Current Affairs – August, 2016

Latest Current Affairs August, 2016 with Current Affairs, news summary on current events of National and International importance of August, 2016 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Union Cabinet approves creation of PDF to catalyse Indian economic presence in CLMV countries

The Union Cabinet has given its approval to create a Project Development Fund (PDF) for catalysing Indian economic presence in the CLMV countries viz. Cambodia, Laos Myanmar and Vietnam.

The PDF will have corpus of Rs 500 Crore and shall be housed in Department of Commerce. It will be operated through the EXIM Bank.

Key Facts

  • The PDF will be governed by an Inter-Ministerial Committee under the chairpersonship of the Commerce Secretary.
  • It will benefit India’s industrial community for business expansion in the CLMV countries.
  • Besides it will also help to maintain cost competitive supply chains, besides integrating with global production networks.

Background

  • CLMV countries namely Cambodia, Laos, Myanmar and Vietnam have a unique position in the regional value chains in Southeast Asia region.
  • These countries offer a gateway for market access to China, European Union and other markets due to various trade agreements.

Comment

  • Thus, creation of Project Development Fund (PDF) will give key advantage position to India in securing regional value chains on a long term basis.
  • Besides, it will provide a dedicated market for Indian raw materials and intermediate goods and also a dedicated source of raw materials for Indian industry.

Month:  Categories: Governance & PoliticsInternational

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Cabinet approves dissolution of Central Inland Water Transport Corporation Limited

The Union Cabinet has given its approval to proposal for dissolution of Central Inland Water Transport Corporation Limited (CIWTC).

CIWTC was incorporated in February 1967 as Public Sector Undertaking under the Companies Act 1956 by the Central Government. It was under the administrative control of Ministry of Shipping (MOS).

It had taken over the assets and liabilities of the erstwhile River Steam Navigation Company Limited (RSNCL) under a scheme approved by the Calcutta High Court.

Why Government is closing CIWTC?

  • Since its inception CIWTC was incurring losses due to inherent limitation and infrastructure bottle necks and never could become viable company.
  • Central Government is closing it in line with its decision to revitalize sick CPSUs wherever possible or to wind up irretrievable cases.
  • The dissolution of the CIWTC would be initiated after disposal of movable and immovable assets. This would free up the assets for better utilization and for the benefit of the people.
  • A number of assets have been taken up by Inland Waterways Authority of India to provide services on National Waterway 4 on Brahmputra River.

Month:  Categories: Environment & Biodiversity

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