Current Affairs 15th May 2018

Current Affairs 15th May 2018 - Important Points

• India, Nepal flag-off Janakpur-Ayodhya bus service under Ramayan Circuit on - 11th May 2018
• Chinese state-run bank ICBC launches India-dedicated investment fund on - 14th May 2018
• Three public welfare schemes launched in -  Rajasthan
• Environment-friendly propellant being developed by - ISRO
• Nepal to host 2018 BIMSTEC summit announced by - Nepal’s Prime Minister KP Sharma Oli
• Indian Army finalises Rs. 15000 crore indigenous ammunition project that is - Made-In-India

Current Affairs 15th May 2018 - Details

India, Nepal flag-off Janakpur-Ayodhya bus service under Ramayan Circuit on - 11th May 2018

Indian PM Narendra Modi and his Nepalese counterpart K.P.Sharma Oli mutually flagged-off a direct bus   service between the 2 sacred cities Janakpur and Ayodhya, as part of the ‘Ramayan Circuit’ on May 11th, 2018.
The bus service was released during Prime Minister Narendra Modi’s visit to Nepal during May 11th -12th , 2018.  This was the 3rd visit of Prime Minister Modi to Nepal and the 1st high-level visit from India since the establishment of the new Government in Nepal in 2018.
Religious tourism in Nepal and India

• The bus service looks forward to promote religious tourism in Nepal and India. 
• According to the mythological story ‘Ramayana’, Ayodhya is Lord Rama’s homeland, while, Janakpur is the homeland of Goddess Sita.
• Janakpur is known for the Janaki temple of Janakpur, which was constructed in memory of Sita in 1910. 
• The bus service will deliver Janakpur-Ayodhya- Janakpur carriage facility to pilgrims.
  Ramayana Circuit
• The Ramayana Circuit is among the 13 thematic circuits recognized for progress under Swadesh Darshan Scheme of Union Ministry of Tourism. 
• Under the Ramayana Circuit, fifteen terminuses have been recognized for progress.

Chinese state-run bank ICBC launches India-dedicated investment fund on - 14th May 2018

Chinese state operated bank ICBC started the nation's 1st India-dedicated publicly accessible investment fund, known as the ‘ICBC Credit Suisse India Market Fund’ on May 14th , 2018.
This noteworthy move came just after the 1st ever casual summit between PM Narendra Modi and Chinese President Xi Jinping which was organised in April 2018 at Wuhan.
Highlights of the ICBC Credit Suisse India Market Fund

• It is the China's 1st publicly accessible fund for investing in India and it will participate in exchange-traded funds registered on above twenty exchanges in Europe and in the USA that are grounded on the Indian market.
• It will invest in the future of the Indian economy and record the distribution of the industrial structure across the Indian market.
• The capital will aim on different sectors including the financial industry, IT, alternative consumption,
  energy, essential consumption, raw materials, medicine, healthcare and various other industries.
• The deposit will also be valuable for the huge investors, it will add a low-relevant asset to the distribution tool that can successfully progress the effective frontier of the investor's asset distribution and benefit the investor to better spread hazards and obtain a much steady revenue.

Three public welfare schemes launched in -  Rajasthan

President Ram Nath Kovind released 3 public welfare schemes during his maiden 2 days visit as head of
the state to Rajasthan on May 13th , 2018. The President released Sundar Singh Bhandari EBC Swarozgar Yojana, Bhairon Singh Shekhawat Antyodaya Swarozgar Yojana and loan and interest waiver scheme for SCs, STs, OBCs, sanitation workers, and the physically challenged at a function organised at the Birla Auditorium in Jaipur. The schemes were publicized by the Rajasthan state government during its 2018-19 budget presentation.
Schemes Announced
1- Sundar Singh Bhandari EBC Swarozgar Yojana
Under the scheme, the government will issue loans of equal to Rupees 50000 to members of economically backward classes from about 50,000 families at 4% rate of interest.
This scheme will benefit poor sections of the society to produce self-employment.
2- Bhairon Singh Shekhawat Antyodaya Swarozgar Yojana
Under the scheme, the state government would issue loans equal to Rupees 50000 at 4% rate of interest approximate 50,000 families from the SCs and STs and OBCs for self-employment.
3- Loan waiver scheme
Under the scheme, the Rajasthan state government would be issuing Rupees two lakh worth interest-free loans to people belonging to Schedule Cast/Schedule Tribes community and OBCs for the purpose of skill development and to create employment resources. Apart from this, the President presented cheques to a few beneficiaries under the 3 fresh schemes.
 
