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Mehbooba Mufti resigns as Jammu and Kashmir Chief Minister
Mehbooba Mufti resigned as Jammu and Kashmir’s chief minister, after the Bharatiya Janata Party (BJP) ended its alliance with her Peoples Democratic Party (PDP), potentially pushing the state towards Governor’s rule. She handed over her resignation to Governor NN Vohra.
RBI eased norms for Foreign Portfolio Investors to invest in debt, individual large businesses
The Reserve Bank of India (RBI) has eased the norms for Foreign Portfolio Investors (FPIs) to invest in debt, particularly into individual large businesses. The move is aimed at attracting more overseas flows. FPIs are allowed to invest in various debt market instruments such as government bonds, treasury bills, state development loans and corporate bonds, but with certain limits and restrictions. The RBI increased the FPIs cap on investment in government security to 30 per cent of the outstanding stock of that security, from 20 per cent earlier. The move will also help arrest the spike in call money rates after the June 6 rate hike by the central bank.
Indian Government to team up with Google for flood forecasting
Union Minister for Water Resources, River Development and Ganga Rejuvenation, Nitin Gadkari has expressed that Union Government’s collaboration with Google will help in effective flood management in India. The Central Water Commission (CWC), India’s apex technical organisation in the field of Water Resources, on June 18, 2018 signed a Collaboration Agreement with Google for flood forecasting.
Russia Launched Soyuz 2.1b Carrier Rocket With Glonass M Navigation Satellite
Russia launched a Soyuz-2.1b carrier rocket from the Plesetsk space center to orbit a Glonass-M satellite. GLONASS – the Russian acronym for ‘Global Navigation Satellite System’. The Glonass network provides real-time positioning data for surface, sea and airborne objects around the globe, at an accuracy reportedly on par with the U.S. Global Positioning System (GPS). With this Launch, there are now 26 Glonass satellites in orbit.
SAARC fund to launch social enterprise programme in India and 7 other member nations
Thimpu-based SAARC Development Fund (SDF) will soon be launching a Social Enterprise Development Programme (SEDP) to fund 80 entities annually across the 8-member states including India. SDF was established by the Heads of the eight SAARC member states in April 2010 and its Governing Council comprises finance ministers of these eight countries. Full form of SAARC – South Asian Association for Regional Cooperation SAARC members are – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
ICGS Rani Rashmoni ship was commissioned at Vizag
Additional Director General of the Coast Guard VSR Murthy commissioned the last of the five Fast Patrol Vessel (FPV) project of Indian Coast Guard, ICGS ‘Rani Rashmoni’, in Visakhapatnam. So far four such ships such as ICGS Rani Abbakka, ICGS Rani Avanti Bai, ICGS Rani Durgavati and ICGS Rani Gaidinliu, have been commissioned and are in active service at various locations on the eastern seaboard.
Bangladesh appointed Lieutenant General Aziz Ahmed as New Army Chief
Bangladesh appointed Lieutenant General Aziz Ahmed as the country’s new army chief for a three-year tenure. He would succeed General Abu Belal Mohammad Shafiul Haque, who is set to retire on June 25.
World Bank approves 700 mn dollar to improve primary education in Bangladesh
The World Bank has approved $700 million to improve the primary education sector in Bangladesh. It will also finance implementation of the government’s Fourth Primary Education Development Program (PEDP4). This project will build about 95,000 classrooms, teachers’ rooms, and multipurpose rooms. It will also build 80,000 Water, Sanitation and Hygiene (WASH) blocks and 15,000 safe water sources. The projects will provide recruitment to about 100,000 teachers.
Ivan Duque wins election to become President of Colombia
Ivan Duque, the conservative political newcomer was elected as Colombia’s president on June 17. He received 54% of the vote in run-off election. His running mate, Marta Lucia Ramirez, will become Colombia’s first female vice-president.
Sandeep Bakhshi may be appointed as Interim CEO of ICICI Bank, replacing Chanda Kochhar
ICICI Bank is reportedly planning to appoint Sandeep Bakhshi, CEO of ICICI Prudential Life, as the bank’s interim CEO, replacing Chanda Kochhar. The ICICI bank may ask Chanda Kochhar to go on leave until an internal investigation into conflict of interest allegations against her is completed. Bakhshi has been the chief of the life insurance arm since August 2010.
China unveils 4 point vision for future cooperation with India
On June 18, 2018, Chinese envoy to India Luo Zhaohui unveiled a four-point vision for future cooperation with India. This is followed by the informal summit between PM Narendra Modi and Chinese President Xi Jinping. The four-point vision are: 1) Sign a Treaty of Friendship and Cooperation 2) Negotiate a bilateral Free Trade Agreement 3) Enhance connectivity 4) Work for early harvest on boundary issues.
India will become 5 Trillion dollar Economy and the worlds third largest consumer market by 2025, President Kovind reported in Greece
Addressing the diaspora in Athens, President Ram Nath Kovind reported that India is striving to become a $5 trillion economy and the world’s third largest consumer market by 2025. President Ram Nath Kovind also highlighted investment opportunities in the country. According to the World Bank and IMF, India’s growth rate is going to be high. Currently India’s economy is estimated at $2.5 trillion.
Ratan Tata is the only Indian Investor in Xiaomi, IPO Filing Reveals
As per Xiaomi’s IPO documents, Ratan Tata is the only Indian investor in the company, which has built a name for itself on the back of affordable quality smartphones. Tata’s investment in the company is now worth close to $2.1 million – a twofold jump in four years.
U.S. and South Korea agree to suspend joint military exercise scheduled for August
South Korea and the United States have agreed to suspend all planning activities regarding the “Freedom Guardian” military drill scheduled for August. Last year, 17,500 American and more than 50,000 South Korean troops participated in the Ulchi Freedom Guardian drills, although the exercise is mostly focused on computerized simulations rather than live field exercises that use weapons, tanks or aircraft.
