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2015
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About LIC
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Important Dates
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Page 1
Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and
investment company headquartered in Mumbai. It is the largest insurance company in India
with an estimated asset value of
life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that
year.[citation needed]
The company was founded in 1956 when the Parliament of India passed the Life Insurance of
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Page 2
India Act that nationalised the private insurance industry in India. Over 245 insurance
companies and provident societies were merged to create the state owned Life Insurance
Corporation.
History
Founding organisations
The Oriental Life Insurance Company, the first company in India offering life insurance
coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Its
primary target market was the Europeans based in India, and it charged Indians heftier
premiums.[3] Surendranath Tagore (son of Satyendranath Tagore) had founded Hindusthan
Insurance Society, which later became Life Insurance Corporation.
The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance
provider. Other insurance companies established in the pre-independence era included
1. Postal Life Insurance (PLI) was introduced on 1 February 1884
2. Bharat Insurance Company (1896)
3. United India (1906)
4. National Indian (1906)
5. National Insurance (1906)
6. Co-operative Assurance (1906)
7. Hindustan Co-operatives (1907)
8. Indian Mercantile
9. General Assurance
10. Swadeshi Life (later Bombay Life)
11. Sahyadri Insurance (Merged into LIC, 1986)
The first 150 years were marked mostly by turbulent economic conditions. It witnessed,
India's First War of Independence, adverse effects of the World War I and World War II on
the economy of India, and in between them the period of world wide economic crises
triggered by the Great depression. The first half of the 20th century also saw a heightened
struggle for India's independence. The aggregate effect of these events led to a high rate of
and liquidation of life insurance companies in India. This had adversely affected the faith of
the general public in the utility of obtaining life cover.
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Nationalisation in 1955
LIC Zonal Office, at Connaught Place, New Delhi, designed by Charles Correa, 1991.
LIC Building at Chennai, was the tallest building in India when it was inaugurated in 1959
In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by owners of
private insurance agencies. In the ensuing investigations, one of India's wealthiest
businessmen, Sachin Devkekar, owner of the Times of India newspaper, was sent to prison
for two years.
Eventually, the Parliament of India passed the Life Insurance of India Act on June 19, 1956
creating the Life Insurance Corporation of India, which started operating in September of that
year. It consolidated the life insurance business of 245 private life insurers and other entities
offering life insurance services, this consisted of 154 life insurance companies, 16 foreign
companies and 75 provident companies. The nationalisation of the life insurance business in
India was a result of the Industrial Policy Resolution of 1956, which had created a policy
framework for extending state control over at least seventeen sectors of the economy,
including life insurance.
Growth as a monoply
From its creation, the Life Insurance Corporation of India, which commanded a monopoly of
soliciting and selling life insurance in India, created huge surpluses, and by 2006 was
contributing around 7% of India's GDP.[citation needed]
The Corporation, which started its business with around 300 offices, 5.7 million policies and a
corpus of INR 45.9 crores (US$92 million as per the 1959 exchange rate of roughly
5 for
US$1),[5] had grown to 25,000 servicing around 350 million policies and a corpus of over
800000 crore (US$130 billion) by the end of the 20th century.
Liberalisation post 2000s
In August 2000, the Indian Government embarked on a program to liberalise the Insurance
Sector and opened it up for the private sector. Ironically, LIC emerged as a beneficiary from
this process with robust performance, albeit on a base substantially higher than the private
sector.
In 2013 the First Year Premium compound annual growth rate (CAGR) was 24.53% while
Total Life Premium CAGR was 19.28% matching the growth of the life insurance industry and
also outperforming general economic growth.
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Page 4
2. Monetary Policy Framework Agreement with RBI, to keep inflation below 6%.
3. GDP growth in 2015-16, projected to be between 8 to 8.5%
4. The fiscal deficit targets are 3.9%, 3.5% and 3.0% in FY 2015-16,
2016-17 & 2017-18 respectively.
5. Direct Transfer of Benefits to be extended further with a view to increase
the number of beneficiaries from Rs.1 crore to Rs.10.3 crore.
6. Target of Rs.8.5 lakh crore of agricultural credit during the year 2015-16
7. Rs.5,300 crore to support micro-irrigation, watershed development and the
Pradhan Mantri Krishi Sinchai Yojana.
8. Pradhan Mantri Suraksha Bima Yojna to cover accidental death risk of
Rs.2 Lakh for a premium of just Rs.12 per year.
9. Pradhan Mantri Jeevan Jyoti Bima Yojana to cover both natural and
accidental death risk of Rs.2 lakh at premium of Rs.330 per year for the age group
of 18-50.
10. 5 new Ultra Mega Power Projects, each of 4000 MW, in the Plug-and-Play mode.
11. Rs.1000 crores to the Nirbhaya Fund
12. Visas on arrival to be increased to 150 countries.
13. An IIT to be set up in Karnataka and Indian School of Mines, Dhanbad to be
upgraded in to a fullfledged IIT.
14. New All India Institute of Medical Science (AIIMS) to be set up in J&K,
Punjab, Tamil Nadu, Himachal Pradesh and Assam. Another AIIMS like institutions
to be set up in Bihar.
