Why oil prices keep falling — and throwing the world into turmoil

1. Railways' earnings up by over 12%
i. Railways has earned Rs 1,14,656.13 crore during April-December 2014, registering an increase of 12.57 per cent.
ii. It had earned Rs 1,01,856.45 crore during the same period in the previous year.

iii. The total earnings from goods during April-December, 2014 were Rs 77,161.55 crore as compared to Rs 68,776.35 crore in the corresponding period in 2013, showing an increase of 12.19 per cent, according to the Railway Ministry data.
iv. The total number of passengers booked during April- December 2014 were 6,256.16 million compared to 6,360.15 million during the same period in 2013, showing a decrease of 1.64 per cent.
2. NASA Closer Than Ever to Finding Earth's 'Twin'
i. Two of the eight are the most Earth-like of any known planets found so far outside our solar system, astronomers told the 225th meeting of the American Astronomical Society in Seattle, Washington.
ii. The discovery doubles the number of known planets that are close in size to the Earth and believed to be in the so-called "Goldilocks zone" of the stars they orbit.
iii. The promising discoveries are that of the planets named as - Kepler 438b and Kepler 442b.

3. Google, New ally for 'Digital India' project
i. Vinton Cerf, Chief Internet Evangelist at Google, met Minister for Communications and Information Technology Ravi Shankar Prasad to discuss the role technology giant can play in supporting the government’s vision for a Digital India.
ii. Vinton Cerf said, "We have some ideas. We want to share with them those ideas to find out which of them make sense. Maybe they will have better ideas than us.”
iii. The government’s ambitious Digital India project aims to connect all gram panchayats by broadband Internet, promote e-governance and transform India into a connected knowledge economy.

4. IBA raises wage revision offer to 12.5%
i. The United Forum of Bank Employees has deferred the all-India bank strike.
ii.  the IBA had improved its offer of wage revision by raising the monthly salaries of banks employees and officers to 12.5 per cent.
iii. The unions have refused to accept the offer which they termed was too low.

4. 500 Firms Approach Ministry to Make PF Optional
i. As many as 500 companies have approached the Ministry of Labour to consider revamping of the laws governing salary payment and granting employees a choice in how they are paid their salary.
ii. The petition asks the government to give employees the choice to decide on three issues.

Firstly, whether to make their 12 per cent employee contribution to Provident Fund or opt out of it.
secondly whether to pay 12 per cent employer contribution to the Employee Pension Scheme or to an individual account opened with the National Pension Scheme.
And thirdly, whether to pay their ESI contribution to the ESI corporation or purchase insurance from any IRDA regulated insurance company.
iii. Currently, in a cost to-company model informal employees can take home their entire salary while employees in the organised sector "lose" a part of their earnings to schemes like PF, Employees State Insurance (ESI), Professional Tax, Employees Pension Scheme, statutory bonus and gratuity.

5. Amitabh Bachchan named as the Brand Ambassador of AP health sector
i. Bollywood actor Amitabh Bachchan on 6 January 2015 named as the Brand Ambassador of  Andhra Pradesh (AP) health sector.
ii. His appointment was announced by the AP Health Minister Kamineni Srinivas in Hyderabad.
iii. Being the brand ambassador of AP health sector, he will be participating in various health-related campaigns of AP government.
iv. Bachchan will not take any remuneration for the services he would be rendering to the state as its health ambassador.

6. President signed Ordinance to amend Citizenship Act, 1955
i. President Pranab Mukherjee signed the Ordinance that amends’ Citizenship Act, 1955.
ii. The ordinance provides life-long Indian visa facility to Person of Indian Origin (PIO) and exempts them from appearing before the local police station on every visit.

iii. It merges Overseas Citizen of India (OCI) and Persons of Indian Origin (PIO), thus making PIO eligible for life-long visa and bringing them on equal footing with OCI.
iv. It relaxes the requirement of 12 months in cases related to citizenship by registration and naturalization. Instead it allows for breaks up to 30 days if the Union government is satisfied that special circumstances exist, and has recorded them in writing.

