Cabinet approves SANKALP & STRIVE Schemes to boost Skill India Mission
- In the brief account of the Prime Minister Narendra Modi’s pet project Skill India Mission, the Cabinet Committee on Economic Affairs on Wednesday has been given the approval skill development schemes.
- The Union cabinet has given the approval for the seventh pay commission award for teachers, this will be the diwali gift that will benefit nearly 8 lakh teachers employed in central government educational institutions. The two schemes include the Rs 4,455 crore Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) and Skill Strengthening for Industrial Value Enhancement (STRIVE) of Rs 2,200 crore.
- “The two schemes shall address this need by setting up national bodies for accreditation & certification which shall regulate accreditation and certification in both long and short-term Vocational Education and Training (VET),” a statement said.
- “The schemes shall provide the required impetus to the National Skill Development Mission 2015 and its various sub missions,” it said.
- SANKALP has in the recent given the sponsored scheme backed by Rs 3,300 crore loan from the World Bank whereas half of the total cost of STRIVE will also be borne by the World Bank. SANKALP and STRIVE are pitched as outcome focused schemes marking shift in government’s implementation strategy in vocational education and training from inputs to results.
UP government launches ‘Sankalp Seva’ bus service
- Uttar Pradesh Chief Minister Yogi Aditynath on Wednesday has started the initiative for the 50 buses under the ‘Sankalp Seva’ service in Lucknow. State Transport Minister Swatantra Dev Singh has also in the event at this time. These buses will be facilates the some of the 6,000 villages.
- In the term of the event, Adityanath said that the state government was taking all sort of initiatives to provide better bus services to its people. The chief minister said that to honour the sacrifices of the martyrs, the state government will construct ‘Gaurav Marg Path’.
- “In that ‘Gaurav Marg Path’, there will be statues of the martyrs, when roads will improve, the transport buses will not face difficulties in reaching those villages,” Adityanath said.
- “The bus stations across the state will be made better so that anyone coming there should have access to all kind of facilities,” he added.
- “We will connect each and every village with Transport services so that everyone in the state can utilise facilities in the best way possible,” he concluded.
- Uttar Pradesh is a state in northern India. Its city of Agra is home to the iconic Taj Mahal monument, a colossal, domed, white-marble mausoleum honouring the wife of 17th-century Mughal emperor Shah Jahan
- Nearby are the red-brick walls of Agra Fort, a fortified palace dating to the 16th and 17th centuries
- Capital Lucknow has Muslim memorial shrines Bara Imambara and calligraphy-adorned Chota Imambara
NMCG signs agreement to set up sewage treatment plants in Haridwar, Varanasi
- The center government on Wednesday has given the approval for the sewage treatment plants (STPs) at Haridwar and Varanasi in the public-private partnership mode for a combined cost of ₹324.69 crore under its Namami Gange programme.
- “These projects are the country’s first two hybrid annuity projects for the development of sewage infrastructure. They will ensure that untreated sewage from these cities does not flow into the Ganga, giving a boost to our flagship Namami Gangeprogramme,” NMCG Director General UP Singh said in a statement.
- “The agreement is a major step forward in realising the dream of nirmal Ganga (clean Ganga) as it is the first time in India that Hybrid Annuity-based PPP mode is being applied in sewerage sector,” Gadkari was quoted as saying at the event in an official statement.
- “The projects would ensure that untreated sewage does not flow into the Ganga river, thus giving a boost to India’s flagship Namami Gange program. The construction of these two new greenfield STPs will commence shortly,” the statement said.
Manohar Lal Khattar announces ration cards for nomadic tribe in Haryana
- Chief Minister Manohar Lal Khattar has been did the announcement of that the ration cards for nomadic tribes living in different parts of Haryana, an official said.
- Khattar was interacting with representatives of denotified and nomadic tribes from across the state.
- In a official statement, he said, “The Food, Civil Supplies and Consumer Affairs Department would organise camps to issue ration cards to nomadic tribes to provide them identification as permanent residents.”
