CURRENT AFFAIRS: JUNE,2015
Important Dates this Month:
| June 5 | World Environment Day |
| June 8 | World Oceans day |
| June 12 | World Day Against Child Labour |
| June 14 | World Blood Donor day |
| June 15 | World Elder Abuse Awarness Day |
| June 17 | World Day to Combat Desertification |
| June 20 | World Refugee Day |
| June 21 | International Yoga Day |
| June 23 | United Nations Public Service Day |
| June 26 | International Day Against Drug Abuse and Illicit Trafficking |
| June 29 | Statistics Day |
National:
· Union Government exempts educational institutions from prior green nod
Union Government has exempted builders from obtaining prior green nod for construction of Universities, School, College and Hostel facilities. In this regard Union Ministry of Environment, Forests and Climate Change (MoEFCC) has issued a circular to exempt green nod for educational institutions provided they should follow sustainable environment practises of construction.
These educational institutions are exempted from prior green nod under the provisions of the Environmental Impact Assessment (EIA) Notification, 2006 subject to sustainable environmental management.
Besides, educational institutes MoEFCC has exempted builders from obtaining prior green nod for construction of industrial sheds. It also exempts godowns and buildings which are connected with production related and other associated activities of the unit in the same premise. It should be noted that industrial sheds as per this circular is a facility being used for keeping plant and machinery of industrial units. Interestingly, in this circular MoEFCC had clarified that prior environment clearance is mandatorily required for construction of Medical Universities and institutes having hospital facilities.
· Union Cabinet gives nod to rename SECI as Renewable Energy Corporation of India
Union Cabinet has given nod to rename Solar Energy Corporation of India (SECI) as the Renewable Energy Corporation of India (RECI). Apart from this decision, Union Cabinet also gave approval to SECI to convert into Section 3 Company by applying to the Registrar of Companies (ROC) from a Section 8 Company under the Companies Act, 2013.
This decision will help SECI or renamed entity RECI
1. To be a self-sustaining and self-generating organisation.
2. Engage in owning solar power plants for generating and selling power.
3. Engage in various other segments of solar sector activities including manufacturing of solar products and materials.
Background:
This decision was taken after Union Government had decided to enlarge the scope of SECI to cover all renewable energy sources. It was decided in order to provide optimized and comprehensive solutions for generation of renewable energy and integrating various renewable energy sources.
About Solar Energy Corporation of India (SECI)
1. SECI is a not-for-profit company under Section-25 of the Companies Act 1956. Established: 2011 as a facilitation and implementation institution dedicated to Solar Energy sector.
2. Operates under: the aegis of Union Ministry of New and Renewable Energy,
3. Objective: To develop Solar Technologies and ensuring inclusive solar power development throughout India.
4. Functions: Facilitate implementation of Jawaharlal Nehru National Solar Mission (JNNSM) and achieve the targets set therein.
· CCEA gives nod for inclusion of Uttarakhand, Jharkhand and Chhattisgarh in National Dairy Plan-I
Cabinet Committee on Economic Affairs (CCEA) has given its approval for inclusion of Uttarakhand, Chhattisgarh and Jharkhand under the National Dairy Plan- I (NDP-I). Decision in this regard was taken CCEA meeting chaired by Prime Minister Narendra Modi in New Delhi.
Apart from this decision CCEA also extended the implementation period to achieve key outputs NDP-I upto 2018-19. Jharkhand and Chhattisgarh were included in NDP-I because it has substantial milch animal population and primarily inhabited by tribal population.
While, Uttarakhand was included under NDP-I considering its potential for implementation of Fodder Development and Village Based Milk Procurement System, Ration Balancing Programme. The implementation period of NDP-I was extended due late approval of NDP-I and the time taken in initiating the implementation of sub projects at End Implementing Agencies (EIAs) level.
About National Dairy Plan- I
National Dairy Development Board (NDDB) had approved NDP-I in 14 milk potential through the EIAs. It was formulated with a total outlay of 2242 crore rupees for a period of 6 years from 2011-12 to 2016-17.
