Current Affairs Update – 1st August, 2015

• The Modi government on Friday announced a big-bucks boost to
  investments in the economy. Union Finance Minister Arun Jaitley told Parliament
  that the Centre will over the next four years infuse Rs.70,000 crore out of
  budgetary allocations into state-owned banks.
• Later, Minister of State for Finance Jayant Sinha told
  reporters that the proposed National Investment and Infrastructure Fund (NIIF)
  that the Union Cabinet had approved on Wednesday will make equity investments
  of Rs. 20,000 crore every year in commercially viable long gestation projects
  which will help to kick-start the economy.
• The Centre will own 49 per cent of this new Mumbai-based
  fund, which won’t be answerable to Parliament nor audited by the CAG. It will
  be run on a commercialbasis by managers, who will be paid globally competitive
  salaries.
• Of the Rs. 70,000 crore planned to be infused out of
  budgetary allocations into state-owned banks over the next four years, as much
  as Rs. 25,000 crore will be provided to public sector banks this year itself,
  Union Finance Minister Arun Jaitley told Parliament on Friday.

• Thomas Cook (India) Ltd. has acquired Sri Lanka-based
  destination management company Luxe Asia through its wholly-owned subsidiary
  Thomas Cook Lanka (Pvt.) Ltd. for an unspecified amount. The company will be
  operated as an independent entity.
• Thomas Cook (India) is a part of Canadian Investor of Indian
  origin Prem Watsa led Fairfax Financial Holdings.
• Based in Sri Lanka, Luxe Asia is focussed on inbound tourism
  from key global markets and services both tour operator and traveller segments
  across its ten destinations in the Indian Ocean Region and Asia.
• Meanwhile, Thomas Cook (India) has entered into a marketing
  alliance with home shopping network SHOP CJ Network Pvt. Ltd. to promote its
  ‘Holiday Savings Account’, a holiday solution for India’s middle class
  travellers.

• The naval harbour here has become the first in the country
  to get a top-notch defence system — which will enable operators to foresee, and
  respond to, surface and sub-surface threats to vital assets along the harbour
  and warships in the quay.
• the Integrated Underwater Harbour Defence and Surveillance
  System (IUHDSS), a state-of-the-art automated system capable of detecting,
  identifying, tracking and generating warning for surface and underwater
  threats, was commissioned by Vice-Admiral Sunil Lanba, Flag Officer
  Commanding-in-Chief of the Southern Naval Command.
• The system, comprising a cluster of coastal surveillance
  radars, high-power underwater sensors and diver detection sonars, was designed
  by Israeli Aerospace Industries (IAI) ELTA.
• Besides Kochi, naval harbours at Mumbai, Visakhapatnam and
  Port Blair are slated to be equipped with the system as a force protection
  measure. The multi-agency Joint Operations Centre (JOC), set up at these places
  to coordinate coastal security operations, will receive real-time images
  relayed by these sensors and the command and control of the operations launched
  in response to threats will vest with the coastal defence Commanders-in-Chief –
  Flag Officers Commanding-in-Chief of the three naval commands and the
  Commander-in-Chief of the Andaman and Nicobar joint services command.
• The project is said to cost around Rs 270 crore, said
  sources.

• Public sector oil exploration and production company ONGC
  announced that Ved Prakash Mahawar had joined the board of directors as
  Director (Onshore) on Saturday. Mahawar will directly look after all onshore
  operations across the country.
• With 33 years of experience in managing drilling and
  operation functions, Mahawar was earlier the OSD (Onshore) at New Delhi. He has
  also headed the Tripura asset of ONGC as Executive Director – Asset Manager.
• Mahawar also played an important role in establishing the
  Well Control School at the Institute of Drilling Technology (IDT), Dehradun,
  which has been imparting training to ONGC employees and oil personnel from
  other Indian as well foreign oil companies.

• ONGC’s overseas investment arm ONGC Videsh announced the
  appointment of Sudhir Sharma to the board of the company as the Director
  (Exploration).
• Sharma has worked for over three decades in various domestic
  and overseas capacities in ONGC Videsh. He was most recently the Country
  Manager and Legal Representative for the company’s Colombia operations for over
  a year. He has also been the Head of Business Development in ONGC Videsh.

• The Sports Ministry on Saturday confirmed that Wimbledon
  doubles champion Sania Mirza has been recommended for the Rajiv Gandhi Khel
  Ratna.
• Sania won her first women’s doubles Grand Slam title with
  Swiss partner Martina Hingis in June. She also became World No. 1 before
  winning the Grasscourt major.

Regards

Team ExamPundit

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