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News in Short

News in Short - 05-August-2020

Draft Defence Production and Export Promotion Policy announced

Date: 05 August 2020 Tags: Miscellaneous
  • The Ministry of Defence (MoD) put out a draft ‘Defence Production & Export Promotion Policy (DPEPP) 2020’ for public feedback With the aim of achieving a manufacturing turnover of $25 bn or ?1,75,000 crore, including exports of $5 bn in aerospace and defence goods and services by 2025.
  • The share of domestic procurement in overall defence procurement is about 60%. In order to enhance procurement from domestic industry, it is incumbent that procurement is doubled.
  • This effort would be supplemented by selected Defence Public Sector Undertakings (DPSU) which would work as export promotion agencies for certain countries with earnings linked to success fee, to promote export of defence products abroad.

Writer Vangapandu Prasada Rao passes away

Date: 05 August 2020 Tags: Obituaries
  • Revolutionary writer and eminent singer Vangapandu Prasada Rao, 77 years old, died of ill health in, Vizianagaram district of Andhra Pradesh.
  • Prasada Rao who has been associated with Jana Natya Mandali since 1972 enthralled audience with his thought provoking songs and speeches.
  • He penned songs for nearly 30 movies including 'Ardharatri Swatatantram' and received many awards including 'Kala-Ratna' from AP government in the year 2017.

Trumps executive order against hiring H1B Visa holder for federal contracts

Date: 05 August 2020 Tags: Miscellaneous
  • President Donald Trump has signed an executive order preventing federal agencies from contracting or subcontracting foreign workers — mainly those on H-1B visa — from hiring.
  • The move came over a month after the Trump administration in June 23 suspended the H-1B visas along with other types of foreign work visas until the end of 2020 to protect American workers in a crucial election year.
  • The H1B visa, most sought-after among Indian IT professionals, is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.
  • The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.

Bihar government recommends CBI enquiry into death of Sushant Singh Rajput

Date: 05 August 2020 Tags: Miscellaneous
  • The Bihar government has recommended probe by Central Bureau of Investigation (CBI) in actor Sushant Singh Rajput death case.
  • Chief minister Nitish Kumar said the decision was take after Rajput’s father met the state police chief. Rajput’s father KK Singh had also met Kumar seeking CBI investigation in the case. A Public Interest Litigation (PIL) has been filed before the Bombay high court in this regard.
  • Earlier, Lok Janshakti Party (LJP) leader Chirag Paswan had also requested Kumar to transfer the case to CBI without further delay.

Shashidhar Jagdishan set to be appointed HDFC Bank CEO

Date: 05 August 2020 Tags: Appointments & Resignations
  • The Reserve Bank of India has officially approved the appointment of Sashidhar Jagdishan as the MD and CEO of HDFC Bank.
  • Shashidhar Jagdishan, with over 29 years of experience, is currently the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, and Corporate Social Responsibility.
  • Aditya Puri has led HDFC Bank since its inception in 1994, and will retire in October when he reaches the maximum age limit of 70 years for private bank chiefs. He also holds the distinction of being the longest-running CEO of any bank in India.