Daily GK Updates - 22nd June, 2020

NATIONAL UPDATES:

1. NITI Aayog Collaborates with ITF for Decarbonising Transport Project to Develop Pathway to Low-CO2 Mobility for India: NITI Aayog has collaborated with International Transport Forum (ITF) for “Decarbonising Transport in India” project, with the aim to develop a pathway towards a low-carbon transport system for India. The project will be launched online on 24 June, 2020, at YouTube livestream, which can be accessed at https://youtu.be/l2G5x5RdBUM. Purpose?? The “Decarbonising Transport in India” project will design a tailor-made transport emissions assessment framework for India and will provide the government with a detailed understanding of current and future transport activity and the related CO2 emissions as a basis for their decision-making.  ITF: is Paris, France based intergovernmental organisation for transport policy. India has been a member of ITF since 2008. The project is part of the ITF’s “Decarbonising Transport in Emerging Economies” (DTEE) family of projects, which supports transport decarbonisation across different world regions. It is a part of DTEE projects with India, Argentina, Azerbaijan, and Morocco as participants.

Note: Secretary-General of International Transport Forum: Young Tae Kim.

2. Govt Extends Insurance Scheme under Pradhan Mantri Garib Kalyan Package for health workers till September 2020: The Government has extended the Insurance Scheme announced under Pradhan Mantri Garib Kalyan Package for health workers who are fighting to contain COVID-19 for another three months till September 2020. Earlier the scheme was slated to end on 30 June 2020. The government has launched the scheme in March 2020, for a period of 90 days, to provide insurance cover of Rs 50 lakh to around 22.12 lakh public healthcare providers. The scheme is funded through the National Disaster Response Fund, under the Ministry of Health and Family Welfare.

3. Centre sanctions Rs 190 cr for augmentation of healthcare facilities in North Eastern States: Union Minister of Development of North Eastern Region (DoNER) Dr Jitendra Singh has reviewed the COVID status and healthcare facility in Aspirational districts with special focus on North East. He also disclosed that in the wake of COVID pandemic, Ministry of DoNER has decided to sanction 190 crore rupees  for augmentation of healthcare facility in the eight North Eastern States, particularly for developing infrastructure for management of infectious diseases. Union Minister said, accordingly, proposals have been received from the States of Assam, Arunachal Pradesh, Meghalaya, Manipur, Sikkim, Mizoram and Nagaland, while the proposal from the eighth State of Tripura is awaited.

4. Rajasthan Govt to Launch Indira Rasoi Yojna to ensure ‘No One Sleeps Hungry’: Rajasthan Chief Minister Ashok Gehlot announced that his government will soon launch the Indira Rasoi Yojna for the poor to ensure that “no one sleeps hungry” in the state. Under this scheme, pure and nutritious food on concessional rates will be provided to the needy twice a day. The state government will spend Rs 100 crore every year on the Indira Rasoi Yojna (Indira Kitchen Scheme).

INTERNATIONAL UPDATES:

1.  World Bank approves USD 1.05 billion to Bangladesh: The World Bank has approved USD 1.05 billion for three projects in Bangladesh to generate quality jobs and boost economic recovery in the wake of the COVID-19 pandemic. The three projects namely: Private Investment and Digital Entrepreneurship is a USD 500 million worth project. It will bolster the social and environmental standards in selected economic zones and software technology parks in Bangladesh. Enhancing Digital Government and Economy is a USD 295 million worth project. It will create an integrated, cloud-computing digital platform for all government agencies and enhance cyber-security. Second Programmatic Jobs Development Policy Credit is a USD 250 million worth project which will develop fiscal space to help the government’s response to the COVID-19 crisis.

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

President of World Bank: David Malpass.

2. India attends 32nd virtual EAG plenary meet: The virtual 32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting was attended by the Indian officials including the representatives from enforcement agencies. The meeting was held under the aegis of the Financial Action Task Force (FATF). EAG is a nine member regional body. The nine member countries of EAG are: India, Russia, China, Kazakhstan, Turkmenistan, Uzbekistan, Belarus, Kyrgyzstan and Tajikistan.