7. Nilesh Shah resigned as MD & CEO of AXIS Capital Limited
i. Nilesh Shah resigned as Managing Director and Chief Executive Officer (MD &CEO) of Axis Capital Limited.
ii. Shah joined Axis Bank as President, Strategic Initiatives—Corporate Banking in March 2011. He took over as MD & CEO of Axis Capital in November 2013.
iii. Prior to joining Axis, he was the Deputy-MD at the ICICI Prudential Asset Management. At ICICI he quit after serving for seven years when assets more than quadrupled.

09:27 - By Unknown 0

Daily GK Update - 7th January 2015

1. Railways' earnings up by over 12% 
i. Railways has earned Rs 1,14,656.13 crore during April-December 2014, registering an increase of 12.57 per cent.
ii. It had earned Rs 1,01,856.45 crore during the same period in the previous year.


iii. The total earnings from goods during April-December, 2014 were Rs 77,161.55 crore as compared to Rs 68,776.35 crore in the corresponding period in 2013, showing an increase of 12.19 per cent, according to the Railway Ministry data.
iv. The total number of passengers booked during April- December 2014 were 6,256.16 million compared to 6,360.15 million during the same period in 2013, showing a decrease of 1.64 per cent.

2. NASA Closer Than Ever to Finding Earth's 'Twin'

i. Two of the eight are the most Earth-like of any known planets found so far outside our solar system, astronomers told the 225th meeting of the American Astronomical Society in Seattle, Washington.
ii. The discovery doubles the number of known planets that are close in size to the Earth and believed to be in the so-called "Goldilocks zone" of the stars they orbit.
iii. The promising discoveries are that of the planets named as - Kepler 438b and Kepler 442b.

3. Google, New ally for 'Digital India' project

i. Vinton Cerf, Chief Internet Evangelist at Google, met Minister for Communications and Information Technology Ravi Shankar Prasad to discuss the role technology giant can play in supporting the government’s vision for a Digital India.
ii. Vinton Cerf said, "We have some ideas. We want to share with them those ideas to find out which of them make sense. Maybe they will have better ideas than us.”
iii. The government’s ambitious Digital India project aims to connect all gram panchayats by broadband Internet, promote e-governance and transform India into a connected knowledge economy.

4. IBA raises wage revision offer to 12.5%
i. The United Forum of Bank Employees has deferred the all-India bank strike.
ii.  the IBA had improved its offer of wage revision by raising the monthly salaries of banks employees and officers to 12.5 per cent.
iii. The unions have refused to accept the offer which they termed was too low.

4. 500 Firms Approach Ministry to Make PF Optional

i. As many as 500 companies have approached the Ministry of Labour to consider revamping of the laws governing salary payment and granting employees a choice in how they are paid their salary.
ii. The petition asks the government to give employees the choice to decide on three issues.

• Firstly, whether to make their 12 per cent employee contribution to Provident Fund or opt out of it.
• secondly whether to pay 12 per cent employer contribution to the Employee Pension Scheme or to an individual account opened with the National Pension Scheme.
• And thirdly, whether to pay their ESI contribution to the ESI corporation or purchase insurance from any IRDA regulated insurance company.

iii. Currently, in a cost to-company model informal employees can take home their entire salary while employees in the organised sector "lose" a part of their earnings to schemes like PF, Employees State Insurance (ESI), Professional Tax, Employees Pension Scheme, statutory bonus and gratuity.

5. Amitabh Bachchan named as the Brand Ambassador of AP health sector

i. Bollywood actor Amitabh Bachchan on 6 January 2015 named as the Brand Ambassador of  Andhra Pradesh (AP) health sector.

ii. His appointment was announced by the AP Health Minister Kamineni Srinivas in Hyderabad.
iii. Being the brand ambassador of AP health sector, he will be participating in various health-related campaigns of AP government.
iv. Bachchan will not take any remuneration for the services he would be rendering to the state as its health ambassador.

