DAILY GK UPDATE 3 OCTOBER

1.    ADB cuts India's growth forecast to 4.7 percent

i. The Asian Development Bank (ADB) Wednesday sharply lowered its forecast on India's economic growth to 4.7 percent for this year from its earlier projection of 6 percent.

ii. In an update of its flagship annual economic publication, Asian Development Outlook 2013, the ADB said the Indian economy has been under pressure with the recent depreciation of the rupee and capital outflows adding to structural constraints which are weighing heavily on its prospects for returning to a high growth path.

iii. In the first quarter of 2013-14 expanding at its slowest pace since the global financial crisis, ADB revised down its growth forecast to 4.7 percent from 6 percent projected in April," the Manila-based lender said.

iv. According to the multilateral lender, elections and a new government in early 2014-15 may help give fresh impetus to resolving structural problems.

2.    Govt. of India Appointed a Committee to Define FDI and FII

i. Government of India appointed on 2 October 2013 a four member committee headed by Arvind Mayaram, Economic Affairs Secretary .

ii. The committee was set up to clear the ambiguity between Foreign Direct Investment (FDI) and Foreign Institutional Investment (FII).

iii. The committee will look into the difference between them and it will also give definition of FDI and FII.

iv. The other members of the committee were the Secretary of the Department of Industrial Policy and Promotion (DIPP), the Deputy Reserve Bank of India Governor and a whole time member of market regulator SEBI. 

3.    Vladimir Putin nominated for 2014 Nobel Peace Prize

i. The International Academy of Spiritual Unity and Cooperation Among the Nations of the World has nominated President Putin as a candidate for the 2014 Nobel Peace Prize.

ii. Underling Putin's active participation in the search for a political and diplomatic solution to the Syrian crisis, group's vice president Beslan Kobajia said those efforts made him deserving of the Nobel Prize, media reports said.

iii. US President Barack Obama had received the Nobel Peace Prize in his first year in office in 2009 or his "extraordinary efforts" to strengthen international diplomacy.

iv. Putin has already been proposed for the Nobel Peace Prize by the president of the All-Russian Education Fund. The Nobel Peace Prize, awarded by a special committee in accordance with the wishes of Alfred Nobel, is given annually to persons or organizations for the most notable input into the unity of nations, reduction of armies and assistance rendered to peace processes

4.    President Pranab Mukherjee to meet Belgian PM in Brussels today

i. President Pranab Mukherji will meet the Prime Minister of Belgium Elio De Rupo in Brussles today.

ii. After the plenary meeting between the two leaders, delegation level talks will take place during which some agreements are likely to be signed between the two countries.

iii. Mr. Mukherji will also address the Indian community at a reception in the evening. The president was given a warm welcome at the Brussles airport by King Philippe last evening on his arrival in Belgium on a three day state visit.

5.    Lalu Yadav sentenced to 5 yrs in jail in fodder scam

i. Special CBI court in Ranchi has sentenced RJD Chief and former chief minister Lalu Prasad Yadav to 5 years in jail in fodder scam case. The court also imposed a fine of 25 lakh rupees on him.

ii. The sentencing by special CBI judge Pravas Kumar Singh disqualifies Prasad from Parliament and renders him ineligible for contesting elections for 11 years. 

iii. Former Bihar Chief Minister Jagannath Mishra has been given 4 years in jail. A fine of 4 lakh rupees has also been imposed against Mishra.

iv. RJD has decided to challenge the verdict in the Jharkhand High Court. They were convicted by the CBI court in the fodder case on Monday.

6.    Sun Pharmaceutical Entered Into Joint Venture with Intrexon Corporation

i. Sun Pharmaceutical Industries India's biggest drug maker by market capital and USA based Intrexon Corporation, a leading player in synthetic biology announced on 2 October 2013 to establish a joint venture to develop controllable gene-based therapies for the treatment of eye diseases.

ii. The joint venture will helpful for Sun Pharma's  to increase their global capabilities and experience in developing and manufacturing complex dosage forms .It will also enhance their specialty pharmaceuticals for niche therapy areas. 

iii. The partners will initially work on  age related macular degeneration ( AMD)(a medical condition that causes partial or full loss of vision among older adults), glaucoma(a kind of eye disease) and retinitis pigmentosa(an eye disease that causes severe vision loss and at times even blindness).

7.    ASI and Google Signed Agreement for Launching 100 Heritage Sites Online

i. The Union Ministry of culture launched on 3 October 2013 a unique project to put 100 most important Indian heritage sites online.

ii. The sites include the Taj Mahal, Khajuraho , Ajanta and Ellora caves.
iii. Under the project Archaeological Survey of India (ASI) signed an agreement with Google to create 360 degree online imagery of 100 of India’s most important heritage sites.

iv. According to the agreement detailed imagery of the identified heritage sites will be placed over the Internet for public viewing.

v. The imagery of the heritage sites will be available on Google Maps and the World Wonders site within the Google Cultural Institute. This will facilitate people to virtually view and explore these areas.

vi. The project will make the experience of visiting heritage sites online more enjoyable and also bring them to the notice of billions of people connected globally via the Internet.

