Current Affairs Update – 3rd May, 2016

Hello and welcome to ExamPundit. Here are the important Current Affairs of 3rd May, 2016. These are important for the upcoming SBI Clerk, SBI PO 2016 and UIIC AO 2016.


Current Affairs at a Glance – 3rd May, 2016

  1. Union Railway Minister Suresh
    Prabhakar Prabhu on 3 May 2016 launched e-enabled application, Project Management & Information System (PMIS) at
    Rail Bhawan
    in New Delhi. The application will used for proper
    monitoring of all the Railway projects throughout the country. Indian Railways
    have over 600 major projects of network expansion and modernization costing
    around 4.5 lakh crore rupees.
  2. Aviva Plc has acquired
    additional 23 per cent stake in stake in Aviva Life Insurance, from Dabur
    Invest Corp
    for Rs 940 crore. This was one of the Foreign Direct
    Investment (FDI) proposals approved by the government on March 7. Following
    this acquisition, Aviva Plc’s stake in the joint venture has
    increased to 49 per cent
    .
  3. RS
    Ventures of Abu Dhabi and Andhra Pradesh
    Government
    have inked a
    memorandum of understanding (MoU) which entails an investment of Rs. 12,000 crore in
    healthcare
    , setting up of a university, tourism, hospitality and
    infrastructure in the new capital city of Amaravati.
  4. The International Monetary Fund
    (IMF)
    has retained its growth forecast for
    India this year at 7.5%
    , largely driven by private consumption
    even as weak exports and sluggish credit growth weigh on the economy.
  5. State-run Bharat Heavy Electricals Ltd (BHEL) today announced the
    commissioning of a 600-Mw coal-based thermal power plant Jhabua Thermal Power Project in Madhya Pradesh.
  6. The Supreme Court of India on 2
    May 2016 appointed a three-member panel headed by former
    Chief Justice of India (CJI) RM Lodha to oversee the functions of the
    Medical Council of India
    . It is the regulator of medical profession and
    education in India.
  7. Future Group’s Chief Executive Kishore Biyani
    has been appointed managing director of Bharti Retail
    as part of the reconstitution of the board
    following their merger pact announced last year.
  8. The United Nations has enlisted
    Oscar-winning Australian actor Cate Blanchett
    to help raise awareness about the plight of refugees, amid a
    massive global displacement crisis.
  9. Leicester City was crowned as champions of English Premier
    League
    on 2 May 2016. It was crowned with the title without playing, as
    nearest challenger Tottenham Hotspur had 2-2 draw with Chelsea. This
    is the first time in the club’s 132-year history that Leicester is champion of
    England
    .
  10. Cricket legend Sachin
    Tendulkar
    today accepted
    Indian Olympic Association (IOA)’s invitation to become the country’s goodwill
    ambassador for the Rio Olympics
    alongside
    ace shooter Abhinav Bindra and Bollywood star Salman Khan.
  11. India
    has secured ninth position in the 2016 Foreign Direct Investment Confidence
    Index
    , a global management consulting firm today said,
    underlining that the country is “finally” embarking on a growth path that will
    see it “unlock its full potential“.
  12. The
    World Press Freedom Day was on 3 May 2016 observed
    across the
    world with the theme Access to Information and Fundamental Freedoms – This Is
    Your Right!



Finance/Banking/Industry –
Railway Ministry launched e-enabled application, PMIS to monitor
Railway projects

  • Union Railway Minister Suresh
    Prabhakar Prabhu on 3 May 2016 launched e-enabled application, Project
    Management & Information System (PMIS) at Rail Bhawan in New Delhi. 
  • The
    application will used for proper monitoring of all the Railway projects throughout
    the country.

Salient Features of the Application
  • Indian Railways have over 600
    major projects of network expansion and modernization costing around 4.5 lakh
    crore rupees.
  • The need of proper monitoring and
    management of the big projects has become a demand of the Indian Railways.
  • Indian Railways needs two things;
    one is money and the second is proper monitoring of projects in which that
    money is to be spent.
  • It is believed that the newly
    launched Project Management and Information System (PMIS) system will contain
    all the information about the ongoing projects.