6. President signed Ordinance to amend Citizenship Act, 1955

i. President Pranab Mukherjee signed the Ordinance that amends’ Citizenship Act, 1955.
ii. The ordinance provides life-long Indian visa facility to Person of Indian Origin (PIO) and exempts them from appearing before the local police station on every visit.

iii. It merges Overseas Citizen of India (OCI) and Persons of Indian Origin (PIO), thus making PIO eligible for life-long visa and bringing them on equal footing with OCI.
iv. It relaxes the requirement of 12 months in cases related to citizenship by registration and naturalization. Instead it allows for breaks up to 30 days if the Union government is satisfied that special circumstances exist, and has recorded them in writing.

7. Nilesh Shah resigned as MD & CEO of AXIS Capital Limited

i. Nilesh Shah resigned as Managing Director and Chief Executive Officer (MD &CEO) of Axis Capital Limited.
ii. Shah joined Axis Bank as President, Strategic Initiatives—Corporate Banking in March 2011. He took over as MD & CEO of Axis Capital in November 2013.
iii. Prior to joining Axis, he was the Deputy-MD at the ICICI Prudential Asset Management. At ICICI he quit after serving for seven years when assets more than quadrupled.

09:25 - By Unknown 0

Daily GK Update - 6th January 2015

1. World Cup 2015 squad announced: Yuvraj out, Jadeja in

i. The Board of Control for Cricket in India on Tuesday released its 15-member squad for the World Cup 2015.
ii. The noticeable exclusion was that of Yuvraj Singh who has been dropped from the squad.
iii. The players are as follows:
Mahendra Singh Dhoni (c), Shikhar Dhawan, Rohit Sharma, Virat Kohli,Ajinkya Rahane, Suresh Raina, Ambati Rayudu, Ravindra Jadeja , Ravichandran Ashwin, Axar Patel, Bhuvneshwar Kumar, Ishant Sharma, Mohammed Shami, Stuart Binny and Umesh Yadav.
iv. India will start it's World Cup campaign against Pakistan on 15th of February.


2. Five-day coal strike begins

i. Trade unions on Tuesday began a five-day coal industry strike, terming it as the biggest industrial action for any sector since 1977.
ii. The unions have gone on strike to protest against ’disinvestment and restructuring of State-run Coal India’ and to press for their other demands including the roll-back of what they call as “process of denationalising of coal sector”.
iii. The strike can affect coal production of up to 1.5 million tonnes a day and may also hit supplies to power plants which are already grappling with fuel shortages.
iv. All five major trade unions of the coal PSU had boycotted a meeting called by Coal Minister Piyush Goyal last week.

3. ISRO gears up to launch IRNSS 1D

i. After completing an eventful year, ISRO is gearing up for some satellite launches this year, with the IRNSS 1D being the first, which would put in place India's own navigation system on par with the Global Positioning System of the US.
ii. "The launch campaign for IRNSS 1D has come, which starts on January 16. Within two months, all components from other ISRO labs have to reach Sriharikota. The launch is likely after March 15.

iii. IRNSS 1D is the fourth in the series of seven satellites, the national space agency is planning to launch to put in place the Indian Regional Navigation Satellite System (IRNSS).
iv. While four satellites would be sufficient to start operations of the system, the remaining three satellites would make it more accurate and efficient.


4. P Krishnamurthy appointed as Private Secretary of Union Defence Minister Manohar Parrikar

i. IAS officer P Krishnamurthy was on 5 January 2015 appointed as Private Secretary of Union Defence Minister Manohar Parrikar.
ii. He is appointed for a five-year period or on co-terminus basis with the minister's tenure.
iii. Krishnamurthy is a 1997 batch IAS officer of Arunachal Pradesh-Goa-Mizoram Union territories (AGMU) cadre.
iv. He served as the Director of National Institute of Fashion Technology (NIFT) from 2011 to 2014.

5. Union Cabinet approved to set up India-based Neutrino Observatory in TN

i. Union Cabinet headed by Prime Minister Narendra Modi on 5 January 2015 approved to set up the India-based Neutrino Observatory (INO) in Tamil Nadu.
ii. The INO laboratory will host experiments such as the neutrino-less double beta decay and the search for dark matter.

iii. The INO project will be set up near Pottipuram village in the Bodi West Hills of Theni district in Tamil Nadu. The project is at an estimated cost of 1500 crore rupees.
iv. The project also includes Inter-Institutional Centre for High Energy Physics (IICHEP) and Iron Calorimeter Detector (ICAL).

