Current Affairs 8th October 2015

Current Affairs 8th October 2015 - Important Points

• Name the scheme under which Union Cabinet approved setting up of three AIIMS - Pradhan Mantri Swasthya Suraksha Yojna

• Framework for Cooperation in Blue Economy between India and Seychelles has been approved by - Union Cabinet

• Name the first Indian to win five medals at Taiwan Cup - Cyclist Deborah Herold

• National War Memorial will be built in - Delhi

• National Watershed Management project Neeranchal approved by - CCEA

• Trade and Development Report 2015 has been released by - UNCTAD

• 2015 Women’s European Volleyball Championship was won by - Russia

• On which day 83rd Air Force Day observed - 8th October

• Which firm has won Popular Choice Award at Climate CoLab of MIT - Indian firm Nualgi

• IMF released - Global Financial Stability Report October 2015

• Who has been elected as the Head of Inter-governmental Panel for Climate Change - Hoesung Lee

• The Courage to Act - A Memoir of a Crisis and Its Aftermath written by - Ben S. Bernanke

Current Affairs 8th October 2015 - Details

Name the scheme under which Union Cabinet approved setting up of three AIIMS - Pradhan Mantri Swasthya Suraksha Yojna

Among the important National Current Affairs, On 7th October 2015, the setting up of three new All India Institutes of Medical Sciences (AIIMS) under Pradhan Mantri Swasthya Suraksha Yojna (PMSSY) by the Union Cabinet chaired by the Prime Minister Narendra Modi.

The new AIIMSs will be set up at Kalyani in West Bengal, at Manglagiri in Andhra Pradesh and at Nagpur in Maharashtra.

These AIIMS will be established as institutes of national importance for providing quality medical education, nursing education and also to provide tertiary healthcare facilities to the people of these locations.

About Pradhan Mantri Swasthya Suraksha Yojna (PMSSY)

This scheme had been launched in 2006 and till now six AIIMS have been made operational and also AIIMS, Rae Barely is under construction.

The AIIMS which have become functional are at Bhopal (Madhya Pradesh), Bhubaneswar (Orissa), Rishikesh (Utaranchal), Patna (Bihar), Raipur (Chhattisgarh) and Jodhpur (Rajasthan).

Framework for Cooperation in Blue Economy between India and Seychelles has been approved by - Union Cabinet

On 7th October 2015, the protocol for cooperation in the field of blue economy has been approved by the Union Cabinet chaired by the Prime Minister Narendra Modi.

On 26th August 2015, during the visit of the President of Seychelles James Michel to India, India and Seychelles signed the protocol.

The protocol lays down the procedure and mechanism of cooperation between the two parties for ocean studies as well as scientific exploration and exploitation of sea based resources, for sustainable development and economic purposes.

How the Protocol will be beneficial for India?

• It will strengthen India’s strategic cooperation in the field of blue economy; commercial benefits from export of human resources, expertise and technology and it will increase India’s access to ocean-based resources in cooperation with Seychelles.
• New data on ocean-based resources will be provided and also for sharing of expertise and technology developed by Indian scientists and research institutes. It will also help domestic innovation in the field of ocean research and technology.

Do You Know :

The Blue Economy is a developing world initiative developed by SIDS (Small Island Developing States) but applicable to all coastal states and countries with an interest in waters beyond national jurisdiction.

It deliberates oceans as “Development Spaces” where spatial planning integrates conservation, sustainable use, oil and mineral wealth extraction, bio-prospecting, sustainable energy production and marine transport.

The Blue Economy breaks the mould of the business as usual “brown” development model where the oceans have been perceived as a means of free resource extraction and waste dumping; with costs externalised from economic calculations.

Name the first Indian to win five medals at Taiwan Cup - Cyclist Deborah Herold

Among the important Sports Current Affairs, In First week of October 2015, Indian cyclist Deborah Herold bagged one gold, three silver and one bronze medal at the 2015 Taiwan Cup held at the Hsin Chu Velodrome, Hsin-Chu city in Taiwan and became the first ever Indian cyclist to win in women's elite section.

Deborah won the gold medal in Taiwan Cup Track International Classic I by defeating the Malaysian top rider. However, she ended on second place in the keirin event and 500m time trial.

She had won four gold medals at the Track Asia Cup Cycling Championship 2014.

National War Memorial will be built in - Delhi

On 7th October 2015, the construction of National War Memorial and a National War Museum at Princess Park near India Gate, Delhi in memory of all Indian soldiers had sacrifice for the country post-independence, haas been approved by the Union Cabinet.

The estimated time of completion of the project is 5 years with a cost of 500 crore rupees. A management body will be constituted for maintenance of the National War Memorial and Museum.

The memorial will promote a sense of patriotism in the minds of visitors, and will award an opportunity to citizens of this vast nation, to express their token sense of gratitude to the brave soldiers. The museum will capture these sorrowful moments in history and bring out the varied nature of soldier's commitments.

