Current Affairs Update – 25 May, 2017

Hello and welcome to exampundit. Here are the important Current Affairs update of 25 May, 2017. These are important for the upcoming SBI PO Mains, Dena Bank PGDBF, NICL AO Mains and other exams in 2017 July and August.

Current Affairs at a Glance – 25 May, 2017

  1. The Union Cabinet, chaired by the
    Prime Minister Narendra Modi, on 24 May 2017 approved the proposal to phase out the Foreign Investment Promotion
    Board (FIPB)
    .
  2. The Union Cabinet, presided by
    the Prime Minister Narendra Modi, on 24 May 2017 gave a green signal to a
    proposal jointly mooted by the Union Ministry of Shipping and the Union
    Ministry of Road Transport & Highways (MoRTH) for amendment of Central Road
    Fund Act, 2000. After the amendment, 2.5
    per cent of the proceeds of Central Road Fund (CRF)
    will be allocated for
    development and maintenance of National Waterways (NWs) and a reduction in the
    share provided for development of National Highways.
  3. India’s first underwater rail tunnel, that was being
    constructed  under the Hooghly river for
    establishing metro link between Howrah and Kolkata, got completed on 23 May 2017,
    ahead of the scheduled time. For the construction of tunnel, a giant
    tunnel-boring machine (TBM) named ‘Rachna’
    was deployed to dig the underwater tunnel that will run a length of 502 metres
    under the river. The machine was brought from Herrenknecht AG plant in Schwanau
    in Germany.
  4. The Union Cabinet chaired by
    Prime Minister Narendra Modi approved the signing of a Memorandum of
    Understanding (MoU) between India
    and Spain on cooperation in the
    field of Organ Transplant Services on 24 May 2017.
  5. The Union Cabinet, presided by
    the Prime Minister Narendra Modi, on 24 May 2017 gave its approval for the
    establishment of new All India Institute
    of Medical Sciences (AIIMS) at Kamrup in Assam
    .
  6. Rajan Anandan, Google
    India’s Managing Director, was on 25 May 2017 appointed as the Internet and
    Mobile Association of India (IAMAI).
  7. Sanjay Mitra took charge
    as the Defence Secretary on 25 May 2017.
  8. Olympics silver medallist P V
    Sindhu on 24 May 2017 became the second Indian to be inducted in the Badminton
    World Federation (BWF) Athletes’ Commission.
  9. Lenin Moreno was on 24
    May 2017 sworn in as the President of Ecuador following a tight electoral race
    in Ecuador’s Presidential Elections 2017.
  10. Two Indian cities, Mumbai and Kota have been named among the world’s most crowded cities list,
    according to the World Economic Forum (WEF) that cited UN-Habitat data. Mumbai,
    India’s financial capital with a population density of 31,700 per sq km was
    placed second. Kota in Rajasthan with 12,100 people per square kilometre was
    ranked 7th.

Banking & Financial News
Union Cabinet approves abolition of Foreign Investment Promotion Board

  • The Union Cabinet, chaired by the
    Prime Minister Narendra Modi, on 24 May 2017 approved the proposal to phase out
    the Foreign Investment Promotion Board (FIPB).
  • The proposal approved entails
    abolishing the FIPB and allowing administrative Ministries and Departments to
    process applications for Foreign direct investment (FDI) requiring government
    approval.
  • Hereafter, the work related to
    the processing of applications for FDI and approval of the Government thereon
    under the FDI Policy and FEMA, shall now be handled by the concerned Ministries
    in consultation with the Department of Industrial Policy & Promotion(DIPP),
    Ministry of Commerce.
  • DIPP will also issue the Standard
    Operating Procedure (SOP) for processing of applications and decision of the
    Government under the extant FDI policy.
  • Presently, applications are
    considered by FIPB in Department of Economic Affairs (DEA) for making
    recommendation on FDI applications. But after this decision of Union Cabinet,
    the applications would now be handled independently by Administrative
    Ministries as per Sector.
Detailed New Mechanism

  •  Different sectors, that require approval,
    would be dealt directly by the concerned ministries.
  •  The proposals related to security will require
    the approval of Home Ministry.
  •  Those proposals which are presently pending
    before the FIPB will be sent back to the concerned ministries.
  •  The FDI proposals above Rs 5000 crore will
    continue to come under the purview of the Cabinet Committee on Economic Affairs
    (CCEA).
Union Cabinet approves allocation of 2.5 per cent of Central Road Fund
for development and maintenance of National Waterways