Aviva increases stake to 49% in Indian JV with Dabur invest

  • Aviva Plc has acquired additional
    23 per cent stake in stake in Aviva Life Insurance, from Dabur Invest Corp for
    Rs 940 crore. This was one of the Foreign Direct Investment (FDI) proposals
    approved by the government on March 7. Following this acquisition, Aviva Plc’s
    stake in the joint venture has increased to 49 per cent.
  • This transaction values Aviva
    Life at approximately Rs 4,087 crore.
  • The Insurance Laws (Amendment)
    Act that was passed in 2015 now allows foreign direct investment (FDI) of up to
    49 per cent in insurance companies in India. Earlier, only 26 per cent FDI was
    allowed in the insurance sector.
  • The transaction is expected to
    have a neutral impact on Aviva’s IFRS Net Assets. In 2015, Aviva India
    contributed 36 million pounds ($52.96 million) to Aviva’s IFRS net assets and 4
    million pounds to Aviva’s profits, said a press release issued by Aviva Life
    Insurance.

BRS Ventures, AP ink MoU for investment of Rs. 12,000 cr in Amaravati

  • RS Ventures of Abu Dhabi and
    Andhra Pradesh Government have inked a memorandum of understanding (MoU) which
    entails an investment of Rs. 12,000 crore in healthcare, setting up of a
    university, tourism, hospitality and infrastructure in the new capital city of
    Amaravati.
  • Dr. BR Shetty, a businessman from
    Abu Dhabi has committed an investment of $ 1.8 Billion (about Rs. 12,000 crore)
    in Andhra Pradesh. Shetty has business interests in hospitals (NMC Group of
    Hospitals), hospitality, educational institutions, financial services (UAE
    Exchange and Travelex), pharmaceuticals (Neopharma), ports, infrastructure and
    other businesses.
  • The MoU was inked by BRS Ventures
    represented promoter Dr. B.R. Shetty, Chairman, BRS Ventures and the Andhra
    Pradesh Government represented by J. Krishna Kishore, IRS, CEO, Economic
    Development Board, Government of Andhra Pradesh.
  • State Chief Minister N
    Chandrababu Naidu wanted BRS Ventures to quickly complete the projects assuring
    the land allotment and clearances will be accorded at the earliest.

IMF retains India’s growth forecast at 7.5% for 2016, 2017

  • The International Monetary Fund
    (IMF) has retained its growth forecast for India this year at 7.5%, largely
    driven by private consumption even as weak exports and sluggish credit growth
    weigh on the economy.
  • India’s growth momentum is
    expected to be underpinned by private consumption, which has benefited from
    lower energy prices and higher real incomes, IMF said and called on the
    policymakers to speed up the structural reform implementation.
  • In its latest Regional Economic
    Outlook for Asia and the Pacific, IMF said weak exports and sluggish credit
    growth (stemming from weaknesses in corporate sector and public sector banks’
    balance sheets) will weigh on the economy.

BHEL commissions 600 Mw thermal power plant in MP

  • State-run Bharat Heavy
    Electricals Ltd (BHEL) today announced the commissioning of a 600-Mw coal-based
    thermal power plant in Madhya Pradesh.
  • “The unit has been
    commissioned at the 1×600 Mw Jhabua Thermal Power Project (TPP) located in
    Seoni district in Madhya Pradesh,” BHEL said in a release.
  • The project has been developed by
    Jhabua Power Ltd (JPL), a subsidiary of Avantha Power & Infrastructure
    Limited (APIL).
  • This is the second project of
    APIL commissioned by BHEL after the 1×600 Mw Avantha Bhandar TPP at Raigarh in
    Chhattisgarh, it said.

India –
Supreme Court banned all diesel cabs in NCR-Delhi from May 1

  • The Supreme Court of India on 30
    April 2016 decided against extending the deadline for phasing out diesel cabs
    in National Capital Region (NCR). It ordered the diesel cabs to go off the
    roads from 1 May 2016.
  • The earlier deadline for phasing
    out diesel cabs was 1 April 2016, but it was extended for a month.
  • The earlier extension was given
    so that private cab aggregators could switch to compressed natural gas (CNG)
    vehicles by 1 May 2016.
  • However, the Supreme Court
    allowed Delhi Police and Delhi Jal Board to buy and register the new diesel-run
    vehicles of 2000 cc engine capacity and above for transportation of undertrial
    prisoners, arms and ammunition and supply of water.

