Current Affairs– March 15 2016

INDIAN AFFAIRS

UP GOVT Shows Green Signal To Kanpur Metro Project, Senior Citizen Policy

UP Govt approved a policy for senior citizens recently under which it will establish old age homes for them. The Govt has also declared to raise monthly pension from Rs. 300 to Rs. 400.

• The policy will come into effect from 1 April 2016 and the social welfare department has been made the nodal agency for this new policy.
• The policy reserves 25 percent seats in these old age homes for the BPL families who will be provided free residence and food

India’s First Education Focused Accelerator Programme Started At MIT, PUNE

Edugild, India’s first education technology accelerator has been set up by Maharashtra Institute of Technology at Pune. It will focus only on the education sector. The CEO of the Eduglid programme is Rishi Kapal.

• Edugild will conduct two batches every year.
• Start-ups will receive seed funding worth Rs 15 lakh in return for a minority stake.

Jammu & Kashmir adopts new Industrial policy

Jammu & Kashmir adopts new industrial policy to attract an investment of Rs.2000 crores every year. The policy will hold good for 10 years.

• The State Administrative Council under the chairmanship of Governor N N Vohra, approved the Industrial Policy-2016
• The new policy was framed by the Industries and Commerce department

Maharashtra passes Prohibition of Social Boycott bill

In a move to strengthen the laws against discrimination the Maharashtra government passed the prohibition of social Boycott bill in its state assembly.

• The social boycott is prohibited and its commission shall be an offence.
• The maximum punishment for social boycotting will be 7 years in prison or fine up to 5 lakh rupees or both

International Children’s Film Festival for the North East Region began in Gangtok

The International Children’s Film Festival for the North East Region began in Gangtok.The Festival named, “The Golden Elephant” has been organised by the Children’s Film Society of India, in association with the Sikkim Government’s Culture and Heritage and Human Resources Development Departments.

• Over a dozen children films from the country and abroad are to be screened during the three day long Film Festival. Workshops on film making and also on storytelling and creative writing will be held as a part of the event.

Children’s Film Society of India:

• CFSI established in 1955 as an autonomous body under the Ministry of Information and Broadcasting.
• Film body promotes films that provide healthy and wholesome entertainment for children to broaden their perspective and encourage them to reflect on the world around.
• Chairman: MukeshKanna
• Headquarters: Mumbai.

MoU Signed Between M/O Tourism and Ecotourism Society of India for Responsible and Sustainable Tourism
The Ministry of Tourism, Government of India signed a MOU with the Ecotourism Society of India (ESOI) to take its commitments to Responsible and Sustainable tourism.

• Under this MOU it is projected that sustainable tourism and Responsible Tourism will take the front and achieve the commitments of the Ministry’s action plan. The ESOI will prepare a 10-year Road Map for advocacy and certification under the Sustainable Tourism Criteria for India.
• Over the past eight years it attempted to spread awareness and educate tourism service providers as well as local government officials on the urgent need to ensure sustainable tourism practices,13 workshops have been conducted across the country in this context

Ecotourism Society of India:

• The Ecotourism Society of India established under the advice of Ministry of Tourism in 2008.
• The Society seeks to promote environmentally responsible and sustainable practices in the tourism industry across the country.

INTERNATIONAL AFFAIRS

China to set up an International Maritime Judicial Centre

China’s Supreme Court is setting up its own international maritime “judicial centre” to handle territorial disputes. China has been consistently fighting with its neighbours in Maritime borders in South China Sea.

• China claims a large swathe of the South and East China Sea, creating multiple overlaps with areas claimed by the Philippines, Vietnam, Brunei, Malaysia, Taiwan

UNESCO & CJ Welfare signs agreement to launch Rainbow Ruby

In a move to support the education of girls across the world, UNESCO has joined hands with CJ Welfare to start an animation program named Rainbow Ruby.

• Organizations involved: UNESCO, CJ Welfare, Varkey foundation
• The agreement was signed during the 2016 Global Education and Skills Forum, hosted by the Varkey Foundation

BANKING & FINANCE

ICICI Bank Ties up with Ferrari for co-branded Credit Card
India’s largest private sector lender ICICI has signed a pact with Italian luxury sports  car manufacturer Ferrari to issue co-branded credit cards.

