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Thursday, May 25, 2017

Current Affairs Update – 25 May, 2017

Hello and welcome to exampundit. Here are the important Current Affairs update of 25 May, 2017. These are important for the upcoming SBI PO Mains, Dena Bank PGDBF, NICL AO Mains and other exams in 2017 July and August.



Current Affairs at a Glance - 25 May, 2017
  1. The Union Cabinet, chaired by the Prime Minister Narendra Modi, on 24 May 2017 approved the proposal to phase out the Foreign Investment Promotion Board (FIPB).
  2. The Union Cabinet, presided by the Prime Minister Narendra Modi, on 24 May 2017 gave a green signal to a proposal jointly mooted by the Union Ministry of Shipping and the Union Ministry of Road Transport & Highways (MoRTH) for amendment of Central Road Fund Act, 2000. After the amendment, 2.5 per cent of the proceeds of Central Road Fund (CRF) will be allocated for development and maintenance of National Waterways (NWs) and a reduction in the share provided for development of National Highways.
  3. India’s first underwater rail tunnel, that was being constructed  under the Hooghly river for establishing metro link between Howrah and Kolkata, got completed on 23 May 2017, ahead of the scheduled time. For the construction of tunnel, a giant tunnel-boring machine (TBM) named 'Rachna' was deployed to dig the underwater tunnel that will run a length of 502 metres under the river. The machine was brought from Herrenknecht AG plant in Schwanau in Germany.
  4. The Union Cabinet chaired by Prime Minister Narendra Modi approved the signing of a Memorandum of Understanding (MoU) between India and Spain on cooperation in the field of Organ Transplant Services on 24 May 2017.
  5. The Union Cabinet, presided by the Prime Minister Narendra Modi, on 24 May 2017 gave its approval for the establishment of new All India Institute of Medical Sciences (AIIMS) at Kamrup in Assam.
  6. Rajan Anandan, Google India's Managing Director, was on 25 May 2017 appointed as the Internet and Mobile Association of India (IAMAI).
  7. Sanjay Mitra took charge as the Defence Secretary on 25 May 2017.
  8. Olympics silver medallist P V Sindhu on 24 May 2017 became the second Indian to be inducted in the Badminton World Federation (BWF) Athletes' Commission.
  9. Lenin Moreno was on 24 May 2017 sworn in as the President of Ecuador following a tight electoral race in Ecuador's Presidential Elections 2017.
  10. Two Indian cities, Mumbai and Kota have been named among the world’s most crowded cities list, according to the World Economic Forum (WEF) that cited UN-Habitat data. Mumbai, India’s financial capital with a population density of 31,700 per sq km was placed second. Kota in Rajasthan with 12,100 people per square kilometre was ranked 7th.






Banking & Financial News

Union Cabinet approves abolition of Foreign Investment Promotion Board


  • The Union Cabinet, chaired by the Prime Minister Narendra Modi, on 24 May 2017 approved the proposal to phase out the Foreign Investment Promotion Board (FIPB).
  • The proposal approved entails abolishing the FIPB and allowing administrative Ministries and Departments to process applications for Foreign direct investment (FDI) requiring government approval.
  • Hereafter, the work related to the processing of applications for FDI and approval of the Government thereon under the FDI Policy and FEMA, shall now be handled by the concerned Ministries in consultation with the Department of Industrial Policy & Promotion(DIPP), Ministry of Commerce.
  • DIPP will also issue the Standard Operating Procedure (SOP) for processing of applications and decision of the Government under the extant FDI policy.
  • Presently, applications are considered by FIPB in Department of Economic Affairs (DEA) for making recommendation on FDI applications. But after this decision of Union Cabinet, the applications would now be handled independently by Administrative Ministries as per Sector.

Detailed New Mechanism

  •  Different sectors, that require approval, would be dealt directly by the concerned ministries.
  •  The proposals related to security will require the approval of Home Ministry.
  •  Those proposals which are presently pending before the FIPB will be sent back to the concerned ministries.
  •  The FDI proposals above Rs 5000 crore will continue to come under the purview of the Cabinet Committee on Economic Affairs (CCEA).