Note: EAG HQs: Moscow Russia

3. France to boost India’s COVID-19 response with 200-million-euros: France has signed a loan agreement of 200-million-euros with India to boost India’s COVID-19 response and to increase the state and central governments’ capacities to support India’s most vulnerable people in the wake of the COVID-19 crisis. World Bank has developed the programme design in collaboration with the Indian authorities to optimize and expand the existing social protection measures taken by India. World Bank would be the lead funder of this programme, being supported by French Development Agency (AFD) including other multilateral and bilateral development banks.

Note: President of France: Emmanuel Macron; Capital: Paris.

4. Exim Bank extends LOC of USD 20.10 Mn to government of Nicaragua: A Line of Credit (LOC) of USD 20.10 million has been extended by the Export-Import Bank of India (Exim Bank) on behalf of the Government of India, to the Government of the Republic of Nicaragua for the reconstruction of Aldo Chavarria Hospital. With the signing of the above LOC Agreement for reconstruction of hospital, the total number of LOCs extended by Exim Bank to the Republic of Nicaragua comes to four with total value of the 4 LOCs is USD 87.63 million.

Note: Managing Director of Exim Bank: David Rasquinha.

Capital of Nicaragua: Managua; Currency: Nicaraguan córdoba.

5. India 2nd biggest driver of global energy consumption in 2019: BP Statistical Review: India was second biggest growth driver of primary energy consumption in the world, according to the 69th annual edition of the BP Statistical Review of World Energy, released by BP, one of the world’s largest energy companies. The report highlights the global energy trends emerging prior to the current COVID-19 pandemic. China was the biggest driver of energy, accounting for more than three quarters of net global growth. The energy consumption is made up of oil, natural gas, coal, electricity and renewables. Some key features in the report includes:

(1) The Global primary energy consumption growth slowed to 1.3 percent in 2019 (583.90 Exajoules (EJ)), less than half the rate of growth in 2018 (2.8 per cent).

(2) India’s consumption rose 2.3 percent to 34.06 EJ. The growth was lower than 5.2 per cent in 2018.

(3) India’s energy consumption was only behind that of China (141.70 EJ)

(4) The increase in energy consumption was driven by renewables and natural gas. All fuels grew at a slower rate than their 10-year averages, apart from nuclear.

(5) Carbon emissions from energy use grew by 0.5 percent in 2019.

OTHER UPDATES:

BANKING AND FINANCE

1. RBI raises PMC bank withdrawal limit to Rs 1 lakh: Reserve Bank of India has increased the withdrawal limit for Punjab and Maharashtra Cooperative Bank (PMC) to Rs 1 Lakh per depositor from Rs 50,000. With this move, more than 84% of the PMC depositors will be able to withdraw their entire account balance. RBI had imposed restrictions on the bank under Section 35 A (1) on September 23, 2019 after the case of loan fraudulently given to HDIL Group which subsequently went bad.

Note: RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

2. India becomes 12th largest US govt securities holder at April end: India has become 12th largest US government securities holder at the end of April. It has securities holding worth $157.4 billion as per the data revealed by US Treasury Department. The holding touched the record in February. Japan stood at the top position of holding US securities with $1.27 trillion, followed by China at $1.1 trillion and UK at $368.5 billion. The American government securities are held by RBI. They are the most safest asset for any central bank.

3. Natarajan Chandrasekaran re-nominated to RBI central board: Centre has re-nominated Natarajan Chandrasekaran as the part-time non-official Director on the Central Board of Reserve Bank of India. He will serve the board for further two years beyond March 3, 2020. Prior to RBI, he was the CEO and managing director of Tata Consultancy Services. He was appointed as the director of RBI central board in 2016.

Note: Central board of directors governs the affairs of RBI. It has 10 non-official directors and 2 government officials.

