Current Affairs Update – 22nd June, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 22nd June, 2016. These are important for the upcoming SBI PO Mains 2016 Exam.

• The Union Cabinet on 22 June 2016
  approved the establishment of Fund of Funds for Startups (FFS). The
  establishment of the fund is in tune with the Start up India Action Plan that
  was unveiled in January 2016 to boost start up ecosystem in the country.

• Beneficiaries: It will be utilised for contribution to various
  Alternative Investment Funds (AIF), registered with Securities and Exchange
  Board of India (SEBI) which would extend funding support to Startups.
• Resource allocation: It
  has a corpus of 10000 crore rupees which shall be built up over the 14th
  (2015-20) and 15th Finance Commission (2020-25) cycles subject to progress of
  the scheme and availability of funds.
• An amount of 500 crore rupees has
  already been provided to the corpus of FFS in 2015-16 and 600 crore earmarked
  in the 2016-17.
• Further provisions will be made
  as grant assistance through Gross Budgetary Support by Department of Industrial
  Policy and Promotion (DIPP).
• The 10000 crore rupees corpus
  could potentially be the nucleus for catalyzing 60000 crore rupees of equity
  investment and twice as much debt investment.
• This would provide a stable and
  predictable source of funding for Startup enterprises and thereby facilitate
  large scale job creation.
• Employment: On full deployment, the Fund is expected to generate
  employment for 18 lakh persons on full deployment.
• Execution: The expertise of the Small Industries Development Bank
  of India (SIDBI) would be utilized to manage the day to day operations of the
  FFS.
• Monitoring: The DIPP will monitor and review performance of the
  fund in line with the Start up India Action Plan.

• IT services provider Tech
  Mahindra on Wednesday said it has acquired The BIO Agency (BIO). It is a
  UK-based agency that offers digital services to global clients and engages with
  their customers. Tech Mahindra acquired the British firm for 45 million pounds
  (Rs 445 crore).
• The BIO Agency services brands
  across financial services, retail, property, travel, and technology sectors and
  the acquisition will help them make sizeable inroads into Fortune 100 / 500
  telecommunications and enterprise clients of Tech Mahindra, the company said in
  a statement.
• Tech Mahindra has embraced the
  future with its focus on digital and sees this as an important strategic move.
  The acquisition will further strengthen and enable the company to engage with
  its clients at the start of the journey and more importantly, help design the
  customer experience for their businesses.

• Indian Space Research
  Organisation (ISRO) on 22 June 2016 launched a record 20 satellites in a single
  mission from the Satish Dhawan Space Center in Sriharikota, Andhra Pradesh.
• With this launch of 20
  satellites, ISRO also managed to break its previous record of placing 10
  satellites into orbit in a single mission in 2008.
• The 20 satellites including
  India’s latest earth observation satellite Cartosat-2 was launched on-board
  Polar Satellite Launch Vehicle PSLV C-34. The other 19 satellites were from the
  US, Germany, Canada and Indonesia as well as two satellites from Sathyabama
  University, Chennai, and the College of Engineering, Pune.
• The Cartosat-2 series satellite
  is the primary satellite carried by PSLV-C34. This satellite is similar to the
  earlier Cartosat-2, 2A and 2B. After its injection into a 505 km polar Sun
  Synchronous Orbit by PSLV-C34,

• LAPAN A3 of Indonesia: The
  micro-satellite will be used for earth surveillance and magnetic field
  monitoring.
• BIROS from Germany: This is meant
  for remote sensing of high temperature events.
• SKYSAT GEN 2-1 from US: It will
  be used for earth imaging. The micro-satellite was developed by Google Company
  Terra Bella’s SkySat Gen2-1.
• Dove Satellites from US: it
  comprises of a total of 12 Flock-2P Earth imaging satellites.
• Maritime Monitoring and Messaging
  Microsatellite (M3MSAT) from Canada: This micro-satellite of Canada will be
  used for collection and study of automatic identification system signals from
  low earth orbit.

• Union Government in June 2016
  asked all state governments to link Aadhaar with caste and domicile
  certificates of school students.
• Under first-of-its-kind
  initiative, the states have been asked to ensure that such certificates are
  issued within 60 days time to the students when they are studying either in
  Class V or VIII.
• To make sure that the
  scholarships will be granted on time to students belonging to Scheduled Caste
  and Scheduled Tribes and without causing any harassment to SC/STs students.
  There have been complaints of delay in grant of scholarships and harassment.
• To facilitate access of bona fide
  candidates belonging to Scheduled Castes and Scheduled Tribes to the reserved
  posts and services under the State or Central governments.
• To secure admission in
  educational institutions and get other facilities.

• The Maharashtra Cabinet on 21
  June 2016 approved the minority status to Jew community. This decision will
  benefit the students from these communities to avail scholarships from the
  state government.
• After getting the minority
  status, the Jews in the state will be entitled to use benefits of government
  schemes meant for minorities and can also apply in educational institutions
  under the minority status.
• The people of this community will
  now be able to easily get their marriage registrations done in Maharashtra.
• The Jewish people living in the
  state would now also be able to set up their own educational institutions and
  practice and promote their culture.

