Current Affairs 15th June 2017

Current Affairs 15th June 2017 - Important Points

• Girish Wagh as Commercial Vehicle Business Head appointed by - Tata Motors
• Two ILO Conventions on elimination of child labor ratified by - India
• Intensified Diarrhea Control Fortnight launched by - Union Health Ministry
• $520 Million granted to boost economy of Afghanistan by - World Bank
• Anti-tank Nag missile successfully test-fired by - DRDO
• Interest Subvention to banks on short-term crop loan to farmers by - Union Cabinet
• $13.6 mn fine imposed on Hyundai Motor's local unit by - India's antitrust watchdog

Current Affairs 15th June 2017 - Details

Girish Wagh as Commercial Vehicle Business Head appointed by - Tata Motors

Automobile major Tata Motors announced the appointment of Girish Wagh as the head of its Commercial Vehicle Business Unit on 13th June 2017. Wagh will take charge of his new responsibilities with an immediate effect. On 5th June 2017, Tata Motors had informed that Director of its associated companies and Executive Director (Commercial Vehicles) Ravindra Pisharody has resigned due to personal reasons.
More about Tata Motors

• Its first commercial vehicle was manufactured in a collaboration with Daimler-Benz AG in 1954 and this collaboration was ended in 1969.
• Its products include trucks, vans, coaches,sports cars, construction equipment, passenger cars, buses and military vehicles.
• It has assembly and auto manufacturing plants in Pantnagar, Lucknow, Sanand,Jamshedpur, Dharwad, and Pune in India, also in South Africa, Great Britain,Argentina, and Thailand.
• Natarajan Chandrasekaran was appointed the Chairman of the company on 17th January 2017.

Do you know?
Tata Motors Limited founded in 1945, is an Indian multinational automotive manufacturing company, headquartered in Mumbai.

Two ILO Conventions on elimination of child labor ratified by - India

The Indian government ratified two fundamental Conventions of the International Labour Office (ILO) on 13th June 2017 concerning the elimination of child labor, the Minimum Age Convention, 1973 (No 138) and the Worst Forms of Child Labor Convention, 1999 (No. 182).
Bandaru Dattatreya, Union Labor Minister  of India added on the development by stating  that the ratification of the two ILO Conventions re-affirmed India’s commitment towards creating a child labor free society.
Guy Ryder,The ILO Director-General welcomed India among the member states party to the two  fundamental Conventions and added that India has made nice advancement against child labor recently and the major role  it has played by its convergence model of coherence between services and public policies.
Ryder added that India’s recent move is a positive step on the country’s path towards full respect of fundamental rights at work.
Important Highlights

• India is the 170th state of ILO member that ratified Convention No 138 that requires states party to set a minimum age under which no one will be admitted to employ or work in any occupation with the exception of artistic performances and light work.
• It is 181st member state to ratify Convention No 182 that calls for the prohibition of the worst forms of child labor, including forced labor,the use of a child for prostitution,slavery, trafficking,
  the use of children in pornography , armed conflict and in other illegal activities such as drug trafficking and hazardous work.

Intensified Diarrhea Control Fortnight launched by - Union Health Ministry

The Union Ministry of Health and Family Welfare launched the Intensified Diarrhea Control Fortnight (IDCF) to intensify efforts to reduce child deaths due to diarrhea on 14th June 2017. Through this initiative, The Health Ministry is aiming to mobilize State Governments, health personnel and other stakeholders to prioritize investment to control diarrhea.

Important Highlights

• It is aiming to create mass awareness about the most effective and cheap diarrhea treatment which is a combination of Zinc tablets and Oral Re-hydration Salt solution.
• During the campaign timeline, intensified community awareness campaigns on hygiene and promotion of ORS and Zinc therapy will be conducted at state, district and village levels.
• Around 12 crore children under the age of 5 years will be covered during the program across the country.
• ASHA worker would be undertaking distribution of ORS packets to households for under-five children in her village.
• ORS-Zinc Corners will be set-up at health care and non-health facilities such as Anganwadi centers and Schools.
• Frontline workers will be holding demonstration of ORS preparation, along with counselling on feeding during diarrhea,hygiene and sanitation.

$520 Million granted to boost economy of Afghanistan by - World Bank

The World Bank approved a USD 520 million package of funding for projects to boost Afghanistan's economy and build critical infrastructure on 13th June 2017. The funding also seeks to support Afghan refugees who were sent back from Pakistan.

