Current Affairs Update – 12th August, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 12th August, 2015. These are important for the Insurance Exams and IBPS RRB 2015.

Finance/Industry –

India & World Bank signed agreement of US$ 308.40 Million for NCRMP-II

  • Union Government and World Bank on 11 August 2015 signed 308.40 million US dollar credit agreement in support of the second phase of the National Cyclone Risk Mitigation Program (NCRMP-II). The agreement was also signed by the state Governments of Goa, Gujarat, Karnataka, Kerala, Maharashtra, and West Bengal.
  • The agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs on behalf of the Union Government and John Blomquist, Program Leader and Acting Country Director in India, on behalf of the World Bank.
  • The Project Agreements in respect of the States of Goa, Gujarat, Karnataka, Kerala, Maharashtra and West Bengal were signed by the representatives of the respective State Governments.

Objective of the National Cyclone Risk Mitigation Project-II (NCRMP-II)
  • To reduce vulnerability to cyclone and other hydro-meteorological hazards of coastal communities in the states of Goa, Gujarat, Karnataka, Kerala, Maharashtra and West Bengal
  • It aims at increasing the capacity of the State entities to effectively plan for and respond to disasters.
  • The project will also finance technical assistance for strengthening of multi-hazard risk management at the national level and improving the quality of available information on multi-hazard risks for decision making across the country.

POSCO, Uttam Galva arm to set up steel plant in Maharashtra

  • South Korean steel-maker POSCO and Shree Uttam Steel and Power Ltd. have agreed to set up a three million tonne per year integrated steel plant in western Maharashtra State, Uttam Galva said on Tuesday.
  • The plant would be the first in India for POSCO, the world’s No. 6 steel-maker, as it continues to battle regulatory hurdles for a decade-old project to set up a mega $12-billion steel plant in the eastern Odisha State.
  • Shree Uttam Steel and Power is owned by the co-promoters of Uttam Galva Steels Ltd., which is jointly owned by ArcelorMittal.
  • Both POSCO and ArcelorMittal, the world’s largest steel-maker, have scrapped a number of other projects in India over the past two years, citing difficulties in acquiring land and mines.
  • POSCO, which already has steel processing centres in the cities of Pune, Chennai and near New Delhi, has made little progress and could scrap the Odisha project after a new law made it costlier to source iron ore for the plant.
  • The proposed joint venture plans to set up the plant, to be located at Satarda in Sindhudurg district, in two phases and hopes to take advantage of an expected surge in steel demand in the country, the company said.
  • An investment of about $1 billion is needed to set up a 1-million-tonne-per-year steel plant.

India –

NABARD accredited by UN's Green Climate Fund

  • Government today said the National Bank for Agriculture and Rural Development (NABARD) has been accredited by the Green Climate Fund as an implementing entity for undertaking climate change related projects in India.
  • The Green Climate Fund (GCF) was set up under the framework of the United Nations Framework Convention on Climate Change (UNFCCC) in 2010 to help developing countries finance clean energy, other mitigation efforts and adaptation to climate change.
  • The project plans to cover an area of 30,000 hectare under the agro-forestry plantation of fast growing canal eucalyptus species, he added.
  • Scaling up climate finance, including effective leverage of the GCF, is an essential component of a new global climate pace to be reached in the forthcoming meeting in Paris in December 2015.

ISRO teams up with Urban Development ministry, to map 4,041 areas

  • The Indian Space Research Organisation (ISRO) has tied up with the Union Urban Development Ministry for mapping over 500 towns and cities, to make a base plan for better planning and management.
  • This base plan will further help the town planners to prepare a master plan for many fast urbanising local bodies.
  • The mapping is being currently done for municipal local bodies with a population of more than a lakh.
  • The project is expected to start by next month.

Uttar Pradesh Government approved new guidelines for Begum Akhtar Award

  • Uttar Pradesh Government on 11 August 2015 approved the amended guidelines for Begum Akhtar Award. The amendment empowers the Chief Minister to make any further amendments to the guidelines.
  • The award will be annually awarded on singers of ghazal, dadra, and thumri who have achieved a milestone in these forms of music. It will be conferred on a singer who is a local resident of the state and should not be less than 40 years of age.
  • The award will carry a cash award of 5 lakh rupees, an ‘angvastram’ and a citation.

Lists –

Premji, Nadar among Forbes’ 20 richest people in tech

  • Wipro Chairman Azim Premji and HCL founder Shiv Nadar are the only two Indian tycoons in the top 20 richest people in the world of technology, according to an inaugural list by Forbes, topped by Microsoft co-founder Bill Gates.
  • Premji is ranked 13th on Forbes’ first ever list of ‘100 Richest People in Tech’, followed by Nadar on the 14th spot.
  • Two Indian-origin technology czars Romesh Wadhwani and Bharat Desai are also in the list.
  • Forbes said Premji, 70, who has a net worth of USD 17.4 billion, is among Asia’s most generous tycoons, having given away more than USD four billion of his fortune.
  • Shiv Nadar has a net worth of USD 14.4 billion and gets bulk of his wealth from software services outfit HCL Technologies.
  • Wadhwani is ranked 73rd on the list with a USD 2.8 billion net worth. The 67-year-old IIT alumnus is CEO and Chairman of Symphony Technology Group, a collection of 20 companies spanning big data, analytics and software with combined annual revenue of three billion dollars.


Team ExamPundit


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