6. Former Minister of State for PWD Ram Prasad Kamal died

i. Former Minister of State for Public Works Department (PWD) Ram Prasad Kamal passed away on 4 January 2015 after a brief illness in Allahabad. He was 84.
ii. Kamal was inducted into the BJP by former Prime Minister Atal Bihari Vajpayee in 1980 following which he was elected for two consecutive terms as member of the Uttar Pradesh Vidhan Parishad from 1992.
iii. Ram Prasad Kamal served as the Minister of State for PWD for BJP government from 1997-2004.

06:08 - By Unknown 0

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05:53 - By Unknown 0

Daily GK Update - 4th and 5th January 2015

1. LED there be light: Modi launches scheme to brighten Delhi

i. Prime Minister Narendra Modi on Monday launched a scheme for LED bulb distribution under domestic efficient lighting programme (DELP) in Delhi.

ii. Describing the LED bulb as a ‘prakash path’ (way to light), Mr. Modi said that it is much more economical to conserve power than to produce power.
iii. LED bulbs shall be distributed in a phased manner from March 2015 onwards, an official statement said.
iv. The entire project of installing LED bulbs for domestic and street lighting in 100 cities is targeted for completion by March 2016.
v. In Delhi, LED bulbs will be provided to all domestic consumers at an initial payment of Rs 10 each and recovery of Rs 10 each for 12 months from their electricity bill.

2. Laxman, SP Balasubrahmanyam new Swachh Bharat ambassadors

i. The Centre on Monday nominated cricketer V.V.S. Laxman, chess player Koneru Humpy, playback singer S.P. Balasubrahmanyam and several other icons as brand ambassadors of Swachh Bharat campaign.
ii. The nomination was formally made by Union Urban Development Minister M. Venkaiah Naidu at a function in Hyderabad.
iii. The others nominated include MPs K.Kavitha, Jayadev Galla, badminton icon P.Gopichand, corporate personalities B.V.R. Mohan Reddy, J.A.Chowdary, Rameshwar Rao and Gopichand, G.S. Rao from medical field, lyricist S. Ashok Teja, Telugu actor Nitin and media personality V. Radhakrishna.

3. Sports ministry recommends Saina Nehwal's name for Padma Bhushan 

i. The sports ministry today decided to recommend ace shuttler Saina Nehwal for the Padma Bhushan award.

ii. Ministry insisted that it did not receive her nomination from the Badminton Association of India (BAI) within the stipulated deadline.
iii. On Saturday, a disappointed Saina had stated that the Badminton Association of India (BAI) had recommended her name for the Padma Bhushan in August last year but the sports ministry rejected her application, citing norms. 

4. 18 Jharkhand villages identified under 'Green India Mission' 

i. Eighteen villages have been identified under union government sponsored 'Green India Mission' for undertaking eco-friendly development programmes in the areas falling under Seraikela forest division in Seraikela-Kharswan district of Jharkhand. 
ii. The main objective of the mission was to develop the ecological and economic scenerio by choosing different developmental schemes including rain water harvesting and greenery among others. 
iii. The forest division has also developed facilities for development of pissiculture and poultry which have helped villagers to earn livelihood.
iv. The Mission proposed a holistic view of greening and focuses not on carbon sequestration targets alone, but on multiple ecosystem services, especially, biodiversity, water and biomass.

5. Arvind Panagariya to be Vice-Chairman of PM Narendra Modi's NITI Aayog 

i. Eminent free-market economist Arvind Panagariya has been appointed to run Indian prime minister Narendra Modi's new policy commission, or NITI Aayog.
ii. Niti Aayog has been set up to modernise economic strategy after decades of Soviet-style central planning. 
iii. the appointment of Panagariya, an Indian-born economics professor at Columbia University in New York, is likely to be announced in the next 24 hours.
iv. Panagariya's market-friendly, pro-growth economics has helped shape Narendra Modi's outlook and is seen by many as a Margaret Thatcher-like attack on overbearing labour regulations and state-run companies.
NOTE - Narendra Modi will be the Chairman of the Niti Ayog.

