Current Affairs – March, 2015

Latest Current Affairs March, 2015 with Current Affairs, news summary on current events of National and International importance of March, 2015 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Five sick PSUs to be closed down: Union Government

Union Government has announced that 5 sick public sector undertakings (PSUs) will be closed.

It was announced by Union Heavy Industries Minister Anant Geete while replying to a question in the Lok Sabha. The 5 sick PSU that will be closed include HMT and its three units, Hindustan Shipyard. Government also announced that while closing these PSUs, their employees will be provided with very good VRS package.

In the reply, the Minister also announced that there are total 65 units in the list of sick PSUs as of March 31, 2014.

Government also has declared Air India and MTNL as sick PSU units as per the criteria after they have incurred losses worth 50 per cent or more of their average net worth during past four years.

According to the loss figures tabled in Lok Sabha

  • Air India has accumulated losses of Rs 5,388 crore in 2013-14. Rs 5,490 crore in 2012-13 and Rs 7,559 crore in 2011-12 respectively.
  • MTNL had showed profit of Rs 7,820 crore in year 2013-14. But in the previous years it has incurred losses of 5,321 crore rupees and 4,109 crore rupees.
  • Hindustan Shipyard has reported losses of Rs 859 crore, Rs 551 crore and Rs 462 crore in past 3 years.

Highlights of Prime Minister Narendra Modi’s visit to Seychelles

Prime Minister Narendra Modi visited Seychelles as part of three-nation tour for cementing strategic partnership with island countries of Seychelles, Mauritius and Sri Lanka.

Narendra Modi is first Prime Minister to visit Seychelles in 34 years. Previously, late Prime Minister Indira Gandhi had visited the country in 1981.

Key facts

  • Both nations agreed to set up joint working group to promote ocean based economy i.e. on Blue Economy. In this regard, India committed to provide all help to Seychelles.
  • Prime Minister Narendra Modi also announced free visa on arrival (VoA) and free visas for three months facility to the citizens of Seychelles.
  • Four agreements and MoUs were signed between both the countries. They were signed in the fields of renewable energy, hydro graphic survey, electronics navigation and infrastructure development at the island of Seychelles.
  • These agreements and MoU’s were signed by Secretary (West) Navtej Sarna from Indian side in the presence of Prime Minister Narendra Modi and President of Seychelles James Alix Michel.
  • Prime Minister Narendra Modi also inaugurated a Coastal Surveillance Radar system (SSRS). The surveillance system has set up in Seychelles with the help of India.
  • India also announced to provide 2nd dossier aircraft to the island nation to enhance maritime security.