Current Affairs India - 26 September 2014

1. The Government announced Deen Dayal Antyodaya Yojana yesterday for urban and rural poor with the aim of empowering the population through enhancement of livelihood opportunities. M Venkaiah Naidu, Minister of Housing & Urban Poverty Alleviation said, -Under the current urban poverty alleviation programmes, only 790 cities and towns are covered and the Government has decided to extend these measures to all the 4,041 statutory cities and towns.-

He added that September 25 will be celebrated as Antyodaya Diwas every year to mark the birth anniversary of Pandit Deen Dayal Upadhyaya. Under the scheme, Rs 1,000 crore has been provisioned for urban poverty alleviation during 2014-15, out of which Rs 500 crore will be spent on skill development of over 5,00,000 urban poor.

The Yojana aims at training 10 lakh (1 million) rural youths for jobs in three years, that is, by 2017. The minimum age for entry under the Yojana is 15 years compared to 18 years under the Aajeevika Skills Programme. The Urban component will be implemented by the Union Ministry of Housing & Urban Poverty Alleviation while the rural development Yojana will be implemented by the Union Ministry of Rural Development.

2. Suresh Prabhu has been appointed as Prime Minister Narendra Modi-s Sherpa for the G20 annual Summit 2014 this week. He was selected by the Prime Minister Narendra Modi himself for the duty.

The G-20 annual summit will be held in Brisbane in November this year in which he will attend the G20 Sherpa-s meeting. Sherpa is a senior official responsible for preparing the agenda for leaders to consider during the summit.

3. Maharashtra chief minister Prithviraj Chavan has resigned today after the Nationalist Congress Party withdrew support to his Congress-led government yesterday after calling of their 15 years old alliance with Congress party. He has submitted his resignation letter to the governor today. TheAssembly elections in Maharashtra will be held on 15th October.

4. Global credit rating agency Standards & Poor-s has revised India's credit outlook up to 'stable' from current credit outlook of 'negative' and India's rating at BBB-. This is a great sentiment booster for Indian government and will be a big positive for Indian stock market. The reason behind this improvement is stable government at the center, proper fiscal consolidation initiatives, improve current account deficit and improved FDI.

S&P said, "The outlook indicates government can implement fiscal & economic reform. Rating outlook revision shows improved political setting- and "Political setting offers conducive environment for reforms. Government reform pick-up may let RBI draft effective policy".

Other rating agencies Moody's assigns a 'Baa3' rating on India with a stable outlook. Fitch has also affirmed India's long-term rating at 'BBB-' with stable outlook.

5. The Reserve Bank of India released Gopalakrishna Committee report on Capacity Building in banks and non-banks this week. The committee, headed by former Executive Director, Reserve Bank of India, G Gopalakrishna, has recommended a 360-degree feedback for a transparent and comprehensive performance assessment exercise, one that ensures adequate performance differentiation between employees.

As per RBI website, the above Committee was constituted by the Reserve Bank with the objective of implementing non-legislative recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) relating to capacity building in banks and non-banks, streamlining training intervention and suggesting changes thereto in view of ever increasing challenges in banking and non-banking sectors.

The key recommendations of the Report are:

  • Approach to capacity building in banks and non-banks, enhancing Human Resources Management practices

  • Creation of position of -Chief Learning Officer- in banks and concept of return on learning,

  • Strategies for addressing issues of replacement / replenishment of talent in banks,

  • Process and steps for skill development,

  • Training strategy and need for expert trainers to help build capacities etc.

6. The News Broadcasters Association (NBA) has been appointed Rajat Sharma, chairman and editor-in-chief of India TV, as its president for the year 2014-2015. At the same time, the board of NBA appointed Ashok Venkatramani, chief executive of ABP News, as vice president and Anurradha Prasad, chairperson-cum-managing director of News24 Broadcast India Ltd, as the honorary treasurer.

He will replace KVL Narayan Rao who was the president of NBA for four consecutive years. KVL Narayan Rao will remain a member of NBA board.

7. NRI businessman Anil Agarwal and his family have decided to give away 75% of their wealth for the good of the society in order to give it back to the society. He announced the same at a function to celebrate the 10th anniversary of Vedanta-s listing on the London Stock Exchange.

The Chairman of Vedanta Resources has a net worth of USD 3.5 billion and he is ranked at 24th among India-s richest persons as per Forbes. The pledge amount will be nearly USD 2.6 billion or about Rs. 15,900 crore which will be mainly used for eradication of poverty, child welfare and women empowerment in India.

8. Famous author and filmmaker Madathil Thekkepaattu Vasudevan Nair has been selected for the JC Daniel Award for lifetime achievement for the year 2013 by the Kerala Government for his overall contribution to the Malayalam film industry.

He will be presented with the award at a function on 17th October 2014 at Kanakakunnu Palace in Thiruvananthapuram, Kerala.

9. Board of Cricket Control in India had announced extension of the tenure of Ravi Shastri as the Director of Indian cricket team till 2015 ICC World Cup which is scheduled to be held in Australia and New Zealand.

Shastri had been appointed Director of the Indian cricket team for the recently-concluded One-Day series in England last month. He will work with Coach Duncan Fletcher and support staffs R Sridhar, Sanjay Bangar and Bharath Arun till 2015.