Daily GK Updates – 17th Feb, 2021

 

NATIONAL UPDATES:

 

1. Govt launches new Central Sector Scheme titled ‘Formation and Promotion of 10,000 FPOs: The Ministry of Agriculture has said that the government has  launched a new Central Sector Scheme titled ‘Formation and Promotion of 10,000 Farmer Produce Organizations (FPOs)’ and it has committed resources in this regard with a budgetary provision of Rs 6,865 crore. The FPOs are to be developed to produce clusters, wherein agricultural and horticultural products are grown for leveraging economies of scale and improving market access for members. FPOs will be provided financial assistance uptoRs 18 lakh per FPO for a period of three  years. In addition to this, provision has been made for matching equity grant up to two thousand rupees per farmer member of FPO with a limit of 15 lakh rupees per FPO and a credit guarantee facility uptoRs two crore of project loan per FPO from eligible lending institutions to ensure institutional credit accessibility to FPOs.

 

2. Goa becomes 6th State in country to successfully undertake Urban Local Bodies reforms: Goa has become the 6th State in the country to successfully undertake Urban Local Bodies reforms stipulated by the Department of Expenditure. Finance Ministry said, the state has now become eligible to mobilise additional financial resources of 223 crore rupees through Open Market Borrowings. Goa has joined five other states – Andhra Pradesh, Madhya Pradesh, Manipur, Rajasthan and Telangana, who have completed Urban Local Bodies reforms.

 

3. CCEA approves proposal of Department of Fertilizers for Grant-in-aid of Rs 100 crore to BVFCL: The Cabinet Committee on Economic Affairs, CCEA has given its nod to a proposal of the Department of Fertilizers for Grant-in-aid of Rs 100 crore to Brahmaputra Valley Fertilizers Corporation Limited (BVFCL), Namrup in Assam to sustain operations of it’s urea manufacturing units. BVFCL is a Public Sector Undertaking which  is situated at North-Eastern part of India, which plays an important role in economic growth in the region. The grant in aid of Rs 100 crore to BVFCL will restore the urea production capacity of 3.90 Lakh metric tonnes  per annum and ensure timely availability of Urea to the Tea Industry and Farming Sector in the entire North Eastern region specially Assam.

 

4. Govt allocates ₹16000 crore for Pradhan MantriFasalBimaYojana for 2021-22: Union government has allocated ₹16,000 crores for Pradhan MantriFasalBimaYojana (PMFBY) for the fiscal year 2021-22 to boost the safety of farmers’ crops and to ensure that maximum benefit of crop insurance reaches farmers. This is a budgetary increase of around ₹305 crore as against the previous fiscal year 2020-21, which reiterates the government’s commitment towards the growth of agriculture sector in the country. The scheme extends coverage for the entire cropping cycle from pre-sowing to post-harvest including coverage for losses arising out of prevented sowing and mid-season adversities.

 

5. Odisha to implement REWARD project with assistance from World Bank: Odisha Cabinet headed by its Chief Minister Naveen Patnaik approved the proposal for implementation of the 'Rejuvenating Watersheds for Agricultural Resilience through Innovative Development (REWARD)' project. The estimated expenditure for the project is INR 500 Crores, of which the World Bank will provide assistance of INR 350 Crores. The project is being implemented to ensure efficient water management & enhanced cropping area. The implementation period of the project is 6 years beginning from April, 2021. Around 1.9 Lakh People including 10, 000 Landless People will be benefited because of the "REWARD' Projects. It will be implemented in 7 districts of Odisha - Sambalpur, Dhenkanal, Nayagarh, Deogarh, Koraput, Nabarangpur&Sundargarh. Odisha's Agriculture & Farmers Empowerment Department will implement the project with assistance from Soil Conservation and Watershed Management Directorate.

 

6. MeghnaPant’s new book “The Terrible, Horrible, Very Bad Good News”: Award-winning writer, journalist and speaker, Meghna Pant has penned a new book “The Terrible, Horrible, Very Bad Good News”. The book will be released in April 2021, and soon be seen as a major motion picture under the title BadnamLadoo. The book is about a small-town woman, Ladoo, who scandalizes her conservative family when she decides to use a sperm donor to have a baby while continuing to look for Mr Right. This book takes a humorous and light approach to address an important issue, relevant to every woman in the world, without being belligerent or pedantic.

 

INTERNATIONALUPDATES:

 

1. US-Russia Extends New START Arms Reduction Treaty: The United States has extended the “New START” nuclear disarmament treaty with Russia for a period of five years. The New START, which stands for Strategic Arms Reduction Treaty, is a nuclear arms reduction treaty between the United States and the Russian Federation. The new strategic arms reduction treaty was formally signed on April 8, 2010, and after ratification, entered into force on 5 February 2011. The New START treaty was set to expire on February 5, 2021, but both the parties have further extended it for five more years, till February 2026.

Note: President of United States: Joe Biden; Capital: Washington, D.C.

Russia President: Vladimir Putin; Russia Capital: Moscow; Russia Currency: Russian Ruble.

 

2. FAO endorses first-ever Declaration for Sustainable Fisheries & Aquaculture at COFI 34: During the 34th Session of UN's FAO (Food and Agriculture Organization) Committee on Fisheries (COFI 34) which took place virtually, members of the session supported the first-ever Declaration for Sustainable Fisheries & Aquaculture. The declaration calls for Strong action to combat Illegal, Unreported and Unregulated (IUU) fishing and emphasized on the importance of recovering from impacts of COVID- 19 pandemic. The report 'The impact of COVID-19 on fisheries and aquaculture food systems Possible Responses' released by FAO in November, 2020 was discussed during COFI 34 session. The next COFI session (COFI35) is set to be held from September 5-9 in 2022.

