Current Affairs Questions & Answers - Feb 23, 2017

ANSWER: Vijaya Bank

Explanation:
Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with Vijaya Bank for providing concessional finance to micro and small enterprises (MSEs).

The MoU aims at promoting and strengthening units in the MSE segment through concessional funding - that is, at the marginal cost of funds-based lending rate (MCLR) of Vijaya Bank under refinance from SIDBI.

The MoU also envisages joint financing/co-financing of MSMEs for meeting capital expenditure under the ‘SIDBI Make in India Soft Loan Fund for Micro, Small & Medium Enterprises’ scheme at concessional rate of 9.60 per cent.

This is along with working capital from Vijaya Bank.

The resources and expertise of SIDBI in MSME financing and the outreach of Vijaya Bank are proposed to be leveraged.

This initiative of SIDBI and Vijaya Bank will go a long way in creating a conducive ecosystem for MSEs desirous of accessing concessional/composite funding.

Vijaya Bank's partnership with Small Industries Development Bank of India would further improve the financing of MSMEs.

This year alone, nearly 500 new entrepreneurs have been financed by Vijaya Bank to set up greenfield projects under the ‘Stand Up India’ scheme. Further, the bank has lent over INR1,250 crore this year alone under the ‘Pradhan Mantri Mudra Yojna (PMMY).

Vijaya Bank: Know More

• Headquarters: Bengaluru
• CEO: Kishore Kumar Sansi (1 Jan 2015)
• Founder: A. B. Shetty
• Founded: 1931

ANSWER: Mehriban Aliyev

Explanation:
Azerbaijan’s President Ilham Aliyev appointed his wife Mehriban Aliyev as the First Vice President of the country.

The position was created after a constitutional referendum in September, 2016.

According to Azerbaijan’s constitution, the First Vice President takes over the country’s presidency if the president is unable to perform the duties.

Azerbaijan's President Ilham Aliyev has appointed his wife Mehriban as his deputy, further entrenching the power of the family in what one opposition leader denounced as a first step to establishment of an absolute monarchy.

Ilham Aliyev assumed the presidency of the oil and gas exporter in 2003 after the death of his father Heydar, whose rule stretched back into Soviet times.

Mehriban herself hails from one of the most wealthy and influential families in the country, the Pashayevs.

Ilham Aliyev's hold on power was tested in 2016 when low prices for Azerbaijan's main export, oil, hit the currency and pushed up prices for staple goods like flour. However, oil prices have recovered and the currency has stabilised.

Mehriban Aliyev, 52, is a member of parliament and a UNESCO goodwill ambassador. But her most prominent role until now has been as head of the Heydar Aliyev Foundation, and her official title will be First Vice President, a post that was created last year following a referendum on constitutional changes.

The revised constitution does not specify what duties the first vice president has.

European institutions and rights bodies have accused the Azeri authorities of curbing free expression and preventing fair elections.

Azeri officials deny those accusations, saying Aliyev's rule has brought prosperity and stability to a country located in an area, the southern Caucasus, that has seen several conflicts since collapse of the Soviet Union in 1991.

Azerbaijan: Know More

• Capital: Baku
• Code: +994
• Currency: Azerbaijani manat
• Official language: Azerbaijani
• Continent: Asia, Europe

ANSWER: Delhi

Explanation:
India’s first heliport, built by state-owned Pawan Hans in the northern part of the capital, is set to become functional from Feb 28 2017, a year after successfully undergoing trial runs.

The heliport, set up at Rohini area of North Delhi, consists of a terminal building having capacity of 150 passengers, four hangars with parking capacity of 16 helicopters and nine parking bays.

Besides, it has a maintenance, repair and overhaul (MRO) facility also for the upkeep of Pawan Hans fleet as well as for third-party maintenance work.

Rohini facility is India’s first integrated facility for rotor wing aircraft including their landing and takeoff. It has a terminal building that can cater to 150 passengers per day besides separate air traffic control (ATC), fire and fuelling services.

The commencement of services from here is also expected to reduce congestion at the Delhi Airport, which currently handles about 40-50 helicopter arrivals and departures on an average per day besides the large-scale fixed-wing operations.

Pawan Hans has carried out the Rohini heliport project for the Civil Aviation Ministry.

