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Daily G.K. Buzz- 18th February 2015

1. 10th Aero India show begins in Bengaluru, theme "Make In India"

i. 10th edition of Aero India show has begun at the Yelahanka Air Force Station in Bengaluru, Karnataka. It was inaugurated by Prime Minister Narendra Modi.
ii. During the inaugural ceremony audience witnessed the mind-boggling performance of Sarang aerobatic team from the Indian Air Force (IAF) flying the Dhruv helicopters.
iii. Audience also witnessed the aerobatic performances of the aerobatic teams from Sweden, England, Czech Republic and Open Sky Jump team from US.

Key highlights 10th Aero India show 

(a)This edition of Aero Show is placing special emphasis on Union governments Make in India campaign. It is also focusing to encourage small and medium industries to invest in defence manufacturing base.
(b)Delegates from 109 countries are participating in the event and over 700 companies from India and abroad are taking part in the exhibition.
(c)In the exhibition, India is showcasing its indigenously made Light Combat Aircraft (LCA) Tejas, Advanced Light Helicopter Dhruv, radars, missiles, satellites, Unmanned Aerial Vehicles (UAVs) and Airborne early warning and control system (AWACS)While the foreign military aircraft that are displayed include F-15C Eagle, Lockheed F-16C, Boeing KC-135, Boeing C-17, Rafale and Embraer EMB-145I 

2. Rail freight earnings up by over 12%

i. Railways generated Rs 86,009.27 crore from freight traffic during the April 2014-January 2015 period as compared to Rs 76,501.01 crore during the corresponding period last fiscal, registering an increase of 12.43%.
ii. Railways carried 906.36 million tonnes (MT) of freight during April-January period as compared to 866.14 MT carried during the corresponding 10 month period last financial year, registering an increase of 4.64%.
iii. During the month of January, railways generated Rs 10,023.71 crore as compared to Rs 8795.90 crore during the same period last year, registering an increase of 13.96%.

3. Delhi airport ranked best by Airport Council International, Mumbai's in top 5

i. Delhi Airport  Indira Gandhi International Airport won the annual Airport Service Quality (ASQ) award, which recognises and rewards the best airports in the world based on Geneva-based ACI's ASQ passenger satisfaction survey.
ii. Delhi Airport has been adjudged the best, among the world's most performing airports in the 25-40 million passengers per annum category by the Airport Council International (ACI), with Mumbai Airport also figuring in the top five list.
iii. IGI is run by Delhi International Airport Limited (DIAL), a joint venture between the AAI and GMR Group-led consortium,while the CSI is run by Mumbai International Airport Limited (MIAL), a joint venture between the AAI and GVK group-led consortium. 

4. Cine producer Ramanaidu no more

i. An admirer of Dada Saheb Phalke Award winner, Padmabhushan, Daggubati Ramanaidu passed away in Hyderabad on Wednesday after fighting prostate cancer.
ii. He produced over 150 films in most of the Indian languages with Telugu topping the list. Considered as an icon of film industry, he introduced several film personalities through his Suresh Productions. 
iii. He was also known for appearing in guest roles in the films produced by him. Some of his well-known films include Prem Nagar, Mundadugu, Soggadu, Jeevana Tarangalu, Devatha, Sangharshana, Prathidwani, Aha Na Pellanta, Prema, Indrudu Chandrudu and the latest being Gopala Gopala starring Venkatesh and Pawan Kalyan.

5. NTPC Jumps on Plans to Invest $10 Billion in Green Energy

i. Shares of NTPC jumped nearly 3 per cent to Rs 148 on reports that the company plans to invest $10 billion in building renewable projects.
ii. The company in a statement said that it will add 10,000 MW to its existing capacity of 43,143 MW through solar projects in the next five years.Currently, the company has 110 MW of renewable power projects which generated 100 million units of electricity during the current fiscal, so far.
iii. NTPC signed a term loan agreement of Rs 10,000 crore and Rs 2,000 crore with state-run SBI and Bank of Barodarespectively, for partially funding its capital expenditure.

6. CII Recommends Bank-Like Tax Benefits for NBFCs

i. In its memorandum, CII has asked ministry to give NBFCs benefits like tax deductibility of provisions for bad and doubtful debts, extension of special provision prescribing treatment of bad or doubtful debts, and exemption on Tax Deduction at Source (TDS)
ii. Though NBFCs are regulated by RBI like all other banks and financial Institutions, they are not given specific deduction on account of provisions for bad and doubtful debts, as per the provisions of Section 36(1) (viia) of IT Act, 1961.
iii. The industry body has also asked that the existing provisions of Section 43D of the IT Act should be made applicable to NBFCs, since there main business comprises of giving loans and advances like banks and PFIs (participating financial institutions).
iv. It has also said that since NBFCs are supplementing the banks and these are also regulated by the RBI, NBFCs should be treated at par with banks and the benefit of 'Nil TDS' should be extended to them as well under Section 194A.

7. Sundaram Finance to Pick Rs 450 Cr Stake in RSA Group

i.  Non-banking finance company Sundaram Finance Ltd said on Wednesday that it plans to purchase a 26 per cent equity stake in Royal Sundaram Alliance Insurance Company, owned by UK-based RSA Group, for Rs 450 crore.
ii. Royal Sundaram Alliance Insurance Company, a joint venture between Sundaram Finance Ltd and RSA Group, United Kingdom, was granted licence in 2000 in India to operate in the non-life insurance space.

8. PF Body Launches Helpdesk for Inoperative Accounts

i. Employees' Provident Fund Organisation has introduced an online helpdesk to help members trace out their "inoperative accounts".Provident fund accounts which fail to make contributions for 36 continuous months to the retirement fund body are classified as inoperative accounts.
ii. The web helpdesk is meant to help EFPO members trace out their provident fund numbers or find the total fund accumulated, Central Provident Fund Commissioner KK Jalan told.

9. External Affairs Minister Sushma Swaraj Arrives in Oman For Talks

i. External Affairs Minister Sushma Swaraj arrived in Muscat (17 th feb) on her first official visit (two days) to Oman for talks with the oil-rich Gulf nation's top leadership and review bilateral political, economic, defence and security issues as well as the regional situation.
ii. Ms Swaraj hold extensive talks with her Omani counterpart Yousuf bin Alawi bin Abdullah.Ms Swaraj, who arrived here in the evening, was received by Omani foreign ministry officials and India's Ambassador to Oman J S Mukul

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