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- UltraTech to set up Rs 2,600 cr new 3.5-mt plant in Dhar
- Markets leader UltraTech Cement today announced a Rs 2,600-crore new integrated cement plant in Madhya Pradesh with a capacity of 3.5 million tonne per annum, which will increase its capacity to 96.5 mt by FY19.
- The board has approved a greenfield integrated cement plant at Dhar in Madhya Pradesh with a capacity of 3.5 mt per annum. The plant will involve an investment of Rs 2,600 crore and is likely to being commercial production by the fourth quarter of FY19
- Bolivia declared total independence from World Bank & IMF
ð Bolivia’s President Evo Morales has been highlighting his government’s independence from international money lending organizations and their detrimental impact the nation.
ð Some of Bolivia’s largest resistance struggles in the last 60 years have targeted the economic policies carried out by the International Monetary Fund and the World Bank.
- BRICS Youth Forum opens in Beijing
ð The 2017 BRICS Youth Forum opened in Beijing, China to discuss the development of the youth in the countries.
ð The theme of the three-day forum is ‘Enhance BRICS Partnership, Promote Youth Development’.
ð The five BRICS countries are Brazil, Russia, India, China and South Africa first came up with the idea of establishing a dialogue mechanism for BRICS youth in 2014 during a meeting between BRICS leaders in South Africa.
- Union Government approves construction of 30,000 affordable houses on Private land
ð The Centre approved the construction of 30,000 houses for the urban poor on private land in Maharashtra’s Sholapur.
ð The main aim is to give momentum to affordable housing in urban areas.
ð Under the Centre’s flagship programme Pradhan Mantri Awas Yojana (Urban), the Housing and Urban Affairs Ministry gave approval to the Central assistance of Rs 450 crore for the project.
ð Under PMAY(U) the Raynagar Cooperative Housing Federation, Sholapur had submitted a proposal to build 30,000 houses for its members comprising beedi and textile workers and other urban poor belonging to the Economically Weaker Sections (EWS) at a cost of Rs 1,811 crore.
- Reliance Defence launches first two naval patrol vessels
- ð Reliance Infrastructure subsidiary Reliance Defence and Engineering Limited (RDEL) on Tuesday announced the launch of its first two Naval Offshore Patrol Vessels (NOPVs) at their shipyard in Pipavav, Gujarat.
- ð The two NOPVs — ‘Shachi’ and ‘Shruti’ — are among five ships being constructed by RDEL under the P-21 project of the Indian Navy.
- ð The launch is a significant and milestone event, as these two NOPVs are the first warships to be launched by a private sector shipyard in India.
- IMF retains India 2017 GDP growth forecast at 7.2%
- ð The International Monetary Fund (IMF) in its July World Economic Outlook (WEO) Update has retained India’s projected GDP growth rate at 7.2% for 2017-18, slightly up from 7.1% in the previous year. However, update projects that India’s growth would accelerate to 7.7% in 2018-19.
- ð India’s economic growth slowed down to 7.1% in 2016-17, sharply lower than 8% in 2015-16 due to the effect of demonetisation
- ð The global economic growth rate will be 3.5% in 2017 and 3.6% in 2018. The economic activity in both advanced and emerging and developing economies is accelerating.
- Govt launched probe against 30,000 shell firms in 2016-17
ð India launched its biggest yet fight against the use of shell companies to evade tax or launder money by targetting around 30,000 companies and their directors in 2016-17, a government official said on condition of anonymity.
ð The number is significant because the finance ministry and various investigative agencies launched only 1150 investigations against shell companies in the previous three years.
ð Shell companies meticulously comply with statutory requirements such as filing tax returns and annual reports so that they do not draw attention, unlike defunct companies.
Gk byte – Shell Company
ð Shell Company is a corporate entity without active business operations or significant assets. They are often created to avoid taxes and many big companies create shell corporations to avoid taxes without attracting legal actions.
ð It can’t be asserted that shell corporations are illegal. They are deliberate financial arrangements to avoid taxes. Tax avoidance is not illegal, though it is not desirable.
ð But many shell companies park black money, carryout illegal transactions and sometimes act as facilitators of money laundering.
ð Now, there is increasing attempts globally and nationally from governments to check tax avoidance. Hence, shell companies are coming under government scanner.
ð The Financial Action Task Force (FATF), which is an inter-governmental body, gives guidelines in controlling shell companies.
- Boxing Championship 2021 to be held in India.
ð The International Boxing Association (AIBA) has announced that India will host their first Men’s World Championship in 2021.
ð The announcement was made after a two-day executive committee meeting that was held in Moscow.
ð The AIBA Men’s World Championships 2019 will be held in Russia city of Sochi. The 2018 Women’s World Championships will also be held in New Delhi.
ð The 2019 Women’s World Championships will be held in Trabzon, Turkey.MPPCS Notes brings Prelims and Mains programs for MPPCS Prelims and MPPCS Mains Exam preparation. Various Programs initiated by MPPCS Notes are as follows:-
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