SIPVS Knowledge is Power
1) A historic agreement to set up world’s largest refinery was signed on 14 June 2017 between three India state-owned oil firms IOC, BPCL and HPCL. This $30-billion refinery will be established at which place? – Ratnagiri (Maharashtra)
Explanation: State-owned oil firms Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) on 14 June 2017 signed an agreement to jointly set up India’s biggest refinery at Ratnagiri district of Maharashtra at a cost of USD 30 billion or Rs. 2 lakh crore. This proposed refinery will also be world’s largest refinery.
– The 60 million tonnes capacity refinery at Babulwadi, Taluka Rajapur in Ratnagiri district is being set up keeping in mind the future fuel demand and the export potential of the country. It is worth mentioning that Reliance Industries Limited (RIL’s) Jamnagar Refinery (Gujarat) is at present world’s largest refinery.
– Indian Oil Corp (IOC) will be the lead partner with 50% stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25% stake each. The refinery and the accompanying mega petrochemical complex will be set up in two phases. Phase-1 will be 40 million tonnes together with an aromatic complex, naphtha cracker and polymer complex.
– The refinery will produce petrol, diesel, LPG, ATF and feedstock for making petrochemicals that are basic building blocks in plastic, chemical and textile industries.
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2) The Union Cabinet on 14 June 2017 cleared the Interest Subvention Scheme on short-term crop loans for the current financial year (2017-18). This will enable farmers to get loans for interest as low as 4%. How much fund has been allocated for this scheme? – Rs. 20,339 crore
Explanation: The Interest Subvention Scheme will be implemented by the Reserve Bank of India (RBI) and NABARD. The Union Government has allocated funds worth Rs. 20,339 crore under this scheme.
– Under it farmers will be given a short term crop loan up to Rs. 3 lakh payable within one year at an interest rate of 4% per annum. The scheme will be continued for 1 year.
– The objective of the scheme is to make available agricultural credit for short term crop loans at an affordable rate. It thus provides incentive to farmers who make prompt repayment of their agricultural loans. The scheme is expected to boost agricultural productivity and production in the country.
– Farmers across the country are protesting against falling prices of their produce and mounting debts. Uttar Pradesh government had earlier announced waiver of crop loans worth a whopping Rs. 36,359 crore; Madhya Pradesh (MP) and Maharashtra have followed after violent protests.
– On the other hand experts have warned that cheaper loans would only be a temporary solution, and the farm sector needs structural reforms.
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3) Which planet of our solar system has been confirmed as the oldest, based on the conclusions of a newly conducted research? – Jupiter
Explanation: A joint research conducted by the University of Munster (Germany) and Lawrence Livermore National Laboratory in California (United States) has confirmed that Jupiter is the oldest planet of the solar system. The research concluded that the giant planet began to form about one million years after the coalescing of the solar system.
– The researchers dated Jupiter’s formation and growth by analyzing the ages of certain iron meteorites.
– It is worth mentioning that theoretical work has strongly suggested that Jupiter took shape quite early in the solar system’s history, but the planet’s precise age had remained a mystery.
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4) Who won the Man Booker International Prize for 2017, as was announced on 14 June 2017? – David Grossman (Israel)
Explanation: Israeli author David Grossman has won the Man Booker International Prize for 2017 for his novel “A Horse Walks Into a Bar”. He beat out five other finalists, including fellow Israeli author Amos Oz for the counterpart to Britain’s prestigious Booker Prize.
– This novel is about a failing standup comic (Dovaleh Greenstein) and his final performance. Grossman shared this prize with book’s translator Jessica Cohen.
– The prize was previously a career honor, but changed last year to recognize a single book in a bid to increase the profile of international fiction in English-speaking countries.
It is worth mentioning that Man Booker International prize is different from the annual Man Booker Prize, which was also known as Man Booker Prize for Fiction. Man Booker International is an offshoot of Man Booker and is given every every two years.
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5) What is the authorised capital of private sector bank ICICI Bank now, after it was raised by Rs. 775 crore on 13 June 2017? – Rs. 2,500 crore
Explanation: Private sector lender ICICI Bank on 13 June 2017 increased its authorised capital by Rs. 775 crore to Rs 2,500 crore.
– Earlier, the authorised capital of ICICI Bank was Rs. 1,775 crore. Increase in authorised capital enables bank to raise funds or debt from the market. The amendments received shareholders’ approval through postal ballot on 12 June 2017.
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Source:- Nirdeshak.com
