DAILY G.A UPDATE : 11-08-2016
1. Cabinet clears amendment to Maternity Benefits, Factories Act
Cabinet gave ex-post facto approval to the amendments made to the Maternity Benefits Act, which aims to raise maternity leave for women from 12 weeks to 26 weeks.
The Cabinet also gave ex-post facto nod to for amendments in the Factories Act, which has already been introduced in the ongoing Monsoon Session of Parliament.
The Maternity Benefit Act, 1961, protects the employment of women during the time of her maternity and entitles her of a full paid absence from work - to take care for her child. It is applicable to all establishments employing 10 or more persons and the amendments will help around 1.8 million women workforce in the organised sector. These amendments include increasing maternity leave from 12 weeks to 26 weeks for two surviving children and 12 weeks for more than two children, 12 weeks maternity leave to a Commissioning mother and Adopting mother and mandatory provision of creche in respect of establishment having 50 or more employees, the statement said. In the case of the Factories (Amendment) Bill, 2016, the approved amendments will give boost to manufacturing sector and facilitate ease of doing business with an aim to enhance employment opportunities, it added. These amendments relate to increase in overtime hours from the existing 50 hours per quarter to 100 hours (Section 64) and existing 75 hours per quarter to 125 hours (Section 65). Earlier in the day, Labour Minister Bandaru Dattatreya introduced the Factories (Amendment) Bill, 2016 in the Lok Sabha, which seeks to enhance the limit of overtime hours.
2. Cabinet gives nod to sign pact with Croatia on eco cooperation
The Cabinet gave its nod for signing and ratification of an agreement between India and Croatia on economic cooperation.
3. Modi, Putin, Jayalalithaa Jointly Dedicate Kudankulam Plant I to India
Prime Minister Narendra Modi, Russian President Vladimir Putin and Tamil Nadu Chief Minister J Jayalalithaa jointly dedicated to the nation the 1,000 MW Nuclear Power Plant-I.
Modi while stressing that the 1,000 MW unit in Tamil Nadu is an important addition to India's continuing efforts to scale up production of clean energy said that at Kudankulum alone, five more units of similar capacity each are planned.
Participating from Moscow via video-conferencing, Putin said the unit has been built using most advanced Russian technology incorporating highest safety standards while Modi asserted that India was determined to pursue an ambitious agenda of nuclear power generation.
The Kudankulam 1 has been jointly built by the Nuclear Power Corporation of India and Russia's Rosatom and it had started generating electricity in 2013. Anti-nuclear activists and local people had protested against the project claiming it was unsafe.
The agreement for the project was inked by former Prime Minister Rajiv Gandhi and then Soviet Union President Mikhail Gorbachev in 1988 but actual work on the ground started only in 1997.
The unit 1 and 2 of Kudankulam plant were built at a cost of Rs 20,962 crore. A major share of power generated in the plant goes to Tamil Nadu, followed by Karnataka, Kerala and Puducherry.
4. NCML in pact with Syndicate Bank for warehousing services
Agri-logistics Company National Collateral Management Services Ltd (NCML) entered into a strategic partnership Syndicate Bank for collateral management and warehousing services.
NCML Collateral Management Head Rosaiah Yeluri and Syndicate Bank General Manager M Mohan Reddy signed the agreement.
The objective is to assist industries, traders and farmers in financing their capital requirements at all stages of the supply chain, ranging from pre-harvesting to marketing and export stages, NCML said in a statement.
NCML provides warehousing services, supply chain management solutions and testing and certification.
5. Venkaiah Naidu inaugurates NDMC’s BRICS friendship rose garden
Union Minister for Urban Development Venkaiah Naidu inaugurated the 'BRICS Friendship Rose Garden' at Shanti Path, Chanakyapuri. The garden has been developed by the New Delhi Municipal Council (NDMC).
6. Premji, Nadar in Forbes list of 100 richest tech tycoons
Wipro Chairman Azim Premji and HCL co-founder Shiv Nadar are the only two billionaires from India to feature in the Forbes list of the world's 100 richest people in technology, ranking in the top 20 ahead of Google boss Eric Schmidt and Uber CEO Travis Kalanick.
