CURRENT AFFAIRS

Detailed explanation-1: -The Defence Ministry has issued an order for the dissolution of the Ordnance Factory Board (OFB) with effect from October 1 upon which its assets, employees and management would be transferred to seven newly constituted Defence Public Sector Undertakings (DPSUs).

Detailed explanation-2: -These defence public sector undertakings (DPSUs) have been carved out of the Ordnance Factory Board, which got dissolved on October 1.

Detailed explanation-3: -Dissolution of the OFB The idea behind the move was to improve autonomy, accountability and efficiency in ordnance supplies by dismantling the public sector behemoth into smaller, better managed companies.

Detailed explanation-4: -1979 - Ordnance Factory Board came into existence from 2nd April.

Detailed explanation-5: -The first Indian ordnance factory can trace its origins back to the year 1712 when the Dutch Ostend Company established a Gun Powder Factory in Ichhapur. In 1787, another gunpowder factory was established at Ichapore; it began production in 1791, and the site was later used as a rifle factory, beginning in 1904.