BUSINESS AND ECONOMY

1. Mukesh Ambani becomes 9th richest person globally, Jeff Bezos Tops: Forbes: Reliance Industries (RIL) chairman and managing director Mukesh Ambani, has entered into the list of world’s top 10 richest persons, according to the Forbes Real-Time Billionaire list. Ambani’s net worth rose to $64.6 billion on 19 June 2020, making him the 9th richest person in the world. RIL’s shares soared 6.2% to hit a new all-time high of Rs 1,788.60 on the BSE on 19 June before ending at Rs 1,759.50 (up over 6 percent), helping the company’s market capitalisation to cross Rs 11-trillion mark. He is the richest Asian in the list. In March 2020, Ambani was ranked 21st on Forbes’ annual billionaire list. The list is topped by Amazon founder Jeff Bezos ($160.4 billion), followed by Bill Gates ($109.9 billion) and Bernard Arnault.

OBITUARIES

1. Indian social worker and activist Vidyaben Shah passes away: Renowned Indian social worker and activist, Vidyaben Shah (98 years) passes away in Delhi. She is known for her work with children, women and the elderly. She was honoured with Padma Shri in 1992 and National Award for outstanding services in Child Welfare in 1986. She established India’s first Bal Bhavan in Rajkot in the 1940s. She was the president of ICCW for 12 years. She was the 1st non-official to become president of the New Delhi Municipal Council in 1970s.

Daily GK Updates - 21st June, 2020

NATIONAL UPDATES:

1. PM Modi launches Rs 50,000 crore Garib Kalyan Rojgar Abhiyaan for Migrant Workers: Prime Minister of India Shri Narendra Modi has launched a dedicated Rs 50,000 crore Garib Kalyan Rojgar Abhiyaan, via video conference, on 20 June 2020.

For Whom- Migrant workers; Focus- States with more than 25,000 migrant returnees. Currently the campaign will be launched in six states (Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand and Odisha.); Purpose- The campaign aims to create jobs for millions of migrant workers who returned home during the coronavirus-induced lockdown across the country, and, boost livelihood opportunities in rural India by creating durable infrastructure along with boosting employment opportunities; Duration- The programme will run in “mission mode” for 125 days across 116 districts in six states to help migrant workers get jobs in their home states.

These states witnessed the return of highest number of migrant workers (more than 25,000 migrant). Besides, this, twelve different ministries or departments will participate in the programme, which includes, rural development, panchayati raj, transport, mines, drinking water, environment, railways, petroleum, new and renewable energy, border roads, telecom and agriculture. The campaign will involve intensified and focused implementation of 25 different types of works to provide jobs and create infrastructure in the rural regions of the country. The campaign may be extended to other states or districts which witnesses migrant returnees above 25,000.

2. Niti Aayog forms panel to develop job platform for migrant labourers: Niti Aayog has formed a panel to develop a job platform for migrant labourers. The panel includes top officials of tech companies like Google, Microsoft and Tech Mahindra including Reliance Industries President Kiran Thomas, Microsoft India President Anant Maheshwari, Tech Mahindra MD and CEO CP Gurnani, Google India country manager and vice president Sanjay Gupta, Bharti Airtel CEO Gopal Vittal, among others. This platform helps migrant workers have lost their jobs during the lockdown period. The platform will connect job seekers, employers, government agencies, skill centres and external partners using new-age technologies like artificial intelligence and machine learning. The platform can be accessed through smartphones and will help location-based jobs.

Note: Headquarters of NITI Aayog: New Delhi; Chairperson of NITI Aayog: Narendra Modi; Chief Executive Officer (CEO) of NITI Aayog: Amitabh Kant; Vice Chairperson of NITI Aayog: Rajiv Kumar.

3. India witnessed rare Annual Solar Eclipse: Northern India witnessed a rare celestial event, an annual solar eclipse also known as ‘ring of fire’. The solar eclipse coincides with the summer solstice. It occurs when the moon comes in between sun and earth blocking the light of sun, casting its shadow on the earth. In this, sun, moon, and earth comes in straight line and plane. Moon is at farthest point allowing the sun’s disc to be visible while covering the other parts that results in ‘ring of fire’ visibility.

4. Ministry of Culture launches Namaste Yoga campaign: Ministry of Culture launches Namaste Yoga campaign celebrating International Yoga Day 2020. Ministry of Culture celebrated International Yoga Day 2020 from 19th to 21st June, 2020 with the goal of making yoga an indispensable part of everyone's life. The ministry urges people to join Surya Namaskar on International Yoga Day using #10MillionSuryaNamaskar and #NamasteYoga.

