Daily GK Updates - 3rd July, 2020

NATIONAL UPDATES:

1. World Bank approves $750 mn emergency response fund for India’s COVID-hit MSME sector: The World Bank has approved loan worth $750 million to address the immediate liquidity and credit needs of India’s micro, small, and medium enterprises (MSMEs), severely impacted by the Covid-19 crisis. The World Bank Group will address the above issues along with its private sector arm, the International Finance Corporation (IFC) by supporting the government’s initiatives in order to protect the MSME sector by unlocking liquidity, strengthening Non-Banking Financial Company and Small Finance Bank, and enabling financial innovations. The World Bank’s MSME Emergency Response program will provide financial support to some 1.5 million viable MSMEs. With this, the World Bank’s total commitment has reached to $2.75 billion to support India’s emergency Covid-19 response.

2. Union HRD Minister and Union Health Minister jointly inaugurate Drug Discovery Hackathon 2020 (DDH2020): Union Minister for Human Resource Development Shri Ramesh Pokhriyal ‘Nishank’ and Union Minister for Health and Family Welfare and Ministry of Science and Technology Dr. Harsh Vardhan jointly launched Drug Discovery Hackathon through video conferencing on 2nd July 2020. The Hackathon is a joint initiative of the Ministry of Human Resources Development, All India Council for Technical Education (AICTE) and Council of Scientific and Industrial Research (CSIR). It is a first of its kind national initiative for supporting drug discovery process inviting students, academicians, researchers and professionals to participate in the Hackathon and work towards developing drugs to tackle Covid-19. However, to attract international talent, the hackathon will be open to participation from across the globe as well from varied fields like computer science, chemistry, Pharmacy, medical sciences, basic sciences and biotechnology.

3. GoI declares entire Nagaland as “disturbed area” for 6 months: The Government of India has declared the entire Nagaland as “disturbed area”. The declaration has been made for a further period of six months i.e. till end December. Supporting the declaration, Ministry of Home Affairs mentioned in its notification that the area comprising the whole Nagaland is in a disturbed and dangerous condition and hence the use of armed forces for “the maintenance of public order” is necessary. Nagaland has been placed under the coverage of the Armed Forces (Special Powers) Act (AFSPA) for almost six decades. The Armed Forces (Special Powers) Act (AFSPA) empowers the armed forces to search and arrest, and to open fire if it seems necessary for “the maintenance of public order”.

Note: Chief Minister of Nagaland: Neiphiu Rio; Governor: R.N. Ravi.

4. IIT Kanpur develops virtual classroom teaching setup ‘Mobile Masterjee’: A team of engineers at the Indian Institute of Technology (IIT), Kanpur has developed an innovative classroom-to-home teaching setup titled ‘Mobile Masterjee’, to overcome the disruption in normal classroom teaching caused due to Covid-19 lockdown. The device is targeted at helping the rural schools to overcome the teaching and learning challenges posed by the pandemic. This virtual classroom system has been designed to record the lectures/instructions by the teachers using smartphones. The gadget allows for fixing the smartphone at various locations and heights, and to self record the lectures for communicating to the students. It also allowed for writing on a sheet of paper apart from giving the option of recording blackboard teaching. It is lightweight and compact, and has adjustments to fit sheets/book on it for delivering instructions to pupils.

5. IIT Madras launches world’s first online BSc degree in Programming and Data Science: The Indian Institute of Technology (IIT) Madras has introduced world’s first-ever online BSc degree programme in Data Science and Programming. The programme was launched by Union Human Resource Development (HRD) Minister Ramesh Pokhriyal ‘Nishank’ and Minister of State for HRD Sanjay Dhotre. The course will be offered in three different stages– Foundational Programme, Diploma Programme and Degree Programme.

6. Parminder Chopra assumes charge as Director (Finance) of PFC: Parminder Chopra has been appointed as the Director (Finance) of Power Finance Corporation (PFC). She succeeded N.B. Gupta whose tenure ended on June 30, 2020. Prior to this, she was working as an Executive Director (Finance) at Power Finance Corporation (PFC). She has 32 years of experience in handling crucial and core finance functions like fund mobilisation, asset-liability management, stressed asset resolution.

7. ‘Surakshit Dada-Dadi, Nana-Nani Abhiyan’ launched to ensure well-being of Senior Citizens: Surakshit Dada-Dadi, Nana-Nani Abhiyan is a collaborative effort between NITI Aayog, Piramal Foundation, and 25 Aspirational Districts to ensure the well-being of 2.9 million Senior Citizens during the COVID-19 pandemic. NITI Aayog has launched this campaign following the appeal by Prime Minister Narendra Modi to take care of senior citizens. Piramal foundation with the help of social welfare department and district administration is implementing this campaign in Surendranagar district.