6. Government to implement new Companies Act that includes setting up IEPFA and NFRA 

i. The corporate affairs ministry has charted its road map for full implementation of the new Companies Act that envisages setting up Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA) within six months. 
ii. The government is already in final stages of notifying rules for IEPFA and NFRA, a quasi-judicial apex body for accounting and auditing standards, also with powers to probe and review audits of companies. 
iii. NFRA will be responsible for monitoring, compliance review and overseeing quality of service, enforcement and standard setting in accounting and auditing. 
iv. IEPFA, which will be set up under the new Companies Act, will manage investor education and protection fund. If the amount deposited with companies is not claimed for more than seven years, it will go to IEPFA. 

7. DDA plans smart city, flats for senior citizens in 2015 

i. A smart "world-class" city in Dwarka, exclusive apartments for senior citizens, a financial hub, electric buses for Delhi and erecting the city's tallest building are among DDA's major plans this year. 


ii. The 'smart city' envisioned by DDA will be a complete sub-city, which would be located in an area of 20-24 hectares, zoned out of Dwarka, Rohini and Narela, and will be equipped with latest technologies and waste-management techniques. 
iii. "The smart city will have a world-class infrastructure, 24-hour power supply, complete wi-fi connectivity, and will employ green technology and latest water conservation like rain-harvesting and waste management techniques, among other facilities.

06:01 - By Unknown 0

Download December Current Affairs Pdf 2014

Download December Current Affairs Pdf 2014

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21:43 - By Unknown 0

Daily GK Update - 3rd January 2015

1. ICICI Launches Digital Village Project in Gujarat

i. Joining Digital India programme, top lender ICICI Bank has launched its own 'digital village' project while adopting an entire village in Gujarat to provide services ranging from cashless banking to digitised school teaching.



ii. Digital village has three themes -- cashless, comprehensive and connected. 
iii. Village, named Akodara, in Sabarkantha district of Gujarat incidentally happens to be the same place where Modi started Gujarat's first animal hostel in 2011 when he was the Chief Minister of the state.
iv. One of the key points is providing cashless banking services to every villager. 
v. The villagers are getting SMSs in Gujarati for their transactions and other digital services.
vi. the bank has set up e-health, e-milk producer group, Wi-Fi connectivity and schools with digital black boards in the village, along with a host of other digital facilities.

2. Gyan Sangam: Government on its way to overhaul public sector banks

i.  Government has embarked on a mission to overhaul public sector banks, beginning with a twoday, high-profile retreat in Pune.
ii. The main objective is to search for "out-of-the-box" ideas to reorient them to support the country's bid to move back to a high-growth trajectory. 
iii. the government wants to draw up an urgent reform road map that could include the revamp of priority sector lending, consolidation and effective use of technology for lending besides greater financial inclusion. 
iv. The event is being held at the National Institute of Bank Management on the outskirts of Pune.


3. Bengal Global Business Summit

i. Projecting itself as an ideal investment destination, the Government of West Bengal is organising Bengal Global Business Summit — Bengal Leads.
ii. The State is seeking investment in sectors such as urban infrastructure and housing, IT software and hardware, food processing, horticulture and floriculture, MSME and textiles.
iii.Other Sectors such as health care, education and skills development, manufacturing, energy and infrastructure, hospitality and tourism and business of entertainment and financial services are given the nod of the state as special sectors to look for. 

4. Kumar Sangakkara fastest to 12,000 runs in Tests

i. Kumar Sangakkara, the Sri Lankan Wicket Keeper batsman became the fastest player to reach 12,000 Test runs.
ii. Sangakkara had entered the game needing five runs to become the fifth man to surpass 12,000 test runs.
iii. Sangakkara has accumulated his runs in 224 innings, compared to India's Sachin Tendulkar and Australia's Ricky Ponting, who both needed 247 innings to surpass the mark.

5. Intel invests $24.8 million to speed up launch of Google Glass rival

i. Vuzix Corporation said that Intel Corp invested $24.8 million in the company to speed up the launch of internet-connected eyewear.
ii. Rochester, New York-based Vuzix develops computerized, internet-connected glasses and other video eyewear aimed at consumers, businesses and entertainment.
iii. Intel, which was slow to launch chips for smartphones and tablets, is striving to be at the forefront of future trends in mobile computing and expand into new markets.