Supreme Court appointed RM Lodha-panel to reform Medical Council of
India

  • The Supreme Court of India on 2
    May 2016 appointed a three-member panel headed by former Chief Justice of India
    (CJI) RM Lodha to oversee the functions of the Medical Council of India. It is
    the regulator of medical profession and education in India.
  • Besides Lodha, the panel consists
    of former Comptroller and Auditor General (CAG) Vinod Rai and Dr SK Sareen.
  • The court appointed the panel as
    the MCI is often been accused of indulging in corrupt practices.

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Appointments –
Kishore Biyani appointed as MD of Bharti Retail

  • Future Group’s Chief Executive
    Kishore Biyani has been appointed managing director of Bharti Retail as part of
    the reconstitution of the board following their merger pact announced last
    year.
  • Besides, Rakesh Biyani, who is
    also a director at Future Group, has also been appointed as Joint Managing
    Director of Bharti Retail, which will be later renamed as Future Retail Ltd and
    listed on stock exchanges.
  • In May last year, Future group
    agreed to merge its retail business with rival Bharti Retail in an all-stock
    deal worth Rs 750 crore to create one of the biggest supermarket chains with Rs
    15,000 crore turnover.

Cate Blanchett appointed UN refugee agency’s goodwill ambassador

  • The United Nations has enlisted
    Oscar-winning Australian actor Cate Blanchett to help raise awareness about the
    plight of refugees, amid a massive global displacement crisis.
  • The UN refugee agency said it had
    appointed Blanchett as its newest goodwill ambassador, a role also held by US
    film star Angelina Jolie.
  • Last year, a record 60 million
    people worldwide were displaced from their homes, and more than one third of
    them were living as refugees, according to the UNHCR.
  • But solidarity has recently
    appeared to be in short supply in Europe for instance, which is facing surging
    xenophobia as it reels from its worst migration crisis since the second world
    war.

Indian American Sikh woman, Harmeet Kaur Dhillon, elected to key
Republican position
  • An Indian American Sikh woman
    from California, Harmeet Kaur Dhillon, was elected to an important position in
    the Republican Party at the US national level.
  • Chandigarh-born Harmeet Kaur
    Dhillon was elected as the newest national committee woman of the Republican
    National Committee on 1 May 2016.
  • Earlier, she was earlier the vice
    chairman of the California GOP. She was the first woman elected to this
    position of vice chair of the California Republican Party.

Sports –
Leicester City crowned English Premier League champions for 1st time in
132-year history

  • Leicester City was crowned as
    champions of English Premier League on 2 May 2016. It was crowned with the
    title without playing, as nearest challenger Tottenham Hotspur had 2-2 draw
    with Chelsea.
  • The result meant second placed
    Tottenham will not be able to surpass Leicester City who has a seven point lead
    at the top of the table.
  • This is the first time in the
    club’s 132-year history that Leicester is champion of England.
  • Leicester City completed their
    contest for the Premier League title after Eden Hazard’s late goal enabled
    Chelsea a draw with second-place Tottenham Hotspur.

Tendulkar accepts IOA’s invitation to become goodwill ambassador

  • Cricket legend Sachin Tendulkar
    today accepted Indian Olympic Association (IOA)’s invitation to become the
    country’s goodwill ambassador for the Rio Olympics alongside ace shooter
    Abhinav Bindra and Bollywood star Salman Khan after the controversial actor’s
    appointment created an uproar.
  • With Salman’s appointment drawing
    flak from different quarters, including Olympic bronze medal winning wrestler
    Yogeshwar Dutt and former athlete Milkha Singh, who had said the honour should
    be given to top sportspersons, the IOA had approached Bindra, Tendulkar and
    celebrated music composer AR Rahman.
  • Both Bindra and Tendulkar
    accepted the Indian Olympic Association’s invitation.

