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Daily Current affairs - December 27th, 2017 for all competitive exams

President inaugurated Centenary conference of IEA
Indian President Ram Nath Govind inaugurating the centenary conference of Indian Economic Association (IEA)
  • In the conference he stated that India commemorates the 75th Independence day by the resolution of “insufficient access to health care, education, housing and civic amenities have to be addressed to achieve the dreams of a new India by the year 2022”
Indian Economic Association is a registered body of Indian Economic  Professionals, established way back in 1917, with the objective of providing a  forum for debate and discussion of theoretical and policy oriented issues of  Economic Science. 
  • The IEA organizes annual conferences, special seminars and lectures by eminent persons of the profession.
  •  The IEA has so far organized 99 annual conferences in different parts of the country. A list of the past Presidents and the venues of the Annual Conferences of the Association is given separately.
  •  The IEA is also a member of the International Economic Association.
India to become the fifth largest economy in 2018, says report
India is set to overtake the United Kingdom and France to become the world’s fifth largest economy next year.
  • Currently ranked seventh, India will move up to fifth place in 2018 and vault to the third spot by 2032.
  • The annual rankings were released by the Centre for Economics and Business Research, a London-based consultancy.
  • The report says the United States, the world’s largest economy, will be overtaken by China in 2030.
Centre releases draft action plan to tackle air pollution in Delhi
A high-level task force headed by the principal secretary to the Prime Minister has released a 12-point draft plan to tackle pollution in Delhi NCR. The task force includes senior officials from the environment, agriculture, earth sciences, transport, power and petroleum ministries and principal secretaries of Delhi and NCR states.
  • The task force was formed after a severe spell of pollution in the region in November when air quality remained at hazardous levels for almost two weeks. The centre and the Union environment ministry faced flak for failing to coordinate actions across states that impacted Delhi NCR’s air quality.
  • The environment secretary is tasked with ensuring implementation of the measures, while the task force will step in occasionally to monitor progress. The direct intervention by the PMO would give the action plan more heft.
  • Principal secretary to the Prime Minister: Nripendra Mishra
Finance Ministry to issue recapitalisation bonds to PSBs
The Ministry of Finance is likely to issue the first tranche of recapitalisation bonds to public sector banks (PSB) in early January.
  • The recapitalisation bonds will not be sold in open market and will be issued to all banks. Apart from this, the government will also infuse capital worth Rs 8,000 crore on the basis of performance.
  • Earlier in October, the government had announced an unprecedented PSU banks recapitalisation programme of Rs 2.11 lakh crore. This was essential to improve the lending capacity of the banks and to increase public spending on infrastructure.
The government will issue bonds worth Rs 1.35 lakh crore to PSBs against equity shares. This then becomes a cash-neutral transaction (instead of a direct cash infusion). 
  • The government can also float a bank holding company, transfer all its shares in PSBs to this   corporate entity, infuse some capital into this entity. This entity then borrows in the market against its equity as a AAA Quasi-Sovereign entity and uses the money to recapitalise the banks.
Parliamentary standing committee report on ‘Prasad’ scheme
The parliamentary standing committee on transport, tourism and culture has referred to the tourism ministry’s flagship Pilgrimage Rejuvenation and Spiritual Augmentation Drive (Prasad) scheme as one whose conceptualisation is “radically wrong” and which needs a “complete relook”.
  • The standing committee noted that the scheme was not running properly even three years after its launch.
  • States are not actually buying the idea of tourism department and their plan. The committee visited Karnataka, Andhra Pradesh and Telangana and during deliberations of the committee, it came to know that they have their own tourism policy. But it seems there is no coordination with the central government.
  • The committee also notes that there is something radically wrong with the conceptualisation of the ‘Prasad’ scheme itself. The committee finds that study of the ‘Prasad’ scheme shows that it has not been properly conceived at all.
PRASAD scheme aims to create spiritual centres for tourism development within the nation. To implement the PRASAD scheme a Mission Directorate has been set up in the Ministry of Tourism.
