Current Affairs : 6th july 2019

Stand-Up India Scheme extended till 2025

The Stand Up India Scheme has been extended upto the year 2025. This was stated by the Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman while presenting the Union Budget 2019-20 in the Parliament today. “Stand-Up India Scheme has delivered enormous benefits. The country is witnessing emergence of thousands of entrepreneurs from women and also from the Scheduled Castes and Scheduled Tribes, most of them assisted to set up their businesses and industry with capital provided under the Stand-Up India Scheme”, she said. The Minister said that banks will provide financial assistance for demand based businesses under this scheme, including for acquisition of scavenging machines and robots.

Union Budget proposes permitting 100% Foreign Direct Investment (FDI) for insurance intermediaries

It is being contemplated to permit 100% Foreign Direct Investment (FDI) for insurance intermediaries. This was announced by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman while presenting the Union Budget 2019-20 in the Parliament today. She further proposed that Local sourcing norms will be eased for FDI in Single Brand Retail sector.

The Finance Minister also added that FDI inflows into India have remained robust despite global headwinds.  Global Foreign Direct Investment (FDI) flows slid by 13% in 2018, to US$ 1.3 trillion from US$ 1.5 trillion the previous year – the third consecutive annual decline.

Public Sector Banks  proposed to be provided Rs 70,000 crore capital to boost credit

Public Sector Banks are to be further provided Rs 70,000 crore capital to boost credit for a strong impetus to the economy. To further improve ease of living, they will leverage technology, offering online personal loans and doorstep banking, and enabling customers of one Public Sector Bank to access services across all Public Sector Banks. While presenting Union Budget 2019-20 in Parliament today, the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman informed that in addition, Government will initiate steps to empower accountholders to remedy the current situation in which they do not have control over deposit of cash by others in their accounts. Reforms will also be undertaken to strengthen governance in Public Sector Banks.

Issue Price of the Sovereign Gold Bond Scheme 2019-20 (Series II) during the subscription period from 8th July to 12th July, 2019 would be Rs.3,443 per gram with Settlement Date being 16th July, 2019

The Sovereign Gold Bond Scheme 2019-20 (Series I) will be opened for subscription for the period July 08-12, 2019. The Issue Price of the Bond during this subscription period shall be Rs.3,443 (Rupees Three Thousand Four Hundred Forty Three only) – per gram with Settlement date July 16,2019,

The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs. 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through Digital Mode. For such investors the issue price of Gold Bond will be Rs. 3,393 (Rupees Three Thousand Three Hundred Ninety Three only) per gram of gold.

NITI Aayog launched Agricultural Marketing and Farmer Friendly Reforms Index 2019

NITI (National Institution for Transforming India) Aayog released its "Agricultural Marketing and Farmer Friendly Reforms Index" (AMFFRI) for the year 2019.  It is an index launched by NITI Aayog in 2016. The main reason is to rank states and union territories based on the implementation of seven provisions proposed under the model Agricultural Produce Market Committee (APMC) Act.

Maharashtra ranked first for implementing most of the marketing reforms.  Gujarat secured the second rank with a score of 71.5 out of 100, followed by Rajasthan and Madhya Pradesh.

Government increased the budget for drug de-addiction measures to Rs 135 crore

The union government increased funds allocation for drug de-addiction measures to Rs 135 crore from Rs 33 crore in 2014. Social Justice and Empowerment Minister Thawar Chand Gehlot on increasing instances of drug addiction among school children in various parts of the country. The minister told the members agreed with their suggestions on the issue. The  government made enough provision for punishing drug peddlers in the country. The punishment was given for a period of six months to 15 years. There is a for fining the culprits responsible for drug menace. There are 135 districts are surveyed by the government to find out the effects of drug addiction among youth.

The actions are taken by the government to curb the drug addiction menace Gehlot prepared a National Action Plan for Drug Demand Reduction (NAPDDR) for the period 2018-2025.

Parliament passed Central Educational Institutions (Reservations in Teachers' Cadre) Bill 2019

The Central Educational Institutions (Reservation in Teachers’ Cadre) Bill, 2019 passed by the Parliament.  The Rajya Sabha passed the Bill after it got passed in Lok Sabha on 1st July 2019.

This Bill replaces the “The Central Educational Institutions (Reservation in Teachers’ Cadre) Ordinance, 2019”.  The Central Educational Institutions (Reservation in Teachers’ Cadre) Bill, 2019 holds as one unit restoring earlier reservation system. The main aim of the bill is to implement a 200-point reservation system instead of 1 3-point roster system will pave the way for filling more than 7,000 teaching jobs.


NASA launched an incredible new atomic clock into orbit to navigate distant planets

NASA has launched an incredible new atomic clock into orbit on a SpaceX Falcon Heavy. It was developed by NASA's Jet Propulsion Laboratory. The mission aims to revolutionise how mankind explores the cosmos.  The new Deep Space Atomic Clock will be used to navigate distant planets like Mars. A huge improvement would be made in the spacecraft navigation. It is a space-ready upgrade to the atomic clocks which is used on Earth and to the clocks that already fly on satellites like those that provide GPS.  The Deep Space Atomic Clock to allow spacecraft travelling in deep space to navigate more autonomously, with less reliance on communication with Earth.