TNPSC Current Affairs May 24, 2017 for Group 1 and Group 2 Mains (ALL)

TNPSC Current Affairs May 2017

1.Union Cabinet approves abolition of Foreign Investment Promotion Board.

To Make India an attractive investment destination, Union cabinet has approved abolition of Foreign Investment Promotion Board (FIPB). This will simplify procedures for ease of doing business and allowing administrative Ministries/Departments to process applications for FDI requiring government approval.

Significance: 

• Now work relating to processing of applications for FDI and approval of the Government thereon under the extant FDI Policy and FEMA (Foreign Exchange Management Act), shall now be handled by the concerned Ministries/Departments in consultation with the Department of Industrial Policy & Promotion(DIPP), Ministry of Commerce. 
• It will also issue the Standard Operating Procedure (SOP) for processing of applications and decision of the Government under the extant FDI policy
• Also Foreign Investors will find India more attractive destination and this will result in more inflow of FDI.
• . The move will provide ease of doing business and will help in promoting the principle of Maximum Governance and Minimum Government ( as per official release)

2.Union cabinet apprised of MoU between India and Bangladesh on cooperation in the peaceful uses of outer space

The Union cabinet has apprised the Memorandum of Understanding (MoU) between India and Bangladesh on cooperation in the peaceful uses of outer space.   The cabinet was charied by Prime Minister Narendra Modi.

About MoU:  

• The MoU will enable the areas of cooperation between India and Bangladesh in the space science, technology and applications including remote sensing of the earth; satellite communication and satellite based navigation; Space science and planetary exploration; use of spacecraft and space systems and ground system; and application of space technology. 
• It also lead to set up Joint Working Group, drawing members from Department of Space/ Indian Space Research Organisation and the Bangladesh Telecom Regulatory Commission which will further work out the plan of action including the time-frame and the means of implementing. 
• MoU will push to explore newer research activities and application possibilities in the field of remote sensing of the earth; satellite communication; satellite navigation; space science and exploration of outer space.
• It will lead to develop a joint activity in the field of application of space technologies for the benefit of humanity (as per official release)

  

3.Union Cabinet given nod for Joint Declaration of Intent between Germany and India  cooperation in the sector of alternative medicine

The Union Cabinet  has given its nod for the Joint Declaration of Intent (JDI) between Germany and India regarding cooperation in the sector of alternative medicine.

About JDI: 

• Joint Declaration of Intent will enhance bilateral cooperation between the two countries in the areas of traditional/alternative medicine.
• Under Joint Declaration of Intent the Initiation of collaborative research, training and scientific capacity building in the field of alternative medicine between India and Germany which will contribute to the enhanced employment opportunities in the AYUSH sector.
• Under this there will be no additional financial implication involved. Only the research, training courses, conferences, meetings will be met from the existing allocated budget and existing plan schemes of Ministry of AYUSH.