 6. RBI relaxed KYC rules for Non-Banking Financial Companies

i. Know-Your-Customers (KYC) rules for Non-Banking Financial Companies (NBFCs) were relaxed by the Reserve Bank of India (RBI).
ii. The KYC rules were amended for NBFC’s due to practical difficulties and constraints being faced by them in getting KYC documents at frequent intervals.
iii. As per RBI notification, the KYC exercise will be required to be done in three ways and they are

• For high-risk individuals and entities – in at least every 2 years
• For medium risk individuals and entities - in at least every 8 years
• For low risk individuals and entities – in at least every 10 years

7. India lost 66 wild tigers in 2014

i. Sixty-six wild tiger deaths were reported in the country in 2014.Two tiger deaths occurred on the last day of the year. 
ii.  It was the only day in 2014 when two wild tiger deaths were reported. One was at Bandipur in Karnataka and the other at Tadoba Andhari in Maharashtra.
iii. As per statistics provided by Tigernet, the official database of the National Tiger Conservation Authority, the highest number of wild tiger deaths was reported from the forests of Tamil Nadu —15, followed by Madhya Pradesh —14. Six of the deaths in Tamil Nadu were from the Mudumalai Tiger Reserve.
iv. The majority of wild tiger deaths was caused by poaching, It is estimated that about 50 tigers could have been killed in this manner.

21:55 - By Unknown 0

Daily GK Update - 2nd January 2015

1. K.K. Paul to be Uttarakhand Governor

i. Krishan Kant Paul will be sworn in as the sixth Governor of Uttarakhand on January 8.
ii. A presidential communiqué said Mr. Paul, Meghalaya Governor, would continue to hold the office of the Governor of Manipur.
iii. The current Uttarakhand Governor, Aziz Qureshi, would be transferred to Mizoram.

iv. Challenging the move of the Narendra Modi government to seek resignations of Governors appointed during the UPA regime.

2. Uttarakhand governor Aziz Qureshi transferred to Mizoram

i. Dr Aziz Qureshi was shunted out and appointed Mizoram governor. 
ii. A statement issued by the President's office said that Qureshi had been given charge of Mizoram for the remainder of his term. He has almost three years of tenure left. 
iii. West Bengal governor K N Tripathi meanwhile has been asked to take additional charge of Meghalaya. 

3. Pakistani fishing boat carrying explosives sets itself on fire after being chased by Indian Coast Guard

i. A suspicious fishing boat carrying explosives from Pakistan was intercepted by Indian Coast Guard in Arabian Sea near Indo-Pak maritime boundary but it sank after the crew on board set it on fire. The incident came a month after sixth anniversary of the Mumbai terror attack.
ii. The boat carrying some four people blew up some 365 kms off Porbander coast after a hot chase.
iii. As per the intelligence inputs received on 31st December, a fishing boat from Keti Bunder near Karachi was planning some illicit transaction in Arabian Sea.
iv. Coast Guard Dornier aircraft undertook sea – air coordinated search and located the suspect fishing boat.


4. BHEL bags first key power project in Telangana

i. BHEL will set up first Supercritical Thermal Power Plant in newly formed state of Telangana. The company has bagged contract worth Rs. 3,810 crore.
ii. The order is for setting up the 1x800 MW Supercritical Thermal Power Plant on EPC (Engineering, Procurement & Construction) basis at Kothagudem in Khammam District of Telangana. 
iii. To this effect, an advance cheque of Rs. 350 crore was handed over by the Chief Minister of Telangana, K. Chandrasekhar Rao to Chairman & Managing Director.
iv. The project is targeted to be commissioned in 36 months on fast track basis with both BHEL and TSGENCO setting up teams to expedite clearances and execution of the project.

5. LIC International launches co-branded credit card with UAE's First Gulf Bank

i. India's LIC International and Abu Dhabi -based First Gulf Bank are planning to introduce a unique co-branded credit card in the United Arab Emirates to address concerns of insurance policy holders.
ii. It is first of its kind payment solution. This is the first time that an insurance firm has entered into a strategic alliance with a bank in the gulf country.
iii. LIC International, established in Bahrain in 1989 by LIC of India to facilitate residents in the gulf region, has over 350 million policyholders worldwide.

