Current Affairs Update – 27th March, 2015

Hello and welcome to ExamPundit. Here are the current affairs update for 27th March, 2015.

• NITI Aayog will set up a working group to prepare a draft report on how to make implementation of Centrally Sponsored Schemes (CSS) more effective by taking into account suggestions made at the first meeting of the sub-group of Chief Ministers here today.
• The report will be taken up for discussion in the next meeting of the panel on April 27.
• The sub-group, he said, has been constituted to deliberate on funding pattern on CSS as the states’ share in central taxes has been increased to 42 per cent from 32 per cent, as per the recommendations of the 14th Finance Commission.
• Among others, the meeting was attended by Rajasthan Chief Minister Vasundhara Raje and Jammu and Kashmir Chief Minister Mufti Mohammad Sayed.
• Jharkhand Chief Minister Raghubar Das said the Centre should continue funding programmes of policy modernisation and Backward Region Grant Fund (BRGF).

• Moving forward with efforts for setting up financial hubs in the country, Sebi today issued detailed and relaxed set of guidelines for establishing international financial services centres.
• The game-changing norms are aimed at creating a vibrant IFSC within India on the lines of Dubai and Singapore, and also help check trading in Indian securities and rupee derivatives at offshore financial hubs.
• Easier norms would be in place for setting up stock exchanges, clearing corporations, financial intermediaries, asset management companies and related capital market infrastructure in the IFSC -- the first of which is to come up in Gujarat's GIFT City.
• The guidelines, to be effective from April 1, provide for domestic as well as foreign entities, including stock exchanges, to set up their operations in IFSCs.
• To attract more players for setting up their ventures in the IFSC, Sebi said that to begin with stock exchanges there need to have only a minimum net worth Rs 25 crore. The same should be increased to Rs 100 crore within three years of setting up the operations.
• For establishing clearing corporations in these financial services centres, the initial minimum networth requirement would be Rs 50 crore, which has to be enhanced to Rs 300 crore in three years.
• Under the IFSC regime, any recognised domestic or foreign stock exchange can set up a subsidiary, in the financial services centre, provided they hold at least 51 per cent stake in the venture.
• As per the guidelines, an alternative investment fund or mutual fund operating in IFSC can accept money from eligible investors only in foreign currency.

• National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country, has enabled all 56 regional rural banks (RRBs) in the country under its central payment systems network with RuPay cards and access to NACH (National Automated Clearing House) service.
• Under Prime Minister’s Jan Dhan Yojna, regional rural banks (RRBs) opened 21.7 million accounts churning Rs. 1,600 crore in banks and more than 20 million RuPay cards have been issued.
• An RRB customer spends Rs. 3,500 on an average at point of sale (PoS) terminals.

• The Asian Development Bank (ADB) released the Asian Development Outlook (ADO) on 24 March 2015. The report is titled Financing Asia’s Future Growth.
• The ADO report projected that India will overtake China in terms growth rate in Financial Year (FY) 2015, and 2016.
• India is forecasted to grow at the rate of 7.4 percent in FY 2014, 7.8 percent in FY 2015 and 8.2 percent in 2016 compared to China’s growth rate of 7.4 percent in FY 2014, 7.2 percent in FY 2015 and 7.0 percent in FY 2016.

1. Developing Asia will grow at a steady 6.3percent in 2015 and 2016—the same pace as 2014.
2. Driven by the fall in oil prices, Inflation will slow from 3.1 percent in 2014 to 2.6 percent in 2015. As oil prices gradually rebound, inflation will pick up to 3.0 percent in 2016.
3. Driven by the growth in the United States (US), the major industrial economies are collectively forecast to expand by 2.2 percent in 2015 and accelerate further to 2.4 percent in 2016.
4. The initial phase of the Indian government’s effort to remove structural bottlenecks is lifting investor confidence. With the support of stronger external demand, India is set to expand by 7.8 percent in FY2015 (ending 31 March 2016), a sharp uptick from 7.4 percent growth recorded in FY2014.
5. This momentum is expected to build to 8.2 percent growth in FY2016, aided by the expected easing of monetary policy in 2015 and a pickup in capital expenditure.

• The Union Ministry of Finance and the Asian Development Bank (ADB) on 26 March 2015 signed a loan agreement for 300 million US dollars to improve road connectivity along the North Bengal-North Eastern (NB-NE) Region. The agreement was signed in New Delhi.
• The funds will be utilized to improve road connectivity and efficiency of the international trade corridors by expanding roads in NB-NE region of the country.
• Tarun Bajaj, Joint Secretary (Multilateral Institutions) in the Department of Economic Affairs of Ministry of Finance and Teresa Kho, ADB’S country Director in India, signed the Agreement on behalf of the Government of India and ADB respectively.

• The loan is the first tranche under 500 million US dollar South Asian Sub-Regional Economic Cooperation Road Connectivity Investment Program (SRCIP). Under this multi-tranche program, about 500 km of roads will be constructed in the NB-NE region.
• The funds will be utilized to construct two national highways totaling about 150 km in West Bengal and State roads totaling about 180 km in Manipur, which will be extended till the Myanmar Border.

