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Topic: APPROXIMATION VALUES
No of Questions: 15
PM CALLS UPON PEOPLE TO ADOPT DIGITAL ECONOMY TO CURB REGENERATION OF BLACK MONEY
Prime Minister Narendra Modi has said, the fight against black money and corruption will continue and called upon people to adopt digital economy for cashless transactions to curb regeneration of black money.
Addressing a gathering at Banaras Hindu University in Varanasi today, Mr. Modi said, a pile of corruption is being cleaned. He said, such decisions bring big changes in the lives of people and the society at large.
Mr. Modi reacted sharply to the comments made by former Prime Minister Manmohan Singh and Congress leaders P. Chidambaram and Rahul Gandhi opposing demonetisation.
CENTRE TO CELEBRATE DEC 25 AS GOOD GOVERNANCE DAY TO MARK BIRTHDAY OF ATAL BIHARI VAJPAYEE
Information and Broadcasting Minister M Venkaiah Naidu has said that Good Governance Day will be observed on 25th December, the birthday of Former Prime Minister Atal Bihari Vajpayee. Speaking after releasing the Government of India calendar 2017 in New Delhi today, Mr Naidu said, for 100 days from 25th December Good Governance campaign will be undertaken all over the country where Ministers will participate in the programmes.
Mr Naidu said, the sustainable growth trajectory of the Government is depicted in the new calendar. He said, the phenomenal growth of print media sector has mandated changes in print media policy and guidelines in the past years. He added that the annual report provides broad
analysis of the general trend of Indian Press based on claimed circulations.
GIRIJA VAIDYANATHAN APPOINTED AS NEW CHIEF SECRETARY OF TAMIL NADU
In Tamil Nadu, senior IAS Officer Girija Vaidyanathan has been appointed as the new Chief Secretary today. She replaces P. Rama Mohana Rao, whose properties were raided by the Income Tax authorities.
Ms Girija Vaidyanathan is a 1981 batch officer who is at present serving as the Additional Chief Secretary and Commissioner of Land Reforms.
An order issued from the state Public Department says, she will also hold additional charge of
Vigilance Commissioner and Commissioner for Administrative Reforms.
PM TO LAY FOUNDATION STONE OF SHIVAJI MEMORIAL IN ARABIAN SEA ON SATURDAY
Prime Minister Narendra Modi will lay the foundation stone of Chhatrapati Shivaji Maharaj memorial at an island in Arabian Sea off Mumbai coast on Saturday.
This was stated by the Chairman of Chhatrapati Shivaji Maharaj Memorial Committee Vinayak Mete yesterday. Mr. Mete said, Maharashtra Chief Minister Devendra Fadnavis will accompany the Prime Minister on the occasion.
WCD MINISTRY TO GIVE TRAINING TO ANGANWADI WORKERS FOR CASHLESS TRANSACTIONS
Women and Child Development Minister Maneka Gandhi has said, 24 lakh Anganwadi workers will spread the importance of cashless economy in the country. Addressing the national awards function of Anganwadi workers in New Delhi today, Mrs Gandhi said, her Ministry will give training to the Anganwadi workers for cashless transactions.
The Minister urged Anganwadi workers to educate mothers to go cashless and use Aadhaar Cards for convenience. She said, Anganwadi workers are the most important guardians of Mission Nutrition in India. She asked them to work for change in the society.
INDIGO’S OTP LIKELY TO REMAIN UNDER PRESSURE, SAYS REPORT
On Time Performance (OTP) of budget carrier IndiGo, which touched the lowest in more than two years in November, is likely to remain under pressure in the current fiscal even as it continues to have the largest market share, says a report.
More than a quarter of IndiGo’s flights failed to depart or arrive on their scheduled time last month and its OTP from four metro airports — Delhi, Mumbai, Hyderabad and Bengaluru — stood at a poor 72.4 per cent.
IndiGo also recorded one of the highest cancellation rates last month, behind new entrant Air Carnival, regional carrier TrueJet and competitor GoAir. IndiGo could not operate as much as 1.46 per cent of its total flights in November.
