Current Affairs for BANK, IBPS Exams

15 July 2015

:: National ::

Modi’s ambitious Skill India Mission

• Prime Minister Narendra Modi’s ambitious Skill India mission is expected to be a mass campaign involving the youth to encourage them to take up skilling and vocational training to improve their employability.

• The mission, which will be launched on Wednesday by the Prime Minister, is likely to see a large turnout of Union ministers including the finance minister, railway minister as well as chief ministers.

• “Nearly 18 ministers including Union ministers as well as chief ministers would be attending the event,” said a senior government official, adding that a large number of private skill trainers would also attend.

• Invitees from the private sector include Tata Group chairman Cyrus Mistry, Mahindra Group chairman Anand Mahindra, chiefs of industry associations as well as Teamlease Services chairman Manish Sabharwal and Romesh Wadhwani of the Wadhwani Foundation.

• The Skill India mission, which is being launched on the World Youth Skills Day, will also be simultaneously launched by state governments.

• “While a number of chief ministers will be in New Delhi, each of the states too will launch the Mission to create awareness amongst youth about the need for skilling,” said the official.

• Data from the Census 2011 and 68th round of the National Sample Survey revealed than an estimated 10.4 crore fresh workers would enter the labour market and require skill training by 2022, and 29.8 crore of the existing workforce will require additional skill training over the same time period.

• Accordingly, the government now plans to skill 40.2 crore workers by 2022 and a number of schemes including the new National Skill Development and Entrepreneurship 2015, Pradhan Mantri Kaushal Vikas Yojana and the skill loan scheme will be launched.

• The Prime Minister will also unveil a new logo and slogan for the Skill India mission and give out letters of employment to some of the students who have successfully undergone skill training.

:: International ::

European stocks pause before Greek vote on bailout terms

• Yields on peripheral bonds dipped, while European stocks and the euro held their breath on Wednesday as fractious parties in the Greek parliament prepared to vote on EU-prescribed austerity measures needed to unlock a third bailout.

• Lawmakers from Prime Minister Alexis Tsipras' Syriza party and their allies argued behind closed doors about whether to back the reforms. Tsipras defended the deal, saying it was better than the alternative of being forced out of the euro zone.

• The parliamentary vote is seen as the key hurdle to a final agreement for the bailout, which could end -- at least temporarily -- months of increased uncertainty, volatility and frequent risk aversion in financial markets.

• The pan-European FTSEurofirst 300 index fell 0.1 percent to 1,578.71, having risen for five days in a row until Wednesday. Yields on German Bunds, top-rated assets often sought in times of uncertainty, dipped 2 basis points to 0.82 percent. The euro, which has lost 1.5 percent this week, was little changed at $1.1001.

• But 10-year yields on Spanish, Italian and Portuguese bonds, seen as vulnerable to spillovers from the Greek crisis, fell 2-3 basis points to 2.06 percent, 2.08 percent and 2.75 percent respectively.

:: Business ::

India,s big Defence Deals Worth $4.7 Billion, Boeing Spy Planes

• The Indian Army will be replacing its vintage anti-aircraft guns, decided the Defence Acquisition Council (DAC) - headed by the Defence Minister Manohar Parrikar -- that met late this evening. The committee has cleared purchase of defence equipment worth Rs. 30,000 crore, sources said.

• The new guns will have to be bought from Indian companies. But no Indian firm has yet demonstrated the capacity to manufacture these weapons. The army is likely to get 428 guns and it is likely to cost the exchequer Rs. 16,900 crore.

• Currently, the Indian army uses L-70 and Zu- 23 mm guns of 1950s vintage, acquired from Swedish manufacturer Bofors and from the erstwhile Soviet Union's Podolsky Electromechanical Plant.

• In 2013, then UPA Government had issued global tenders for anti-aircraft guns and invited Israeli, British, French, Russian and Polish firms to compete. None, however, responded as they did not find the proposal lucrative enough and the tender was later cancelled.

• Besides, the DAC has allowed the Indian Navy to buy four more P8i maritime surveillance aircraft from the US.

• The Indian Navy has eight such long-range maritime surveillance and anti-submarine aircraft made by Boeing. The purchase of four more is likely to cost the exchequer Rs. 4,380 crore.

Centre,s new initiative for trade facilitation

• Concerned over declining exports, the government will soon set up a trade facilitation council comprising members of the Centre and states to promote India’s overseas shipments.

• The council will be chaired by Commerce and Industry Minister Nirmala Sitharaman and secretaries of key ministries and state ministers will be the members.

• The main objective of the council will be facilitating trade from states in a bid to boost the country’s exports.

• The Union Commerce Ministry is also working on other measures including dis-segregation of exports data state-wise. “We will give access to DGCI&S window for their (states) own data to see where they are going,” the official added.

• The Directorate General of Commercial Intelligence and Statistics (DGCI&S), under the Ministry of Commerce, is an official organisation for collection, compilation and dissemination of India’s trade statistics and commercial information.

• The Commerce Ministry will encourage every state to set up a State Trade Policy in order to streamline procedures and increase exports.

• Seeking to involve states for promoting exports, the Commerce Ministry had asked them to appoint commissioners and prepare export strategy.

• As many as 21 states have appointed export commissioners, while 14 states, including Madhya Pradesh and Gujarat, have worked out strategies for outward shipments.

• The move is aimed at achieving the $900 billion exports target by 2019-20.

• The Ministry is also working with the states to prepare a list of infrastructure projects which would ensure full potential of growth in exports.

• Contracting for the sixth month in a row, India’s exports dipped by 20.19 per cent in May to $22.34 billion.

This Current Affairs is Part of Online Course of IBPS Exams.. Register Here

Click Here for Daily News Archive