Daily Current Affairs, 28th June 2018

1) NITI Aayog’s WEP Signs SoI With Financial Institutions & Social Organisations

•NITI Aayog’s Women Entrepreneurs Platform has signed five Statements of Intent (SoIs) with financial institutions and social organisations to provide assistance to women entrepreneurs and address the finance-related challenges faced by them. The SoIs were inked with Shri Mahila Sewa Sahakari Bank Limited, Indiabulls Housing Finance Limited, SREI Infrastructure Finance Limited, Sreemanta Sankar Mission and the Self Employed Women’s Association (SEWA).

•Through its partner organisations, the WEP aims to create opportunities and support women to help them realise their entrepreneurial aspirations, scale up innovative initiatives, and chalk out sustainable and long-term strategies for their businesses.

2) ‘Sagarmala’ Receives Gold Award At 52nd Skoch Summit 2018

•The Ministry of Shipping’s flagship programme for port-led-prosperity ‘Sagarmala’ received the ‘Gold Award’ in infrastructure sector in the recently concluded 52nd Skoch Summit 2018 in New Delhi. The Sagarmala Programme also received the ‘Order of Merit’ at the Summit.

•The Skoch Awards recognize leadership and excellence in accelerating socio-economic changes. These awards have become a benchmark of best practices in India in the fields of governance, infrastructure, finance, banking, technology, corporate citizenship, economics and inclusive growth.

3) Government Approves 2 More Strategic Oil Storages In Odisha And Karnataka

•The government has decided to set up two more underground crude oil storages in Odisha and Karnatakato increase emergency stockpile cover by 12 days to 22 days. The Cabinet has approved setting up of 4 million tonne (MT) storage at Chandikhole in Odisha and 2.5 MT storage at Padur in Karnataka. 

•The announcement was made by the Finance Minister Piyush Goyal in New Delhi. The storages will be additional to the existing rock caverns to shore 5.33 MT of crude Visakhapatnam (1.33 MT), Mangalore (1.5 MT) and Padur (2.5 MT).

4) Government Approves Draft Act To Replace UGC With HECI

•The Union Ministry of Human Resource Development (HRD) proposed a draft bill to repeal the University Grants Commission (UGC) and set up the Higher Education Commission of India (HECI). This move that aims to reform higher education in India.

•The HRD Minister Prakash Javadekar stated that the draft Act is in accordance with the commitment of Government for reforming the regulatory systems that provide for more autonomy and facilitate the holistic growth of the education system.

•The Act entitled ‘Higher Education Commission of India Act, 2018 (Repeal of University Grants Commission Act)’ revamps UGC Act, 1951 and its parent legislation completely. The HECI Act, 2018 is expected to be introduced in Parliament in the upcoming monsoon session.

5) Pakistan Placed On FATF’s ‘Grey List’

•Pakistan has been placed on the grey list by the Financial Action Task Force (FATF) for failing to curb anti-terror financing despite its diplomatic efforts to avert the decision. The decision was taken at the global financial watchdog Financial Action Task Force’s (FATF) plenary session in Paris where Finance Minister Shamshad Akhtar represented Pakistan.

•The placement on to grey list will hurt Pakistan’s economy as well as its international standing. Pakistan remained on the FATF grey list from 2012 to 2015. The process began in February 2018 when FATF approved the nomination of Pakistan for monitoring under its International Cooperation Review Group (ICRG) commonly known as Grey List.

6) BHEL Inks Pact With Korean Firm For Emission Controlling Equipment

•Bharat Heavy Electricals Ltd. (BHEL) has inked a pact with South Korean firm NANO Co Ltd for design and manufacture of emission controlling devices for coal-based power plants.

•The Technology Collaboration Agreement (TCA) with NANO Co is for design and manufacture of SCR Catalysts for De-NOx application in coal-fired plants. The pact will enable BHEL to enhance its offerings for emission control systems (De-NOx applications).