“There has been a sharp decline in OTP for IndiGo to 72.4 per cent (in November), lowest in more than last two years.
“While this could be due to fog related disruptions in the winter, with even higher capacity addition planned during the remainder of FY17, the on time performance could remain under pressure for IndiGo and will be keenly watched,” ICICI Securities said in a report.
IndiGo continued to dominate the domestic market having flown 37.73 lakh passengers last month while its market share touched 42.1 per cent during the same period.
HOTELS PREPARE FOR WEAK CHRISTMAS & NEW YEAR’S CELEBRATIONS THIS YEAR
Post demonetisation, the hotel industry is gearing itself for one of the weakest Christmas and New Year celebrations since 2008. Not only have the enquiries gone down, but many establishments are witnessing cancelations, say industry experts. The trend as of now is clearly negative, but the industry is hoping for some recovery as it nears Christmas. Normally, this is the busiest season for hotels in the year with room rentals, F&B and banquets commanding a premium.
“It has been over a month since the demonetisation announcement was made and in this duration we have observed a change in trend in hotel bookings. For the first couple of weeks, it was only the restaurants and the Food & Beverage (F&B) units that witnessed a sharp drop in footfalls. However, with each passing week, it is becoming clearer that new bookings are not coming through and also existing stays are being canceled gradually. Additionally, we have registered 20 per cent cancelation in bookings by foreigners after demonetisation in Maharashtra. Although there is a drop in bookings at present, we would like to be prepared for the festive season with enthusiasm, and hope that the effect of demonetization wears off and that the season will bring in cheer to the hospitality trade”, said Dilip Datwani, president, Hotel and Restaurant Association of Western India (HRAWI).
Hospitality chain Lords Hotels & Resorts which operates 26 hotels, inns and resorts also voiced similar concerns.
“We are a mid-market hotel chain catering to wide spectrum of guests including tourists, business, leisure, adventure, pilgrimage among other sections of travellers. Across the country and even for our hotels in Nepal, we have witnessed an overall stagnation in bookings and an average of five to seven per cent reduction in over the counter bookings. Our in-house restaurants and coffee shops too have incurred a loss over the last one month due to customers abstaining from eating out. Also, the restaurants business – both in hotels and standalones – will see a short-term slowdown in growth on account of the reduced availability of cash which is generally driven by high usage of cash. The unorganized inventory of hotels in the industry will be most impacted by this move,” said Rishi Puri, VP, Lords Hotels & Resorts.
DISCOVERY CALLS OFF ACQUISITION OF SANJEEV KAPOOR’S FOOD FOOD CHANNEL
Discovery Communications has called off the acquisition of Chef Sanjeev Kapoor-owned food specialty network FoodFood seven months after entering into the agreement.
ET was first to report in May that Discovery, world’s largest media company for factual entertainment, has decided to acquire a controlling stake in Kapoor’s Turmeric Vision, a joint venture between him, Malaysia-based Astro and ad man Sandeep Goyal’s Mogae Consultants.
“At this time, we can confirm that we are not entering into the partnership with FoodFood as announced earlier this year. India remains a global priority market for Discovery and we will continue to explore opportunities as we expand our business and accelerate our strategic growth investments here,” said a Discovery spokesperson.
Incidentally, starting April 1, Food Food had already given its ad sales mandate to Discovery. Launched in January 2011, FoodFood has seen an investment of $30 million (around Rs 180 crore).
NO INTERIM RELIEF NOW: NCLT TELLS CYRUS MISTRY’S FAMILY COMPANIES
No interim relief was given to petitioners – Cyrus Investments Private and Sterling Investment by National Company Law Tribunal in its first hearing on the case of oppressive conduct against Tata Sons.
The petitioners were two investments firms managed by the family of Cyrus Mistry, the former chairman of Tata Sons, who was ousted on 24th October.
The judge also issued a stay preventing any interim application being filed in any of the other courts. The more than two hour long hearing saw lawyer A Sundaram charge allegations against Ratan Tata and Tata Sons. The date of the next hearing was fixed for 31st of January and 1st of February.
