Which private financing arm of the World Bank, has notified that it would partner the Indian Renewable Energy Development Agency (IREDA) to provide infrastructure financing for energy projects in India?: International Finance Corporation (IFC)
Explanation: IREDA, the financing arm of the renewable energy ministry, has become the second institution in India after PTC India Financial Services to sign IFC`s master cooperation agreement. Thus this collaboration will help to standardise steps that lenders take when co-financing projects with the IFC. However, the ultimate aim is to make local currency financing available in shorter time-frames and reduce financing costs for lenders and borrowers. The partnership will help the IREDA increase its portfolio in financing renewable energy projects to support the government`s plans to establish up to 175 gigawatts of renewable energy projects over the next seven years.
A helping step towards cash-starved sugar mills to clear dues worth Rs 21,000 crore to farmers, the government on 29 April 2015 hiked import duty on sugar to 40 percent and scrapped the excise duty on which substance?: Ethanol made from molasses
Explanation: Ethanol produced from molasses generated in the next sugar season (starting October 2015) and supplied for ethanol blending would be exempted from excise duty. Price benefit would be passed on the to the sugar mills/distilleries. India imports very small quantity of sugar, the scrapping of excise duty will give the millers Rs 5 per litre extra on ethanol they produce from sugarcane. The customs duty has been hiked from 25 percent to 40 percent. The Cabinet also decided to remove "excise duty on ethanol supplied for blending". Presently 12.36 percent central excise duty is levied.
In a major decision that tops the govt's agenda, the cabinet has approved the Prevention of Corruption (Amendment) Bill, 2013, pending before the Rajya Sabha by moving official amendments. What are key benefit of the Prevention of Corruption (Amendment) Bill, 2013?:
- Existing graft law will be strengthened
- India will be able to effectively meet UN norms on corruption
Explanation: In process of eradicating corruption plaguing the country, the Union Cabinet on 29 April 2015 gave its approval to amend the Prevention of Corruption Act, 1988 by pursuing the Prevention of Corruption (Amendment) Bill, 2013. Thus the proposed amendments would make a huge difference in the mechanism that tackles corruption in India. Firstly, it would fill in perceived gaps in the domestic anti-corruption law And help in meeting the country's obligations under the United Nations Convention Against Corruption (UNCAC) more effectively. The proposed amendments are mainly aimed at laying down more stringent measures to tackle corruption as follows:
MAJOR AMENDMENTS PROPOSED
- Providing for more stringent punishment for the offences of bribery, both for the bribe giver and the bribe taker. (stringent punishment for bribe giver & bribe taker)
- Penal provisions being enhanced from minimum 6 months to 3 years and from maximum 5 years to 7 years.
The seven year imprisonment brings corruption to the heinous crime category.
(minimum punishment increased to 3 years from 6 months, maximum increased to 7 years from 5)
(corruption to come under 'heinous crime' category)
- To contain gain of benefits from profits of corruption, the powers of attachment are proposed to be conferred upon the trial Court (Special Judge) instead of the District Court. (Trial court judge to acquire power to attach profits from corruption)
- Expanding the ambit of provision for containing inducement of public servant from individuals to commercial entities is being added to contain supply side of corruption. ( stricter punishment for inducing public servants)
- Providing for issue of guidelines for commercial organizations to prevent persons associated with them from bribing a public servant. (organisations directed to issue guidelines against bribery for members, employees)
- The average trial period of cases under PC Act in the last 4 years has been above 8 years. It is proposed to ensure speedy trial by providing a trial completion within 2 years. (speedy trials of 2 years instead of earlier average of 8 years)
- Intentional enriching by public servants will be construed as criminal misconduct and possession of disproportionate assets as proof of such illicit enrichment.
(Intentional acquisition and possession of disproportionate assets to be'criminal misconduct')
- Non-monetary gratification has been covered within the definition of the word gratification. (stringent action against non-monetary gratification)
It is also proposed to extend the protection of prior sanction for prosecution to public servants who cease to hold office due to retirement, resignation etc.(protection of prior sanction to be extended for public servants after retirement, resignation)
Further, prior sanction for inquiry and investigation shall be required from the Lokpal or Lokayukta, as the case may be, for investigation of offences relatable to recommendations made or decision taken by a public servant in discharge of official functions or duties. ( lokpal/ lokayukta's prior sanction necessary for investigation into offences in discharge of official duties)
Union Cabinet on 29 April 2015 gave its approval to NDA government's which flagship project and the new urban renewal mission with a total outlay of about Rs one lakh crore?: 100 smart cities project
Explanation: Smart City project is aimed at recasting the urban landscape of the country by making cities more livable and inclusive besides driving the economic growth. Thus, in a meeting chaired by Prime Minister Narendra Modi approved Smart Cities Mission for development of 100 smart cities and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) of 500 cities with outlays of Rs 48,000 crore and Rs 50,000 crore respectively.
