1) Who won the Nobel Prize in Economics for 2015 as announced on 12 October 2015? –Angus Deaton (United States)

Explanation: Angus Deaton is a professor of Princeton University, New Jersey (US). He was awarded this prestigious award “for his analysis of consumption, poverty, and welfare”.

By linking detailed individual choices and aggregate outcomes, Deaton’s research has helped transform the fields of microeconomics, macroeconomics, and development economics. The work for which he is being awarded with the Nobel, revolves around three central questions: a) How do consumers distribute their spending among different goods? b) How much of society’s income is spent and how much is saved? and c) How do we best measure

and analyze welfare and poverty?

The Economics Nobel Prize is officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. It wasn’t created by Nobel, but by Sweden’s central bank in 1968. Though it’s handed out along with the other prizes and the criteria for selecting winners are the same, it’s not a Nobel Prize in the same sense.

2) The Indo-China joint military training exercise, featuring infantry sub-unit and a formation headquarter of Indian Army and similar participation from the Chinese Army, commenced from 12 October 2015 at Kunming (China). What is the name of this biennial joint exercise? – “Hand-in-Hand”

Explanation: “Hand-in-Hand 2015” is the fifth exercise in the ‘Hand-in-Hand’ series, which started in 2007. This exercise seeks to strengthen and broaden interoperability & cooperation between both the Armies as well as complement a number of other exchanges between the two forces.

This joint exercise is being held at Kunming Military Academy, Yunnan, China and will conclude on 23 October 2015.

Over the years, the two India and China have decided to progressively increase the scope and content of the combined training.

3) During August 2015 what landmark achievement was made by the Union Govt. in the area of fiscal balance? – During August 2015 India’s fiscal balance turned from deficit to surplus for the first time in 8 years

Explanation: According to the data released by the Controller-General of Accounts (CGA) recently, India’s fiscal deficit was (-) Rs. 15,808 crore in August 2015. The negative figure indicates surplus of revenues over expenditure. In contrast, the Centre ran up a fiscal deficit of Rs. 73,005 crore in August 2014.

The total revenue was Rs. 1,47,022 crore in August 2015 against Rs. 71,578 crore in July 2015. In contrast, the total expenditure in August 2015 was Rs. 1,31,214 crore against Rs. 1,69,986 crore in July 2015.

Fiscal deficit is the excess of the Centre’s expenditure over its revenues. This is after 8 years that India’s fiscal deficit has turned negative. A sharp surge in the Centre’s revenue receipts as well as a steep decline in its total expenditures made the fiscal surplus (or negative fiscal deficit) possible.

4) What is the name of the book written by former Pakistani foreign minister Khurshid Mahmud Kasuri that was released on 12 October 2015 in Mumbai amidst the incident of black oil paint being thrown on Sudheendra Kulkarni, the organizer of the book release event? – “Neither a Hawk nor a Dove: An Insider’s Account of Pakistan’s Foreign Policy”

Explanation: An event was organized by Observer Research Foundation (ORF) in Mumbai on the occasion of book release of K.M. Kasuri’s new book – “Neither a Hawk nor a Dove: An Insider’s Account of Pakistan’s Foreign Policy”. However, Shiv Sena opposed the release of a Pakistani leader in India and as a mark of protest around 15 activists of Shiv Sena threw black oil paint on the face of Sudheendra Kulkarni, the chairman of ORF. But Kulkarni announced that the launch ceremony of the book will be held as per the schedule.

5) Lewis Hamilton (UK) won the Russian F1 Grand Prix on 11 October 2015 to further consolidate his position on way to becoming 2015 F1 champion. Which driver of India’s F1 team Force India claimed only the third podium in the team’s history in this race? – Sergio Perez (Mexico)

Explanation: Force India’s driver Sergio Perez finished third on the Russian F1 Grand Prix to give his team its only third podium finish in its history.

Force India have enjoyed only two podium places before this race and incidentally the last time also it was Perez who stepped onto the podium for the team at Bahrain Grand Prix in 2014.

The first ever podium for the team was secured by Giancarlo Fisichella (Italy), who had finished second in the 2009 Belgian Grand Prix from pole position.

Another important event of the Russian F1 Grand Prix race was second place finish by Ferrari’s Sebastian Vettel (Germany) with which he overtook Mercedes’ Nico Rosberg (Germany) in the points tally. While Mercedes’ Hamilton leads the tally with 302 points, the second place is now occupied by Vettel with 236 points and Rosberg dropping to third place with 229 points. Rosberg couldn’t finish the race due to mechanical problems.