At present NDP I is being implemented in 15 States which account for more than 90 per cent of the country’s total milk production and 98 per cent of the country’s fodder resources. They also account for over 87 per cent of the breedable cattle and buffalo population.
15 states are Andhra Pradesh, Karnataka, Kerala, Gujarat, Bihar, Madhya Pradesh, Haryana, Maharashtra, Punjab, Odisha, Tamil Nadu, Telangana, Rajasthan, Uttar Pradesh and West Bengal.
· Union Government launches Jal Kranti
Union Government launched nationwide Jal Kranti Abhiyan. It was launched by Union Minister of Water Resources, River Development and Ganga Rejunivetion Uma Bharti in Jaipur, Rajasthan.
Jal Kranti Abhiyan aims at turning one water scared village in each district of the country into water surplus village water through a holistic and integrated approach by adopting conservation and management techniques.
Under the nationwide campaign a village with acute water scarcity on a pilot project will be selected as Jal Gram. In this identified village a comprehensive integrated development plan will be framed and several water conservation activities will be launched.
Activities proposed under the campaign include rain water harvesting, recycling of waste water, micro irrigation for using water efficiently and mass awareness program.
Along with it, a cadre of local water professional Jal Mitra will be created and they will be given training to create mass awareness. As pilot project, activities under this nation campaign will be run in one water stressed village in each 672 districts in the country.
International:
· India, Thailand ink MoU on Double Taxation Avoidance Treaty
India and Thailand signed a Memorandum of Understanding (MoU) on double taxation avoidance treaty (DTAT).
The MoU was signed during 7th meeting of the India-Thailand Joint Commission for Bilateral Cooperation co-chaired by External Affairs Minister Sushma Swaraj.
Apart from DTAT, both nations signed and exchanged instruments of ratification on the extradition treaty inked in 2013.
This treaty provides for the legal framework for extradition of fugitive offenders. Both nations also signed a MoU on the establishment of Nalanda University in Bihar, India.
By signing this agreement, Thailand joins other East Asian Summit countries in the establishment of and revival of an ancient center of learning at Nalanda. It should be noted that India-Thailand Joint Commission for Bilateral Cooperation meeting took place after a gap of three years due to the changes in government in Thailand.
· 50 nations, including India sign 60-article agreement on China-led AIIB
50 founding nations including India have signed 60-article agreement of China-led multilateral Asian Infrastructure Investment Bank (AIIB). Australia was the first country to sign the agreement and was followed by 49 other members. Indian Ambassador Ashok Kantha signed the agreement on behalf of country. The 60-article agreement provides the legal framework for
1. Institution of AIIB.
2. Each member’s capital share and voting share.
3. Governance structure of AIIB.
4. Policy-making mechanism of AIIB.
Facts about Asian Infrastructure Investment Bank (AIIB)
1. Designed to finance infrastructure projects including energy, transport and infrastructure projects in Asia.
2. AIIB is seen as a rival to the World Bank and Asian Development Bank (ADB) which managed by most prominent countries like US, Japan and European etc.
3. Headquarters:Beijing. It will be operational by end of 2015. Authorized capital: It will be of 100 billion US dollars. The initial subscribed capital will be around 50 billion US Dollar and the paid-in ratio will be 20 per cent.
4. Regional character of the Bank: Its regional members (Asian) will be the holding around 75 percent of shares i.e. they will be majority shareholders. They have been allocated their capital share on quota basis i.e. based on their economic size.
5. Voting share: for each member country it is based on the size of their economy and not on authorised capital share to the Bank.
6. Largest shareholders:
China is highest contributor to AIIB with 29.78 billion US dollars i.e. with a 30.34 percent stake in authorized capital. China will have 26.06 per cent of the voting rights along with veto powers for certain key decisions.
India: second largest shareholder with 8.52 per cent stake and voting share of 7.5 per cent.
