Current Affairs Update – 8th April, 2015

Hello and welcome to ExamPundit. Here are the important current affairs of 8th April, 2015.

• Prime Minister Narendra Modi on 8 April 2015 launched the Micro Units Development and Refinance Agency Ltd. (MUDRA) Bank to fund the small entrepreneurs.
• The Bank was launched under the ambitious Pradhan Mantri Jan Dhan Yojana (PMJDY). The bank will provide credit of up to 10 lakh rupees to small entrepreneurs and act as a regulator for Micro-Finance Institutions (MFIs).
• It was set up through a statutory enactment. It would be responsible for developing and refinancing all Micro-finance Institutions (MFIs) which are in the business of lending to micro / small business entities engaged in manufacturing, trading and service activities.
• The concept of MUDRA Bank goes beyond credit only approach and offers a credit plus solution for these enterprises spread across the country.

• IFCIBSE 2.81 % Ltd has now become a state- owned firm with the government increasing its stake in the infrastructure financing firm to 51.04 per cent.
• Government has acquired IFCI's 6,00,00,000 Preference shares of Rs 10 each from certain scheduled commercial banks and has consequently increased its holding from 47.93 per cent to 51.04 per cent of the paid-up share capital.
• As a result of this increase in shareholding of the Government of India, IFCI has become a 'Government Company' as per the provisions of Section 2(45) of the Companies Act, 2013, with effect from April 7, 2015.
• The Industrial Finance Corporation of India was set up by government on July 1, 1948 as the first Development Financial Institution in the country.
• IFCI was provided access to low-cost funds through the central bank's Statutory Liquidity Ratio or SLR which in turn enabled it to provide loans and advances to corporate borrowers at concessional rates.

• The Union Ministry of Commerce and Industry on 8 April 2015 formed an expert committee under the chairmanship of Ajay Shankar to suggest simplified compliance for establishing new industries. He is a former Secretary to the Department of Industrial Policy and Promotion (DIPP).
• The Expert Committee has been constituted for examining the possibility of replacing multiple prior permissions with pre-existing regulatory mechanism and to prepare draft legislation for this purpose.
• The committee is directed to submit its report within 30 days.

• Study the requirement of various prior permissions with an exhaustive inventory of such permissions
• Examine the possibility of replacing these prior permissions with a pre-existing (proposed) regulatory mechanism
• Identify safeguards to be put in place while replacing the system of prior permission and integrating these safeguards in the proposed regulatory mechanism

• Union Cabinet Committee on Economic Affairs (CCEA) on 7 April 2015 approved two FIIs (Foreign Institutional Investors) proposals worth 4187 crore rupees in the pharmaceutical majors Aurobindo Pharma Ltd. and Glenmark Pharmaceutical Ltd.
• The CCEA’s approval for QIBs (Qualified Institutional Buyers) in Aurobindo Pharma Ltd. will increase the FIIs share in the company from 27.32 to 34.32 resulting in an inflow of about 2165 crore rupees. The funds will enable the company to expand its operations in the areas of anti infective, cardiovascular and central nervous system related ingredients.
• The CCEA’s clearance for FIIs in Glenmark Pharmaceutical Ltd. will increase the FIIs share in the company from 35.07 percent to 49 percent resulting in an inflow of about 2022 crore rupees.

• Prime Minister Narendra Modi today announced the government's decision to raise by 50 per cent the quantum of compensation to farmers affected by crop losses due to recent unseasonal rains.
• Besides, the criterion of 50 per cent crop damage for providing compensation to farmers has been reduced to 33 per cent, which will help more people get better compensation for the crop loss.
• Speaking at the launch of the Pradhan Mantri MUDRA (Micro Units Development Refinance Agency) Yojana here, he also instructed insurance companies to expeditiously settle the claims of the distressed farmers.
• The decision to provide liberal assistance to farmers was taken by Modi after a review meeting with Cabinet Ministers who were asked to assess the damage to the crops following the unseasonal rains and hailstorms in northern and central parts of the country.

• Online marketplace Snapdeal has acquired mobile transactions platform, FreeCharge, in a cash and stock deal that is speculated to be in the range of $400 million.
• With this acquisition, Snapdeal becomes the largest mobile commerce firm in the country offering over 11 million products and services including financial services, mobile recharge and utility payments with a growing base of over 40 million users.
• FreeCharge, a leading mobile commerce platform where users can pay their mobile, DTH and utility payments across most major operators will continue to function as an independent platform and all aspects of FreeCharge’s shopping experience will continue to remain intact.
• Over the last 6 months, Snapdeal has acquired many companies. This February, the company acquired Exclusively.in, an online retailer of premium luxury and fashion. Last year the company acquired fashion discovery start-up Doozton and gift recommendation technology platform, Wishpicker. More recently, Snapdeal picked up a majority stake in digital financial services platform, RupeePower.com.

• e-Commerce major Amazon has chosen Telangana over the neighbouring state of Karnataka to set up its largest fulfilment centre (FC) in the country.
• The US-based firm, which has been facing taxation issues in Karnataka, said it has put its proposed investments in the state on hold till the matters are resolved.
• The e-commerce major last year had announced investment of USD 2 billion (about Rs 12,500 crore) in the country.
• The new FC in India will come up near Kottur, on the outskirts of Hyderabad. Spread over 280,000 sq ft, the unit will become operational by May this year.
• This will enable Amazon to ensure faster and quicker delivery of products to stay ahead as it competes head on with domestic rivals like Flipkart and Snapdeal.
• No investment details were disclosed.

