GK Eduwrap – 25th Feb 2016

Eduwrap Daily 25th feb

Grab your daily scoop of Current Affairs, from National to International, Sports, Business and Economics. Learn wisely and Gain better with Eduncle’s GK Eduwrap!


National – Across the India:


1. India continues to remain the world’s largest arms importer, accounting for 14% of the global arms imports in the 2011-2015 timeframe.

  • Top arms importers are India (14%), China (4.7%), Australia (3.6%), Pakistan (3.3%), Vietnam (2.9%) and South Korea (2.6%).
  • It was revealed by report on international arms transfers released by a global think-tank, Stockholm International Peace Research Institute (SIPRI).


2. The Cabinet Committee on Economic Affairs has hiked Minimum Support Price (MSP) of raw jute from 2,700 to 3,200 rupees per quintal.

  • MSP is a form of agricultural market intervention undertaken by the Union Government in order to insure agricultural producers are protected against any sharp fall in farm prices.
  • It was decided during CCEA meeting headed by Prime Minister Narendra Modi in New Delhi. The hike has been done for the year 2016-17 to boost production.


3. The Union Cabinet has approved 150 million dollars credit for Development of the strategically important Chabahar Port in Iran.

  • In this regard, the Union Ministry of Shipping had forwarded the proposal for provision and operationalization of credit from EXIM Bank.
  • Chabahar Port will help India to expand maritime commerce in the region and enhance footprint of Indian companies in the region.


4. The Union Cabinet as given its approval for establishment of Atal Innovation Mission (AIM) and Self Employment and Talent Utilisation (SETU) in NITI Aayog.

  • AIM and AIM Directorate will be established that will help in implementation of mission activities in a focussed manner. Its headquarters will be in New Delhi.
  • This move seeks to give substantial boost to the innovation ecosystem and to catalyse the entrepreneurial spirit in the country.


International – Across the Globe:


1. Pakistan’s Parliament building located in national capital Islamabad became the first in the world to completely run on solar power.

  • It achieved this feat after Prime Minister Nawaz Sharif switched on solar-powered building of the parliament in a simple ceremony.
  • Currently, there some parliaments in world like Israel’s Knesset that partly run on solar power.


Awards & Recognition:


1. Haryana is going to become the first state in the country to complete aquifer mapping for its groundwater resources by May 2016.

  • Aquifer is an underground layer of water-bearing rock from which groundwater can be extracted.
  • The objective is to prepare management plans in consultation with stakeholders and state governments to take measures to replenish the declining groundwater.


2. Tamil film Kanavu Variyam has won the prestigious 2016 Remi Award in the United States.

  • The film has been directed and produced by a Chennai-based techie Arun Chidambaram and Karthik Chidambaram.
  • The award will be presented to A Chidambaram during the 49th WorldFest Houston International Film Festival that will be held from 8 to 17 April, 2016.


3. An Indian-origin art lover and playwright Ismail Mahomed from South Africa has been knighted by the French government for his lifelong devotion to the promotion of arts.

  • He was awarded with Knight of the Order of Arts and Literature (The Chevalier de l’Ordre des Arts et Lettres) by French Ambassador Elisabet Barbier in Johannesburg.


4. Hyderabad-based GVK Biosciences (GVK BIO) has been awarded prestigious Global CSR Excellence & Leadership Award.

  • Global CSR Excellence & Leadership Award was established by the World Corporate Social Responsibility (CSR) Congress.
  • They are bestowed annually on eve of World CSR Day on companies that believe in the value of sustainable CSR.


5. India’s leading private lender Yes Bank has been awarded inaugural Green Bond Pioneer Award at a ceremony held in London, United Kingdom.

  • Yes Bank was the first Indian Bank to issue Green Infrastructure Bonds (GIBs) in India. It had issued India’s first-ever GIBs worth 1,000 crore rupees in 2015.
  • Yes Bank was bestowed with this award in recognition for its pioneering efforts in the Green Bonds market including successful issuance of India’s first ever Green Infrastructure Bonds.


Appointments & Resignations:


1. Udai Kumar has been appointed as full-time Managing Director (MD) and Chief Executive Officer (CEO) of Metropolitan Stock Exchange of India (MSEI) Ltd.