Leicester City’s Jamie Vardy named FWA Footballer of the Year 2016
  • Leicester City striker forward
    Jamie Vardy was named 2015-16 Footballer of the Year by the Football Writers
    Association (FWA). He will be honoured with the prestigious FWA accolade, which
    has been running since 1948, at a gala dinner in London on 12 May 2016.
  • 19-year-old striker became the
    first Leicester City player to win the prestigious FWA Footballer of the Year
    award with 36 percent of the vote. With this he joined the likes of Bobby
    Moore, George Best, Eric Cantona, Thierry Henry and Cristiano Ronaldo among its
    past winners.

Reports/Indexes –
India rated 9th in FDI Confidence Index

  • India has secured ninth position
    in the 2016 Foreign Direct Investment Confidence Index, a global management
    consulting firm today said, underlining that the country is “finally” embarking
    on a growth path that will see it “unlock its full potential“.
  • India jumped two places to rank
    number 9 in this year’s AT Kearney Foreign Direct Investment (FDI) Confidence
    Index.
  • The Index of a London-based
    consulting firm is a forward looking analysis of how political, economic, and
    regulatory changes will likely affect FDI inflows into countries in the coming
    years.
  • The Index is constructed using
    primary data from a proprietary survey administered to senior executives of the
    world’s leading corporations.
  • In this year’s survey, 32 per
    cent of the respondents said they were more optimistic about India’s economic
    outlook over the next three years, compared to a year ago.

WWF released report titled Protecting People through Nature

  • World Wildlife Fund (WWF)
    released a report titled ‘Protecting people through nature’ with the subtitle
    ‘Natural world heritage sites as Drivers of sustainable development.’ The
    report was launched in April 2016.
  • The report says that nearly half
    of the iconic 229 natural and mixed World Heritage sites in 96 countries around
    the world, including Western Ghats, face significant threats.
  • Further, the iconic symbols of
    conservation are facing threats to their unique values, putting the livelihoods
    and well-being of people who depend on them at risk.

Main Highlights
  • Almost half of all natural World
    Heritage sites, and their outstanding universal value, are threatened by
    harmful industrial activities.
  • Eleven million people, equivalent
    to the population of Portugal, depend on these sites, and could be affected
    negatively by the impacts of harmful industrial activities.

Report with respect to India
  • In context of India, the report
    talks about Great Himalayan National Park Conservation Area, Kaziranga National
    Park, Keoladeo National Park, Manas Wildlife Sanctuary, Nanda Devi and Valley
    of Flowers National Parks, Sundarbans National Park and Western Ghats.
  • It says that three of the seven
    such Indian sites, namely Manas Wildlife Sanctuary, Sundarbans National Park,
    and the serial sites of Western Ghats, are threatened by harmful industrial
    activities such as mining.

Days –
World Press Freedom Day observed across the world

  • The World Press Freedom Day was
    on 3 May 2016 observed across the world with the theme Access to Information
    and Fundamental Freedoms – This Is Your Right!
  • In 2016, World Press Freedom Day
    coincides with three important milestones:
  • The 250th anniversary of the
    world’s first freedom of information law, covering both modern-day Sweden and
    Finland.
  • The 25th anniversary of the
    adoption of the Windhoek Declaration of press freedom principles.
  • The first year of the 15 year
    life-cycle of the new Sustainable Development Goals (SDGs).

World –
Astronomers discovered 3 Earth like planets using TRAPPIST telescope

  • Astronomers discovered three
    planets which have similar sizes and temperatures those of Venus and Earth.
    They have been found orbiting an ultra-cool dwarf star just 40 light-years from
    Earth using the TRAPPIST telescope at ESO’s La Silla Observatory.
  • The discovery was published in
    the Journal Nature on 2 May 2016.
  • Michael Gillon-led team of
    astronomers of the University of Liege in Belgium used the TRAPPIST telescope
    to observe the ultra-cool dwarf star 2MASS J23062928-0502285, now also known as
    TRAPPIST-1.
  • They found that the dim and cool
    star faded slightly at regular intervals which indicated that several objects
    were passing between the star and the Earth.







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Team ExamPundit