ECONOMY

RBI releases fourth Bi-monthly Monetary Policy Statement, 2016-17 The Reserve Bank of India (RBI) on 4 October 2016 released the fourth Bi-Monthly Monetary Policy Statement 2016-17. The key announcement under the policy was the interest cut of 25 basis points. This move may lead to banks in lowering EMIs for housing, car loan and corporate borrowers. This policy decision was not only RBI Governor Urjit Patel’s maiden policy announcement but was also the first to be announced by the newly constituted Monetary Policy Committee (MPC). All the six members of MPC unanimously decided to cut repo rate by 0.25 per cent; bring in to a nearly six-year low of 6.25 per cent. This was also the first interest rate cut in last six months. According to the monetary policy statement, the decision to cut interest rates is consistent with the aim of achieving a midterm inflation target of 4 percent within a band of plus or minus 2 percent. Based on the assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) decided to: • Repo Rate: The policy repo rate under the liquidity adjustment facility (LAF) was reduced by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect. • Reverse Repo Rate: The reverse repo rate under the LAF stands adjusted to 5.75 per cent. • Marginal standing facility (MSF) Rate: The MSF rate was fixed at 6.75 per cent. • Bank Rate: The Bank Rate also stands at 6.75 per cent. The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 per cent by Q4 of 2016-17 and the medium-term target of 4 per cent within a band of +/- 2 per cent, while supporting growth. The main considerations underlying the decision are set out in the statement below. Assessment of the Economy • Global growth has been slowing more than anticipated through 2016 so far, with weak investment and trade damping aggregate demand. • Risks in the form of BREXIT, banking stress in Europe, rebalancing of debt-fuelled growth in China, rising protectionism and diminishing confidence in monetary policy have slanted the outlook to the downside. • World trade volume has contracted sharper than expected in the first half of 2016, and the outlook has worsened with the recent falling off of imports by Advanced Economies (AEs) from Emerging Market Economies (EMEs). Inflation remains subdued in AEs and has started to edge down in EMEs. • International financial markets were overwhelmed by the BREXIT vote in Q2, with equity markets losing valuations worldwide, currencies plunging and turning volatile, and investors rushing for safe havens. Markets, however, recovered quickly and reclaimed lost ground in Q3, with a return of risk appetite propelling capital flows back into EMEs. • Crude prices rose to a recent peak in Q2 of 2016, mostly on supply disruption in various parts of the world, and again in late September as the OPEC announced intentions of cutting back on supply; but, the upturn has been curbed by higher inventories. Assessment on the domestic front • Agriculture: The outlook for agricultural activity has brightened as the South West monsoon ended the season with a cumulative deficit of only 3 per cent below the long period average, with 85 per cent of the country’s geographical area having received normal to excess precipitation. • Kharif: Kharif sowing has surpassed last year’s acreage, barring cotton, sugarcane and jute and mesta. Accordingly, the first advance 2 estimates of kharif food grains production for 2016-17 by the Ministry of Agriculture have been placed at a record level, and higher than the target set for the year. • Industrial sector: The industrial sector, by contrast, suffered a manufacturing-driven contraction in early fiscal year Q2, after a sequential deceleration in gross value added in Q1. Even after trimming the statistical effects of the lumpy and order-driven contraction of insulated rubber cables, industrial production as measured by the index of industrial production (IIP) turned out to be slower than a year ago. • Steel: In August, steel production rose to a 37-month high and cement production maintained momentum - auguring well for construction activity - even though the output of core industries as a whole was weighed down by a decline in the production of coal, crude oil and natural gas and deceleration in refinery products and electricity generation. Nonetheless, business expectations polled in the Reserve Bank’s industrial outlook survey and by other agencies remain expansionary in Q2 and Q3. • Roads, Railways And Inland Waterways: The strong public investment in roads, railways and inland waterways, the recent efforts to unclog cash flows in large projects under arbitration, and the boost to spending from the 7th Pay Commission’s award, should improve the industrial outlook. • Services Sector: The acceleration in the pace of activity in Q1 appears to have been sustained. An increasing number of high frequency indicators are moving into positive territory, construction is boosted by policy initiatives, and public administration, defence and other services will be supported by the pay commission award. • Retail inflation: Measured by the headline CPI had been elevated by a sharp pick-up in the momentum of food inflation overwhelming favourable base effects during April-July. In August, however, the momentum of food inflation turned negative and surprised expectations; consequently, base effects in that month came into full play and pulled down headline inflation to an intra-year low. Fuel inflation has moderated steadily through the year so far. Inflation excluding food and fuel (including petrol and diesel embedded in transportation) has been sticky around 5 per cent, mainly in respect to education, medical and personal care services. • Liquidity conditions: It remained comfortable in Q3, with the Reserve Bank absorbing liquidity on a net basis through variable rate reverse repo auctions of varying tenors. Liquidity was injected through open market purchases of 200 billion rupees in line with the system’s requirements. As a result, the Weighted Average Call Money Rate (WACR) remained tightly aligned with the policy repo rate and, in fact, traded with a soft bias. Interest rates on commercial paper (CPs) and certificates of deposit (CD) also eased. • External Sector: Merchandise exports contracted in the first two months of Q2. Subdued domestic demand was, however, reflected in a faster contraction in imports. Moreover, the still soft crude prices pared off a fifth of the oil import bill and gold import volume slumped to a fifth of its volume a year ago. As a result of the same, the merchandise trade deficit narrowed by 10 billion US dollars in April-August on a year-on-year basis. • Foreign Direct Investment: The pace of foreign direct investment slowed compared to a year ago, portfolio flows were stronger after the BREXIT vote, galvanised by a search for returns in an expanding universe of negative yields. The level of foreign exchange reserves rose to 372 billion US dollars by 30 September 2016 – an all-time high. Outlook • The food inflation outlook will improved due to strong improvement in sowing, along with supply management measures. • Sharp drop in inflation reflects a downward shift in the momentum of food inflation, which holds the key to future inflation outcomes, rather than merely the statistical effects of a favourable base effect. • Government’s measures to curb the food inflation would help in moderating the momentum of food inflation in months ahead.