The World Bank stated that the six cash grants including donor money from Germany, Denmark and Japan will help the Afghan government "at the time of uncertainty when risks to the economy are completely significant."

This grant consists of:

• In additional financing USD 205.45 million from International Development Association (IDA),
  donors and the Afghanistan Reconstruction Trust Fund (ARTF) to the Citizens’ Charter Afghanistan Project to help communities with internally displaced people from Pakistan.
• USD 100 million from IDA to the Inclusive Growth Development Policy Grant to support reforms that enlarge the access to economic opportunities for the unsafe and promote private sector development.
• USD 20 million from IDA to the Urban Development Support Project to strengthen urban policy-making in national agencies, management and service delivery in five provincial capital cities.
• USD 60 million from IDA to the Herat Electrification Project to give access to electricity to institutions, households and businesses in selected areas of Herat Province.
• USD 29.45 million from IDA and donors to the Afghanistan Strategic Grain Reserve Project to improve the efficiency of grain storage management finance in initiating strategic wheat reserves.
• The Board also approved restructuring the Afghanistan Rural Access Project focusing to help rural communities through access to all-season roads. 
• The approval made it possible for ARTF to provide $105 million in additional financing to the project.

Anti-tank Nag missile successfully test-fired by - DRDO

The Defense Research and Development Organisation test fired anti-tank ‘Nag’ missile successfully in Rajasthan on 13th June 2017. DRDO developed this anti-tank Nag missile which is one out of the five missile systems under the integrated guided missile development programme (IGMDP). The four other missiles were Akash, Trishul, Agniand Prithvi developed under this program.

More about Nag Missile

• It is a third generation “fire and forget” anti-tank missile equipped with highly advanced Imaging Infrared Radar seeker and has integrated avionics technology in its arsenal.
• It possesses advanced passive homing guidance system and has been designed to destroy heavily armored targets and modern main battle tanks mainly.
• Nag Missile can be launched from both land and air-based platforms.
• The land-based version of the missile is available for integration on the Nag missile carrier (NAMICA) presently.

Interest Subvention to banks on short-term crop loan to farmers by - Union Cabinet

The Union Cabinet, presided by Prime Minister Narendra Modi, approved the Interest Subvention Scheme (ISS) for farmers for the year 2017-18 on 14th June 2017. Farmers will be getting short term crop loan up-to 3 lakh rupees payable within one year at rate of interest 4 percent only per year under this scheme. The Government has allocated a sum of Rs. 20339 crore for the purpose.

Important highlights

• The Interest Subvention Scheme will continue for an year and NABARD and RBI will implement it.
  The interest subvention will be given to Cooperative Banks, Private Sector Banks, Public Sector Banks (PSBs) and Regional Rural Banks (RRBs) on use of own funds.
• It will also be given to NABARD to refinance to Cooperative Banks and RRBs.
• Government is planning to give interest subvention of 5 percent per annum to all payee farmers who pay it promptly for short term crop loan up to one year for loan up-to Rs. 3 lakhs borrowed by them during the year 2017-18.
• In order to give reassurance to small and marginal farmers, who would have to borrow at 9 percent for the post harvest storage of their produce.
• The Union Government has approved an interest subvention of 2 percent that is an effective interest rate of 7 percent for loans up to 6 months.
• 2 percent interest subvention will be provided to Banks to provide relief to the farmers affected in natural catastrophe for the first year on the restructured amount.

$13.6 mn fine imposed on Hyundai Motor's local unit by - India's antitrust watchdog

Competition Commission of India (CCI), also called India’s antitrust watchdog imposed a fine of Rs 870 million ($13.6 million)  on automaker Hyundai Motor India Limited (HMIL) on 14th June 2017 for the reason of South Korean automaker of anti-competitive behavior in its local unit in India.The Competition Commission of India alleged that HMIL break competitive practices by imposing certain arrangements upon its dealers  including monitization of maximum permissible discount level and forcing the use of recommended lubricants and oils.

The anti-competition watchdog said, “The penalty has been levied at 0.3 percent of Hyundai Motor India's average relevant turnover of the preceding three years.”
"In order to determine the relevant turnover for the challenge the violation, revenue from the sale of motor vehicles alone have been taken into account," the watchdog also added, adding the final order was passed on the basis of information provided by the dealers.
Hyundai replied in late night that they were surprised by the order and were looking into the matter plus would be taking necessary course of action to challenge the order passed.