TODAYS NEWS FOR FUTURE
1) In an important development, two consortia comprising of Indian companies have been given the project to
develop a “Battlefield Management System” (BMS). This project, believed to be worth Rs. 40,000-50,000 crore, is
believed to be Indian Army’s biggest project ever. Which two companies are leading these consortia? – Tata Power
and Bharat Electronics (BEL)
Explanation: The Ministry of Defence (MoD) on 25 February 2015 instructed the consortia – one consisting of BEL
and Rolta India, and the other comprising of Tata Power SED and Larsen & Toubro (L&T) – to register “special
purpose companies” for this project. Each of these development agencies, will separately develop a working BMS.
The MoD will reimburse 80% of the development cost. The BMS consists of a wireless network that links digital
devices carried by combat soldiers, interlinking them, their commanders and a range of battlefield sensors. This
provides a common battle picture to each individual. The MoD has moved unusually fast in the BMS contract, which
industry sees as evidence of Defence Minister Manohar Parrikar’s seriousness in pushing indigenisation. The MoD
issued a tender – or expression of interest – in November 2013, to which four consortia responded in April 2014.
Since then, it has taken only 10 months to select the winners. This initiative is also being seen as a strong intention of
the NDA government to provide a defence boost to ‘Make in India’.
2) Union Finance Minister Arun Jaitley presented the Economic Survey for 2015-16 in the Parliament on 27 February
2015. What the growth forecast is for fiscal year 2015-16 as disclosed in the Survey? – 8.1 to 8.5%
Explanation: With expected growth for 2015-16 to be over 8%, India is on its way to become the fastest growing
major economy in the World. The Survey also disclosed that the growth of Indian economy could be launched on a
double digit trajectory in the medium term. And that there is a scope for Big Bang reforms now.
Click Here for Full Economic Survey 2015-16
3) Which state-owned bank of Britain has decided to close its banking operations in India as disclosed recently? –
Royal Bank of Scotland (RBS)
Explanation: RBS has decided to close its banking operations in India but will be retaining the back office. The
balance sheet exposure of RBS’s India business has also almost halved in calendar year 2014. At the end of
December 2014, the net balance sheet exposure of the bank’s operations in India fell by £1.7 billion to £2.0 billion.
Bank’s Indian banking operations mainly include investment and wholesale banking. The bank also has a wealth
management business and retail presence as well. According to reports, RBS’ Indian banking business employs
about 1,200-1,500 people.
4) French President Francois Hollande on 27 February 2015 took forth his message about the need for funds for the
proposed landmark climate deal conference at a central Philippine town that was devastated by a killer typhoon in
2013. What is the name of this town? – Guian
Explanation: French President made an international appeal, named “Call of Manila”, from the town of Guian in the
Philippines to conclude a universal, equitable and ambitious climate deal in Paris. The United Nations Climate
Change Conference (COP 21) will be held in Paris from 30 November to 11 December 2015. The conference faces a
major dilemma on how to raise $100 billion in yearly climate aid by 2020 to help poorer economies transition to clean
energy. The proposed Paris agreement isn’t expected to stop climate change, but organisers hope to secure for the
first time the commitment of most countries to do something about it.
5) What is the name of the Russian opposition leader and former Deputy Prime Minister who was shot dead on 27
February 2015 in Moscow? – Boris Nemtsov
Explanation: He was killed by an unidentified attacker in his car as he crossed a bridge near Kremlin in Moscow.
Hours before his death he had appealed for support for a march to be held on 1 March 2015 in Moscow against the
war in Ukraine. Nemstov had served as first Deputy Prime Minister under President Boris Yeltsin in the 1990s. He
was governor of Nizhny Novgorod, one of the largest cities of Russia and had earned a reputation as an economic
reformer. But he fell out of favour with Yeltsin’s successor Vladimir Putin and became an outspoken opposition
leader.
6) Who took over as the new Chairman and Managing Director of Small Industries Development Bank of India
(SIDBI) on 27 February 2015? – Kshatrapati Shivaji
Explanation: Kshatrapati Shivaji is a 1986 batch IAS officer and was currently Principal Secretary (Expenditure),
Finance Department in Maharashtra government. He has been appointed on deputation basis for a period of three
years from the date of his taking over the charge.