6. Government to prioritise drugs, states to revive Jan Aushadhi Pharmacies 

i. To infuse a fresh lease of life into the struggling Jan Aushadhi chain of pharmacy outlets, set up to make affordable generic drugs available to people.
ii. The government plans to focus on select drugs and states, spruce up supply chain and encourage doctors to use generic names of drugs.
iii. Government is considering a proposal to trim the list of drugs being distributed through Jan Aushadhi outlets to 40-50 mass consumption ones from the 320 medicines enlisted to be part of stock at present.

7. R Koteeswaran takes over as new Indian Overseas Bank CMD 

i. R Koteeswaran has taken over as the Chairman and Managing Director of public sector Indian Overseas Bank.
ii. Prior to this, Koteeswaran was serving Bank of India as its Executive Director
Koteeswaran began his career in 1976 in Bank of Baroda and later joined Bank of India as its Executive Director.
iii. He replaces M Narendra who has superannuated

02:09 - By Unknown 0

Planning Commission renamed "Niti Ayog"

India's Planning Commission will be renamed "Niti Ayog" (National Institution for Transforming India) as part of a plan to restructure the institution that the government believes has run its course.

The name, replacing "Yojana (planning)" with "Niti (policy)" will be announced in an amended resolution for the new plan body today, sources said.


Earlier this month, PM Modi held discussions with chief ministers on replacing the Soviet-style body with a 'Team India' concept that would give states a greater role in developing Asia's third largest economy.

The Planning Commission had suggested to a group chaired by Prime Minister Narendra Modi that its replacement body should be structured to meet the need of changing economic paradigm and comprise sectoral experts and states' representative. The restructured plan panel could be a combination of three or four divisions.

In his first Independence Day speech in August 2014, PM Modi had indicated that the 64-year-old Commission had lost its relevance. Later, he tweeted asking for public feedback on what shape the institution should take.

It was India's first Prime Minister Jawaharlal Nehru, a socialist who admired Joseph Stalin's drive to industrialize the Soviet Union, who in 1950 set up - and chaired - the Planning Commission to map out a development path for India's agrarian economy.

A government-backed report suggested replacing the Planning Commission with a think tank more in line with a US-style Council of Economic Advisors.

However, the opposition Congress has criticised the plan, calling it "shortsighted and dangerous".

Some Tit - Bits on Planning Commission: 
The Planning Commission is an institution in the Government of India, which formulates India's Five-Year Plans, among other functions. It is located at Yojana Bhawan, Sansad Marg, New Delhi. It was established in accordance with article 39 of the constitution which is a part of directive principles of state policy.
The composition of the Commission has undergone considerable changes since its inception. With the Prime Minister as the ex officio Chairman, the committee has a nominated Deputy Chairman, who is given the rank of a full Cabinet Minister. Presently the post of Deputy Chairman of the Commission is vacant, after the new Government in the Center.

Present ex officio members of the Commission, are the Finance Minister, Agriculture Minister, Home Minister, Health Minister, Chemicals and Fertilisers Minister, Information Technology Minister, Law Minister, HRD Minister and Minister of State for Planning.
The Planning Commission's functions as outlined by the Government's 1950 resolution are following:

00:10 - By Unknown 0

Daily GK Update - 1st Jan 2015

1. Isro chairperson K Radhakrishnan retires

i. Spearheading Indian Space Research Organisation triumphantly through several milestones, its chairperson K Radhakrishnan retired on Wednesday carrying the crowning glory of the much-hailed India's mission to Mars.
ii. Indian space scientists bid a 'sombre' farewell describing Radhakrishnan an "iconic leader" as his exit left the space agency at what ISRO on its Facebook called "at its most glorified pedestal ever."
iii. Radhakrishnan, a recipient of Padma- Bhushan, the third highest civilian award, was recently chosen as one of the top ten scientific personalities in 2014 by Nature Science Journal.

