CURRENT AFFAIRS 29-30th Sep., 2014

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CURRENT AFFAIRS 30th Sep., 2014

1. Agreement for $1 billion has been signed between IREDA (Indian Renewable Energy Development Agency) and the US Exim Bank to finance sourcing of components from the US for Indian renewable power project developers during Prime Minister Narendra Modi's visit to US. The investment will be boost to the clean energy sector in India especially for solar energy sector.

2. National highways Authority of India has initiated talks with non-banking financial companies (NBFCs) for setting up asset reconstruction company (ARC). NHAI wants to revive unfinished road projects through the ARC, which would take over the bank loans extended to such projects.. NHAI has 25% stake in the proposed ARC and will invest around Rs.1000 crore in it.

3. The National Health Assurance Policy would be rolled out in phases in the current financial year. The policy seeks to reduce out-of-pocket expenditure on health expenses for the common man. Under the scheme, 50 essential drugs (in generic form) with a package of diagnostics and about 30 Ayush (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) drugs will be made available to all citizens at government hospitals and health centres across the country.

4. Prime Minister Narendra Modi announced the merging of Person of Indian Origin (PIO) and Overseas Citizen of India (OCI) cards, in his address at Madison Square Garden in New York. The proposal would extend the relaxed visa norms and rules governing acquiring of property in India that OCI card holders enjoy to those who also hold PIO cards.

5. Third Global Citizen Festival was held at the Central Park in New York on 27 September 2014. The annual festival is aimed at raising the consciousness of a generation to make change inevitable. The festival was attended by world leaders like United Nations Secretary-General Ban Ki-moon, Prime Minister of India Narendra Modi, Prime Minister of Norway Erna Solberg and President of the World Bank Jim Yong Kim

CURRENT AFFAIRS 29th Sep., 2014

1. The 41st Chief Justice of India (CJI), Rajendra Mal Lodha retired on 27 September 2014. He retired after serving as the CJI for five months. Justice HL Dattu was sworn in as the Chief Justice of India and was administered the oath of office by President Pranab Mukherjee. He is the 42nd Chief Justice of India and will be at the helms of the Indian judiciary till December 2, 2015.

2. The Finance Ministry has appointed a 15-member committee under the Chairmanship of ICICI Bank Chairman K V Kamath to examine the financial architecture for Micro, Small and Medium Enterprises (MSME) sector. The committee will provide suggestions to improve the share of institutional finance to MSME from the low levels seen currently.

3. Government has cut down its market borrowing by ₹8,000 crore at ₹5.92 lakh crore due to better chance of mopping revenue from other sources. This would mean that the fiscal deficit may be lower than the Budget estimate. The Government aims to keep the fiscal deficit (the difference between earnings and expenditure) at 4.1 per cent in this financial year. Also, more money will be available for banks to lend to the private sector and individuals. This will also help in cutting interest rates.

4. Prime Minister Narendra Modi announced that next Parvasi diwas will be held in Ahmedabad in January 8-9 next year marking 100 years since Gandhi's return from South Africa. He also announced visa on arrival facility for the American citizens and electronic arrival authorisation for them. Person of Indian Origin and Overseas Indian citizen category to be merged to create a single category to remove the discrepancies and no police reporting for those staying for long durations.

5. Ashraf Ghani Ahmadzai was sworn in as Afghanistan’s new president, replacing Hamid Karzai in the country’s first democratic transfer of power since the 2001 US-led invasion toppled the Taliban. Ghani Ahmadzai is a former World Bank official and Afghan finance minister. He won by securing 55% of the votes in election.