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Daily GK update - 4th Nov 2014--Bankers adda

Daily GK update - 4th Nov 2014

1.    Hasmukh Adhia replaces GS Sandhu as Financial Services Secretary
i. Hasmukh Adhia was appointed as the Union Financial Services Secretary (FSS) on 3 November 2014. He is the 1981-batch IAS officer of Gujarat-cadre. 
ii. At the time of being appointed as FSS, Adhia was working as Additional Chief Secretary in the Finance Department of Gujarat government. 
iii. He succeeded GS Sandhu who was made the Chairman of the National Authority for Chemical Weapons Convention. Sandhu is a 1980-batch Rajasthan cadre IAS officer.
iv. He has written two motivational books titled My notes to my Self. The books deal with government administration and practical tips for all bureaucrats to help in day-to-day governance.

2.    NCAER lowers India GDP growth forecast to 5%
i. The National Council of Applied Economic Research has lowered India’s GDP growth forecast to 5 per cent in the current financial year on weak economical fundamentals and uncertainties in growth prospects.
ii. The economic think-tank in its earlier projection had suggested that the Indian economy was likely to grow at 5.7 per cent in 2014-15.
iii. “NCAER is predicting a slower growth for the economy unlike other forecasts. The fundamentals of the economy remain weak with uncertainties prevail. The only redeeming feature is the weakening of inflation and FDI inflows.

3.    Ashwin continues to top Test rankings for all-rounders
i. Ravichandran Ashwin is the lone Indian to feature in the top 10 of the latest Reliance ICC Test Player Rankings as he continues to lead the way in the all-rounders list.
ii. South Africa’s Vernon Philander is second in the Reliance ICC Test Player Rankings for All-rounders behind Ashwin, while Bangaldesh’s Shakib Al Hasan is placed third.
iii. Meanwhile, Pakistan batsmen Younis Khan, Misbah-ul-Haq and Azhar Ali have all improved their rankings in the latest Reliance ICC Test Player Rankings, which were released on Tuesday.
iv. Younis, who scored 213 and 46 in Pakistan’s 356 runs victory, has climbed one place to sixth. The middle-order batsman, who rose to number-one position following his triple century against Sri Lanka in Karachi in 2009, had entered the series in 11th place on 759 ratings points.

4.    Mallikarjun Kharge inducted into the three-member CIC selection committee
i. Mallikarjun Kharge, a leader of Congress in Lok Sabha was inducted into the three-member CIC selection committee.
ii. The committee will select the Chief Information Commissioner (CIC). 
iii. The other two members of the committee are Prime Minister Narendra Modi (as head) and Union Finance and Defence Minister Arun Jaitely. 
iv. Kharge was inducted in the selection committee by virtue of being the leader of the single largest party in the opposition in Lok Sabha as there as there was a lack of clarity on the Leader of Opposition in Lok Sabha.

Why a Leader of Opposition was required?
The Right to Information (RTI) Act, 2005 says that CIC selection can be done by a three-member panel comprising the Prime Minister, who shall be the Chairperson of the committee, Leader of Opposition in Lok Sabha and a cabinet minister nominated by the Prime Minister. 

5.    India-Sri Lanka started joint military exercise, Mithra Shakti
i. The special forces of Indian and Sri Lankan armies began a three-week long mock war drill at the Uva-Kudaoya Commando Regiment Training School near Colombo in the island nation. The exercise will continue till 23 November 2014. 
ii. The exercise is seen as New Delhi’s attempts to advance a dialogue, which began with Colombo in 2012 to counter China’s growing influence in the region and is indicative of strengthening bilateral military relations.
iii. This exercise is a part of counter-terrorism and counter-insurgency in the island nation.

6.    New tower of World Trade Center re-opens 13 years after 9/11 attacks
i. In the United States,New tower of World Trade Center re-opened for business more than 13 years after the original towers were destroyed in the 9/11 attacks. Employees of a publishing company are started moving into the 104-storey building in New York.
ii. The $ 3.8 4 billion skyscraper took eight years to build New York's World Trade Center and is now the tallest building in the US. 
iiiThe 104-storey building is the centrepiece of the 16-acre site where the twin towers once stood, before they came crashing down, killing about 3000 people. 

7.    Lt Governor Najeeb Jung recommends dissolution of Delhi Assembly
i. Ending the eight-month-long political uncertainty, Lt Governor Najeeb Jung today recommended to the President dissolution of the Delhi Assembly as major players BJP, AAP and Congress have expressed “inability” to form government and preferred holding of polls.
ii. The report by Jung paved the way for holding of fresh polls in the Capital which is under President’s Rule since February after the AAP government quit after ruling for 49 days. The Union Cabinet is likely to take a decision on Jung’s report soon.
iii. Sources in the Lt Governor’s office said Jung in his report to President Pranab Mukherjee mentioned that all three main political parties BJP, AAP and Congress have expressed their inability to form government and conveyed that they were ready to face fresh election.
iv. With all the three main parties favouring fresh mandate, the LG recommended to the President dissolution of the Assembly.

8.    EU cuts growth forecasts as big economies falter
i. European Union slashed its economic growth forecasts for the bloc on Tuesday, indicating the recovery will remain sluggish amid problems for the biggest economies, particularly France.
ii. The official forecast for growth this year in the 18-country eurozone was cut to 0.8 per cent from a prediction of 1.2 per cent made in the spring.
iii. The broader 28-nation E.U., which includes non-euro members like Britain and Sweden, was expected to grow 1.3 per cent this year, down from a 1.6 per cent forecast previously.
iv. “The economic and employment situation is not improving fast enough” in the wake of the financial crisis that has hit the continent for the past half-decade, said E.U. Vice-President Jyrki Katainen.
v. The European Commission blamed in particular a weaker performance in Europe’s larger economies, with the exceptions of Spain and Britain.
vi. Germany, Europe’s largest economy and for years the region’s engine of growth, was expected to stagnate for the rest of the year, with growth “set to resume gradually”.

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