The councel representing Mistry said that he should not be removed from the board of Tata Sons; there should not be any securities which results in the dilution of the present paid up equity capital held by the petitioners in Tata Sons. The counsel also said that there should not be any change in Articles of Association unless allowed by the court.
Tata Sons was represented by Abhishek Manu Singhvi. During the hearing, the petitioner side spoke about irregularities in Air Asia and how on 24th of October , Mistry wanted to discuss the Deloitte report that highlighted these irregularities. Sundaram also said that the then chairman wanted to propose a framework of governance but instead he got removed.
The petitiondirectly linked Tata Sons and Ratan Tata with the Rs 22 crore fraudulent transactions alleged to have been carried out in the conglomerate’s joint venture airline AirAsia India. It said as part of the transactions, the salt-to-software conglomerate at the behest of Tata, had dealings with Hamid Reza Malakotipour, an alleged sanctioned global terrorist. On both allegations, they have cited the report by Deloitte which conducted a forensic investigation on AirAsia India.
INDIGO ADDED MOST NUMBER OF FLIGHTS DURING 2016
IndiGo, the largest carrier in terms of market share and capacity, added the most number of flights during the first eleven months of 2016 and will continue to add higher capacity than its peers, ICICI Securities said in a report.
“This is best illustrated with the Available Seat per Kilometre (ASK) trends for IndiGo/SpiceJet and Jet. So, while total ASK for IndiGo has increased by 30% between Jan-Nov’16, the same has been only 13% for SpiceJet and 3% for Jet. Capacity addition by IndiGo will only increase during 2HFY17 as induction of neos gather more pace,” merchant banking and advisory firm ICICI Securities said in a report on aviation.
IndiGo is the largest domestic carrier in the country both in terms of capacity as well as market share. During the month of November, the airline carried 42.1% passengers, according to the Directorate General of Civil Aviation data.
The firm also said that IndiGo’s expansion has been higher than projected. “IndiGo reported Available Seat Kilometre (ASK) growth of 25% Y-Y in Q1FY17 compared to a guidance of 23%. Similarly, the ASK growth in Q2FY17 has been 27% for IndiGo compared to guidance of 25%. During October-November, IndiGo recorded an ASK growth of with 34% Y-Y compared to a guidance of 30% for Q3/Q4FY17,” said the firm.
The firm, however, raised concerns over a sharp decline in on-Time Performance (OTP) of IndiGo.
BIOMASS-TO-ETHANOL PLANT TO BE SET UP IN PANIPAT
To reduce pollution arising from burning of agricultural waste, a biomass-to-ethanol plant is being set up by the Indian Oil CorporationBSE -0.84 % in Panipat to prepare ethanol from agricultural and other residues, a top government official said.
Expressing concern over the adverse impact of crop residue burning, Haryana Chief Secretary D S Dhesi urged scientists to develop affordable and easy-to-use technology for management of crop residue and other types of waste.
This project should also be profitable, he added. Dhesi was speaking at a workshop on Crop Residue Management, organised at Chaudhary Charan Singh Haryana Agricultural University (CCSHAU), here today.
He said that educating farmers about the impact of crop residue burning on the environment and soil fertility were the need of the hour, and that they should also be provided waste management facilities for effectively curbing the practice.
Principal Secretary, Agriculture Department, Dr Abhilaksh Likhi said that wheat was sown in over 13 lakh hectares in the State, producing 60 lakh tonnes of crop residue.Therefore, the State government has decided to create awareness amongst the farmers to ensure effective management of this residue, he said.
INDIAN PHARMA EYES PRIDE OF PLACE, REGULATION ACHILLES HEEL
India is on track to cement its position next year as a source of safe, effective and quality medicines at affordable prices, but a “growing trust deficit” with the government and regulatory headwinds can pose a serious roadblock to this journey.
The $32-billion generic-driven Indian pharma industry is eyeing a sea of opportunities as global demand for safe and quality drugs rises, especially in developed economies such as the US, the EU and Japan.
