17 Oct Newspaper Notes - 3rd IRNSS, EXIM to boost exports, Revamped National Solar Mission, PM Scheme to ease business facilitation

1. New Chief Economic Advisor of India

Mr. Arvind Subramaniam has been appointed as Chief Economic Advisor. He has also served as an economist in International Monetary Fund (IMF). An IAS officer of Rajasthan cadre Rajiv Mehrishi has been appointed as the finance secretary.

2. Third IRNSS in Orbit - 

On 16th October, 2014, the PSLV-C26 has placed into orbit the Indian Regional Navigation Satellite system (IRNSS-1C) which weights around 1425kg. In the group of 7 satellites in the IRNSS system, this was the third one. In will be useful in defence industry and many other activities which are useful in daily life activities of common main.

3. PM Modi has launched 5 key schemes to boost transparency and facilitate the ease of doing the business in India. They are –

(i) Shram Suvidha portal – It would allow e-filling of compliance by employers for 16 laws and would issue Labour Identification number to around 6 lakh units.

(ii) Random Inspection Scheme – Computerised system would be used to choose units for carrying on inspection and reports of the inspection would be uploaded within 72 hr. 

(iii) Universal Account Number – Concept of UAN was launched by Mr. Modi for the benefit of all provident fund contributors. This would enable 4.17 crore employees to have a portable Provident Fund Account. 

Note- What is portable Provident Fund Account? 

Employee provident fund organization will ensure that when an employee changes his job he will not have to worry about his money lying in his provident fund account. It will be automatically transferred and attached with his now job account. This is being done with the help of Universal Account Number.

(iv) APPRENTICE PROTSAHAN YOJANA – Government will reimburse 50% of the stipend amount paid in order to train 1,00,000 youths by 2017 so that business corporations do not face shortage of skilled manpower.

(v) Revamped Rashtriya Swasthya Bima Yojana- Smart cards would be issued to workers employed in un organized sector. It would also be merged with 2 social security schemes

4. European Union judges have removed anti terrorism sanctions imposed on the LTTE but said that it might be reapplied in future. Apart from EU, LTTE is proscribed as a terrorist organization in the USA, Canada, India, the U.K. and Sri Lanka.

5. Revamped National Solar Mission- Ambitious solar PV capacity of 15000 MW in 3 tranches-

Tranche I=> Add 3000 MW from 2014-15 to 2016-17.

Tranche II=> Plan adding of 5000 MW from 2015-16 to 2017-18

Tranche III=> This programme will target to add 7000MW from 2016-17 to 2018-19.

Tranche I Plan layout (3000 MW) – It will be implemented by NVVN- NTPC Vidyut Vyapar Nigam on Solar parks which would be developed with the co-working Central and state agencies. 

6. Export Import Bank of India is planning to give a major push to project exports –

It aims to increase the project exports from the current level of 27 billion dollars to over 50 billion dollars in next 5 year. 

Note- A Project development company is being set up in Africa through a collaboration between EXIM Bank and African Development Bank. This PDC would have the responsibility of developing and identifying infrastructure projects in which Indian entrepreneurs can invest.