Daily Current Affairs

Prelims Prominence - January 31, 2018

New World Wealth Report

  • India ranked sixth in list of wealthiest countries with total wealth of US $8,230 billion in 2017
  • The total wealth, refers to private wealth held by all individuals living in each country/city.
  • It includes all their assets (property, cash, equities, business interests) less any liabilities. However it excludes government funds.

Enlighten about the Report

  • Top 10 Wealthiest Countries are United States (1st, total wealth held US $ 64,584 billion), China (2nd, $24,803 billion), Japan (3rd, $19,522 billion), United Kingdom (4th, $9,919 billion), Germany (5th, $9,660 billion), France (7th, $6,649 billion), Canada (8th, $6,393 billion), Australia (9th, $6,142 billion) and Italy (10th, $4,276 billion).


Scorpene submarine INS Karanj launched Project 75 of the Indian Navy

  • Indian Navy has launched Scorpene submarine INS Karanj at the Mazagon Dock Shipbuilders Ltd (MDL), Mumbai, Maharashtra.
  • It the third Scorpene class submarine built by MDL under ambitious Project 75 of the Indian Navy.
  • INS Karanj has been named after older submarine as per Indian naval tradition that was in operation from 1969 to 2003.
  • It served country for 34 years and was also part of operations in 1971.

Enlighten about Project 75

  • Six scorpion submarines being indigenously built at MDL under Project 75 with help of French naval defence and energy company DCNS.
  • The first of these, INS Kalvari was commissioned in December 2017 and second, INS Khanderi is undergoing sea trials. Remaining 4 submarines will be inducted gradually by 2020.
  • It is a diesel-electric attack submarines equipped with anti-ship missile.
  • The first four submarines will be conventional, while last two will be equipped with the Air Independent Propulsion (AIP) system, which will enable them to stay underwater for longer duration.

Government Initiatives

Government e-Marketplace (GeM 3.0)

Implementing Ministry -

  • The Ministry of Commerce & Industry has launched third version of the Government e-Marketplace (GeM 3.0) .

Enlighten about GeM 3.0

  • GeM 3.0 will offer standardised and enriched catalogue management, powerful search engine, real time price comparison, template-based Bid and RA creation, demand aggregation, e-EMD, e-PBG, user rating, advanced MIS and analytics and more.

Government e-Marketplace (GeM)

  • GeM is an Online Market platform to facilitate procurement of goods and services by various Ministries and agencies of the Government.
  • It has been envisaged as National Procurement Portal of India
  • It aims to enhance transparency, efficiency and speed in public procurement of goods and services and eliminate corruption.
  • It functions under Directorate General of Supplies and Disposals (DGS&D), Ministry of Commerce and Industries.
  • It is completely paperless, cashless and system driven e-market place that enables procurement of common use goods and services with minimal human interface.

GeM 3.0

  • It has powerful search engine and price comparison using third party sites – multisource and real time.
  • It has performance based User Rating and online vendor assessment (optional).
  • It has market based-bundling and bunching of products and services.


$250 Million Loan Agreement with Asian Development Bank (ADB) Pradhan Mantri Gram Sadak Yojana (PMGSY)

Between –

  • The Union Government and ADB

Why –

  • To Improve Rural Connectivity in 5 States viz. Assam, Chhattisgarh, Madhya Pradesh, Odisha and West Bengal under Pradhan Mantri Gram Sadak Yojana (PMGSY).

How -

  • The loan proceeds will be used to finance the construction of 6,254 kilometres all-weather rural roads in these 5 States under the PMGS).
  • Under it about 2,000 technical personnel will be imparted training on road safety and maintenance.
  • The road designs undertake into account climate risks (such as increased rainfall and storm surges) with measures such as greater elevation of road embankments, slope protection, and better drainage.

Enlighten about Pradhan Mantri Gram Sadak Yojana (PMGSY)

  • PMGSY was launched in year 2000 as a Centrally Sponsored Scheme with an objective to provide single all-weather road connectivity to all eligible unconnected rural villages (habitations).
  • The Union Ministry of Rural Development is nodal implementing authority. It was fully funded scheme by the central government.

To Boost Rural Economy of Tamil Nadu $100 million Loan Agreement

Between –

  • The Union Government and World Bank

Enlighten about the agreement

  • The Union Government has inked $100 million Loan Agreement with World Bank for Project to Boost Rural Economy of Tamil Nadu
  • The project will work with targeted households that are already part of Self-Help Groups (SHGs). It will also specifically support eligible households from socially and culturally disadvantaged groups to harness their existing assets, skills, and resources.


Legion d’Honneur - France’s highest civilian award Soumitra Chatterjee

  • Legendary Bengali actor Soumitra Chatterjee (83) was awarded France’s highest civilian award, Legion d’Honneur
  • Chatterjee was awarded in recognition of his remarkable career and his outstanding contribution in promoting Indian cinema in France and his long-standing attraction for our country.

Enlighten about Legion d’Honneur

  • Officier de la Légion d’Honneur (Officer of the Legion of Honour) was created in 1802 by first emperor of France Napoleon Bonaparte.
  • It is the highest civilian award given by the French government to person for his outstanding service to France, regardless of the nationality.