CURRENT AFFAIRS 4th August, 2014

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1. Prime Minister Narendra Modi announced a $1-billion line of credit for Nepal’s infrastructure development and promised to help Nepal in the field of hydropower, infrastructure, space technology and agriculture. The work on the joint venture Pancheshwar Multipurpose Project would begin in a year and Nepal could export the surplus electricity to India.

2. The Human Resource Development (HRD) Ministry has set up a committee to restructure the University Grants Commission (UGC), apex regulatory body for higher education in the country. The four-member committee will be headed by former UGC chairman Hari Gautam and will address the challenges posed by the manifold increase in the number of universities particularly private universities and deemed-to-be-universities.

3. The Rural Development Ministry has proposed to give a new identity to its flagship programme, Indira Awaas Yojana, by launching it as National Gramin Awaas Mission or Gram. The programme will have a target to build 3.2 crore "pucca" houses for the poor over the next eight years.

4. The Home Ministry is planning for re-imposition of the 74% foreign ownership cap in telecom companies on "security grounds". Earlier UPA government allowed 100% ownership in telecom sector. The move will affect foreign companies that has shown interest in acquiring their local subsidiaries.

5. Muzaffar Ali, a noted filmmaker of India was selected for 22nd Rajiv Gandhi National Sadbhavana Award. He was selected for his outstanding contribution towards the promotion of Communal harmony, peace and goodwill.