Apart from the trust deficit that was in full display in the year passing by, compliance with regulatory norms, particularly with USFDA, continues to be the proverbial Achilles heel for home-grown companies.
“The sector will continue to grow and become a major player in the world market as a source of safe, effective, quality medicines at affordable prices,” Indian Pharmaceutical Alliance (IPA) Secretary General Dilip G Shah told PTI.
His optimism stems from “greater acceptance of Indian generics as safe and effective medicines”.
Demographic pressure in the developed countries has made them limit their health expenditure, Shah said.
USFDA SUBJECTS SPARC XELPROS NOD TO ‘SATISFACTORY RESOLUTION’
Sun Pharma Advanced Research CompanyBSE 1.53 % today said the US health regulator has not approved its new drug application for Xelpros, a preservative-free eye drop.
“The company has received a Complete Response Letter (CRL) from USFDA for the new drug application (NDA) for Xelpros,” Sun PharmaBSE -0.85 % Advanced Research Company (SPARC) said in a BSE filing.
A CRL is a communication from USFDA that informs companies that an application cannot be approved in its present form. It further said, “The CRL references the recent inspection of the Sun Pharmaceutical IndustriesBSE -0.85 %’ Halol manufacturing site by USFDA and indicates that satisfactory resolution of deficiencies identified during the inspection is required before final approval of Xelpros”.
Last year, SPARC had licensed the product to a subsidiary of Sun Pharma, it added. Earlier this month, Sun Pharma said the US health regulator had made nine observations after the completion of inspection of its Halol facility in Gujarat.
GRANT THORNTON ROPES IN KPMG EX-PARTNER VASAL TO HEAD TAX BUSINESS HERE
Grant Thornton, the fifth-largest services firm in the country, which is looking to increase its presence in the taxation vertical, has roped in former KPMG partner Vikas Vasal to head its tax business.
This comes at a time when all the top firms are looking to increase their taxation practices in the next couple of years on the back of regulatory changes like GST, BEPS and Ind-AS. i “GT has made significant advances in India in the last three years, having doubled our size to over 3,000 pel ople. Rotation of audit firms has enabled transformational opportunities for l us from the other big firms. f Helping our Indian clients navigate GST, BEPS, POEM and many such acronyms is a natural extension, and we hope to give a new impetus l to also becoming the tax firm of the future in India,” said Vishesh Chandiok, national managing partner, Grant Thornton India.
In the last couple of years, many consultancy firms have been increasing their taxation teams. In some situa tions, firms have been aggressive in poaching part ners from competi tors. As of now, EY, PwC, Deloitte, PwC along with Grant Thornton, BMR and Dhruva Advisors ha ve majority of market share. Industry trackers say that currently the fight is in the GST where companies are being prepared for the regulatory change.
NEW GENE TECHNIQUE REVERSES AGING SIGNS IN HUMAN CELL
Scientists have successfully increased the lifespan of mice by re-programming their body’s cells using a breakthrough technique that may lead to new therapeutic approaches for improving human health and longevity.
Researchers at the Salk Institute in the US have found that, intermittent expression of genes normally associated with an embryonic state can reverse the hallmarks of old age.
This approach, which not only prompted human skin cells in a dish to look and behave young again, but also resulted in the rejuvenation of mice with a premature ageing disease, countering signs of ageing and increasing the animal’s lifespan by 30 per cent.
“Our study shows that ageing may not have to proceed in one single direction. It has plasticity and, with careful modulation, ageing might be reversed,” said Juan Carlos Izpisua Belmonte, professor at Salk Institute for Biological Studies.
CHINA COMMISSIONS FIRST 7-TONNE CIVIL HELICOPTER
China today commissioned its first seven-tonne helicopter, which can be used for operations like search and rescue and law enforcement, marking a new advancement in its aviation industry.
The new Chinese civil helicopter made its maiden flight , marking a new development in the China’s helicopter industry, the Aviation Industry Corporation of China (AVIC) said.
The AC352 civil helicopter is a multi-purpose twin-engine helicopter with a 7.5-tonne maximum take-off weight, ..