The heliport will also be used for operating services for disaster management, emergency medical services, law and order surveillance as well as a centre for the skill development of pilots and engineers.

Rohini heliport will also promote regional air connectivity through helicopters in the northern region.

The INR 100-crore project will be inaugurated on February 28 and will be an integrated one with a chopper maintenance, repair and overhaul (MRO) unit part of the complex at Rohini.

Owned by Pawan Hans Helicopters Ltd (PHHL), the hugely-delayed heliport will have a large number of parking bays and an AC passenger terminal building with car parking area for the flyers.

Pawan Hans had successfully carried out the first trial test landing an Eccuriall B3 chopper exactly a year ago to assess standard operating procedures and safety standards. Since then it has carried out many more tests.

This heliport has a terminal building having capacity of hundreds of passengers.

ANSWER: Katamati

Explanation:
Tata Steel's Katamati iron mine was felicitated with the Best Green Organisation of the Year Award at the Global Green Future Leadership Awards in recognition of its environmental protection measures.

The award was presented at a function organised by World CSR Day on February 18 in Mumbai.

Rahul Kishore, Head (Mining Operations), Katamati Iron Mine, Tata Steel received the award on behalf of Tata Steel from Jordan Reeves, Consul General of Canada in Mumbai/

Katamati iron mine has been engaged in environmental protection efforts for years. It has successfully implemented Environmental Management System as per the requirements of ISO 14001:2004.

TATA Steel has always been committed towards the environment protection.

The focus has always been responsible environmental practices and optimal resource utilisation while upgrading skills of workmen through training as technologies evolve.

The Global Green Future Leadership Awards is for any organisation that participates in environmentally friendly or green activities.

It is awarded to ensure that all processes, products, and manufacturing activities adequately address environmental concerns while maintaining a profit.

ANSWER: Entrepreneurship Development Institute of India

Explanation:
The Ahmedabad-based Entrepreneurship Development Institute of India (EDII), an acknowledged national resource institute for entrepreneurship education, research, training and institution-building, has received the prestigious International Mercury Awards for the year 2016-17.

This is for the best overall presentation of its 2015-2016 annual report.

Instituted by MerComm, Inc. the world's only independent awards organization, the International Mercury Awards, honour outstanding achievement in professional communications in around 80 countries.

EDII has not only spearheaded entrepreneurship movement throughout India, but over the years has been instrumental in generating industry-specific content and knowledge through original research.

Founded in 1987, the Mercury Awards promote excellence, quality and performance in the various fields of public relations.

The award entertains participation from agencies, associations, corporations, government agencies, nonprofit groups, and organizations from around 80 countries worldwide every year.

Judges from the International Academy of Communications Arts and Sciences (IACAS) evaluate entries on the basis of objectivity, audience connection, use of imagination and original solutions, use of illustration and overall expression of the message.

EDII: Know More

• Entrepreneurship Development Institute of India (EDII) is an acclaimed International Resource Centre. It is facilitating all facets of Entrepreneurship Development.
• EDII’s mission is to be a catalyst in facilitating emergence of competent first generation entrepreneurs and transition of existing SMEs into growth-oriented enterprises through entrepreneurship education, training, research & institution building.
• EDI’s mission has led to the emergence of several programmes under strategically planned centres to generate awareness, sensitise environment, strengthen institutional linkages and networking and impart training in specialised areas.

Focus Areas

1) Entrepreneurship Education & Research;
2) Micro Enterprises, Micro Finance and Sustainable Livelihood;
3) SMEs & Business Development Services;
4) Cluster Competitiveness, Growth & Technology;
5) Social Entrepreneurship & CSR;
6) Women Entrepreneurship & Gender Studies.

ANSWER: Shurhozelie Liezeitsu

Explanation:
Nagaland People’s Front (NPF) president Shurhozelie Liezeitsu will be sworn in as the state’s eleventh CM.

Zeliang stepped down in the wake of violent protests that broke out when his government wanted to hold municipal elections with 33 per cent reservation for women.

The 81-year-old Liezietsu along with 11 ministers were administered the oath of office and secrecy by Acharya at the Raj Bhavan.

The new Chief Minister is at present not a member of the Nagaland Legislative Assembly. He will have to get elected within six months from taking office.