8. Venkaiah Naidu Virtually Releases book ‘Future of Higher Education – Nine Mega Trends’ by CA V Pattabhi Ram: The Vice President of India, Shri. M. Venkaiah Naidu virtually released a book titled “Future of Higher Education – Nine Mega Trends”, during an event hosted by ICT Academy. The book has been authored by CA V Pattabhi Ram, Author, Public Speaker, and Teacher. It is based on a survey of around 5000 educators across India, who were part of ICT Academy’s “SkyCampus” Digital Knowledge Series. The book will cover the new norms in the key areas of higher education such as Student-Teacher relationship, Learning methods, Laboratories, Examinations, etc; all taking a paradigm shift during this COVID pandemic.

Note: ICT Academy Headquarters: Chennai, Tamil Nadu; ICT Academy Chairman: Lakshmi Narayanan.

9. Sanjay Dwivedi appointed as Director General of IIMC: The Appointments Committee of the Cabinet (ACC) has approved the appointment of Professor Sanjay Dwivedi as the Director General of the Indian Institute of Mass Communication (IIMC). He is presently serving as the Registrar of Makhanlal Chaturvedi National University of Journalism and Communication, Bhopal.

INTERNATIONAL UPDATES:

1. Indra Mani Pandey appointed as India's Permanent Representative to UN: Senior diplomat Indra Mani Pandey (1999 batch IFS officer) has been given charges of India's next Permanent Representative to United Nations and other international organisations in Geneva. He will succeed Rajiv K Chander. He is currently the additional secretary in Ministry of External Affairs (MEA). He has served as Indian Representative to Damascus, Cairo, Islamabad, Kabul, Muscat, and Geneva. He also served as joint secretary of Disarmament and International Security Affairs, MEA

2. Edouard Philippe resigns as Prime Minister of France: The French government led by Prime Minister Edouard Philippe and his government submitted their resignations on 03 July 2020. French President Emmanuel Macron named Jean Castex, as the country’s new prime minister. The 49 year old Edouard Philippe had served as Prime Minister of France from 15 May 2017 to 3 July 2020.

Note: France Capital: Paris; Currencies: Euro, CFP franc

3. India-Bangladesh sets up 50:50 Joint Venture Company for LPG business in Bangladesh: The State-owned Indian Oil Corp (IOC) and Bangladesh’s Beximco LPG have entered into an agreement for the formation of a 50:50 Joint Venture Company (JVC) for importing liquefied petroleum gas in Bangladesh. The agreement was signed between IOC Middle East FZE, Dubai, a wholly-owned subsidiary of IOC, and RR Holdings Ltd, UAE, the holding company of Beximco LPG of Bangladesh. The Joint Venture Company will help reduce the cost of import of LPG in Bangladesh and make it more affordable for the consumers of the country.

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

Chairman of Indian Oil Corporation: Sanjiv Singh.

4. International Plastic Bag Free Day: 03rd July: The International Plastic Bag Free Day is held on July 3 around the world to spread awareness that a plastic bag free world is possible and that sound environmental alternatives to single use plastic bags are available. 2020 is the 11th edition of the celebrations. The day is an initiative by Bag Free World for the purpose of getting rid of the single-use of plastic bags around the world and promoting environmental conservation by encouraging us all to stay away from the use of plastic bags and instead look for more eco-friendly alternatives.

OTHER UPDATES:

SPORTS

1. Ravindra Jadeja Rated As India’s Most Valuable Test Cricketer In 21st Century by Wisden Magazine: Indian all-rounder Ravindra Jadeja has been named as India’s most valuable Test player in the 21st century by the Wisden magazine. With the ‘Most Valuable Player’ (MVP) rating of 97.3, the 31-year-old Jadeja is also rated as the second most valuable Test player worldwide, only after Sri Lanka legend Muttiah Muralitharan. Since making his debut in 2012, Jadeja has played in 49 Tests, scoring 1,869 runs with one century and 14 fifties. He has picked up 213 Test wickets. Wisden used CricViz, a detailed analysis tool in cricket to analyse his performance.

Note: President of BCCI: Sourav Ganguly; Headquarters of BCCI: Mumbai, Maharashtra.

BANKING AND FINANCE

1. GoI approves Special liquidity scheme for NBFCs/HFCs: The Government of India has launched a Special Liquidity Scheme worth Rs. 30,000 crore for improving the liquidity position of Non-Banking Financial Company (NBFCs) and Housing Finance Company (HFCs). 

Who will manage the Scheme: The Scheme will be managed by SPV (SLS Trust). SPV (SLS Trust) has been set up by SBICAP which is a subsidiary of the State Bank of India. RBI will provide funds for this Scheme by subscribing to government-guaranteed special securities issued by the SLS Trust. The total amount of such securities issued outstanding shall not exceed Rs. 30,000 crores at any point of time. The Scheme was announced by Union Minister for Finance Nirmala Sitharaman on 13th March 2020.

