Current Affairs – June, 2019

Latest Current Affairs June, 2019 with Current Affairs, news summary on current events of National and International importance of June, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Fact Sheet: India International Mega Trade Fair

The second edition of India International Mega Trade fair (IIMTF) was inaugurated on 15 June at Bidhannagar (or Salt Lake) city in Kolkata. It is a 10-day-long event which will continue till June 23.

Key Highlights

Objective: The event seeks to promote business and trade around the region as well as to encourage joint ventures, tie-ups and investment in the country.

It is Kolkata’s largest and most popular retail event. It also works as a platform to promote Indian brands for international markets.

Participants: IIMTF showcases foreign products and sees participation from Central Government, State Government, various other Ministries, Departments & Public Sector Units (PSU), Ministries of Foreign countries etc. Various countries have set up pavilions in fair including participants from Bangladesh, Thailand, Turkey, Pakistan, Afghanistan and India.

Organiser:  The event is jointly organised by the Bengal Chamber of Commerce and Industry (BCC&I) and G S Marketing.

The fair supports variety of industries such as  Food and Beverages, Home Supplies, Personal Care Products, Lifestyle, Electronics, Electricals, Food, Jute, Handicrafts, Handlooms, Cosmetics, Tourism, IT, Finance, International Products, furniture, etc.

Significance: Donning its multiple roles as service provider, catalyst, initiator, facilitator and business partner, Chamber has helped Governments (both at Centre and State) in crafting pioneering and significant legislations.

About India International Mega Trade Fair

Background: IIMTF was first founded in 1994. Since its inception it has evolved as a major event for business community throughout the country. From past 25 years the fair is organised by Bengal Chamber of Commerce and Industry and GS Associates.

It first took place at Kolkata but adapting to growth of visitors in fair the exhibition now takes place in different cities such as Visakhapatnam, Ranchi, Bhubaneswar, Delhi, etc.

It is a B2B (Business to Business) and B2C (Business to Customer) exhibition.

Month: Categories: Events & ObservancesPlaces in News

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16 June: The International Day of Family Remittances observed

The International Day of Family Remittances (IDFR) is observed every year all across the world on 16 June. The day recognizes the contributions made by more than 200 million migrants towards improving the lives of their 800 million family members back home, and also to create a future of hope for their children.

About International Day of Family Remittances

Background: IDFR is a universally-recognized observance adopted by United Nations General Assembly’s (UNGA) resolution A/RES/72/281.

Objective: Through the observance of IDFR, the United Nations (UN) seeks to create greater awareness about impact remittances have on millions of households, as well as on communities, countries, and entire regions. IDFR also calls upon governments, private sector entities, and civil society, to find ways that can maximize impact of contributions made in form of remittances by individuals and collective actions.

Custodian: The custodian of IDFR towards these objectives is United Nations International Fund for Agricultural Development (IFAD).

IFAD supports #FamilyRemittances2030 Campaign, to allow all stakeholders to endorse the values day represents and to showcase their engagement.

Significance: IFDR furthers 2030 Agenda for Sustainable Development and Sustainable Development Goals (SDGs). The day is fully recognized at global level, as well as included as one of key initiatives to implement newly-adopted Global Compact for Safe, Orderly and Regular Migration (GSM), which also calls for financial inclusion through remittances, reduction of remittance transfer costs, and covering all dimensions of international migration in a holistic and comprehensive manner.

About IFAD

It is an specialized United Nations (UN) agency that was one of the major outcomes of World Food Conference 1974. Later in 1977, it was set up as an international financial institution.

It is based in Rome (Italy), which is considered to be UN’s food and agriculture hub.

Since 1978, IFAD have provided US$18.5 billion in grants and low-interest loans to projects that have reached to more than 464 million people.

What is Remittance?

It is a transfer of money, commonly by a foreign worker to an individual in their home country. The money sent home by migrants (working in foreign country) competes with international aid as one of the largest financial inflows to developing countries.

India is the world’s top recipient of remittances.

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