Liezietsu on 20th Feb 2017 became the consensus candidate for the CM's post after the ruling Democratic Alliance of Nagaland (DAN) unanimously elected him leader of its legislature party at its meeting attended by 59 MLAs.

Nagaland has a 60-member Assembly.

Liezietsu , who is the Naga People's Front president, succeeds T R Zeliang who stepped down on amidst of protests by various tribal organisations against the state government's decision to reserve 33 per cent seats for women in urban local body elections.

Liezietsu had been member of the Nagaland Legislative Assembly for eight terms but did not contest the 2013 assembly elections.

He is also chairman of the ruling DAN.

The ministers inducted today were Kiyanilie Peseyie, Yanthungo Patton, P Longon, C Kipili Sangtam, C L John, Yitachu, Paiwang Konyak, Vikheho Swu, Chotisuh Sazo, Imkong L Imchen and G Kaito Aye.

Out of 11, Imkong L Imchen and G Kaito Aye are the new additions.

Shurhozelie Liezeitsu

• Liezietsu had been member of the Nagaland Legislative Assembly for eight terms.
• He had not contested the 2013 assembly elections.
• He is also chairman of the ruling DAN alliance.

ANSWER: 40,000 MW

Explanation:
The government on 22^nd Feb 2017 approved a plan to double the capacity of solar parks and ultra-mega solar power projects (UMSPP) to 40,000 MW from 20,000 mw.

A roadmap would be finalised shortly to set up at least 50 solar parks, each with a capacity of 500 MW except in hilly areas where adequate land is not available.

These smaller parks in Himalayan and other hilly states, where contiguous land may be difficult to acquire in view of the difficult terrain, will also be considered under the scheme.

These solar parks will be set up by 2019-20 with a financial assistance of Rs 8,100 crore from the Centre.

Following completion, the total capacity of all solar parks will generate 64 billion units of electricity per year, saving 55 million tonnes of carbon dioxide emission per year over their life cycle.

State governments will first nominate solar power park developer (SPPD) and also identify land for the project.

They will then send the proposal to the ministry of new and renewable energy (MNRE) for approval along with the name of the SPPD.

The SPPD will then be sanctioned a grant of up to Rs 25 lakh for preparing detailed project report. Thereafter, Central financial assistance of up to INR 20 lakh per MW, or 30% of the project cost, including grid-connectivity cost, whichever is lower, will be released as per the milestones prescribed in the scheme.

The renewable energy ministry is implementing a scheme for development of at least 25 solar parks with an aggregate capacity of 20,000 MW, which was launched in December 2014.

As on date, 34 solar parks with an aggregate capacity of 20,000 mw have been approved and are at various stages of development.

ANSWER: Cressida Dick

Explanation:
Cressida Dick was named the new commissioner of London's Metropolitan Police on Wednesday, the first woman to lead Scotland Yard in its 188-year history.

Dick, a former assistant commissioner of the force, succeeds Bernard Hogan-Howe, who is stepping down next week.

The Met is Britain's biggest and oldest police force, with 43,000 officers.

Home secretary Amber Rudd said that 56-year-old Dick has a clear vision for the future of the Metropolitan Police and an understanding of the diverse range of communities it serves.

Dick, who left the police force in 2015 to work at the foreign office, led the security operation for the 2012 London Olympics and was highly regarded by many Scotland Yard peers.

She had drawn criticism for commanding an operation after the July 2005 London bombings in which a Brazilian man, Jean Charles de Menezes, was shot after being mistaken for a suicide bomber

Cressida Dick: Know More

• Cressida Rose Dick, CBE, QPM is a British senior police officer.
• She is a Director-general at the UK Foreign and Commonwealth Office.
• She is to be the next Commissioner of the Metropolitan Police, succeeding Sir Bernard Hogan-Howe.
• Born: 1960, Oxford, United Kingdom
• Education: Balliol College, University of Cambridge

ANSWER: Kenneth J. Arrow

Explanation:
Kenneth J. Arrow, who died in California on 21^st Feb 2017, at the age of 95, was an intellectual giant whose contributions to economics have underpinned and transformed much of the discipline.

Professor Arrow was associated with several universities and institutions but mostly with Stanford University, where he was an emeritus professor at the time of his death.

At the age of 51, he was the youngest person to win the Nobel Prize in economics. He won it jointly with John Hicks.