Note: Union Minister of State for Culture & Tourism (Independent Charge): Prahlad Singh Patel.

5. CIL ties-up with AIM to boost Innovation & Entrepreneurship initiatives: Coal India Limited (CIL) has tied up with Atal Innovation Mission (AIM), NITI Aayog to boost innovation and entrepreneurship initiatives across the country. For partnership, Statement of Intent (SoI) has been signed in a virtual meet. CIL and AIM will together deal with Atal Tinkering Labs (ATL) at school level, Atal Incubation Centres at institutional levels, Atal Community Innovation Centres etc. This will support the youth and innovation ecosystems.

INTERNATIONAL UPDATES:

1. Vijay Khanduja appointed India’s next Ambassador to Zimbabwe: Vijay Khanduja has been appointed as the next Ambassador of India to the Republic of Zimbabwe. He is presently serving as Director in the Ministry of External Affairs (MEA).

Note: Currencies of Zimbabwe: United States Dollar; Capital of Zimbabwe: Harare; President of Zimbabwe: Emmerson Mnangagwa.

2. Sethuraman Panchanathan appointed as the Head of NSF, USA: The U.S. Senate has appointed Indian-American scientist Dr Sethuraman Panchanathan as the Director of the National Science Foundation (NSF). He will replace France Cordova as the 15th director of the NSF. He is the second Indian-American ever to be nominated to the prestigious science position with the first being Dr Subra Suresh who served from October 2010 to March 2013. He is currently leading Arizona State University (ASU).

Note: National Science Foundation is a top American body supporting fundamental research in non-medical fields of science and engineering. National Science Foundation (NSF) is an independent federal agency created by Congress in 1950.

3. International Day of Yoga: 21st June: International Day of Yoga is celebrated annually on 21 June to raise awareness around the world, regarding the many benefits of practicing Yoga. The theme of 2020 is “Yoga for Health – Yoga at Home”. 2020 marks the 6th edition of the annual celebrations. The first International Day of Yoga was observed in 2015 at Rajpath in New Delhi. The proposal to observe the day was first introduced by Prime Minister Narendra Modi in his address during the opening of the 69th session of the UN General Assembly on 27 September 2014. The day was then declared unanimously by the United Nations General Assembly (UNGA) in 2014. 21 June has been chosen as it is the longest day of the year in the Northern Hemisphere.

4. World Hydrography Day: 21st June: Every year the World Hydrography Day is observed on 21 June to make the public aware about the hydrography and the essential role that it plays in everyone’s life. The theme for 2020 WHD is “Hydrography – enabling autonomous technologies”. The United Nations General Assembly accepted a resolution to celebrate World Hydrography Day on every June 21 in 2005. The day is organised by the International Hydrographic Organization (IHO) since 2006 to publicise the work of hydrographers and the importance of hydrography. 21 June has been chosen for the day as it marks the anniversary of the founding of the International Hydrographic Organization on 21 June 1921. Hydrography deals with the study and measurement of the physical features of oceans, seas, coastal areas, rivers and lakes.

Note: Chairman of International Hydrographic Organization: Shepard M. Smith; Secretary-General of International Hydrographic Organization: Mathias Jonas; Headquarters of International Hydrographic Organization: Monaco

5. World Music Day: 21st June: World Music Day (Fête de la Musique, as called in French) takes place on 21 June every year to honor the amateur and professional musicians, and to encourage them to showcase their work to the world. It was first observed in France in 1982. It is celebrated across 120 countries and 700 cities around the world with free concerts to make music accessible to all. Indian Council for Cultural Relations, Guwahati and Nagaland Govt brings ‘One NE concert’ featuring all the Northeast states on Facebook on the occasion.

