Current Affairs Update – 7 Oct, 2014

• ·        
  Indian economy, which accounts for 80 per
  cent of South Asia’s output, is set to grow by 6.4 per cent in 2015-16 as
  against 5.6 per cent in 2014-15, the World Bank has said.
• ·        
  With economic activity buoyed by expectations
  from the new elected government of Prime Minister Narendra Modi, “India is
  benefiting from a “Modi dividend“,” the Bank said in its twice-a-year South
  Asia Economic Focus report yesterday.
• ·        
  Over the next year or so economic growth
  should be supported by the recovering US economy that would provide a market
  for Indian merchandise and service exports, it said.
• ·        
  “The outlook over the next years for South
  Asia indicates broad economic stability and a pick-up in growth with potential
  risks concentrated on the fiscal and structural reform side,” said Martin Rama,
  Chief Economist for South Asia at the World Bank.
• ·        
  “Future growth will increasingly depend on
  strong investment and export performance,” he added.
• ·        
  Private investment is expected to pick up
  thanks to the government’s business orientation, and declining oil prices
  should boost private sector competitiveness.
• ·        
  But economic reforms will be needed for India
  to achieve its full long-term growth potential, the report argued.
• ·        
  The report said the region’s economy will
  expand by a real 6 per cent in 2015 and by 6.4 per cent in 2016 compared to 5.4
  per cent this year, potentially making it the second fastest growing region in
  the world after East Asia and the Pacific.

• ·        
  India has been ranked 18th globally on the
  list of most desirable destinations to work, even as 70-80 per cent of Indians
  are willing to work in an overseas location, says a new report.
• ·        
  The US has been ranked on the top, followed
  by the UK, Canada, Germany and Switzerland, making them the five most desirable
  countries to work on the list compiled by the Boston Consulting Group, total
  jobs.com, and The Network.
• ·        
  The other countries in the top 10, where
  foreigners said they would like to work include – France (6th), Australia
  (7th), Spain (8th), Italy (9th) and Sweden (10th).
• ·        
  As a desirable work destination, India was
  ranked 18th among G20 nations.
• ·        
  The Asia Pacific region does not generate as
  much interest as a possible work destination as the US or Europe, largely
  because of the perceived difficulty of learning Asian Language, the report
  said, but noted “some fast growing Asian countries are starting to reclaim
  workers they have lost.”
• ·        
  Globally, one in every five participants
  already has international work experience and almost 64 per cent said they
  would be willing to go to another country for work.
• ·        
  According to the survey, around 70-80 per
  cent of Indians are already living abroad or are willing to move to a foreign
  country for work.

• ·        
  The International Monetary Fund (IMF) on
  Tuesday slightly lowered its outlook for global economic growth this year and
  next, mostly because of weaker expansions in Japan, Latin America and Europe.
• ·        
  The global economy will grow 3.3 per cent
  this year, one-tenth of a point below what it forecast in July. World growth
  should then pick up to 3.8 per cent in 2015, two-tenths of a point lower than
  its previous estimate, the IMF says in the latest instalment of its World
  Economic Outlook.
• ·        
  The global lending organization has a more
  optimistic view of the U.S. economy, which it expects will grow 2.2 per cent
  this year, up from an earlier forecast of 1.7 per cent. Its forecast for 3.1
  per cent growth in the U.S. next year was unchanged.
• ·        
  Still, the global lending organization warned
  that the U.S., Europe and Japan could face years of sluggish growth unless
  governments take steps to accelerate activity. It acknowledged that it has
  frequently cut its forecasts in the past several years, and said that was
  partly because of slower long-run growth in advanced economies.