  • Twelve cities namely Amaravati (Andhra Pradesh), Gaya(Bihar), Dwaraka(Gujarat), Amritsar(Punjab), Ajmer(Rajasthan), Kanchipuram(Tamil Nadu), Vellankani(Tamil Nadu), Puri(Odisha), Varanasi(Uttar Prasesh), Mathura(Uttar Pradesh), Kedarnath (Uttarakhand) and Kamakhya (Assam) have been identified for development under Pilgrimage Rejuvenation and Spirituality Augmentation Drive (PRASAD) by the Ministry of Tourism.
President Ram Nath Kovind inaugurates Andhra Pradesh Fiber Grid Project
President Ram Nath Kovind formally inaugurated the Andhra Pradesh Fiber Grid Project at Amaravathy.
  • The project, initiated by Chief Minister N Chandrababu Naidu, aims to expand high speed internet facility in the state.
  • It aims to cover over 1.45 crore households, more than 12,000 panchayats and 60,000 schools.
  • It will also provide internet facilities to 10,000 government offices, 96 municipalities, 14 Corporations and 6,000 Public Health Centres in the state.
AP Fibre Grid project, will provide the three services at tariffs starting as low as Rs 149 for 5 GB data at 15 MBPS speed and 250 TV channels and a free telephone connection.
  • While there are two other plans of Rs 399 and Rs 599 for households, for private offices and institutions, the plans start at Rs 999 for 50 GB at 100 MBPS and Rs 2499 for 250 GB.
Home ministry directed all NGOS to open bank accounts within a month
The home ministry has directed all NGOs, business entities and individuals who receive funds from abroad to open accounts in any of the 32 designated banks, including one foreign, within a month for higher level of transparency. It also asked them to ensure that such funds are not utilised for activities detrimental to the national interest.
  • The directive to the NGOs, companies and individuals to open foreign contribution accounts in banks, which are integrated with the central government’s Public Financial Management System (PFMS), came for providing a higher level of transparency and hassle-free reporting compliance.
The Foreign Contribution (Regulation) Act 2010 provides for the regulation of acceptance of the foreign funds or foreign hospitality by certain individuals, associations, organisations and companies “to ensure that such contributions or hospitality is not being utilised for the activities detrimental to the national interest”.
  • The PFMS, which functions under the Controller General of Accounts in the Ministry of Finance, provides a financial management platform for all plan schemes, a database of all recipient agencies, integration with core banking solution of banks handling plan funds, integration with state treasuries and efficient and effective tracking of fund flow to the lowest level of implementation for plan scheme of the government.
IAS officers - Reveal asset details by Jan.31
All IAS officers have been asked to submit details of their assets by next month, failing which they would be denied vigilance clearances needed for promotions and foreign postings.
  • The Department of Personnel and Training has written to all Central government departments, States and UTs asking them to ensure submission of Immovable Property Returns by IAS officers by Jan. 31, 2018.
West Bengal government to make Sagar Island no-plastic zone
The West Bengal government has initiated measures to make Sagar Island – the venue for the annual Gangasagar Mela – a plastic-free zone.
  • The local administration has been asked to ensure that pilgrims coming to the area for the Gangasagar Mela do not the litter the place or the Ganges water with non-biodegradable materials.
  • The administration has been distributing leaflets to the local people and the visitors to create awareness on the matter.
  • Besides, microphones installed at five ghats in the area will be guiding people on garbage disposal.
  • Two types of bins will be placed at the ghats. While the green ones are for biodegradable garbage, the yellows will be for non-biodegradable materials.
World Bank made an agreement with Tamil Nadu to give $318 million loans for irrigation projects
  • The World Bank will provide a US $318 million loans for modernisation of irrigation projects in Tamil Nadu.
  • A tripartite agreement was signed between the central government, the World Bank and the Tamil Nadu government.
  • Tamil Nadu is a water-stress state that continues to experience water shortages.