National Watershed Management project Neeranchal approved by - CCEA

Among the important National Current Affairs, On 7th October 2015, implementation of the World Bank assisted National Watershed Management Project Neeranchal with a total outlay 2142.30 crore rupees was approved by the Cabinet Committee on Economic Affairs (CCEA).

Apart from the implementation of the at the national level, it will also cover the nine states of Jharkhand, Telangana, Madhya Pradesh, Andhra Pradesh, Chattisgarh, Maharashtra, Odisha, Rajasthan and Gujarat.

World Bankwill borne the 50% of the cost of the project. The purpose of the project is to attain the major objectives of the Watershed Component of the Pradhan Mantri Krishi Sinchayi Yojana (PMKSY) and for ensuring access to irrigation to every farm (Har Khet Ko Pani) and efficient use of water (Per Drop More Crop).

Objectives

• To obtain strategies for the sustainability of improved watershed management practices in programme areas, even after the withdrawal of project support.
• To support improved equity, livelihoods and incomes through forward linkages on a platform of inclusiveness and local participation.
• To bring about institutional changes in watershed and rainfed agricultural management practices in the country.
• To build systems that ensure watershed programmes and rainfed irrigation management practices are better focussed, more coordinated and have quantifiable results.

Trade and Development Report 2015 has been released by - UNCTAD

On 6th October 2015, the Trade and Development Report 2015 was released by United Nations Conference on Trade and Development (UNCTAD) at its headquarters in Geneva, Switzerland. The title of the report is "Making the international financial architecture work for development".

Apart from analysing recent trends in the global economy, the report suggested ways to make international financial architecture, including IMF and World Bank, work for development.

Report with respect to trends in the global economy

• Developed countries are expected to grow at around 1.9 %, compared with 1.6 % in 2014, as growth in the eurozone and Japan is experiencing a moderate acceleration, although from very low rates.
• The United States is expected to continue its post-crisis growth trajectory with an estimated growth rate of 2−2.5 %, which is below previous recoveries.
• The global economy has increased around 2.5 % after the 2008−2009 crisis.
• The growth rate for 2015 is expected to remain more or less unchanged from last year, at 2.5 %.
• Between 2012 and 2014, world merchandise trade grew between 2 and 2.5 % (very similar to the rates of global output). These growth rates are significantly below the average annual rate of 7.2 % recorded during the 2003–2007 pre-crisis period.

The report further suggested following reforms in the global economy and financial architecture in order to avoid any imtermittence of financial crisis of 2008-09 and to expand investments for achieving the Sustainable Development Goals 2030 in the given time frame

• A bolder regulatory agenda should include strict separation of retail and investment banking, strong regulation of shadow banking as well as public oversight of credit rating agencies and their progressive substitution by more appropriate mechanisms for risk assessment
• New sovereign debt restructuring mechanism should be evolved based on a multilateral treaty defining a set of rules for a debt restructuring that restores growth and debt sustainability
• The international community needs to meet its Official Development Assistance commitments and to tune it better to strengthening the productive economy.
• To avoid secular dullness, developed countries need to combine monetary expansion with fiscal expansion and wage growth, and be mindful of the international spillovers that their policies can produce
• To make the provision of official international liquidity more stable and predictable developing countries may build on regional and interregional initiatives, set swap arrangements among Central Banks and reduce the need for reserve accumulation; Swap arrangement between the Bank of Japan and the Reserve Bank of India is a case in point.

With respect to India

According to the report, in 2015, India’s gross domestic product (GDP) is expected to grow at 7.5 % as the pressure on current account deficit has been easing due to the lowering oil prices in the international market.

Besides this, India’s export growth (by volume) has decreased from 8.5 % in 2013 to 3.2 % in 2014 due to the continuing not so optimistic trend in the global economy.

2015 Women’s European Volleyball Championship was won by - Russia

Among the important Sports Current Affairs, On 4th October 2015, the Women’s European Volleyball Championship title 2015 was won by Russia after defeating Netherlands.

This was the 19th title for Russia. Netherland and Serbia stood at the second and third position respectively.

List of awardees

• Best opposite Spiker: Lonneke Sloetjes (Netherlands)
• Best Setter: Maja Ognjenovic (Serbia)
• Best Middle Blockers: Irina Zaryazhko (Russia) and Eda Erdem Dündar (Turkey)
• Best Libero: Anna Malova (Russia)
• Most valuable player: Tatiana Kosheleva of Russia
• Best outside Spikers: Tatiana Kosheleva (Russia) and Anne Buijs (Netherlands)
• Fair Play Award: Hans Nieukerke (Netherlands)

On which day 83rd Air Force Day observed - 8th October

Among the important National Current Affairs, On 8th October 2015, 83rd celebration of the Air Force Day was on observed across India.

The event began with a fly past of three Mi-17 V5 helicopters with ensign of the Air Force in a V-shaped formation at the air base in Ghaziabad in Uttar Pradesh.

