Current Affairs for SSC CGL Exams - 7 May 2015

::India and world:

The Union Cabinet, has given its approval for the signing of a Memorandum of Understanding (MoU) on Renewable Energy Cooperation between India and Seychelles in March, 2015, during the visit of the Prime Minister to Seychelles.
The objective of the MoU is to strengthen, promote and develop renewable energy cooperation between the two countries on the basis of equality and mutual benefit.
The MoU will also help in strengthening bilateral cooperation between the two countries in the field of renewable energy.

The Cabinet Committee on Economic Affairs has approved the modification in Mega Food Park Scheme guideline of infrastructure development for food processing. These modifications will streamline the implementation of the scheme and make the implementation of the Mega Food Parks smooth.
These modifications are expected to trigger further investment in the food processing sector and ensure smooth implementation of the Mega Food Parks scheme particularly, projects at initial phases of the scheme’s implementation.
The Scheme will be implemented in a market driven manner commensurate with both global and national demands.
Innovative supply chain management will be the key to implementation of this scheme. The project proposals for focusing on the processing and preservation of perishable food products will be given weightage in selection.

The Union Cabinet, approved amendments in the Whistle Blowers Protection Act, 2011 by moving an amendment Bill in Parliament during the Budget Session, 2015. This is being done with a view to incorporate necessary provisions aimed at strengthening safeguards against disclosures which may prejudicially affect the sovereignty and integrity of the country, security of the State, etc.
The amendments would address concerns relating to national security. This would strengthen the safeguards against disclosures which may prejudicially affect the sovereignty and integrity of the country, security, strategic, scientific or economic interest of the State, relations with a foreign State or leads to incitement of an offence. Safeguard have also been provided in respect of such disclosures which have been exempted under section 8(1) of the Right to Information Act, 2005.

The Cabinet Committee on Economic Affairs, has approved the proposal of Department of Industrial Policy & Promotion to review of the investment limit for cases requiring prior approval of the Foreign Investment Promotion Board (FIPB) / Cabinet Committee on Economic Affairs (CCEA), as provided in the Consolidated FDI Policy Circular effective from April 17, 2014. Amended provisions in this regard are as under:
(a) The Minister of Finance who is in-charge of FIPB would consider the recommendations of FIPB on proposals with total foreign equity inflow up to Rs.3000 crore.
(b) Recommendations of FIPB on proposals with total foreign equity inflow of more than Rs.3000 crore would be placed for consideration of CCEA.
(c) The CCEA would also consider the proposals which may be referred to it by the FIPB / the Minister of Finance (in-charge of FIPB).
(d) The FIPB Secretariat in the Department of Economic Affairs (DEA) will process the recommendations of FIPB to obtain the approval of Minister of Finance and the CCEA.

The Index of Eight Core Industries (ICI) measures performance of eight infrastructure industries, viz Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity, compiled at the base year of 2004-05. The cumulative growth rate of ICI during April-March, 2014-15 was 3.5 % as compared to 4.2 % during corresponding period of previous year. However, the production index of various core industries has displayed variation in both direction and magnitude. Crude Oil, Natural Gas, Refinery Products, Fertilizer and Steel have contributed to the lower growth in overall index during April-March, 2014-15 as compared to corresponding period of previous year.