• Union Ministry of Finance on 26 March 2015 sanctioned 250 crore rupees to Andhra Pradesh to set up Special Purpose Vehicle (SPV) for the implementation of the Polavaram Multi Purpose Irrigation Project.
• This amount is in addition to 100 crore rupees allotted for the project in the 2015-16 Union Budget.
• The decision to extend financial assistance is in tune with the Section 90 of the Andhra Pradesh Reorganization Act, 2014 that declares Polavaram project as a national project.
• The Polavaram project provides irrigation to 4.36 lakh hectares, water supply to towns and villages en route, and generates hydel power with an installed capacity of 960 MW.

• The Union Minister of State for Textile Santosh Kumar Gangwar on 25 March 2015 announced a 430 crore rupees project for production of the Geo-textiles in the North Eastern region.
• The announcement was during the laying of foundation stone for first ever modern Apparel and Garment Manufacturing Centre in Gangtok, Sikkim.
• The Geo-textile will be very helpful in protecting the infrastructure like roads, especially in the regions like the North East which receive excessive rain.
• Beside this, the Chief Minister of Sikkim Pawan Chamling stressed on the need for imparting training to the local youth for creating a locally available manpower for the textile industry and also for ensuring usage of locally available material like bamboo in textile production.
• Geo-textiles, also called filter fabrics, are permeable fabrics which, when used in association with soil, have the ability to separate, filter, reinforce, protect, or drain.

• The Railway Minister Suresh Prabhu on 27 March 2015 flagged off the first goods train from Lumding to Silchar in Assam. He flagged off the train through video conferencing at a function in New Delhi.
• Prabhu announced a cash award for those involved in the Lumding-Silchar gauge conversion project which will give thrust to better rail connectivity in North Eastern states.
• In addition to Lumding-Silchar broad gauge, Union government had floated other rail projects to provide rail connectivity in the NE states of Manipur, Mizoram and Tripura which are expected to be completed by March 2016.

1. Badarpur-Kumarghat project of 118 kilometer
2. Arunachal-Jiribam (50 kilometer)
3. Baraigram-Dullabchera (29 kilometer)
4. Karimganj-Mahishana including Karimganj bypass (13.50 kilometer)

• Veteran Parliamentarian and former Prime Minister Atal Bihari Vajpayee, founder member of BJP who is held in high esteem across the political spectrum, was today conferred with Bharat Ratna, the country’s highest civilian award, by President Pranab Mukherjee
• In a departure from protocol, Mukherjee drove to Vajpayee’s residence at Krishna Memon marg in Lutyens’ Delhi and presented to the ailing BJP leader the prestigious award, the country’s highest civilian honour.
• The event, which was attended by Vice President Hamid Ansari, Prime Minister Narendra Modi and Home Minister Rajnath Singh along with some close family members, was kept away from the media glare.
• Vajpayee, who was Prime Minister from 1998 to 2004, and has faded from public life due to age-related illness, is lauded as a statesman and has been often described as the moderate face of BJP.
• He has been credited with taking bold initiatives, notable among them being the historic bus journey to Lahore in 1999 when he signed the landmark Lahore Declaration with Prime Minister Nawaz Sharif with both sides pledging to push for peace and security.

• CNN-IBN announced the Indian of the Year Award 2014 on 18 March 2015. The award recognises the remarkable achievements and contributions of Indians who worked tirelessly towards strengthening India’s foundation in 2014.
• The CNN-IBN Indian of the Year Award is presented annually to various Indians for their work in their respective fields. The awards are presented in various categories of Politics, Sports, Business, Entertainment, Public Service and Global Indian.
• The award was instituted in 2006 and this was the ninth edition of CNN-IBN Indian of the Year Award.

1. Narendra Modi - Indian of the Year 2014 - He was chosen for making the story of Lok Sabha elections 2014 - the story of Narendra Modi.
2. Arun Jaitley - Indian of the Year 2014: Politics - He is credited with ending the festering and unresolved leadership issues within the BJP post the Vajpayee - Advani era.
3. Jitu Rai - Indian of the Year 2014: Sports - He won three medals including Gold at World Cup, a Commonwealth Gold, a Silver at World Championship and won India's first Gold at Incheon Asian Games in 2014.
4. P Vijayan - Indian of the Year 2014: Popular Choice - IPS officer P. Vijayan is the force behind the Student Police Cadet Project that started in Kerala and is now set to go national. The project trains high school students to respect the law and develop empathy for vulnerable sections of society.
5. Kangana Ranaut - Indian of the Year 2014: Special Achievement - She was recognised for positioning herself as a fearless actor who prefers to speak her mind on and off the screen.
6. Pankaj Advani - Indian of the Year 2014: Special Achievement - Unlike most of his sporting contemporaries, Pankaj Advani does not have the lure of the Olympics to motivate himself.
7. Kailash Satyarthi - Indian of the Year 2014: Outstanding Achievement - The Nobel Peace Prize winner of the year 2014. His organization Bachpan Bachao Aandolan has rescued over 82000 children from a life of exploitation.
8. Azim Premji - Indian of the Year 2014: Outstanding Achievement - The famously reclusive Chairperson of WIPRO, Azim Premji launched the Azim Premji Philanthropic Initiative in 2014 to fund non-profit organizations working in key areas like nutrition, disabilities and governance.
9. The Indian Space Research Organization (ISRO) - Indian of the Year 2014: Lifetime Achievement -For Mangalyaan its mission to Mars had the world gasping in 2014.