• The Union Cabinet Committee on Economic Affairs (CCEA) on 7 April 2015 approved the projects for strengthening and widening of 455 kilometers of National Highways (NH) at a total capital cost of about 9500 crore rupees.
• The projects are aimed at improving road connectivity in Uttar Pradesh and Tamil Nadu and the expenditure to be incurred on these projects will be borne by the Union Government.

• Four laning of 138-km stretch of Sultanpur-Varanasi section of NH-56 at a cost of 3800 crore rupees
• Four laning of 200-km stretch of Varanasi to Ghazipur, Gorakhpur and further to Nepal section of NH-29 at a cost of 4400 crore rupees
• Four laning or two laning with paved shoulders of 115-km stretch of Madurai-Ramanathapuram section of NH-49 at a cost of about 1400 crore rupees

• US aviation regulator Federal Aviation Administration (FAA) has upgraded India’s safety ranking — after fourteen months of close watch — paving the way for Indian carriers to expand their services to the US and enter into agreements with American carriers through code-share to expand operations.
• The move will benefit state-run Air India, besides Jet Airways, and Vistara (if and when policy changes allow it to fly international). Vistara, a joint venture between the Tatas and Singapore Airlines, has plans to fly to the US, either directly or with partners.
• In January last year, FAA had downgraded India to Category-II, implying safety oversight in the country did not comply with the International Civil Aviation Organisation standards. As a result, no Indian carrier could expand capacity to the US.
• The decision to restore India’s Category-I safety ranking, taken after a review of the Directorate General of Civil Aviation’s (DGCA’s) measures, was announced on Wednesday. These measures included appointment of 55 pilots as full-time flight operation inspectors, for better safety oversight.

• In a major milestone for the nuclear industry, India has registered a record production of over 1,252 MT of uranium bundles, manufacturing close to double the annual fuel requirement of atomic reactors in the country.
• The production has also exceeded country's annual fuel requirement of 650 MT for the Pressurised Heavy Water Reactors (PHWRs), which means the country has surplus nuclear fuel, for at least a few months.
• The Hyderabad-based Nuclear Fuel Complex (NFC), which produces fuel for nuclear reactors in the country, has produced over 30 per cent more fuel compared to its 961.023 MT production in 2013-14.
• NFC, set-up with an initial production capacity of 100 MT per year, was augmented several times to enhance the capacity to 850 MT, to cater to the fuel requirement of all the 18 operating PHWRs and the 2 Boiling Water Reactors at Tarapur.
• India produces around 5,780 MW of nuclear power. Of this, 4,780 MW of electricity is generated by fuel processed at the NFC. Fuel for the Kudankulam Nuclear Power Plant (KKNPP) unit 1 is provided by Russia, as per the agreement.

• Kansas became the first state on Tuesday to ban a common second-trimester abortion procedure that critics describe as dismembering a foetus.
• Republican Gov. Sam Brownback, a strong abortion opponent, signed a bill imposing the ban, and the new law takes effect July 1. He and the National Right to Life Committee, which drafted the measure, said they hope Kansas’ example spurs other states to enact such laws. Already, the measure also has been introduced in Missouri, Oklahoma and South Carolina.
• Two abortion rights groups that operate Kansas clinics with abortion services, Trust Women and Planned Parenthood of Kansas and Mid-Missouri, said they’re considering challenging the new law in court.
• A Delaware-based law professor said U.S. Supreme Court precedents over the past 15 years suggest the Kansas law wouldn’t survive a challenge but added that the justices may revise past stances.
• Under the law, the procedure is banned except when necessary to save a woman’s life or prevent irreversible damage to her physical health. Doctors cannot use forceps, clamps, scissors or similar instruments on a fetus to remove it from the womb in pieces.

• Bollywood megastar Amitabh Bachchan and Prince Karim Aga Khan were among the eminent personalities awarded the Padma Vibhushan, country’s second highest civilian honour, by President Pranab Mukherjee here today.
• Besides them, senior Supreme Court advocate Kottayan K Venugopal and D Veerendra Heggade of the famous Dharmasthala Jain temple in Karnataka were also conferred the Padma Vibhushan.
• Renowned Assamese Filmmaker Jahnu Barua and computer scientist Vijay Bhatkar were given the Padma Bhushan, third highest civilian honour, during the civil investiture ceremony held at the majestic Durbar Hall of Rashtrapati Bhavan.
• Hockey player Saba Anjum, women cricketer Mithali Raj, economist Bibek Debroy, IT honcho T V Mohandas Pai and musician Ravindra Jain were given Padma Shri.
• Vice President Hamid Ansari, Prime Minister Narendra Modi, Home Minister Rajnath Singh, Finance Minister Arun Jaitley and Delhi Chief Minister Arvind Kejriwal were among the prominent dignitaries present during the event.

• Bollywood-style opening ceremony kick started the eighth edition of Indian Premier League (IPL) cricket after a one and a half hour delay at the decked-up Salt Lake stadium here on Tuesday.
• The first match is between 2014 Champions Kolkata Knight Riders and Mumbai Indians in Eden Gardens.

• Gujarat cricket team on 7 April 2015 won the 2014-15 Syed Mushtaq Ali T20 Trophy played at the KIIT Cricket Stadium, Bhubaneshwar. In the final clash, Gujarat defeated Punjab by two wickets.
• Wicketkeeper and opening batsman Smit Patel's unbeaten 50 helped Gujarat to win their second Syed Mushtaq Ali Trophy.
• Gujarat won the trophy in 2012-13 by defeating Punjab in the final by four wickets.

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