ECONOMY

Union Finance Ministry sets up Public Debt Management Cell Union Finance Ministry on 4 October constituted a Public Debt Management Cell (PDMC). The cell was created to streamline government borrowings and better cash management with the overall objective of deepening bond markets. The Joint Secretary (Budget), Department of Economic Affairs, Ministry of Finance would be the overall in-charge of the ODMC. As an interim arrangement, the PDMC will be housed at the RBI's Delhi office. In about two years, the PDMC will be upgraded to a statutory Public Debt Management Agency (PDMA). Highlights of PDMC • The interim arrangement will allow separation of debt management functions from RBI to PDMA in a gradual and seamless manner, without causing market disruptions. • It will have only advisory functions to avoid any conflict with the statutory functions of RBI. • It has been tasked to plan government borrowings, including market borrowings and other borrowings, like Sovereign Gold Bond issuance. • It will also advise government on matters related to investment, capital market operations, administration of interest rates on small savings among others. • The middle office of the Budget Division will be subsumed into PDMC with immediate effect. The transition process from PDMC to PDMA would be implemented by a Joint Implementation Committee (JIC), which will be chaired by Joint Secretary (Budget). Other members of the JIC will be from Government and RBI. As per the circular issued by the ministry, the JIC would operate under the supervision of the Monitoring Group on Cash and Debt Management (MGCDM) with Secretary, Economic Affairs and DG, RBI as co-chairpersons. The PDMC would be staffed by 15 debt managers from Budget Division, RBI, current Middle Office and other government units. Background To deepen Indian Bond market, the Finance Ministry Arun Jaitley proposed setting of a PDMA in his Budget Speech 2016-17. He said that he intend to set up a PDMA which will bring both India's external borrowings and domestic debt under one roof.

