News Highlights : 3rd july 2016

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1. SBI gets $625 mn from World Bank for solar power

2. FSSAI inks MoU with ASCI to check misleading advertisements

3. High-speed OPV INS Tarasa launched by Indian Navy

4. Indian monuments to be made disabled-friendly

5. RIMPAC 2016: World’s largest international maritime exercise kicks off

6. China builds world's largest radio telescope

7. Cyprus set to sign new tax treaty with India

8. Ministry grants recognition to Paralympic Committee of India

9. Amul to officially sponsor Indian contingent at Rio Olympics 2016

10. India to host world’s first MMA League

11. Lewis Hamilton wins Austrian Grand Prix

12. India set to host South Asian Basketball Qualifiers

13. SBI to offer banking services on Facebook, Twitter: Leveraging on the popularity of Facebook and Twitter, State Bank of India (SBI) on 1st July 2016, launched SBI Mingle, allowing its customers access various banking services via these social platforms. "Using SBI Mingle, the banks customers can do a host of banking services on their Facebook or Twitter accounts at their own convenience," the bank said in a press release. The new initiative was launched today by SBI Chairperson Arundhati Bhattacharya on the occasion of 61st State Bank Day. Staying attuned to the needs of the Gen Y customer and collaborating it with innovative technology, SBI is in the process of offering a gamut of new digital services to the customers on the go," Bhattacharya said. SBI, she added, is planning to introduce more services like request for chequebook, stop cheque, register for mobile banking, internet banking, SMS alerts and block ATM/debit cards on these platforms soon. Simultaneously, SBI has also tied-up with e-commerce firm Flipkart for pre-approved EMI facility on purchases and launched SBI Digital Villages to make a select rural segment part of the cashless ecosystem.

14. Govt unveils plans to promote regional air connectivity: The Government unveiled its ambitious regional connectivity scheme which will cap airfares at Rs.2,500 for one-hour flights to unserved and under-served airports that are 476-500 km apart. Flying between airports that are 776-800 km apart will cost Rs.4,070, while travelling between metros will be a tad more expensive. This follows the governments proposal to provide Viability Gap Funding (VGF) for fixed wing aircraft flights covering 200-500-km provided at least nine seats are priced at an all-inclusive fare of Rs.2,500. The government will provide the operator a viability gap funding of Rs.3,750 per seat sold under the regional connectivity scheme (RCS) up to a maximum of 40 seats per flight. The VGF has been capped at Rs. 4,170 for 776-800-km. To be eligible for the VGF, an operator will have to operate regular services to at least one airport, which at present does not have regular flights. The Centre wants the comments by July 22 on the RCS before taking a final view.

15. India may buy Boeing P-8I aircraft for $1 billion: facts about the hawk eyes of Indian Navy to counter China: PM Narendra Modi has reportedly cleared an over $1 billion deal to acquire four more Boeing P-8I (Poseidons) long-range surveillance and reconnaissance aircraft from US. According to a ToI report, a contract for the same will be inked with Boeing in coming days and the first P-8I is expected to be delivered to the Indian Navy in three years. India already has eight P-8I aircraft for the Indian Navy. India received the first P-8I aircraft in May 2013 and as of now all eight aircraft are integrated into the Indian Navys operations. The hawk eyes of Indian Navy are a big boost for Indias maritime surveillance capability in the Indian Ocean.

16. 10 Indian blue chip firms, including Infosys and Tata Motors, ready to take green pledge: Some of Indias top-listed companies are set to take the green pledge by committing to source 100% of their electricity from renewable energy. At least 10 Indian blue chip firms, spanning a wide range of sectors, are in talks with The Climate Group to join its ambitious RE100—a global collaborative initiative of the worlds most influential companies committed to clean energy. Two of India Inc leaders—software services exporter Infosys and auto major Tata Motors—have already joined RE100. They are now among the 65 companies worldwide that have set themselves the goal of making a complete switch to renewable energy.

17. India jumps 19 places in World Banks global logistics performance ranking: India has jumped 19 places in the latest World Bank ranking in the global logistics performance, reflecting the improvement in movement of goods inside the country thus facilitating better trade. The World Bank in its latest once-in-two-year Logistics Performance Index (LPI) said India is now ranked 35th as against the 54th spot it occupied in the previous 2014 report. Logistics organises the movement of goods through a network of activities and services operating at global, regional, and local scale. In the 2014 report, India had a LPI score of 3.08, which increased to 3.42 in 2016. For the third time, Germany with 4.23 points tops the ranking, followed by Luxembourg (4.22), Sweden (4.20), Netherlands (4.19) and Singapore (4.14). Other countries in top 10 are Belgium, Austria, United Kingdom, Hong Kong and the United States. Japan is ranked 11. China has jumped one spot to be ranked 27th while Pakistan is at 68th. Syria ranked lowest.

