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The Union Government has constituted a high level empowered committee to address the issues of stressed thermal power projects. The committee will be headed by Cabinet Secretary, Pradeep Kumar Sinha with representatives from the Ministry of Railways, Ministry of Finance, Ministry of Power, Ministry of Coal and the lenders having major exposure to the power sector. The Committee would look into the various issues with a view to resolve them and maximize the efficiency of investment including changes required to be made in the fuel allocation policy, regulatory framework, mechanisms to facilitate sale of power, ensure timely payments, payment security mechanism, changes required in the provisioning norms/Insolvency and Bankruptcy Code (IBC), Asset Restructuring Company (ARC) Regulations and any other measures proposed for revival of stressed assets so as to avoid such investments becoming NPA.

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The Myanmar Government has appointed an independent 4- member commission to investigate alleged human rights abuses against the ethnic Rohingya minority. The Independent Commission will investigate the allegations of human rights violations and related issues, following the terrorist attacks by Arakan Rohingya Salvation Army (ARSA). The commission will be comprised of two local members & two international members. It will be headed by Filipino diplomat Rosario Manalo. The other members includes Japan’s former ambassador to the UN Kenzo Oshima, lawyer Mya Thein and economist and former UN official Aung Tun Thet. In August 2017, more than 700,000 Rohingya have fled Myanmar’s western Rakhine state to Bangladesh after a military crackdown started in response to attacks by ARSA on security posts.

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The Meenakshi Amman temple is a historic Hindu temple located on the southern bank of the Vaigai River in the temple city of Madurai, Tamil Nadu. Recently, it is in news because the famous Goddess Meenakshi temple has got its first non-Brahmin as ‘archaka’ (priest), 12 years after the Tamil Nadu government passed an order for appointment of people from any caste as priests. The new priest, belonging to a backward caste, was among the 206 people who had undergone training conducted by the ancient temple administration. The temple has appointed the priest with conditions which included that he could be suspended if he violated the ‘Agama’ rules, a manual for worship of the deity, rituals and construction of temples.

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The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) hiked policy repo rate by 25 basis points to 6.50% in its third bi-monthly monetary policy review of 2018-19. Repo rate is the rate at which the RBI lends money to commercial banks in the event of any shortfall of funds. Reverse repo rate, the rate at which the Reserve Bank borrows money from commercial banks within the country, was adjusted to 6.25%. Accordingly, the Marginal Standing Facility (MSF) rate and the Bank Rate too stand adjusted at 6.75%. This time too, RBI has maintained neutral stance with an objective of achieving the medium-term target for headline inflation of 4 per cent while supporting growth.

Notes:
Umbayee (68), the noted ghazal singer and composer from Kerala, has passed away at Aluva on August 1, 2018. Born in Mattancherry, he was a disciple of Ustad Munawar Ali Khan and was known his reinvention of several old Malayalam film songs in his own natural style. His birth name was PA Ibrahim.

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The Government of Odisha has launched a 360 degree nation-wide publicity campaign “Heartbeats for Hockey” to attract fans for 2018 men’s hockey World Cup. The movement attempts to get India behind the game by way of music, entertainment, fashion, pure sport and panel discussions. Each time anyone holds the custom-made hockey stick, named ‘Heart Beat’, their heart beat will be recorded as a pledge to support hockey. The ‘Heart Beat’ will take a round of the country through ‘Hockey Adda’, a curated on-ground discussion platform for hockey players and experts. The event will take place at the Kalinga Stadium in Bhubaneswar from November 28 to December 16. The state is the title partner for the hockey event and Odisha Tourism is the host partner. The maximum players in the national team are also from Odisha.

Notes:
The United Arab Emirates (UAE) has recently launched a landmark 3-month visa amnesty programme which will benefit hundreds of illegal foreign workers, including Indians, overstaying their permits by allowing them to leave the country without penalties and giving them six months to find a job. The UAE is home to 2.8 million Indian expatriates, the largest expatriate community in the country. Professionally qualified personnel constitute about 15 to 20% of the community, followed by 20% white-collar non-professionals and the remainder 65% comprises blue-collar workers. The government did not release specific numbers, but says thousands of people, primarily labourers from countries like India, Bangladesh, Sri Lanka, Pakistan, Nepal and the Philippines, will benefit from the amnesty scheme which will facilitate their smooth return to their home countries. As per Federal Authority for Identity and Citizenship (ICA), the entity responsible for entry and residence of foreigners in the UAE, visa violators before August 1, 2018 will be able to rectify their status legally during the amnesty period, which will end on October 31.

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The Telangana government will setup a state of the art “B-Hub” for biotech and biopharma sector in Genome Valley, Hyderabad. It’s a first-of-its-kind initiative in the country, aimed at providing much-needed support to the biopharma research and development activities, featuring a scale-up manufacturing facility along with a turnkey incubator, lab space module at GLP grade spreading over a built-up area of 40,000 sq.ft. This end-to-end biopharma scale-up manufacturing facility will give domestic companies the required impetus here on par with Korea, China and France who have taken lead in biopharma innovation. The estimated project cost of B-Hub is Rs 60 crore and the facility is to be set up through Public-Private Partnership (PPP) in Genome Valley, which is the India’s first organised cluster for life sciences R&D and clean manufacturing activities.

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Lewis Hamilton, a British racing driver who races in Formula One for Mercedes AMG Petronas, has won the 2018 Hungarian Grand Prix at the Hungaroring circuit. It is his sixth Hungarian Grand Prix title and also 67th career victory.

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NITI Aayog has launched a global mobility hackathon ” Move Hack” to crowdsource solutions for future of mobility in India. Focused on 10 themes and open to individuals from all nationalities, the hackathon will have an online leg, followed by a Singapore leg, and the finals in New Delhi. The purpose of MoveHack is to bring about innovative, dynamic and scalable solutions to problems pertaining to mobility. It has two-pronged campaign approach: (a) “Just Code It”: aimed at solutions through innovations in technology / product / software and data analysis, and (b) “Just Solve It”: innovative business ideas or sustainable solutions to transform mobility infrastructure through technology. The hackathon is organized in partnership with Government of Singapore and is powered by Hacker Earth. PwC is the Knowledge Partner and NASSCOM is the Strategic Partner.