The 100 Richest Tech Billionaires in the World 2016 list has been topped by Microsoft founder Bill Gates with an estimated fortune of USD 78 billion.
Premji ranks 13th on the list with a networth of USD 16 billion and Nadar comes in on the 17th spot with USD 11.6 billion of net worth. Two Indian-American technology czars Symphony Technology Group CEO Romesh Wadhwani and founders of IT consulting and outsourcing company Syntel Bharat Desai and his wife Neerja Sethi are also on the list.
Forbes said Premji, who heads India's third-largest outsourcer, Wipro has been on a buying spree in the past year to boost growth. Premji's son Rishad, who heads strategy and sits on the board, also oversees Wipro's USD 100 million venture capital fund.
Nadar co-founded HCL, which is reportedly mulling a US listing, Forbes said, adding that Nadar also owns HCL TalentCare, a skills-development firm that provides training to new graduates. His latest venture is a USD 500 million fund to invest in startups and US healthcare tech firms.
Wadhwani comes in on the 67th position with a USD 3 billion net worth. A recipient of the 2013 Forbes India Non-Resident Philanthropist Award, Wadhwani announced in 2015 that he plans to commit up to USD 1 billion to fund entrepreneurship initiatives in India.
7. RBL Bank eyes 1,230 cr in first private bank IPO in a decade
In the first IPO by a private sector lender in a decade, Kolhapur-headquartered RBL Bank announced Rs 1,230 crore Initial Public Offer that will hit the market on August 19.
8. Arun Jaitley launches finance facilitation centers, databank for MSMEs
Finance Minister Arun Jaitley launched a databank to gather information about micro, small and medium enterprises. Besides this, he also launched Online Finance Facilitation Centres to provide collective funding options for MSMEs.
9. BSE gets approval to establish international exchange at GIFT
Leading stock exchange BSE today said it has got approval from the Corporate Affairs Ministry to establish BSE International Exchange and BSE International Clearing Corporation at Gujarat International Finance Tec-city (GIFT).
1. Cabinet clears amendment to Maternity Benefits, Factories Act
Cabinet gave ex-post facto approval to the amendments made to the Maternity Benefits Act, which aims to raise maternity leave for women from 12 weeks to 26 weeks.
The Cabinet also gave ex-post facto nod to for amendments in the Factories Act, which has already been introduced in the ongoing Monsoon Session of Parliament.
The Maternity Benefit Act, 1961, protects the employment of women during the time of her maternity and entitles her of a full paid absence from work - to take care for her child. It is applicable to all establishments employing 10 or more persons and the amendments will help around 1.8 million women workforce in the organised sector. These amendments include increasing maternity leave from 12 weeks to 26 weeks for two surviving children and 12 weeks for more than two children, 12 weeks maternity leave to a Commissioning mother and Adopting mother and mandatory provision of creche in respect of establishment having 50 or more employees, the statement said. In the case of the Factories (Amendment) Bill, 2016, the approved amendments will give boost to manufacturing sector and facilitate ease of doing business with an aim to enhance employment opportunities, it added. These amendments relate to increase in overtime hours from the existing 50 hours per quarter to 100 hours (Section 64) and existing 75 hours per quarter to 125 hours (Section 65). Earlier in the day, Labour Minister Bandaru Dattatreya introduced the Factories (Amendment) Bill, 2016 in the Lok Sabha, which seeks to enhance the limit of overtime hours.
2. Cabinet gives nod to sign pact with Croatia on eco cooperation
The Cabinet gave its nod for signing and ratification of an agreement between India and Croatia on economic cooperation.
3. Modi, Putin, Jayalalithaa Jointly Dedicate Kudankulam Plant I to India
Prime Minister Narendra Modi, Russian President Vladimir Putin and Tamil Nadu Chief Minister J Jayalalithaa jointly dedicated to the nation the 1,000 MW Nuclear Power Plant-I.
Modi while stressing that the 1,000 MW unit in Tamil Nadu is an important addition to India's continuing efforts to scale up production of clean energy said that at Kudankulum alone, five more units of similar capacity each are planned.
