Current Affairs Current Affairs March 2019

Acko Awarded Coveted Golden Peacock Award 2019 For Innovative Product

ACKO General Insurance a new-age digital insurance company was awarded the coveted Golden Peacock Innovative Product Award – 2019, for their contextual micro insurance product –“Ola Ride Insurance”. The award was presented to Mr. Biresh Giri, Appointed Actuary & CRO, Acko. The award ceremony was held in Dubai. Established by the Institute of Directors, India in 1991, The Golden Peacock Awards for Corporate Leadership and Excellence are now regarded as a benchmark of business excellence, both locally and globally.

Source- The Indian Express

Catgeory: Awards & Honours

14th CII-EXIM Bank Conclave On India-Africa Project Partnerships To Be Held In New Delhi

Ministry of Commerce & Industry will be organizing the 14th CII-EXIM Bank Conclave on India-Africa Project Partnerships, in association with Confederation of Indian Industry and EXIM Bank of India in New Delhi. The event will mark the deepening of India-Africa economic and business ties and pave the way for a whole range of cross-border project partnerships. The conclave brings senior Ministers, policymakers, officials, business leaders, bankers, technologists, start-up entrepreneurs and other professionals from India and Africa on a common platform in a spirit of partnership.

Source- Press Information Bureau (PIB)

Catgeory: Summits

Insolvency And Bankruptcy Board Inks Cooperation Agreement With IFC

The Insolvency and Bankruptcy Board of India (IBBI) has signed a Cooperation Agreement with the International Finance Corporation (IFC), a member of the World Bank Group (WBG). The agreement will enable IFC to assist IBBI to further build the capacity of insolvency professionals, and insolvency professional agencies for the purposes of the Code. The agreement was signed by K. R. Saji Kumar, Executive Director, IBBI and Jun Zhang, Country Manager, IFC India.

Source- Press Information Bureau (PIB)

Catgeory: Agreements

India launches third IT corridor in China

India has launched its third IT corridor in China. The corridor will facilitate partnerships between Indian and Chinese companies. National Association of Software and Services Companies (NASSCOM) entered into a partnership with China’s Xuzhou city from Jiangsu Province in China to help develop the IT corridor.

IT Corridor

IT corridor facilitates partnerships between Indian and Chinese companies by enabling Indian software and service industry associations to enter the Chinese market and seize the development opportunities in China.
The corridor facilitates will facilitate match-making between Indian companies wanting to collaborate with companies in China looking to adopt digital transformation from verticals such as manufacturing, retail, automotive, healthcare and utilities and help them create innovative product and solutions in the co-create mode.
The corridor will help create more jobs in China and India and facilitate talent transfer between the two countries.
The earlier two corridors launched at Dalian and Guiyang cities has brought to fore opportunities with over 300 companies where more than 10 Indian SME companies have signed deals worth 31 Million RMB (USD 4.5 million).
The first two corridors had enabled cooperation in co-create mode in the emerging technologies such as AI, IoT and Analytics in the Chinese market.

IT corridor project between India and China strengthens India-China Digital Cooperation by leveraging the respective strengths in hardware and software to build innovative products and solutions in Co-create mode.

Catgeory: National

Prices of 90 cancer medicines cut by up to 87%

The National Pharmaceutical Pricing Authority (NPPA) has reduced the MRP of 390 non-scheduled cancer medicines have been reduced by up to 87%. NPA has asked the manufacturers and hospitals to revise the prices based on the trade margin formula. The release by the NPPA states that five brands will see a price reduction of about 70%, while 12 others will see a 50-70% price cut. MRPs of 45 cancer medicines will reduce by 25%.

Benefits from the Move

This price reduction is expected to result in annual savings of around Rs 800 crore for patients.
The price reduction is expected to benefit about 22 lakh cancer patients in India.

National Pharmaceutical Pricing Authority National Pharmaceutical Pricing Authority (NPPA) constituted in 1997 is an independent Regulator for pricing of drugs and to ensure availability and accessibility of medicines at affordable prices under the Ministry of Chemicals & Fertilizers. The functions of NPPA include:

To implement and enforce the provisions of the Drugs (Prices Control) Order.
To monitor the availability of drugs, identify shortages, if any, and to take remedial steps.
To collect and maintain data on production, exports and imports, the market share of individual companies, the profitability of companies etc, for bulk drugs and formulations.
To undertake relevant studies with respect to the pricing of drugs and pharmaceuticals.
To render advice to the Central Government on changes and revisions in the drug policy.
To render assistance to the Central Government in the parliamentary matters relating to the drug pricing.

NPPA implements the National Pharmaceutical Pricing Policy 2012. NPPA provides ceiling price to all Drugs notified under Schedule-I of the DPCO, 2013 and monitors annual price increase for these and the non-scheduled drugs.

Catgeory: National

SC Proposes Mediation Panel for Ram Janmabhoomi-Babri Masjid Land Dispute Case

The Supreme Court has proposed a court-monitored mediation in the Ram Janmabhoomi-Babri Masjid land dispute case to arrive at a permanent solution to the politically and religiously sensitive issue. The mediation panel consists of three members. Justice Kalifullah, Retired judge of the Supreme Court will chair the court-appointed and monitored mediation process and the other two members are spiritual leader Sri Sri Ravi Shankar and senior advocate Sriram Panchu. The mediation panel will hold the proceedings at Faizabad ensuring full confidentiality. The mediation process is expected to start in a week. The status report of the mediation committee will have to be completed in four weeks with 8 weeks deadline to conclude the hearing.

What is the dispute?