In 1951, while still a student at Columbia University, Professor Arrow wrote Social Choice and Individual Values, which contained what is known as Arrow’s Impossibility Theorem (ironically called the General Possibility Theorem by Arrow himself).

His contribution is considered the foundation of modern social choice theory, for which he is best known.

Arrow left his mark across much of economics, both in terms of his theoretical contributions and through his intellectual impact on others (five of his students won Nobel Prizes).

His contributions include a general equilibrium theory proof, which showed that a set of prices exists at which all markets are in simultaneous equilibrium.

He received a Nobel Prize for his work in this area.

Arrow also made profound contributions to information economics, finance and endogenous growth theory which models the level of technology as being affected by factors within an economy rather than being externally determined.

Arrow’s treatment of topics was highly mathematical yet had huge implications for the important questions of his time, including social welfare, insurance, finance, equality and health.

His interests extended beyond economics to include statistics, philosophy, the arts and wildlife.

What is Arrow’s Impossibility Theorem?

• When voters rank three or more choices, there is no way to aggregate their choices for a society as a whole, in a logically consistent manner.
• This theory holds that if done so, it cannot be attained without violating some basic principles, one of which is not having one person’s preferences overrule the others’.
• This has often been interpreted as voting systems based on ranking one outcome against another as being logically flawed.
• This is unless one individual has dictator-type rights in choosing societal preferences.

ANSWER: XMM Newton

Explanation:
The pulsar is 50 million light years away.

It's a collapsed star spinning around at an increasing speed and sending out as much energy in one second as the Sun does in 3.5 years.

The discovery was made by scientists using the x-ray observatory space craft XMM-Newton managed by the European Space Agency (ESA).

The newly found pulsar is a 1000 times brighter than previously thought possible and also the most distant of its kind ever detected.

It completes one rotation in just over a second.

The discovery of this very unusual object, by far the most extreme ever discovered in terms of distance, luminosity and rate of increase of its rotation frequency, sets a new record for XMM-Newton, and is changing our ideas of how such objects really function.

XMM-Newton observed the object several times in the last 13 years, with the discovery a result of a systematic search for pulsars in the data archive–its 1.13 s periodic pulses giving it away.

The signal was also identified in NASA's Nustar archive data, providing additional information.

Previously, it was held only black holes at least 10 times more massive than our sun feeding off their stellar companions could achieve such extraordinary luminosities, but the rapid and regular pulsations of this source are the fingerprints of neutron stars and clearly distinguish them from black holes, according to scientists.

Only a neutron star is compact enough to keep itself together while rotating so fast.

The scientists think there must be a strong, complex magnetic field close to its surface, such that accretion onto the neutron star surface is still possible while still generating the high luminosity.

What are Pulsars?

• Pulsars are spinning, magnetised neutron stars that sweep regular pulses of radiation in two symmetrical beams across the cosmos.
• If suitably aligned with Earth these beams are like a lighthouse beacon appearing to flash on and off as it rotates.
• They were once massive stars that exploded as a powerful supernova at the end of their natural life. They small and extraordinarily dense stellar corpses.

ANSWER: 6.6%

Explanation:
IMF says India's growth is projected to slow to 6.6 per cent in 2016-17 fiscal due to the strains that have emerged in the economy as a result of "temporary disruptions" caused by demonetisation.

In its annual report, however, the International Monetary Fund (IMF) said demonetisation would have only short term impact on the economy and it would bounce back to its expected growth of more than eight per cent in the next few years.

The post-November 8, 2016 cash shortages and payment disruptions caused by the currency exchange initiative have undermined consumption and business activity, posing a new challenge to sustaining the growth momentum.

Growth is projected to slow to 6.6 per cent in FY2016/17, then rebound to 7.2 per cent in FY2017/18, due to temporary disruptions, primarily to private consumption, caused by cash shortages.

India's economy grew at 7.6 per cent in 2015-16 due to a favourable monsoon, low oil prices and continued progress in resolving supply-side bottlenecks, as well as robust consumer confidence.

The investment recovery is expected to remain modest and uneven across sectors, as deleveraging takes place and industrial capacity utilization picks up, the report said.

IMF Directors supported the Indian efforts to clamp down on illicit financial flows, but noted "the strains that have emerged" from the currency exchange initiative.