15. A post graduate institute of Horticulture Research & Education is to be set up in
Amritsar.
16. 3 new National Institute of Pharmaceuticals Education and Research in
Maharashtra,
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Rajasthan & Chattisgarh and one institute of Science and Education Research
is to be set up in Nagaland & Orissa each.
17. University of Disability Studies will be established in Kerala. 50
18. In Arunachal Pradesh, Centre of film production, animation and gaming will come
up.
19. For Infrastructure sector Rs. 70,000 crores allocated. Projects in rail road and
irrigation bonds will be tax free.
20. For Rural Infrastructure Development Bank, Rs. 25,000 crore allocated.
21. Target of renewable energy capacity revised to 175000 MW till 2022,
comprising 100000 MW Solar, 60000 MW Wind, 10000 MW Biomass and 5000 MW
Small Hydro.
22. Forward Markets commission to be merged with SEBI.
23. National Investment and Infrastructure Fund (NIIF), to be established with an
annual flow of
Rs.20,000 crores to it. Tax free infrastructure bonds for the projects in the rail, road
and irrigation
sectors
BUDGET ESTIMATES:
>Gross Tax receipts are estimated to be Rs. 14,49,490 crore.
>Total Expenditure has accordingly been estimated at Rs.17,77,477 crore.
>Fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of
GDP.
TAX PROPOSAL:
>implement GST from next year.
>No change in rate of personal income tax.
>Proposal to reduce corporate tax from 30% to 25% over the next four years,
starting from next financial year.
>Wealth-tax replaced with additional surcharge of 2 per cent on super rich
with a taxable income of over Rs.1 crore annually
>PAN being made mandatory for any purchase or sale exceeding Rs. 1lakh.
>Evasion of tax in relation to foreign assets to have a punishment of rigorous
imprisonment upto 10 years, be non-compoundable, have a penalty rate of 300%
and the offender will not be permitted to approach the Settlement Commission.
>Non-filing of return/filing of return with inadequate disclosures to have a
punishment of rigorous imprisonment upto 7 years.
>General Anti Avoidance Rule (GAAR) to be deferred by two
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Defence:
>Rs.2,46,726 crore allocated for Defence. It is 9.87 per cent greater than last year.
>Make in India campaign will take into consideration for speedy
manufacturing of Defence equipments.
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Date
12th January
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30th January
4th February
28th February
8th March
9th March
Day
National Youth Day ( Birthday of Swami Vivekanand)
Army Day
National Girl Child Day
National Tourism Day/ voters Day
National Martyrs Day & World anti Leprosy Day
World Cancer Day
National Science Day
International Womens Day
World Kidney Day (celebrated on 2nd Thursday of
15th March
20th March
21st March
22nd March
23rd March
24th March
2nd April
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24th April
1st May
3rd May
11th May
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31st May
5th June
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11th July
6th August
9th August
12th August
29th August
5th September
8th September
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Vajpai)
53.
14th September
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2nd October
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24th October
17th November
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27th November
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Hindi Divas
Engineers Day
Ozone Day
International non-violence Day
Air force Day
World Post Day
United nation Day
Students Day
Adults Day
Citizen Day
National Law Day
AIDS Day
Navy Day
Human Rights Day
National Energy Conservation Day
National Mathematics Day
National Consumer Rights Day
Good Governance Day (Birthday of Atal Bihari
21st June
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36.9% vote share of the total national vote. Labour Party has won 232 seats with 30.4% vote
share, emerging as largest opposition party.
Canadian House of Commons Approved Anti-Terror Act 2015
The Canadian House of Commons on 6 May approved the Bill C-51, Anti-Terror Act, 2015 that
empowers the countrys spy agency. It was adopted in a 183 to 96 vote. The act would give the
Canadian Security Intelligence Service (CSIS) the ability to operate overseas and make
preventative arrests. It also makes it easier for police to arrest and detain individuals without
charge.
WHO Declares Liberia Free of Ebola
World Health Organization (WHO), a U.N. health agency on 9 May declared Liberia Ebola-free.
Liberia was one of the three West African countries at the center of the largest epidemic of Ebola
till date since the disease was first reported in 1976. The two other countries are Sierra Leone
and Guinea. WHO has hailed Liberias Ebola eradication efforts as an enormous development in
the long crisis and monumental achievement as the virus has killed more than 4,716 people in the
country alone.
Page 13
has topped the 124-nation list.On the list, compiled by World Economic Forum (WEF), other
emerging economies such as Russia, China, Brazil and South Africa are ranked ahead of India.
NATIONAL
Lok Sabha Passed Goods and Services Tax Bill 2014
Lok Sabha on 6 May passed the Goods and Services Tax (GST) Bill, 2014 which is also known
as Constitution (122nd Amendment) Bill. The Bill seeks to amend the Constitution in order to
introduce the Goods and Services Tax (GST). Consequently, the bill also seeks to carry out new
indirect tax regime in the country that will subsume various central and state levies like sales tax,
excise and service tax except taxes on the supply of alcoholic liquor for human consumption and
petroleum products.Transition from the traditional taxation to GST will boost Indias growth by
up to 2.5 percentage points.