• The Ferrari Credit Card comes on the Visa platform in two variants and offers customers a host of offers including an all-expenses-paid trip for top spenders to Italy and also includes a Scuderia Ferrari watch as a joining gift.
• The card comes with benefits include discount on Ferrari branded products at the Ferrari Store in Ferrari base Maranello and merchandise sold online at the Ferrari Store and Myntra.com
• Beneficiaries also gets complementary access to domestic airport lounges in the country and a ‘buy one, get one free’ offer on bookings done on bookmyshow.com platform.
• The lender has over 34.69 lakh outstanding credit cards as of November.

Ferrari:

• Founded: 1947
• Headquarters: Maranello, Italy.
• CEO: AmedeoFelisa.

Kotak Mahindra Group ties up with Canada Pension Plan for investment in Indian stressed assets
Kotak Mahindra Bank Group has signed an agreement up with Canadian Pension Plan Investment Board (CPPIB) to launch a $525 million fund to invest in the stressed asset market in India. The Canadian pension fund manager will have the option to invest up to $450 million in this partnership

• Under this agreement stated fund will work with Kotak Mahindra Group and its associate firms.
• Phoenix Asset Reconstruction Company (ARC) Pvt. Ltd, to locate opportunities in the stressed asset market in India. Kotak Mahindra Bank currently owns 49% stake in Phoenix ARC.
• Gross non-performing assets of 39 listed banks surged to Rs.4.38 trillion in the quarter ended 31 December 2015 also Crisil Ratings had emphasized that it expects stressed assets in the Indian banking system to rise to over Rs.7 trillion (or 11.3% of total loans) by March 2017, from about Rs.4 trillion (7.2% of total loans) as on March 2015.

Kotak Mahindra Bank:

• Founded: 1985 Started banking operations in 2003.
• H/Q – Mumbai, Maharashtra
• Founder & Executive Vice Chairman – Shri UdayKotak
• Tagline – Lets make money simple

BUSINESS

Glenmark gets final FDA nod for migraine relief drug
Mumbai based Glenmark Pharmaceuticals Inchas received in principal approval from the US Food and Drug Administrator to manufacture and market therapeutical equivalent of Endo Pharmaceutical’s Frova tablets, used to treat migraine headaches, in America.

• The company has been granted final approval for Frovatriptan Succinate Tablets, 2.5 mg, Glenmark emphasized the approved product has an estimated market size of $87.8 million for the 12 months ended January 2016.
• The company’s current portfolio consists of 61 ANDAs pending approvals from the US FDA and 108 products authorised for distribution in the US.

Glenmark Pharmaceuticals:

• Headquarters: Mumbai.
• Founded:  1977

Govt Bans More Than 300 Combination Drugs
Government has banned the manufacture and sale of more than 300 combination medicines, including two widely used cough syrups, and Vicks Action 500 being sold without government approval.

• The banned medicines include the codeine-based cough syrups Phensedyl and Corex, Phensedyl made by U.S. drug maker Abbott Laboratories, accounts for about a third of the Indian cough syrup market, and its sales are estimated to make up more than 3 percent of Abbott’s $1 billion India revenue. Corex is sold by Pfizer.

Combination Drugs:

• Combination drugs are used worldwide to improve patient’s compliance, as it is easier to get patients to take one drug rather than several.
• To classify combined medicines in 2014, India set up a committee to review more than 6,000 combinations that had entered the market based only on state regulators’ approval of which more than 300 drugs have been prohibited now

AWARDS & RECOGNITIONS

Jagran Group CEO and Dainik Jagran editor, chosen IAA Editor of the Year

The Jagron Group CEO and the Editor of the well known daily, Dainik Jagran, Sanjay Gupta has been chosen as the Editor of the Year at the fourth Indian Advertising Association Awards in Mumbai.

• The IAA Hall of Fame has included another name, Mr. Bharat Patel of Procter and Gamble for building Vicks Brand in India.