6. International Day of the Celebration of the Solstice: 21st June: International Day of the Celebration of the Solstice is observed globally on 21st June to spread awareness about solstices and equinoxes and their significance for several religions and ethnic cultures. It is the longest day of the year as it marks the Summer Solstice. Solstice is derived from ‘solstitium’ meaning ‘Sun standing still’ as Sun seems to stand still at Tropic of Capricorn and then reverses its direction. The sun reaches its farthest point north of the celestial equator with maximum tilt in the sky on this day. Arctic Circle experience continuous daylight for 24 hours on June 21.

7. World Humanist Day: 21st June: The World Humanist Day is celebrated every year around the world on the June solstice, which usually falls on June 21. The day aims to spread awareness of Humanism as a philosophical life stance and means to effect change in the world. The day has been organised by the International Humanist and Ethical Union (IHEU), since 1980.

Note: IHEU is the global federation for Humanist, atheist, rationalist, ethical culture, secularist and other freethought groups.

OTHER UPDATES:

SPORTS

1. National Champion Niki Poonacha elected to ITF Men’s Player Panel: India’s reigning national tennis champion Niki Kaliyanda Poonacha has been elected by the International Tennis Federation (ITF) to the ITF World Tennis Tour Player Panels. He will represent the Asia-Oceania zone in men’s player panel. Poonacha is one of the two members from Asia-Oceania zone, to be selected for the panel. The other member is Ti Chen of Chinese Taipei. The ITF World Tennis Tour Player Panel will provide a forum for players to provide their input on various matters related to how the ITF Tour is run.

Note: International Tennis Federation President/CEO: David Haggerty; International Tennis Federation Chief Operating Officer(COO): Kelly Fairweather; International Tennis Federation Headquarters: London, United Kingdom.

BUSINESS AND ECONOMY

1. Mukesh Ambani is World’s Ninth Richest Person & only Asian Tycoon in top 10: Bloomberg: Reliance Industries Chairman Mukesh Ambani has joined the elite club of the world’s top 10 richest people, according to the Bloomberg Billionaires Index released on 20 June 2020. He is ranked as the 9th richest person in the world, in the latest update. The net worth of Ambani jumped to $64.5 billion as of 20 June, making him the only Asian tycoon to feature in the top 10 richest people list. With a total net worth of $160 billion, Amazon CEO Jeff Bezos is still the wealthiest person in the world. He is followed by Bill Gates ($112 billion) and Mark Zuckerberg ($90.6 billion). The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York.

OBITUARIES

1. Former India player Rajinder Goel passes away: The legendary first-class cricketer player, Rajinder Goel, who holds the record for most wickets in the history of Ranji Trophy, has passed away due to age related issues. He was 77. In all, the left-arm spinner took 750 wickets, in 157 first-class matches which he played from 1958-59 to 1984-85. He mostly played for Haryana, but had also represented Punjab and Delhi. However, despite being the highest wicket taker, he was never selected to play for India. In 2017, Goel received the CK Nayudu Lifetime Achievement Award from the BCCI.

Daily GK Updates - 20th June, 2020

NATIONAL UPDATES:

1. Union Minister Pralhad Joshi launches R&D Portal SATYABHAMA: The Union Minister for Coal, Mines and Parliamentary Affairs, Shri Pralhad Joshi, launched a portal called SATYABHAMA, to promote research and development (R&D) in the mining and minerals sector, under the Science and Technology Programme Scheme of Ministry of Mines. SATYABHAMA stands for Science and Technology Yojana for Aatmanirbhar Bharat in Mining Advancement. The Portal will allow online submission of project proposals along with monitoring of the projects and utilization of funds / grants. SATYABHAMA Portal can be accessed at research.mines.gov.in. It has been designed, developed and implemented by National Informatics Centre (NIC), Mines Informatics Division.

2. 19th Great June Uprising Unity Day Observed in Manipur: On 18 June 2020, Manipur observed the 19th Great June Uprising Unity Day to pay homage to 18 martyrs who laid down their lives to protect the territorial integrity of Manipur on June 18 in 2001. The day is observed by the United Committee Manipur and the All Manipur United Clubs Organisation every year to commemorate the 2001 uprising and reaffirm the resolution to safeguard the territorial integrity of the state. On June 18, 2001, people in the valley went on a rampage to protest against the ‘without territorial limit’ clause included in the Bangkok Declaration signed between the Government of India and NSCN (IM). Some protesters put fire on Manipur Legislative Assembly building, offices of political parties and several quarters of Ministers and MLAs due to which 18 persons died in police firing in the agitation.