  • MSEI formerly known as MCX Stock Exchange Ltd. (MCX-SX), is India’s youngest and one of the three stock exchanges recognized by SEBI. It was founded in 2008.
  • The appointment was approved by SEBI (Securities and Exchange Board of India) and comes after stringent shortlisting process and interviews by the Selection Committee.


2. Justice Vineet Saran was appointed as the new Chief Justice (CJ) of Orissa High Court by President Pranab Mukherjee as per the provisions of Article 217 of Constitution.

  • During the vacant period, Justice Pradeep K. Mohanty was officiating as Acting CJ of Orissa High Court. Prior to this appointment, Justice Saran was officiating in Karnataka High Court as a senior judge.


3. Distinguished scientist KN Vyas has been appointed as Director of Bhabha Atomic Research Centre (BARC) for a term of three years.

  • The BARC is India’s premier nuclear research facility based in Mumbai, Maharashtra.
  • He succeeds Shekar Basu who was appointed as Atomic Energy Secretary and Chairman of Atomic Energy Commission (AEC) in October 2015.


4. Yoichiro Ueno has been appointed as new President and Chief Executive Officer (CEO) of Honda Cars India by its parent Honda Motor Company.

  • He will succeed Katsushi Inoue who was elevated to the position of Chief Operating Officer (COO) of the company for Regional Operations (Europe region).


5. Michael Pesch has been appointed as Chief Executive Officer (CEO) of Infosys Consulting Holding, a subsidiary of India’s second largest software company Infosys.

  • He will be responsible for Infosys Consulting business in Europe Latin America and Asia Pacific Region and also work as Regional Head DACH Countries (Germany, Austria and Switzerland).


6. Union Government has selected former Chief Justice of India (CJI) H L Dattu as new Chairman of National Human Rights Commission (NHRC).

  • He was selected by the high-powered committee headed by Prime Minister Narendra Modi.
  • He will succeed Mr. K.G. Balakrishnan who had demitted office after his five-year term ended in May 2015.


7. Justice Subhro Kamal Mukherjee has sworn-in as the 28th Chief Justice of the High Court of Karnataka.

  • He was administered oath to the office as per provision of Article 219 of Constitution by the Governor Vajubhai R. Vala in a ceremony held at the Raj Bhavan, Bengaluru.
  • He also served as Acting Chief Justice of High Court of Karnataka since June 2015.


Economics & Banking GK:


1. The Controller General of Patents, Designs and Trademarks (CGPDT) has issued an order excluding software patents in its revised guidelines for Computer Related Inventions (CRIs).

  • It mentions that mere computer programmes those not in conjunction with a novel hardware will not be granted patent in India.
  • By implicating this programme the Software developers and start-ups will continue to have the freedom to innovate without worrying infringement notices in Computer Related Inventions area.


2. The Reserve Bank of India (RBI) has extended currency swap arrangement to South Asian Association for Regional Cooperation (SAARC) nations till mid-November 2017.

  • A currency swap involves exchange of principal and interest in one currency for the same in another currency. It is considered to be a foreign exchange transaction.
  • All 7 SAARC member countries including Bangladesh, Afghanistan, Maldives, Bhutan, Nepal, Pakistan and Sri Lanka can avail the facility.


MoU & Mergers:


1. The Union Cabinet has given its approval for signing of an Agreement between India and Maldives for the avoidance of double taxation of income from international air transport.

  • This agreement provides relief from double taxation for airline enterprises operating between the two countries.


Science & Technology:

1. The Union Cabinet has given its approval for introduction of steps for promotion of cashless payments (transactions) through cards and digital means.

  • This move aims at reducing cash transactions in order to minimize tax avoidance and migration of Government payments and collections to cashless mode.
  • In this regard, various short and medium term measures have been approved for implementation by the Government Departments, Ministries and Organizations.




1. India’s Kumaravel Prem Kumar has won a silver medal in long jump event on the final day of Asian Indoor Athletics Championships held in Doha.

  • He cleared a creditable 7.92 m in his final attempt.
  • Zhang Yaoguang of China won the gold with a best effort of 7.99 m.
  • In the shot put event of this championship, India’s Om Prakash Singh Karhana won the bronze medal by clearing a distance of 18.77 m.



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