Current Affairs Update – 3rd December, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 3rd December, 2015. These are Important for the upcoming IBPS Clerk Mains and Insurance Exams.

Finance/Economy –

RBI to inject Rs. 10,000 cr to ease liquidity crunch

  • The Reserve Bank of India on Monday, will infuse Rs 10,000 crore to ease a liquidity crunch in the money markets by buying government securities, and hold a repo auction for Rs 25,000 crore on Friday.
  • These operations are being conducted based on the current assessment of prevailing and evolving liquidity conditions, according to the central bank.
  • Open Market Operations are market operations conducted by RBI by sale or purchase of government securities in order to adjust the liquidity conditions in the market. Festival related demand for cash in addition to slower government spending has tightened liquidity in the money market during the last two months.

ADB keeps India's growth forecast unchanged at 7.4% this year

  • The Asian Development Bank (ADB) today kept its economic growth forecast for India unchanged at 7.4 per cent for the current financial year and 7.8 per cent for the next fiscal.
  • ADB, however, warned of exports contracting due to weakness in external demand and the downside risk which the economy is facing due to sluggish private investment and weak rural demand.
  • "India's economy faces further downside risks from sluggish private investment and rural demand weakened by slow wage growth and muted increase in support prices for agricultural products," ADB said in its 'Outlook 2015 Supplement: Growth Holds Its Own in Developing Asia'.
  • India is on track to reach the Update forecast of 7.4 per cent in the fiscal year ending March 31, 2016, as growth picked up to 7.4 per cent in the second quarter (July-September) from 7.0 per cent in the first quarter, ADB said.

Flipkart acquires stake in MapmyIndia to improve delivery operations

  • Online commerce giant Flipkart has acquired a strategic minority stake in navigation and tracking solutions provider MapmyIndia to strengthen its supply chain management.
  • With Flipkart's investment, MapmyIndia's early financial investors, Nexus Venture Partners and Lightbox Ventures, would exit the company.
  • However, details of the transaction were not disclosed.
  • The deal will help Flipkart in its strategy to strengthen supply chain through technology as it will license map data and location technologies from MapmyIndia.
  • MapmyIndia would continue to independently serve all consumers and enterprises across all industries with its full range of products and solutions.

Union Cabinet approved DTAC agreement with Japan

  • The Union Cabinet chaired by Prime Minister Narendra Modi on 2 December 2015 approved signing and ratification of Protocol between India and Japan for amending the Double Taxation Avoidance Convention (DTAC) in order to facilitate tax-related exchange of information.
  • DTAC was signed between the two countries in 1989 for avoidance of double taxation and prevention of fiscal evasion through a protocol.
  • The protocol will facilitate exchange of information as per accepted international standards on tax matters, including bank information and information without domestic tax interest.

India crosses 5 GW-mark for solar installations: Study

  • The cumulative installed capacity of solar power in India has crossed the 5 GW mark.
  • “While total commissioned utility solar capacity in India reaches 4.7 GW; rooftop capacity stands at 525 MW. In 2015 year to date, close to 2 GW solar capacity has been commissioned,” Consultancy firm Bridge To India (BTI) said.
  • BTI Managing Director Vinay Rustagi said in the statement, “Solar sector has got great momentum with capacity addition in 2015 more than doubling up over last year and total pipeline of over 15 GW of projects under bidding-cum-development.”
  • Encouraged by falling costs and growing need for green energy, states like Punjab, Madhya Pradesh, Karnataka, Telangana, Andhra Pradesh and Tamil Nadu have all announced substantial policy initiatives, he said.
  • Rajasthan, Gujarat and MP have historically been the front runners, but the four southern Indian states are expected to dominate the market over next 2 years.

India –

MoEF gives green nod to Dholera airport

  • The Union Ministry of Environment and Forest (MoEF) and climate change department (CCD) has awarded an environment clearance to the proposed Dholera airport in Ahmedabad district.
  • In its bid to set up a world-class greenfield airport at Dholera, the Gujarat government had earlier applied for environmental clearance from the central government.
  • As per an official statement by Gujarat government, a letter approving the airport was recently handed over by the Union Ministry of Environment and Forest and Climate Change Department to the Dholera International Airport Company.
  • The special purpose vehicle (SPV), Dholera International Airport Company has been set up to develop the project by the state government.

Govt. completes 26 per cent of National Highways target

  • The government has completed only 26 per cent of the National Highways construction target, with four months left in this financial year, according to a statement by the Roads Ministry.
  • It targeted to complete 10,950 km of National Highways during 2015-16. Until October 31,2015 about 2,892 km have been constructed. Minister of State for Road Transport & Highways and Shipping Pon. Radhakrishnan said in a statement to the Rajya Sabha.
  • The government has allocated Rs.81,114.60 crore through various schemes for the development of highways during this financial year, Mr. Radhakrishnan said.

Union Government approved setting up of 6 new IITs

  • The Union Cabinet on 2 December 2015 approved setting up of six new Indian Institutes of Technology (IITs) in Andhra Pradesh, Chhatisgarh, Goa, Jammu, Kerala and Karnataka.
  • The Cabinet also approved the operationalisation of these IITs by forming Societies under the Societies Registration Act, 1860 in order to give a legal status to them till the amendment for their incorporation in The Institutes of Technology Act, 1961 is enacted.