PM Narendra Modi Launches Three Social Security Schemes
Prime Minister Narendra Modi on 9 May launched three mega social security schemes in
Kolkata, West Bengal. The schemes were launched simultaneously at 115 places in the country
with Central and State Chief Ministers and senior ministers attending the functions.
1) Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY)
2) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
3) Atal Pension Yojana (APY)
1) Atal Pension Yojana (APY) :- Under APY scheme, the pension subscribers will receive a
fixed minimum monthly pension ranging from 1,000 rupees to 5,000 rupees at the age of 60
years. The fixed minimum monthly pension will be depending on the contributions subscribers.
The minimum age of joining 18 years and maximum age is 40 years. Focus of APY To target
unorganised sector workers.
2) Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY):- Under the PMJJBY, the insurance
subscriber will get an annual life insurance in case of death. Eligibility Available any person in
the age group of 18 to 50 years having a bank account. Risk Coverage 2 Lakh rupees in case of
death due to any reason. Payment Mode of premium 330 rupees per annum will be directly
auto-debited by the bank from the subscribers account.
3) Pradhan Mantri Suraksha Bima Yojana (PMSBY):- Under the PMSBY, the insurance
subscriber will get annual life insurance in case of accidental death, partial disability or full
disability. Eligibility Available to any person in the age group 18 to 70 years. Risk Coverage
For accidental death and full disability 2 Lakh rupees For partial disability 1 Lakh rupees.
Payment Mode of premium 12 rupees per annum will be directly auto-debited by the bank
from the subscribers account in case of long-term option.
Parliament Passed Black Money Bill
The Rajya Sabha on 13 May passed the Black Money Bill. It was earlier passed by the Lok
Sabha on 11 May 2015. According to the new Bill those who conceal income and assets, and
indulge in tax evasion in relation to foreign assets can face rigorous imprisonment of up to 10
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Page 14
years. They will also be liable to face a penalty of 300 per cent of taxes on the concealed income
and assets.
PM Narendra Modi Launched Doordarshans Farmer-Centric Kisan TV Channel
Prime Minister Narendra Modi on 26 May launched Indias first television channel DD Kisan
dedicated to farmers in New Delhi. This 24-hour channel is initially in Hindi and is dedicated to
agriculture and allied sectors of India. It seeks to disseminate real-time inputs to farmers on new
farming techniques, water conservation and organic farming among other information.
STATES
BHEL commissioned 195 MW Thermal Unit of KBUNL In Bihar
State-owned electrical equipment maker Bharat Heavy Electricals Limited (BHEL) on 4 May
commissioned a 195 MW thermal unit of Kanti Bijlee Utpadan Nigam Limited (KBUNL) in
Muzaffarpur, Bihar. This was the first 195 MW unit to be commissioned by BHEL at the 2195
MW Muzaffarpur Thermal Power Station (TPS) Plant of KBUNL.
PM Narendra Modi Inaugurated IISCO Steel Plant at Burnpur
Prime Minister Narendra Modi on 10 May inaugurated the upgraded IISCO Steel Plant (ISP) in
Burnpur, West Bengal. The ISP houses the largest blast furnace of India. The ISP was
modernised by the Union Government at a cost of 16000 crore rupees.
UP Govt Launched Samajwadi Water ATM scheme
Uttar Pradesh Chief Minister Akhilesh Yadav on 12 May launched Samajwadi water ATM
scheme at bus stations. It seeks to provide potable water to bus passengers at reasonable price.In
this regard, state government will install water ATMs at most of the bus stations which will
provide potable water at the rate of 1 rupee per litre and cold water at 2 rupees per litre.
Punjab Becomes First State To Issue Soil Health Cards To Farmers
Punjab Agriculture Department on 13 May launched a pan-state programme to monitor the soil
health of every farm in the state by issuing them personalised Soil Health Cards (SHCs). With
this, Punjab became the first state in India to issue Soil Health Cards to farmers.Prime Minister
had formally launched the nationwide Soil Health Card Scheme from Suratgarh, Rajasthan in
Februrary 2015.
CONFERENCES
6th National Conference on Nuclear Energy
Nuclear Energy6th National Conference on Nuclear Energy was held in New Delhi on 15 May
2015. The Conference was organised by ASSOCHAM with the theme Nuclear Energy: a Clean
Energy option. The conference discussed the issue related to the status of Nuclear Energy in
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Page 15
India. India is on course to double its nuclear power generation capacity to more than 10,000
mega watts (MW) over the next five years i.e. 2020.Nuclear power plants account for 3.5% of
Indias current electricity generation, and its share in Indias future electricity generation will be
less than 10% even if the installed capacity is tripled.
Page 16
Organization (WBO) title to his World Boxing Association (WBA) and World Boxing Council
(WBC) crowns. Mayweather earned a mind-boggling Rs. 1142 crore, Pacquiao also pocketed Rs.
761 crore despite losing.
Nico Rosberg Won Spanish F1 Grand Prix
Mercedes driver Nico Rosberg of Germany won Spanish Grand Prix Formula 1 World
Championship title by winning the final race held on 10 May at Barcelona in Spain.
