Union Government Constituted Dr. Shankar Acharya Committee
• The Union government of India constituted a Committee to examine the desirability and feasibility of having ‘a new financial year on July 6, 2016.
• The Committee headed by Dr. Shankar Acharya (former Chief Economic Adviser) has KM Chandrasekhar (former Cabinet Secretary),
• PV Rajaraman (former Finance Secretary, Tamil Nadu) and Dr. Rajiv Kumar (Senior Fellow, Centre for Policy Research) as other members.
• The Committee will examine the merits and demerits of various dates for the commencement of the financial year, taking into account the various relevant factors.
Union Government Approved the . National Apprenticeship Promotion Scheme
• The Union Cabinet has approved National Apprenticeship Promotion Scheme on July 5, 2016. The Union Cabinet approved an outlay of Rs 10000 crore for providing apprenticeship training to over 5 million youngsters in the next four years in its quest to create more jobs.
• This is the biggest monetary.reward initiative in the last seven years for skill development in India. The money allocated will be provided as incentive to industries to take more apprentices on board.
• According to the new scheme, the Central government will bear 25% of the stipend given to an apprentice by a factory. It means, if a company pays an apprentice 18000 per month, the Central government will reimburse Rs 2000 or 25% of it.
• It is for the first time a scheme has been designed to offer financial incentives to employers to engage apprentices.
Union Government Approved Setting-UP a Major Port at Enayam in Tamil Nadu
• The Union Cabinet chaired by the Prime Minister Narendra Modi on ?! July 5, 2016 approved for setting-up a Major port at Enayam near Colachel in Tamil Nadu.
• A Special Purpose Vehicle (SPV) will develop the port infrastructure including dredging and reclamation, construction of breakwater, ensuring connectivity links etc.
• Establishing this Major port at Enayam will not only act as a major gateway container port for Indian cargo that is presently trans-shipped outside the country, but also become a trans-shipment hub for the global East-West trade route.
Interest Subvention Scheme for Farmers Approved
• The Union Cabinet with Prime Minister Narendra Modi in the chair approved the interest subvention scheme for farmers for 2016-17 on July 5, 2016.
• The government has earmarked a sum of 1 18276 crore for this purpose. This will help farmers getting short term crop loan payable within one year up to 7 3 lakh at only 4% per annum.
• According to the scheme, the Central government will provide interest i subvention of 5% per annum to all farmers for short term crop loan upto one year for loan upto to 3 lakh borrowed by them during 2016-17.
• Farmers will thus have to effectively pay only 4% as interest. In case fanners do not repay (he short term crop loan in time, they would be eligible for interest subvention of 2% as against 5% available above.
High Courts of Bombay, Madras to Undergo Change their Names
• The Union Cabinet chaired by Prime Minister Narendra Modi on July 5, 2016 gave its approval to introduce ‘The High Courts (Alteration of Names) Bill, 2016’ in Parliament.
• The High Courts (Alteration of Names) Bill, 2016 will facilitate the changing of the names of Bombay High Court as Mumbai High Court, Madras High Court as Chennai High Court and Calcutta High Court as Kolkata High Court, respectively.
• The High Courts of Bombay, Madras and Calcutta were named after the cities in which they were located.
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