18. Kerala: Govt decides to ban e-cigarettes: Kerala government has decided to ban electronic cigarette in view of studies claiming that its use can cause various health issues, including cancer and heart ailments. State Health Minister K K Shylaja on 30th June 2016, directed the additional chief secretary (health) to issue an order banning the production, sale and advertisement of electronic cigarette alias e-cigarette. E-cigarettes are handy devices that emit doses of vaporised nicotine. An official release said that there were media reports that the e-cigarette market was flourishing in Kerala targeting youth and children. An e-cigarette is a battery-powered device that converts liquid nicotine into a mist, or vapor, that the user inhales. Theres no fire, no ash and no smoky smell. E-cigarettes do not contain all of the harmful chemicals associated with smoking tobacco cigarettes, such as carbon monoxide and tar.

19. Maharashtra plans to delist fruits, vegetables from APMC ambit: The Maharashtra government is moving to end the compulsion on farmers to sell their produce only at wholesale markets run by Agricultural Produce Market Committees (APMC). The plan is to formally de-list vegetables and fruit from the items in this regard, so that these may be sold outside APMC markets, too. Minister for marketing and cooperatives, Chandrakant Patil, said APMCs would not be dismantled. “Those who desire to operate under the regulated mechanism can do so through APMCs,” he said. Others could sell in the open market. Currently, farmers are bound to sell vegetables and fruit to only traders licensed by the APMCs. The government has set up a committee on the issue, to be followed by legislation; the latter could even come in the next session of the legislative assembly. In 2014-15, the combined turnover of APMCs in Maharashtra was Rs 67,000 crore.

20. Paracetamol during pregnancy may up Attention Deficit Hyperactivity Disorder (ADHD), autism risk in kids: Paracetamol, a common drug used extensively during pregnancy, maybe linked with autism spectrum as well as attention-related and hyperactivity symptoms in newborns, the first-of-its-kind study has found. Scientists found an independent association between the use of this drug in pregnancy and autism spectrum symptoms in children. It is also the first study to report different effects on boys and girls. Comparing persistently to non exposed children, the study has found an increase of 30% in the risk of detriment to some attention functions, and an increase of two clinical symptoms of autism spectrum symptoms in boys. Researchers at Center for Research in Environmental Epidemiology (CREAL) in Spain recruited 2644 mother-child pairs in a birth cohort study during pregnancy. About 88% were evaluated when the child was one year old, and 79.9% were evaluated when they were five years old. Mothers were asked about their use of paracetamol during pregnancy and the frequency of use was classified as never, sporadic, or persistent.

21. Cyprus may soon be off Indias tax blacklist: In a bid to get cosy with Cyprus, a popular tax haven, India will soon consider removing the island-nation as a non-cooperative jurisdiction for income tax purposes. The proposal, which follows the finalisation of a double taxation avoidance agreement (DTAA) between the two countries, should come as music to the ears of Indian taxpayers transacting with those in Cyprus. At present, Cypriots face higher withholding taxes and the consequences of transfer-pricing provisions, among other inconveniences. Cyprus was the only country to have been blacklisted by India as a non-cooperative jurisdiction, due to lack of effective exchange of information. In line with the recent amendments to the India-Mauritius tax treaty, both sides have agreed to shift to source-based taxation on capital gains on the sale of shares. There will also be grandfathering of investments made before April 1, 2017, and capital gains will be taxed in the country of the taxpayers residence. An official release issued by the Finance Ministry said an in-principle agreement was reached on all “pending” issues, including capital gains.

22. NITI Aayogs Arvind Panagariya confident of over 8% growth this year: The National Institution for Transforming India (NITI) Aayog has kicked off the consultation process for the 15-year perspective planning process that will replace the current five-year plan model from next financial year. In an exclusive interview with The Financial Express, NITI Aayog Vice-chairman Arvind Panagariya told Santosh Tiwari that the perspective plan may have scenario planning keeping in mind the volatile global economic situation. Panagariya, though, is confident that the GDP growth in the current financial year will cross 8%. He also said that the government has decided not to use the poverty line as a benchmark for deciding who will get the benefits of the government schemes.