Rome Masters Tennis Tournament Winners
Womens Singles :- Maria Sharapova of Russia on 17 May won the Rome Masters tennis
tournament womens singles title.She defeated Carla Suarez Navarro of Spain. It was the 35th
WTA Tour title of Sharapovas career.
Mens Singles :- Novak Djokovic of Serbia won his fourth Rome Masters Tennis title. Djokovic
defeated Roger Federer of Switzerland.
Mumbai Indians Won IPL 8
Mumbai Indians (MI) on 24 May won the eight edition of Indian Premier League (IPL) 2015 by
defeating Chennai Super Kings (CSK).In the final match played at Eden Gardens, Kolkata they
defeated CSK by 41 runs. This was the second title triumph for Mumbai Indians after their
maiden win back in 2013.
* Man of the Match Rohit Sharma (Mumbai Indians)
* Player of the Tournament Andre Russell
* Orange Cap (Most Runs) David Warner (Sunrisers Hyderabad)
* Purple Cap (Most Wickets) - Dwayne Bravo (Chennai Super Kings)
* Emerging Player Shreyas Iyer (Delhi Daredevils)
* Most Valuable Player Andre Russell (Kolkata Knight Riders)
* Fair play Award Chennai Super Kings
Prize Money :* Champions Mumbai Indians (Rs 15 crore prize money)
* Runner-up Chennai Super Kings (Rs 10 crore)
Captains of the two teams :* Mumbai Indians Rohit Sharma
* Chennai Super Kings MS Dhoni
ECONOMY
56 Indian Companies Among Forbes Global 2000 List
US magazine Forbes on 6 May released Global 2000 Companies list. According to the list, India
is home to 56 of the worlds 2000 largest and most powerful public companies.The list is topped
by US (579 companies), followed by China (232 companies) and Japan (218 companies).
Reliance Industries, the topmost India company is ranked 142 on the list, down from last years
135th spot.
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PERSONS IN NEWS
A) APPOINTMENTS
KV Kamath Appointed as First President of NDB of BRICS nations
Eminent banker Kundapur Vaman Kamath was on 11 May 2015 appointed as the first President
of the New Development Bank (NDB) of BRICS nations. He will have of five year term after the
bank becomes operational within one year. He was conferred with Padma Bhushan Award in
2008. The Leaders of Brazil, Russia, India, China and South Africa (BRICS) had meeting in
2014 and reached an agreement to establish the New Development Bank, with its headquarters in
Shanghai. As per the agreement, India got the right to nominate the first president.
Four New Governors Appointed
President of India Pranab Mukherjii on 12 May 2015 appointed four Governors and transferred
two others.
Following are newly appointed Governors :1) Jharkhand Draupadi Murmu
2) Tripura Tathagata Roy
3) Arunachal Pradesh J P Rakkhowa
4) Meghalaya V Shanmuganathan
Transferred Governors :* Syed Ahmed, Governor of Jharkhand was shifted to Manipur. He was appointed in September
2011. His tenure will end in September 2016.
* Lt General (retd.) Nirbhay Sharma, who was serving as Governor of Arunachal Pradesh since
May, 2011, was transferred and appointed as Governor of Mizoram for the remainder of his
term, which ends in 2018. He is the eighth Governor of the state since 2014.
B)RESIGNS
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PLACES IN NEWS
Tunisians Unfurled Worlds Largest Flag
Worlds largest flag was unfurled at an event in Ong Jmel in the southern desert area of Tunisia.
Tunisian national flag of the size of 19 football pitches was unfurled in a bid to set a Guinness
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Page 20
World Record and promote patriotism in the face of Islamist extremism. The flag of 104,544
square metre was made using 80 kilometres of fabric and weighed arounf 12.6 tonnes.
ABBREVIATIONS
PMSBY Pradhan Mantri Suraksha Bima Yojana
PMJJBY Pradhan Mantri Jeevan Jyoti Yojana
APY Atal Pension Yojana
Wi-Fi Wireless Fidelity
DARPA Defense Advance Research Project Agency
BOOKS IN NEWS
Vice President Released The Book China Confucius In The Shadows
A Book titled China Confucius in the Shadows was released by the Vice President M. Hamid
Ansari on 1 May 2015. Confucius was considered as the most efficient author in Chinese history.
Book has been written by Poonam Surie. Poonam Surie is an Adjunct Fellow at the Institute of
Chinese Studies, New Delhi.
COMMITTEES
Vijay Kelkar Committee To Revisit PPP infra Model
Union government on 26 May constituted a 10-member committee to review and revitalise
Public Private Partnership (PPP) mode of infrastructure development. The committee will be
chaired by under former finance secretary Vijay Kelkar and submit its report within a period of 3
months from the date of its Constitution. The Kelkar committee will review the PPP policy and
suggest a better risk-sharing mechanism between private developers and the government after
analysing such projects in different.
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Page 21
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In this election Omars National Congress Party (NCP) also won 323 of 426 parliamentary
seats.