Note: COFI: The Committee on Fisheries (COFI) is a subsidiary body of the FAO Council established by FAO Conference in 1965. It is the only intergovernmental forum where members of FAO discuss and review issues related to fisheries and aquaculture.

About Food and Agriculture Organization (FAO): Headquarters: Rome, Italy; Parent organization: United Nations Economic and Social Council; Head: Director-General; Qu Dongyu

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. ICICI Lombard launches Corporate India Risk Index: Private General Insurer ICICI Lombard has launched the ‘Corporate India Risk Index’. This is intended to be a unified, standardised corporate risk index that spans industries and companies. This will help companies understand the level of risk that their business is facing and also assist in developing a successful risk aversion plan. It has worked with consulting firm Frost and Sullivan to develop the risk measurement tool.

Note: ICICI Lombard CEO: BhargavDasgupta; ICICI Lombard Headquarters: Mumbai; ICICI Lombard Founded: 2001.

 

2. PNB inks deal with Indian Oil to provide up to Rs 2 cr loan to dealers: State-owned Punjab National Bank (PNB) said it has inked a pact with Indian Oil Corporation to provide up to ₹2 crore to the oil company’s dealers. The MoU would benefit dealers with credit facilities at lower interest rates, nil margin, and with minimum or zero collateral requirements through the PNB e-Dealer scheme. The loan can be availed maximum up to ₹2 crore with zero-margin. Also, PNB said it will not ask for any collateral security from those having dealership with Indian Oil of 5 years or more.

 

3. Star Health Insurance partners with PhonePe to offer Digital Health Insurance: Star Health and Allied Insurance, a leading standalone health Insurance company in India, announced the launch of its ArogyaSanjeevani policy on PhonePe – a popular Indian digital payments platform. All PhonePe users can now protect their families from financial burdens in the event of any medical emergency. The policy is available at an annual premium of only Rs. 2985/- (excluding GST) for sum insured of Rs. 1 lakh. This policy has been designed to cover the most essential aspects of any instance of hospitalization in the family. The policy covers anyone up to 65 years with sum insured options up to Rs. 10 lakh.

 

BUSINESS AND ECONOMY

 

1. SIDBI, COWE launch campaign to promote Stand-Up India scheme: Small Industries Development Bank of India (SIDBI), along with the Confederation of Women Entrepreneurs of India (COWE), has launched a campaign to give a fillip to the government”s Stand Up India (SUI) scheme. The mega campaign – SwavalambanSashakt  is a 20 webinar series aimed at creating awareness about the SUI scheme. The scheme is a flagship programme launched by Prime Minister Narendra Modi to facilitate bank loans between Rs 10 lakh and Rs 1 crore to at least one scheduled caste (SC) or scheduled tribe (ST) borrower. The scheme has now been extended up to FY2025.

 

2. State-owned GAIL acquires IEX’s 5% stake in Indian Gas Exchange: GAIL (India) Limited has acquired a 5% stake of Indian Energy Exchange Ltd (IEX) in Indian Gas Exchange Ltd (IGX). GAIL becomes the 3rd strategic investor in IGX after Adani Total Gas & Torrent Gas. With this disinvestment, IEX will hold 85% stake in IGX. Recently, Adani Total Gas and Torrent Gas acquired 5% stake each in IGX. This was the 1^st time stakes of IGX were sold, as it was wholly-owned by the Indian Energy Exchange (IEX). The total 10% stake has been sold for about Rs 7.38 crore.

Note: About IGX: Director: Rajesh Kumar Mediratta; Headquarters: Noida, Uttar Pradesh

About Indian Energy Exchange Ltd (IEX): Headquarters: Noida, Uttar Pradesh

About GAIL (India) Limited: Chairman & Managing Director: Manoj Jain; Headquarters: New Delhi

 

3. Govt to sell 20% stake in NFL: The government will sell 20% of its stake in National Fertilizers Ltd (NFL) through an offer for sale and has invited bids from merchant bankers for managing the share sale. The deadline for submitting the bids is March 2, 2021. At the current market price, selling 20% stake can fetch about Rs 400 crore to the exchequer. Shares of NFL closed at Rs 41.80, up 2.33% over the previous close on the BSE. The government holds 74.71% stake in the company.

 

4. Bank of India to acquire 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services: Fair trade regulator CCI approved Bank of India’s acquisition of 49 per cent stake each in BOI AXA Investment Managers and BOI AXA Trustee Services. According to a combination notice filed with the regulator, total asset under management (AUM) of BOI AXA Mutual Fund was Rs 2,426 crore as of November 30, 2020.

 

DEFENCE

 

1. Prime Minister hands over indigenous Arjun Mk-1A tank to Army: Prime Minister Narendra Modi has handed over the indigenous main battle tank Arjun Mk-1A to the Army in a function at the Jawaharlal Nehru Indoor Stadium in Chennai. Chief of the Army Staff General ManojMukundNaravane received the model of the tank, designed and developed by Chennai-based Combat Vehicles Research & Development Establishment (CVRDE), a unit of the Defence Research & Development Organisation (DRDO). A tank made in Tamil Nadu will be used in our northern borders to keep the nation safe. This showcases India’s united spirit — Bharat’s EktaDarshan,”. The indent for 118 of these tanks would be placed shortly with the Heavy Vehicle Factory (HVF) at Avadi near Chennai.