• Nobel Laureate John F Nash Jr. won the Abel Prize 2015 for his work on partial differential equations. The prize was announced on 25 March 2015 by the Norwegian Academy of Sciences and Letters. They will receive the Abel Prize from His Majesty King Harald at a ceremony in Oslo on 19 May 2015.
• He will share the Prize with Louis Nirenberg, Professor Emeritus at New York University's Courant Institute of Mathematical Sciences. They both will share the prize money of 760000 US dollar.
• John Nash is a senior research mathematician at Princeton University. He won the Nobel Prize for Economics in 1994 for his work in game theory as dramatized in the 2001 film A Beautiful Mind in which he was portrayed by actor Russell Crowe.

• NASA's Opportunity rover has completed the first-ever Mars marathon, clocking in with a winning time of 11 years and 2 months.
• The golf-cart-size Opportunity rover has now traveled 26.221 miles (42.198 kilometers) since touching down on the Red Planet on Jan. 24, 2004, NASA officials announced today (March 24). The length of a marathon race is 26.219 miles (42.195 km).
• Opportunity reached the milestone with a 153-foot (46.5 meters) drive today that took it close to a location dubbed Marathon Valley, located on the rim of Endeavour Crater. The six-wheeled robot has been exploring the 14-mile-wide (22 km) crater's western rim since August 2011.
• Opportunity adds to its off-world driving record with every turn of its wheels. Second place belongs to the Soviet Union's Lunokhod 2 rover, which covered 24.2 miles (39 km) on the moon back in 1973.

• President Barack Obama has nominated an Indian-American, a former official at its Embassy in New Delhi, as the next US ambassador to Sri Lanka and Maldives.
• Obama yesterday announced the nomination of Atul Keshap, a career foreign service official, as the next US ambassador to Sri Lanka and Maldives along with Alaina Teplitz as the next ambassador to Nepal.
• Keshap is currently serving as the Deputy Assistant Secretary of State in South and Central Asian Affairs Bureau of the State Department.
• As his current role, Keshap had worked closely with Assistant Secretary of State Nisha Desai Biswal to coordinate US policy toward India, Bangladesh, Sri Lanka, Nepal, Maldives, and Bhutan, comprising a diverse and strategic region of almost 1.5 billion people and over USD 2 trillion in economic output.

• NRI industrialists G P Hinduja and S P Hinduja today emerged as the richest Asian-origin entrepreneurs in Britain for the third consecutive year with an estimated personal fortune of 15.5 billion pounds.
• The India-born brothers topped the 'Asian Rich List 2015' released here and the annual rankings showed that they had added 2 billion pounds to their personal fortune in a year to be worth an estimated 15.5 billion pounds.
• The Hinduja brothers, who head the Hinduja Group global conglomerate spread across defence, banking, automotive and power sectors, are also the richest men in the UK.
• The 'Asian Rich List' assesses the total wealth of Britain's top 101 richest Asians and is compiled by UK-based publishing house Asian Media and Marketing Group (AMG).
• This year's analysis showed that the UK's richest Asians have added an estimated 3 billion pounds to their fortunes to be collectively worth 54.5 billion pounds.

• Food for All: International Organizations and the Transformation of Agriculture written by Uma Lele was in news in March 2015. The book will be published by Oxford University Press.
• The book surveys the food and agricultural development assistance delivered by five major international organizations since their establishment to gauges their relevance, effectiveness, and impacts in a dramatically changed world.
• The five organisations surveyed by the book are:  the World Bank Group, Food and Agriculture Organization, World Food Programme, International Fund for Agricultural Development and Consultative Group for International Agricultural Research.

• Former Mizoram chief minister Brig Thenphunga Sailo died here today, family sources said.
• Sailo (93) was rushed to the hospital at around 10 am and died there at 11.50 am after heart failure, its authorities said.
• Born on January 1, 1922, Sailo had joined the British Indian army in 1942 as a junior officer.
• He was promoted to the rank of brigadier of Indian army in 1966, the year the erstwhile Mizo National Front (MNF) declared independence from the Union.
• When he retired from the army in 1974, he had formed the Human Rights Committee to ease the lives of Mizo people reeling under insurgency and alleged army excesses.
• Sailo had formed a political party called Mizoram Peoples Conference in April 17, 1975 and it won the Mizoram union territory elections in 1977 and he became the second chief minister of the state.

Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible. - Francis of Assisi

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