The parade saw Hercules formation comprising three C-130J aircraft in the same formation.

Do You Know :

On 8th October 1932, The Air Force Day was officially celebrated for the first time as an auxiliary air force of Indian Empire. The day was marked to increase the awareness about the importance of Indian air force in any organization of the national security by both officially and publicly.

The Indian Air Force has been involved in the following operations and wars:

• Kargil War
• Indo-Pakistani War of 1965
• Indo-Pakistani War of 1947
• Congo Crisis
• World War II
• Sino-Indian War
• Operation Cactus
• Operation Vijay
• Operation Poomalai
• Operation Pawan

Which firm has won Popular Choice Award at Climate CoLab of MIT - Indian firm Nualgi

Among the important International Current Affairs, On 7th October 2015, Nualgi, an Indian company with entirely Indian technology in the field of nano biotechnology, won the Popular Choice Awards at the Climate CoLab of Massachusetts Institute of Technology (MIT), Cambridge.

Nualgi became the first Indian company to win the annual MIT contest.

Two proposals were submitted by the Indian company to reduce power and fuel consumption for sewage treatment and reuse of water built around their nano-scale product called Nualgi for the 2015 edition of the contest.

Both the proposals were selected in the Top 10 category. Later, both the proposals won the Popular Choice Awards in voting by general public internationally.

About Nualgi

After 15 years of research and development in nano biotechnology, Bengaluru’s T Sampath Kumar invented Nualgi. It is an advanced product used to grow diatom algae in all types and volumes of water, from aquariums to oceans.

Nualgi contains trace, special and appropriate nutrients that can deliver in a biologically available form.

IMF released - Global Financial Stability Report October 2015

Among the important International Current Affairs, On 6th October 2015, International Monetary Fund (IMF) released the Global Financial Stability Report October 2015 entitled Vulnerabilities, Legacies, and Policy Challenges-Risks Rotating to Emerging Markets.

The report evaluated key risks facing the global financial system and came up with suggestions to the policy makers to counter them.

The report marked that as the advanced economies are on recovery path the time is ripe for them to normalize domestic interest rates. This will result in volatility in the emerging economies that are more integrated with global financial architecture.

With respect to India, the report pointed out that though the credit expansion was relatively more moderate that has not prevented high formation of new stressed loans.

Highlights of the report

• Markets infrastructure reforms should be continued in the emerging markets to make capital markets more efficient and transparent and to absorb any volatility.
• The prospect of the U.S. Fed raising interest rates points to an unprecedented adjustment in the global financial system as financial conditions and risk premiums “normalize” from historically low levels alongside rising policy rates and a modest cyclical recovery.
• Although many emerging market economies have enhanced their policy frameworks and resilience to external shocks, several key economies face substantial domestic imbalances and lower growth that is evident from China’s bursting equity bubble.
• Policymakers should have a policy strategy in hand to cope with episodes of dry ups of market liquidity.
• Financial stability has improved in advanced economies since April, but risks continue to rotate toward emerging markets.
• The global financial outlook is clouded by a triad of policy challenges: emerging market vulnerabilities, legacy issues from the crisis in advanced economies, and weak systemic market liquidity.
• It cautioned about the growing level of corporate debt in emerging markets, which quadrupled between 2004 and 2014 and advised the authorities to regularly monitor corporate foreign currency exposures.

Who has been elected as the Head of Inter-governmental Panel for Climate Change - Hoesung Lee

Among the important International Current Affairs, On 6th October 2015, Hoesung Lee, a Korean professor of economics of climate change, energy and sustainable development, was elected as the Head of the Inter-governmental Panel for Climate Change (IPCC) at its 42nd session in Dubrovnik, Croatia.

A total of six candidates had been nominated for the post. He has replaced RK Pachauri of India, who stepped down in February 2015 after a female researcher accused him of sexual harassment.

Earlier to this, Lee has served various roles including editorial board member of the UK based Climate Policy, executive member of the Korean Academy of Environmental Sciences, as a council member of the Global Green Growth Institute and as a member of the Asia Development Bank President’s advisory board.

He is the former president of the International Association for Energy Economics and the founding president of the Korea Energy Economic Institute. He also served Intergovernmental Panel on Climate Change (IPCC) in various capacities, including his post of the Working Group III Co-Chair.

The Courage to Act - A Memoir of a Crisis and Its Aftermath written by - Ben S. Bernanke

Among the important International Current Affairs, In First Week of October 2015, The book titled The Courage to Act - A Memoir of a Crisis and Its Aftermath authored by Ben S. Bernanke was released.

The author has raised the question against the inflation targeting policy followed by Federal Reserve even during the recession and in turn has proposed the adoption Nominal Gross Domestic Product (NGDP) policy to better deal with recessions like 2008 Financial Crisis.

The Courage to Act recounts and explains the worst financial crisis and economic slump in America since the Great Depression, providing an insider’s account of the policy response.