It will boost the development of the nation’s helicopter industry, Wu Ximing, chief designer of helicopters for AVIC was quoted as saying by state-run Xinhua news agency.
INDIA, CHINA AND THE ‘LONG MARCH OF DEEP MILITARY REFORM
China has a Dream: to ensure economic prosperity, social stability, and a decent life to its citizens, but also to become a powerful nation; in fact, it dreams to become one day the most powerful nation on the planet.
Military power will play a crucial role in the rejuvenation of the Chinese nation.
This explains the in-depth military reforms undertaken by President Xi Jinping a year ago. China is really serious about this.
Indian security forces march during the Republic Day parade in New Delhi
On December 5 in Beijing, President Xi Jinping, who is also chairman of the Central Military Commission (CMC) attended a two-day meeting during which he called for ‘a smaller army with better combat capability and optimized structure.’
INDIA AND ISRAEL ENTER INTO AGREEMENT TO DEVELOP HIGH-RES RADAR SATELLITES
The Israel Space Agency (ISA) and the Indian Space Research Organisation (ISRO) have agreed to collaborate on space projects during a recent Israeli visit to India.
Avi Blasberger, the head of ISA, was accompanied by Israel’s Minister for Science, Technology, and Space, Offir Akunis, and former Minister of Science, Technology, and Space and Knesset member Yaakov Perry.
According to Israeli and Indian press reports, Israeli and Indian officials discussed several space and cyber security projects, to include the development of small high-resolution radar imaging satellites.
TWO JAPANESE WARSHIPS IN GOA, TO PARTICIPATE IN PASSAGE EXERCISE WITH INS TRISHUL
Panaji: Coinciding with chief of naval staff admiral Sunil Lanba’s visit to Japan, two Japanese warships – JS Inazuma and JS Suzutsuki – have arrived at Goa on a friendly visit. Inazuma and Suzutsuki are Murasame and Akizuki class destroyers respectively and are part the Japan Maritime Self-Defense Force’s Escort Division Four. The two naval ships will be in Goa till December 22.
Various operating procedures and bilateral issues were discussed between the officers of the two navies, a naval officer said.
The ships will participate in a passage exercise with Indian naval frigate INS Trishul before setting course for Japan.
The commander of the Escort Division Four is Captain Atsushi Minami. Minami along with the commanding officers of the two Japanese warships met Flag Officer Commanding Goa (FOGA) Naval Area rear admiral Puneet K Bahl.
TAMIL POET-SAINT THIRUVALLUVAR STATUE GETS PLACE AT HARIDWAR MELA BHAWAN
The 12-foot-tall stone statue of renowned Tamil poet and philosopher-saint Thiruvalluvar was inaugurated at Mela Bhawan premises in Haridwar, Uttarakhand by Chief minister Harish Rawat. Thiruvalluvar is a celebrated Tamil poet and philosopher whose contribution to Tamil literature is the Thirukkural, a work on ethics.
He is a celebrated Tamil poet and philosopher whose contribution to Tamil literature is the Thirukkural, a work on ethics.
ICC AWARDS 2016: HOWZAT! R ASHWIN NAMED CRICKETER OF THE YEAR
Ashwin named Cricketer of the Year and Test Cricketer of the Year. He is also the sole Indian to feature in ICC’s Test Team of the Year.
Third time lucky, Virat Kohli named captain of the ODI Team of the Year.
Rohit Sharma and Ravindra Jadeja have also been included in the ODI Team of the Year
MARY KOM, VIKAS KRISHAN GET AWARDS AT AIBA 70TH ANNIVERSARY GALA
The legendary M C Mary Kom and former Asian Games gold-medallist Vikas Krishan shone bright at the International Boxing Association’s 70th anniversary gala in Montreux, Switzerland, picking up different awards for their performances.
While five-time world champion and Olympic bronze-medallist Mary Kom was presented the AIBA Legends award for her trailblazing boxing career, Vikas was handed the APB (AIBA Pro Boxing) Best Boxer trophy.