Russia: third largest shareholder with 6.66 stake and voting share of 5.92 per cent. It should be noted that there are 57 founder-member countries AIIB. Seven countries were not able to sign this agreement as it was not ratified by their respective domestic authorities. The seven countries are Denmark, Malaysia, Kuwait, Holland, Philippines and South Africa and Thailand.
· India, US ink pacts to enhance cooperation in health sector
India and United States have signed a series of agreements on health in order to enhance cooperation in health sector. The multiple areas covered under such agreement include cancer research, medical infrastructure development and application of new diagnostic technologies.
Signed Agreements are
MoU on cancer research, control, prevention and management: To develop collaborative research projects on population-based cancer control and implementation science.
Apart from it will seek development of projects in the areas of pre-clinical model development, basic and epidemiological research, clinical research and oncology care delivery etc.
Letter of Intent (LoI) on Anti-microbial Resistance Research: Set up mechanism of antimicrobial resistance which also include the applications of systems biology. It will also seek to comparative testing and assisting the validation of new diagnostics and development of novel interventions
MoU on collaboration in Environmental, occupational Health and Injury Prevention and Control: Further enhance cooperation in the fields of environmental and occupational health along with injury prevention and control research. It will also seek to control research, infrastructure development, education and training and capacity-building for their reciprocal and mutual benefit.
· Sri Lanka, China begin joint military training exercise ‘Silk Route- 2015′
Joint military training exercise code named ‘Silk Route- 2015′ between China and Sri Lanka has begun at Buttala in Central Sri Lanka.
It is three-week long joint military training exercise will be conducted in three phases.
Phase 1 will be held June 22-28, 2015;
Phase 2 will be held from June 28-July 5, 2015 and
Phase 3 will be held from July 5 – July 13, 2015.
In the first phase of the 2nd joint exercise involves Sri Lankan Army and People’s Liberation Army (PLA) of China have participated. This training will focus on weapon handling, live firing, VIP protection study and other warfare and battle skills related fields. It will also cover other exercises such as backup vehicle movement and training, ambush drills, special mission planning, combat tracking techniques, jungle warfare and basic battle skills, aircraft and building option training, vehicle ambush drills etc.
The first stage of the ‘Silk Route – 2015′ exercise was conducted in China earlier between March 29 and April 17, 2015 following successful negotiations between armies of both nations.
Regional:
· J Jayalalithaa launches first phase of Chennai
First phase of Chennai Metro service was inaugurated by Tamil Nadu Chief Minister J Jayalalithaa after she flagged off inaugural train. The first phase of Metro service covers the 10-km overhead (elevated) stretch. It connects Alandur in south Chennai to Koyabedu in the north.
The metro service will bear capacity of 1276 passengers with four coaches. It will cover seven stations in the stretch. They are Koyambedu, Arumbakkam, Vadapalani, Chennai Mofussil Bus Terminus, Ashok Nagar, Ekkattuthangal. The Corridor 2 or second phase of this metro connecting Chennai Central and St. Thomas Mount is will be ready by end 2015.
The whole project is implemented by Chennai Metro Rail Limited (CMRL). It was approved by then Congress-led UPA government in 2009. With launching of this Metro service, Chennai became seventh city in India to have metro service. Other 6 cities are Delhi, Mumbai, Gurgaon, Bangalore, Kolkata and Jaipur.
· Andhra Pradesh government to form Krishi
Andhra Pradesh government has decided to form a Cabinet sub-committee named as Krishi Cabinet. This sub-committee will focus on the challenges of the Primary Sector Mission of state government undertaken to make agriculture and its allied activities profitable and sustainable for all-round improvement of the rural economy.
Decision in this regard was taken by state cabinet meeting chaired by Chief Minister N. Chandrababu Naidu in Vijaywada. Apart from this cabinet also rechristened Primary Sector Mission of state as ‘Rythu Kosam’.
