Daily Current Affairs May 2015

Daily Current Affairs GK Update – 19 May 2015


A report titled “Global Investment Trends Monitor” released by UNCTAD [UPSC]:

  • Major Points:
  • In this report, UNCTAD analyses the most recent trends in global outward investment and assesses its prospects for 2015.
  • As per the report Asia now invests more abroad than any other region.
  • USA, Hong Kong (China) and China were the first, second and the third largest investors in the world respectively.
  • In the 20 largest investors, nine were either from developing or transition economies.
  • Developing Asia has become, for the first time, the world’s largest investor region followed by North America and Europe.


Infosys announced to become carbon neutral by 2018 [ALL]:

  • Infosys announced to become carbon neutral by 2018.
  • The company announced to achieve carbon-neutrality on commuting and travel by its  employees.
  • Infosys has become the first Indian Company to join RE100 Renewable Energy Campaign.
  • RE100 is a global initiative that supports major companies committed to 100% renewable power across their operations. Its goal is that 100 of the world’s most influential businesses commit to 100% renewable power within a specified timeline.
  • RE100 was launched at Climate Week NYC (New York City) in  2014.

Official website of 10th World Hindi Conference launched [ALL]:

  • It can be visited at www.vishwahindisammelan.gov.in. 
  • The 10th World Hindi Conference (WHC) will be held from 10 September to 12 September 2015  in Bhopal. The main theme of the Conference is Hindi Jagat: Vistar avm sambhavnai.
  • The decision to organize the 10th edition of the Conference in India was taken at the 9th World Hindi Conference held in Johannesburg, South Africa in September 2012.
  • The first World Hindi Conference was held in 1975 in Nagpur, India and since then, nine such Conferences have been held all over the globe.

IMD, POSOCO ink MoU for optimum use of weather information [ALL]:

  • India Meteorological Department (IMD) and Power System Operation Corporation Ltd (POSOCO) have signed a memorandum of understanding (MoU) for optimum use of weather information and forecast in the power sector.
  • The aim of MoU is to enable power operators, generators and utilities to make optimum use of the supply and generation capacities with knowledge of weather conditions obtained from IMD.

Reliance Jio signs pact with Chinese telecom giant Huawei for 4G devices [ALL]:

  • Huawei will supply RJio with 4G devices which include smartphones, tablets and mifi dongles.
  • This agreement will play an important role in RJio ambitious plans to launch 4G service by 2015 in around 5,000 towns and cities in India.
  • It is mandatory for RJio and other Indian telecom companies to roll out the 4G services who had won broadband wireless access (BWA) spectrum in 2010 by August 31, 2015 as per the licensing agreement.These services must be rolled out in at least 90 per cent of the service areas, failing which the Department of Telecom (DoT) have the right to withdraw the radiowaves.

IMF Report :Global energy subsidies to hit US $ 5.3 trillion this year[UPSC]:

  • The report clearly states that the energy subsidies across the world are expected to reach 5.3 trillion dollars in 2015, more than government health spending.
  • Main Points:
    • China is the largest spender on energy subsidies and spends around 2.3 trillion dollars a year, followed by the United States at 699 billion dollars and Russia at 335 billion dollars.
    • While India spends 277 billion dollars on Energy Subsidies.

    What is energy subsidies according to IMF: Energy subsidies is defined  by IMF as the difference between the amount of money consumers pay for energy and its true costs, plus a country’s normal sales or value-added tax rate.

    In addition, the true costs include environmental effects like carbon emissions that lead to global warming and the health effects.

GMR Infra, GIIC signs MoU for Kakinada SEZ (Andhra Pradesh)[All]:

  • GMR Infrastructure Ltd. has signed Memorandum of understanding (MoU) with Guizhou International Investment Corporation (GIIC) for developing Kakinada special economic zone (SEZ) in Andhra Pradesh.
  • It should be noted that KSEZ is a port-based multi-product special economic zone, spread over about 10,500 acres.
  • The fully developed facility by KSEZ and GIIC will in turn generate over 5,000 jobs for both skilled and unskilled workers.


  • What is SEZ?[UPSC] :
  • Special Economic Zone (SEZ) is a specifically delineated duty-free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs. In order words, SEZ is a geographical region that has economic laws different from a country’s typical economic laws. Normally, the goal is to increase foreign investments.
  • Where are SEZs located in India?

    At present there are eight functional SEZs located at Santa Cruz (Maharashtra), Cochin (Kerala), Kandla and Surat (Gujarat), Chennai (Tamil Nadu), Visakhapatnam (Andhra Pradesh), Falta (West Bengal) and Noida (Uttar Pradesh) in India.

S.S. Ahluwalia will head joint panel on Land Acquisition Amendment bill [UPSC]:

  • Bhartiya Janta Party (BJP) MP Surendrajeet Singh Ahluwalia has been appointed as the chairman of a Joint Committee of Parliament that will look into the provisions of the Land Acquisition Amendment Bill, 2015.
  • The joint committee will comprise of 30-members- 20 members from Lok Sabha and 10 from the Rajya Sabha.


30 cold storage projects chain sanctioned by Union Government with Rs 725 crore outlay [ALL]:

  • These sanctioned projects are part of 138 integrated cold chain projects which were approved by the Union government.
  • Once all these 138 cold chain projects become operational, it will add total 4.76 lakh tonnes of storage capacity in the country along with 118 lakh litres per day milk processing capacity and 810 reefer vehicles.


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