ECONOMY

CCEA approves acquisition of 11% stake in JSC Vankorneft by ONGC Videsh The Cabinet Committee on Economic Affairs (CCEA) on 5 October 2016 gave its approval to an acquisition by ONGC Videsh Ltd (OVL) for 11% stake in JSC Vankorneft from Rosneft Oil Company (Rosneft), Russia’s national oil company. The OVL will pay 930 million US dollar for acquiring 11 per cent in Vankorneft. The acquisition is in line with ONGC’s stated objective of adding high quality international assets to India's exploration and production portfolio. Earlier in May 2016, OVL completed the formalities for acquisition of 15% stake in Vankorneft at a cost of 1.284 billion US dollar, which gave OVL 4.11 MMTOE.  Benefits • The acquisition of stake in Vankorneft will provide 3.2 Million Tonnes of Oil Equivalent (MMTOE) to OVL by 2017. • It will also provide an opportunity to the Indian public sector oil and gas companies to acquire new technologies from Rosneft. About ONGC Videsh Ltd • ONGC Videsh Limited is the international arm of ONGC. • It was rechristened on 15 June 1989. • ONGC holds 100% stake in ONGC Videsh Limited. • It is a Miniratna Schedule A Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas. • In terms of reserves and production, ONGC Videsh is the second largest petroleum Company of India, next only to its parent ONGC. About Rosneft Oil Company • Rosneft is an integrated oil company majority owned by the Government of Russia. • It is headquartered in Moscow's Balchug district near the Kremlin, across the Moskva River. • It became Russia's leading extraction and refinement company after purchasing assets of former oil giant Yukos at state-run auctions.

ECONOMY

RBI releases report of IWG on Rationalisation of Branch Authorisation Policy The Reserve Bank of India (RBI) on 6 October 2016 released the Report of the Internal Working Group (IWG) on Rationalisation of Branch Authorisation Policy. The Group is chaired by Lily Vadera, Chief General Manager, Department of Banking Regulation.  The thrust of the recommendations is to facilitate financial inclusion by ensuring availability of banking services in all centers through low cost delivery channels and mapping the footprints of various banking channels. Recommendations of the IWG • In the first phase, the recommendations focus on broadening of the current framework to include all banking outlets which are fixed point locations and bring them on par with branches. • A banking outlet is defined as a fixed point service delivery unit manned by bank’s staff or its Business Correspondent where services of acceptance of deposits, encashment of cheques/cash withdrawal or lending of money are provided for minimum 4 hours per day for at least five days a week. • Banks need to open banking outlets to meet the 25 percent norms of opening banking outlets in unbanked rural centres that does not have a CBS-enabled banking outlet of a Scheduled Commercial Bank. • A part-time banking outlet opened in any Centre will be added to the denominator as well as numerator on pro rata basis for computing the compliance with the norm of opening 25% banking outlets. • A banking outlet opened in North-Eastern States, Sikkim and in Left-Wing Extremism Affected Districts will be treated as a banking outlet/part-time banking outlet in an unbanked rural centre. • Grandfathering of MFI/NBFC structures of Small Finance Banks to be provided to facilitate an orderly transformation and to minimize the risk of transition. As regards their existing NBFC/MFI branches, banks will be given a time period of 3 years to close or convert these into banking outlets. • The Boards of the banks should set internal financial inclusion targets and compile the data to monitor the transactions to ensure that target customers for financial inclusion are getting the banking facilities in unbanked rural centres. • In the second phase, a new data system will be devised which is capable of capturing the locations and transactions carried out by all banking outlets. Background The opening of new branches and shifting of existing branches of banks is governed by the provisions of Section 23 of the Banking Regulation Act, 1949. In the light of the rapid developments in technology and associated digital and telecom revolution, banks are looking at alternative approaches to enlarge their footprints and reach out to the unbanked and underserved centres in remote areas in a cost effective manner. With a view to facilitate financial inclusion and provide operational flexibility, it was considered necessary to redefine branches and permissible methods of outreach keeping in mind the various attributes of the banks and the types of services that are sought to be provided. An announcement to this effect was made in the first Bi-monthly Monetary Policy Statement 2016-17 in April 2016 and accordingly an Internal Working group was constituted for the purpose.

