1) Arvind
Subramanian appointed Chief Economic Adviser: Former IMF economist Arvind
Subramanian was appointed Chief Economic Advisor in the Finance Ministry. An
alumnus of IIM-Ahmedabad, Subramanian joins the Finance Ministry at a time when
the government has started work for the 2015-16 budget which will be the first
proper budget of the Modi government. The post of CEA has been lying vacant
since Raghuram Rajan left the Finance Ministry to join the Reserve Bank as Governor
in September last year. The Finance Ministry has prepared an interim budget and
full fledged budget for 2014-15 without a formal CEA in office. A graduate from
St Stephens College, Subramanian has been advising the Indian government in
different capacities and has been a member of the Finance Minister's Expert
Group on the G-20.
2) ISRO
successfully launched navigation satellite IRNSS 1C: Scripting yet another
milestone in outer space, Isro successfully launched IRNSS 1C, the third member
of the seven satellite constellation of the Indian Regional Navigation
Satellite System (IRNSS), in the wee hours of Thursday. Polar Satellite Launch
Vehicle (PSLV) - C26, carrying IRNSS 1C, lifted off from the first launch pad
of Satish Dhawan Space Centre in Sriharikota at 1.32am. The satellite detached
from the launch vehicle about 20 minutes after the launch at an altitude of
499.63km soaring with a velocity of 9604.87 metre per second. This was the 27th
consecutive successful flight of PSLV.
3) Rajiv
Mehrishi replaced Arvind Mayaram as Finance Secretary: The Narendra Modi
government has transferred the top civil servant at the finance ministry,
Finance Secretary Arvind Mayaram, replacing him with Rajiv Mehrishi, the chief
secretary of Rajasthan, a state that has pushed dramatic free market reforms in
recent months.
4) Kotak
Mahindra Bank launched Facebook-based funds transfer platform KayPay:
Mumbai headquartered Kotak Mahindra Bank has launched KayPay, a bank agnostic
payment product for Facebook users to send money to each other. Users won't
have to depend on net banking or have to know the details of the payee, the
company said. According to the bank, users can transfer funds by choosing
recipients from their Facebook friends list. KayPay is built on top of the mobile
based Immediate Payment System launched by the National Payment Corporation of
India. Users have to register their bank accounts once to start using the
service. KayPay uses Facebook user id & password and a One Time Password
(OTP) to authenticate a transaction. Both sender and the receiver receive
notification on SMS and Facebook.
5) Modi
launched Pandit Deendayal Upadhyay Shramev Jayate scheme: Prime Minister
Narendra Modi launched the Pandit Deendayal Upadhyay Shramev Jayate scheme,
under which he dedicated a Shram Suvidha portal, Labour Inspection scheme and
Portability through Universal Account Number for Employees Provident Fund to
the nation.
6) World
Food Day celebrated: World Food Day is celebrated every year around the
world on 16 October in honor of the date of the founding of the Food and
Agriculture Organization of the United Nations in 1945. The day is celebrated
widely by many other organisations concerned with food security, including the
World Food Programme and the International Fund for Agricultural Development.
The World Food Day theme for 2014 is Family Farming: “Feeding the world, caring
for the earth”.
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