This mission will be part of the government’s strategy to achieve 18.2 per cent growth in 2015-16 fiscal. It will aim to enhance the contribution of primary sector to the Gross State Domestic Product (GSDP) from 1.43 lakh crore to 1.69 lakh crore rupees. Additional Joint Collector-rank official will the in-charge of the Primary Sector Mission’s performance.
· Rajasthan becomes No. 1 state in solar energy in India
Rajasthan has become number one state in the country in terms of total installed capacity of solar energy. It was revealed in recently released data by the Union Ministry of New and Renewable Energy. Rajasthan with total 1,167 megawatt (MW) installed capacity has surpassed Gujarat (1000 MW) which was previous number one state in the country.
Top five states in India are (in terms of installed capacity) Rajasthan: 1147 MW. Gujarat: 1000 MW. Madhya Pradesh:58 MW. Maharashtra: 7 MW. Andhra Pradesh:4 MW.
In 2014, Rajasthan government had released its Solar Policy which aimed at installing 25000 MW of solar power in state. In this policy state government had introduced numerous investor-friendly measures to tap full potential of solar power.
One of the key measure introduced was to installed solar plants was through State, Private Enterprises or Public-Private partnership (PPP). In this regard state government had inked agreements number of private companies to develop solar parks with a cumulative capacity of 26,000 MW. It should be noted that Rajasthan has all natural advantage for solar parks such as abundant barren land and high solar radiation (insolation) in the country.
· Maharashtra declares Blue Mormon as ‘State butterfly’
Maharashtra has officially declared Blue Mormon species as State butterfly as part of state symbols. Decision in this regard was taken in State Wildlife Board meeting presided by Chief Minister Devendra Fadnavis in Mumbai. With this, Maharashtra became the first State in the country to have a State butterfly.
About Blue Mormon
1. Blue Mormon (Papilio polymnestor) is the second largest butterfly species in terms of size, after the southern birdwing (Troides minos).
2. Description: Blue Mormon has black, velvet wings with bright blue spots. The lower ends of its wings are black. Its body has some red spots on one side.
3. Distribution: It is only found in (endemic to) Sri Lanka, Western Ghats of Maharashtra, South India and coastal belts of the country. In case of Maharashtra, it can be occasionally spotted in its mainland parts of Vidarbha and Western Maharashtra. It should be noted that Maharashtra is home to nearly 225 varieties of butterflies and home to about 15 per cent of their population in the country.
Other state symbols of Maharashtra are
State Animal: Indian giant squirrel (in Marathi- Shekru)
State Bird: Yellow-footed green pigeon (in Marathi- Hariyal).
State Flower: Lagerstroemia (in Marathi- Jarul).
State Tree: Mango.
Sports:
· Satnam Singh Bhamara becomes first Indian to be drafted by a NBA team
Satnam Singh Bhamara became the first Indian born basketball player to be drafted in the National Basketball Association (NBA). He was chosen by the Dallas Mavericks team as the 52nd pick in the NBA Draft. He was selected amongst the 60 young men who will play in the next season of NBA.
About Satnam Singh Bhamara
Born: 10 December 1995.
The 19-year-old Satnam hails from a small village Ballo Ke in Barnala district of Punjab.
He stands 7 feet 2 inches tall and comes from a farmer’s family.
Prior to this selection he was going training at IMG Academy at Florida, US and was coached by Scott Fleming. He had played for the IMG Academy graduate team during the season 2014–15.
He was undergoing training in the US since September 2010 as part of a scholarship program between IMG and Reliance.
Earlier in 2011, Singh had represented the India national basketball team at the FIBA Asia Championship. He also had represented India at the 2013 FIBA Asia Championship.
It should be noted that Canada born Sim Bhullar was the first Indian origin player to play in NBA. He had briefly featured for the Sacremento Kings in the 2014 season of NBA.
· Zaheer Abbas appointed as ICC President
Former Pakistan cricket team captain Zaheer Abbas has been selected the new President of International Cricket Council (ICC) for one year term. He will be 13th President of ICC and succeeds Mustafa Kamal of Bangladesh who had resigned from the post of ICC President in April 2015.
