Daily GK Updates - 3rd June, 2020

NATIONAL UPDATES:

1. Govt unveils PM SVANIDHI scheme to provide affordable loans to street vendors: Union Government launched ’PM SVANIDHI – Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi’– a special micro-credit facility scheme for providing affordable loan to street vendors. The scheme is aimed at enabling the street vendors to resume their livelihoods that have been adversely affected due to COVID-19 lockdown. The scheme targets to benefit over 50 lakh street vendors, who had been vending on or before 24th March this year, in urban areas. The duration of the scheme is till March 2022. Under this, street vendors can avail 10k, repayable in monthly installment in 1 year.

2. Indian Energy Exchange launches “Real-Time Electricity Market”: The “Real-Time Electricity Market (RTM)” has been launched by the Indian Energy Exchange on its platform and it will be effective from 01st June 2020. Central Electricity Regulatory Commission (CERC) envisages to make the power market dynamic via the recently launched real time market. The RTM will make the power market dynamic by enabling trade in electricity through half-hourly auctions, totalling 48 auction sessions per day. Features of Real-Time Electricity Market:

(1) It will facilitate the power utilities to reduce dependency on deviation framework and save on the huge penalties.

(2) It will aid the grid operators to improve the overall safety and security of the grid.

(3) It will help the utilities and system operators to forecast and schedule green energy in an effective way.

(4) It will make the power generators capable to sell their unrequisitioned capacity hence ensuring the efficient use of generation capacity.

Note: Union Minister of Power and New and Renewable Energy: R. K.

3. DRDO creates disinfection unit named as “Ultra Swachh”: A disinfection unit named as “Ultra Swachh” has been developed by the Defence Research and Development Organisation (DRDO) to disinfect a wide range of materials such as electronics items, fabrics, Personal Protective Equipment (PPEs) etc. It has been developed in compliance with International Standards of Industrial, Occupational, Personal and Environmental Safety. It is disinfection unit that uses advanced oxidative process with multiple barrier disruption approach using double layer Ozonated Space Technology for disinfection. It also has catalytic converter for environment friendly exhaust. It operates on 15 Amp, 220 Volts, 50 Hts power supply.

Note: Chairman of Defence Research and Development Organisation: G Satheesh Reddy; Headquarters of Defence Research and Development Organisation: New Delhi.

4. Delhi Government launches mobile application “Delhi Corona”:  Delhi Chief Minister has launched a mobile application “Delhi Corona”. The mobile application will provide information to the people of Delhi about the availability of the beds and ventilators in government as well as private hospitals in Delhi. Hence, the mobile application “Delhi Corona” will enable people to check hospital-wise beds and ventilators available for COVID-19 patients. . It will support both Hindi and English language. A web page delhifightscorona.in has also been created to provide latest status of vacant hospital beds. Patients can dial helpline number 1031 for hospital bed.

Note: Chief Minister of Delhi: Arvind Kejriwal; Lieutenant Governor of Delhi: Anil Baijal.

5. IRCON signs MoU with NIIFL & AYANA for solar energy sector: IRCON has signed MoU with National Investment and Infrastructure Fund Limited (NIIFL) and Ayana Renewable Power Private Limited (AYANA) for solar energy sector. The strategic partnerships will identify, bid and execute solar energy projects through joint ventures/consortium arrangements. It will also be used in Indian Railways and renewable energy projects by utilizing the complementary strengths of all partners. IRCON is a Miniratna (Category-I) Schedule PSU.

6. Adesh Gupta replaces Manoj Tiwari as Delhi BJP chief: Former Mayor of North Delhi Municipal Corporation Adesh Kumar Gupta as the new Chief of BJP’s Delhi Unit. He will be replacing Manoj Tiwari who had been appointed as the BJP Delhi Unit Chief in 2016. The appointed was made by BJP President J P Nadda. Former Union Minister Vishnu Deo Sai has been appointed as Chhattisgarh State President and S Tikendra Singh as BJP’s Manipur State Chief.

7. COVID-19 testing lab established in CSIR-NEIST, Jorhat: COVID-19 testing laboratory has been inaugurated in the Jorhat campus, North East Institute of Science and Technology (NEIST). Dr Himanta Biswa Sarma, Minister of Health and Family Welfare, Govt. of Assam inaugurated the laboratory. It will be important milestone in the annals of CSIR-NEIST history. The lab will enhance the testing and vaccine process to help mitigate COVID-19 pandemic. NEIST is the first research and development institute in Assam with COVID-19 lab.

8. TRIFED announces plan through TRIBES India retail and e-Com platforms: TRIFED under Ministry of Tribal Affairs has announced an aggressive plan through its TRIBES India retail and e-Com platforms (www.tribesindia.com) to help artisans in their production and sales operations. TRIFED has also re-opened all its outlets and e-Commerce portals to support tribal commerce. It will also provide market through bulk sale of the products through e-com portals with attractive discounts. It will transfer 100% sales proceeds to the tribal artisans.