ECONOMY

Fadnavis inaugurates India’s first International Arbitration Centre in Mumbai Maharashtra Chief Minister Devendra Fadnavis on 8 October 2016 inaugurated India’s first centre for international arbitration in Mumbai. Inaugurating the Mumbai Centre for International Arbitration (MCIA), Fadnavis said that India will leave its benchmark worldwide in business dispute redressal with the setting up of international arbitration centre in Mumbai.  The Mumbai Centre for International Arbitration (MCIA) is located in Express towers, Nariman Point. It is being headed by CEO Madhukeshwar Desai. Mumbai Centre for International Arbitration (MCIA) • The MCIA will be governed by a 17-member governing council. • The Arbitration Centre is in sync with the Prime Minister's Make in India campaign. • The Centre would provide a time bound and cost-effective facility and reinforce investor confidence. • MCIA will be helpful in development of the proposed International Financial Services Centre (IFSC) in Mumbai. The state government has plans to develop IFSC in BKC. • It will feature arbitration rules that reflect international best practices. • The MCIA Council for Arbitration will have some of the leading arbitration practitioners from India and around the world. • It will be a catalyst for business and investment into India. • It is the result of a joint effort between the domestic and international arbitration community, the business community and the Government of Maharashtra. In the absence of an international arbitration centre in the country, the majority of global disputes earlier landed at the Singapore International Arbitration Centre and London Court of International Arbitration. A study conducted by the Singapore International Arbitration Centre suggests that it handled about 30 percent of cases that involved Indian businesses.

ECONOMY

Union Cabinet approves MoU between EXIM bank and NDB Union Cabinet on 13 October 2016 approved MoU between Export-Import Bank of India (Exim Bank) on General Cooperation with the BRICS promoted New Development Bank (NDB), along with other Development Financial Institutions of BRICS nations. This will be achieved through the BRICS Interbank Cooperation Mechanism. This approval will help in enhancing trade and economic relations among the BRICS countries and benefit the participating institutions from the BRICS nation. There is no financial implication involved in signing of the MoU.  Key Highlights • The MoU is a non-binding umbrella agreement. • It aims at establishing a cooperation framework in accordance with the national laws and regulations, besides skills transfer and knowledge sharing amongst the signatories. Establishment of the NDB reflects the close relations among the BRICS countries and provides a powerful instrument for increasing their economic cooperation and help India play an enhanced international role. Why the MoU is necessary? The signing of MoU is necessary in the context of cooperation extended by the Members in various forms for promoting and facilitating trade of goods and services as well as investments in mutual projects among the BRICS countries. It will help in sustainable development and inclusive economic growth of the BRICS nations. BRICS Interbank Cooperation Mechanism Five banks from the BRICS nations had established the BRICS Interbank Co-operation Mechanism to enhance trade and economic relations among the BRICS countries. The BRICS Interbank Co-operation Mechanism now proposes to sign a Memorandum of Understanding (MOU) on General Co-operation with the New Development Bank.

