Current Affairs India - 20-21-22 June 2016

1. The Indian Space Research Organisation (ISRO) has launched a record 20 satellites in a single mission from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh today. The launch has been made by using Polar Satellite Launch Vehicle (PSLV) C-34, carrying India-s latest earth observation satellite Cartosat-2 along with 19 co-passengers satellites from US, Canada, Germany, Indonesia and two Indian academic institutions.

2. An expert committee headed by Anand Desai which was set up to examine the Specific Relief Act, 1963 has submitted its report to Union Law and Justice minister Sadananda Gowda this week. The committee stressed on the need for change in the present scheme of act so that specific performance is granted as a general rule and grant of compensation or damages for non-performance remains as an exception.

3. India has been ranked at 10th position in FDI (Foreign Direct Investment) inflows, as per the 2016 World Investment Report released recently. As per the report, India-s FDI inflows have jumped to USD 44 billion in 2015 compared to USD 35 billion in 2014. 

4. The Central government has announced fresh liberalisation of FDI rules throwing open food retail, airlines and private security firms for FDI. Other sectors in which FDI norms have been relaxed include e-commerce in food products, broadcasting carriage services, private security agencies and animal husbandry.

Key changes in FDI Policy:

  • Upto 100% FDI in defence sector

  • Upto 74% FDI in brownfield pharmaceuticals under automatic route

  • 100% FDI in brownfield airport projects under automatic route

  • 100% FDI in civil aviation

  • upto 49% in civil aviation under automatic route, beyond 49% through govt approval

  • Local sourcing norms for FDI in single brand retail for products having "state of art" and "cutting edge" technologies

  • 100% FDI under automatic route for cable networks, DTH and mobile tv

5. SoftBank Group has named Ken Miyauchi as its new President and Chief Operating Officer after the resignation of Nikesh Arora. Nikesh Arora resigned a day after Softbank announced that an independent committee has found that the investors- allegations against Nikesh Arora were without merit.

6. Former cricketer Chetan Chauhan has been appointed as the chairman of the prestigious National Institute of Fashion Technology. He is also the vice-president of Delhi and District Cricket Association and a senior BCCI official.

7. Kannada film Thithi won top awards at the ongoing 19th Shanghai International Film Festival. It has won the Best Film and Best Script Writers in the Asia New Talent Awards at the festival.

8. Famous educationist and founder of Jeppiaar Educational Trust Jesadimai Jeppiaar passed away in Chennai. He was 85. at the age of 85 in Chennai following a chest congestion. He had a major contribution in the setting up of private engineering institutions in Tamil Nadu and was the founder chancellor of Sathyabama University.