• ·        
  State-owned Canara Bank and Deutsche Bank on
  Tuesday signed a Memorandum of Understanding for the use of FX4Cash – a
  cross-currency payments solution offered by the foreign bank. FX4Cash provides
  fast and reliable execution of cross-currency payments made through leading
  client access channels including SWIFT, on-line and host-to-host channels, in
  over 125 currencies via wire transfer, cheque and ACH transfers – across more
  than 160 countries.
• ·        
  By using Deutsche Bank’s FX4Cash, Canara Bank
  will have access to a full suite of solutions to support its global
  cross-currency payable and receivable flows, said the press release issued on
  the matter.
• ·        
  As of June, 2014; Canara Bank has 5,217
  branches located across India and a large correspondent banking network overseas.

• ·        
  Union Government launched Swachhta Udyami
  Yojana – Swachhta Se Sampannta ki Aur of National Safai Karamcharis Finance and
  Development Corporation. The scheme was launched by the Minister of State for
  Social Justice and Empowerment, Sudarshan Bhagat on 2 October 2014.
• ·        
  The Scheme has twin objective of cleanliness
  and providing livelihood to Safai Karamcharis and liberated Manual Scavengers
  to achieve the overall goal of Swachh Bharat Abhiyan.
•  
• The Scheme:
• •      
  The Scheme provides financial assistance to
  Safai Karamcharis and identified Manual Scavengers for Construction, Operation
  and Maintenance of community toilets in Public Private Partnership (PPP) Mode
  and for Purchase of Sanitation related Vehicles.
• •      
  The entrepreneurs of the target group may
  also avail assistance for purchase of vehicles such as Jetting and Suction
  machines, Vacuum Loaders, Garbage collection and disposal vehicles etc.
• •      
  Beneficiaries can also take contracts from
  the Municipalities to operate these vehicles in areas under their jurisdiction.
• •      
  Beneficiaries will be provided loan at a very
  concessional rate of interest of 3-4 percent per annum. The maximum amount
  allowed for construction toilets and for procurement of sanitation related
  vehicles will be 25 lakhs rupees and 15 lakhs rupees respectively.
• •      
  Each identified Manual Scavenger will be
  provided capital subsidy upto 3.25 lakhs rupees.

• •      
  Renowned defence technologist and father of
  ‘BrahMos’ cruise missile, Apathukatha Sivathanu Pillai, was conferred the Lal
  Bahadur Shastri National Award by President Pranab Mukherjee here today.
• •      
  The award, which carries cash of Rs. 5 lakh,
  citation and a plaque, was given to Pillai for his outstanding contribution in
  the field of aerospace and missile technology.
• •      
  During a function held at Rashtrapati Bhavan
  auditorium, the President said conferment of this award on Pillai is
  recognition for the outstanding work done by our space and defence research
  scientists.
• •      
  Mukherjee also congratulated the entire
  scientific community and ISRO in particular for the remarkable feat of having
  successfully executed the Mars Orbiter Mission in its very first attempt, a
  press release issued by the Rashtrapati Bhavan said.
• •      
  “I, on my behalf and that of all our
  countrymen, pay tribute to the scientists and technical staff who have toiled
  tirelessly to create history,” the President said.
• •      
  67-year-old Pillai has been credited with
  development of critical missile technologies through realisation of ‘Agni’,
  ’Prithvi’, ‘Nag’ and ‘Akash’ missiles.
• •      
  Pillai, who is also a recipient of civilian
  honours Padma Shree in 2002 and Padma Bhushan in 2013, has worked as Chief
  Controller (Research and Development), Defence Research and Development
  Organisation (DRDO) and Chief Executive Officer and Managing Director of
  ‘BrahMos Aerospace’, a joint venture between India and Russia.

