Andhra Pradesh Govt launches unemployment allowance scheme ‘Mukhyamantri Yuva Nestam’

  • The Andhra Pradesh Government has approved the ‘Mukhyamantri Yuva Nestam’ scheme for unemployment allowance.
  • Unemployed youth in the state will be eligible for Rs.1,000 per month from the government.
  • The website for the scheme will be launched in August 2018.
  • 12 lakh youth in the 22-35 year age group are expected to benefit from the scheme.

India’s GDP growth to rise to 7.5% this fiscal: Morgan Stanley

  • India’s economy is expected to grow to 7.5% in this financial year as against 6.7% in 2017-18, according to a Morgan Stanley report.
  • In the January-March quarter, India’s gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7%.
  • The report forecasts that Consumer Price Index (CPI) inflation will remain slightly above the inflation target of 4%.

Ballistic Missile Interceptor AAD successfully flight tested

  • The DRDO has conducted a successful test of the Ballistic Missile Interceptor Advanced Area Defence (AAD) from Abdul Kalam Island, Odisha.
  • The endo-atmospheric missile is capable of intercepting incoming targets at an altitude of 15 sto 25km.

Govt launches logo and tagline for geographical indications (GI)

  • Commerce and Industry Minister Suresh Prabhu launched a logo and tagline for Geographical Indications (GI).
  • The aim is to increase awareness about intellectual property rights (IPRs) in the country.
  • A GI product is usually an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.
  • Some of the registered GIs in India include Darjeeling Tea, Pochampalli Ikat, Mysore Silk, Kancheepuram Silk, Nagpur Oranges, Tirupati Laddu, Kangra Paintings, Nagpur Orange and Kashmir Pashmina.

Mauritius’s SBM gets RBI approval for subsidiary

  • Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary.
  • SBM will be the first foreign lender to receive this kind of approval after local incorporation was introduced in 2013.
  • Meanwhile, Singapore’s DBS Bank is waiting for final approval from the RBI to convert its 12 branches into wholly-owned subsidiaries.
  • SBM has been in India since 1994. It has 4 branches – in Mumbai, Chennai, Hyderabad and Ramachandrapuram – and plans to open 6 more in Delhi, Bangalore, Kolkata, Pune, Ahmedabad and Jaipur by next year.

Apple becomes first US-based company to hit $1 Trillion market value

  • Apple Inc. has become the first US-based company with a market value of $1 trillion.
  • Apple’s shares rose 2.9% to close at $207.39 in New York.
  • Apple Inc. achieved this milestone four decades after it was founded.
  • Amazon.com Inc., Alphabet Inc. (parent company of Google) and Microsoft Corp. are all worth more than $800 billion each.

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