Current Affairs Current Affairs - 21 March 2016 - Vikalp Education

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Current Affairs - 21 March 2016


General Affairs 

Young Minds Need To Find Solutions To India's Problems: President
  • Young Minds Need To Find Solutions To India's Problems: PresidentNEW DELHI:  President Pranab Mukherjee today said young minds need to be sensitised to find creative solutions to important socio-economic problems of the country so India can achieve the goal of inclusive development.

    India needs to leverage its technological ingenuity to address social needs, an official spokesperson said quoting the President, who was addressing students at the closing of the week-long Festival of Innovations at Rashtrapati Bhavan yesterday.

    India may have reached a certain level of technological advancement and promoted the development of a scientific bent of mind and temperament amongst its citizens, especially young ones, but unless they are driven by commitment, devotion, empathy and sensitivity, a just social order envisaged in our Constitution will remain elusive, he said.

    "If we are able to leverage ingenuity to address social needs, it will result in social innovations beneficial to the society," he said.

    The President said such festivals will inspire young talented individuals to contribute to social change.

    "The agenda and the themes of the Festival of Innovation have attempted to build inter-linkages amongst various stakeholders essential for an inclusive society based on inclusive innovations and technologies," the spokesperson said.

PM Modi "God's Gift" To India: Minister Venkaiah Naidu
  • PM Modi
     NEW DELHI: Union minister Venkaiah Naidu today said Prime Minister Narendra  Modi was "God's gift to India", one of the "most popular leaders  of the country, who was also a "messiah of the poor".    

    While moving the political resolution on the second and last day of the BJP's national executive meeting, Mr Naidu said, "Modi is God's gift for India.  He is the messiah of the poor.  He inherited challenges in each and every sector. He is steering clear of them."

    He went on to add that PM Modi has made it to Time magazine's list of 100 most influential people in 2015. This year, he is on the 30th position, Mr Naidu added.

    The minister also mentioned PM Modi's vast popularity on social media, saying he had more than 18 million followers on Twitter and 32 million on Facebook.

    He also referred to the the PM's inclusion in the globally famous wax museum of Madame Tussauds, saying the popularity of the Prime Minister, "Modifier Of Developing India" - his acronym for Modi-- has scaled "new heights".

    The minister's comments is at variance with the line of the BJP's ideological mentor, the Rashtriya Swayamsevak Sangh, which does not approve of personality cults. Off the record, many party insiders admitted to feeling uncomfortable during the speech of the minister, who has long been associated with the RSS.

    Later in the day, during a press conference, Union home minister Rajnath Singh was asked multiple questions regarding Mr Naidu's comments. But the minister declined an answer, finally saying he had not heard Mr Naidu's speech.

    Last week, another minister - junior home minister Kiren Rijiju - had forwarded a Facebook post that said French seer Nostradamus had predicted that Narendra Modi would lead India from 2014 to 2026.

Tejaswi And Tej Pratap Yadav: BJP's Window Of Opportunity In Bihar
  • Tejaswi And Tej Pratap Yadav: BJP's Window Of Opportunity In BiharPATNA: Over the last three months of the Nitish Kumar-Lalu Prasad government, two ministers have been continuously under the spotlight: Lalu Prasad's sons, health minister Tej Pratap Yadav and his brother Tejaswi Yadav.
     
    The brothers - both first-time lawmakers and ministers -- draw considerable comparison. And the opposition BJP is exploiting it to the hilt, expanding the rift that party insiders say has been caused after Mr Prasad picked younger Tejaswi as his political heir.
     
    Accusing Mr Yadav of playing favourites, senior BJP leader Nand Kishore Yadav said, "To establish the younger brother, the elder brother is being targeted and not being allowed to perform."

    As proof they cite instances of Mr Prasad stepping in for his son, attending a ministry function and even inspecting a hospital. Mr Prasad -- who has been barred from contesting elections for six years after his conviction in a fodder scam case -- has defended his actions saying he doesn't have much to do these days.  
     
    But the BJP has simultaneously targeted Tej Pratap too, calling him a "reluctant minister" and greeting him with protests every day during the ongoing budget session.
     
    Bihar has only 30% doctors needed to man the state-run hospitals. There are crippling shortages of beds and medicines. Yet, as this year's health budget was presented in the assembly, no debate was allowed. The BJP insists it was a move meant to shield Tej Pratap from questions.
     
    Claiming Tej Pratap Yadav attends the House regularly, cooperatives minister Alok Mehta from RJD, said, "It takes time to gain experience. Wait for it. This is not an UPSC exam".
     
    Life has been easier for Tejaswi -- Bihar's 26-year-old deputy Chief Minister, who is also the minister in charge of roads.
     
    From sharing stage with Prime Minister Modi at a recent function to facing television cameras with ease, Tejaswi Yadav appears more in charge, say officials at his ministry.
     
    "I don't want to give myself any marks. That's your job. I'm focusing on development and working with honesty," Tejaswi Yadav told.

