GK and Current Affairs Updates

The Asian Development Bank (ADB) and the Government of India yesterday signed a $48 million loan to help Assam state continue its drive to improve access to efficient and reliable power in the national capital.
●    This is the second tranche loan of the $300 million multi tranche financing facility for the Assam Power Sector Investment Program that was approved by the ADB Board in July 2014. The project will help Assam to enhance capacity and efficiency of its power distribution system to improve electricity service to end users. The first tranche loan of $50 million was signed in February 2015.
●    “Increased access to reliable and modern power supply for remote communities can help meet growing demand. This loan will help strengthen the state’s distribution system, improve energy efficiency and reduce technical and commercial losses,” said Ms. M. Teresa Kho, Country Director of ADB's India Resident Mission, who signed the loan agreement on behalf of ADB.
●    “Given that a sustainable power supply is critical for facilitating growth and creating employment opportunities, this project will help Assam attract investment and tap its economic potential, in addition to reducing power outages,” said Mr. Raj Kumar, Joint Secretary (Multilateral Institutions) in the Ministry of Finance, who signed the agreement for Government of India. Ms Z. Rahman Ahmed, Secretary (Power), Govt. of Assam, signed the loan agreement on behalf of the state government along with Mr. P. Gupta, MD, Assam Power Distribution Company Limited (APDCL).
●    The project, which is expected to be completed by December 2019, will help APDCL add an additional substation capacity, expand and improve medium voltage network, reduce system losses by 3% and enhance energy efficiency through renovation and modernization of existing 33/11 kV substations. Part of the loan will be used to strengthen institutional capacity of APDCL through setting up independent meter testing laboratories, load dispatch centers and installing centralized uniform billing system to 1.2 million customers.
●    The loan of $48 million from ADB’s ordinary capital resources makes up to 80% of the total project cost of almost $60 million, with the Government of Assam providing counterpart finance of $12 million. The loan has a 25-year term, including a five-year grace period with an annual interest rate determined in accordance with ADB's LIBOR-based lending facility.
 

British Prime Minister Theresa May arrived in Delhi on Sunday evening on a three-day India visit. 
●    This is her first bilateral engagement outside Europe since taking office in July.
●    The 60-year-old leader's visit is aimed at enhancing Indo-UK ties in the key areas such as trade, investment, defence and security. 
●    Ms May is being accompanied by 40 business delegates from UK companies which will showcase itself at the Tech Summit in Delhi.
●    Ms May on first day will hold talks with Prime Minister Narendra Modi, who will host her for lunch post the Tech Summit.
●    The two leaders are expected to discuss a possible Free Trade Deal between the countries now that Britain is preparing to leave the EU.

Grant Thornton released its International Business Report 2016. 
●    The report ranks India at the second position on the global business optimism index during the third quarter (July-September 2016).
●    During the April-June 2016 period, India was ranked at the third position after being on top for two consecutive quarters.
●    Indonesia took the top spot, with the Philippines coming in third.
●    It says that the ranking rides on the recent policy reforms and Goods and Services tax (GST), which is expected to become reality soon.
●    The ranking was also complimented by the rise of employment expectations.
●    About 59 per cent of the respondents have voted in favour  of the growth prospects.

Oil India Limited (OIL) has set up an OIL Start-Up fund of Rs 50 crore to encourage new "out of the box" ideas related to the oil and gas sector, particularly in the Northeast. 
●    The oil exploration major's chairman-cum-managing director Utpal Bora today said in a press conference that the initiative was in line with the Centre's 'Start-up India' initiative. 
●    The initiative was to create an ecosystem that was conducive for growth of start-ups in the oil and gas sector, which has a huge scope for application of technology-enabled ideas.
●    The government-run company also plans to create a dedicated website for its Start-Up initiative, inviting applications with project ideas, besides inviting through newspaper advertisements in the region with special attention given to ideas from students in technical institutions and universities.

