News highlights : 26 September 2016

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CURRENT AFFAIRS SEP 26, 2016

01. Make in India campaign marks 2 years on Sunday:

As the Make in India campaign launched by Prime Minister Narendra Modi completes two years, the government announced that foreign direct investment (FDI) inflows into the country had recorded their highest level on the basis of a yearly comparision. “India records its highest ever year-on-year FDI inflows. There has never been a better time to #MakeInIndia,” the Department of Industrial Policy and Promotion (DIPP) said in a post on the programme’s Twitter handle. India saw a record 53 per cent increase in FDI in the last two years owing to steps taken to foster growth, investment climate, price stability and fiscal prudence, the Lok Sabha was told during the recently-concluded monsoon session. Finance Minister Arun Jaitley had said that “comprehensive reforms” had resulted in the highest ever FDI inflow in 2015-16,” with the increase over two years being 53 per cent.

02. Finmin may talk to EC before finalising Budget date:

Before fixing a new date for the presentation of Union Budget 2017-18, the government is likely to hold discussions with the Election Commission to avoid any clash with the schedule of five states headed for polls. Assembly elections are due to be held in February in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur. “When we traditionally had the Union Budget presentation on the last day of February, the Election Commission always knew of it and would weave around poll schedule accordingly. Now that the government has decided to advance the Budget, some kind of consultations need to happen with Election Commission,” a top official said. The Cabinet last week agreed to advance the presentation of the Budget to complete the legislative exercise before the beginning of new financial on April 1 as it would help plan spending on schemes better and boost economy. The new date is yet to be decided. The Finance Ministry has proposed that the Budget presentation be fixed for February 1 and the entire exercises be completed by March 24. It wanted the Budget Session of Parliament to begin before January 25 and go in for a three-week break between February 10 and 15 before reconvening between March 10 and 15 to complete the legislative exercise.

03. Exim Bank to raise up to $1.5bn via bonds this fiscal:

Export-Import Bank of India (Exim Bank) is planning to once again tap the overseas market to raise up to USD 1.5 billion via bonds this financial year in line with demand. “In an average year, we need to raise USD 2—2.5 billion. Definitely, we will be going to market once this year, but size and time have to be decided depending on market conditions,” Exim Bank CMD Yaduvendra Mathur told PTI. It already raised USD 1 billion in July from the overseas market to support Indian exports and overseas investment by way of long-term credit and its line of credit portfolio. “Our balance sheet is predominantly dollars — almost 60 per cent is in dollar terms. This is an area which is going to see the fastest growth,” he said. “Our assets are long dated. We will always have refinancing demand because liability is shorter than assets as well as fresh disbursement.” Initially announced for USD 500 million, the issue size was doubled based on strong demand from investors. The issue attracted a total order book in excess of USD 2.50 billion from over 157 investors.

04. Import duty cuts to help ease food prices:

The import duty cuts on wheat, edible oil and potato are expected to lead to a surge in their arrival from overseas markets. The Indian edible oil industry had urged the government to maintain a duty differential of 15 per cent on crude and refined oil to protect the interests of refineries. The government, however, lowered the import duty on crude palm oil from 12.5 per cent to 7.5 per cent and on refined oil from 20 per cent to 10 per cent, thus narrowing the duty differential to a mere 2.5 per cent. Domestic edible oil refiners are facing a surge of imports of refined oil over the last few months, reducing their capacity utilisation to 30-40 per cent from 55-60 per cent a year ago. “If the government was worried about inflation it could have reduced the import duty on crude palm oil. This would have kept the duty differential at 15 per cent and allowed refineries to function. The import duty cut will affect farmers’ realisation on soya bean,” said Atul Chaturvedi, president of the Solvent Extractors’ Association of India.

05. ICICI eyes 5 million transactions via voice-recognition:

ICICI Bank has said it has brought 32 lakh customers under the voice recognition service for phone banking and is aiming to conduct 50 lakh transactions via this facility by the end of this fiscal. The bank, which had launched the voice recognition service in May last year, is aiming to add another 10 lakh customers by next March, a senior official told PTI. The bank has deployed voice recognition technology that verifies a caller’s identity through natural conversation by analysing over 100 characteristics including voice modulation, speed, accent and pronunciation. The bank is targeting to authenticate 50 lakh calls using the ‘voice biometrics’ this fiscal, the official said, adding till now 40 lakh phone banking transactions have been undertaken using this platform. At the time of launch, the bank had said the service could be used by its 33 million savings account and credit card customers. In recent times, there has been a big thrust by lenders on launching mobile banking products and with the introduction of Unified Payments Interface, it is likely to get much stronger. ssword to initiate a transaction.