  • The Union Cabinet, presided by
    the Prime Minister Narendra Modi, on 24 May 2017 gave a green signal to a
    proposal jointly mooted by the Union Ministry of Shipping and the Union
    Ministry of Road Transport & Highways (MoRTH) for amendment of Central Road
    Fund Act, 2000.
  • After the amendment, 2.5 per cent
    of the proceeds of Central Road Fund (CRF) will be allocated for development
    and maintenance of National Waterways (NWs) and a reduction in the share
    provided for development of National Highways.
  • The Central Road Fund (Amendment)
    Bill, 2017 would be moved by the Union Ministry of Road Transport &
    Highways in the ensuing Monsoon Session 2017 of the Parliament.
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News Related to India and states
India’s first underwater rail tunnel completed ahead of schedule

  • India’s first underwater rail
    tunnel, that was being constructed  under
    the Hooghly river for establishing metro link between Howrah and Kolkata, got
    completed on 23 May 2017, ahead of the scheduled time.
  • For the construction of tunnel, a
    giant tunnel-boring machine (TBM) named ‘Rachna’ was deployed to dig the
    underwater tunnel that will run a length of 502 metres under the river. The
    machine was brought from Herrenknecht AG plant in Schwanau in Germany.
  • The deadline for the completion
    of this underwater tunnel was of July 2017.
  • The construction of the tunnel
    was jointly undertaken by Afcons Transtonnelstroy and Kolkata Metro Railway
    Corporation Ltd, who are tasked for implementing the East West Metro Project.
    Afcons Transtonnelstroy is an Indo-Russian joint venture.
  • The entire project is 16.6 km
    long, out of which 10.8 km runs under the ground.
  • Of this 10.8 km, 502 metres is
    under the water.
  • The project connects Howrah to
    the west and Salt lake to the east.
  • The stretch of 16.6 km will have
    12 stations, six of which will be under the ground, while the remaining six
    stations will be on elevated tracks.
  • The total project cost is around
    Rs 5000 crore.
  • The final commissioning of the
    project is expected by December 2019, following which it will be operational.
Cabinet approves MoU between Spain and India on Organ Transplant
Services

  • The Union Cabinet chaired by
    Prime Minister Narendra Modi approved the signing of a Memorandum of
    Understanding (MoU) between India and Spain on cooperation in the field of Organ
    Transplant Services on 24 May 2017.
  • The MoU was signed between the
    National Transplant Organization, Ministry of Health, Social Services and
    Equality in Spain and the Directorate General of Health Services, Ministry of
    Health and Family Welfare in India.
  • The agreement would enhance
    bilateral cooperation between India and Spain in the field of organ and tissue
    procurement and transplantation.
  • It would also lead to a better
    understanding between the two nations.
  • The knowledge gained in the
    process would help in improving the services rendered to the patients suffering
    from end-stage organ failure.
Union Cabinet approves setting up of AIIMS in Kamrup, Assam

  • The Union Cabinet, presided by
    the Prime Minister Narendra Modi, on 24 May 2017 gave its approval for the
    establishment of new All India Institute of Medical Sciences (AIIMS) at Kamrup
    in Assam.
  • The institute will be set up
    under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY). The estimated cost
    of the project is Rs.1123 crore.
  • The new AIIMS will be completed
    in a period of 48 months from the date of the approval of Government of India.
    The pre-construction phase would be of 15 months, while a construction phase
    would be of 30 months. The stabilization/commissioning phase of would be of
    three months.
  • The establishment of AIIMS at
    Kamrup will serve the dual purpose of providing super speciality health care to
    the population while also help create a large pool of doctors and other health
    workers in the region.
Cabinet approves JDI between Germany and India on alternative medicine

  • The Union Cabinet led by Prime
    Minister Narendra Modi approved the Joint Declaration of Intent (JDI) between
    Germany and India regarding cooperation in the field of alternative medicine on
    24 May 2017.
  • The move aims to enhance
    bilateral cooperation between the two nations in the areas of traditional and
    alternative medicine. The collaborative research, training and scientific
    capacity building undertaken by the nations under the declaration would
    contribute to increased employment opportunities in the AYUSH sector.
  • All the necessary funds required
    to conduct the research, training courses, conferences and meetings would be
    provided from the budget allocated to the Ministry of AYUSH and its existing
    plan schemes. Besides this, no additional financial implications would be
    involved.
  • India has a well-developed system
    of traditional medicine that holds tremendous potential in the global health
    scenario.
  • Germany also has an advanced
    herbal and natural medicine industry with continuous high level scientific
    research concentrated on traditional medicines.
  • The Ministry of AYUSH as a part
    of its mandate to propagate Indian systems of Medicine globally has taken
    effective steps by signing memorandum of understanding with several nations
    including Nepal, Bangladesh, China, Malaysia, Myanmar, Mauritius, Hungary,
    Mongolia and Trinidad & Tobago.
Appointments
Rajan Anandan appointed as Chairman of IAMAI