The Babri Masjid-Ram Janmabhoomi case is a property dispute over the land where the Babri Masjid, a 16th-century mosque once stood. The mosque was razed by kar sevaks on 6 December 1992. The Hindu groups claim that the exact site of Lord Ram’s birthplace is where the Babri Masjid was once located. They argue that the Mughals demolished a Hindu shrine that marked the spot of Lord Ram’s birthplace and constructed a mosque in its place. Those oppose to this view argue that such arguments arose only in the 18th century, and that there is no evidence for the spot being the birthplace of Rama.

Catgeory: National

Government Launches e-Dharti app and e-Dharti GeoPortal

The Union Housing and Urban Affairs Minister Hardeep Puri launched the e-Dharti app and e-Dharti GeoPortal to help the public in getting the necessary information on fingertips and the government to effectively manage its properties.

e-Dharti app

Under the e-Dharti app, all the three modules- Conversion, Substitution and Mutation related to properties have been made online.
The payment system in Land and Development Office, L&DO has also been completely digitized.
This enables the public to submit their applications online by visiting the L&DO website. This absolves the need to visit the office for submission of them and for follow up of their applications.

e-Dharti GeoPortal

e-Dharti GeoPortal enables the lessee of the property to see the basic details of property along with the map showing its location.
The lessee can also be issued a Property Card from this office about his property if he asks for it.
e-Dharti GeoPortal will also benefit the government by letting it know the actual status of its vacant properties, whether there is any encroachment on the property.

The government is in process of digitising and integrating other three modules- Sale Permission, Mortgage Permission and Gift Permission. Once completed this digitisation and integration will go a long way in streamlining the working of property related matters by making it more public friendly, efficient, accountable and transparent.

Catgeory: National

Al Nagah III Joint Military Exercise

Al Nagah III is the third in the series of the bilateral joint exercise between India and Oman. It will be held between March 12 to March 25 at Oman.

Al Nagah III

Al Nagah III will be held at Jabel Al Akhdar Mountains in Oman.
The 14-day exercise will see both the armies exchanging expertise and experience in tactics, weapon handling and firing.
The exercise is aimed to enhance interoperability in counterterrorist operations in semi-urban mountainous terrain.
The Indian Army contingent is going to be represented by 10th Battalion of the Garhwal Rifles. Similar strength is also to be fielded by Jabel Regiment of Royal Army of Oman.

Al Nagah I was held at Muscat, Oman in January 2015 and Al Nagah II at Himachal Pradesh, India in March 2017. The India-Oman bilateral security ties have continued to evolve and the joint military exercise will go a long way in enchaining understanding of capabilities and strengthening camaraderie between both the Armies.

Catgeory: International

GI Website & Tutorial Video on IPR Launched

Union Minister for Commerce and Industries Suresh Prabhu has launched the tutorial video on Intellectual Property Rights and the GI website. Tutorial Video on IPR

The tutorial video has been produced by the Cell for IPR Promotion and Management (CIPAM), Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with Qualcomm.
This tutorial video explains the fundamentals of Intellectual Property Rights (IPRs) such as Patents, Copyrights and Trademarks.
India’s first Intellectual Property (IP) Mascot, IP Nani features in a series of short animated videos, to spread awareness about the importance of IPRs amongst children.
The tutorial video can be can be used in schools without any external intervention from teachers or experts and will aid in reaching a large number of schools and students, thereby overcoming issues of bandwidth and limited resources.

Geographical Indication Geographical Indication (GI) is a name or sign used on products which correspond to a specific geographical location or origin. Geographical Indication act as a certification that the product possesses certain qualities, is made according to traditional methods or enjoys a certain reputation, due to its geographical origin.

Website of Geographical Indication of India Geographical Indications (GI) of India website showcases Indian GIs products, classified state wise as well as product category wise. The website with specific and comprehensive details of the geographical area, description of the product, uniqueness, history, product process/ processing in addition to enlisting GI authorized users will increase the visibility and marketability of GIs of India and hence help in their commercialization.

Catgeory: Economy & Banking

NHPC to acquire Lanco Teesta Hydro Power Ltd (LTHPL)

The Cabinet Committee on Economic Affairs (CCEA) has approved the acquisition of debt-laden Lanco’s 500 MW Teesta hydro-electric power project in Sikkim by state-owned NHPC.

Taking over of Lanco Teesta Hydro Power Ltd

NHPC will take over debt-laden Lanco’s 500 MW Teesta hydro-electric power project for Rs 907 crore in Sikkim.
CCEA has sanctioned the funds for the acquisition and execution of balance work of the Teesta Stage-Vl Hydro Electric Project by the NHPC Ltd.
The total cost of the project would be Rs 5,748.04 crore (at July 2018 price level), which includes a bid amount of Rs 907 crore for acquisition and estimated cost of balance work of Rs 3,863.95 crore, which includes Interest During Construction (IDC) and Foreign Component (FC) of Rs 977.09 crore

Teesta Stage-Vl Hydro Electric Project

Teesta Stage-Vl Hydro Electric Project is a Run of River (RoR) project in Sirwani Village of Sikkim to utilize the power potential of Teesta River Basin in a cascade manner.
The project involves the construction of a 26.5-metre high barrage across river Teesta.
The estimated power generation is 2,400 million units of electricity in a 90 per cent dependable year with an installed capacity of 500 MW (4x125MW).

NHPC NHPC Limited, formerly known as National Hydroelectric Power Corp. was incorporated as Central Govt. Enterprise for development of Hydro Power in Central Sector on 7th November 1975. Over the years NHPC has evolved as the largest central utility for hydropower development in India. NHPC is mandated to plan, promote and organize an integrated and efficient development of power in all aspects through Conventional and Non Conventional Sources in India and abroad. NHPC which is a premier organization in the country for the development of hydropower has an authorised capital of about Rs.15,000 crores and has a Miniratna status.

Catgeory: Economy & Banking

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