The World Bank is an international financial institution that provides loans to countries of the world for capital programs.
  • Headquarters: Washington D.C.
  • President: JimYong Kim
  • CEO: Kristalina Georgieva
Panel seeks more powers for SEZ board
A committee constituted by the Department of Commerce — to make recommendations for aligning the Special Economic Zone (SEZ) Rules with the Goods and Services Tax (GST) laws as well as for removal of various difficulties faced — has suggested that the inter-ministerial Board of Approval (BoA) be accorded powers to grant exemption, relaxation or relief to units and developers from certain rules to promote these zones.
  • Chairmanship of L.B. Singhal, Development Commissioner, Noida SEZ
  • The BoA [the highest decision-making body on SEZs] may, in public interest, pass such orders or grant such exemption, relaxation or relief, as it may deem fit and proper, on grounds of genuine hardship and adverse impact on trade to any person or class or category of persons from any provisions of SEZ Rules.
A special economic zone (SEZ) is an area in which business and trade laws are different from rest of the country. SEZs are located within a country's national borders, and their aims include: increased trade, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. 
  • The creation of special economic zones by the host country may be motivated by the desire to attract foreign direct investment (FDI)
  • It should come as no surprise that China first pioneered the idea of SEZs by creating four of them in 1980. The first four SEZs were all based in southeastern coastal China and made up of Shenzhen, Zhuhai, Shantou and Xiamen.
India, Israel hold talks on cooperation in defence and security
Ahead of Israeli Prime Minister Benjamin Netanyahu’s visit to India next month, the two countries reviewed their cooperation in strategic areas such as defence and homeland security.
  • The review is done by Indian delegation led by Secretary Economic Relations in the Ministry of External Affairs (MEA) Vijay Gokhale.
  • The two sides reviewed our relations in defence, agriculture, S&T (science and technology), education and homeland security.
Israel
Capital
Jerusalem(UN Opposed)
Currency
Israeli new sheikel
Prime Minister
Benjamin Nethanyahu
President
Reuven Rivlin
Saudi Arabia hosts world chess games
Saudi Arabia is hosting a world chess tournament for the first time nearly two years after the country’s top cleric issued a religious edict against playing the board game.
  • The tournament, called the King Salman World Rapid and Blitz Chess Championships, runs until week end.
  • It includes around 240 players both men and women from 70 countries. There are 16 players from Saudi Arabia.
  • The world’s top three chess players from Norway, Armenia and Azerbaijan are participating in the tournament. There is also a women’s chess tournament taking place alongside the open championship.
Saudi Arabia
Capital
Riyadh
Currency
Saudi riyal
King
Salman
Russia remains China’s largest crude oil supplier for the ninth month
Russia held on as China’s largest crude oil supplier for the ninth month in a row in November, also topping Saudi Arabia for the year.
  • Shipments from Russia in November reached 5.12 million tonnes, or 1.26 million barrels per day (bpd), up 11 percent from a year ago, according to detailed commodity trade data.
  • Iraq supplies ranked third in November with shipments at 4.21 million tonnes.
Russia
Capital
Moscow
Currency
Russian ruble
President
Vladimir Putin
China launched Yaogan 30 project
China has launched its Long March 2C rocket with a trio of Yaogan-30 satellites into space.
  • It is developed by the Chinese Academy of Sciences (CAS), the Yaogan-30 03 trio consists of three identical satellites equipped with two deployable solar arrays.
Yaogan is a series of Earth-observing satellites launched by China since 2006. The satellites are intended for scientific experiments, land survey, crop yield assessment and disaster monitoring.
Malware may spread via FB Messenger
A new cryptocurrency-mining bot, named “Digmine”, that was first observed in South Korea, is spreading fast through Facebook Messenger across the world.
  • After South Korea, it has since spread to Vietnam, Azerbaijan, Ukraine, the Philippines, Thailand and Venezuela. It is likely to reach other countries soon, given the way it propagates
“Digmine” is coded in AutoIt and sent to would-be victims posing as a video file but is actually an AutoIt executable script. If the user’s Facebook account is set to log in automatically, “Digmine” will manipulate Facebook Messenger in order to send a link to the file to the account’s friends.