  • Rajan Anandan, Google India’s
    Managing Director, was on 25 May 2017 appointed as the Internet and Mobile
    Association of India (IAMAI). Anandan will succeed FreeCharge co-founder and
    Chairman Kunal Shah, who took the position in January 2016.
  • IAMAI is the country’s leading
    association of digital companies.  It has
    a membership of nearly 300 Indian and overseas companies and has its offices in
    Delhi, Mumbai, Bengaluru and Kolkata.
  • Deep Kalra, Chairman and Group
    CEO of MakeMyTrip, was appointed as the Vice-Chairman of the IAMAI. Kalra will
    succeed Vinodh Bhat, Co-founder and President of Saavn.
  • Umang Bedi, Managing Director of
    India and South Asia at Facebook, was elected as the Treasurer, while Dr Subho
    Ray will continue to serve as the IAMAI president.
Sanjay Mitra took charge as Defence Secretary

  • Sanjay Mitra took charge as the
    Defence Secretary on 25 May 2017. Mitra succeeds G Mohan Kumar. He is a 1982
    batch IAS officer of the West Bengal cadre.
  • His appointment as the new
    Defence Secretary was approved by the Appointments Committee of the Cabinet
    (ACC) on 10 May 2017. He will have a fixed two-year tenure.
P V Sindhu elected to Badminton World Federation Athletes’ Commission

  • Olympics silver medallist P V
    Sindhu on 24 May 2017 became the second Indian to be inducted in the Badminton
    World Federation (BWF) Athletes’ Commission.
  • Before Sindhu, Saina Nehwal was
    inducted to the Commission.
  • Sindhu emerged the highest voted
    player in the BWF Athletes’ Commission election that took place on the
    sidelines of the Sudirman Cup in Gold Coast, Australia. She topped the ballot
    with 129 votes and will be joined by Marc Zweibler of Germany and Kristy
    Gilmour of Scotland for a four-year term.
  • The trio will be joined by
    Lithuania’s Akvile Stapusaityte, who will be serving a two-year tenure after
    replacing China’s Tan Yuanting, who retired after serving just two years on the
    panel.
Socialist Lenin Moreno sworn in as President of Ecuador

  • Lenin Moreno was on 24 May 2017
    sworn in as the President of Ecuador following a tight electoral race in
    Ecuador’s Presidential Elections 2017. On the other hand, Engineer Jorge Glas
    will continue to serve as the Vice President of Ecuador.
  • Hailing from Ecuador’s Socialist
    Party, Moreno won 51.16 per cent of the votes. While, Conservative Guillermo
    Lasso fetched 48.8 per cent of the ballots.
  • With this, Moreno, a renowned
    disability rights activist, became the first disabled individual to take office
    as President of Ecuador. He became paraplegic after being shot in the back
    during a robbery in 1998.
  • Earlier, Moreno had served as the
    UN Special Envoy on Disability and Accessibility.
Lists
Mumbai, Kota feature in the world’s top ten most crowded cities

  • Two Indian cities, Mumbai and
    Kota have been named among the world’s most crowded cities list, according to
    the World Economic Forum (WEF) that cited UN-Habitat data.
  • While Dhaka, the capital of
    Bangladesh topped the list with a population density of 44,500 people per sq
    km, Mumbai, India’s financial capital with a population density of 31,700 per
    sq km was placed second.
  • Medellin in Columbia features at
    the third place with 19,700 people per sq km.
  • The fourth, fifth and sixth
    position have been occupied by Manila, the capital city of Philippines,
    Casablanca, the port city of Morocco and Nigeria’s largest city, Lagos
    respectively.
  • Kota in Rajasthan with 12,100
    people per square kilometre was ranked 7th.
  • Other cities in the top 10 include
    Singapore at 8th position and Jakarta, Indonesia’s capital at 9th.

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