Current Affairs – June, 2014

Latest Current Affairs June, 2014 with Current Affairs, news summary on current events of National and International importance of June, 2014 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Chung Hung Won retained as PM of S Korea

South Korea has retained Chung Hung Won as its Premier. The President of South Korea, Park Geun-Hye announced the decision to retain the Chung Hung Won as country’s PM.

Won had resigned taking the responsibility of government’s inability and untimely response to the ferry disaster that happened in April 2014. President Park accepted the resignation and asked him to remain in the job until new Prime Minister takes over.

Union Government de-licensed manufacturing of defence items

India’s Union Ministry of Commerce and Industry de-licensed manufacturing of defence items. Around 55% of the defence items have been removed from the mandatory licensing list.

There is now a smaller negative list of defence items in which compulsory licensing is still required. This includes items such as tanks, vehicles fitted with military mountings of arms and ammunition or with equipment for mine laying, defence aircraft, including helicopters, UAVs and warships.

The decision is expected to generate interest of private companies like Tata, Mahindra and Larsen & Toubro as they will no longer require a license to manufacture components, castings and sub-assembly.

The primary motive of easing private sector participation is to tap available expertise in the private sector towards realizing self-reliance in the area of defence equipment production. Private sector participation will also raise the employment opportunities.

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