Current Affairs India - 26 May 2016

1. Veteran CPI-M leader, Pinarayi Vijayan, was sworn-in as the Chief Minister of Kerala and the oath was administered by the Governor P Sathasivam. CPM led LDF party secured majority seats in the assembly election held recently and formed the new government.

2. The Union Cabinet has approved the National Capital Goods Policy with the aim to increase capital goods production from the current value of Rs.2,30,000 crore to Rs.7,50,000 crore by 2025. The policy will work towards encouraging exports of capital goods and promoting manufacturing activities in the Indian economy, while strengthening government's Make in India initiative.
The policy aims to increase direct domestic employment from the current 1.4 million to at least 5 million and indirect employment from the current 7 million to 25 million by 2025, increase exports from the current 27 % to 40 % of production, the share of domestic production in India-s demand from 60 % to 80 % and the share of capital goods in total manufacturing activity from 12 % at present to 20 % by 2025.

3. The Union Cabinet has also approved to amend The Institutes of Technology (IIT) Act, 1961 for incorporation of 6 new IITs. These six new IITs will come up at Tirupati (Andhra Pradesh), Palakkad (Kerala), Dharwar (Karnataka), Bhilai (Chhattisgarh), Goa, Jammu (Jammu and Kashmir). Also it has approved to convert of Indian School of Mines (ISM), Dhanbad into an IIT under the ambit of the IIT Act, 1961.

4. The Ministry of Human Resource Development has launched a multilingual knowledge portal with the aim to ensure universalization of education and to create a knowledge society in the digital age. The idea behind the initiative is protection, preservation and inclusion of all Indian languages through technological development without discrimination.

5. Lieutenant General SK Saini has been appointed as the 46th Commandant of the Indian Military Academy (IMA), Dehradun. He is an alumnus of National Defence Academy (NDA) and IMA, he was commissioned into the "7th Battalion the JAT Regiment'' in June 1981.

6. Sikkim CM Pawan Chamling was awarded with the 'Yug Kavi Siddhicharan Award' by Nepal Prime Minister K P Sharma Oli for his contributions in promoting Nepali literature in India. He has authored many books in English, Hindi and Nepali. His works in Nepali include Prarambhik Kavita (1978), Antaheen Sapana: Mero Bipana (1985), Ma Ko Hoon! (1992) and Sikkim ra Nariko Maryada. He is also a publisher.

7. Earlier he was conferred with the Sikkim Sahitya Parishad award twice, Chintan Puraskar for best poem and in 1987 and Bhanu Puraskar in 2010.

8. Snapdeal-owner digital payments platform FreeCharge has appointed Kunal Shah as chairman, and Govind Rajan as Chief Executive Officer. Currently Kunal Shah is working as CEO while Rajan is chief operating officer of the company. FreeCharge was founded by Kunal Shah and Sandeep Tandon in 2010 and was acquired by Snapdeal in April 2015.

9. The Capital market regulator SEBI has tightened its norms for Participatory note (P note) users to follow Indian anti-money laundering law and report any suspicious transactions immediately. Based on the recommendations of the Supreme Court SEBI has appointed a Special Investigation Team on black money and also tightened the due-diligence requirements for issuance and transfer of these instruments and put the onus on the original issuer for compliance to Anti-Money Laundering Regulations.