Note:

3. MNRE Establishes Project Development Cell headed by Amitesh Kumar Sinha to Attract Investments in Developing Projects: The Ministry of New and Renewable Energy (MNRE) has set up a Project Development Cell (PDC) to attract more investments into the sector and particularly solar energy sector. The PDC will be headed by joint secretary of MNRE, Mr. Amitesh Kumar Sinha. The main purpose of PDC will be to create projects that have all prior approvals for investors to adopt them such as detailed reports and readily available land for allocation and investment by investors for these projects. This initiative is also a step forward to help the ministry meet its 175 GW target for green energy.

4. JSW Cement Signs Sourav Ganguly & Sunil Chhetri as Brand Ambassadors: JSW Cement signed Sourav Ganguly (President of Board of Control for Cricket in India) and Sunil Chhetri (captain of India’s National Football Team) as their brand ambassadors for their marketing campaign Leaders Choice in West Bengal, Bihar and Odisha. Leaders Choice is the first marketing campaign by JSW Group featuring Indian sports stars. The multi-media marketing campaign “Leader’s Choice” of JSW Cement promotes the ideology of building a solid foundation for a better tomorrow. JSW Cements is known for its commitment towards sustainable development with a focus on green portfolio.

Note: Managing Director of JSW Cement: Parth Jindal; Chief executive officer of JSW Cement: Nilesh Narwekar; Headquarters: Mumbai.

5. COVID-19 recovery rate improves to 54.12 per cent in the country: According to the Union Government, the recovery rate of Covid-19 reached 54.12% in the country and a total of two lakh 13 thousand 831 people have been cured so far. Health and Family Welfare Ministry said the case fatality rate is 3.27 per cent in the country. As of now, a total of 974 laboratories across India have been given the approval to conduct the test for Covid-19 including 715 government laboratories and 259 private laboratory chains.

6. National Reading Day: 19th June: The Central Board of Secondary Education (CBSE) celebrates National Reading Day annually on 19 June. The Day is celebrated to honour the father of the ‘Library Movement in Kerala’, the late P.N. Panicker, whose death anniversary falls on June 19. In 2020, 25th National Reading Day was celebrated with special focus on technology enabled reading. The week following June 19 will be observed as Reading Week and the entire month till July 18 will be observed as Reading Month. The first Reading Day celebration was held in 1996.

INTERNATIONAL UPDATES:

1. India will be UN Security Council President for August, 2021: India will serve as the President (rotating) of the powerful 15-nation UN body for the month of August 2021, as the presidency of the United Nations Security Council is held by each of the members in turn for one month as per the English alphabetical order of names of the member states. Earlier, India, Norway, Ireland, Mexico and Kenya were elected as the non-permanent members of the UNSC for a two-year term beginning January 1, 2021. Tunisia will begin 2021 as the President of the Council in January, followed by a month each for the rest of the year by the UK, the US, Vietnam, China, Estonia, France, India, Ireland, Kenya, Mexico and Niger.

2. World Refugee Day: 20th June: United Nations celebrates World Refugee Day globally on 20 June every year to remind the world that everyone, including refugees, are capable in contributing towards society and Every Action Counts in the effort to create a more just, inclusive, and equal world. The theme of World Refugee Day 2020 is “Every Action Counts”. The United Nations General Assembly recognised the day on 4 December 2020.

Note: According to the United Nations 1951 Refugee Convention, a refugee is someone who fled his or her home and country owing to a well-founded fear of persecution because of his/her race, religion, nationality, membership in a particular social group, or political opinion.

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

OTHER UPDATES:

SPORTS

1. Government to establish 1,000 district-level Khelo India Centres: The Ministry of Sports has decided to establish 1,000 Khelo India Centers (KIC) at the district level across the country. These centers will either be run by a past champion or have them as coaches. For the financial year 2020-21, 100 such centres have been proposed. The move aims to tap the expertise of past sporting champions for grassroot-level training of athletes to ensure a sustained source of income in the sports ecosystem, for both the coach and the athlete.

