All important current affairs of September 9 2017 with regular updates of whole day events from all over the country, world and various areas. Aim of our current affairs section is to help you to get high marks in competitive exams you are going to attempt.
Bharat Petroleum is to get Maharatna Status
Oil marketing company Bharat Petroleum Corporation is getting promotion from Navratna status to Maharatna. The decision in this regard was taken by the panel meeting headed by Cabinet secretary. The official announcement is yet to be made and will be made very soon.
Currently there are total seven Central Public Sector Enterprises (CPSE) in India with Maharatna status and BPCL will be the eight Central Public Sector Enterprise (CPSE) to get this top most status recognition. The seven companies which are enjoying the status are:- Bharat Heavy Electricals (BHEL), Coal India (CIL), GAIL (India), Indian Oil Corporation, NTPC, Oil and Natural Gas Corporation (ONGC) and Steel Authority of India (SAIL).
Government has divided CPSEs into three major categories of statuses based on some criteria:
About Maharatna Status:
As per the rules of government of India, any CPSE must fulfil the following conditions to become a Maharatna:
- Should have Navratna Status
- For the last three years company should have the turnover more than Rs. 25,000 Crore.
- Net worth of the company for last three years should be more than Rs. 15,000 Crore.
- Net profit on yearly basis should be more than Rs. 5000 Crore after paying tax for last three years.
- The company must have its presence at Indian stock Exchange as per the SEBI’s rules of minimum prescribed public shareholding limit.
Know more about: Maharatna Navratna and Miniratnas
Countervailing duty imposed by India on Steel Products Imported from China
India has imposed countervailing duty (CVD) on some of the steel products imported from China. Total 18.95% countervailing duty was imposed by Union Finance Ministry for a period of five years.
The decision has been taken on the recommendations given to Finance Ministry by Directorate General of Anti-Dumping and Allied Duties (DGAD) to save business of domestic players from cheap subsidized imports. This is for the first time that CVD is imposed in India on any kind of steel product.
The investigating ministry DGAD in its report said that although there is huge demand for steel import to India but the cheap prices of steel have taken away sales opportunities from domestic industry.
It is expected that this new move will help domestic steel players to grow and will raise the profits of Indian steel industry.
About countervailing Duty:
The countervailing duty is country specific duty applied to save domestic industry to save from losses that occurs due to import of a product at cheaper prices from other countries which is also produced by local industry. It is almost similar to excise duty paid by manufacturers.
First water ATM inaugurated in Hyderabad
Home Minister of Telangana Mr. Nayani Narshima Reddy has inaugurated the first water ATM at Hyderabad’s Nalgonda ‘X’ road here today. Water ATM is a joint effort of an international NGO named as Safe Water Network and Greater Hyderabad Municipal Corporation (GHMC).
More information on this news can be found below:
FAME India Scheme Got Another six-month Extension by Government
The Ministry of Heavy Industries and Public Enterprises has once again provided extension to the scheme named as Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) for next six months in order to popularize electric and hybrid vehicles in India.
FAME is the Indian government’s scheme to promote electric and hybrid vehicles to reduce country’s dependence on petrol and diesel based vehicles. This is the second time the extension is given to FAME-India scheme. The scheme is extended from October to 31 March, 2018.
About FAME India Scheme:
The FAME-India scheme was launched in 2015 under National Electric Mobility Mission Plan (NEMMP). The first phase was started from April 2015 to March 2017. Then the scheme got 6 months extension for the first time in March,2017. Now it has again been extended. The aim of the scheme is to promote eco friendly vehicles in India to reduce pollution, fuel consumption and dependence.
MOU Signed Between Assam government and Google India
The department Heavy Industries has also been offering financial help to make the programme more successful. Till now department has allocated Rs. 75 crore and Rs. 122.90 crore in FY2016 and FY2017 respectively.
Assam government has signed Memorandum of Understanding (MoU) with Google India Pvt. Ltd. The MoU was signed between Information Technology Secretary Nitin Khare and Google India Country Head (Policy) Chetan Krishnaswami in the presence of Chief minister of Assam Mr. Sarbananda Sonowal. Visit below link for more details: