Current Affairs Questions & Answers - Aug 02, 2016

ANSWER: Gujarat

Explanation:
CM of Gujarat Anandiben Patel resigned on August 1, 2016 as protests by Dalits threatened BJP’s political chances.

• Patel was the state’s first woman CM and she posted her resignation on FB.
• She said the decision to resign was driven by the fact that she had nearly attained 75 years in age, reaching the years at which the PM expects ministers to resign.
• Modi appointed Patel as his successor in Gujarat in 2014; he ran the state for 13 years prior to that.
• Caste driven protests have driven Patel to resign.
• She also said she wanted to provide time for the new CM at important events like the forthcoming elections and the Vibrant Gujarat Summit.

ANSWER: 2

Explanation:
Two textile parks have been approved for Uttarakhand and the state government has to now decide where they will be set up.

• In these parks, the weavers will be provided hi-tech infrastructure facilities, modern technology raw materials and training.
• The parks aim to improve the condition of weavers in remote areas and hilly areas along the Sino Indian border.
• This park will also help skilled youth get new work opportunities

ANSWER: Performance and Credit Rating Scheme

Explanation:
A performance and credit rating scheme has been launched by the MSME industry to assess credit worthiness and capabilities of industries in the sector.

• Ministry of MSME through the National Small Industry Corporation Limited is implementing the Performance and Credit Rating Scheme for MSMEs to provide trusted third party opinion on capabilities and creditworthiness to create awareness about strengths and weaknesses of existing operations.
• A new scheme of Financial Support to MSMEs in Zero Defect Zero Effect Certification had been approved in which the MSMEs will be assessed on ZED Maturity Model on 50 parameters to strengthen or facilitate the Make in India initiative.
• To ensure quality production, government is encouraging MSMEs by organising awareness programmes, providing financial assistance for product certification as per international and national standards.
• Under Financial Support to MSMEs in ZED certification scheme, MSMEs will be assessed on Zero Defect Zero Effect maturity model to raise MSMEs in 5 levels.

ANSWER: Large industrial houses

Explanation:
While releasing on tap universal banking license and excluding large industrial houses as eligible entities from the purview, RBI said investment in banks up to 10 percent is permitted.

• According to Guidelines for on tao Licensing of Universal Banks in the private sector, the initial minimum paid up voting equity capital for a bank should be INR 500 crore and thereafter, the bank should have minimum net worth of INR 500 crore at all times.
• Individuals and professionals that are residents at senior level and existing non banking financial companies that are controlled by residents and have a successful track record for atlas 10 years in banking and finance at senior level and NBFCs controlled by residents with a good track record of 10 years can apply for the license.
• Entities/groups in the private sector owned and controlled by entities and a successful track record for 10 years with total assets of INR 5000 crore or more such that non financial business of the group does not account for more than 40 percent or so in terms of total assets/gross income are also eligible promoters.
• Applicants have to meet the Fit and Proper criteria.
• Promoter/promoting entity/promoter group should have good track record of sound financial, credentials, integrity an at least 10 years of successful track record; foreign shareholding in the bank will be as per existing FDI.
• Currently, the aggregate foreign investment limit is 74 percent and the licensing window will b open on tap and applications could be submitted to RBI at any time.
• Applications will be referred to Standing External Advisory Committee to be set up by RBI is 10 months from the date when in principle approval was granted and lapse automatically.

ANSWER: USD 53 billion

Explanation:
India’s trade deficit with China jumped to USD 53 billion in 2015-2016 from USD 48.48 billion in the previous fiscal.

• Increasing trade deficit with China will be attributed to the relative demands for imports in India and China for each other’s goods.
• Efforts are on to increase overall exports by diversifying trade basket with emphasis on manufactured goods, services, resolution of market access issues and other non tariff barriers.
• Major imports from China include telecom instruments, computer hardware and peripheral, fertiliser, electronic component, project goods, chemical and drug intermediaries.
• Exports to China include ore, slag, ash, iron and steel, tin, raw hides, leather, plastics and cotton.
• Bilateral trade between the countries stood at USD 70.73 billion in 2015-2016, from USD 72.34 billion in the earlier fiscal.

ANSWER: All of the above

Explanation:
LS passed the law giving banks the right to take possession of collateral in case of loan default except for farm land.

• Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Bill 2016 passed by voice vote seeks to amend 4 bills namely SARFAESI Act, DRT Act, Indian Stamp Act and the Depositories Act.
• Changes in SARFAESI act permit secured creditors to take over collateral against which the loan has been provided upon default in repayment.
• It also provides that the process will have to be completed within 30 days by the DM.
• Banks must be empowered to take effective legal action against defaulters and insolvency, securitisation and DRT laws are steps in this path.
• President law simplifies the procedure through which the quick disposal of pending cases of of banks and financial institutions by the debt recovery tribunal takes place.
• Bill was introduced in LS in May aiming at faster recovery of debt by PSU banks grappling with INR 4 lakh crore of NPAs and 8 lakh crore of stressed assets.

ANSWER: Bengal tiger

Explanation:
According to research conducted by Panthera, researchers catalogued the species in peril across six continents- all the species across the globe that IUCN has listed as threatened with extinction.

• World’s biggest and iconic animals such as Royal Bengal tiger could be extinct towards the close of the century if drastic conservation measures are not taken.
• Rapid loss of biodiversity and megafauna is an issue more pressing than climate change.

ANSWER: Transparent

Explanation:
Scientists have developed ultra-thin and transparent oxide thin film transistors for flexible wearable display.

• The advent of the IoT era, strong demand has grown for wearable and transparent displays applied to various fields such as augmented reality and skin like thin flexible devices.
• Previous flexible transparent displays have posed real challenges to overcome which involve poor transparency and low electrical performance.
• Enhancing both transparency and performance, past research efforts have tried to use inorganic based electronics, but fundamental thermal instabilities of plastic substrates have hampered high temperature process, necessary for fabrication of high performance electronic devices.
• Research team led by professors at a Korea University developed ultra thin and transparent oxide thin film transistors for active matrix backplane of flexible display through inorganic based laser lift off method.
• Research team has fabricated high performance oxide TFT array on top of a sacrificial laser reactive substrate.

ANSWER: Anant Maheshwari

Explanation:
Microsoft India has appointed Anant Maheshwari as the president succeeding Bhaskar Pramanik as Chairman, Microsoft India effective January 1 in 2017.

• Pramanik will retire from the company in March 2017.
• Maheshwari will be joining Microsoft from Honeywell where he was the President of India.
• Previously, he was also MD of Honeywell Automation India and aims for a mobile first, cloud first world.
• He has also worked for McKinsey & Company.

ANSWER: Alphabet

Explanation:
GlaxoSmithKline and Alphabet’s life sciences unit have created a new company focused on fighting disease by targeting electrical signals in the body, creating a new field of medicine called bioelectronics.

• Verily Life Sciences (previously Google life sciences unit) and GSK (Britain’s biggest drugmaker) will contribute 540 million pounds over a period of 7 years to Galvani Bioelectronics.
• New company will be based in London with a research hub in San Francisco.
• Verily is a latest mover into creating business for Google beyond search engines.
• Verily has other medical projects in the works including development of smart contact lenses in partnership with Swiss drugmaker Novartis which has a glucose sensor to monitor diabetes
• Galvani is owned 55 percent by GSK and 45 percent by Verily.
• It will develop miniaturised, implantable devices that can modify electrical nerve signals.
• Aim is to modulate irregular/altered impulses found in many illnesses.
• Using these tiny devices, GSK holds that diseases like asthma and diabetes could be treated.

ANSWER: ICICI Bank

Explanation:
ICICI Bank and Apollo India Credit Opportunity Management have signed an MoU to set up an asset reconstruction company.

• 30 percent of the stake in ICICI Bank will be picked up in the ARC.
• Current rules do not allow more than 50 percent FDI by an entity in an ARC.

ANSWER: Borosil

Explanation:
Laboratory glassware major Borosil Glass World Ltd has announced the acquisition of 60.3 percent stake in Nashik based Klasspack Pvt Ltd for an amount which has not been specified.

• A majority of the stake has been purchased by way of fund infusion and the balance by smaller secondary purchase of shares according to company statement.
• Klasspack is a leading manufacturer of glass ampoules and tubular glass vials.

ANSWER: IBM

Explanation:
The size of the deal was not disclosed by the company. Acquisition is subject to regulatory approvals and is expected to complete in September.

• Acquisition of Givon which makes specialised metallic parts and assemblies for the aerospace industry will help Wipro increase its product range and expand its global footprint.

ANSWER: Didi Chuxing

Explanation:
Uber Technology’s main Chinese rival Didi Chuxing has acquired its China operations in a deal which sees the surrender of the foreign technology brand in the face of intense competition in China.

• Other brands to turn over local operations to Chinese partners or withdraw include Yahoo and eBay.
• Didi Chuxing indicated it would take over all of Uber in China and operate it as a distinct brand.
• Uber will receive a stake in the Chinse company and the founders of both companies will join each other’s boards.
• Didi was formed in 2015 following a merger of ride hailing services by Tencent and Alibaba Group.

ANSWER: Paraglider trike

Explanation:
Scientists including that of Indian origin have designed and build the world’s lightest electric paraglider trike that can take off and land with wheels while carrying a pilot.

• Aircraft has been called Delta and has two rear-mounted propellers, horizontally arranged, each driven by a motor and is powered by lithium polymer batteries.
• It is the lightest aircraft that can take off and land with wheels while carrying an adult pilot and may provide a safe, clean and simple way to flying.
• It was built by the National Geographic Channel and weights 49 kgs. It can carry one person up to 75 kgs.

ANSWER: Indore

Explanation:
MP government will develop a new IT park in Indore to woo companies.

• MP’s government is working on a new park with an investment of INR 47 crore
• New park will be developed on 2.5 acres near Crystal IT Park.

ANSWER: Purchasing Managers’ Index

Explanation:
Manufacturing activity in China fell in July, according to a government survey. The Chinese government’s manufacturing Purchasing Managers’ Index which tracks health of large and public companies was 49.9 in July.

It was 50 in June.
• China’s economy is the world’s second largest.
• From March to May, the survey noted results above the key 50 level that separates expansion from contraction.

ANSWER: 2700

Explanation:
According to scientists, a near Earth asteroid coming towards the planet after being pulled apart by gravity can strike and cause massive destruction and has a 1 in 2700 chance of doing so.

• According to scientists, this event will not take place for 150 years and in 2135, people on Earth will know if the asteroid can strike us.
• The OSIRIS-REx Mission, headed by NASA and the University of Arizona, plan to launch an unmanned spacecraft on September 8 in the efforts to reach Bennu in August 2018.

ANSWER: Syed Nayeemuddin

Explanation:
The Mohun Bagan Ratna was conferred on former India captain and later National coach Syed Niyammuddin who became the 16th recipient of the prestigious award.

• Nayeem who contributed as a player and coach received a citation of INR 1 lakh.
• Karuna Shankar Bhattacharya award for best footballer was shared by Sony Norde and Jeje Lalpehklua.

ANSWER: Bipin Rawat

Explanation:
Government of India has cleared the name of Lt General Bipin Rawat as the new Army vice chief from September 1, while Lt Gen P M Hariz will replace him as the Southern Command chief.

• The force on August 1 also got a new signal officer-in-chief in Lt Gen A R Prasad.

ANSWER: Dilip Babasaheb Bhosale

Explanation:
Justice Dilip Balasaheb Bhosale has taken over as Chief Justice of the Allahabad HC.