Note: Union Sports Minister: Kiren Rijiju

BANKING AND FINANCE

1. Former RBI Governor Urjit Patel appointed as Chairman of NIPFP: Former Reserve Bank of India Governor Urjit Patel has been appointed as the Chairman of the National Institute of Public Finance and Policy (NIPFP). He has been appointed for a period of four years and will replace the outgoing chairman Vijay Kelkar. His four-year term will begin from June 22, 2020. The National Institute of Public Finance and Policy is an autonomous research institute under the Ministry of Finance, based in New Delhi. It conducts research on public finance and contributes to the process of policy-making relating to public finance.

2. BoB to completely digitize its lending operations: India’s 3rd largest lender, Bank of Baroda will completely digitize its lending operations including home, agriculture, Micro, Small and Medium Enterprises (MSME), personal and auto loans. The validation and disbursal of fresh loans will happen via this digital platform while past loans will also be digitised to cut costs and improve profitability. The bank is planning to digitise a large proportion of its retail and MSME processes in the next six months.

Note: Bank of Baroda Headquarters: Vadodara, Gujarat; Bank of Baroda MD & CEO: Sanjiv Chadha.

3. RBI to increase minimum Net Owned Fund size of HFCs: Reserve Bank of India has proposed to increase minimum Net Owned Fund (NOF) size of Housing Finance Companies (HFCs) from current requirement of Rs 10 crore to Rs 20 crore. For existing HFCs, the floating value will be Rs 15 crore within 1 yr and Rs 20 crore within 2 yrs. It will facilitate capital base strengthening. It also provides definition to hosing finance as per RBI guideline. Customer protection, no foreclosure charge or pre-payment penalties are other points.

BUSINESS AND ECONOMY

1. Facebook Acquires Swedish crowdsourced mapping startup Mapillary: Facebook Inc. has acquired Mapillary AB, a Swedish mapping technology startup that crowdsources street-level imagery to build immersive and up-to-date maps. Mapillary’s technology would be used to power products like Facebook Marketplace and supply data to humanitarian organisations all over the world. Mapillary keeps its maps updated with street-level data, by collecting images from tens of thousands of contributors about signs, addresses and other information that can be observed from the road.

2. RIL becomes first Indian company to hit $150 bn M-cap mark: Mukesh Ambani owned Reliance Industries Limited (RIL) has become the first Indian company to enter the exclusive club of $150 billion in market capitalisation. The Shares of the company soared 6.2% to hit a new all-time high of Rs 1,788.60 on the BSE on 19 June before ending at Rs 1,759.50 (up over 6 percent). RIL now has a market capitalisation of $151.2 billion, which is the highest ever valuation of an Indian company. In rupee terms, it also became the first company to be valued at over Rs 11 lakh crore. With this, RIL is now ranked 58 on the list, among the worlds most valuable companies.

3. British Petroleum to set up Global Business Service Centre in Pune: Petroleum major British Petroleum (BP) has announced to set up a major centre for its Global Business Services (GBS) operations in Pune. It will support digital innovations in BP across the world along with employing 2000 people. The centre will begin its operation by Jan 2021. The centre will employ around 2000 people and provide business processing as well as advanced analytics capabilities in support of British Petroleum businesses worldwide.

OBITUARIES

1. Noted economist & member of 10th Finance Commission B P R Vithal passes away: Noted economist B P R Vithal, who served as a Member of the 10th Finance Commission, has passed away due to age-related ailment. He was 93. Vithal, a 1950-batch IAS officer, had also served as secretary, finance and planning, in the government of Andhra Pradesh from 1972 to 1982 and the deputy chairman of the State Planning Board. He was also chairman of the Expenditure Commission, Government of Kerala. He established the Centre for Economic and Social Studies, Hyderabad.