Rajasthan government’s other major welfare schemes
The state government in its 2018-19 budget presentation declared the distribution of free-scooters to the 200 meritorious girl children who got 85% or above marks in 10 and 10+2 class.
The government also declared pre and post metric scholarship with a total amount of Rupees 273.50
crores under EBC scheme.

Nepal to host 2018 BIMSTEC summit announced by - Nepal’s Prime Minister KP Sharma Oli

Nepal is planning to organise 2018 BIMSTEC- Bay of Bengal Initiative for Multi-Sectoral Technical and
Economic Cooperation summit. It was declared by Nepal’s PM K.P.Sharma Oli during his meeting with
Indian PM Narendra Modi in Kathmandu.
More about BIMSTEC

• Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is the sub-regional group of 7 nations in South-Asia and South-East Asia situated in the littoral and adjoined areas of the Bay of Bengal constituting a contiguous regional consensus. 
• Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation nations are India, Nepal, Bangladesh, Bhutan, Sri Lanka from South-Asia and Myanmar, Thailand from South-East Asia. 
• They are jointly home to approximately 1.5 billion inhabitants which form around 22 per cent of global population.
• Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation was recognized on 6th June 1997 via the Bangkok Declaration. Its HQ is in Dhaka, Bangladesh.
• Its chief aim includes technological and economic collaboration between south Asian and south-East Asian nations along the Bay of Bengal coast.
• It is sector-driven supportive organization, starting with 6 sector consisting business, technology, energy, transport, tourism and fisheries.
• In 2008, it was extended to hold 8 additional sectors including agriculture, Public Health, Poverty mitigation, combat terrorism, environment, culture, people to people contact and climate change.

Indian Army finalises Rs. 15000 crore indigenous ammunition project that is - Made-In-India

Indian Army has finalised Rupees 15,000 crores Made-in- India ammunition project under which variety
of ammunition for its serious weapons and tanks will be developed in India. It is demanded to be biggest
ever initiative for Made in India ammunition. It focuses to overwhelmed prolong interruptions in imports and address issues of dwindling stockpile.
Key Points

• The instant objective of this project is to form an inventory for all big weapons to enable forces to fight 30 days war while long-term aim is to slash necessity on imports. For this, eleven private firms will be intricate and its application will be monitored by the top brass of Indian Army and Defence Ministry.
• The whole cost of project has been attached at Rupees 15,000 crores. Indian Army has form specific
  target for coming ten years in terms of volume of ammunition to be developed.
• Initially, rocket ammunition, air-defence system, weaponry guns, Grenade launchers and various different field weapons will be manufactured under stringent timelines.
• The manufacturing aims will be revised based on result of 1st phase of project implementation
• The project seeks as 1st serious attempt by Government to address increasing worries voiced over last many years by Indian Army over fast decreasing stockpile of important ammunition considering the developing security threats in the region and a at time when China is knowingly ramping up its military capability.

Environment-friendly propellant being developed by - ISRO

Researchers at ISRO’s Liquid Propulsion Systems Centre are working on environment-friendly
propellant blend grounded on hydroxylammonium nitrate to energise satellites and spacecraft. It looks
forward to take place of conventional hydrazine fuel for future missions.
Key Points

• Hydroxylammonium nitrate-based monopropellant formulation consists of hydroxylammonium nitrate, ammonium nitrate, methanol and water.
• The methanol was supplemented to decrease combustion instability and hydroxylammonium nitrate was utilised for its capacity to control combustion rate and lower freezing point of propellant.
• The propellant preparation was tested for compatibility with 4 metal samples over period of 6 months.
• Moreover, different variety of tests to study its characteristics, including thermal and catalytic
  decomposition and compatibility was assumed with various materials.
• Hydroxylammonium nitrate-based monopropellant will substitute conventional hydrazine rocket fuel, which is a highly toxic and carcinogenic chemical, with greener propellant for future projects. It will also make sure cost effective re-usable, recoverable, re-start and reliable space launches of Indian Space Research Organisation.
• Due to its better-performance characteristics, hydrazine has subjugated space industry as choice of propellant for more than 6 decades despite hazards.