Daily GK Updates - 22nd June, 2020

NATIONAL UPDATES:

1. NITI Aayog Collaborates with ITF for Decarbonising Transport Project to Develop Pathway to Low-CO2 Mobility for India: NITI Aayog has collaborated with International Transport Forum (ITF) for “Decarbonising Transport in India” project, with the aim to develop a pathway towards a low-carbon transport system for India. The project will be launched online on 24 June, 2020, at YouTube livestream, which can be accessed at https://youtu.be/l2G5x5RdBUM. Purpose?? The “Decarbonising Transport in India” project will design a tailor-made transport emissions assessment framework for India and will provide the government with a detailed understanding of current and future transport activity and the related CO2 emissions as a basis for their decision-making.  ITF: is Paris, France based intergovernmental organisation for transport policy. India has been a member of ITF since 2008. The project is part of the ITF’s “Decarbonising Transport in Emerging Economies” (DTEE) family of projects, which supports transport decarbonisation across different world regions. It is a part of DTEE projects with India, Argentina, Azerbaijan, and Morocco as participants.

Note: Secretary-General of International Transport Forum: Young Tae Kim.

2. Govt Extends Insurance Scheme under Pradhan Mantri Garib Kalyan Package for health workers till September 2020: The Government has extended the Insurance Scheme announced under Pradhan Mantri Garib Kalyan Package for health workers who are fighting to contain COVID-19 for another three months till September 2020. Earlier the scheme was slated to end on 30 June 2020. The government has launched the scheme in March 2020, for a period of 90 days, to provide insurance cover of Rs 50 lakh to around 22.12 lakh public healthcare providers. The scheme is funded through the National Disaster Response Fund, under the Ministry of Health and Family Welfare.

3. Centre sanctions Rs 190 cr for augmentation of healthcare facilities in North Eastern States: Union Minister of Development of North Eastern Region (DoNER) Dr Jitendra Singh has reviewed the COVID status and healthcare facility in Aspirational districts with special focus on North East. He also disclosed that in the wake of COVID pandemic, Ministry of DoNER has decided to sanction 190 crore rupees  for augmentation of healthcare facility in the eight North Eastern States, particularly for developing infrastructure for management of infectious diseases. Union Minister said, accordingly, proposals have been received from the States of Assam, Arunachal Pradesh, Meghalaya, Manipur, Sikkim, Mizoram and Nagaland, while the proposal from the eighth State of Tripura is awaited.

4. Rajasthan Govt to Launch Indira Rasoi Yojna to ensure ‘No One Sleeps Hungry’: Rajasthan Chief Minister Ashok Gehlot announced that his government will soon launch the Indira Rasoi Yojna for the poor to ensure that “no one sleeps hungry” in the state. Under this scheme, pure and nutritious food on concessional rates will be provided to the needy twice a day. The state government will spend Rs 100 crore every year on the Indira Rasoi Yojna (Indira Kitchen Scheme).

INTERNATIONAL UPDATES:

1.  World Bank approves USD 1.05 billion to Bangladesh: The World Bank has approved USD 1.05 billion for three projects in Bangladesh to generate quality jobs and boost economic recovery in the wake of the COVID-19 pandemic. The three projects namely: Private Investment and Digital Entrepreneurship is a USD 500 million worth project. It will bolster the social and environmental standards in selected economic zones and software technology parks in Bangladesh. Enhancing Digital Government and Economy is a USD 295 million worth project. It will create an integrated, cloud-computing digital platform for all government agencies and enhance cyber-security. Second Programmatic Jobs Development Policy Credit is a USD 250 million worth project which will develop fiscal space to help the government’s response to the COVID-19 crisis.

Note: Prime Minister of Bangladesh: Sheikh Hasina; Capital: Dhaka; Currency: Taka.

President of World Bank: David Malpass.

2. India attends 32nd virtual EAG plenary meet: The virtual 32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting was attended by the Indian officials including the representatives from enforcement agencies. The meeting was held under the aegis of the Financial Action Task Force (FATF). EAG is a nine member regional body. The nine member countries of EAG are: India, Russia, China, Kazakhstan, Turkmenistan, Uzbekistan, Belarus, Kyrgyzstan and Tajikistan.

Note: EAG HQs: Moscow Russia

3. France to boost India’s COVID-19 response with 200-million-euros: France has signed a loan agreement of 200-million-euros with India to boost India’s COVID-19 response and to increase the state and central governments’ capacities to support India’s most vulnerable people in the wake of the COVID-19 crisis. World Bank has developed the programme design in collaboration with the Indian authorities to optimize and expand the existing social protection measures taken by India. World Bank would be the lead funder of this programme, being supported by French Development Agency (AFD) including other multilateral and bilateral development banks.

