Daily GK Updates - 24th June, 2020

NATIONAL UPDATES:

1. Centre Allocates Rs. 2000 Crore from PM CARES Fund for supplying Made In India Ventilators to govt run COVID hospitals: Amid surging cases of coronavirus in India, the Government of India has allocated Rs 2,000 crore, from the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund for supply of 50,000 ventilators to government-run COVID-19 hospitals in all states and Union Territories. All these 50 thousand ventilators will be ‘Made in India’. Out of these 30 thousand ventilators are being manufactured by Bharat Electronics Limited. Apart from this, Rs 1,000 crore has been allocated for the welfare of migrant labourers. The amount has already been released to States and Union Territories, which in turn will use the same for arranging accommodation, food, medical treatment and transportation of the migrants.

2. Union HRD Minister virtually launches ‘YUKTI 2.0’ platform for Higher Education Institutes: Union Minister of Human Resource Development, Shri Ramesh Pokhriyal ‘Nishank’ has launched an initiative ‘YUKTI 2.0’ to help systematically adopt technologies that have commercial potential and information related to incubated startups in our higher education institutions. The launch was done via video conferencing. Earlier, the Minister had launched the YUKTI (Young India combating COVID with Knowledge, Technology and Innovation) web portal on 11 April, 2020. YUKTI 2.0 is logical extension of earlier version of ‘YUKTI’, an initiative of MHRD, to identify ideas relevant in COVID pandemic.

3. Ministry of MSME launches Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD): The Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD) has been launched by Ministry of Micro, Small & Medium Enterprises. The Scheme will provide Rs. 20,000 crore of guarantee cover to two lakh MSMEs. The scheme is also called “Distressed Assets Fund–Sub-ordinate Debt for MSMEs”.  Guarantee cover worth Rs. 20,000 crores will be provided to the promoters who can take debt from the banks to further invest in their stressed MSMEs as equity. Promoter(s) of the MSMEs will be given credit equal to 15% of their stake (equity plus debt) or Rs. 75 lakh whichever is lower. 90% guarantee coverage for this sub-debt will be given under the Scheme and 10% would come from the concerned promoters. Moratorium and Repayment Period: There will be a moratorium of 7 years on payment of principal whereas maximum tenor for repayment will be 10 years. The scheme will be operationalised through Credit Guarantee Fund Trust for MSEs (CGTMSE).

4. Union FPI Minister launches Food Processing Edition of Investment Forum: The Food Processing Edition of the “Exclusive Investment Forum” has been launched by the Union Food Processing Industries Minister Harsimrat Kaur Badal. It has been designed by the Invest India, the National Investment Promotion & Facilitation Agency of the Government of India. The “Exclusive Investment Forum” is a sectoral series to conduct comprehensive conversations among global industry leaders and key decision makers from the highest levels of the Central and State Governments. Total 180 companies from 18 countries participated in the forum. Empowered Group of Secretaries (EGoS) and Project Development Cell will be formed to attract investors making India Global Investment hub It focused on ‘Go vocal for local’

5. GeM mandates ‘Information about Country of Origin’ for sellers: ‘Information about Country of Origin’ has been mandated for the sellers by the Government e-Marketplace (GeM), a Special Purpose Vehicle under the Ministry of Commerce and Industry. The sellers have been advised to mention “Information about Country of Origin” while registering all new products on GeM. While those sellers, who had already registered their products before the launch of this new feature on GeM, would be reminded regularly to update the information about Country of Origin. If they fail to update the same, their products shall be removed from GeM.

6. Tamil Nadu CM K. Palaniswami inaugurates compressed biogas plant: Tamil Nadu Chief Minister, K. Palaniswami has inaugurated compressed biogas (CBG) Plant in Namakkal, Tamil Nadu, through video conference in the presence of Union Minister for Petroleum and Natural Gas, Dharmendra Pradhan. The cost of compressed biogas plant (CBG) is Rs 25 crore. The new plant can make 15 tonnes of CBG per day and 20 tonnes of bio manure per day.

Note: Governor of Tamil Nadu: Banwarilal Purohit.

7. IIT-Bombay develops Indian receiver chip “Dhruva”: IIT-Bombay has created Indian beneficiary chip “Dhruva” which can be utilized in cell phones and gadgets to discover locations and routes inside the nation. Dhruva will get signals from India’s NAVIC group of navigation satellites as well as the US Global Positioning System-based satellites to determine these accurately under all weather conditions. It can receive in multiple frequency bands and handle weak signals. Besides, it can be converted into digital bits and processed by any standard digital signal processor (DSP) to determine one’s location precisely. The radiofrequency collector chip was structured in the year and a half by understudies and specialists at IIT Bombay.

Note: IIT-Bombay Headquarters: Mumbai, Maharashtra; Director of IIT-Bombay: Subhasis Chaudhuri.

8. OBC panel gets six-month extension: Union Cabinet has approved six-month extension to Other Backward Classes commission to examine sub-categorisation of OBC in Central list. With this, the panel can submit its report till January 2021. The commission is headed by retired Delhi High Court Chief Justice G. Rohini. OBC commission was appointed in October 2017 under article 340 and have received several extensions. It was working on the issues of communities that were not getting the benefits of reservation.

INTERNATIONAL UPDATES:

1. India pledges USD 10 million to UN for Palestine refugees: India has pledged to contribute USD 10 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). The amount would be contributed over the coming two years. The contribution of USD 10 million would be an additional amount over and above USD 5 million contribution announced for year 2020. India has also pledged to donate life savings drugs to Palestine as a support to in combatting the COVID-19 pandemic. India provides 250 annual scholarships to Palestinian youth and officials, apart from regular customised training programmes, and current project grant is around 72 million dollar. India had stepped up its annual pledge from 1.25 million US dollar to 5 million US dollar in 2018.