Decision in this regard was taken during the ICC Annual Conference week in Barbados. Zaheer Abbas was a right-handed batsman. He had played 78 Tests and 62 One-Day Internationals (ODIs) in his 22-year long illustrious career spanning from 1969 to 1985. He was the only Asian batsman to score 100 first-class centuries and was also first batsman to score three consecutive centuries in ODIs.
It should be noted that he is the second cricketer from Pakistan to assume post of ICC President after Ehsan Mani, who was in office from 2003 to 2006
· Winners of 2015 French Open title of Tennis
Men’s Singles Title: Stanislas Wawrinka of Switzerland won his first French Open Men’s single title of Tennis
Women’s Singles Title: Serena Williams of United States won French Open women’s single title.
Men’s Doubles Title: Ivan Dodig (Croatia) and Marcelo Melo (Brazil) pair won Men’s Doubles Title
Women’s Doubles Title: Bethanie Mattek-Sands (US) and Lucie Šafářová (Czech Republic) won Women’s Doubles Title.
Mixed Doubles Title: Bethanie Mattek-Sands and Mike Bryan pair from United States won Mixed Doubles Title.
Social Issues:
Nadia district in West Bengal has won the United Nations Public Service Award 2015 in the category of improving delivery of public services for or eliminating open defecation in the district. The award was presented by the acting Secretary General of the UN Lenni Montiel to District Magistrate of Nadia and Sabhapati of Nadia Zilla Parishad in Medellin, Colombia.
It should be noted that Nadia district is the first open defecation free district in India. The district had achieved this feat by making toilets available for all under state governments flagship programme Sabar Shouchagar (Toilets for All). It was a collaborative effort with the United Nations Children’s Fund (UNICEF) and World Bank along with state government and local governments.
The programme was initiated in 2013. In one-and-half-years, toilets were built in 5 lakh households and over 200 cluster toilets in public places. After completion of the building toilets under this programme, the percentage of people defecating in open has gone down to 0.02 per cent compared to 33.8 per cent when the project was started.
· Tribal women entitled to inherit property in accordance with Hindu Succession Act: HP-HC
Himachal Pradesh High Court has ruled that the daughters in tribal areas in the state shall inherit the property in accordance with Hindu Succession Act, 1956. This landmark judgment will help to bring a new resolution in the tribal society’s inoder to grant equal rights to the girls and bring down gender disparity.
The ruling was given by Justice Rajiv Sharma by upholding the earlier order passed by District Judge of Chamba in 2002 to grant legal rights to women in family property. The court rule that These tribal people profess Hindu rites and customs and they do not follow different Gods. Though their culture may be different but their customs must conform to the constitutional philosophy. Women have to be advanced socially and economically to bestow upon them dignity.
Gender discrimination violates fundamental rights so the daughters in a society cannot be segregated from mainstream. So they are entitled to equal share in the property. It should be noted that this judgement will help tribal women in districts of Kinnaur, Lahaul-Spiti and Chamba of state to reinforce their inherent rights in the ancestors’ property same as male siblings.
Miscellaneous:
· Sahitya Akademi confers Bhasha Samman on 4 Scholars
Sahitya Akademi has conferred prestigious ‘Bhasha Samman’ on four scholars for their contribution to classical and medieval literature in various languages. The award will bestowed upon them by the President of the Sahitya Akademi at a special function which will be held later.
Recipients of Bhasha Samman
K Meenakshi Sundaram: For her contributions to Classical and Medieval Literature (Southern). She was conferred with this award for year 2013. Apart from her rich contribution to medieval Tamil literature, Sundaram also has written scholarly essays on Tirukkural.
Acharya Munishwar Jha: For his contributions to Classical and Medieval Literature (Eastern). He was conferred with this award for the year 2014. He has made valuable contribution in the area of Sanskrit literature.
