DAILY GK UPDATE – 25 – 26th May

1.   
Narendra Modi sworn-in as 15th Prime
Minister of India
i. Narendra Damodardass Modi was sworn
in as the 15th Prime Minister of the country on Monday.
ii. The oath of office and secrecy to
Modi was administered by President Pranab Mukherjee. He took his oath in Hindi.

iii. The swearing-in ceremony was attended
by several world leaders including Pakistan Prime Minister Nawaz Sharif, Sri
Lankan President Mahinda Rajapaksa and Afghanistan President Hamid Karzai.
iv. Heads
of Bhutan, Nepal, Bangladesh, Maldives and Mauritius were also present at the
swearing-in ceremony. 

v. The
swearing-in ceremony was also attended by a host of Bollywood celebrities
including Salman Khan, Hrithik Roshan, Vivek Oberoi, Dharmendra. 

vi. Outgoing
Prime Minister Manmohan Singh, Congress president Sonia Gandhi and party vice
president Rahul Gandhi, besides leaders of various other parties and chief
ministers of a number of states were also present at the swearing-in ceremony.
2.   
Modi announces list of Cabinet
Ministers with portfolios
i. BJP
leader Arun Jailtey has been given the charge of Finance Ministry and
additional charge of the Defence Ministry in the cabinet of Prime Minister
Narendra Modi. 

ii. Apart
from Jaitley, Sushma Swaraj has been given charge of Ministry of External
Affairs and Rajnath Singh was given charge of the Home Ministry.
The
list of Ministers includes:
Sushma Swaraj –
Ministry of External Affairs
Ananth Kumar –
Parliamentary Affairs + additional charge
Nitin Gadkari –
Surface Transport Ministry and Shipping Ministry
Sadanand Gowda –
Railways Ministry
Venkaiah Naidu –
Urban Development Ministry
Ravi Shankar Prasad –
Telecom Ministry, Law and Justice Ministry
Maneka Gandhi – Women
and Child Development Ministry
Najma Heptullah –
Ministry of Minorities
Smriti Irani – HRD
Ministry
Radha Mohan Singh –
Agriculture Ministry
Nirmala Sitharaman –
MoS Commerce
Piyush Goel – MoS
Power (Independent)
Prakash Javadekar –
MoS Information and Broadcasting
Ram Vilas Paswan-
Food and Civil Supplies Ministry
3.   
Rupee
best performing Asia-Pacific currency in 2014
i. The rupee’s surge this week to 11-month high levels has
made it the best performing currency against the US dollar, so far this year,
in the Asia-Pacific region. This was attributed to capital inflows, and
euphoria around the incoming government.
ii. With a gain of about 5.3 per cent
since the start of 2014, the rupee has sprinted ahead of its other Asia-Pacific
peers, including Indonesia’s rupiah and New Zealand dollar in terms of
year-to-date rise.
iii. The rupee, which closed at 58.52
levels on the last trading day on Friday, has incidentally seen a lion’s share
of 5.3 per cent gain in the past one month. The Indian currency stood at 61.8
level at the start of this year, and has recorded a gain of 327 paise in less
than six months. This marks a major turnaround since August last year when
rupee touched its life-time low of 68.80.
Appreciation of Currency
Appreciation of Currency means increase in the value of one currency in terms
of other currencies. Currencies appreciate against each other for various
reasons, including capital inflows and the state of a country’s current
account.
Effects of Appreciation
i. The international trade of
country (exports and imports), a weaker currency will stimulate exports and
make imports more expensive, which decreases the trade deficit of the country
(or increasing surplus) over a period of time.
ii. Foreign capital will flow into
countries that have strong governments, dynamic economies and stable
currencies.  That is stable currency to will attract investment capital
from foreign investors.
iii.  The Inflation of the country may increase
because devalued currency can result in imported inflation for countries that
are substantial importers.
4.   
Billionaire wins Ukraine presidential vote
i. Exit polls suggested candy tycoon Petro
Poroshenko
won Ukraine’s presidential election in the first round on Sunday,
a ballot that took place amid weeks of fighting in eastern regions where
pro-Russia separatists have seized govt buildings and battled govt troops
.
ii. The rebels had vowed
to block the ballot in the east and less than 20 percent of the polling
stations were open there. 
But
nationwide, about 60 percent of the electorate turned out, the central
elections commission said. 
iii. Poroshenko,
viewing the exit polls as definitive evidence of victory, said his first steps
as president would be to visit the eastern industrial region of Donbass – home
to Ukraine’s coal mines – and “put an end to war, chaos, crime and bring
peace to the Ukrainian land.” 
5.    Singapore became the top source of FDI into India
replacing Mauritius: DIPP
i. Singapore became the
top source of foreign direct investment (FDI) into India. Singapore replaced
Mauritius to become the number one source of FDI. ii. This was revealed by the FDI data for March 2014 of the
Department of Industrial Policy and Promotion (DIPP) under the Union Ministry
of Commerce Industry and Textiles.
iii. As per the data,
India attracted 5.98 billion US dollar FDI from Singapore in 2013-14 while
Mauritius invested only 4.85 billion US dollar in India in 2013-14. The total
FDI flows from Singapore accounted for about 25 per cent of FDI inflows in
2013-14.
Why Singapore became the largest source of FDI into India?