India decided to eliminate potent greenhouse gas HFC-23 by 2030

India decided to eliminate potent greenhouse gas HFC-23 by 2030 India on 13 October 2016 announced its decision to eliminate the HCF-23 gas. The decision was made in line to its commitment to combat the threat emanating from climate-damaging HFCs (hydrofluorocarbons). The announcement was made by Minister of State Environment, Forest and Climate Change (MoEFCC), Anil Dave at Kigali, Rwanda, at a meeting of parties to the Montreal Protocol, where final negotiations are taking place to substantially reduce the use of HFCs (hydrofluorocarbons) by 2030.  HFC–23 gas, a potent greenhouse gas, with Global Warming Potential of 14800, is produced during the manufacture of a common refrigerant gas, HCFC-22. If vented out in environment, is a threat to the environment. HCFC stands for hydrochloroflurocarbon. Key Highlights • Companies have to internalise the cost of this environmental externality and create sufficient storage facility to take care of down time and run the incinerators to ensure and not release of HFC–23 in the atmosphere. • The move will potentially check emissions of HFC-23 equivalent to 100 million tonnes of CO2 over the next 15 years, Delhi-based think tank Centre for Science and Environment. Montreal Protocol The Montreal Protocol on Substances that Deplete the Ozone Layer was designed to reduce the production and consumption of ozone depleting substances in order to reduce their abundance in the atmosphere, and thereby protect the earth’s fragile ozone Layer. The original Montreal Protocol was agreed on 16 September 1987 and entered into force on 1 January 1989. The Montreal Protocol includes a unique adjustment provision that enables the Parties to the Protocol to respond quickly to new scientific information and agree to accelerate the reductions required on chemicals already covered by the Protocol. These adjustments are then automatically applicable to all countries that ratified the Protocol. It has been ratified by 197 parti

CCEA approves revision of ethanol prices for supply to Public Sector Oil Marketing Companies

CCEA approves revision of ethanol prices for supply to Public Sector Oil Marketing Companies Cabinet Committee on Economic Affairs (CCEA) on 13 October 2016 approved the mechanism for revision of ethanol price for supply to Public Sector Oil Marketing Companies (OMCs) to carry out the Ethanol Blended Petrol (EBP) Programme. The administered price of ethanol for the Programme will be 39 rupees per litre for the next sugar season from 1 December 2016 to 30 November 2017.  Key Highlights • Charges will be paid to the ethanol suppliers as per actuals in case of Excise Duty and VAT or GST and transportation charges as decided by the oil marketing companies. • The prices of ethanol will be reviewed and suitably revised by Government at any time during the ethanol supply period depending upon the prevailing economic situation and other relevant factors. The revision in ethanol prices will facilitate Government in providing price stability and remunerative prices for ethanol suppliers. Ethanol Blended Petrol (EBP) Programme Union Government in 2003 launched the Ethanol Blended Petrol (EBP) Programme to promote the use of alternative and environment friendly fuels. The programme also sought to reduce import dependency for energy requirements. However, since 2006, OMCs were not able to receive offers for the required quantity of ethanol against the tenders floated by them due to various constraints like State Specific issues, Supplier related issues including Pricing issues of ethanol. Decision to augment the supply of ethanol To end constraints and augment the supply of ethanol, government on 10 December 2014 placed a mechanism for pricing of ethanol under which the delivered price of ethanol at OMC depots was fixed in the range of 48.50 rupees per litre to 49.50 rupees per litre including Central/State Government taxes and transportation charges. Effect of the Decision • The decision helped in improving the supply of ethanol. • Ethanol supplies increased to 67.4 crore litres in 2014-15 and the projected supplies for ethanol supply year 2015-16 are around 120 crore litres.

Current Affairs One liner of the Day

Current Affairs One liner of the Day for wound healing The National Aeronautics and Space Administration (NASA) developed a high-tech electroactive bandage. The bandage creates an electric charge to help promote the healing process of wounds. Electroactive material is so sensitive that a push or even a blow on it can create an electric charge. Key features of the electroactive bandages • The fibres of the guaze are made of electroactive material Polyvinylidene Fluoride (PVDF). • The bandage is stimulated by the heat of the body and the pressure of cell growth. Therefore, no external power source is required in order for the bandage to promote wound healing. • The device uses electrical activity to facilitate the wound healing process while protecting the wound. • The bandage also minimises infection and related complications such as illness or amputation. • The bandage could be used by military personnel wounded in the field, patients who have undergone surgery or who have suffered a serious wound and astronauts in space.

Current affairs quiz with answers

1.    Who of the following won the 2016 Nobel Prize in Literature? a)    Bob Dylan b)    Svetlana Alexievich c)    Patrick Modiano d)    Alice Munro 2.    What was the theme of International Day for Disaster Reduction that was observed on 13 October 2016? a)    Knowledge for Life b)    Resilience is for Life c)    Women and Girls: the [in]Visible Force of Resilience d)    Live to Tell: Raising Awareness, Reducing Mortality 3.    Who was appointed as Prime Minister of Morocco recently? a)    Abdelilah Benkirane b)    Luo Zhaohui c)    Antonio Guterres d)    Jim Yong Kim 4.    India stood at which rank in the Global Hunger Index (GHI) 2016? a)    53rd b)    76th c)    118th d)    97th 5.    Who of the following handed the ICC Test Championship mace to Indian Test captain Virat Kohli for leading his team to the top of the Test Team Rankings? a)    Kapil Dev b)    Sunil Gavaskar c)    Sachin Tendulkar d)    Anil Kumble 6.    Who of the following was the first Indian Captain under whom India received the ICC Test Championship mace? a)    Mahendra Singh Dhoni b)    Sunil Gavaskar c)    Sachin Tendulkar d)    Anil Kumble 7.    Name the city where the Entrepreneurship Development Institute (EDI) of Jammu & Kashmir is based. The institute saw attack by two terrorists in October 2016. a)    Lal Chowk b)    Anantnag c)    Pampore d)    Pahalgam 8.    Name the philanthropist and wife of Godrej group chairman Adi Godrej who passed away? a)    Tanya Dubash b)    Pirojsha Godrej c)    Nisa Godrej d)    Parmeshwar Godrej 9.    Which actor won the UK Theatre Awards 2016 for his individual contributions to British theatre? a)    Jim Haynes b)    Vanessa Redgrave c)    Sir Ian McKellen d)    Richard Demarco 10.    Which bank tied-up with Uber for cash-back of up to 25 percent for hailing cabs from the app? a)    Bank of Nova Scotia b)    Calyon Bank c)    Deutsche Bank d)    Standard Chartered Bank 11.    Who of the following topped the Test rankings for bowlers that was released in second week of October 2016? a)    Ravichandran Ashwin b)    Ravindra Jadeja c)    James Anderson d)    Dale Steyn 12.    How much amount will the Union Government invest to increase the capacity of Panipat Refinery from existing 15 million tonnes to 25 million tonnes? a)    15000 crore rupees b)    14000 crore rupees c)    10000 crore rupees d)    5000 crore rupees 13.    The National Aeronautics and Space Administration developed a high-tech electroactive bandage. It is made of which of the following materials? a)    Vinylidene Fluoride b)    Styrofoam c)    Phenol Formaldehyde d)    Polyvinylidene Flouride 14.    The National Centre for Antarctic and Ocean Research recently established a high altitude research station in Himalaya called HIMANSH. Where is the station located? a)    Leh, Jammu & Kashmir b)    Kheerganga, Himachal Pradesh c)    Spiti, Himachal Pradesh d)    Zanskar, Jammu & Kashmir 15.    The National Seismic Programme was recently launched on Mahanadi basin in Odisha. Who will be responsible for carrying out the programme in the north-eastern states? a)    ONGC b)    Oil India Ltd c)    Essar Oil d)    Cairn India Answer 1. (a) Bob Dylan 2. (d) Live to Tell: Raising Awareness, Reducing Mortality 3. (a) Abdelilah Benkirane 4. (d) 97th 5. (b) Sunil Gavaskar 6. (a) Mahendra Singh Dhoni 7. (c) Pampore 8. (d) Parmeshwar Godrej 9. (c) Sir Ian McKellen 10. (d) Standard Chartered Bank 11. (a) Ravichandran Ashwin 12. (a) 15000 crore rupees 13. (d) Polyvinylidene Flouride 14. (c) Spiti, Himachal Pradesh 15. (b) Oil India Ltd

Current Affairs One liner of the Day

The recap of the day covers important current affairs of the day like 2016 Nobel Prize in Literature, National Seismic Programme, and NASA’s high-tech electroactive bandage among others. •    He won the 2016 Nobel Prize in Literature - Bob Dylan •    The First World Tsunami Awareness Day will be celebrated at the Asian Ministerial Conference for Disaster Risk Reduction 2016 on - 5 November 2016 •    The National Seismic Programme was recently launched on Mahanadi basin in Odisha to - carry out assessment of unappraised areas across the country for potential oil and natural gas reserves •    The National Centre for Antarctic and Ocean Research recently established a high altitude research station in Himalaya called HIMANSH. It is located in - Spiti, Himachal Pradesh •    The National Aeronautics and Space Administration developed a high-tech electroactive bandage. It is made of - Polyvinylidene Flouride •    The amount to be invested by the Union Government in order to increase the capacity of Panipat Refinery from existing 15 million tonnes to 25 million tonnes is - 15000 crore rupees •    Person appointed as Prime Minister of Morocco recently- Abdelilah Benkirane •    Rank secured by India in the Global Hunger Index (GHI) 2016- 97th •    Philanthropist and wife of Godrej group chairman Adi Godrej who passed away- Parmeshwar Godrej •    Actor who won the UK Theatre Awards 2016 for his individual contributions to British theatre- Sir Ian McKellen •    Bank that tied-up with Uber for cash-back of up to 25 percent for hailing cabs from the app- Standard Chartered Bank •    Indian off-spinner who reclaimed the number one spot in Test rankings for bowlers is - Ravichandran Ashwin •    The first Indian Cricket Captain under whom India received the ICC Test Championship mace is - Mahendra Singh Dhoni •    He handed the ICC Test Championship mace to Indian Test captain Virat Kohli for leading his team to the top of the Test Team Rankings - Sunil Gavaskar •    City of Jammu and Kashmir in which Entrepreneurship Development Institute (EDI) is located that was attacked by Terrorists in October 2016 is - Pampore •    Theme of International Day for Disaster Reduction that was observed on 13 October 2016 is - Live to Tell: Raising Awareness, Reducing Mortality

Allahabad raamdal

https://youtu.be/ZnTfOmDVBI4

Electronics Components: Use a Transistor as a Switch

Electronics Components: Use a Transistor as a Switch

Electronics Components: Use a Transistor as a Switch

Electronics Components: Use a Transistor as a Switch

Current Affairs One liners: 6 October 2016

report of UNESCO, new frog species and Sangeet Natak Akademi awards among the others. • Oil India Limited recently signed MoU with which University to augment its reserves base and maximise recovery from its aging oilfields- University of Houston • As per the recent report of UNESCO, what number of new teachers are needed to provide quality universal primary and secondary education by 2030- 69 million • The Union Cabinet recently approved setting up of a Medical Devices Manufacturing Park (Medipark) in- Tamil Nadu • New frog species recently discovered in Australia’s largest virgin forest in Queensland- Cape York graceful tree frog or Litoria Bella • Person appointed as Brand Ambassador of Kerala’s Haritha Keralam project- K J Yesudas • India’s the communication satellite that was launched by a heavy duty rocket of Arianespace from the spaceport of Kourou in French Guiana is - GSAT-18 • To streamline government borrowings and better cash management with the overall objective of deepening bond markets, the Union Finance Ministry has set up - Public Debt Management Cell (PDMC) • Professional Indian mountaineer who scaled the world's sixth highest mountain Cho Oyu is- Arjun Vajpai • He was conferred with the Sangeet Natak Akademi Fellow (Akademi Ratna) by President Pranab Mukherjee - C V Chandrasekhar, an eminent personality in the field of performing arts • The system that was launched to make sure that the bridges across India remains safe by Union Minister of Road Transport and Highways and Shipping Nitin Gadkari - Indian Bridge Management System (IBMS) • The Union Government on appointed Indian Revenue Service officer Sushil Chandra as the Chairman of - the Central Board of Direct Taxes • The former Portuguese Prime Minister recently selected by the UN Security Council as the next UN Secretary-General is - Antonio Guterres • M. Venkaiah Naidu recently released the book titled Modi’s Midas Touch in Foreign Policy, which is authored by - Surendra Kumar • The winner of the 2016 Shinhan Donghae Open is- Gaganjeet Bhullar • Crown Prince of Abu Dhabi, who will be the chief guest at the 2017 Republic Day parade of India- Sheikh Mohamed bin Zayed Al Nahyan

India announces major initiative for R&D into Next Generation

India announces major initiative for R&D into Next Generation HFC refrigerant alternatives The Ministry of Environment, Forest and Climate Change (MoEFCC) on 15 September 2016 announced an ambitious collaborative R&D programme to develop next generation, sustainable refrigerant technologies as alternatives to HFCs. This R&D initiative brings together Government, research institutes, industry and civil society to develop long term technology solutions to mitigate impact of currently used refrigerant gases on the ozone layer and climate. With this initiative, India reaffirms its commitment to working with all other nations to safeguard the Earth’s natural ecosystem. Some of the key players of the initiative include • The Council of Scientific & Industrial Research and its allied institutions • Department of Science and Technology • Centre for Atmospheric & Oceanic Sciences as well as key industry players in the sector Members of this initiative have already had multiple rounds of consultation to reach a consensus on the contours and decide on the roadmap for this initiative. India has a small carbon footprint at citizen level and its sustainable lifestyle results in low contribution of the country to overall emissions of greenhouse gases and ozone depleting substances, as compared with other developed countries. However, there is an urgent need for developing new technologies indigenously as alternatives available today are patented apart from being expensive. A research based programme to look for cost effective alternatives to the currently used refrigerant gases is, therefore essential. The initiative is a significant step forward in line with India’s national focus on research, innovation and technology development and Mission Innovation. The research initiative of the Ministry will be led by the CSIR’s Indian Institute of Chemical Technology, Hyderabad. The MoEF&CC, along with the Department of Science and Technology (DST), Council of Scientific & Industrial Research (CSIR) has also decided to create a corpus fund for this research programme, with Industry also committing to contribute to the effort. The collaboration of research institutes as well as industry will create larger ecosystem for developing sustainable solutions, and eventually deploying low global warming potential - GWP HFCs on a national scale. By establishing an effective collaboration between all important stakeholders, the initiative is focused on prioritising areas of research in new refrigerant technologies and natural refrigerants. This shall help the country leapfrog from the current technology high GWP HydroFluoroCarbons or HFCs to technologies with lower climate impact. The proposed initiative is an important step in the direction of enabling the country achieves national development goals, while continuing to maintain a sustainable environmental footprint.

Invasive Giant African Land Snails sighted at Goa University

Invasive Giant African Land Snails sighted at Goa University The Giant African Land Snail (GALS) was spotted in the campus of the Goa University at Taleigao. GALS (Achatina fulica) is listed as one of the world’s 100 most invasive species by the International Union for Conservation of Nature and Natural Resources. This snail was spotted by Nandakumar Kamat, an Assistant Professor in the Department of Botany at the university. About Giant African Land Snail • The species is a threat to agro-horticulture • It is a threat to the public health as they act as a vector of human diseases like Eosinophilic meningitis, caused by Angiostrongylus cantonensis, a parasite that nematode commonly, resides in the pulmonary arteries of rats. • They range from 7 cm to 20 cm in length and in case of specimens in Goa they were of 11 cm in length. • They are known to be dangerous, as they can reproduce faster and take over entire ecosystems and become a menace to crops. Invasive species are plants, animals, or pathogens that are non-native (alien) to the ecosystem under consideration and whose introduction causes or is likely to cause harm. They can harm the environment, the economy or even, human health.