06. Google Glass now helping doctors during emergency:

Although eye wearable device Google Glass did not take off as it was projected to be, the device is helping Emergency Medical Technicians (EMTs) and paramedics communicate with ease with doctors during emergencies. The augmented-reality headset is being used by paramedics and EMTs assessing patients and them consult with surgeons and doctors at the hospital in real time, Popular Science reported. “During disasters, emergency rooms typically get overwhelmed. So when truly injured patients show up later, we have nowhere to put them,” said Peter Chai, emergency medical physician at the University of Massachusetts’ Medical School UMMS is set to organise a drill this fall with first responders wearing Google Glass to see if it improves emergency assessment. The university will also deploy a drone equipped with heat sensors to help find patients and determine which ones need the most urgent attention. Stanford University is also using Google Glass to help kids with autism. The university’s Autism Glass Project provides families with facial recognition software that helps interpret facial expressions.

07. Nine Indian islands chosen for Singapore-like tourism boost:

The azure seas and white coral beaches of Lakshadweep and the tropical lushness of Andaman & Nicobar have been identified as tourism growth zones with nine islands selected as part of a Niti Aayog masterplan. The islands are being seen as drivers of tourism and sustainable economic development on the lines of countries like Singapore that use water parks and natural resources to promote tourism, overcoming limited land areas while being mindful of conservation. Given ecological sensitivity of the islands, capacities will be limited, though current options for tourists will be improved. Options in Lakshadweep, which is seen as a high end tourism destination, are limited compared to Andaman & Nicobar. Among the islands identified are Smith Island, Ross Island, Avis Island and Long Island in Andaman & Nicobar. In the Lakshadweep, Bangaram, Thinnakara, Suheli, Cheriyam and Minicoy are among those slotted for development. There are tourist facilities in Lakshadweep, but these are limited to Bangaram and a few other islands. "We are working on a masterplan for sustainable development of the nine islands," said Niti Aayog CEO Amitabh Kant. The inclusion of Little Andaman, the biggest island in the chain with an area of 734.34 sqkm, almost equal in size to Singapore, came in for detailed discussion.

08. Pvt power producers struggle to meet emission deadline :

The Union environment ministry’s move to cut down on thermal power emissions to meet global standards is now facing multiple uncertainties over its implementation. Private thermal power producers are struggling to meet the new deadline, as regulatory approvals for the project cost and equipment sourcing remain a challenge. In December 2015, the environment ministry issued revised guidelines for existing and new coal-based thermal power plants in the country for sulphur dioxide and nitrogen oxide emissions. The tighter norms require thermal-power plants to refit certain equipment. However, companies and analysts say the process is proving to be challenging. Coal-fired plants are required to meet these guidelines by December 2017.

09. All you need to know about telematics insurance :

With the general insurance industry all set to get its first telematics offering for motor insurance, the industry will get a glimpse into pay-per-use format of insurance where driving patterns and distance covered will be the key focus to determine premiums. Bajaj Allianz General Insurance is launching the industry's first telematics offering. Also called black-box insurance, this form of device-based insurance uses GPS to measure how much a car runs and the speed that it is run at, among others. This is done with the help of an electronic application (on a smart phone) or a small device inbuilt into the vehicle. Based on data collected on the device or the app, performance of the driver can be measured. Those who drive safer get a cheaper premium. Here is a look at the concept and how it works:

What is telematics auto insurance:-

* Telematics auto insurance involves a black-box being fitted into the cars

* These boxes are GPS-enabled and can track the vehicle

* Priced at Rs 1,800-2,000, they can be pre-installed or put in later

* Cost of these devices has fallen sharply in India

Based on data collected on usage of car and information including average distance travelled, speed, an insurer is able to offer discounts

10. Exploring coastal movement: Taking cars on ships

Automobile firms housed in this city also known as the Detroit of South, are betting big on coastal movement of cars. Currently, 96 per cent of cars are sent to the end destination through road (road car carriers) while 4 per cent are loaded on trains. “Going forward we want road transportation to come down and we want to focus more on trains and coastal movement. Opting for coastal movement means a saving of Rs. 1,500 per car,” said a senior official of an automobile firm. On 24th Sept 2016, around 1,600 cars were sent out through a vessel at Kamarajar Port (formerly known as Ennore Port). Of this, 1,038 cars were rolled out of Hyundai Motor India Limited (HMIL) the remaining cars were from Ford, Renault and Nissan. This first transhipment was undertaken by Sical Logistics. Sical has tied up with Kamarajar Port for this pilot venture and has also inked pacts with other auto OEMs for two way cargo movement from the Southern and Northern regions in India.