IMF EDs commended New Delhi for its strong policy actions, including continued fiscal consolidation and an anti-inflationary monetary policy, which have underpinned macroeconomic stability.

As such, the IMF recommended continued vigilance to potential domestic and external shocks and urged the authorities to further advance economic and structural reforms to address supply bottlenecks, raise potential output, create jobs, and ensure inclusive growth.

All About the IMF

• Headquarters: Washington, D.C., United States
• CEO: Christine Lagarde (since 2011)
• Founded: 27 December 1945, Bretton Woods, New Hampshire, United States
• Leader: Christine Lagarde
• Staff: 2700
• Founders: John Maynard Keynes, Harry Dexter White
• Parent organization: United Nations

ANSWER: UK

Explanation:
Britain beat off tough competition from Japan to hold on to its position as the largest G20 investor in India and the biggest job creator through FDI.

Between 2000 and 2016, the UK invested USD 24.07 billion in India and created 3,71,000 jobs, the Confederation of British Industry (CBI) found in its 'Sterling Assets India' report.

Japan by comparison invested around USD 23.76 billion, followed by the US at USD 19.38 billion as the top G20 investors in India.

The top reasons British firms invest in India are the size and growth potential of the market, the easy availability of talented workers and the stable political system, according to the report.

The analysis, supported by PricewaterhouseCoopers (PwC) and UK India Business Council (UKIBC), found that Britain had increased its investment into India by 1.87 billion pounds between 2015 and 2016.

This is representing 8 percent of all foreign direct investment (FDI) into the country.

These figures reflect the thriving commercial links that Britain's businesses large and small, and from a whole host of sectors have built in India.

From strengthening the UK's leading position as the largest G20 investor in India to being the biggest Indian job creator through direct investment, it's clear the country is a magnet for British firms.

Further reductions in India's corporate tax rates and improvements to the ease of doing business will see the relationship between India and the UK go from strength to strength.

The chemicals sector receives the major share of British investment in India at USD 6.1 billion (25 percent of UK FDI), followed by drugs and pharmaceuticals at USD 4.1 billion (17 percent) and food processing at USD 3.2 billion (14 percent).

The total number of people employed by British companies in India currently stands at 788,000, representing 5.3 percent, or one in 20, of private sector jobs.

UK: Know More

• The United Kingdom is made up of England, Scotland, Wales and Northern Ireland.
• It is an island nation in northwestern Europe.
• Capital: London
• Code: +44
• Prime minister: Theresa May
• Currency: Pound sterling
• Population: 64.1 million (2013) World Bank

ANSWER: 5.8%

Explanation:
The economy would have grown under-6 per cent in the third quarter, destroyed by the note ban, according to SBI Research.

The government will release the December quarter GDP print on February 28.

SBI research holds GDP growth to be decisively lower than 6 per cent in Q3 at 5.8 per cent and 6.4 per cent in Q4.

Overall, the estimate for H2 is 6.1 per cent with a downward bias against CSO's 7 per cent and the fiscal 2017 growth at 6.6 per cent.

In the next year growth could move up faster if demand comes back faster post-remonetisation, it added.

The report said growth will be pulled down by the poor show by sectors like construction, real estate, cement and FMCG, which are likely to witness a decline in sales in Q3 and will recover thereafter.

With the CSO (Central Statistics Organisation) estimate of 7.1 per cent for fiscal 2017, the Q3 and Q4 GDP growth would be around 6.1 per cent and 7.8 per cent.

This is improbable given the extent of liquidity shock that has led to a drastic consumer spending shock.

The 7.1 per cent GDP estimate by CSO implies a 7.8 per cent GDP growth in Q4, which looks highly unlikely.

As per the CSO, GDP is likely to grow by 7.1 per cent in fiscal 2017 compared to 7.9 per cent a year ago.

RBI, on the other hand, estimated GVA growth at 6.9 per cent as against its earlier estimate of 7.6 per cent. Of this 70 bps reduction, 35 bps are attributed to demonetisation and the rest to base effect.

CSO: Know More

• The Central Statistics Organisation (CSO) of India is responsible for co-ordination of statistical activities in India.
• It also oversees evolving and maintaining statistical standards.
• It has a well-equipped Graphical Unit.
• The CSO is located in Delhi.
• Some portion of Industrial Statistics work pertaining to Annual Survey of industries is carried out in Calcutta.