India's Mars Orbiter, currently orbiting the red planet, tweeted it's farewell.

2. Planning Commission renamed "Neeti Ayog"

i. India's Planning Commission will be renamed "Neeti Ayog" as part of a plan to restructure the institution that the government believes has run its course.
ii. The name, replacing "Yojana (planning)" with "Neeti (policy)" will be announced in an amended resolution for the new plan body today, sources said.
iii. The Planning Commission had suggested to a group chaired by Prime Minister Narendra Modi that its replacement body should be structured to meet the need of changing economic paradigm and comprise sectoral experts and states' representative.

It was India's first Prime Minister Jawaharlal Nehru, a socialist who admired Joseph Stalin's drive to industrialize the Soviet Union, who in 1950 set up - and chaired - the Planning Commission to map out a development path for India's agrarian economy.

3. Tropical storm Jangmi struck Philippines

i. Jangmi, a tropical storm made landfall in northeastern Mindanao Island of Philippines on 28 December 2014. The storm that caused heavy rains and triggered flash floods and landslides in the country killed at least 30 people.
ii. Tropical storm Jangmi, known in the Philippines as Seniang carried winds of 65 kilometers (40 miles) per hour destroying several bridges and highway and lead to evacuation of thousands of residents. 
iii. Apart from Philippines, the storm has affected several parts of other countries like Malaysia and southern Thailand.

4. NASA's SMAP instrument to measure Earth's soil

i. The U.S. space agency NASA's Moisture Active Passive (SMAP) instrument is ready to measure the amount of moisture in Earth's soils with an unparalleled precision and resolution.
ii. The instrument comprises of three main parts namely radar, a radiometer as well as the biggest rotating mesh antenna ever used in space.
The new instrument is expected to be launched on January 29.

5. A K Mittal appointed railway board chairman

i. Mittal, who was member (staff), has succeeded Arunendra Kumar, whose appointment as well as entire tenure was mired in lot of controversies. 
ii. Mittal's position as member (staff) has been taken by Pradeep Kumar, who was general manager, North-Central Railway with additional charge as GM, Northern Railway. 
iii. Navin Tandon had been appointed as new member (electrical), a post which was lying vacant for last six months. Tandon was GM, South Eastern Central Railway. Gupta, member (engineering), has been given additional responsibility of member (mechanical), the post which is likely to be filled within a week. 

6. Noted journalist Boobli George Verghese died

i. Eminent journalist Boobli George Verghese died on 30 December 2014 following a brief illness. He was 87.
ii. He was an information adviser to Prime Minister Indira Gandhi from 1966 to 1969. In 1975, Verghese was given the Ramon Magsaysay award for his contribution to journalism.
iii. In October 2010, he published his autobiography First Draft: Witness to Making of Modern India.
His last work was Post Haste: Quintessential India, a book that was released in May 2014.

7. Govt splits CMD post in Public Sector Banks

i. The government of India decided to split the post of chairman and managing director at public sector banks (PSBs).The finance ministry has appointed chief executive officers (CEOs) of four banks, while confirmed that non-executive chairman would be declared shortly.
ii. The appointment of the CEOs would be for a fixed tenure, in this case for three years or when the candidate retires, whichever is earlier. 
iii. The four banks for which new MD & CEOs were announced on Wednesday were Oriental Bank of Commerce, Indian Overseas Bank, United Bank of India and Vijaya Bank

8. Rajnath Singh launches women safety mobile app 'Himmat'

i. Union Home Minister Rajnath Singh on 1st Jan 2015 launched India's first integrated mobile application for women safety called 'Himmat', in the presence of Delhi Police Commissioner B.S. Bassi and Delhi's Lieutenant Governor Najeeb Jung.
ii. Who-so-ever will download this smart phone-based application can alert the police in the hour of need by either shaking the phone or pressing the power button twice," said Bassi.
iii. "It is directly linked to the Police Control Room and they will get an indication immediately. After that the location can be traced and will be updated every ten seconds," he added.

9. PM Narendra Modi greets nation on New Year

i. Prime Minister Narendra Modi on Thursday greeted the nation on New Year, wishing that it brings immense happiness, peace and prosperity to everyone.

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