Daily GK Update - 27th February 2015

1. Economic Survey 2015: Highlights

i. The Economic Survey, prepared by the finance ministry's chief economic adviser Arvind Subramanian, was tabled in the Lok Sabha.

ii. India’s economic survey pegged growth at more than 8 per cent for the next fiscal and said inflation was now declining, while also setting the agenda for reforms needed to further drive the expansion, prune wasteful expenditure and promote productive investment.

Following are the highlights of the survey:

• Double digit economic growth trajectory now a possibility
• Government will adhere to fiscal deficit target of 4.1% of GDP in 2014-15
• Economic Survey says estimates current account deficit to fall to 1 pct of GDP in coming fiscal year​
  
• Average WPI inflation declines to 3.4% in 2014-15 (April-December) against 6% previous year
• Need to improve productivity in the agricultural sector to ensure food security
• Post Office can be linked with AADHAR based benefits transfer architecture to allow linkage to AADHAR accounts

2. Kshatrapati Shivaji to be new CMD of SIDBI

i. Kshatrapati Shivaji, a 1986 batch IAS officer, has taken over as the Chairman and Managing Director of Small Industries Development Bank of India (SIDBI). 

ii. Shivaji has been appointed on deputation basis for a period of three years from the date of his taking over the charge, a Finance Ministry release said. 

iii. Shivaji is currently Principal Secretary (Expenditure), Finance Department in Maharashtra government.

3. Clemson University honoured Ratan Tata with Doctorate of Automotive Engineering

i. Ratan Tata was honoured an honorary Doctorate of Automotive Engineering by the Clemson University at the South Carolina Automotive Summit.

ii. He was awarded for his contributions to the global automotive industry.  

iii. Ratan Tata is the ex-chairman of the Tata Group. He was named Chairman of Tata Industries In 1981, where he was responsible for transforming it into a group strategy think tank and a promoter of new ventures in high technology businesses.

iv. Ratan Tata serves on the board of directors of Alcoa and Mondelez.

4. Zoological Society of London enters in Asiatic lion Conservation

i. Zoological Society of London (ZSL) and Gujarat Forest Department have inked a memorandum of understanding (MoU) for conversation of Asiatic lion and its habitat.

ii. The forest officials said that the ZSL which has expertise in managing the zoo will provide its technical assistance to the state not only to manage its rescue and treatment centres but also to manage the Sakarbaugh Zoo.

iii. Apart from the zoo expertise, the ZSL will provide expertise in managing the landscape and the habitat of the area and also training the staff in handling rescue. 

5. Gopinath Pillai appointed as Special Envoy to Andhra Pradesh by Singapore government

i. Singapore government appointed Gopinath Pillai as its special envoy to Andhra Pradesh. Pillai, a senior policy strategist, was appointed to speed up construction of new capital in the state.

ii. Pillai’s appointment as special envoy to Andhra Pradesh was announced by Singapore’s Minister for Foreign Affairs and Law K. Shanmugam and Andhra Pradesh Chief Minister N Chandrababu Naidu at the secretariat in capital Hyderabad.

iii. At the time of appointment, Pillai was working as a Chairman of a Singapore based think-tank, Institute of South Asian Studies (ISAS), and an ambassador for city-state's government.

6. AB De Villiers hits fastest ODI 150 in South Africa World Cup win

i. AB de Villiers hit the fastest ever 150 in one-day internationals as South Africa condemned West Indies to a crushing 257-run defeat in Sydney.

ii. De Villiers took 64 deliveries to reach 150, beating the previous best, set by Australia's Shane Watson, by 19 balls.

iii. He finished 162 not out from 66 balls as South Africa made 408-5, the second-highest total in World Cups.

Quiz: Reading Comprehension

How To Milk The Mauka - Chidanand Rajghatta



Making the most of Indian multitudes from Madison Square Garden to Melbourne Cricket Ground

The Indian moveable feast is spreading world wide. From Madison Square Garden in the US to Melbourne Cricket Ground in Australia, Indian throngsnow express themselves in a medley of noise and colour, signalling their arrival as an exuberant force that provides ballast to their country's growing international profile generated by domestic growth. It is a magnificent sight, impressing host countries and influencing their outlook of India in ways not seen before.