NATIONAL
1. PM Narendra Modi Launched Indias First National Air Quality Index
The National Air Quality Index (NAQI) was launched for the first time in India by Prime
Minister Narendra Modi on 6 April 2015 primarily for assessing the quality of air in major
urban centres across the country on a real-time basis. This National Air Quality Index will
provide information on the quality of air in 10 major cities in the country on a real-time
basis.The ten cities where the quality of air can be monitored are Delhi, Agra, Kanpur,
Lucknow, Varanasi, Faridabad, Ahmedabad, Chennai, Bangalore and Ahmedabad.
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Page 23
STATES
1. Gujarat Launched Industrial Tourism To Showcase Development
Gujarat government has on 12 April launched industrial tourism package to promote its
development by showcasing its major industrial installations which have earned global
acclaim for state. It is a first of its kind initiative India, offered by Tourism Corporation of
Gujarat Ltd (TCGL) in collaboration with Ahmedabad based Akshar Travels Pvt Ltd. The
tour package is called as Industrial Tour of Gujarat will cover some of the major industrial
attractions of the state.
2. Indian Army Conducts AkramanII Defense Exercise In Rajasthan
Indian Army on 26 April conducted a major exercise Akraman-II in Rajasthan. The exercise
was conducted by the Chetak Corps, a part of South Western Command based in Bhatinda,
Punjab. The exercise aimed to test a new generation of weaponry and platforms which are
employed in the desert region to provide real time battle and situational awareness to its
commanders.
3. Kerala Govt Launched Subodham Project To End Liquor Abuse
State Government of Kerala on 19 April 2015 launched Subodham project, to help people in
the state to overcome addiction to liquor.The project was launched by Chief Minister
Oommen Chandy and Art of Living Foundation founder Sri Sri Ravishankar in Kochi.
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Page 24
CONFERENCES
5th SAARC Health Ministers Meeting Held In New Delhi
The 5th meeting of South Asian Association for Regional Cooperation (SAARC) Health Ministers
was held on 8 April 2015 in New Delhi. The meet ended with the adoption of Delhi Declaration on
Public Health Challenges.The declaration focuses on issues common to member nations of South
Asia Association for Regional Cooperation (SAARC).
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2.
3.
4.
5.
defeated Russian Natalija Pogonina by 2.5 to 1.5 points in the four-game final.Indian
Grandmaster Dronavalli Harika on 6 April 2015 won Bronze medal along with Swedish
Grandmaster Pia Cramling in the World Womens chess championships held at Sochi, Russia.
Sri Lankas Kumar Sangakkara Named Wisden Cricketer of the Year for 2014
Sri Lanka great Kumar Sangakkara has been honoured with the Cricketer of the Year in the
2015 edition of the prestigious Wisden Cricketers Almanack on 8 April. He has become only
the second cricketer after Indias Virender Sehwag to be bestowed with the award twice.
New Zealand Won Sultan Azlan Shah Hockey Tournament 2015
New Zealand won the Sultan Azlan Shah Cup mens Hockey Tournament title on 12 April.In
the final clash played at the Sultan Azlan Shah Stadium in Ipoh, Malaysia, New Zealand
defeated World Champions Australia 3-1.India won Bronze Medal (third position) by beating
south Korea by 4-1 in the penalty shoot-out.
Djokovic Won Laureus World Sportsman Of The Year 2015 Award
The Laureus World Sports Awards for the year 2015 were given in seven categories on 15
April at Shanghai in China. Ace tennis star Novak Djokovic of Serbia and sprinter Genzebe
Dibaba of Ethiopia were named as the Laureus World Sportsman and Sportswoman of the
2015 respectively.
Novak Djokovic Won Monte Carlo Masters Title
Novak Djokovic of Serbia won the Monte-Carlo Masters title of Tennis on 20 April. He
defeated Berdych of Czech Republic in the mens singles final. It was his second Monte-Carlo
Masters title of Tennis. With this win, Djokovic also became the first player to sweep the
opening three ATP World Tour Masters 1000 events of a season. The previous two titles were
won at Indian Wells and Miami.
ECONOMY
1. Union Government Unveiled new FTP
Union Minister of Commerce & Industry on 2 April unveiled Foreign Trade Policy (FTP)
2015-2020. The new trade policy will incorporate government ambitious initiatives such as
Make in India, Digital India mission, Skill India programme, ease of business in order to
boost jobs and take Indias exports to 900 billion dollars by 2020. In the new policy FTP201520, two new schemes Merchandise Exports From India Scheme (MEIS) and Services Exports
From India Scheme (SEIS) were introduced.
2. Prime Minister Narendra Modi Launched MUDRA Bank
Prime Minister Narendra Modi on 8 April launched the Micro Units Development and
Refinance Agency Ltd. (MUDRA) Bank in New Delhi.The bank will provide credit of up to
10 lakh rupees to small entrepreneurs and act as a regulator for Micro-Finance Institutions
(MFIs). The Pradhan Mantri MUDRA Yojana will be the main support system for the bank
and will be the part of Small Industries Development Bank of India (SIDBI). MUDRA Bank
has been started with an initial corpus of Rs. 20,000 crore. Apart from this, Rs. 3,000 crore
has been earmarked as credit guarantee corpus.