Indian Sailor Rescued 40 Days After Taken Hostage By Pirates
  • Indian Sailor Rescued 40 Days After Taken Hostage By Pirates
    NEW DELHI:  An Indian sailor, who was taken hostage by pirates nearly a month-and-a-half ago, has been "rescued", External Affairs minister Sushma Swaraj said today.
     

    Rohan was taken hostage after his ship with 10 other Indians on board was seized by pirates off the Ivory Coast on February 11.

    While 10 Indian crew members were rescued by Nigerian Navy from the vessel Maximus on February 19, Rohan was taken hostage by the pirates.

    Later, External Affairs Ministry spokesperson Vikas Swarup said with this, all 11 Indian crew members are safe and secure and are returning to India in batches.

    Rohan has been rescued and is flying back to India tonight, Mr Swarup added.

Airlander 10: World's Longest Aircraft Revealed In New Pictures
  • Airlander 10: World's Longest Aircraft Revealed In New PicturesLONDON:  New photographs of the world's longest aircraft were made public today ahead of its official unveiling and first UK test flight.

    The Airlander 10, which is part plane, part airship and part helicopter, is 92m long - around 15m longer than the biggest passenger jets.

    The British firm Hybrid Air Vehicles (HAV) havs designed the aircraft to stay airborne for up to three weeks using helium. The vessel is able to travel at a speed of 92mph.

    HAV will unveil the aircraft, standing at 26m high and 44m wide, in a First World War aircraft hangar in Bedfordshire on Monday and it will undergo its first test flight in a few weeks' time.

    As it is heavier than air, the Airlander 10 is able to land without tethers on a variety of surfaces, including water and ice, Sky News reports.

    It was first developed in 2009 for the US government as a long-endurance surveillance aircraft but its manufacture was hindered by defence cut-backs.

    HAV believes the aircrfat could be used for a host of functions including surveillance, communications, delivering aid and even passenger travel.

    It is hoped the Airlander 10 will eventually be developed to be able to transport 50 tonnes of freight.
     The British firm have also stressed how the vessel, which is silent and emits no pollution, could be a breakthrough for air travel.

    The firm is hoping to build 12 Airlanders a year by 2018, some of which can be used as passenger aircraft able to carry up to 48 people at a time, the BBC reports.

    Chris Daniels, HAV's head of partnerships, said: "This fantastic story of British innovation getting a unique aircraft fully assembled to do something both useful and commercially viable.

    "We are ready to show the world the potential it can achieve in monitoring, search and rescue, cargo, aid distribution and even passenger roles," Mr Daniels said.

Business Affairs 

    Adani Green Energy incorporates two subsidiaries

    • Adani Green Energy incorporates two subsidiaries
      Adani Enterprises on Saturday said that its arm Adani Green Energy Ltd (AGEL) has incorporated two wholly-owned subsidiaries.
      In a BSE filing the company said, AGEL has incorporated a wholly owned subsidiary named Sami Solar (Gujarat) Private Ltd (SSGPL) on March 17.
      In another filing the company said "Adani Green Energy Limited (AGEL), a subsidiary of the company, has incorporated a wholly owned subsidiary namely, Wardha Solar (Maharashtra) Private Limited" ("WSAAPL") on 17th March, 2016.
      Both SSGPL and WSAAPL are yet to commence business operations, the company said.

      Tata Steel expects Rs 20,000 cr investment in Gopalpur SEZ

      • Tata Steel expects Rs 20,000 cr investment in Gopalpur SEZTata Steel is in discussion with foreign companies for investments up to Rs 20,000 crore in heavy industries over the next five years at its Special Economic Zone (SEZ) project at Gopalpur in Odisha.
        "We believe we should be able to get foreign investment between Rs 15,000 to Rs 20,000 crore over the next five years at the Gopalpur SEZ," Tata Steel SEZ Managing Director Arun Misra told PTI here last night.
        "We are currently in discussions with 13 to 14 different investors. Talks are at various levels," he said at the 'Emerging India Forum 2016' in Singapore.
        The investment will be in defence, metal downstream and electronics as well as chemicals and pharmaceuticals among others, Misra, who is marketing the Gopalpur SEZ as a gateway to the South East Asian markets, said.
        Tata Steel is the anchor tenant for the multi-product 2,970-acre SEZ at Gopalpur in Odisha.
        The UK-based Midget Corporations is setting up an assembly plant for "unmanned aerial vehicle targets" which are used by army for firing practices.
        Singapore consultant Subrana Jurong has completed the SEZ's masterplan with all land cleared for leasing within the 30 square km boundary.
        "All master-planning has been done, the entire area has been cleared, there is no encumbrance," Misra said.
        Basic utilities and road infrastructure has already been built in early development of the zone which has Tata Steel's ferrochrome plant.
        The Gopalpur SEZ, just off the National Highway 5, will be based on a Singapore model for industrial development which offers land parcels of various sizes for industries, he said.
        Tata Steel SEZ will invest between Rs 2,000 and Rs 2,500 crore by 2020 in the Gopalpur SEZ, for which a Tata Power power plant proposal is also on the drawing board.
        The company is also discussing a possible investment in expansion of Gopalpur port, about five kms away from the zone.
        "We want to show that if you plan well and provide infrastructure, SEZ can be successful," Misra added.