2. China launches final Beidou satellite to complete GPS-like navigation system: China successfully launched the final member in its Beidou satellite constellation completing a new global navigation system decades in the making. A Long March 3B rocket launched the final Beidou Navigation Satellite (BDS) into orbit from the Xichang Satellite Launch Center in southwest China. This was the last satellite in the third version of the BDS and the 55th in the BeiDou satellite constellation.

OTHER UPDATES:

SPORTS

1. Wasim Jaffer appointed head coach of Uttarakhand cricket team: Former India opener and domestic stalwart Wasim Jaffer has been appointed head coach of the Uttarakhand cricket team for the upcoming domestic season. This will be his first stint as a head coach with a team.

BANKING AND FINANCE

1. Karnataka Bank launches KBL Micro Mitra for Micro enterprises: The Karnataka Bank has rolled out a new product titled “KBL Micro Mitra” for the Micro entrepreneurs. Under the newly launched product, the Micro manufacturing and service enterprises will be offered a financial assistance of up to Rs 10 lakhs. This financial assistance would be provided either for working capital or for investment purposes. It will simplify the procedure and rate of interest for entrepreneurs. KBL Micro Mitra would be available for the Micro entrepreneurs across India through all the branches of Karnataka Bank.

Note: MD & CEO of Karnataka Bank: Mahabaleshwara M.S.; Karnataka Bank HQs: Mangaluru

2. Shri. T. Rabi Sankar appointed as Chairman of IFTAS, Dr. N Rajendran as Chief Executive Officer: Indian Financial Technology & Allied Services (IFTAS), a wholly-owned subsidiary of Reserve Bank of India, (RBI) has appointed Shri. T Rabi Sankar as the Chairman of the organisation and Dr N Rajendran as the Chief Executive Officer (CEO). Sankar’s appointement is effective from May 15, 2020 while Dr N Rajendran’s appointment is effective from May 27, 2020. T Rabi Sankar is also serving as Executive Director, Reserve Bank of India for Payment systems, Information Technology, Risk Management and Fintech. IFTAS is established under Section 8 of Indian Companies Act, 2013 to provide essential IT-related services, required by the Reserve Bank of India, banks, and financial institutions, effectively and efficiently.

Note: IFTAS Headquarters: Mumbai, Maharashtra.

BUSINESS AND ECONOMY

1. Moody’s Projects India’s GDP at -3.1% for Calendar Year 2020 and 6.9% in 2021: Moody’s Investors Service has sharply revised its forecast for India’s annual GDP growth and has projected the Indian economy to shrink 3.1 percent in the Calendar year 2020, caused by the disruptions due to the coronavirus pandemic. Moody’s released its June update to Global Macro Outlook (2020-21) on 22 June 2020. In April 2020, it pegged India’s annual growth at 0.2 percent for 2020. However, Moody’s expects the economy to register 6.9 percent growth in 2021.

Note: CEO and President of Moody's: Raymond Whitehead McDaniel

2. India retains its position as 3rd Largest Economy on PPP basis for 2017: World Bank Report: The World Bank has released the new purchasing power parity (PPP) for the reference year 2017, under the International Comparison Program (ICP), that adjust for differences in the cost of living across economies of the world. Globally, 176 economies participated in 2017 cycle of ICP. India has retained its position as the third-largest economy in the world in terms of purchasing power parity (PPP) for 2017, as per the World Bank data. India was 3rd largest in 2011 round of World Bank’s International Comparison Program (ICP) also. In 2017, the United States and China were the two largest economies in the world and together accounted for one-third of the global economy. Key Points of the report

(1) India accounts for 6.7 percent, (amounting to $8,051 billion, out of the world’s total of $119,547 billion) of global Gross Domestic Product (GDP) in terms of PPP, a measure of relative consumer prices across countries.

(2) China’s GDP stood at $19,617 billion (16.4%) in PPP terms in 2017, while the United States’ GDP was $19,519 billion (16.3%).

(3) The Price Level Index (PLI)- the ratio of a PPP to its corresponding market exchange rate, which is used to compare the price levels of economies- improved to 47.55 in 2017 from 42.99 in 2011.

Note: International Comparison Program (ICP): The ICP is one of the largest statistical initiatives in the world, managed by the World Bank under the guidance of the United Nations Statistical Commission (UNSC).

OBITUARIES

1. Former MP Vishwa Bandhu Gupta passes away: Former Member of Parliament and journalist Vishwa Bandhu Gupta (93 years) passed away in New Delhi. He was the member of Congress party during the 1980s and served as the MP from Delhi from April 1984 to 1990 in the Rajya Sabha. He served as the Chairman and Editor-in-chief of the Tej group of publications and was also the President of All India Newspaper Editors Conference. He was also one of the founding members of the Press Club of India.

2. Former Indian Shooter Pournima Zanane passes away: Former India shooter and and coach Pournima Zanane (42 years) passes away due to cancer. She was a national record holder in 10m air rifle event. She had represented India at ISSF World Cups, Asian Championships, Commonwealth Championships. She was an International Shooting Sport Federation-licenced coach and had served as a coach for Sri Lanka. She was honoured with Shiv Chhatrapati Sports award by the Maharashtra government.

3. Former Karnataka Basketball Player K Raghunath passes away: Former Karnataka basketball player K Raghunath (74 years) passes away due to age-related complications. He was known by his nickname ‘Pappachi’. He was one of the founding members of the Beagles Basketball Club. He played as the point guard for Bangalore University team for five years and won around 3 championship Raghunath represented Indian All-Star team which toured Sri Lanka in 1962, and played for the State in the 1960s.