Daily GK Update- 10th Jun, 2021

 

NATIONAL UPDATES:

 

1. NCPCR devises online portal ‘Bal Swaraj’ for children affected by Covid-19: In view of the growing problem related to children affected by COVID-19, the National Commission for Protection of Child Rights (NCPCR) has devised an online tracking portal “Bal Swaraj (COVID-Care link)” for children in need of care and protection. The children who have lost family support or are without any ostensible means of subsistence are children in need of care and protection under Section 2(14) of the Juvenile Justice Act, 2015 and all procedures given under the Act for such children must be followed to ensure the well-being and best interest of children.

About the portal:

(1) The portal has been created with the purpose of tracking and monitoring children who need care and protection in real-time, digitally.

(2) The portal will also be used to track children who have lost both their parents during COVID-19.

(3) The “COVID-Care” link on the portal has been provided for the concerned officer or department to upload the data of such children.

Note: Union Minister of Women and Child Development: Smriti Zubin Irani;

 

2. ADB and India signed an agreement for road upgradation project in Sikkim: The Asian Development Bank and the Government of India signed an agreement for financing road up-gradation project in Sikkim. ADB will give a $2.5 million project readiness financing (PRF) loan to support projects related to upgradation of major district roads in Sikkim. It will improve the connectivity and also boost the economic activities in the state. The project readiness nancing (PRF) will help in connecting the major district and other roads with the national and state highway network.

In 2011, the ADB-funded North Eastern State Roads Investment Program was launched to improve road connectivity in Sikkim. The state agencies will prepare detailed engineering designs of selected sub-projects and do feasibility studies. Sikkim’s road network requires regular up-gradation due to frequent landslides and erosion.

Note: ADB is a regional development bank established in 1966;ADB Members: 68 countries (49 members are from Asia pacific region);ADB is headquartered in Mandaluyong, Philippines;MasatsuguAsakawa is the current president of ADB.

 

3. Narendra Singh Tomar inaugurates Indus Best Mega Food Park in Chhattisgarh: Union Minister for Food Processing Industries, Narendra Singh Tomar virtually inaugurated the Indus Best MegaFood Park along with BhupeshBaghel, Chief Minister, Chhattisgarh, and in presence of RameswarTeli, Union Minister of State for Food Processing Industries. The Mega Food Park will ensure value addition, a longer shelf life for farm produce, better price realization for farmers, excellent storage facility and will provide an alternate market for farmers in the region.

About the Food Park:The Park will also provide direct and indirect employment to about 5,000 persons and benefit about 25,000 farmers in the CPC and PPC catchment areas.The modern infrastructure for food processing created at Park will benefit the processors and consumers of Chhattisgarh and adjoining areas immensely and prove to be a big boost to the growth of the food processing sector in the State of Chhattisgarh.

Note: Chief Minister of Chhattisgarh: BhupeshBaghel; Governor: AnusuiyaUikey.

 

4. ThaawarchandGehlot Launches SAGE Programme and Portal: The Union Minister of Social Justice and Empowerment, Shri ThaawarchandGehlot virtually launched an initiative called, SAGE (Seniorcare Aging Growth Engine) on June 04, 2021, and also the SAGE portal to support India’s elderly persons. The SAGE portal will act as a “one-stop access” of elderly care products and services by credible start-ups.

About the SAGE:The start-ups will be selected under SAGE on the basis of innovative products and services, which they should be able to provide across sectors such as health, housing, care centres, apart from technological access linked to finances, food and wealth management, and legal guidance.The basic aim of this initiative is to involve youth for elderly care by way of start-ups and their innovative ideas to make elderly care a national movement than just a government programme.

             

INTERNATIONALUPDATES:

 

1. Bill Gates and EU pledge $1 billion boost for green technology: The European Union and an energy investment programme founded by Bill Gates plan to raise up to $1 billion to roll out the low-carbon technologies Europe is betting on to meet its climate change goals. The partnership would see Gates-founded Breakthrough Energy use private capital and philanthropic funds to match funding provided by the EU.

The aim is to together provide up to 820 million euros, or $1 billion, from 2022 to 2026. Support will target hydrogen produced from renewable energy, sustainable aviation fuels, technology to suck CO2 out of the atmosphere, and long-duration energy storage. Those technologies are seen as critical to slashing emissions from sectors like heavy industry and aviation but remain too expensive to scale up without support and compete with cheaper fossil fuel alternatives.

Note: European Union Headquarters location: Brussels, Belgium;European Union Founded: 1 November 1993.

 

2. China developed a combined air defence system along LAC: China has created a combined air defence system along the Line of Actual Control (LAC). The combined air defence system has been developed with the elements of the air force and army of western theatre command. For the first time, an integrated army air defence system has been developed by china along the western borders. The combined air defence system has been developed for putting all assets of the army and air force under central control. Since 2017, China has increased the number of airbases and heliports near the LAC.

Line of Actual Control:It is a line that separates India controlled territory from Chinese-controlled territory.The major disagreement between India and China is on the western side of LAC.