APPOINTMENTS & RESIGNS

Myanmar Elects its First Civilian President : A Report

It must be a historical moment for Myanmar as its selects its first Civilian President, Htin Kyaw, in fifty years of military rule. He is a close ally of Aung Sang Suu Kyi, who became victorious in the last national elections. However, she herself cannot hold the constitutional post.

• The president is chosen from candidates put forward by each of the two houses of parliament, in addition to a third nominee from the military.

SCIENCE & TECHNOLOGY

Europe and Russia launched Exo-Mars to explore the Red Planet

Europe and Russia launched an unmanned spacecraft, named ExoMars 2016, to explore if life once existed on the Red Planet or still possibilities are there for existence.

• The ExoMars programme is a joint endeavour between European Space Agency (ESA) and the Russian space agency, Roscosmos
• It aims to explore whether life has ever existed on Mars

Earthquake Warning System Installed At Haryana Govt’s Building

The new Secretariat in Haryana has become the only building in India to have an Earthquake Warning System installed onsite.

• The ‘Early Earthquake Warning and Security System’ has been installed by Terra Techcom free of cost. Around 26 countries in the world have this technology already. This system can save lives by giving alert of a future earthquake well ahead of time.

Wikipedia Developing Speech Engine for Visually Impaired Users
Wikimedia Sweden has partnered with the KTH Royal Institute of Technology in Sweden to develop the crowd-sourced speech engine in order to make more accessible to the visually impaired users.

• The project aims to provide access to Wikipedia and other wikis to people with reading difficulties or visual impairment. Initially the service will be on the Swedish language will be extended in 280 languages that Wikipedia is currently available.
• Speech synthesis platform which will be optimized for Wikipedia but open source and free for use on sites running the MediaWiki software.
• Researchers will begin developing the engine for Swedish, English, and Arabic, which they aim to complete by September 2017.

Wikipedia:

• Wikipedia formally began with the launch of Wikipedia on 15 January 2001,aviallable in 288 editions.
• Wikipedia is ranked among the ten most popular websites.

SPORTS

Delhi lift Llyod Pro-Am Championship trophy
In the 20th edition of the India’s most prestigious corporate Golf tournament Delhi emerged as a winner by defeating Mumbai to lift the 20th Lloyd Business Today Pro-Am of Champions golf tournament.

• The summit clash of this event was played at the Jack Nicklaus designed Classic Golf Resort in Gurgaon New Delhi.
• Business Today Pro Am of Champions 2016 is one of the finest and most prestigious golf tournaments for the top executives across India.

Lloyd Business Today Pro-Am of Champions

• Lloyd Business Today Pro-Am of Champions is most prestigious corporate Golf events in India. It is an exclusive invitational event for CEOs and corporate heads across India.
• In its 20th edition, the tournament was played across 4 regions and culminated with the national finals.

OBITUARY

Nobel Prize winner Lloyd Shapeley passed away

The World famous Mathematician ,Economist and Nobel laureate Lloyd S Shapeley passed away at 92 in Arizon, USA.

• He was the creator of the game ‘so long sucker’
• He also worked as a professor at the University of California from 1981 till his death

Renowned British author Anita Brookner passes away

British award-winning novelist and art historian Anita Brookner passed away.She died at the age of 87.

• She was highly regarded as a stylist and her novels explore themes of emotional loss and difficulties associated with fitting into society, and typically depict intellectual, middle-class women.

Anita Brookner:

• London born novelist graduated in BA History from King’s College London In 1949, was the first woman to hold the prestigious Slade Professorship of fine art at Cambridge University.
• She also taught at the Courtauld Institute of Art. Her first novel, A Start in Life was published in 1981 at the age of 53. Her most recent novel was published in 2011.
• She has awarded with Man Booker prize in 1984 and in 2010 she had won James Tait Black Memorial

IMPORTANT DAYS

World Consumer Rights Day – March 15

World Consumer Day is celebrated across the World on 15th March 2016. The Day is an occasion of solidarity among consumers and to promote the basic rights of all consumers, for demanding that those rights are respected and protected, and for protesting the market abuses and social injustices which undermine them.

• Theme for the World Consumer Rights Day 2016 – Antibiotics off the menu.
• It is a campaign to stopover the sale of meat raised up with the use of antibiotics important to human medicine.