The Hindu Review Daily Gk Update : 23rd March 2019
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♦ Govt exceeds FY19 divestment target by Rs 5,000 cr, rakes in Rs 85,000 cr
- The Government Friday said it has exceeded its disinvestment target for the current fiscal by Rs 5,000 crore and the proceeds have touched Rs 85,000 crore.
- “As against a target of Rs 80,000 crore for disinvestment for the current year, the divestment receipts have touched Rs 85,000 crores today,” Finance Minister Arun Jaitley tweeted.
- The government has mopped up Rs 9,500 crore from the fifth tranche of CPSE ETF and Rs 14,500 crore from the REC-PFC deal.
- For next fiscal the disinvestment target has been fixed at Rs 90,000 crore.
♦ FC acquires govt stake in REC for Rs 14,500 crore
- State-owned Power Finance Corporation Limited (PFC) has acquired the Centre’s 52.63% paid-up share capital in Rural Electrification Corporation (REC) Limited for Rs 14,500 crore.
- “PFC has today signed a Share Purchase Agreement to acquire 103.94 crore equity shares of Rs 10/- each, of REC Limited from the President of India constituting 52.63% of the paid-up share capital of REC Limited. This is a major milestone achieved by PFC, who is now slated to become a promoter and the holding company of REC Limited,” PFC said in a public statement.
- In December 2018, the Cabinet Committee for Economic Affairs (CCEA) approved the sale of central government’s existing 52.63 per cent equity in REC to PFC along with the transfer of management control.
- In its statement, PFC said post the shareholders’ approval, the board approved the acquisition at a cash purchase consideration of Rs 139.50 per share with a total acquisition cost of about Rs 14,500 crore.
♦ IIT-Hyderabad students’ app to check real-time progress on construction sites wins Smart India Hackathon 2019
- A team of six MTech students from the Indian Institute of Technology (IIT), Hyderabad has won the ‘Smart India Hackathon 2019’ and prize money of Rs 75,000. The team, known by the name ‘SNAAPP’ claims to have coded non-stop for 36 hours to create a mobile app that can manage the hierarchical system of updating construction site progress and can generate reports directly via the app for managers and higher authorities.
- The application is structured in two parts consisting of a manager’s dashboard and site engineer’s dashboard. Different site engineers from different areas will provide the details in the form of text and images. Timestamp and GPS location will be taken automatically to verify the authenticity of the images.
♦ Indian Air Force to participate in Langkawi International Maritime Aero Expo (LIMA) 2019
- Langkawi International Maritime Aero Expo (LIMA-2019) is planned in Langkawi, Malaysia from 26 March 2019 to 30 March 2019. Indian Air Force is participating in the Maritime Aero Expo for the first time, during which it will showcase its indigenously developed LCA fighter aircraft. The team departed from Air Force Station Kalaikunda for Langkawi today i.e 22 March 2019 via Myanmar (Yangon).
- Participation of IAF in LIMA-2019 will provide an opportunity to air-warriors to interact with their Royal Malaysian Air Force (RMAF) counterparts and foster close relationship between the two services. This will serve as a foundation for any future interaction with the Malaysian Air Force. It will also provide an opportunity to RMAF to assess the capabilities of LCA.
♦ Fitch cuts India GDP growth forecast for FY20 to 6.8%
- Fitch Ratings on Friday cut India’s economic growth forecast for the next financial year starting April 1, to 6.8% from its previous estimate of 7%, on weaker than expected momentum in the economy.
- “While we have cut our growth forecasts for the next fiscal year (FY20, ending in March 2020) on weaker-than-expected momentum, we still see Indian GDP growth to hold up reasonably well, at 6.8%, followed by 7.1% in FY21,” Fitch said in its Global Economic Outlook.
- Fitch Ratings cut India’s FY19 GDP growth forecast to 7.2% from 7.8% on December 6.
- The rating agency has also cut growth forecasts for FY20 and FY21 to 7% from 7.3% and 7.1 per cent from 7.3%, respectively.
- According to Fitch, the RBI, has adopted a more dovish monetary policy stance and cut interest rates by 0.25 percentage at its February 2019 meeting, a move supported by steadily decelerating headline inflation.
♦ Ola’s licence in Bengaluru suspended for six months
- In a major development, the Karnataka transport department has suspended the licence of taxi aggregator Ola and ordered immediate stoppage of its services in Bengaluru. The action follows illegal operation of bike taxis by the company.
- The order issued by the department on March 18 states that the licence issued to Ani Technologies Private Limited, Ola cabs Bangalore, under the provisions of The Karnataka on Demand Transport Technology Aggregators Rules, 2016, has been suspended for a period of six months.
♦ Aamir Khan Appointed as PhonePe’s Brand Ambassador
- PhonePe has appointed Bollywood superstar Aamir Khan as the face of its brand. PhonePe is also an official co-presenting sponsor for the television broadcast of VIVO IPL 2019, and will be launching a series of new TV ads featuring Aamir Khan during this season. Aamir’s presence in the TV ads and his mass appeal as a national icon will help PhonePe create awareness about the benefits of digital payments for users across India.
♦ India clinches SAFF Women’s Championship for 5th time
- India has lifted South Asian Football Federation SAFF Women’s Championship fifth time in a row. Keeping its winning streak India defeated host Nepal in the final by 3-1 in Biratnagar on Friday evening.
- The pace of the match was intense from the very beginning as both sides pressed hard from the first whistle.
- India’s Dalmia Chhibber scored first goal of the match in 26th minute. In 33rd minute Nepal’s Sabitra Bhandari equalized the Indian lead. The second half began with India creating majority of the opportunities. Dangmei Grace scored second goal for India in 63rd minute. Anju Tamang took Indian lead to decisive three in 76th minute.
♦ Indian Athletes for Winning 368 Medals at Special Olympics 2019
- India returned with a whopping tally of 368 medals as the Special Olympics World Games 2019 came to an end in Abu Dhabi on Thursday. India scripted history in UAE by scooping 85 gold, 154 silver and 129 bronze.
- Medals were won across all sports – athletics, golf, volleyball, aquatics, cycling, judo, powerlifting, table tennis, roller skating, badminton, basketball traditional, handball traditional and football 7-side female.
- Indian powerlifters bagged the maximum number of medals – 20 gold, 33 silver and 43 bronze. Roller skating earned India 49 medals – 13 gold, 20 silver and 16 bronze.
- In cycling, the Indians won 11 gold, 14 silver and 20 bronze to total 45 medals, while the country’s track and field athletes returned with 39 medals – 5 gold, 24 silver and 10 bronze.
- It was also the first time India participated in Judo and Futsal – clinching 3 gold, 1 silver and seven silver medals respectively.
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