i. The
execution of Double Taxation Avoidance Agreement (DTAA) with Singapore with
Limit-of-Benefit (LoB) clause has provided the comfort to foreign investors due
to which the FDI inflows increased.

ii. On
the other hand, FDI inflows from Mauritius have started drying up on fears of
the impact of General Anti Avoidance Rules (GAAR) and possible re-negotiation
of the tax avoidance treaty. 
Top ten countries investing in India

1. Singapore

2. Mauritius
3. United Kingdom
4. Netherlands
5. Japan
6. Germany
7. U.S.A
8. Cyprus
9. Switzerland
10. France
6.    Anticipating India – The Best of National Interest
authored by Shekhar Gupta released
i. The
Book entitled Anticipating India – The Best of National Interest written by
Shekhar Gupta, the editor-in-chief of The Indian Express released
ii. The
book has captured India’s political territory and trends of Shekhar Gupta’s
900-odd columns spread through 19 years. The columns are a part of the column,
National Interest of Indian Express that was started by Shekhar Gupta in
November 1997.
7.    Malavath Poorna of Andhra became youngest woman to
climb Mount Everest
i. Malavath
Poorna, a 13-years and 11-month old girl of Andhra Pradesh on 25 May 2014
became the youngest woman to climb the Mount Everest, the highest peak in the
world.
ii. In this expedition,
Poorna was accompanied by Sadhanapalli Anand Kumar, a 16-year old from the same
state. Anand became the first Dalit to conquer the tallest peak.
iii. Poorna is from
Nizambad district of Andhra Pradesh and Anand is from Khammam district.
8.   
Japan
lifts maiden Thomas Cup Badminton trophy
i. Japan have won their maiden Thomas Cup badminton title. 
ii. In the even keel final at the
Siri Fort Complex in New Delhi yesterday, the Japanese team defeated Malaysia,
3-2. 
iii. Japan lost the opening Singles,
bounced back in the next two games, lost the fourth, and eventually edged past
Malaysia the final Singles to bag the title.
9.   
Japan
beat Australia in Women’s Asian Cup Football final
i. In the Women’s Asian Cup Football final in Vietnam, a
strong second half fightback was not enough for Australia, eventually going
down 1-0 to world champions Japan. 

ii. The defending champion Australia
created most of the chances in the second 45 minutes, but could not find the
touch that brought them nine goals in their four previous games. 
iii. Japan’s victory in the decider
was their first after losing each of their four previous Asian Cup finals. 
iv. Azusa Iwashimizu broke the
drought by scoring the only goal in the 28th minute from a well executed corner.