As India prepares to host a meeting of 3,000 internet stakeholders, the top gun of the organisation managing it all says his job would be "to make sure that the train leaves the station on time." 
●    Göran Marby, chief of ICANN, said the meeting will be "historic".
●    It will give way to a new method of doing things as multiple stakeholders decide issues of accountability, and new processes are put in place. 
●    Given the large number of internet users in India, the country is very important.
●    ICANN, which matches domain names with appropriate IP address numbers, is hosting its 57th meeting in Hyderabad from November 3-7. 
●    The meeting is important because this is the first time the global community will come together post the US Department of Commerce giving up oversight of the internet. 
●    The internet will now operate in a multi-stakeholder model, which India also agreed to support last year. 

India continued their rich run in the Commonwealth Wrestling Championships by winning eight gold medals and as many silver here today.
●    India won five gold medals in freestyle through Harful, Bajrang, Jitender, Sandeep, Deepak and Arun.
●    The three gold medals in greco-roman came from Ravinder, Krishan and Sachin.
●    Results (Freestyle): Harful gold and Vikas silver in 61kg; Bajrang gold and Rahul Maan silver in 65kg; Jitender gold and Sandeep Kate silver in 74kg; Deepak gold and Arun silver in 86kg; Hitender gold and Krishan silver in 125kg.
●    Greco Roman Style: Ravinder gold and Krishan silver in 59kg; Dipak gold and Rafiq silver in 71kg; Hardeep gold and Sachin silver in 98kg.
 

The Army has completed laying an irrigation pipeline for residents of villages in the Demchok region of Eastern Ladakh despite a face-off last week with Chinese troops over the work.
●    The irrigation project was being built under the Mahatma Gandhi National Rural Employment Guarantee Scheme to link a village with a “hot spring”.
●    While the three-day face-off ended on Saturday, the Army engineers continued the work on laying a pipeline for nearly a kilometre and completed the work on Sunday.
●    Last Wednesday, the Chinese side objected to the work saying that no construction was allowed on the border as per earlier agreements.
●    However, the Indian side countered it, saying the restriction applied only to defence constructions. A face-off ensued.
●    This is the first time since 2014 when the Chinese Army had come deep inside the Indian territory in Demchok in protest against an ongoing irrigation project.

India and Sri Lanka have agreed to set up a Joint Working Group on Fisheries (JWG) and a hotline between their Coast Guards to address the long-standing issue of fishermen from Tamil Nadu being arrested.
●    On Wednesday, the Rural Fishermen Society president offered a deal for Indian boats to be allowed to fish in Sri Lankan waters for 85 days every year for the next three years before they are phased out. 
●    Rejecting that offer, fishermen from Jaffna said they wanted an immediate end to “bottom trawling”
●    It is a practice that depletes the ocean’s resources, and refused to return more than 100 trawlers seized by Sri Lankan authorities since 2014.
●    Minister of Agriculture & Farmers Welfare Radha Mohan Singh, Sri Lankan Minister for Fisheries and Aquatic Resources Development Mahinda Amaraweera, as well Minister of State for Road Transport, Highways & Shipping Pon Radhakrishnan and Sri Lankan MP M.A. Sumanthiran participated in the discussions.
 

Bengaluru FC, India's first finalist in the AFC Cup, finished as runners-up in the tournament after a 1-0 loss to Iraq's Air Force Club in the tournament's final. 
●    The match remained scoreless till half time, following which Air Force Club forward Ahmed Hammadi 70th-minute strike, his 16th of the tournament, proved to be the championship-winning goal.
●    BFC matched Air Force in physical superiority throughout the first half. 
●    Amjed Radhi squandered three chances, but provided the crucial assist to Hammadi for the goal.
●    The loss is still a huge boost for Indian football. 
●    BFC's model of professionalism is something the other Indian clubs can take a cue from. 
●    The growth rate of BFC in three years of existence has been tremendous.

With a winning goal in the dying moments of the game, India registered a thrilling 2-1 win over China in the 4th Women’s Asian Champions Trophy hockey tournament in Singapore on Saturday.
●    Deepika found the back of the net in the 60th minute to hand India the winner, and the title. 
●    With just 20 seconds to go for the final buzzer, the striker kept her cool and triggered celebrations back home.
●    India started the game well and were in front Deep Grace Ekka’s goal in the 13th minute of match. 
●    The eves did well to keep the lead at the half-way mark but China bounced back and levelled the scoring with Zhong Mengling in the 44th minute of the match.