The Australian writer who noted a majority of the 86,000 spectators being Indian at the India-South Africa clash last Sunday at the MCG said the spectacle added to “the ever-growing impression that cricket in any outpost now is essentially a branch office of India“. The MCG, he wrote, “took on the aspect of Jaipur during the Holi festival".

Similar sentiments were expressed in the US when 18,000 Indians filled Madison Square Garden last fall during the Indian prime minister's visit.

Indian presence on foreign shores is not a new phenomenon, although the scale, energy and most of all economic clout underpinning the mobility are all new and evolving factors. In the cricketing world itself, the so-called Bharat army , a take-off of the British barmy army , has been tailing the men in blue since 1999. It has caused the Indian team to feel perfectly at home even in England, a country that birthed the Tebbit test to check the loyalty of immigrants to the English team. Today , English cricket would be sunk without immigrants, both on and off the ground.

Notwithstanding recent aberrations, it's no coincidence that Indian performance overseas has improved in recent years given this home away from home comfort. Homesickness is a distant excuse. There are many corners of the world that are decidedly Indian, none more than a cricket ground.

What is also interesting is that cricket, a sport once dismissed as a “gentleman's game“ (euphemism for elitist) played in whites only in a few commonwealth countries and former colonies, is now becoming universal.Countries ranging from China to the US (itself a former colony which hosted the first international cricket game in New York in 1844; lost to Canada by 24 runs) are now making a beeline for the sport, drawn by its power and influence.

Reports of American cricket fans ­ not just those of Indian origin ­ travelling Down Under are not vastly exaggerated, nor are stories of China's push into the game. The Chinese Cricket Association, which became an associate member of ICC in 2004, has set itself an ambitious goal of qualifying for the World Cup in 2019 and gaining Test status by 2020.The US has more realistic timelines, but expect more than their cheerleaders to be at IPL in the decades to come.

Both the US and China in particular, not to speak of Britain and many of its former colonies, have recognised that India's soft power, buttressed by its movies and cricket, is advancing its sphere of influence in the neighbourhood and beyond. Afghanistan and Sri Lanka, recent playgrounds of strategic shadowboxing, are but two examples where New Delhi is exerting itself. ICC now has close to 40 associate members, from Argentina to Zambia, besides 10 full members.

The ongoing World Cup is being viewed in countries as far apart as Israel, Peru and Malaysia. Inasmuch as soccer will continue to reign as the planet's supreme sport, cricket, aided by American razzamatazz and fuelled by Indian ­ and subcontinental ­ fervour, will not be far behind.

Of course, China too has its soft power and diaspora dividend, backed by immense economic growth. But the Indian heft is broader, underwritten by reasonable proficiency in English, managerial ability , and a female workforce that displays wider skills. A recent commentary on an upcoming competition in America to identify a new MacGyver, a fictional engineering superhero, conjectured that it could be an Indian woman.

Indeed, there are more head honchos of Indian origin (including women) in Fortune 500 companies and academic institutions in America than from any other country save the US. Eventually , this will extend to the Anglophone world and beyond. China will build the bridges; India will walk the talk.

So a country that capped capital outflows but allowed unbridled emigration has now created not only one of the largest diasporas, but also a massive commercial expeditionary force that bumps up local economies wherever they travel, from Miami to Melbourne. Beyond cricket and Bollywood, their success, their numbers, their exuberance and their visibility are starting to exert influence on a range of national interest issues, from border rows to trade disputes.

The demographic dividend beyond India's shores will allow New Delhi to speak both from a position of strength and with a sense of confidence.

But success also comes with perils.Whether in Alabama or Australia, the dangers of ethnic and racial stereotyping are no less than in India, a country that itself comes up short in the way it treats its less fortunate. With growing power there will also come responsibility. American exceptionalism is said to have defined US dominance in the 20th century. India, in its quest for global status, will have to identify its own exceptional qualities that its dynamic diaspora and travelling hordes will carry across the world in a way that will earn respect and admiration.

Directions: Read the following passage carefully and answer the question given below it. Some words have been printed in bold to help you locate them while answering some of the questions

1. What does the author want to convey by the statement “took on the aspect of Jaipur during the Holi festival”?

(a) That the MCG were full of colours, which we use in Holi

(b) That the MCG looked like Jaipur city during the Holi festival

(c) Because of the presence of the so many Indians in the MCG, anybody can feel the warmth and the essence of India.