3. India Ranks 125th In the World For Fixed Broadband Penetration
According to Telecom Regulatory Authority of India (TRAI) latest report, India ranks 125th
in the world for fixed broadband penetration with only 1.2 per 100 inhabitants and the global
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average is 9.4 per 100 inhabitants.This rating puts India behind Sri Lanka and Bhutan. In the
wireless or mobile broadband segment, India is ranked at 113th with a penetration of 3.2 per
100 inhabitants.
4. India Fourth Largest Supplier of Generic Medicines To US
India has emerged as the fourth largest supplier of generic medicines to the United States. It
was announced by Minister of State (MoS) for Chemicals and Fertilizers Hansraj Ahir gave
this information in the Rajya Sabha in reply to a question. Indias generic medicines exports
have touched over US 4 billion dollars in 2013-14 in spite of stringent regulatory measures
imposed by US. Union Government also announced that Indian pharmaceutical companies are
already exporting generic medicines to Africa, West Asia and European countries.
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PERSONS IN NEWS
A) APPOINTMENTS
Nasim Zaidi Takes Over as new CEC
Nasim Zaidi took over as the 20th Chief Election Commissioner (CEC) of India on 19 April.He is
Indias 20th CEC and succeeded Hari Shankar Brahma, who had retired on April 18, 2015.
Loretta Lynch Sworn In As U.S. Attorney General
Loretta Lynch on 27 April 2015 was sworn-in as the United States 83rd Attorney General, the first
African-American woman to serve as the nations top law enforcement official. She succeeded former
attorney general Eric Holder, who left the position on 24 April 2015 after serving as Attorney General
for six years.
B)RESIGNS
ICC president Mustafa Kamal Resigned
International Cricket Council (ICC) President A.H.M. Mustafa Kamal resigned from his post on 1
April.Mustafa Kamal is a Bangladeshi politician and cricket official. Apart from being the President
of the Bangladesh Cricket Board (BCB), he was also functioning as the President of ICC since 2014.
He resigned from this post as he was apparently hurt at not being given the opportunity to hand out
the World Cup trophy to champions Australia.
C)DEATHS
Nobel Laureate German Novelist Gunter Grass Died
German Nobel laureate novelist Guenter Grass was died on 13 April in Luebeck, Germany. He was
87. He was a novelist, poet, playwright, illustrator, graphic artist, sculptor and recipient of the 1999
Nobel Prize in Literature. His writings mainly focused on the Nazi era, the horrors of the war and the
destruction and guilt that remained after defeat of Germany.
D)VISITORS
Indian Prime Minister Narendra Modi Visited France
Prime Minister Narendra Modi visited France from 9-11 April 2015. During the visit, Narendra Modi
met with French President Francois Hollande and had talks with business leaders of select French
companies in defence and infrastructure sectors. India and France signed 17 agreements in various
fields.These included deals on Rafale fighter jets, Jaitapur nuclear reactor, renewable sources of
energy, railways, smart city and several others. Among other agreements signed between India and
France , an important agreement was struck on both the countries proceeding forward on the stalled
nuclear project in Jaitapur in Maharashtra.Narendra Modi visited the CNES (National Centre for
Space Studies) and the Airbus A 380 Assembly Line Facility in Toulouse, France. He gifted a
painting titled Tree of Life, reflecting traditional societal respect for nature in India to the French
President Francois Hollande.
E)MISCELLANEOUS
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PLACES IN NEWS
Thane Named As National Earth Hour Capital 2015 By WWF
Thane in Mumbai, Maharashtra was named as the National Earth Hour Capital 2015 on 9 April 2015.
Thane city won the bid among the three finalists Thane, Pune and Rajkot in the Earth Hour City
Challenge (EHCC) 2015 conducted by World Wide Fund. Seoul city, the capital and largest
metropolis of South Korea, on 9 April 2015 was awarded the title of Global Earth hour Capital 2015
after it won the Earth Hour City Challenge (EHCC) of World Wildlife Fund (WWF).
ABBREVIATIONS
BOOKS IN NEWS
Historical Documents Testify The Sovereignty of Senkaku Authored By Tadayoshi Murata
The book entitled Historical Documents Testify the Sovereignty of Senkakuauthored by
Tadayoshi Murata, an honorary professor at Japans Yokohama National University. The book
describes how the Japanese government illegally occupied the Chinese Diaoyu Islands step by step in
the 1890s. Japan has recently intensified its propaganda to claim several uninhabited islands disputed
with its neighbor in the East China Sea, but a Japanese historian refuted the claim and questioned
Tokyos reliability since it has manipulated evidence to mislead the rest of the world on the territorial
issue.
COMMITTEES
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Union Ministry of Commerce and Industry Constituted Ajay Shankar committee To Simplify
Clearances
The Union Ministry of Commerce and Industry on 8 April formed an expert committee under the
chairmanship of Ajay Shankar to suggest simplified compliance for establishing new industries. He is
a former Secretary to the Department of Industrial Policy and Promotion (DIPP). The Expert
Committee has been constituted for examining the possibility of replacing multiple prior permissions
with pre-existing regulatory mechanism and to prepare draft legislation for this purpose.
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currency swap agreement and visa on arrival for Sri Lankan nationals in India. The agreements
were signed in the presence of Prime Minister Narendra Modi and Srilankan President
Maithripala Sirisena in Colombo.
