Daily Update On Current Affairs – May 27, 2017

current affairs

PM Lays Foundation Stone For AIIMS In Changsari

Prime Minister Narendra Modi has laid the foundation stone for All India Institute of Medical Sciences (AIIMS) at Changsari in the Kamrup District of Assam. The institute will be constructed at a distance of 26 km from Guwahati. The institute will be constructed at a cost of Rs 1,123 crores as a part of the ‘Pradhan Mantri Swasthya Suraksha Yojana’. The construction of the institute will be completed within the next four years. The institute will have a hospital consisting of 750 beds, 22 super specialty departments including 16 operation theatres. It will also have a medical college capable of accommodating 100 MBBS students every year and a nursing college accommodating 60 students each year. It will be spread across 189 acres. 

Amul Thapar: Second Indian Judge to US Circuit Court of Appeals

United States Senate has confirmed Amul Thapar as a judge for the Cincinnati-based Sixth Circuit Court of Appeals. With this appointment, he has become only the second Indian-American judge of an appeals court. Thapar was confirmed by Senate by a 52-44 vote. Thapar has become President Trump’s second judicial nominee to get confirmed after Senate’s approval. In 2013, Shri Srinivasan became the first Indian to get appointed to the DC circuit court of appeals by President Barak Obama. He was the first Indian-American to be appointed as the judge to the American counterpart of India’s high courts.

Government Amends Definition of Start-Ups

The Department of Industrial Policy and Promotion (DIPP), which is the nodal body for Start-up India, has amended the definition of a start-up. As per the new definition, an entity will be considered as a Start-Up if its turnover is less than Rs 25 crore and has not completed seven years from the date of its incorporation/registration. In the definition, the change is with respect to the time period which is currently five years. The new definition has increased it to 7 years taking into the consideration the long gestation period involved in establishing start-ups.

Salient Amendments
The scope of the definition of start-up will also be widened to include scalability of business model with the potential of employment generation or wealth creation.  An entity that has completed 7 years from the date of its incorporation or if its turnover exceeds Rs 25 crore, it will cease to be a start-up. The process of recognition of an entity as a start-up will be through an online application made over the mobile app/portal set up by the DIPP. For the Start-Ups in the biotechnology sector, they will be considered as start-ups for a period of up to 10 years from the date of incorporation/registration.

Govt Selects 5 Bankers Selected For IOC Stake Sale

The government has selected five merchant bankers to manage its three percent stake sale in Indian Oil Corporation, IOC, which could fetch about six thousand crore rupees to the exchequer. The bankers are – Goldman Sachs, Citigroup, Deutsche Equities, SBI Capital Markets and ICICI Securities. Sources said, as many as 10 merchant bankers had made presentations before the DIPAM yesterday, out of which five were selected. Govt currently holds 58.28 percent stake in IOC. It plans to sell 3 percent stake in the nation’s largest oil retailer through an offer for sale. The government has set a target of raising 46,500 crore rupees through minority stake sale and 15,000 crore rupees from strategic disinvestment.

NASA’s Juno Spacecraft Discovers Earth-Sized Storms on Jupiter

NASA’s Juno spacecraft has discovered Earth-sized cyclones in the poles of the Jupiter. It has also unveiled the presence of the storm systems that travel deep into the heart of the planet. Both the poles of the Jupiter were found to be covered with Earth-sized swirling storms which are densely clustered and rubbing together. The findings were the result of the Juno probe’s first data-collection pass on August last year. The spacecraft flew for about 4,200 kilometers of Jupiter’s swirling cloud top. The findings suggest the presence of ammonia clouds over the planet which is quite variable and continues to increase up to a few hundred miles or kilometers.

ICC Cricket
Committee Recommends DRS For T20 Internationals

The ICC Cricket Committee chaired by India’s head coach Anil Kumble has made a host of recommendations at its annual meeting in London concerning the future international cricket. One of the notable recommendations is the use of DRS for all T20 Internationals. Another important recommendation is to give power to on-field umpires to send-off players in response to the most serious incidents of player’s misconduct, such as violence on the field. The committee expressed unanimous support for the implementation of a Test cricket competition. It also reiterated its full support for cricket being involved in the Olympic Games. If the ICC Chief Executives’ Committee approves these recommended changes, the new ICC playing conditions will come into effect from October 1 this year.

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