Union Cabinet approves allocation of 2.5 per cent of Central Road Fund for development and maintenance of National Waterways


  • The Union Cabinet, presided by the Prime Minister Narendra Modi, on 24 May 2017 gave a green signal to a proposal jointly mooted by the Union Ministry of Shipping and the Union Ministry of Road Transport & Highways (MoRTH) for amendment of Central Road Fund Act, 2000.
  • After the amendment, 2.5 per cent of the proceeds of Central Road Fund (CRF) will be allocated for development and maintenance of National Waterways (NWs) and a reduction in the share provided for development of National Highways.
  • The Central Road Fund (Amendment) Bill, 2017 would be moved by the Union Ministry of Road Transport & Highways in the ensuing Monsoon Session 2017 of the Parliament.


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News Related to India and states

India’s first underwater rail tunnel completed ahead of schedule


  • India’s first underwater rail tunnel, that was being constructed  under the Hooghly river for establishing metro link between Howrah and Kolkata, got completed on 23 May 2017, ahead of the scheduled time.
  • For the construction of tunnel, a giant tunnel-boring machine (TBM) named 'Rachna' was deployed to dig the underwater tunnel that will run a length of 502 metres under the river. The machine was brought from Herrenknecht AG plant in Schwanau in Germany.
  • The deadline for the completion of this underwater tunnel was of July 2017.
  • The construction of the tunnel was jointly undertaken by Afcons Transtonnelstroy and Kolkata Metro Railway Corporation Ltd, who are tasked for implementing the East West Metro Project. Afcons Transtonnelstroy is an Indo-Russian joint venture.
  • The entire project is 16.6 km long, out of which 10.8 km runs under the ground.
  • Of this 10.8 km, 502 metres is under the water.
  • The project connects Howrah to the west and Salt lake to the east.
  • The stretch of 16.6 km will have 12 stations, six of which will be under the ground, while the remaining six stations will be on elevated tracks.
  • The total project cost is around Rs 5000 crore.
  • The final commissioning of the project is expected by December 2019, following which it will be operational.

Cabinet approves MoU between Spain and India on Organ Transplant Services


  • The Union Cabinet chaired by Prime Minister Narendra Modi approved the signing of a Memorandum of Understanding (MoU) between India and Spain on cooperation in the field of Organ Transplant Services on 24 May 2017.
  • The MoU was signed between the National Transplant Organization, Ministry of Health, Social Services and Equality in Spain and the Directorate General of Health Services, Ministry of Health and Family Welfare in India.
  • The agreement would enhance bilateral cooperation between India and Spain in the field of organ and tissue procurement and transplantation.
  • It would also lead to a better understanding between the two nations.
  • The knowledge gained in the process would help in improving the services rendered to the patients suffering from end-stage organ failure.

Union Cabinet approves setting up of AIIMS in Kamrup, Assam


  • The Union Cabinet, presided by the Prime Minister Narendra Modi, on 24 May 2017 gave its approval for the establishment of new All India Institute of Medical Sciences (AIIMS) at Kamrup in Assam.
  • The institute will be set up under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY). The estimated cost of the project is Rs.1123 crore.
  • The new AIIMS will be completed in a period of 48 months from the date of the approval of Government of India. The pre-construction phase would be of 15 months, while a construction phase would be of 30 months. The stabilization/commissioning phase of would be of three months.
  • The establishment of AIIMS at Kamrup will serve the dual purpose of providing super speciality health care to the population while also help create a large pool of doctors and other health workers in the region.

Cabinet approves JDI between Germany and India on alternative medicine


  • The Union Cabinet led by Prime Minister Narendra Modi approved the Joint Declaration of Intent (JDI) between Germany and India regarding cooperation in the field of alternative medicine on 24 May 2017.
  • The move aims to enhance bilateral cooperation between the two nations in the areas of traditional and alternative medicine. The collaborative research, training and scientific capacity building undertaken by the nations under the declaration would contribute to increased employment opportunities in the AYUSH sector.
  • All the necessary funds required to conduct the research, training courses, conferences and meetings would be provided from the budget allocated to the Ministry of AYUSH and its existing plan schemes. Besides this, no additional financial implications would be involved.
  • India has a well-developed system of traditional medicine that holds tremendous potential in the global health scenario.
  • Germany also has an advanced herbal and natural medicine industry with continuous high level scientific research concentrated on traditional medicines.
  • The Ministry of AYUSH as a part of its mandate to propagate Indian systems of Medicine globally has taken effective steps by signing memorandum of understanding with several nations including Nepal, Bangladesh, China, Malaysia, Myanmar, Mauritius, Hungary, Mongolia and Trinidad & Tobago.