• Governor Ram Naik administered the oath in the presence of HC judges and other dignitaries
• Post has been vacant since Justice Chandrachud has been elevated to SC.
• Born in 1956, Justice Bhosale belongs to freedom fighter family and his father Babasaheb Bhosale has served as Maharashtra CM.
• Justice Bhosale was also Chairman of the Bar Council of Maharashtra and Vice Chairman of the Bar Council of India.

ANSWER: Andhra Pradesh

Explanation:
AP government on 31st July 2016 inked an MoU with Japan to develop food value chain in the state.

• As per the MoU, Japan’s Ministry of Agriculture, Forestry and Fisheries will promote direct investment in agriculture and food related industries by Japanese companies, in Andhra Pradesh.
• Along with developing a food value chain, it will also establish food industrial parks and develop cold chains.

ANSWER: Ravi Velloor

Explanation:
This book by Ravi Velour chronicles the nation’s journey before PM Modi took the reigns of the nation.

• Book was released in April 2016 by Singapore ESM Goh Chok TOng.
• Book captures significant events of the year under former Indian PM Manmohan Singh and examine how the country handles the issue.
• Ravi Velloor is associate editor of Singapore newspaper The Strait Times.

ANSWER: TN HC

Explanation:
Tamil Nadu Assembly on August 1, 2016 passed a resolution unanimously for renaming the Madras HC as the Tamil Nadu HC.

• Resolution was moved by TN CM Jayalalithaa
• Resolution was passed in light of High Courts (Alteration of Names) Bill 2016 introduced in LS on 19th July 2016 introduced by Minister of Law and Justice, Ravi Shankar Prasad aiming to modify HC names of Bombay, Calcutta and Madras

ANSWER: Both of the above

Explanation:
The first round the world solar powered trip was completed when Solar Impulse piloted by Bertrand Picard and Andre Borschberg landed in Abu Dhabi.

• The voyage began from Abu Dhabi in March last year.
• 17 stage journey covered 42,000 km taking in 4 continents, 3 seas and 2 oceans.

ANSWER: Macedonia

Explanation:
President of India Shri Pranab Mukherjee extended greetings to the government and people of the Republic of Macedonia on the eve of their national day (August 2, 2016).

• The current president of the country is Gjorge Ivanov.

ANSWER: Pradhan Mantri Rojgar Protsahan Yojana

Explanation:
New scheme called Pradhan Mantri Rojgar Protsahan Yojana has been announced in the Budget for 2016-2017 for promoting employment generation.

• An allocation of INR 1000 crores has been made.
• Scheme is being implemented by Ministry of Labour and Employment in 2016-2017.
• Scheme is targeted for workers earning up to INR 15,000 per month.

ANSWER: Both of the above

Explanation:
Buckingham Canal and irrigation canals from Kakinada to Pedaganjam linked with Godavari and Krishna rivers has been declared National Waterway-4.

• Close to INR 4.5 crore has been allowed for development of the same.
• NW-4 will be developed in a phased manner. This also includes irrigation canals from Kakinada to Vijayawada and the stretch of Krishna river from Muktyala to Vijayawada.

ANSWER: 12

Explanation:
Out of these Central Institute of Hotel Management, Guwahati, Central Institute of Hotel Management, Shillong, State Institute of Hotel Management, Gangtok and Food Craft Institute, Nawgaon are operational.

• The State Government/Union Territory Administrations have been advised by the MoT to set up Hospitality Development Boards if the same do not exist in their respective States/Union Territories.
• The State Government of Maharashtra has reportedly setup Hospitality Development and Promotion Board.

ANSWER: National Ganga River Basin Association

Explanation:
In a step towards implementation in Namami Gange in mission mode, the Empowered Steering Committee of the National Ganga River Basin authority approved projects worth INR 400 crore.

• Projects include development of ghats and crematoria from Rudraprayag to Guptkashi.
• It also includes rehab of ghats and crematoria in Kanpur, diversion of sisamau and other nails in the city, development of ghats and crematoria in Bijnor and Allahabad as well as Kahalgaon.