Charu Chandra Pande and Mathuradutt Mathpal: Jointly recognised for their work towards the enrichment of Kumauni.
Bhasha Samman: The award carries a cash prize of 1 lakh rupees along with an inscribed copper plaque and a citation. In case of joint winners, the monetary prize is equally shared between the winners
· Union Cabinet gives nod to 6 new IIMs
Union Cabinet has approved setting up 6 new Indian Institutes of Management (IIMs) in the country. Decision in this regard was taken Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi. Now the total strength of IIMs increases to 19 from 13.
These new IIMs will be located at Bodh Gaya (Bihar), Vishakhapatnam (Andhra Pradesh), Nagpur (Maharashtra), Sirmaur (Himachal Pradesh), Amritsar (Punjab) and Sambalpur (Odisha). These IIMs will begin functioning from temporary campuses and their first academic session will commence from 2015-16 with an intake of 140 students in the Post Graduate Programme (PGP) courses. The students will be get admissions to these institutes through Common Aptitude Test (CAT).
Background
In Union Budget 2015, Union Finance Minister Arun Jaitley had announced a proposal for the setting up of five new IIMs in the country. Apart from them an additional IIM was also proposed for Andhra Pradesh in line with Andhra Pradesh Reorganisation Act, 2014.
· Union Government launches augmented reality application ‘Sakaar’
Union Government has launched Augmented Reality technology based mobile application named ‘Sakaar’ to highlight the achievements of the Department of Space. It was launched by Minister of State (MoS) in the Department of Atomic Energy Dr. Jitendra Singh in New Delhi.
Sakaar application and its multimedia content for Android devices is developed by Development and Educational Communication Unit (DECU) of ISRO. The application consists of 3 Dimensional (3D) models of Mars Orbiter Mission (MOM), RISAT, indigenous rockets such as PSLV, GSLV Mk-III etc.
It also has videos of INSAT 3D-predicting cyclones, MOM launch and orbit insertion videos, 360 degree animated view of MOM, GSLV D5/Cryo and Anaglyph of Mars surface.
What is Augmented Reality technology?
Augmented Reality (AR) technology is computer-generated 3D models, animations, videos that augments (or supplements) the live direct view of a physical, real-world environment. With the help of device’s camera the real time augmentation and information is overlaying takes place which enhances user’s current perception. Essentially AR requires three basic elements for its functioning. They are AR application, AR Markers and Android OS enabled mobile with back camera.
Science & Technology:
· First 3D anatomic heart model printed using multiple imaging techniques
Team of heart experts including an Indian-origin surgeon Dr. Joseph Vettukattil for first time have printed three dimensional (3D) anatomic heart model using multiple imaging techniques.
This hybrid 3D model of heart was successfully printed using integration of 3D transesophageal echocardiography (3DTEE) and computed tomography (CT). The team had used specialised software to register images in order to selectively integrate datasets and produce an accurate anatomic model of the heart.
This study is considered as a huge leap for individualised medicine in the medical field of cardiology and congenital heart disease. This technological breakthrough will help to promote better diagnostic capability and improve interventional and surgical planning and also provide alternative to surgery in cases of Heart diseases.
This technology also opens the new way in medical technology for producing anatomical parts by using the combination with a third tool of magnetic resonance imaging (MRI). Dr. Joseph Vettukattil is known internationally for his work and research in the field of three and four-dimensional echocardiography
· First species of Yeti crab named Kiwa Tyleri found in Antarctica
Team of British scientists have discovered the first species of Yeti crab from hydrothermal vent systems in Antarctica. Study in this regard was published in the journal Plos One. Researches have christened this species as Kiwa Tyleri after world-renowned British deep-sea and polar biologist professor Paul Tyler.
Characteristics of Kiwa Tyleri
1. Kiwa Tyleri species are found usually in warm-water refuge of hydrothermal vent systems surrounded by the cold polar waters in the Southern Ocean near Antarctica.