(d) Adelaide was looking like Jaipur during Holi

(e) None of the above

2. What are the similar sentiments that were expressed in the Madison Square Garden?

(a) The people wanted to hear the India PM’s speech

(b) The people want to witness the Indian PM’s visit

(c) Presence of Indian in large number In MSG can prove how the Indian people are outnumbering on the international scale

(d) The people of India can go anywhere in order to show their support for Indian PM and Indian Cricket Team

(e) None of the above

Directions:  Which of the following words is most opposite in meaning of the word printed in bold as used in the passage?

3. Throngs

(a) horde

(b) flock

(c) mass

(d) multitude

(e) scattering

4. Exuberant

(a) lively

(b) eager

(c) lethargic

(d) vivacious

(e)zappy 

5. Unbribled

(a) rampant

(b) controlled

(c) runaway

(d) unstoppable

(e) unquenchable

Directions: Which of the following words is the same in meaning as the word printed in bold as used in the passage:

6. Razzamatazz

(a) fun-fare

(b) excitement

(c) extravaganza

(d) carnival

(e) gaiety

7. Fervour

(a) apathy

(b) ardour

(c) indifference

(d) detachment

(e) lack of concern

ANSWERS
1. c
2. c
3. e
4. c
5. b
6. b
7. b

Economic Survey

India can increase investments without borrowing more, a key government report said on Friday, in an indication that Finance Minister Arun Jaitley will stick to debt targets in his maiden full-year budget on Saturday.

The economic survey, the basis for Jaitley's budget for the fiscal year starting April 1, forecast the economy would grow by 8.1-8.5 percent under a new calculation method that makes India the world's top-growing big economy.

The survey was prepared by the finance ministry's chief economic adviser Arvind Subramanian.

Following are the highlights of the survey:

FISCAL DEFICIT

• India must meet its medium-term fiscal deficit target of 3 percent of GDP

• Government will adhere to fiscal deficit target of 4.1 percent of GDP in 2014/15

• Govt should ensure expenditure control to reduce fiscal deficit

• Expenditure control and expenditure switching to investment key

GROWTH

• 2015/16 GDP growth seen at over 8 pct y/y

• Double digit economic growth trajectory now a possibility

• Economic growth at market prices seen between 8.1 - 8.5 percent in 2015/16 on new GDP calculation formula

• Total stalled projects seen at about 7 percent of GDP, mostly in private sector

REFORMS

• There is scope for big bang reforms now

• India can increase public investments and still hit its borrowing targets

INFLATION

• Inflation shows declining trend in 2014/15

• Inflation likely to be below central bank target by 0.5 - 1 percentage point

• Lower inflation opens up space for more monetary policy easing

• Govt and central bank need to conclude monetary framework pact to consolidate gains in inflation control

• Consumer inflation in 2015/16 likely to range between 5-5.5 percent

FISCAL CONSOLIDATION

• Govt remains committed to fiscal consolidation

• India can balance short-term imperative of boosting public investment to revitalize growth with fiscal discipline

• Outlook for external financing is correspondingly favourable

CURRENT ACCOUNT DEFICIT

• Estimated at about 1.3 percent of GDP in 2014/15 and less than 1.0 percent of GDP in 2015/16

SUBSIDIES

• Overhauling of subsidy regime would pave the way for expenditure rationalisation

LIQUIDITY

• Liquidity conditions expected to remain comfortable in 2015/16

Reasoning Quiz

1. The Reserve Bank of India has directed the banks to refuse fresh loans to major defaulters. 

Which of the following assumptions are implicit in the above statement?

(1) The banks may still give loans to the defaulters.

(2) The defaulters may repay the earlier loan to get fresh loan.

(3) The banks may recover the bad loans through such harsh measures.

(4) Both (1) and (2)

(5) Both (2) and (3)

2. Indigenous tribes living near Amazon forests are cutting down trees to cover their basic needs, thus severely affecting the ecological balance in the area. 

Which of the following will be an effective step to control the situation?

(1) All the tribes living near the Amazon rainforests should be forced to shift to urban areas of the country.

(2) The tribes should be allowed to continue doing so as they cut down trees for their basic needs and not for commercial purposes.

(3) The tribes near the Amazon should be provided other sources to earn their living.

