April, 2017

‘Muktijodha scholarship’ scheme

India will give 35 crore rupees to children of freedom fighters in Bangladesh during the next five years under the new ‘Muktijodha scholarship’ scheme. Students at higher secondary level will get an one time grant of 15,370 rupees and those at Under graduate level will get 38,430 rupees. India initiated the Muktijodha Scholarship Scheme in 2006 for descendants of the 1971 Freedom Fighters.

PM Modi’s Rs 450 cr satellite gift

India is embarking on an unprecedented and unchartered ‘stratospheric diplomacy’ through a special Rs 450 crore gift for south Asians. On May 5, the Geo- synchronous Satellite Launch Vehicle (GSLV) also called the ‘naughty boy of Isro’ will be launched on its 11th mission. The uniqueness of this satellite is that it will have a footprint that extends all over South Asia.

China’s 1st home-built amphibious craft

China’s first amphibious aircraft, stated to be the largest in the world, successfully conducted its first glide test on Friday in the Chinese city of Zhuhai. Designed to be the world’s largest amphibious aircraft, the 37-meter AG600, with a wingspan of 38.8 meters, has a maximum take-off weight of 53.5 tonnes. AG600 will be mainly used for maritime rescue and marine environment monitoring

Google CEO Sundar Pichai pay doubled

Google’s India-born CEO Sundar Pichai received a stock award of $198.7 million in 2016. This has brought his total compensation in 2016 to $199.7 million, almost twice the $100.6 million he earned in 2015. Pichai received a salary of $650,000 in 2016, slightly less than the $652,500 he earned in 2015. Under Pichai’s leadership, Google has boosted sales from its core ad and YouTube business

First direct London-China train

The first freight train to link China directly to the UK arrived in the Yiwu, China after covering over 12,000-kilometres. This is the second longest route in the world. The journey is the latest effort in China’s drive to strengthen trade links with western Europe along a modern-day “Silk Road” route. This route is 1000 kilometres shorter than the record-holding China-Madrid link.

Walmart to open 50 new stores in India

Global retail giant Walmart will set up 50 new stores across India over the next three to four years. The new stores would include 10 in Telangana, for which the US retailer signed a Memorandum of Understanding (MoU) with the state government. It will invest $10 to $12 million in each store, which would create direct and indirect employment for 2,000 people.

National Health Policy 2017 announced

Minister of Health and Family Welfare JP Nadda has announced the National Health Policy 2017. NHP’s main focus is ‘comprehensive and universal wellness’. Two very significant and patient centric initiatives have recently received approval are the Mental Healthcare Act 2017 and the HIV & AIDS Prevention and Control Act, 2017. The Acts are one of the many sub components of the NHP 2017

EU sets tough divorce terms for Britain

European Union leaders have endorsed stiff divorce terms for Britain. The EU considers it vital that Britain not be seen to profit from Brexit, to dissuade others from following suit. EU leaders in Brussels approved eight pages of negotiating guidelines to seek a deal that secures the rights of 3 million EU expats living in Britain.

Options trading in commodities market

SEBI has allowed options trading in commodity derivatives. Ajay Tyagi, Chairman of SEBI described it as a very big step towards further deepening the commodities derivatives market. SEBI permitted investors to purchase mutual funds worth up to 50,000 rupees through digital wallets. SEBI has barred resident and non-resident Indians from making investments through participatory notes.

Non-FATCA accounts to be blocked

All non-FATCA compliant accounts may be frozen on May 1, 2017. The FATCA of USA makes it mandatory for overseas financial institutions to give information about non-resident US account holders or face withholding tax. Mutual fund investors, bank account holders and insurance investors, cannot operate if they are not compliant with FATCA.