Features of the new IITs
  • Each new IIT will have an initial intake of 180 students in its first year from temporary / transit which would increase to 450 in the second year and to 928 in the third year of their operation.
  • The new IITs will be operated from their temporary campuses for the initial period of three years before shifting into their permanent campuses in the 4th year.
  • Each IIT will have a sanctioned strength of faculty members with a faculty-student ratio of 1:10.

Union Cabinet approved signing of MoU between India and Iran on visa facilitation

  • The Union Cabinet on 2 December 2015 approved the signing of the agreement between India and Iran on visa facilitation for Diplomatic, Official/Service and Ordinary passport holders.
  • As per the agreement, upon presentation of an official note by the local Ministry of Foreign Affairs along with the visa application, the resident Diplomatic Missions in the host country would, within 20 working days, issue a gratis visa valid for 90 days for the holders of valid Diplomatic/Official/Service passports, assigned on long-term missions to the Diplomatic Missions or the Consulates General.
  • Appropriate gratis visas of three months' validity for visiting close family members (blood relations such as parents, siblings, adult children as well as in-laws) and visas for other close relatives of the assignees, on the payment of visa fees due would be issued.

Appointments –

Justice Tirath Singh Thakur sworn in as 43rd Chief Justice of India

  • Justice Tirath Singh (TS) Thakur was on 3 December 2015 sworn in as 43rd Chief Justice of India (CJI) by President Pranab Mukherjee at Rashtrapati Bhavan, New Delhi. Thakur succeeded incumbent Justice H L Dattu who retired on 2 December 2015.
  • He will have the tenure as CJI for over one year and will retire on 4 January 2017.

Indian-American Dr Vijay M Rao named as Chairperson of RSNA

  • Indian-American Dr Vijay M Rao was named as the chairperson of the prestigious Radiological Society of North America (RSNA) Board of Directors on 2 December 2015.
  • As the chairperson at RSNA, Dr Rao brings her expertise in health services and policy matters to bear in a shifting healthcare landscape of increasing complexity and declining reimbursements.
  • At the time of appointment in RSNA, Dr Rao was the David C Levin Professor and Chairperson of Radiology at Jefferson Medical College of Thomas Jefferson University.

Days –

International Day of Persons with Disabilities observed with theme Inclusion Matters

  • International Day of Persons with Disabilities was observed across the world on 3 December 2015 with the theme Inclusion matters: access and empowerment for people of all abilities.
  • United Nations estimates say that about one billion people are living with disabilities across the world. They face barriers of inclusion in many key aspects of society.

Awards & Honors –

Adidas India’s Pulin Kumar won prestigious INBA Award

  • Pulin Kumar, Group Senior Legal and Compliance Director of Adidas India, on 26 November 2015 was conferred with the Indian National Bar Association's (INBA) General Counsel of the year 2015 - Retail Award in New Delhi.
  • Senior lawyer Ram Jethmalani presented the award to Kumar on the occasion of INBA's Annual International Conference-66th National Law Day.
  • Kumar has been conferred with the award for his contribution to the legal field in and outside India for more than 21 years.

Reports –

UN Agencies released report on prevalence of HIV/AIDS in Asia-Pacific region

  • UNICEF, UNAIDS and partners on 30 November 2015 released a report on prevalence of HIV/AIDS in Asia-Pacific region. It was entitled Adolescents: Under the Radar in the Asia-Pacific AIDS Response and was being released to mark the World AIDS Day observed on 1 December 2015.
  • As per the report, The HIV burden among adolescents falls heaviest on ten countries in the region, which together account for 98 per cent of adolescents aged 10 to 19 living with HIV in Asia-Pacific.
  • These are: Cambodia, China, India, Indonesia, Myanmar, Pakistan, Papua New Guinea, the Philippines, Thailand and Viet Nam.

Report with respect to India
  • In 2012, while HIV prevalence in the age group younger than 25 years old was 3.5 percent, it was 4.9 percent among above 25 years age population.
  • In India, 40 per cent of the estimated 3 million females in the sex industry are under 18, with 17 per cent under 15.
  • In 2012, HIV prevalence among sex workers (under 25) was 1.7 percent.
  • In 2013, HIV prevalence among people who inject drugs was 5.3 (under 25 age) and 7.7 (above 25 age).

Sports –

Amitabh Bachchan becomes co-owner of Singapore team in IPTL

  • Megastar Amitabh Bachchan on Thursday became a co-owner of the International Premier Tennis League (IPTL) team OUE Singapore Slammers.
  • Bachchan will make a courtside appearance on December 20 at the Singapore Indoor Stadium on the final day of the season. He will also be interacting with fans during the course of the day.
  • The OUE Singapore Slammers, co-owned by the UD Group and Bachchan, are one of the five teams competing in the second edition of the IPTL. Singapore will host the final leg of the competition from December 18-20 to determine who will be the league champion for 2015.


Team ExamPundit


Books For 2015 Banking/Insurance Exams