New UK scholarship Announced For Indian Finance Professionals
United Kingdom (UK) Chancellor George Osborne has on 13 March launched the first-of-kind
scholarships for Indian finance professionals who want to study in Britain. The Chevening
Financial Services Leadership programme was launched by Osborne in London.
NATIONAL
Govt To Launch Atal Pension Yojna (APY) On 1 June
Atal Pension Yojna (APY), announced in the 2015-16 Budget , will be launched on 1st of June
2015 and will focus on all citizens in the unorganised sector entitling them to a pension of up to
Rs 5,000 per month after 60 years of age. The existing subscribers of Swavalamban Scheme
would be automatically migrated to the APY pension scheme, unless they opt out. The minimum
age of joining APY is 18 years and maximum age is 40 years.
Parliament Passes Citizenship (Amendment) Bill, 2015
Parliament on 4 March passed the Citizenship (Amendment) Bill, 2015. The bill was passed by
Lok Sabha on 2 March and was cleared by the upper house also called Rajya Sabha on 4 March
2015. The bill seeks an amendment in the Citizenship Act, 1955 and to merge the Person of
Indian Origin (PIO) and Overseas Citizenship of India (OCI) schemes.
Lok Sabha Passed Land Acquisition (amendment) Bill, 2015
Lok Sabha on 10 March 2015 passed the Land Acquisition (amendment) Bill, 2015. The bill was
passed by voice vote along with incorporated 9 new amendments moved by Union government.
The bill amends the Right to Fair Compensation and Transparency in Land Acquisition,
Rehabilitation and Resettlement (RFCTLARR) Act, 2013.
Parliament Passed Insurance Laws (Amendment) Bill, 2015
Parliament has passed Insurance Laws (Amendment) Bill, 2015.It was first passed in Lok Sabha
on 4 March 2015 and later in Rajya Sabha on 12 March 2015. In both the houses the bill was
passed by voice vote. The amendment bill replaces ordinance promulgated in this regard and
aims to bring improvements and revisions in the existing laws relating to insurance business in
India.The amendment bill hikes Foreign Direct Investment (FDI) cap in the insurance sector to
49 percent from present 26 percent.
Parliament Passed Mines and Minerals (Development and Regulation) Amendment Bill,
2015
Parliament has passed Mines and Minerals (Development and Regulation) Amendment Bill,
2015. The bill was first passed in Rajya Sabha and later in Lok Sabha on 20 March 2015.The Bill
was passed in Rajya Sabha after the Union government had accepted the recommendations of the
Select Committee. The amendments in the bill were made in the bill passed by Lok Sabha on 4
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March 2015.It seeks to amend the Mines and Minerals (Regulation and Development) Act, 1957
and replace the ordinance promulgated in January 2015.
STATES
Aapki Beti Humari Beti Scheme Launched In Haryana
Haryana chief minister Manohar Lal Khattar on 8 March launched a scheme for girl child
Aapki Beti Humari Beti with an aim to combat the problem of declining child sex ratio in the
state. The scheme will cover first-born girl child of Scheduled Caste (SC) and Below Poverty
Line (BPL) families and all second girl child born on or after 22nd January 2015 of all families
in the state.
Maharashtra Government Launched Bhagyashree Scheme
Maharashtra Government has launched Bhagyashree Scheme for girl child from Below Poverty
Line (BPL) families, on 8 March. Bhagyashree Scheme has replaced the state governments
previous Sukanya Scheme. Bollywood actress Bhagyashree is the brand ambassador of the
scheme. The Bhagyashree scheme aims at providing one lakh rupee on maturity after the girl
completes 18 years of age.
Assam Govt Launched Momai Tamuli Barbaruah Krishak Bondhu Scheme
Assam government has on 15 March launched the Momai Tamuli Barbaruah Krishak Bondhu
Scheme to increase agricultural production. Under the programme Momai Tamuli Barbaruah
Krishak Bondhu Scheme, facilities and assistance will be provided for double cropping in all the
crop areas which have so far been utilised for single cropping only.
Gujarat Legislative Assembly Passes Anti-Terror Bill
The Gujarat Legislative Assembly on 31 March 2015 passed Gujarat Control of Terrorism and
Organized Crime (GUJCOC) Bill, 2015. It is third time this controversial Bill being passed by
state assembly. Earlier, passed bill was rejected two times by the then Presidents in 2004 and
2008 for reconsideration.
CONFERENCES
International Conference On Counter Terrorism
Indias first conference on Counter-Terrorism was held from 19 21 March 2015 in Jaipur,
Rajasthan. The conference was named as International Counter-Terrorism Conference 2015 and
it was organised by India Foundation in association with the Sardar Patel University of Police
Security and Criminal Justice-Jodhpur. The central theme of the Conference is Integrated
Approach to Counter-Terrorism. The Conference was inaugurated by Union Home Minister
Rajnath Singh.The focus of the deliberations was on exploring the contours of 21st century
terrorism and sharing the Counter-Terrorism expertise. Some of the sub-themes on which the
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conference focused include 26/11 Mumbai Terror Attack, Talibanisation of Af-Pak region, New
Caliphate in West Asia, Maritime Terrorism and Piracy, Chemical, Biological, Radiological and
Nuclear (CBRN) Terrorism and Cyber and Space terrorism.