“I would like to thank AIBA President Dr Wu for giving me this award along with APB Director Mr Mirko Wolf.
We had no federation for the last four years but now we have one and all of them are working hard and I hope we will do well in the future,” Vikas, who competed in two APB bouts this year, said after receiving his trophy.
497 RUNS IN 40 OVERS: MAHELA JAYAWARDENE’S EPIC TON IN VAIN IN HIGHEST-SCORING T20 GAME EVER
Cricket has always been a game of highest uncertainties, and time and again, several instances have proved the saying.A T20 league game in New Zealand witnessed a run-fest, as 497 runs were scored in a match where several records were shattered. The total number of runs was the highest aggregate ever in a T20 match. The previous record was of 489 runs, in a match between India and West Indies at Lauderhill.In the ongoing Super Smash Twenty20 (T20) tournament in New Zealand, players of Otago Volts and Central Districts enthralled the spectators in the best possible manner.
After opting to bat first, Otago Volts made 249 runs in 20 overs, thanks to their dashing opener H,Rutherford, who scored a quickfire 106 runs off just 77 balls with nine fours and eight sixes. The opening partnership between Rutherford and A Kain gave Volts a flying start they added 130 runs in just 10 oversIn reply, Central Districts too were off to a flier, as their opener and former Sri Lankan great Mahela Jayawardene, along with of G Worker, plundered 70 runs in just 5 overs. But it was the 124-run partnership between Jayawardene and T.C. Bruce for third wicket, which put Districts in driver’s seat. Jayawardene, who has been out of international cricket for quite some time now, showed his class yet again and scored a brilliant 116 runs of just 89 balls with twelve fours and six sixes.With 10 needed from final over, Districts despite trying their best, could only manage nine runs.The T20 thriller made its way into the record books for witnessing a run-fest which will be remembered for a long time in the minds of cricket lovers.
DAVIS CUP: MAHESH BHUPATHI TO REPLACE ANAND AMRITRAJ AS INDIA’S NEXT NON-PLAYING CAPTAIN
Indian tennis legend Mahesh Bhupathi was named as the next non-playing captain of the Davis Cup team on Thursday. He will take charge after the Asia/Oceania zone group I home tie against New Zealand takes place in Pune, from 3 to 5 February.The tie against New Zealand will be Anand Amritraj’s last tie as non-playing captain. AITA wants to give Amritraj a “farewell”, and hence have decided to make the change after the next tie.”Everybody should get a chance to be the captain. No post stays with one person forever. I personally spoke to Bhupathi and asked if he was available…he said ‘yes’. That was it. Also, we wanted to given Amritraj a farewell tie,” AITA Secretary General Hiranmoy Chatterjee said.On being asked if Amritraj was happy with the decision, Chatterjee tersely repeated: “No one wants to go. But everyone deserves a chance to be the captain.”Asked if other players were taken into confidence before making the decision, since they had all rallied around Amritraj at some point, Chatterjee replied: “It’s not their prerogative. We don’t need to consult the players. Even Leander Paes was not consulted.”Speaking on the strained relationship between Paes and Bhupathi and whether the latter’s elevation could prove to be the end of the road for the former, Chatterjee said: “We will cross that bridge when it comes.”On being asked if Amritraj’s tendency to give leeway to players as far as discipline was concerned and his propensity to express his views openly in the media was a problem, the AITA top official did not deny.”When a committee meets, we discuss a lot of things. But let me tell you that we did not receive any letter ofsupport from the players,” he asserted.Chatterjee also said that no communication had been made with either Somdev Devvarman or Ramesh Krishnan regarding the coach and non-playing captain’s role. Chatterjee also said that Bhupathi had not demanded any special favours.”He has not demanded anything and simply said yes to the job. As far as remuneration is concerned, he will be paid as per our Davis Cup payment slab.
PREYESH BAGS TITLE
Preyesh won the cadet boys’ table tennis title at the Regional Hopes Week (South Asia) 2016 training programme and competition held in Pune. He is from the SDAT-Medimix Chandra table tennis coaching centre.