(4) Both (1) and (2)

(5) None of these

3. The earth’s resources are being depleted much too fast. To correct this, the United States must reduce its resource consumption at present levels for many years to come.

Which of the following, if true, would most strengthen the argument above?

(1) The United States has been conserving resources for several years.

(2) Other countries have agreed to hold their resource consumption at present levels.

(3) Other countries need economic development more than the United States does.

(4) New resource deposits are constantly being discovered.

(5) The United States consumes one-third of all resources used in the world

4. Water table in most parts of the State has gone down to such a level that its extraction for irrigation purposes is not economical any more. 

Which of the following actions should be taken by the government?

(1) Extraction of ground water for any purpose in the State should be banned for some time in order to replenish the water table.

(2) The Government should make provisions for alternative methods of irrigation so that the farmers are not compelled to use ground water.

(3) The agricultural activities in the affected areas should be banned.

(4) Both (2) and (3)

(5) None of these

5. To increase profit, the oil exporting countries decided to reduce the production of crude by 5 million barrels per day. 

Which of the following assumptions are implicit in the above statement?

(1) The price of crude may increase due to less production.

(2) The demand of crude may remain same in future.

(3) Other countries may continue buying crude from these countries.

(4) Both (1) and (2)

(5) Both (1) and (3)

Directions (6-10): Study the following information to answer the given questions

In a certain code 'best way to win' is written as 'ad mi ja no', ' the way to hell' is written as 'ku ja ig ad'. 'win of the day' is written as 'be ku zo mi' and 'to sell of night' is written as 'be Ii ya ja'

6. What is the code for 'sell'? 

(1) be 

(2) Ii

(3) ya 

(4) ja 

(5) Cannot be determined

7. Which of the following may represent 'hell is way'? 

(1) ig ad no

(2) ig py ya 

(3) re ad be 

(4) ig li re 

(5) ad re ig

8. ‘mi’ is the code for

(1) to

(2) win

(3) way

(4) of

(5) Cannot be determined

9. What is the code for' best'? 

(1) ad 

(2) mi

(3) no 

(4) ja 

(5) Cannot be determined

10. Which of the following represents 'of the way'?

(1) ku be ad 

(2) rni be no 

(3) ku be ya 

(4) mi ku be 

(5) be mi ad 

1.         (5)

2.         (1)

3.         (5): All other option are irrelevant except option (5) which says that because US consumes one-third of all world’s recourses, it should keep its consumption under check as they are depleting very fast.

4.         (2)

5.         (5)

word	best	way	to	win	the	hell	of	day	sell	night
code	no	ad	ja	mi	ku	ig	be	zo	li/ya	ya/li

6.         (5)

7.         (5)

8.         (2)

9.         (3)

10.     (1)

ICICI Bank Recruitment

The most expected ICICI Bank PO Recruitment project 2015 is back again this year for its yearly batches. With qualifiers of IBPS CWE waiting for final results and allotment in PSB - ICICI bank PO programme can be treated as another chance.

About ICICI Bank PO Recruitment 2015:

The probationary officer training programme is an initiative regularly conducted by ICICI bank since 2007. Candidates chosen through a well thought process are given training in banking domain, awarded a degree by Manipal university & inducted as employees of ICICI bank.

The interesting part of this programme is – an option to complete MBA degree while working with the bank!

Important Dates - 

• Online registration closes on – June 30, 2015 
• Tests in the month of July or August 2015
• GD/ Interviews in the month of Aug or September.
• Training shall start in batches; the 1st in November & 2nd in February 2016

Selections:

Based on the given qualifications, applicants shall be shortlisted & intimated about next course of process.Basically the selection procedure involves four stages,

• Online aptitude test 
• Psychometric assessment (online) 
• Group discussion 
• Personal Interview

Instructions:

• Online Test Slot Booking is open for applicants who applied for May and August 2015 Batches.
• Only shortlisted applicants can book their test slot.
• Online Test Slot Booking is open from 10th January to 16th January 2015. Applicants will not be able to book test slot after the last date i.e. 16th January 2015.
• Applicants can book test slot of their choice i.e. date, time and venue of test. In order to ensure test slot of your choice book immediately.
• Test Slot once booked cannot be changed.
• Take print of admit card. Applicants will not be allowed to appear for the test without the admit card.

Click here to View the Notification.