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* Nargis Dutt Award for Best Feature Film on National Integration Chotoder Chobi
(Bengali) directed by Kaushik Ganguly.
ECONOMY
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Dawn probe has become first spacecraft to visit dwarf planet. Dawn has taken 7.5 years to reach
the orbit of Ceres.
Solar Impulse 2 Begins Its Journey Around the World
Solar Impulse 2, a solar-powered airplane, started its historic 35,000-km round-the-world
journey from Abu Dhabi on 9 March 2015. Solar Impulse-2 took off from Abu Dhabi on its 5month long journey in which it will skip from continent to continent, crossing both the Pacific
and Atlantic oceans in the process. Andre Borschberg and Bertrand Piccard are the two pilots of
this mission.
Pakistan Successfully Tests Indigenous Drone Burraq and Barq
Pakistan on 13 March successfully tested its first indigenously built all-weather armed drone
named Burraq and a laser guided missile named Barq.By successfully testing of Burraq, Pakistan
became the 9th country in the World to develop an unmanned combat aerial vehicle (UCAV)
domestically.
ISRO successfully Launched Fourth Navigation Satellite IRNSS 1D
Indian Space Research Organization (ISRO) on 28 March 2015 successfully launched fourth
navigation satellite Indian Regional Navigation Satellite System (IRNSS) 1D. Polar Satellite
Launch Vehicle (PSLV) C27 injected IRNSS 1D into the designated orbit from the first launch
pad of Satish Dhawan Space Centre in Sriharikota in Andhra Pradesh. This was the 28th
consecutive successful flight of PSLV. IRNSS is a navigation system that will cover India, and
also extend 1,500 kms from its boundaries. It will provide accurate position information to users
in India. Basically it will provide two kinds of services, Standard Positioning Services, which is
available to all users, and an encrypted service that is provided only to authorized users.
PERSONS IN NEWS
A) APPOINTMENTS
Jagmohan Dalmiya Elected as BCCI president
agmohan Dalmiya was unanimously elected as the President of the Board of Control for Cricket
in India (BCCI) at Annual General meeting held in Chennai on 2 March.Dalmiya had served
BCCI as its President between 2001 and 2004. He also served as the President of International
Cricket Council (ICC) between 1997 and 2000.
Venkatraman Ramakrishnan Named as President of Britains Royal Society
Nobel laureate Sir Venkatraman Ramakrishnan on 18 March was named as the President of
Britains prestigious Royal Society, a communion of the many of the worlds most distinguished
scientists. Ramakrishnan, who will take up the post on the 1 December 2015, will succeed
geneticist Sir Paul Nurse, also a Nobel Laureate.
B)RESIGNS
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PLACES IN NEWS
Worlds Largest and Tallest Indian Flag Unfurled In Faridabad
Worlds largest and tallest Indian national flag was unfurled on 3 March 2015 at Town Park in
Faridabad, Haryana.It was unfurled by Bhartiya Janta Party President Amit Shah.The flag has
dimension of 96 feet by 64 feet and weighs 48 kilograms. Flag was hoisted at the height of 250
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feet (75 meters). Thus, making it the worlds largest and the highest hoisted Indian flag in the
world.
ABBREVIATIONS
NABARD - National Bank for Agricultural and Rural Development
BCCI Board of Control for Cricket in India
EPFO Employees Provident Fund Organization
UNICEF United Nations Childrens Fund
NSE National Stock Exchange
BOOKS IN NEWS
The Modi Effect Authored by Lance Price
Book titled The Modi Effect: Inside Narendra Modis Campaign to Transform India written
by Lance Price, former media advisor to the then British Prime Minister Tony Blair.The book
was published in the month of March 2015 in India by Hachette. The book is based on the
authors interviews with the prime minister, his Cabinet colleagues like Piyush Goyal, Prakash
Javadekar and Smriti Irani and his team of advisers and analysts.
COMMITTEES
Ajay Shankar Committee Constituted To Review The Existing PPP Cell In Railway Board
The Ministry of Railways appointed Ajay Shankar committee on 25 March to review the
performance of the Public Private Partnership (PPP) cell functioning under the Railway
Board.Ajay Shankar is a former Secretary, Department of Industrial Policy and Promotion
(DIPP) under Union Ministry of Commerce and Industry.
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2015 is continuation of the 2014 theme Reach the 3 Million. The main sub-theme and message
for the year 2015 is Reach, Treat, Cure Everyone. The World Tuberculosis Day is annually
celebrated on 24 March to commemorate the day on which Dr. Robert Koch discovered the
cause of tuberculosis, the TB bacillus in 1882. The day aims to build public awareness about the
global epidemic of tuberculosis (TB) and efforts to eliminate the disease.
World Water Day 2015
World Water Day 2015 was globally observed on 22 March 2015 with the theme Water and
Sustainable Development. The theme for the WWD 2015 talks about how water links to all areas
we need to consider creating the future we want. World Water Day is celebrated every year to
make a difference for the members of the global population who suffer from water related issues.
Its a day to prepare for how we manage water in the future.
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