• To commemorate the 2nd
  International Day of Yoga, Andhra Pradesh Postal circle on 21 June 2016
  released “Information booklet, Stamps on Yoga” and “12 stamps on
  Suryanamaskarams”.
• The booklet contains
  illustrations and description of 24 yoga asana (postures). It also provides a
  brief description on the various Yoga postures depicted in the original Stamps.
• The booklet contains four
  Commemorative stamps released in 1991 on various yoga postures– Bhujangasana,
  Dhanurasana, Ushtrasana and Utthita Trikonasana.

• The United Nations Conference on
  Trade and Development (UNCTAD) on 21 June 2016 released a report entitled World
  Investment Report 2016 – Investor Nationality: Policy Challenges.
• The report examines international
  production by multinational enterprises (including sales, exports, employment
  and value added), as well as their ownership structures and control of
  affiliates.
• In a novel analysis, the report
  focuses on how policymakers can distinguish between “domestic” and
  “foreign” companies in a globalized economy and provides with a new
  framework for handling ownership issues in 21st century investment
  policymaking.
• While the USA surpassed Hong Kong
  and China in terms of FDI inflows in 2015 with 380 billion US dollars, India
  continues to be at the 10th position with 44 billion US dollars.

• FDI inflows: Top 10 countries in
  terms of FDI inflows in decreasing order – The USA, China, Hong Kong, Ireland,
  Netherlands, Switzerland, Singapore, Brazil, Canada and India.
• Global investment trends: The
  flows jumped by 38 per cent to 1.76 trillion US dollars, their highest level
  since the global economic and financial crisis of 2008–2009.

• Globally, India was at the top
  tenth position in terms of FDI inflows in 2015. Compared to 35 billion US
  dollars in 2014, it received 44 billion US dollars of investments in 2015.
• India’s and Bangladesh’s FDI
  performance pushed inflows to South Asia to 50 billion US dollars, an increase
  of 22 per cent from 2014.
• India became the fourth largest
  recipient of investment in developing Asia.

• The World Bank Group on 20 June
  2016 released the mid-year edition of India Development Update 2016: Financing
  Double-Digit Growth. The report finds that India’s economy expanded at a faster
  pace in FY 2016.
• It says that the economy was
  lifted to a higher growth path by demand from urban households and public
  investments, despite the fact that other key growth engines had stalled.

• It reviews the current challenges
  in India’s financial sector and analyzes some of the impacts of the
  recommendations of the 14th Finance Commission on Indian states.
• Agriculture, rural household
  consumption, private investments, and exports have not performed to potential.
• The oil bonanza most directly
  benefited the government, which for the first time in five years exceeded its
  revenue collection targets and used the resources to contain the fiscal
  deficit.
• Capital spending by the central
  government was ramped up.
• Urban households were the main
  drivers of growth in FY 2016.
• The manufacturing and services
  sectors, which expanded 7.4 and 8.9 percent, respectively, also created urban
  jobs.
• Inflation abated primarily
  because of lower food prices.
• Lower inflation raised real
  incomes and allowed RBI to cut interest rates, which favored the financially-connected
  urban households.
• To remain on this growth path and
  sustain growth at 7.6 percent into FY17, the challenge for the Indian economy
  is to activate the stalled engines that are agricultural growth, rural demand
  and trade.
• The dissipation of the large
  boost from historically low oil prices in the past year will make this a
  challenging task, but prospects of a normal monsoon will help, the Update
  suggests.

• Digital payments platform PayPal
  on Wednesday said it has appointed Anupam Pahuja, a company veteran heading
  technology for Asia Pacific, as the Managing Director and Country Manager for
  India.
• Pahuja will be responsible for
  all aspects of PayPal’s India business and further strengthening the company’s
  operations in the country.
• Prior to PayPal, Anupam was the
  Managing Director of NASDAQ-listed SumTotal Systems, the world’s largest
  eLearning company.

• Six Indian World War I (WW-I)
  heroes on 20 June 2016 became part of Britain’s new digital archive. The
  archive was launched as part of UK government’s centenary celebrations of WW-I
  and aims to tell the inspiring stories of war heroes.
• The new Digital Archive was
  launched by Foreign and Commonwealth Office (FCO) to chronicle individual
  biographies of the war heroes. The new digital archive can be accessed through
  the UK government’s official gov.uk portal.

1. Risaldar Badlu Singh from Punjab
2. Sepoy Chatta Singh from Uttar
   Pradesh
3. Naik Darwan Singh Negi from Uttar
   Pradesh (modern day Uttarakhand)
4. Lance Naik Lala from Himachal
   Pradesh
5. Rifleman Gabar Sing Negi from
   modern day Uttarakhand
6. Lance-Daffadar Gobind Singh from
   Rajasthan

• The book titled A Life in
  Diplomacy was in news in the third week of June 2016. The book was written by
  former Indian diplomat Maharajakrishna Rasgotra.
• It is an insider’s account of the
  personalities and policies that shaped Indian diplomacy.
• The book provides a ringside view
  of the beginnings of ethnic violence in Sri Lanka, the last years of the Cold
  War, the negotiations on the formation of SAARC, Indira Gandhi’s assassination
  and the Bhopal gas disaster.

• Noted Telangana poet and lyricist
  Guda Anjaiah died on 21 June 2016 at his house at Ragannagudem, Telangana
  following a brief illness. He was 61. He is survived by three daughters.
• His songs both regaled and
  incensed supporters of statehood movement.

Regards

Team ExamPundit