- “The state government has also opened hostels in 11 districts for students belonging to these tribes and poor children belonging to other castes, Krishan Kumar,” minister of state for welfare of scheduled castes and backward classes said.
- Haryana is a North Indian state surrounding New Delhi on 3 sides
- The Yamuna River runs along its eastern border with Uttar Pradesh
- Shared with Punjab, the state capital Chandigarh is known for its modernist buildings and gridlike street plan designed by Swiss architect, Le Corbusier
- The Zakir Hussain Rose Garden features 1,600 species, while its Rock Garden showcases sculptures made with recycled materials
- Capital: Chandigarh
- Districts: 22
Gujarat government announces Garments & Apparel Policy 2017
- With the aim of the full of the use of the cotton grown in the state, the Gujarat government has announced Garments & Apparel Policy 2017. This policy has been announced by the Gujarat CM Vijay Rupani today, envisages achieving the complete textile and garment value chain of 5Fs from farm to fibre, fibre to fabric, fabric to fashion, and fashion to foreign markets.
- “The decision is taken to encourage new investments in garment making. The state has an advantage of being largest cotton producer. So far, we supplied cotton to other states, it is time we encourage our entrepreneurs to invest in garmenting,” said Rupani while making the announcement at a press meet.
- “Our aim is to provide employment to women and create investment opportunities in the complete value chain from cotton to fabric to clothing,” he said.
- “We want to make Gujarat once again a Manchester of the East and become number 1 in textiles,” he added.
- “These GIDCs will unlock the growth in remote areas and SMEs. These GIDCs, spread across 2,400 hectares in 16 villages, will have the potential to accommodate about 15,000 factories. The total estimated employment generation is about 100,000.”
- Gujarat, India’s westernmost state, has varied terrain and numerous sacred sites
- In its urban center of Ahmedabad is the Calico Museum of Textiles, displaying antique and modern Indian fabrics
- Spiritual leader Mahatma Gandhi’s base from 1917–1930 was Sabarmati Ashram, where his living quarters remain on view
- The Jama Masjid (Friday Mosque), built in the 15th century, has a huge courtyard and a columned design
- Capital: Gandhinagar
- Districts: 33
Global Hunger Index – India slips 3 positions to 100th among 119 nations
- India, has the more of the fifth (21 percent) of its children wasted (weigh too little for their height), has been comes at the third place down from the 100th in the 2017 Global Hunger Index (GHI) – three places down from last year’s rank of 97th.
- The data that has been reported has been showed that India ranked lower than all its neighbouring countries – Nepal (72), Myanmar (77), Bangladesh (88), Sri Lanka (84) and China (29) – except Pakistan, which has been placed at 106th in the global hunger list. The report revealed that even North Korea (93) and Iraq (78) fared better in hunger parameters and GHI rankings. Also Read: Nutritional deficiencies, tuberculosis – How to stop India’s two most common health issues.
- “With a GHI score that is near the high end of the serious category, it is obvious that a high GDP growth rate alone is no guarantee of food and nutrition security for India’s vast majority. Inequality in all its forms must be addressed now if we are to meet SDG 2 of Zero Hunger for everyone by 2030,” said Nivedita Varshneya, India director for Weltehungerhilfe, a German humanitarian agency which collaborates with IFPRI in assessing hunger.
- “Despite a massive scale-up of national nutrition-focused programmes, drought and structural deficiencies have left large numbers of poor in India at risk of malnourishment,” Pramod Kumar Joshi, an agricultural economist and IFPRI South Asia director, said in a news release.
- According to 2015-16 National Family Health Survey (NFHS), of Indian children under five, one in three (35.7%) is underweight, one in three (38.4%) is stunted and one in five (21%) is wasted.
Banking and Finance
SEBI fixes penalty for non-compliance of shareholding norms
- The markets consumer has imposing the fines that has been put on the (restrict promoters’ rights in decision making of the company) promoter shareholding if a company violates the minimum public shareholding (MPS) norms.
