum held. The ‘Leave’ side won decisively with 52 per cent of the vote in the high-turnout vote, which overturned opinion polls that predicted a slender margin for ‘Remain’.
  • This is the second referendum on Britain’s relationship with the European project.
  • In 1975, in a referendum on whether the U.K. should stay or leave the European Community (Common Market) Area, the country voted for staying in with a resounding 67.2 per cent vote.
  • Prime Minister David Cameron, the architect of the referendum, announced that as a measure of respect for the “will of the people” he would be stepping down as Prime Minister in October.
  • The referendum saw a turnout of 72 per cent, the highest in any election since 1992, ‘Leave’ won 17,410,742 votes and ‘Remain’ 16,141,241, with all but the regions of London, Scotland and Northern Ireland voting to leave.
  • The markets have predictably reacted sharply to the referendum result with the pound falling to its lowest since 1985. Other major currencies have also shown volatility especially the Euro that has seen its worst fall against the dollar.

GOVT GIVES CONFIDENCE AFTER BREXIT

  • India is well-prepared to deal with the consequences of Britain’s decision to exit the European Union, Finance Minister Arun Jaitley reassured investors after local stock indices slumped in the aftermath of the referendum.
  • The BSE Sensex fell as much as 1,091 points, or 4 per cent, before recovering to close 2.2 per cent lower.
  • Mr. Jaitley said. “Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position.”
  • “This verdict will, obviously, further contribute to such volatility not least because its full implications for the U.K., Europe and the rest of the world are still uncertain,” Mr. Jaitley said.
  • In a separate conference call with the media from Switzerland, RBI Governor Raghuram Rajan said the country’s fundamentals were healthy and money would return after the initial bout of volatility.

INDIA DID'NT GET ENTRY INTO NSG

  • The annual plenary session of the Nuclear Suppliers Group ended without taking any decision on India’s application for membership.
  • While the 48-member grouping held two lengthy closed-door sessions on the subject of new memberships, several countries expressed concerns over the entry of members who are not signatories to the Non-Proliferation Treaty (NPT), that India has refused to sign.
  • Eventually, though, say diplomats, between China’s attempts to block any discussion, countries like Brazil and Turkey calling for a “criteria-based” process to be put in place first, and others like Austria, Ireland, New Zealand and Switzerland raising the NPT question, India’s chances were scuttled.
  • Government officials held that at least 32 countries had made positive interventions on India’s behalf, but the NSG’s actions are governed by consensus and not by majority.
  • In a reference to the discussions, the NSG joint statement said they spoke of “Technical, Legal and Political Aspects of the Participation of non-NPT States in the NSG” and decided to continue its discussion”.
  • One of India’s strongest backers during the session, Japan, however, said that while no agreement had been reached during the current session, their efforts will continue.

EU WANTS TRANSITION TO BRITAIN EXIT SHOULD BE SMOOTH

  • A stunned European Union (EU) urged Britain to leave as “soon as possible” amid fears the devastating blow to European unity could spark a chain reaction of further referendums.
  • German Chancellor Angela Merkel and French President Francois Hollande led calls for the European Union to reform in order to survive a traumatic divorce with Britain.
  • In a sign that the bloc wants to move on swiftly, EU chiefs told Britain in a strongly-worded joint statement to “give effect to this decision of the British people as soon as possible, however painful that process may be”.
  • The uncompromising stance came after Prime Minister David Cameron said he would resign and leave the negotiations on Britain’s departure from the 28-nation club to a successor who will be named by October.
  • Worried European leaders will hold a series of crisis talks in coming days, with Ms. Merkel saying she would host the leaders of France and Italy along with EU President Donald Tusk in Berlin to try to chart a reform plan.
  • Mr. Hollande said the Brexit vote was a “grave test for Europe”, adding that the bloc “must show solidity and strength in its response to the economic and financial risks”.
  • EU chief and former Polish premier Tusk — who had earlier warned that a ‘Leave’ vote could “end Western political civilisation” — put on a brave face, saying that “what does not kill you makes you stronger”.
  • The European Parliament will, meanwhile, pass a motion at an emergency meeting urging Mr. Cameron to trigger the exit process by invoking what is known as Article 50.
  • The biggest fear was of contagion, with immediate calls by far-right leaders in France and the Netherlands for their countries to hold their own votes on EU membership.
  • French far-right leader Marine Le Pen said the British result was a “victory for freedom”, while Dutch anti-Islam MP Geert Wilders said “the Dutch people deserve a referendum as well”.

BREXIT HAS PUT THE QUESTION OF SCOTTISH INDEPENDENCE BACK INTO FORE

  • Britain’s vote to leave the European Union instantly put the question of Scottish independence back into play, with Scotland having voted heavily for the U.K. to remain in the bloc.
  • Scottish First Minister Nicola Sturgeon said the result put an independence referendum “on the table”, adding that it was “highly likely” within two years.
  • Wales and England — except London — voted for Britain to leave the EU, while Northern Ireland voted for it to stay in.
  • The vote also raises questions about the future for Northern Ireland, which shares the U.K.’s only land border, with the Irish Republic.
  • Northern Ireland voted 55.8 percent in favour of staying in the EU. Irish Prime Minister Enda Kenny tried to soothe concerns.

NASA AND ISRO ARE DEVELOPING SATELLITE TO OBSERVE ECOSYSTEM DISTURBANCES

  • NASA and ISRO are working together to develop a synthetic aperture radar satellite to observe and measure ecosystem disturbances, ice-sheet collapses and natural hazards.
  • The data gathered from this mission will help build climate resilience and potentially save lives, said U.S. Ambassador to India Richard Rahul Verma.
  • The Indian Institute of Tropical Meteorology, Pune, is also working with the U.S. National Oceanographic and Atmospheric Administration (NOAA) to develop high resolution seasonal and long-term climate forecasts to prepare for the monsoons.