 

OTHER UPDATES:

 

SPORTS

 

1. Djokovic Wins 83rd Career Title In Belgrade open: World No. 1 Novak Djokovic captured the 83rd title of his career with victory on home soil at the Belgrade Open. The Serbian superstar lost his serve three times in the first set before changing his game to defeat Slovakian qualifier and first-time ATP Tour finalist Alex Molcan 6-4, 6-3 in 88 minutes at the Novak Tennis Center.

 

BANKING AND FINANCE

 

1. RBI Governor Addressed On RBI Monetary Policy 2021: The six-member monetary policy committee of the Reserve Bank of India (RBI) headed by Governor Shaktikanta Das, has decided to keep key lending rates unchanged for the sixth consecutive time, in its June 2021 policy review meeting held between June 2 to 4, 2021. The RBI’s Monetary Policy Committee (MPC) has decided to continue with an accommodative stance until necessary to mitigate the impact of COVID-19. The next meeting of the MPC is scheduled from August 4 to 6, 2021.

The Marginal Standing Facility (MSF) rate and bank rates remain unchanged:

Policy Repo Rate: 4.00%

Reverse Repo Rate: 3.35%

Marginal Standing Facility Rate: 4.25%

Bank Rate: 4.25%

CRR: 4%

SLR: 18.00%

RBI Monetary Policy Highlights & Key Decisions:

(1) The RBI also downgraded the GDP growth forecast for FY22 to 9.5 per cent compared with 10.5 per cent earlier.

(2) On the other hand, growth is a bigger concern. The Gross Domestic Product (GDP) contracted 7.3 per cent in FY21.

(3) Recently, SBI economists had sharply cut their FY22 GDP growth estimates to 7.9 per cent from what was 10.4 per cent earlier.

(4) The Reserve Bank of India Governor Shaktikanta Das announced a projection for Consumer Price Index (CPI) inflation at 5.1 per cent for FY 2021-22.

(4) G-SAP 2.0 worth ₹1.2 lakh crore will be taken in the second quarter of FY22 to support the market.

(5) The rupee snapped its three-day losing streak and closed 18 paise higher at 72.91 against the US dollar.

The composition of the Monetary Policy Committee is as follows:

(1) Governor of the Reserve Bank of India – Chairperson, ex officio: Shri Shaktikanta Das.

(2) Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy– Member, ex officio: Dr Michael Debabrata Patra.

(3) One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio: DrMridul K. Saggar.

(4) A professor at the Mumbai-based Indira Gandhi Institute of Developmental Research: Prof. Ashima Goyal.

(5) A professor of finance at the Indian Institute of Management in Ahmedabad: Prof. Jayanth R Varma.

(6) An agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi: DrShashankaBhide.

 

2. Bharti AXA Life in bancassurance pact with Shivalik Small Finance Bank: Private life insurer Bharti AXA Life Insurance has entered into a bancassurance partnership with Shivalik Small Finance Bank for the distribution of its life insurance products through the bank’s pan-India network of branches. This alliance is a part of the bank’s various measures towards financial inclusion and acceleration of wealth creation for its customers.

Under this agreement: Bharti AXA Life Insurance will offer its suite of life insurance products, including protection, health, savings and investment plans, to customers of Shivalik Small Finance Bank across its 31 branches and digital network across the country. This alliance will enable over 4.5 lakh customers of Shivalik Bank to access the range of products offered by the company to provide financial security.

Note: MD and CEO of Bharti AXA Life Insurance: Parag Raja; Bharti AXA Life Insurance Founded: 2005.

 

BUSINESS AND ECONOMY

 

1. Wipro becomes third Indian IT firm to scale Rs 3 trillion market cap: Wipro has touched Rs 3 trillion in market capitalisation for the first time, becoming the third Indian IT firm to achieve the milestone after Tata Consultancy Services and Infosys. The company won its largest deal ever from German retailer Metro and has seen deal wins of $7.1 billion. India has a total of 13 listed firms that have crossed the Rs 3 trillion m-cap. Wipro now ranks 14th.

Reliance Industries is India’s most valued company with a market capitalisation of ₹14.05 trillion, followed by Tata Consultancy Services Ltd and HDFC Bank with an m-cap of ₹11.58 trillion and ₹8.33 trillion, respectively.

Note: Chairman of Wipro Limited: RishadPremji; Wipro Headquarters: Bengaluru;Wipro MD and CEO: Thierry Delaporte.

 

AWARDS

 

1. David Diop wins International Booker 2021: David Diop has become the first French novelist to win the International Booker prize for translated fiction with At Night All Blood Is Black, his first novel translated into English. Diop, the author of two novels, and his translator Anna Moschovakis split the £50,000 annual prize, which goes to the best author and translator of a work translated into English.The International Booker Prize, formerly known as the Man Booker International Prize, has been awarded since 2005 when it was won by Albanian writer Ismail Kadare. It is a sister prize to the Booker Prize, awarded to a novel written in English.