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- India- South Africa Business Summit Concludes in Johannesburg
Minister of Commerce and Industry and Civil Aviation, Suresh Prabhu, attended India- South Africa business summit from April 29-30,2018 in Johannesburg, South Africa.
- The visit began with a series of bilateral meetings: he met Dr. Rob Davies, Minister of Trade and Industry of South Africa and ministers from Swaziland, Botswana and Lesotho.
- The Minister highlighted the historical relations between India and these countries and pledged to take the economic partnership forward.
- The Minister also met members of India-South Africa CEOs forum who expressed confidence in the Government of India’s efforts to strengthen India-Africa relations and pledged their support in furthering these relations.
- India into world’s top five defence spenders
India has joined the U.S. and China as one of the world’s five biggest military spenders, reflecting geopolitical tensions as well as the country’s reliance on imported weapons and sprawling personnel costs.
- India’s defense spending rose by 5.5 percent to $63.9 billion in 2017 and has now passed France, the Stockholm International Peace Research Institute said in a report
- According to the arms watchdog, the five top military spenders in 2017 were the US, China, Saudi Arabia, Russia and India.
- 14 of world’s 15 most polluted cities in India
The WHO global air pollution database reveals that India has 14 out of the 15 most polluted cities in the world in terms of PM 2.5 concentrations, with the worst being Kanpur.
- Kanpur topped the 2016 list with a PM 2.5 concentration of 173 micrograms per cubic metre, followed by Faridabad, Varanasi and Gaya.
- 14 out of top 15 cities are Indian. Ali Subah Al Salem (Kuwait) ranked 15th.
- Cabinet approves Doubling of Investment Limit for Senior Citizens PMVVY
The Union Cabinet chaired by chaired by Prime Minister Shri Narendra Modi has given its approval for extending the investment limit from Rs 7.5 lakhs to Rs 15 lakhs as well as extension of time limits for subscription from 4thMay 2018 to 31stMarch, 2020 under the Pradhan Mantri Vaya Vandan Yojana (PMVVY) as part of Government’s commitment for financial inclusion and social security.
- Further, as a boost to the Social Security initiatives for senior citizens, the investment limit of Rs 7.5 lakh per family in the existing scheme is enhanced to Rs 15 lakh per senior citizen in the modified PMVVY, thereby providing a larger social security cover to the Senior citizens.
- It will enable upto Rs.10000 Pension per month for Senior Citizens.
- The PMVVY is being implemented through Life Insurance Corporation of India (LIC) to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.
- The scheme provides an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis.
- The differential return, i.e. the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.
- Biggest Airport, after Mumbai, to be developed in Mopa, Goa
A joint team of the Airports Authority of India (AAI) and Commerce Logistics Department will visit Goa on 7th-8thMay 2018 to facilitate the development of cargo hubs at the new airport to be constructed at Mopa in Goa.
- The four coastal states in the western part of the country, Maharashtra, Karnataka, Kerala and Goa, will benefit greatly from the biggest airport, after Mumbai,to be constructed in Mopa.
- PMSSY approved beyond 12th Five Year Plan
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for continuation of Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) beyond 12th Five Year Plan for a period 2017-18 to 2019-20 with a financial outlay of Rs. 14,832 crores.
- Expressing gratitude to the Prime Minister for his constant support, Shri J P Nadda, Union Minister of Health and Family Welfare said that the Government is consciously working towards improving health infrastructure as well as health manpower in the country.
- Cabinet approves continuation of Umbrella Scheme ‘Green Revolution
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for the Umbrella Scheme, “Green Revolution – Krishonnati Yojana” in agriculture sector beyond 12th Five Year Plan for the period from 2017-18 to 2019-20 with the Central Share of Rs. 33,269.976 crore.
- The Umbrella scheme comprises of 11 Schemes/Missions.
- These schemes look to develop the agriculture and allied sector in a holistic and scientific manner to increase the income of farmers by enhancing production, productivity andbetter returns on produce.
- The Schemes will be continued with an expenditure of Rs.33,269.976 crore for three financial years, i.e., 2017-18, 2018-19 and 2019-20.
- Radhakrishnan Nair appointed ICICI Bank independent director
Former IRDAI member Radhakrishnan Nair has been appointed to ICICI Bank’s board as an Additional (Independent) Director.
- His appointment will be for a period of five years and is subject to shareholders’ approval.
- Nair has around 40 years of experience in the banking industry and in the field of securities and insurance regulation.
- Subhash Chandra Khuntia is new IRDAI chairman
Former IAS officer Subhash Chandra Khuntia is the new chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
- The Appointments Committee of Cabinet (ACC) approved the appointment of Mr.Khuntia to the post of chairperson of the insurance regulator.
- His appointment will be for a period of three years or till the age of 65 years, whichever is the earliest.
- He will replace TS Vijayan.
Source: currentaffairs.wifistudy.com