Appointments

Rajan Anandan appointed as Chairman of IAMAI


  • Rajan Anandan, Google India's Managing Director, was on 25 May 2017 appointed as the Internet and Mobile Association of India (IAMAI). Anandan will succeed FreeCharge co-founder and Chairman Kunal Shah, who took the position in January 2016.
  • IAMAI is the country’s leading association of digital companies.  It has a membership of nearly 300 Indian and overseas companies and has its offices in Delhi, Mumbai, Bengaluru and Kolkata.
  • Deep Kalra, Chairman and Group CEO of MakeMyTrip, was appointed as the Vice-Chairman of the IAMAI. Kalra will succeed Vinodh Bhat, Co-founder and President of Saavn.
  • Umang Bedi, Managing Director of India and South Asia at Facebook, was elected as the Treasurer, while Dr Subho Ray will continue to serve as the IAMAI president.

Sanjay Mitra took charge as Defence Secretary


  • Sanjay Mitra took charge as the Defence Secretary on 25 May 2017. Mitra succeeds G Mohan Kumar. He is a 1982 batch IAS officer of the West Bengal cadre.
  • His appointment as the new Defence Secretary was approved by the Appointments Committee of the Cabinet (ACC) on 10 May 2017. He will have a fixed two-year tenure.

P V Sindhu elected to Badminton World Federation Athletes’ Commission


  • Olympics silver medallist P V Sindhu on 24 May 2017 became the second Indian to be inducted in the Badminton World Federation (BWF) Athletes' Commission.
  • Before Sindhu, Saina Nehwal was inducted to the Commission.
  • Sindhu emerged the highest voted player in the BWF Athletes' Commission election that took place on the sidelines of the Sudirman Cup in Gold Coast, Australia. She topped the ballot with 129 votes and will be joined by Marc Zweibler of Germany and Kristy Gilmour of Scotland for a four-year term.
  • The trio will be joined by Lithuania's Akvile Stapusaityte, who will be serving a two-year tenure after replacing China's Tan Yuanting, who retired after serving just two years on the panel.

Socialist Lenin Moreno sworn in as President of Ecuador


  • Lenin Moreno was on 24 May 2017 sworn in as the President of Ecuador following a tight electoral race in Ecuador's Presidential Elections 2017. On the other hand, Engineer Jorge Glas will continue to serve as the Vice President of Ecuador.
  • Hailing from Ecuador's Socialist Party, Moreno won 51.16 per cent of the votes. While, Conservative Guillermo Lasso fetched 48.8 per cent of the ballots.
  • With this, Moreno, a renowned disability rights activist, became the first disabled individual to take office as President of Ecuador. He became paraplegic after being shot in the back during a robbery in 1998.
  • Earlier, Moreno had served as the UN Special Envoy on Disability and Accessibility.

Lists

Mumbai, Kota feature in the world’s top ten most crowded cities


  • Two Indian cities, Mumbai and Kota have been named among the world’s most crowded cities list, according to the World Economic Forum (WEF) that cited UN-Habitat data.
  • While Dhaka, the capital of Bangladesh topped the list with a population density of 44,500 people per sq km, Mumbai, India’s financial capital with a population density of 31,700 per sq km was placed second.
  • Medellin in Columbia features at the third place with 19,700 people per sq km.
  • The fourth, fifth and sixth position have been occupied by Manila, the capital city of Philippines, Casablanca, the port city of Morocco and Nigeria’s largest city, Lagos respectively.
  • Kota in Rajasthan with 12,100 people per square kilometre was ranked 7th.
  • Other cities in the top 10 include Singapore at 8th position and Jakarta, Indonesia’s capital at 9th.





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