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News in Short

News in Short - 10-August-2020

PM Modi launches financial facility under Agri-infra fund

Date: 10 August 2020 Tags: Agriculture
  • Prime Minister Narendra Modi launched a financing facility of ? 1 lakh crore under the Agriculture Infrastructure Fund for agri-entrepreneurs, startups, agri-tech players and farmer groups for post-harvest management and nurturing farm assets.
  • Last month, the Union Cabinet had approved this fund as part of the over ? 20 lakh crore stimulus package announced in response to the Covid-19 crisis, while PM-KISAN is an ongoing scheme being implemented since 2018.
  • The new agri-infra fund, the duration of which will be 10 years till 2029, aims to provide medium-to-long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and financial support.

Coaching classes not eligible for GST exemption

Date: 10 August 2020 Tags: Judiciary & Judgments
  • Coaching classes do not get any exemption from Goods and Service Tax (GST), this position was reiterated by a ruling given by the Andhra Pradesh bench of the Authority for Advance Rulings (AAR).
  • Entry No 66 of the relevant notifications provides exemption to educational services if these are provided by an educational institution, subject to certain conditions.
  • The AAR bench noted that such coaching is not mandatory to be conferred an Inter or Final certificate by the Institute of Chartered Accountants and the Institute of Cost Accountants, both of which are statutory bodies.

Mahinda Rajapaksa takes oath as Sri Lanka Prime minister

Date: 10 August 2020 Tags: Appointments & Resignations
  • Sri Lanka's former president Mahinda Rajapaksa was sworn in as the country's new prime minister at a historic Buddhist temple.
  • The Sri Lanka People's Party (SLPP) leader Rajapaksa was administered the oath of office for the ninth Parliament by his younger brother and President Gotabaya Rajapaksa.
  • The SLPP, led by Mahinda, registered a landslide victory in the August 5 general election, securing two-thirds majority in Parliament needed to amend the Constitution to further consolidate the powerful Rajapaksa family's grip on power.

India puts embargo on 101 defence items

Date: 10 August 2020 Tags: Policy
  • Defence Minister Rajnath Singh has announced restrictions on import of 101 weapons and military platforms including light combat helicopters, transport aircraft, conventional submarines and cruise missiles by 2024.
  • The defence minister estimated that the domestic defence industry would receive contracts worth almost ? 4 lakh crore within the next five to seven years as a result of the decision to prune the import list.
  • The  draft defence procurement policy of the defence ministry projected a turnover of ? 1.75 lakh crore in defence manufacturing by 2025.
  • India is one of the most lucrative markets for global defence giants. The country figured among the top three importers of military hardware in the world for the last eight years.

Andrea Pirlo appointment head coach of Juventus

Date: 10 August 2020 Tags: Sports
  • Serie A champions Juventus have appointed former midfielder Andrea Pirlo as the new first-team head coach, giving him his first senior coaching role.
  • The 41-year-old was appointed as the club’s U-23 head coach last month and has secured promotion before even taking charge of a single match with the Serie C outfit.
  • Pirlo, who has never managed before, either at youth or senior level, signed a two-year contract with the club until June 30, 2022.
  • The former Italian midfielder returns to the Old Lady having played for the club between 2011 and 2015. During his time with Juventus, Pirlo won four straight Serie A titles.
  • Pirlo played for Inter Milan, AC Milan, Juventus, and New York City in his remarkable career and was a World Cup winner with Italy in 2006.