Note: President of France: Emmanuel Macron; Capital: Paris.

4. Exim Bank extends LOC of USD 20.10 Mn to government of Nicaragua: A Line of Credit (LOC) of USD 20.10 million has been extended by the Export-Import Bank of India (Exim Bank) on behalf of the Government of India, to the Government of the Republic of Nicaragua for the reconstruction of Aldo Chavarria Hospital. With the signing of the above LOC Agreement for reconstruction of hospital, the total number of LOCs extended by Exim Bank to the Republic of Nicaragua comes to four with total value of the 4 LOCs is USD 87.63 million.

Note: Managing Director of Exim Bank: David Rasquinha.

Capital of Nicaragua: Managua; Currency: Nicaraguan córdoba.

5. India 2nd biggest driver of global energy consumption in 2019: BP Statistical Review: India was second biggest growth driver of primary energy consumption in the world, according to the 69th annual edition of the BP Statistical Review of World Energy, released by BP, one of the world’s largest energy companies. The report highlights the global energy trends emerging prior to the current COVID-19 pandemic. China was the biggest driver of energy, accounting for more than three quarters of net global growth. The energy consumption is made up of oil, natural gas, coal, electricity and renewables. Some key features in the report includes:

(1) The Global primary energy consumption growth slowed to 1.3 percent in 2019 (583.90 Exajoules (EJ)), less than half the rate of growth in 2018 (2.8 per cent).

(2) India’s consumption rose 2.3 percent to 34.06 EJ. The growth was lower than 5.2 per cent in 2018.

(3) India’s energy consumption was only behind that of China (141.70 EJ)

(4) The increase in energy consumption was driven by renewables and natural gas. All fuels grew at a slower rate than their 10-year averages, apart from nuclear.

(5) Carbon emissions from energy use grew by 0.5 percent in 2019.

OTHER UPDATES:

BANKING AND FINANCE

1. RBI raises PMC bank withdrawal limit to Rs 1 lakh: Reserve Bank of India has increased the withdrawal limit for Punjab and Maharashtra Cooperative Bank (PMC) to Rs 1 Lakh per depositor from Rs 50,000. With this move, more than 84% of the PMC depositors will be able to withdraw their entire account balance. RBI had imposed restrictions on the bank under Section 35 A (1) on September 23, 2019 after the case of loan fraudulently given to HDIL Group which subsequently went bad.

Note: RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

2. India becomes 12th largest US govt securities holder at April end: India has become 12th largest US government securities holder at the end of April. It has securities holding worth $157.4 billion as per the data revealed by US Treasury Department. The holding touched the record in February. Japan stood at the top position of holding US securities with $1.27 trillion, followed by China at $1.1 trillion and UK at $368.5 billion. The American government securities are held by RBI. They are the most safest asset for any central bank.

3. Natarajan Chandrasekaran re-nominated to RBI central board: Centre has re-nominated Natarajan Chandrasekaran as the part-time non-official Director on the Central Board of Reserve Bank of India. He will serve the board for further two years beyond March 3, 2020. Prior to RBI, he was the CEO and managing director of Tata Consultancy Services. He was appointed as the director of RBI central board in 2016.

Note: Central board of directors governs the affairs of RBI. It has 10 non-official directors and 2 government officials.

BUSINESS AND ECONOMY

1. Mukesh Ambani becomes 9th richest person globally, Jeff Bezos Tops: Forbes: Reliance Industries (RIL) chairman and managing director Mukesh Ambani, has entered into the list of world’s top 10 richest persons, according to the Forbes Real-Time Billionaire list. Ambani’s net worth rose to $64.6 billion on 19 June 2020, making him the 9th richest person in the world. RIL’s shares soared 6.2% to hit a new all-time high of Rs 1,788.60 on the BSE on 19 June before ending at Rs 1,759.50 (up over 6 percent), helping the company’s market capitalisation to cross Rs 11-trillion mark. He is the richest Asian in the list. In March 2020, Ambani was ranked 21st on Forbes’ annual billionaire list. The list is topped by Amazon founder Jeff Bezos ($160.4 billion), followed by Bill Gates ($109.9 billion) and Bernard Arnault.

OBITUARIES

1. Indian social worker and activist Vidyaben Shah passes away: Renowned Indian social worker and activist, Vidyaben Shah (98 years) passes away in Delhi. She is known for her work with children, women and the elderly. She was honoured with Padma Shri in 1992 and National Award for outstanding services in Child Welfare in 1986. She established India’s first Bal Bhavan in Rajkot in the 1940s. She was the president of ICCW for 12 years. She was the 1st non-official to become president of the New Delhi Municipal Council in 1970s.