INTERNATIONAL UPDATES:

1. Raveesh Kumar becomes new Ambassador of India to Finland:  Raveesh Kumar has been appointed as the next Ambassador of India to Finland. He is presently serving as the Joint Secretary in the Ministry. He is an IFS officer of 1995 batch. He will replace Vani Rao as the next Ambassador of India to Finland.

Note: Prime Minister of Finland: Sanna Marin; Capital: Helsinki.

2. Sushil Singhal appointed India’s next High Commissioner to Papua New Guinea: Sushil Kumar Singhal has been appointed as the next High Commissioner of India to the Independent State of Papua New Guinea. He is presently serving as the Joint Secretary in the Ministry of External Affairs. He will replace Vijay Kumar as the next High Commissioner of India to the Independent State of Papua New Guinea.

3. US President postpones G7 Summit: US President Donald Trump has postponed G7 Summit till September 2020. He has also expressed to expand the Group of G7 to G10 or G11 by including India and three other nations Russia, Australia, and South Korea to the grouping of the world's top economies. Group of Seven (G7) is an international intergovernmental economic organization. G7 members: US, Canada, France, Germany, Italy, Japan, and UK at present.

4. World Bicycle Day: 3rd June: United Nations celebrates World Bicycle Day every year on 3rd June to advance the use of the bicycle as a means of fostering sustainable development. The day is being observed every year to encourage member nations to give particular attention to the bicycle in cross-cutting development strategies and to improve road safety and integrate it into sustainable mobility and transport infrastructure planning and design.

Note: Secretary-General of United Nations: António Guterres.

OTHER UPDATES:

SPORTS

1. Cricket Australia announces India’s cricket tour to Australia dates: Cricket Association of Australia has announced the dates for India's tour to Australia that will consist of 4 Tests, ODIs as well as T20 International. Indian team will be facing first T20 series in October 11 at Brisbane followed by matches on October 14 and 17. In December 4-test series will be held at Brisbane followed by 3 ODI match series beginning from January 12, 2021. Indian women's team will also travel to Australia for an ODI series in January.

BANKING AND FINANCE

1. Moody’s Investors Service downgrades India’s sovereign rating to ‘Baa3’:  The sovereign rating of India has been downgraded by the Moody’s Investors Service from “Baa2” to “Baa3” citing the challenges faced by India in implementing the policies in order to reduce the risks of a sustained period of low growth and deteriorating fiscal position. “Baa3” is the lowest investment grade that is just a notch above the junk status. It has also expected contraction by 4% in the India’s real GDP in fiscal 2021, due to the shock from the coronavirus pandemic as well as the related lockdown measures taken by India to contain the COVID-19 pandemic. The rating is in line with Standard & Poor’s (S&P) and Fitch. The negative outlook reflects dominant, mutually-reinforcing factors. It has been downgraded for the 1st time in 22 years.

2. Public sector banks sanction loans worth over RS 10,361 cr under ECLGS: Public sector banks have sanctioned loans worth over 10,361crore rupees under the 100 percent Emergency Credit Line Guarantee Scheme. As per the Finance Ministry, out of this, over 3,892 crore rupees have already been disbursed. These loans are sanctioned under Aatmnirbhar Bharat package.

BUSINESS AND ECONOMY

1. Infosys partners up with Avaloq for digital wealth management services: Infosys announced a strategic partnership with Zurich-based software company Avaloq o provide end-to-end (e2e) wealth management capabilities through digital platforms. The Indian tech major has partnered up with the Switzerland-based wealth management software and digital technology provider to “create a one-stop-shop” for its wealth management clients. The partnership is meant to offer e2e products and services as Software-as-a-Service (SaaS), private cloud or public cloud across the globe to its clients.

OBITUARIES

1. International Archery coach Jayantilal Nanoma passes away: Former International Archer turned coach Jayantilal Nanoma (34 years) passes away in a road accident in Rajasthan. He won the medal in Asian Cup and Asian Grand Prix in 2010. He was the recipient of prestigious Maharana Pratap State Sports Award. He was presently serving as a coach at the District Sports Officer in Dungarpur and had worked in various overseas competitions. He is known for generating national and international archers from Rajasthan.

2. Former Union Minister & social worker P Namgyal passes away: Former Union Minister and three-time Congress MP from Ladakh, P Namgyal passes away. He has served as the Minister of State for Parliamentary Affairs, Surface Transport and Chemicals and Petro chemicals. He was the member of the then Jammu and Kashmir Legislative Council from 1960-73 and then from 1974-80, and later served as the union deputy minister in the Central Government between 1988-89.