2. It lives in very limited sized habitat near the warm-water hydrothermal vent site.
3. This species is unable to move between vent sites because of the hostile, low temperature and extreme polar environment. So they, occur in highly-packed densities.
4. For food it is dependent on chemosynthetic bacteria which overgrow the surfaces of hydrothermal vent chimneys.
5. Its body is densely covered by bristles known as setae. It has fur like appearance due to bacteria living on it.
Terms
Hydrothermal vent systems: It is a fissure releasing geothermally heated water which comes out on planet’s surface. Commonly found in active volcanic places.
Chemosynthetic bacteria: They obtain energy from exothermic oxidation of inorganic or simple organic compounds in absence of light. This energy is utilized for metabolic processes.
· ISRO’s GAGAN to provide navigational support to Indian
ISRO has announced to provide navigational support to Indian Railways through GPS Aided Geo Augmented Navigation (GAGAN) system.The navigational support along with space technology-based tools will be provided to Indian Railways for unmanned level crossings safety.
By using GAGAN software system, a train will get to know the location of any unmanned level crossing by a warning signal. Once this warning signal is given, the train’s hooter will automatically start when it comes near an unmanned crossing.
About GPS Aided Geo Augmented Navigation (GAGAN)
GAGAN was jointly developed by the ISRO and Airports Authority of India (AAI) for the advancement of air navigation. It is an indigenous navigational guide system developed on the lines of GPS system of the US.
Presently, GAGAN signal is broadcasted through two Geostationary Earth Orbit (GEO) satellites-GSAT8 and GSAT10. The system was launched in 2011 as a payload with GSAT-8. With this launch India had joined the club elite nations comprising of US, Europe and Japan who have the same level of space-based augmentation for navigational purpose.
Economics:
· India leads FDI in South Asia with 34 billion investment in 2014: UNCTAD Report
India has topped in the regional inflow of Foreign Direct Investment (FDI) in South Asia region during year 2014, accounting for 34 billion US dollars investments. It was revealed in United Nations Conference on Trade and Development’s (UNCTAD’s) World Investment Report 2015.
As per the report
FDI inflow to India has surged by 22 per cent to about 34 billion US dollars. India has improved its position to 9th top host country in the world for FDI in 2014.
Owing to good performance of India, the FDI inflows to South Asia region has rose to 41 billion US dollars in 2014.
Top five FDI recipients in South Asia: India, Iran, Pakistan, Bangladesh, Sri Lanka.
The report had divided Asia into three sub-regions viz East and South East Asia, West Asia and South Asia.
China is the world’s largest recipient of FDI with 129 billion dollars investments and has toppled US (92 billion dollars).
Outward flow of FDI: US had largest outward flow of FDI of 337 billion dollars followed by Hong Kong-China (142 billion dollars) and China (116 billion dollars). India was also the biggest investor in terms of outward FDI in South Asia region with 9.8 billion dollars. It had marked an increase of 486 per cent compared to year 2013.
· RBI allows NRIs to subscribe chit funds
Reserve Bank of Indian has allowed non-resident Indians (NRIs) to invest in chit fund to encourage flow of capital into the country. Decision in this regard was taken after RBI had revised the extant guidelines for subscription to the chit funds in consultation with the government. Henceforth, NRIs on non-repatriation basis will be allowed to invest in chit fund without any ceiling.
However, the subscription to the chit funds by NRIs will be mandatorily brought in through normal banking channel, including through an account maintained with a bank in India. The state government may permit any chit fund to accept subscription from NRIs on non-repatriation basis. It will be permitted by the registrar of chits or an officer authorized by the state government in accordance with the provisions of the Chit Fund Act, 1982.
Earlier in May 2000, RBI had barred NRIs from investing in a company or firms engaged in the business of chit fund. Apart from this decision, RBI also extended the scheme allowing airline companies to raise external commercial borrowings (ECB) for working capital as a permissible end-use under the approval route. Now, the ECB scheme will continue till March 31, 2016.
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