        SKS Microfinance raises Rs 538 crore through securitisation deal

        • SKS Microfinance raises Rs 538 crore through securitisation deal
          SKS Microfinance has raised Rs 538.11 crore through a securitisation deal - the seventh such transaction in 2015-16.
          In a BSE filing on Saturday, SKS Microfinance said it has "completed seventh securitisation transaction during 2015-16 for a pool value of Rs 538.11 crore".
          With this transaction, the total sum of securitisation completed during the current fiscal (year-to-date) is Rs 2,319.93 crore, it said.
          The entire pool qualifies for priority treatment as per the Reserve Bank's priority sector lending guidelines.
          "The pool has been rated AA (SO) by a leading rating agency, signifying a high degree of safety regarding timely servicing of financial obligations. Such instruments carry a very low credit risk," it added.
          SKS Microfinance added that it has also assigned a pool of loan receivables of an aggregate value of Rs 506.55 crore to one of the largest public sector banks on direct assignment basis as per guidelines prescribed by RBI.
          SKS Microfinance is a non-banking finance company regulated by the Reserve Bank of India.

          CBI grills two including CA in Rs 1,000 cr Syndicate Bank case

          • CBI grills two including CA in Rs 1,000 cr Syndicate Bank caseA Rajasthan-based Chartered Accountant (CA) and a real estate agent were questioned by the CBI in connection with its probe in Rs 1,000 crore Syndicate Bank fraud case.
            While the CA, Bharat Bamb was questioned in the agency headquarters in New Delhi, Shankar Khandelwal was grilled in its Jaipur office, official sources said.
            The CBI officials have also recovered Rs 67 lakh cash and three hard discs from one of the employees, identified as Mahendra, of the CA, they said.
            Both Bamb and Khandelwal have been detained and questioned, the sources said.
            In this scam, four businessmen allegedly managed to open 386 accounts in three branches of Syndicate Bank in Rajasthan in connivance with five of its executives and defrauded it of Rs 1,000 crore using fake cheques, letter of credits and LIC policies.
            Satish Kumar Goyal, General Manager (then posted at Jaipur), Sanjeev Kumar, DGM, Regional Office, Deshraj Meena, Chief Manager, MI Road Branch, Adarsh Manchanda, Malviya Nagar, all in Jaipur and Avdhesh Tiwari, AGM, Udaipur have been named in the agency's FIR.
            Sources said the accused in alleged connivance with almost all the employees of the bank's three branches-two in Jaipur and one in Udaipur-created a dubious layer of fake transactions involving a shell amount of Rs 18,000 crore.
            However, the amount of fraud is only Rs 1,000 crore, they said.
            The sources said the accused resorted to discounting of fake cheques and bills against fake Letters of Credit and arranged over-draft limit against non-existent LIC policies.
            The scam that allegedly ran through 2011-16 continued unabated escaping the audits and throwing to the wind all the formalities of KYC norms as 386 bank accounts of various nature were opened in these three branches of the public sector bank, they said.
            The sources said documents submitted by genuine account holders were allegedly misused while opening these bank accounts. 

            Govt allows 49% FDI in insurance under automatic route

            • Govt allows 49% FDI in insurance under automatic routeSeeking to attract more foreign investment, the government has relaxed FDI norms for insurance sector by permitting overseas companies to buy 49 per cent stake in domestic insurers without prior approval.
              Currently, FDI up to 26 per cent is permitted through automatic approval route. For FDI up to 49 per cent, the approval of Foreign Investment Promotion Board is required.
              "The foreign investment proposals up to 49 per cent of the total paid up equity of the Indian insurance company shall be allowed on the automatic route subject to verification by the Insurance Regulatory and Development Authority of India," said a Government notification.
              There are 52 insurance companies operating in India, of which 24 are in the life insurance business and 28 in the general insurance.
              During April-December 2015, FDI into the country grew by 40 per cent to $29.44 billion.

            General Awareness

            India provides 265 million grant for constituting Tagore’s memorial

              • As a part of the agreement signed during Narendra Modi’s visit to Srilanka, 265 million is given as grant to constitute Rabindranath Tagore’s memorial Auditorium in Srilanka.
                Location : Rabindranath Tagore memorial Auditorium is constructed in University of Ruhuna, MataraIndia provides 265 million grant for constituting Tagore’s memorial
                Grant : 265 million from India
                Bidding
                • The competitive bidding was signed with M/S.Link engineering ltd
                • The bidding was signed in the presence of high commissioner of India, Y.K.Sinha, state secretary,Minister of Higher education D.G.M.V.Hapuarachchi, Vice Chancellor of University of Ruhuna Gamini Senanayake and other officials
                Auditorium
                • It will reflect the close cultural links that bind India and Srilanka
                • It will have a well equipped theatre facility with 1500 seating capacity
                • It is constructed in an area of about 3000 square metres
                • It will be hosting International conventions,Training programs and symposiums
                Points to note
                • Srilanka capital– Colombo
                • President –Maithripala Sirisena

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