Participating from Moscow via video-conferencing, Putin said the unit has been built using most advanced Russian technology incorporating highest safety standards while Modi asserted that India was determined to pursue an ambitious agenda of nuclear power generation.
The Kudankulam 1 has been jointly built by the Nuclear Power Corporation of India and Russia's Rosatom and it had started generating electricity in 2013. Anti-nuclear activists and local people had protested against the project claiming it was unsafe.
The agreement for the project was inked by former Prime Minister Rajiv Gandhi and then Soviet Union President Mikhail Gorbachev in 1988 but actual work on the ground started only in 1997.
The unit 1 and 2 of Kudankulam plant were built at a cost of Rs 20,962 crore. A major share of power generated in the plant goes to Tamil Nadu, followed by Karnataka, Kerala and Puducherry.
4. NCML in pact with Syndicate Bank for warehousing services
Agri-logistics Company National Collateral Management Services Ltd (NCML) entered into a strategic partnership Syndicate Bank for collateral management and warehousing services.
NCML Collateral Management Head Rosaiah Yeluri and Syndicate Bank General Manager M Mohan Reddy signed the agreement.
The objective is to assist industries, traders and farmers in financing their capital requirements at all stages of the supply chain, ranging from pre-harvesting to marketing and export stages, NCML said in a statement.
NCML provides warehousing services, supply chain management solutions and testing and certification.
5. Venkaiah Naidu inaugurates NDMC’s BRICS friendship rose garden
Union Minister for Urban Development Venkaiah Naidu inaugurated the 'BRICS Friendship Rose Garden' at Shanti Path, Chanakyapuri. The garden has been developed by the New Delhi Municipal Council (NDMC).
6. Premji, Nadar in Forbes list of 100 richest tech tycoons
Wipro Chairman Azim Premji and HCL co-founder Shiv Nadar are the only two billionaires from India to feature in the Forbes list of the world's 100 richest people in technology, ranking in the top 20 ahead of Google boss Eric Schmidt and Uber CEO Travis Kalanick.
The 100 Richest Tech Billionaires in the World 2016 list has been topped by Microsoft founder Bill Gates with an estimated fortune of USD 78 billion.
Premji ranks 13th on the list with a networth of USD 16 billion and Nadar comes in on the 17th spot with USD 11.6 billion of net worth. Two Indian-American technology czars Symphony Technology Group CEO Romesh Wadhwani and founders of IT consulting and outsourcing company Syntel Bharat Desai and his wife Neerja Sethi are also on the list.
Forbes said Premji, who heads India's third-largest outsourcer, Wipro has been on a buying spree in the past year to boost growth. Premji's son Rishad, who heads strategy and sits on the board, also oversees Wipro's USD 100 million venture capital fund.
Nadar co-founded HCL, which is reportedly mulling a US listing, Forbes said, adding that Nadar also owns HCL TalentCare, a skills-development firm that provides training to new graduates. His latest venture is a USD 500 million fund to invest in startups and US healthcare tech firms.
Wadhwani comes in on the 67th position with a USD 3 billion net worth. A recipient of the 2013 Forbes India Non-Resident Philanthropist Award, Wadhwani announced in 2015 that he plans to commit up to USD 1 billion to fund entrepreneurship initiatives in India.
7. RBL Bank eyes 1,230 cr in first private bank IPO in a decade
In the first IPO by a private sector lender in a decade, Kolhapur-headquartered RBL Bank announced Rs 1,230 crore Initial Public Offer that will hit the market on August 19.
8. Arun Jaitley launches finance facilitation centers, databank for MSMEs
Finance Minister Arun Jaitley launched a databank to gather information about micro, small and medium enterprises. Besides this, he also launched Online Finance Facilitation Centres to provide collective funding options for MSMEs.
9. BSE gets approval to establish international exchange at GIFT
Leading stock exchange BSE today said it has got approval from the Corporate Affairs Ministry to establish BSE International Exchange and BSE International Clearing Corporation at Gujarat International Finance Tec-city (GIFT).
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