- “The recognized stock exchange shall intimate the depositories to freeze all the securities held in the demat account of the promoter and promoter group till the date of compliance by such entity,” Sebi said in the circular.
- “Issuance of strictures and mandating penalties for non compliance of MPS norms will surely act as a deterrent for the violators,” said Anjali Aggarwal, partner and head-capital market and stock exchanges services, Corporate Professionals, a law firm
- “But for any listed company, there may be certain corporate actions like forfeiture of partly paid shares, buybacks, takeover offers etc, wherein promoters holding crossing the threshold of 75% is beyond that company’s control. In my view, for imposition of any penalties/restrictions, a distinction may be carved for routine defaulters and for lapses that may happen because of any such corporate actions,” Aggarwal said.
- “Mandating penalties for non-compliance of MPS norms will surely act as a deterrent for the violators,” said Anjali Aggarwal, Partner & Head, Capital Market & Stock Exchange Services at Corporate Professionals, a law firm.
- The Securities and Exchange Board of India is the regulator for the securities market in India
- It was established in the year 1988 and given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Founded: 12 April 1992
- Sector: Securities market
- Jurisdiction: India
- Headquarters: Mumbai
- Agency executive: Ajay Tyagi (Chairman)
- Type: Statutory corporation
NBFC bad loans rise to 5% in 5 years: RBI
- The Reserve Bank of India (RBI)’s study group, which has in the recent given its report on an external benchmark rate for banks, has given the many of the startling and “disconcerting” banking practices, including violation of the RBI guidelines, inflating of base rate and arbitrary adjustment of spreads.
- “A few banks made little effort to migrate small and retail customers from the base rate system to the MCLR regime, as there was no proper dissemination of switch-over option through the branches of the banks or their websites. A number of banks levied a one-time switch-over fee on migration of advances from the base rate to the MCLR regime,” the RBI’s panel on new benchmark said.
- “The calculation methodology followed by banks raises some concerns: Some banks had inflated the return on networth (RoNW), which was neither in tune with market conditions nor with their track record,” it said.
- “The definition of operating cost followed by some banks was not in accordance with the guidelines prescribed by the Reserve Bank,” the panel said.
- “Some banks considered a lower part of saving deposits as core deposits for computation of marginal cost of funds. Some banks determined tenor premia/ discounts subjectively in the absence of any method/market benchmarks. Some banks have not reviewed tenor premia/ discounts determined since March 2016,” it said.
- “This happened in the case of housing loans and unsecured personal loans, among others. Some banks did not have a board approved policy for working out the components of the spread charged to a customer,” the RBI panel said.
- “Some banks defined risk premium such that the variable component of the business strategy premium was added to the credit risk premium. This allowed them to vary the spread in a range of about 475 basis points for advances to various sectors,” the RBI group said.
- “Another major public sector bank kept the base rate unchanged between September 2016 and March 2017 even as its cost of deposits declined by around 40 bps. The bank, however, increased its return on net worth by almost 45 bps; as a result, the base rate remained unchanged,” it said.RBI report, the Chairman of a top public sector bank said, “We will study the report and give our comments. The benchmark rate will apply to both assets and liabilities. It can’t be a one-sided affair. Any margin (NIM) will need to be sufficient to take care of credit costs.”
- “The pricing of the loan product and liability product will have to move in tandem… to reduce the lending rate without reducing the deposit rate is not possible. We cannot ignore the interests of depositors. Whatever is the pricing regime, we are all for transparency. We are committed, if we are having any cushion whatsoever, to pass on any benefit to the customers,” he said.
Science and Technology
SpaceX completes successful launch of recycled rocket Falcon 9
- SpaceX on Thursday launched a rocket that has already did the uplift for and has returned to the space and landed it successfully on an ocean platform, as part of its ongoing effort to recycle costly rocket components.
