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Daily Current Affairs : 25-Dec-2019

Major Topics Covered :

  1. YEAR END REVIEW- 2019: MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES

  2. IBC ORDINANCE THAT SHIELDS BUYERS FROM PRIOR LAPSES PASSED

  3. CABINET GRANTS EX-POST FACTO APPROVAL TO AMEND THE BENGAL EASTERN FRONTIER REGULATIONS

  4. NATIONAL POPULATION REGISTER (NPR)

  5. ATAL BHUJAL YOJANA

  6. SEAFARER CERTIFICATES

  7. TUNNEL UNDER ROHTANG PASS TO BE RENAMED AFTER FORMER PRIME MINISTER ATAL BIHARI VAJPAYEE

  8. CHIEF OF DEFENCE STAFF

  9. INDIA'S FIRST LONG DISTANCE CNG BUS

  10. RUSSIA ‘ONLY COUNTRY IN WORLD’ WITH HYPERSONIC WEAPONS: PREZ PUTIN


YEAR END REVIEW- 2019: MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES

Part of GS-3 Economy


Why in news?


The government said it envisions micro, small and medium enterprises (MSMEs) to contribute USD 2 trillion to the country's target of becoming USD 5 trillion economy by 2024.


Highlights:


Under the Prime Minister's Employment Generation Programme (PMEGP), 65,312 new micro-enterprises have been set up, the MSME Ministry said in its year-end review for 2019.


"The Indian economy is likely to emerge as one of the leading economies in the world, with an envisioned GDP of USD 5 trillion economy by 2024.


Under PMEGP, 5,22,496 employment opportunities have been generated, and margin money subsidy worth Rs 1,929.83 crore has been utilized, the ministry added.

PMEGP is a major credit-linked subsidy programme being implemented by MSME Ministry since 2008-09.


51 SFURTI (Scheme of Fund for Regeneration of Traditional Industries) Clusters approved earlier are completed and are functional.


The President of India, Ram Nath Kovind launched the Solar Charkha Mission in 2018.

11 Detailed Project Reports (DPRs) of Solar Charkha Clusters have been approved by the Scheme Steering Committee during current financial year 2019-20.


The Government approved for continuation of Credit Linked Capital Subsidy component under Credit Linked Capital Subsidy-Technology Upgradation Scheme (CLCS-TUS) in February 2019.


Ministry of MSME is implementing Technology Centre Systems Programme (TCSP) at an estimated cost of Rs. 2200 crore, including World Bank Loan assistance of USD 200 million, to establish 15 new Tool Rooms and Technology Development Centres (TCs)

RBI Expert Committee under U. K. Sinha on Micro, Small and Medium Enterprises made 37 major recommendations.


Khadi has got unique HS code issued by the central government on 4th Nov’19 to categorize its products in export.


The scheme is aimed at generating self-employment opportunities through establishment of micro-enterprises in non-farm sector by helping traditional artisans and unemployed youth in rural as well as urban areas.


Source: Business Standard


IBC ORDINANCE THAT SHIELDS BUYERS FROM PRIOR LAPSES PASSED

Part of GS-3 Economy


Why in news?


Days after Prime Minister Narendra Modi promised to decriminalize business failures, the Union cabinet cleared an ordinance to amend the Insolvency and Bankruptcy Code (IBC), 2016 that would ring-fence successful bidders from criminal proceedings against offences committed by previous promoters.


Highlights:


“The amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016, and ensure smooth implementation of the Code," the cabinet said in a statement on Tuesday.


While ongoing investigations against original promoters will continue, the new promoter would be required to extend all assistance and cooperation to any authority investigating an offence committed prior to the commencement of the corporate insolvency resolution process.


However, Parliament could not clear the bill as the winter session ended on 13 December. The ordinance will now be sent for the approval of the President.

The amendments will also make IBC prevail over other laws including the Prevention of Money Laundering Act.


The move will help in the rescue of bankrupt Bhushan Power and Steel Ltd (BPSL) by the second-largest private steelmaker in the country, JSW Steel Ltd, a transaction that has been complicated due to a probe by the Enforcement Directorate and the attachment of BPSL’s assets.


The National Company Law Appellate Tribunal, which approved a ₹19,700 crore bid from JSW Steel to take over BPSL, subsequently stayed the transfer of payment by the bidder to the creditors of BPSL, pending an investigation into allegations of fraud and money laundering by the former owners of the steel mill.


Source: Live Mint


CABINET GRANTS EX-POST FACTO APPROVAL TO AMEND THE BENGAL EASTERN FRONTIER REGULATIONS

Part of GS-2 Polity and Governance


Why in news?

The Union Cabinet chaired by Prime Minister Narendra Modi on Tuesday granted its ex-post facto approval to amend the Bengal Eastern Frontier Regulations (BEFR), 1873.


Highlights:


"The cabinet gave its ex-post facto approval to the Adaptation of Laws (Amendment) Order, 2019 issued by the President of India under clause (2) of Article 372 of the Constitution to amend the BEFR," Ministry of Home Affairs said in a release.


The notification will extend BEFR to the state of Manipur to give its indigenous people protection from the provisions of the Citizenship (Amendment) Act (CAA), 2019 and make necessary changes in the said regulation, the official statement added.