Important Current Affairs 26th May 2016

Pinarayi Vijayan Sworn in as Kerala CM

• CPI(M) leader Pinarayi Vijayan was sworn in as the chief minister of Kerala in state capital Thiruvananthapuram.
• The Kerala Governor Mr. Justice P. Sathasivam administered the oath of secrecy to the CM & other 18 ministers.
• This was the second time that the swearing in ceremony was held outside the Raj Bhavan.
• The CPI-M -led Left Democratic Front swept the assembly polls,winning 91 seats.

Govt Approves Capital Goods Policy

• The govt has approved first-ever policy for the country’s capital goods sector envisaging creation of over 21 million new jobs by 2025.
• The new policy aims to create an ecosystem for capital goods sector to achieve total production of Rs 7.5 lakh crore by 2025
• The policy envisages increasing exports from 27% to 40 % of production.
• It aims at raising employment from 8.4 million to 30 million.

Cabinet Gives Nod to Six New IITs

• The Cabinet today granted ex-post facto approval to the Amendment to The Institutes of Technology Act, 1961 for incorporation of six new IITs.
• The new IITs will be established at Tirupati in Andhra Pradesh, Palakkad in Kerala, Dharwar in Karnataka, Bhilai in Chhattisgarh, Goa, Jammu & conversion of ISM,Dhanbad to an IIT .
• The decision was at a Cabinet meeting chaired by PM Modi in New Delhi.

EPFO Doubles Insurance for Subscribers

• Government has enforced the decision of retirement fund body EPFO to almost double the maximum sum assured under its insurance scheme to Rs 6 lakh for its 4 crore subscribers.
• In September, Employee Provident Fund Organisation’s had decided to increase benefits under the Employees’ Deposit Linked Insurance.
• The notification to enhance EDLI amount has been issued.

Govt Approve Bills To Modify STs’ List

• The govt gave a green signal to modify the list of Scheduled Tribes in five states & also include a new community in one Union territory.
• Assam, Chhattisgarh, Jharkhand, Tamil Nadu & Tripura will collectively have 26 tribes included,while Puducherry will see the identification of one new community.
• The two bills, approved by the Union Cabinet will now be introduced in Parliament.

World Leaders kick off G7 Talks

• World leaders kick off two days of G7 talks in Japan.
• Heads of state from the US,Britain,France,Germany,Italy,Canada & host Japan are meeting in Ise-Shima, Japan.
• The sputtering global economy,terrorism, refugees was expected to take centre stage when the formal talks get under way .
• Following the talks,Obama will move on to Hiroshima, becoming the first sitting US leader to travel to the city.

Indonesia Introduces Death Penalty

• Indonesia President Joko Widodo signed a government regulation approving the death penalty as a maximum sentence for sexual crimes against children.
• Offenders now could face chemical castration & be monitored with an electronic chip.
• Other forms of punishment included life imprisonment, as well as a min of 10 to 20 yrs in jail.
• Indonesia meanwhile sentences rapists to a max of 14 yrs in prison.

Cabinet Nod for Rail Infra Projects

• Railway projects worth Rs 10,736 crore were cleared by the govt for improving infrastructure in various states.
• The projects,including three for doubling of existing rail lines & two for laying a third rail line on busy routes .
• In Gujarat the approval has been given for doubling of Surendranagar-Rajkot project.
• In UP the doubling of Roza-Sitapur Cantt-Burhwal line project has been approved.

Yes Bank Gets Nod for Raising FDI Limit

• The Cabinet Committee on Economic Affairs approved Yes Bank’s proposal to increase foreign investment limit in the bank to 74 %.
• The bank got approval for increase in the foreign investment limit to 74% from the existing foreign equity of 41.87%.
• It got approval to raise the limit without any sub-limits for investment.
• This will result in a FDI of $1 billion in the country.

World Humanitarian Summit Concluded

• The United Nations World Humanitarian Summit concluded on 24 May 2016 in Istanbul, Turkey.
• The summit was organised by the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA).
• The main achievement was the Grand Bargain,which is the name for a set of 51 commitments to reform humanitarian financing to make emergency aid finance more efficient and effective.