8.    Mythily Sivaraman Wrote A Book Haunted by Fire Essays On Caste, Class, Exploitation And Emancipation

i. The book titled Haunted by Fire: Essays on Caste, Class, Exploitation and Emancipation authored by Mythily Sivaraman released in International Centre in New Delhi on 1 October 2013.

ii. The book focused on essays range from agrarian unrest, caste oppression, land, labour and wages, the centrality of class struggle, the early promise of change, the radical course of left struggles, the coercive apparatus of the state, issues of impunity and the way the Emergency worked out on the ground.

About Mythili Sivaraman: Mythili Sivaraman is a Women Rights Activist.
• She is currently one of the Vice Presidents of the All India Democratic Women's Association (Women's wing of Communist Party of India (Marxist)).
• She worked as a Research Assistant in the Permanent Mission of India to the UN (July 1966 to mid-1968).

9.    Dubai to have world’s largest crystalline man-made lagoon

i. A multinational company plans to launch the world’s largest man-made lagoon costing a whopping $7 billion.

ii. Crystal Lagoons Corp., developer of patented technology for giant crystalline lagoons, has signed a deal to construct the lagoon, covering 40 hectares, almost four-times bigger than the world’s largest existing lagoon.

iii. Located in the upscale Mohammed Bin Rashid City, in the heart of Dubai, the lagoon will form an integral part of the $7 billion project.

iv. The new lagoon with its expansive beaches will offer swimming, water sports and other water based leisure activities.

v. Crystal Lagoons will also take part in Cityscape Dubai, which takes place from 8-10 October 2013.

vi. With the announcement of its new Dubai project, Crystal Lagoons is also on the way to securing its third Guinness World Records’ title for the world’s largest swimming pool, building on the success of its San Alfonso del Mar, Chile, and Sharm El Sheik, Egypt.

10.  Award for 3M Healthcare

i. 3M Healthcare, the healthcare division of 3M India, has won the Sterilization Services Company of the Year award at the Frost & Sullivan’s fifth annual India Healthcare Excellence Awards 2013. These coveted Awards recognized innovative growth strategies and solutions adopted by top companies in the healthcare industry for 2012-13.

11.  Yashasvini scheme anniversary

i. Yashasvini Cooperative Farmers’ Health Care Scheme, launched in Karnataka  in June 2003, has successfully completed 10 years benefiting lakhs of farmers in co-operative sector.

ii. The Yashasvini Cooperative Farmers’ Health Care Trust was formed under the principle “One for all and all for one” has made healthcare affordable to farmers in co-operative sector.

iii. The scheme started with a beneficiary contribution of Rs 60 per year in the beginning and the contribution amount was enhanced to Rs 210 for the year 2012-13.

iv. Yashasvini Trust had 16 lakh membership in 2003-04 and it has been almost doubled to 30.36 lakhs 35,814 people were treated as out patients and 9,047 had undergone surgery.

v. In the first year itself under this scheme for which Rs 10.65 crore was spent. In 2012-13, 1.10 lakh farmers were treated as outpatients and 83,802 people have undergone surgeries.

12.  Airtel among Africa’s ten most admired global brands

i. Airtel is the only telecom company from India featuring on the list of top ten global brands admired most in Africa, according to a survey.

ii. Airtel was placed at ninth on the list, beating Japanese car manufacturer Honda, the survey conducted by the African Business Awards said.

iii. The list was headed by US-based Coca Cola, and dominated by other US and European brands, the only other Asian brands were Japan’s Toyota and Samsung Electronics of Korea.

iv. The brand valuation is based on estimated proportion of revenue that the parent company attributes to the brand on the African continent.

The full list is:

1. Coca Cola—US,

2. Shell—Netherlands

3. Samsung—South Korea

4. Vodafone—UK

5. Nike—US

6. Toyota—Japan

7. McDonald’s—US

8. Pepsi Cola—US

9. Airtel—India

10. Honda—Japan.

Note: Airtel is India’s largest telecom company with 192.22 million subscribers as of August-end. The company had a market capitalisation of Rs 1.28 lakh crore as on October 1.

13.  Tata Power starts work on Georgia project

i. Tata Power today said that it has commenced construction work for the first phase of its joint venture 400-MW hydro power project in Georgia.

ii. The hydel project would be jointly developed by Tata Power along with Clean Energy Invest AS, Norway (Clean Energy) and IFC InfraVentures (IFC).

iii. Tata Power, India’s largest private power producer, has hydel generation capacity of 450 MW in Maharashtra. The company has an installed capacity of over 8,500 MW.

iv. Tata Power, as part of sustainability initiatives, aims to have 20-25 per cent of its total electricity generation capacity from clean energy sources.