What is the name given to a ambitious programme of the Modi government — a road built along India's vast west-to-east land border i.e from Gujarat to Mizoram, at a cost of around Rs 14,000 crore. Therefore, enable to linking that to a road network in coastal states from Maharashtra to Bengal?: Bharat Mala
Explanation: The Bharat Mala project has started with a detailed all-India assessment of the existing network and is estimated to complete in 5 years. According to officials, government will have to construct some 5,300 km of new roads at an estimated cost of about Rs 12,000-14,000 crore for covering India's entire west-to-east land border. The project will start from Gujarat and Rajasthan then move towards Punjab and then cover the Himalayan states - Jammu and Kashmir, Himachal Pradesh, Uttarakhand and then portions of borders of Uttar Pradesh and Bihar alongside Terai and move to Sikkim, Assam, Arunachal Pradesh, and right up to the Indo-Myanmar border in Manipur and Mizoram. The road built will provide the following benefits:
- Supplies to India's troops as well as military transport currently happen through poor quality roads.
- India's attempted answer to improve reach and connectivity in border areas, right across a large part of which lies China's impressive road infrastructure.
- Economic activity would pick up along with road side city and villages after an upgrade in road connectivity
State-run NTPC on 28 April 2015 notify that its board has approved Rs 1,779.25 crore investment to set up which project at Anantpur in Andhra Pradesh?: Solar photo-voltaic project
Explanation: NTPC - country's largest power producer plans to set up 3,000 MW capacity solar power projects across India in this financial year. Thus, NTPC and the Andhra Pradesh power utilities have signed a power purchase agreement (PPA) for procurement of power to be generated from the 250-MW solar power plant being set up in the state, which is its first phase of the 1,000 MW Anantapur ultra solar power project.
Union Govt. on 26 April 2015 canceled the licenses of 8,975 entities because of failure of filing their annual returns. This was done after it suspended the FCRA registration of Greenpeace India and put foreign donor Ford Foundation on the watch-list. What are these entities?: Non-governmental organizations (NGOs)
Explanation: Union Home Ministry stated that they had issued notices to 10,343 NGOs on 16 October 2014 to file their annual returns by specifying the source, amount and purpose of of foreign funds they receive. However out of 10,343, these 8,975 NGOs had failed to file annual returns for the years 2009-10, 2010-11 and 2011-12. Thus the Ministry canceled the licenses of these NGOs for violation of Section 18 thereof, read with Rule 17(2) of Foreign Contribution (Regulation) Act, 2011 (FCRA).
Prime Minister Narendra Modi inaugurated a three-day global exhibition on services to showcase India's strength in the sector and provide platform to the industry to explore business opportunities. Which are these service sectors?: IT, ITeS, telecommunication, healthcare, education, logistics, media and entertainment, R&D and space
Explanation: In global exports of services which were attended by 40 countries, India's rank has been improved from 11th to 6th during 2009 and 2013. However, Share of India's services sector in the global services trade is only 3 percent as compared to 4.6 percent of China. India's services exports are USD 73 billion more than the imports in 2013-14. India had a trade surplus in services segment unlike in merchandise where India runs a huge trade deficit of USD 138 billion in 2013-14.
Online fashion store Net-a-Porter (NAP) merged with which online company, thus world`s two biggest online fashion stores sends a warning to luxury brands to embrace the Internet with more vim after years of resistance?: Yoox
Explanation: The merger between Yoox and NAP sends the message that you need to be online or you may be out of the game. As the top brands such as Prada and LVMH`s Christian Dior still baulk at the idea of selling clothing online as well as through their plush boutiques. Online annual luxury goods sales have been growing at 15-25 percent while the industry`s average growth rate has slumped to 5 percent this year from above 10 percent four years ago as brands have completed big global roll-outs. Analysts estimate that 5-6 percent of luxury goods are purchased online, although that jumps to around 8 percent for leather goods such as shoes and handbags.
The government on 22 April 2015 approved three highway projects which would cost an estimated Rs 5,529 crore. Which are these 3 Highways?:
-Mukarba Chowk to Panipat section of National Highway- 1 in Delhi and Haryana.
-Solapur-Bijapur section of National Highway - 13 in Maharashtra and Karnataka.
-Agra-Etawah section of National Highway - 2 in Uttar Pradesh
Explanation: The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has approved the 3 projects in BOT (Toll) mode on Design, Build, Finance, Operate and Transfer (BOT/DBFOT) basis. -Mukarba Chowk to Panipat section of National Highway - 1 in Delhi and Haryana will cost Rs. Rs 2,204.51 crore. The total length of the road will be approximately 69.84 km. -Solapur-Bijapur section of National Highway - 13 in Maharashtra and Karnataka. The cost is estimated to be Rs 1,537.64 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road will be approximately 109.07 km. Agra-Etawah section of National Highway - 2 in Uttar Pradesh. Six laning of Agra-Etawah section of National Highway - 2 in Uttar Pradesh will cost Rs 1,787.02 crore.