Aim of the scheme: to ensure availability of fund to NBFC and HFC sector and hence improve the liquidity position of NBFCs/HFCs.

Duration of the scheme: The Scheme will remain open for 3 months for making subscriptions by the Trust. The period of lending (CPs/NCDs of NBFCs/HFCs for short duration of upto 90 days) by the Trust shall be for a period of upto 90 days.

Use of Fund by NBFC and HFC: NBFC and HFC cannot use this financing to expand assets. The financing would be used by the NFBCs/HFCs only to repay existing liabilities. Outlay of the Scheme: Rs 30,000 Crore

Eligibility criteria for NBFC and HFC: CRAR/CAR of NBFCs/HFCs should not be below the regulatory minimum, i.e., 15% and 12% respectively as on March 31, 2019; the net non-performing assets should not be more than 6% as on March 31, 2019

2. Government extends the term of Union Bank of India’s CEO Rajkiran Rai by another two years: The government of India has extended the term of Union Bank of India’s Managing Director (MD) and Chief Executive Officer (CEO) Rajkiran Rai by two-years amid the bank’s ongoing merger exercise. Rai’s term was to end on June 30, 2020. His term has now been extended till May 31, 2022, or until further orders, whichever is earlier. Rai was appointed the MD and CEO of Union Bank of India in May 2017 for a period of three years. It must be recalled that Union Bank has been merged with Andhra Bank and Corporation Bank, which came into effect on April 1, 2020. The merger has made Union Bank the fifth largest public sector bank in the country with assets of over Rs 14.5 lakh crore.

BUSINESS AND ECONOMY

1. Care Ratings Forecast India’s GDP to contract by 6.4% in FY21: Care Ratings has revised India’s GDP growth forecast for the current financial year 2020-21 to (-) 6.4 percent. The rating agency had earlier projected a decline in GDP growth of 1.5-1.6 per cent in FY21. This decline is because the economic activity continues to be under restriction due to the lockdown on account of the COVID-19 pandemic.

AWARDS AND HONOURS

1. Two Indian Americans to be honoured with '2020 Great Immigrants' Award: Author Siddhartha Mukherjee and Harvard’s Economics Professor Raj Chetty have been named for '2020 Great Immigrants' awards by the Carnegie Corporation of New York. The award is being given to 38 immigrants this year. Siddhartha Mukherjee has been honoured for using “his communication skills to educate the public and build awareness about COVID-19 through forums and his widely read essays.” Raj Chetty made into the list for launching “a real-time data tracker to measure the economic impact of the pandemic and assisted decision-makers as they implemented new public policies.” Siddharth Mukhjerjee has been conferred with Pulitzer Prize for 'The Emperor of All Maladies: A Biography of Cancer' and Padma Shri in 2014.

DEFENSE

1. India and Japan conduct PASSEX naval exercise in Indian Ocean Region: The Indian and Japanese navies conducted a small exercise PASSEX (passing exercise), towards the Malacca Strait in the Indian Ocean Region (IOR). From India, Rajput-class destroyer INS Rana and Kora-class missile corvette INS Kulish, took part in the exercise and from Japan, JS Shimayuki and JS Kashima participated. It was 15th PASSEX exercise undertaken by the navies of the two nations in the last 3 years. PASSEX exercise is conducted for the goodwill training and understanding

Note: Capital: Tokyo; Currency: Japanese yen; Prime minister: Shinzō Abe

OBITUARIES

1. West Indies former cricketer Everton Weekes passes away:  West Indies former cricketer, Everton Weekes passed away. He made his first-class debut at the age of 19-year and his Test debut in 1948 at 22. His test career spanned between 1948 to 1958, in which he played 48 Tests & scored 4455 runs at an average of 58.62. He retired in 1958, after which he had served as a coach, administrator, and ICC match referee. Weekes was honoured with Knight of the Order of St Michael and St George (KCMG) for his services to cricket in 1995 & was inducted into the ICC Hall of Fame in 2009.

2. Renowned Choreographer Saroj Khan passes away in Mumbai: Renowned Bollywood choreographer Saroj Khan (71 years) passes away in Mumbai due to cardiac arrest. She joined the Indian film industry as a child artiste, playing the younger Shyama in Nazarana. She became background dancer in 1950s films like Bimal Roy’s Madhumati and later became an assistant choreographer. Her 1st independent choreography was in Geeta Mera Naam. She got famous with the song Hawa Hawai. She choreographed nearly 2000 songs from movies Tezaab, Veer-Zaara, Lagaan, Tanu Weds Manu Returns, Manikarnika. The legendary artiste was a recipient of three National Awards for films Devdas, Jab We Met and Sringaram (Tamil). She won Filmfare Awards for movies like Hum Dil De Chuke Sanam, Guru, Khalnayak and Chaalbaaz.