Current Affairs Update 6 October 2018
Current Affairs is an important part for many exams. Be prepared for this section with ByScoop which brings all the important Current Affairs in one place. 6 October 2018
Odisha Government Launches ‘Nirman Kusuma’ Scheme
- Odisha CM Naveen Patnaik launched the ‘Nirman Kusuma’ scheme to provide financial assistance to children of construction workers in the state for pursuing technical education.
- Under the scheme the children of the construction workers in the state pursuing their ITI education will now get a sum of Rs 23,600.
- Rs 26.300 will be given to those who are pursuing diploma education in state-run technical institutions under the scheme.
RBI Proposes VRR to Attract Long-Term Investment Through FPI
- The Reserve Bank of India (RBI) in consultation with the government of India and the Securities and Exchange Board of India (SEBI), has proposed to introduce a special route, called the ‘Voluntary Retention Route’ (VRR), to enable Foreign Portfolio Investments (FPIs) to invest in debt markets in India.
- Under the proposed Route, FPIs will have more operational flexibility in terms of instrument choices as well as exemptions from regulatory provisions such as the cap on short-term investments, concentration limits, and caps on exposure to a corporate group.
- In return, FPIs would need to voluntarily commit to retain in India a minimum required percentage of their investments for a period of their choice.
India’s Economy to Grow by 7% in 2018: UNCTAD
- The United Nations Conference on Trade and Development (UNCTAD) expects India’s economy to grow 7% in calendar year 2018 compared with 6.2% in 2017.
Reliance Health Insurance Gets Final IRDAI Nod to Commence Operations
- Anil Ambani-led Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital, has received final approval R3 (Certificate of Registration) from the insurance regulator IRDAI to start operations.
- The company plans to commence operations by the December quarter of 2018.
- There are three stages of approval required for getting a licence for an insurance company.
- R1 (or first phase): is the preliminary approval given by IRDA wherein the regulator evaluates the promoters.
- (R2) Second statge: IRDA looks into the business model of the company
- (R3) Third and final stage: it looks at the formation of the company which once granted, allows the company to start operations.
Atal Innovation Mission Inks MoU with Russia’s SIRIUS
- India’s Atal Innovation Mission (AIM) has exchanged a Memorandum of Understanding with the Russian Federation’s SIRIUS Educational Foundation to promote innovative cooperation between students of India and Russia.
- Atal Innovation Mission (AIM) is NITI Aayog’s flagship initiative to promote a culture of innovation and entrepreneurship in India.
Maiden Indo-French Business Awards & IN2FRANCE Investment Event to be held in India
- The first edition of the Indo-French Business(IFB) Awards and the IN2FRANCE Investment event will be held in India.
- H.E. Alexandre Ziegler, Ambassador of France to India will host the awards and event.
- It has been co-organised by the Indo-French Chamber of Commerce and Industry (IFCCI) and Business France, the French Trade and Investment Commission in India.
- The IFB Awards will honor the outstanding accomplishments of Indian and French companies based out of India, while IN2FRANCE will promote France as an attractive investment destination for Indian companies.
India Invited as Guest of Honour at Mexico’s International Cultural Fest
- India will be participating as a guest of honour in the 46th edition of the annual Cervantino International Festival held in Mexico.
- The festival, started in 1953 with a focus on theatre, had India participating regularly since 1979. However, it will be India’s first time as a guest of honour country.
- The nearly three-week long festival will kick off on October 10 in the heritage city of Guanajuato in Mexico and conclude on October 28.
Ramon Laguarta Succeeds Indra Nooyi as Pepsico’s CEO
- Ramon Laguarta has assumed the role of Chief Executive Officer of global beverage giant PepsiCo with effect from October 3, 2018.
- He succeeds India-born Indra Nooyi. However, Nooyi will remain Chairman of the company until early 2019 to ensure a smooth and seamless transition.
- Laguarta was also elected to the company’s Board of Directors
Arkady Dvorkovich Appointed new FIDE President
- Arkady Dvorkovich was elected new President of FIDE (World Chess Federation).
- He is taking over from fellow Russian Kirsan Ilyumzhinov, who was ousted in July.
Renowned Spanish Soprano Monserrat Caballe Passes Away
- World-renowned Spanish soprano Montserrat Caballe passed away at the age of 85.
- She was one of the great lyrical voices of the 20th century and the most universal of Spanish opera singers.