Daily Update On Current Affairs – November 16, 2017

Here’s your daily summary of Current Affairs.

India to become 3rd largest economy by 2028: Report

A report by Bank of America-Merrill Lynch has stated that in the next decade, India will overtake Japan to become the third-largest economy. The factors that will enable this are reduced dependency on other nations, financial maturity, and higher income and affordability. The report also adds that India is likely to become the world’s fifth largest economy by 2019. As per data available in the report, India is likely to cross Germany and Japan in nominal GDP by 2028, assuming that the nation witnesses a 10% growth every year for the next 10 years. 
There are three factors that will enable India to achieve this goal-           
1. Reduced dependency ratios are expected to raise saving and investment rates. This is likely to fund 7% real growth.          
2. Financial maturity, due to financial liberalization and inclusion, should continue to lower lending rates structurally.   
3. Increasing incomes and affordability will likely underpin the emergence of mass markets, supporting an expected 7% real GDP growth.
Saudi Arabia recognizes Yoga as a Sport      

The Saudi Arabian government has approved the practice of yoga as a sports activity, claimed a social media post of Nouf Marwaai, founder of the Arab Yoga Foundation in the Saudi kingdom. The Kingdom of Saudi Arabia has recognized the practice of Yoga as an approved sport, which can be practised freely there.
  •          June 21 is the UN-designate International Yoga Day.
  •      The Capital of Saudi Arabia is Riyadh and its Currency is the Saudi Riyal.

Sebastian Vettel wins Brazilian Grand Prix Car Race         

Ferrari’s Sebastian Vettel took his first victory since July at the Brazilian Grand Prix, where Lewis Hamilton battled from the back to finish fourth. Vettel controlled the race after taking the lead from pole position man Valtteri Bottas’ Mercedes at the start.

China launches world’s first all-electric ship 

China has launched world’s first all-electric ship that can travel up to 80 km with 2000-tonnes cargo after a two-hour charge. The 70.5-metre-long ship, which weighs about 600 tonnes, was launched in Guangzhou in South China’s Guangdong Province. The vessel, manufactured by the Guangzhou Shipyard International Company Ltd, is powered by a 26-tonne lithium battery. It can cruise at the top speed of 12.8 km per hour.

Virtual nation Asgardia launches its first satellite into space       

On 12th November 2017, the Space Kingdom of Asgardia has launched its first satellite. This so-called ‘virtual nation’ is the pet project of Russian scientist and billionaire Igor Ashurbeyli. In 2016, he proposed a new nation which would be based in space in order to be outside of the control of nations on Earth. The Asgardia-1 satellite is about the size of a loaf of bread and contains half a terabyte of data. It was launched from NASA’s Wallops Flight Facility in Virginia aboard a Cygnus spacecraft on an Orbital ATK Antares rocket.

Vijay Prasad Dimri appointed President of 36th International Geological Conference    

Scientist Vijay Prasad Dimri has been appointed as the president of the 36th International Geological Congress (IGC), a global platform for the advancement of earth science, to be held in 2020. He has replaced Shailesh Nayak. India, along with its co-host neighbouring countries Bangladesh, Nepal, Srilanka, and Pakistan won the bid to host the 36th IGC in the National Capital Region from March 2 -8, 2020.

  • IGC- International Geological Congress was founded as a non-profit scientific and educational organization in 1878.
  • India had earlier organized the 22nd session of IGC at New Delhi in 1964, the first IGC in Asia.

Indian Railways starts “Project Saksham”- a nine-month skill up gradation for its employees      

Indian Railways will start ‘Project Saksham’, India’s largest time-bound ‘upskilling’ exercise, to upgrade the skill sets of its 13 lakh employees. ‘Saksham’ is a Hindi word which translates into ‘capable’ in English. ‘Project Saksham’ will begin in January 2018 and will continue till September 2018. This project comprises training courses and specially designed skill-upgrade modules. Every employee of Indian Railways, from the rank of a peon to the Railway Board Members, will have to undergo training under the ‘Project Saksham’.

Mithali Raj named Sportswoman of the Year (Team Sports)        

Indian women’s cricket team captain Mithali Raj has been named as the Sportswoman of the Year 2017 at the Indian Sports Honour 2017 event held in Mumbai. The Indian women’s cricket team also won the Team of the Year award. The Indian Sports Honours is launched jointly by cricketer Virat Kohli and businessman Sanjeev Goenka.
NIOT to build India’s first offshore desalination plant off Chennai         

The National Institute of Ocean Technology (NIOT) is all set to build India’s first offshore desalination plant off the coast of Chennai near Ennore. The capacity of the plant will be to produce 10 million litres of water per day. The project is estimated to cost about Rs 2000 Cr. The project will use Low-Temperature Thermal Desalination technology.

India’s first wave-powered navigational buoy launched in Chennai      
On 13th November 2017, the National Institute of Ocean Technology (NIOT) launched India’s first wave-powered navigational buoy in Chennai port to guide ships coming into and going out of the port. It has been deployed at Chennai’s Kamarajar Port. The buoy gets its energy from the waves and passes on critical information related to wind speed, direction etc, which will be very crucial in guiding ships into and out of the ports.

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