Malware is software that is specifically designed to gain access or damage a computer without the knowledge of the owner. There are various types of malware including spyware, keyloggers, true viruses, worms, or any type of malicious code that infiltrates a computer.
Vodafone to launch VoLTE services in India in January
Vodafone India confirms the roll-out of its Voice over LTE (VoLTE) services beginning January 2018.
  • In the first phase, Vodafone VoLTE service will be available in Mumbai, Gujarat, Delhi, Karnataka and Kolkata and will extend across the country in a short time.
  • Vodafone says its new service will enable HD quality voice calls along with faster call set up time.
Vodafone India
Head quarters
Mumbai
CEO
Sunil Sood
BSNL set to launch 4G services in January
State-owned Bharat Sanchar Nigam Ltd (BSNL) will launch its 4G services from Kerala next month, followed by Odisha.
  • The telecom corporation hopes that the ensuing 4G launch on Long Term Evolution route will enable its mobile customers to enjoy faster data speeds and improve its user experience.
  • BSNL Chairman and Managing Director Anupam Shrivastava said we are going to start 4G from Kerala. That will be our first circle on 4G LTE.
Gujarat Chief Minister to inaugurate National Children Science Congress in Ahmedabad
Gujarat Chief Minister Vijay Rupani inaugurated the 25th National Children Science Congress in Ahmedabad.
  • 50 children and teachers from Asian nations will participate in the event this year.
  • Apart from science exhibition, the event will witness various activities such as hands-on demonstrations, presentations by child scientists, poster session and cultural programmes.
National Children's Science Congress (NCSC) is a nationwide Science Communication programme started in the year 1993.
  • It is a programme of National Council for Science and Technology Communication (NCSTC), Department of Science and Technology, New Delhi.
  • It is a forum children of the age-group of 10-17 years, both from formal school system as well as from out of school, to exhibit their creativity and innovativeness and more particularly their ability to solve a societal problem experienced locally using by method of science.
IPS officer Abhay appointed as NCB Director General
Senior IPS officer Abhay was appointed as Director General of Narcotics Control Bureau (NCB), according to an official order.
  • He is at present working in Central Reserve Police Force (CRPF).
  • The Appointments Committee of the Cabinet has approved his appointment to the post till November 18, 2019, the order issued by Department of Personnel and Training (DoPT).
  • The post was lying vacant after R R Bhatnagar took over as DG of CRPF in April this year.
The Narcotics Control Bureau (NCB) is the nodal drug law enforcement and intelligence agency of India responsible for fighting drug trafficking and the abuse of illegal substances.
The Director General of NCB is an officer of the Indian Police Service(IPS) or the Indian Revenue Service(IRS).
Jairam Thakur sworn-in as Chief Minister of Himachal Pradesh
Jai Ram Thakur took oath as the chief minister of Himachal Pradesh in the presence of Prime Minister Narendra Modi and a host of other leaders in the state capital Shimla.
  • Jai Ram is the first chief minister from the second largest Mandi district and the 14th chief minister and sixth person to adorn the office of the chief minister.
  • Thakur had earlier served as minister from 2009 to 2012. He was state BJP chief from 2006 to 2009
Anushka Sharma is PETA’s ‘Person of the Year’
Actress Anushka Sharma has been named PETA's Person of the Year by animal rights organisation People for Ethical Treatment of Animals (PETA). 
  • Anushka is a vegetarian, has nabbed the title for helping to protect dogs from fireworks to advocating for horses that are forced to pull carriages in Mumbai. She was named PETA's Hottest Vegetarian Celebrity in 2015.
People for the Ethical Treatment of Animals are an American animal rights organization based in Norfolk, Virginia, and led by Ingrid Newkirk, its international president. Founded in 1980.

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