May 16, 2018

WORD OF THE DAY

 

EMPLOYEE STOCK OWNERSHIP PLAN
A defined-contribution employee benefit plan designed to make investments in the stock of one’s employer. ESOPs are often used to align the interests of a company’s employees with those of the company’s shareholders

Courtesy: Mint

 

NATIONAL NEWS

  1. National Institute of Mental Health Rehabilitation (NIMHR) has been established at Bhopal as a Society under the Societies Registration Act, 1860
    • The objective is to provide rehabilitation services to the persons with mental illness, capacity development in the area of mental health rehabilitation, policy framing and advanced research in mental health rehabilitation.
    • NIMHR will be the first of its kind in the country in the area of mental health rehabilitation
  2. The Cell for IPR Promotion and Management (CIPAM),a professional body under the aegis of the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, had organized a conference on successful completion of two years of the National Intellectual Property Rights (IPR) Policy adopted by the Government of India in May 2016 in New Delhi.
  3. India has released grant of Nepalese Rupees (NRs) 18.07 crore for river training and construction of embankments along Lalbakeya, Bagmati and Kamla rivers in Nepal.
    • The construction is aimed at flood control and water resource management
  4. Cabinet Approvals
    • The Ministry of Railways has signed Memorandums of Understanding (MoUs) with SNCF Mobilites (a company owned by the French State)on Technical Cooperation in the field of Railways.
    • There is an enhancement of budget for the implementation of Network for Spectrum for Defence Services by  11,330 crore
    • The Network for Spectrum (NFS) project will boost the communication capabilities of the Defence Forces in a major way leading to enhanced national operational preparedness.
    • A new AllIndia Institute of Medical Sciences (AIIMS) will be set up in Deoghar, Jharkhand
    • Extension of Delhi Metro Corridor from Noida City Centre to Sector-62, Noida Uttar Pradesh.
  5. The Cabinet Committee on Economic Affairs has approved setting up of a dedicated “Micro Irrigation Fund” (MIF) with NABARD under Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for an initial Corpus of 5,000 crore .
    • The goal of the scheme is to minimize usage of water and to enhance per crop water usage.
    • The slogan for this scheme is ‘more crop, per drop’.
  6. National Policy on Biofuels – 2018
    • It categorizes the biofuels called Basic Biofuels into categories viz.
      1. First Generation (1G) bioethanol & biodiesel
      2. “Advanced Biofuels” – Second Generation (2G) ethanol, Municipal Solid Waste (MSW) to drop-in fuels
      3. Third Generation (3G) biofuels, bio-CNG among others to enable extension of appropriate financial and fiscal incentives under each category.
      4. It provides a funding scheme of 2G ethanol Bio refineries an amount of 5,000 crore in 6 years
  1. The first ever International Rail Coach Expo (IRCE) focusing on Rail Coaches and train sets will be held in Chennai, Tamil Nadu
  2. Uttarakhand Chief Minister Trivendra Singh Rawat inaugurated state’s first City Gas Distribution (CGD) network at Rudrapur in Udham Singh Nagar district.
  3. On 16th May 2018, the 3rd Advance Estimates of Production of Major Crops for 2017-18 was released by the Department of Agriculture, Cooperation and Farmers Welfare.
    • Total foodgrains production in India is estimated at 279.51 million tonnes.
    • Rice – 111.52 million tonnes (record)
    • Wheat – 98.61 million tonnes (record)
    • Nutri/Coarse Cereals – 44.87 million tonnes (record)
    • Maize – 26.88 million tonnes (record)
    • Pulses – 24.51 million tonnes (record)
    • Gram – 11.16 million tonnes (record)
    • Tur – 4.18 million tonnes
    • Urad – 3.28 million tonnes (record)
    • Oilseeds – 30.64 million tonnes
    • Soyabean – 10.93 million tonnes
    • Groundnut – 8.94 million tonnes
    • Rapeseed & Mustard – 8.04 million tonnes
    • Castorseed – 1.49 million tonnes
    • Cotton – 34.86 million bales (of 170 kg each)
    • Sugarcane – 355.10 million tonnes
  4. India’s First fully Solar Powered railway station is at Guwahati
  5. An Inter-Ministerial Task Force (IMTF) was formed to perform a comprehensive review of existing coal sources of Independent Power Producers (IPPs) 
    • The objective of this exercise is to reduce the landed cost of coal due to the reduction in transportation cost.
  6. Meenakshi Lekhi launched the “Swachhata Abhiyan” of the Department of Administrative Reforms and Public Grievances (DARPG), Ministry of Personnel, Public Grievances and Pensions.
  7. The Department of Industrial Policy and Promotion(DIPP) launched the initiative of a competitive ranking framework system called ‘State Startup Ranking Framework 2018’.
    • Objective is to grow a sense of competition in the field of providing and promoting the startup environment in different states.
    • This exercise included 30 states and Union Territories.
  8. Tata Steel will be acquiring debt-ridden Bhushan Steel as its bid has been approved by National Company Law Tribunal (NCLT).
    • Bamnipal Steel Ltd. (subsidiary of Tata Steel) will acquire Bhushan Steel
  9. Integrated Centre for Crisis Management (ICCM) inaugurated at Bhabha Atomic Research Centre (BARC) in Mumbai, Maharashtra.
    • The ICCM will help the nation to respond more effectively to chemical, biological, radiological and nuclear (CBRN) emergencies.

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INTERNATIONAL NEWS

  1. The World Health Organisation (WHO)has published its first ‘Essential Diagnostics List’
    • A catalogue of tests needed to diagnose the most common conditions as well as a number of global priority diseases.
    • An estimated 46% of adults with Type 2 diabetes worldwide were undiagnosed, risking serious health complications and higher health costs.

 

BANKING AND ECONOMY

  1. Karnataka Bank will sell 8.26 % stake in Universal Sompo General Insurance to Dabur Investment Corporation and Sompo Japan.
    • Following the transaction, Karnataka Bank will hold 6% stake in Universal Sompo General Insurance.
  2. As per a report by HSBC, inflation is set to rise further during Oct 2018 to March 2019 and could average 1 percent for the financial year 2018-19.

APPOINTMENTS

  1. Former BCCI President Shashank Manohar will serve a second two-year term as the Independent Chairman of the International Cricket Council
    • Mr Manohar became the first independent ICC Chairman in 2016
  2. Gujarat Governor Om Prakash Kohli take an additional charge of Madhya Pradesh
  3. Mukul Rohatgi was appointed as an eminent Jurist in the Selection Committee for the appointment of the Lokpal.


SPORTS

  1. Football Delhi has planned to launch a Pro League in October 2018 and a Community League in January 2019.

MISCELLANEOUS

  1. Scientists have discovered the fastest-growing black hole known in the universe, describing it as a monster that eats a mass equivalent to our Sun every two days.
    • The energy emitted from this newly discovered supermassive black hole, also known as a Quasar
  2. “IceCube”, a tiny NASA satellite which is about the size of a loaf of bread has developed the first global map of Ice Clouds.
    • Small frozen particles inside clouds are called Ice Clouds
  3. Tom Wolfe, a journalist and novelist, passed away
    • He published the novel “The Right Stuff,” in 1979
  4. Lavani singer Yamunabai Waikar died
    • She received Padma Shri award in 2012.

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