SCIENTISTS HAVE DEVELOPED A NEW STEM CELL-CONTAINING BIO-INK

  • Scientists have developed a new stem cell-containing bio-ink that allows 3D printing of complex living tissues that may be used for surgical implants.
  • The bio-ink contains two different polymer components: a natural polymer extracted from seaweed, and a sacrificial synthetic polymer used in the medical industry, and both had a role to play.
  • The synthetic polymer causes the bio-ink to change from liquid to solid when the temperature is raised, and the seaweed polymer provides structural support when the cell nutrients are introduced.
  • The special bio-ink formulation was extruded from a retrofitted benchtop 3D printer, as a liquid that transformed to a gel at 37 degrees Celsius, which allowed construction of complex living 3D architectures.
  • The team was able to differentiate the stem cells into osteoblasts - a cell that secretes the substance of bone - and chondrocytes, cells that have secreted the matrix of cartilage and become embedded in it, to engineer 3D printed tissue structures over five weeks, including a full-size tracheal cartilage ring.

BREXIT WILL SEE RENEGOTIATION IN BTIA

  • Britain’s exit from the European Union will not have any immediate impact on India’s trade and investment with the U.K. and the EU.
  • However the proposed India-EU Free Trade Agreement (FTA) will see some “modifications and moderations,” Commerce Secretary said.
  • The Centre does not see any immediate impact of Brexit on ties with the U.K. and the EU as trade and investment with the two are currently happening not on the basis of an FTA but on a bilateral basis.
  • The implications of Brexit will happen only after 2018 when the terms and conditions regarding Britain’s exit from the EU are likely to be finalised.
  • India was not in favour of restarting the FTA talks from scratch, owing to the impending separation of the U.K. and the EU.
  • India will undertake a study of those Britain-related tariff lines that are part of India-EU FTA talks.
  • The India-EU FTA negotiations have been deadlocked since 2013 after 16 rounds of talks due to several differences. Both sides are yet to fix dates to resume negotiations.
  • Commerce Ministersaid that there will be some impact on trade in the short-term due to the currency volatility, adding that the government was closely monitoring the situation to assess the short, medium and long-term impact on India’s trade and investment with the U.K. and the EU.
  • Currency volatility may put pressure on India’s exports as both British Pound and Euro will depreciate giving greater competitiveness to their products particularly in third countries.
  • With currency depreciation, the domestic manufacturer in EU and Britain may get some competitiveness as imports becoming costlier having its effect on India’s and other countries exports.

SHARE MARKET PLUNGE AFTER BREXIT

  • World stocks saw more than $2 trillion wiped off their value as Britain's vote to leave the European Union triggered 5-10 per cent falls across Europe's biggest bourses and a record plunge for sterling.
  • Such a body blow to global confidence could prevent the Federal Reserve from raising interest rates as planned this year, and might even provoke a new round of emergency policy easing from all the major central banks.
  • Almost $1 trillion had been lost from European share prices ahead of what is expected to be a nearly 4 per cent fall on Wall Street when it opens later.
  • London's FTSE dropped almost 5 per cent while Frankfurt’s DAX and the CAC 40 index in Paris fell 6 to 8 per cent. The Italian FTSE MIB, Spanish IBEX and European bank stocks all headed for their sharpest one-day drops ever.
  • Britain's big banks took a $100 billion battering, with Lloyds, Barclays and RBS plunging as much as 30 per cent at one point.
  • The British pound dived by 18 U.S. cents at one point, easily the biggest fall in living memory, to hit its lowest since 1985. The euro in turn slid 3 per cent to $1.1050 as investors feared for its very future.
  • That message was being broadcast loud and clear. The Bank of England, European Central Bank and the People's Bank of China all said they were ready to provide liquidity if needed to ensure global market stability.

INDIAN ECONOMY COULD SUFFER A SIGNIFICANT KNOCK IN THE SHORT TERM AFTER BREXIT

  • Indian economy could suffer a significant knock on effect in the short term with the United Kingdom voting for exiting the European Union (EU), according to market analysts and rating agencies.
  • The company predicts that Brexit will mean India’s GDP will now grow at 7.3 per cent this year, down from the 7.6 per cent predicted earlier.
  • If at the end of that process, the U.K. exits the single market, EU countries will start imposing tariffs on British products, making it far less attractive for Indian businesses – like Tata Motors – to have a manufacturing base in the U.K.
  • However, despite U.K. Prime Minister David Cameron announcing his resignation, the legal road ahead to cement the exit from the EU is a long one with provisions for the process to be extended.
  • Under Article 50 of the Lisbon Treaty, the formal negotiation process for withdrawal should take place within a two-year period.
  • However, this process will only start once the U.K. formally notifies the European Commission of its desire to leave and the two-year period can be extended if all member states agree.
  • The subsequent levy of tariffs by the EU on British products will make doing business in the U.K. less attractive for foreign companies, including Indian organisations.
  • The 30-stock BSE Sensex tumbled by more than 1,000 points. It subsequently recovered and pared the losses to a little over 600 points. Oil prices also fell though experts believe this will be short-lived.

#‎RAY‬ - ‪#‎Empowering‬ ‪#‎Talent‬ ‪#‎Since‬ 1971
www.rosemaryinstitute.com

 

Last Updated on Wednesday, 29 June 2016 11:53
 

Add comment


Security code
Refresh