• •      
  Isamu Akasaki and Hiroshi Amano of Japan and U.S. scientist Shuji
  Nakamura won the Nobel Prize in physics on Tuesday for the invention of blue
  light-emitting diodes a new energy efficient and environment-friendly light
  source.
• •      
  The Royal Swedish Academy of Sciences said the invention is just 20
  years old, “but it has already contributed to create white light in an entirely
  new manner to the benefit of us all”.
• •      
  Prof. Akasaki, 85, is a professor at Meijo University and distinguished
  professor at Nagoya University. Prof. Amano, 54, is also a professor at Nagoya
  University, while the 60-year-old Prof. Nakamura is a professor at the
  University of California, Santa Barbara.
• •      
  The laureates triggered a transformation of lighting technology when
  they produced bright blue light from semiconductors in the 1990s, something
  scientist had struggled with for decades, the Nobel committee said.
• •      
  Using the blue light, LED lamps emitting white light could be created in
  a new way.

• •      
  Spain’s Health Minister Ana Mato said a nurse, who treated a missionary
  from Sierra Leone for Ebola at a Madrid hospital has tested positive for the
  disease, in what is the first reported incident of transmission outside Africa.
• •      
  The woman went to the Alcorcon hospital in the Madrid suburbs with a
  fever and was placed in isolation. Mato said the infection was confirmed by two
  tests.

• •      
  A Texas-based company has developed an Ebola killing robot that can
  clean a hospital room in five minutes and destroy the virus by fusing its DNA.
• •      
  The germ-killing robot, called “Little Moe” developed by Xenex, uses
  ultraviolet light to sterilise a room.
• •      
  A spokeswoman for Texas Health Presbyterian Hospital in Dallas said the
  germ-zapping robot works by flashing surfaces with ultraviolet light which in
  turn damages viral DNA.
• •      
  It can rid a hospital room of germs in 5 minutes and destroy Ebola on
  any surface in 2 minutes.
• •      
  The robot blasts 1.5 pulses per second in every direction, in-effect
  killing the virus.
• •      
  Though, the robot works on ultraviolet light rays, the company claims it
  is safe for humans as it does not use any form of chemicals or other
  substances.
• •      
  The machine is being used in 250 hospitals across the US, including the
  Dallas hospital where doctors are treating the first man diagnosed with Ebola
  in U.S.
• •      
  Thomas Duncan, 42, became ill after arriving in Texas from Liberia two
  weeks ago, heightening concerns that the worst Ebola epidemic on record could
  spread to U.S. from West Africa, where it began in March.

• •      
  Britain and Ireland on 6 October 2014 inked a Memorandum of
  Understanding (MoU) on new joint Visa cooperation. The agreement was signed at
  the Irish Embassy in London by UK home secretary Theresa May and Irish Justice
  Minister Frances Fitzgerald.
• •      
  According to the MoU that was ratified by the British and Irish
  governments, the non-European travelers to these nations will be provided with
  a common short-stay visa. With this short-stay visa, travelers from outside the
  European Union will be allowed to move freely between the two jurisdictions on
  a single permit.
• •      
  This visa deal will help the two countries in sharing data and exchange
  information to inform and determine immigration decisions, which will also ease
  the visitors of the two nations
• •      
  India and China will be the first two non-EU countries that will be
  benefited from the new regime. The British-Irish Visa Scheme would start in
  China by the end of October 2014 and in India soon afterwards.

• •      
  Indian cricket captain Mahendra Singh Dhoni
  on 6 October 2014 became the co-owner of the Indian Super League franchise
  Chennaiyin FC. The high-profile Indian Super League (ISL) is scheduled to start
  on 12 October 2014 and the final will be played on 20 December 2014.
• •      
  Dhoni inked the deal to be a co-owner of
  Chennaiyin FC along with Bollywood actor Abhishek Bachchan who is the owner of
  the team. The announcement was made by Chennaiyin FC co-owner Vita Dan.
• •      
  Dhoni is the fourth cricketer after Sachin
  Tendulkar, Sourav Ganguly and Virat Kohli to own a football team of the Indian
  Super League. Sachin is a co-owner of Kerala Blasters, while former captain
  Ganguly is a co-owner of Atletico de Kolkata. Vice-Captain of Indian cricket
  team, Kohli is the co-owner of ISL team FC Goa.

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