14.  SBI Life launches Smart Power Insurance plan

i. Private insurer SBI Life Insurance on Thursday launched ‘Smart Power Insurance’ plan, which is designed to care for investor’s twin needs of insurance and investment.

ii. “Smart Power Insurance plan is a simple, low premium product that takes care of the changing needs of the policy holder as his income increases while giving him flexibility of periodic increase in sum assured and partial withdrawal,” SBI Life Managing Director and CEO Atanu Sen said in a release issued here.

iii. This plan, which will be available to customers from October 7, comes with two options — level cover option and increasing cover option.

iv. Smart Power has two fund options — Trigger Fund option with the advantage of buying low and selling high and Smart Funds option that has the option to choose from seven funds.

v. The policy term options are 10, 15 or 30 years and the minimum premium payable works out to Rs. 2,000 monthly, Rs. 5,500 quarterly, Rs. 9,500 half yearly and Rs. 15,000 annually.

vi. The product is open for the age group of 18 to 45 years with the maximum age of maturity being 65 years.

vii. SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif, the insurance arm of BNP Paribas.

15.  Star, ESPN bag BCCI sponsorship rights for 2013-14 season

i. The BCCI on Thursday awarded the title sponsorship for all international series and the domestic tournaments in India for the year 2013-14 to Star Private Ltd and ESPN at the base price of Rs. two crore per fixture, considerably low compared to their previous deal with Airtel.

ii. Mr. Patel said the bidders had the option of “bidding for either the series between India and Australia, or the series between India and the West Indies, or both.”

iii. There are two international series currently scheduled during the period — the seven-match ODI series and a T20 game between India and Australia, followed by two Tests and three ODIs against the West Indies.

iv. Sponsorship rights will extend to domestic events such as Irani Cup, Ranji Trophy, Duleep Trophy, Vijay Hazare, Deodhar Trophy and Raj Singh Dungarpur Trophy.

16.  Gambia Decided to Withdraw from the Commonwealth

i. The Gambian Government on 2 October 2013 announced that it is pulling out of the Commonwealth with immediate effect. 

ii. Gambian, a West African country joined the Commonwealth of Nations in 1965.

iii. The Gambian also stated that it will never be a member of any neo-colonial institution and will never be a party to any institution that represents an extension of colonialism.

iv. The decision came after the Government rejected a proposal by the Commonwealth in 2012 to create commissions in Banjul (capital of Gambia) to protect human rights, media rights and fight against corruption.

Note: The last country to be withdrawn from the Commonwealth group was Zimbabwe in 2003.

About the Commonwealth 

The Commonwealth of Nations is a voluntary association of 54 countries, many of them former territories of the British Empire. It was established in 1949.

17.  Former national TT champion Uttam Chandarana no more

i. Former national table tennis champion Uttam Chandarana, who dominated the sport during 1940s and 50s, passed away in Mumbai on Wednesday morning due to old age, family sources said.

ii. Chandarana is remembered for defeating world champion Ivan Andreadis in 1954. 

iii. The left-handed ex-international player had four national titles, with two triple crowns -- men's singles, men's doubles and mixed doubles -- to his credit. 

iv. Khodaiji, who was coached by Chandarana, said the TT veteran had interests in other sports as well like cricket, tennis, bridge, billiards and snooker. 

18.  Balaji Motion Pictures buys film adaptation rights of Japanese detective novel

i. Balaji Motion Pictures, the film production unit of Balaji Telefilms, has acquired the film adaptation rights to the book, The Devotion of Suspect X.

ii. Director Sujoy Ghosh, whose previous release was the Vidya Balan-starrer Kahaani, has been signed to direct the Hindi feature film.

iii. The Devotion of Suspect X by Japanese author Keigo Higashino, is the third of the cult ‘Detective Galileo’ series.

iv. The English translation of the novel was nominated for the 2012 Edgar Award for Best Novel and the 2012 Barry Award for Best First Novel, Balaji said in a press statement.

v. Tanuj Garg, Chief Executive Officer of Balaji Motion Pictures said: “We are proud to have clinched the rights of one of the world’s most celebrated detective novels. It has heart, drama and thrill, and as a content-driven studio, we believe that it will make for an engaging and entertaining feature film.”

19.  Caltech named world's top university again

i. The California Institute of Technology (Caltech) has again been named the world's top university by the Times Higher Education Global Ranking.

ii. It is the third year in a row that the British organisation ranked Caltech first among the top 200 universities around the world, Xinhua reported citing a Caltech announcement Wednesday.

iii. Harvard University, Oxford University, Stanford University, and the Massachusetts Institute of Technology round out the next four top institutes in the 2013-2014 rankings.

iv. Located in Pasadena, southern California, Caltech is a private research university with about 2,200 students on its rolls

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