- On a clear autumn evening at 6:53 pm (2253 GMT), the tall, white Falcon 9 rocket blasted off from Cape Canaveral, Florida carrying the Echostar 105/SES-11 satellite.
- “Couldn’t be more perfect weather for a launch,” said a commentator on SpaceX’s live webcast.
- The Falcon 9 rocket “is currently standing on the deck. Yet another successful landing of a Falcon 9 first stage. This is our 18th successful landing.” said the SpaceX commentator, as video images showed the smoking rocket securely parked on the platform.
- Space Exploration Technologies Corp., doing business as SpaceX, is an American aerospace manufacturer and space transport services company headquartered in Hawthorne, California
- Founder: Elon Musk
- Founded: 2002
- CEO: Elon Musk (2002–)
- Headquarters: Hawthorne, California, United States
- Number of employees: 6,000
- Type of business: Privately held company
Ashish Nehra announces retirement from all forms of cricket
- Ashish Nehra has been going to play his last and final game against the New Zealand in the first T20 of the series at his hometown ground of Feroz Shah Kotla in New Delhi on November 1, this was confirmed by him on Thursday after speculation rose a day earlier. With that, he would bring to an end his 18 year career and has also called time on playing further domestic cricket and Indian Premier League.
- “I’ve spoken to the team management and the chairman selection committee and it can’t get bigger than playing your last at the same venue where I played my first Ranji Trophy game 20 years back. It’s always good to retire when people are asking ‘Why’ rather than ‘Why Not?’ I always wanted to retire on a high. Can’t get bigger than playing in Delhi and retiring there. It is a way forward and there is no bigger tournament coming. The way Bhuvneshwar Kumar is bowling, it was me and Jasprit Bumrah bowling. This meant either Bhuvi or Mohammed Shami sat out. Now I think it is the right time and they’ve welcomed my decision,” he said.
- “I was always mentally strong. Whenever I was training, I was training to play for India. I am that sort of a person that I train day in, day out just to play for India. I know that I am retiring in November, there are five months and I can easily play the IPL or I could have played another year of international cricket also. But that’s my decision, once I leave, I will leave. I won’t even play the IPL,” he added.
Awards and Recognitions
Actor Prakash Raj receives Karanth award
- Prakash Raj, actor and filmmaker, has said in the statement that he is the society free of fear where people can express their views without feeling afraid.
- “I will not be cowed by such attempts. The people of the State, including writers, littérateurs and the awards committee, stood steadfast in their decision, just like the late Shivaram Karanth, of carrying on with the award presentation. This is not a question of who won and who lost. I am delighted to receive the award,” he said.
- “My issue is there should be freedom of expression in society. It does not matter if there are differences. But there should be freedom to speak out these differences,” he said.
- “I adore Karanth so much that by coming here, I feel like a grandson who has come to meet his grandfather. Karanth practised what he spoke. He was an outspoken person,” he said.
- “I have grown up reading Karanth. That is why I too am like this… Karanth once said that if you know that you are right, you should stand for it,” Mr. Raj said to applause.
- “Imposing fear is worse than cruelty… Silencing a person is akin to killing him. It is not a question of the Left or the Right, or of any political party. We want a society where we and our children can live in peace and can express our views freely.”
World Standards Day
- World Standards Day (or International Standards Day) has decided to celebrate at internationally each year on 14 October.
- This day has been decided to celebrate in the honor of the develop voluntary standards within standards development organizations such as the International Electrotechnical Commission (IEC), International Organization for Standardization (ISO), International Telecommunication Union (ITU), Institute of Electrical and Electronics Engineers (IEEE) and Internet Engineering Task Force (IETF).
- The main aim of this World Standards Day is to raise awareness among regulators, industry and consumers as to the importance of standardization to the global economy.
- 14 October was specifically chosen bold the date, in the year 1946, when delegates from 25 countries first gathered in London and decided to create an international organization focused on facilitating standardization.