Daily GK Updates - 19th June, 2020

NATIONAL UPDATES:

1. MoHUA signs MoU with SIDBI for PM SVANidhi Scheme implementation: Ministry of Housing & Urban Affairs has signed an MoU with Small Industries Development Bank of India for PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), a Special Micro-Credit Facility for Street Vendors. According to the MoU, PM SVANidhi Scheme will be implemented by SIDBI under the guidance of MoHUA. The credit guarantee to the lending institutions would also be managed by the SIDBI through Credit Guarantee Fund Trust for Micro and Small Enterprises. SIDBI will also leverage the network of lending Institutions for the Scheme implementation. The lending institutions will include Scheduled Commercials Banks, Non-Bank Finance Companies, Regional Rural Banks, Co-operative Banks, Small Finance Banks (SFBs), etc.

Note: Union Minister of Housing and Urban Affairs: Hardeep Singh Puri.

SIDBI Headquarter: Lucknow; Chairman & Managing Director of SIDBI: Mohammad Mustafa; SIDBI

2. Karnataka Government observes “Mask Day” on 18 June:  Karnataka government observed the “Mask Day” on 18 June 2020 to aware the people about the use of masks, sanitisers, washing hands with soap in order to control the spread of COVID-19 in the state. Karnataka government organised a march from Vidhana Soudha to Cubbon Park which featured the participation of public representatives, dignitaries and medical staff. Through the march, the participants spread awareness among the people about the national directives issued to contain the COVID-19. Wearing a mask is mandatory in Karnataka. A fine of Rs 200 will be imposed for not wearing a mask in public places.

Note: Chief Minister of Karnataka: B. S. Yediyurappa; Governor: Vajubhai Vala.

3. Mumbai gets ‘Air-Venti’ App to provide information on ICU beds, ventilators: Municipal Corporation of Greater Mumbai (MCGM) has launched a mobile application “Air-Venti” to provide information on ICU beds, ventilators. Octaware Technologies Limited, in partnership with Probity Soft Pvt Ltd, has developed this mobile application for MCGM. ‘Air-Venti’ was launched by the civic body in Mumbai and it aims to supply overall statistics of ICU beds and ventilators that are occupied and vacant in both government and private hospitals. Besides location map, ability to contact hospital through telephonic call and email is also available. It can be downloaded from Google Play Store.

Note: Chief Minister of Maharashtra: Uddhav Thackeray; Governor: Bhagat Singh Koshyari.

4. Formal employment in India grew by 28.6% in 2019-20: EPFO payroll data revealed the growth of formal employment in India by 28.6% in 2019-20. The reason behind the growth is govt reforms like GST, fixed-term contracts and lower exits by EPFO subscribers due to better PF returns. Tops sectors of increased employment: Hospitality and financial institutions, followed by textile sector. As per the EPFO data, net additions to EPFO is 78.58 lakh in 2019-20 compared to 61.12 lakh in 2018-19.

5. International Workshop ion Good Governances Practices inaugurated: Union Minister of State for Personnel, Public Grievances and Pensions, Jitendra Singh has inaugurated 2-days International Workshop on 'Good Governance Practices in a Pandemic for International Civil Servants'. It was organized by Indian Technical and Economic Cooperation (ITEC), MEA and NCGG, Department of Administrative Reforms and Public Grievances (DARPG). 81 International Civil Servants from 16 Countries including Sri Lanka, Myanmar, etc will participate in this.

6. India releases National Report on the state of Climate Crisis: India’s first ever National Report on the state of the Climate Crisis has been released. The report has been prepared under the aegis of Ministry of Earth Sciences (MoES) with title “Assessment Of Climate Change Over The Indian Region”. The report analyses where India stands regarding long-term changes in climate patterns, and their attendant risks.  Key findings of the report:

(1) It revealed that India’s average temperature has risen by 0.7 degrees Celsius between 1901-2018, citing the emission of greenhouse gases (GHG) as key reason of the temperature rise.

(2) It also predicted two different scenarios related to India’s temperature rise by 2099. In a best-case scenario of immediate mitigation of emissions, India’s temperature will still rise by 2.7 degrees Celsius while in the worst-case scenario temperature will increase by 4.4 degrees Celsius by the end of the century.

(3) About the monsoon, it shows that the precipitation over north India has reduced by 6% between 1951-2015 because of the polluting aerosol “brown cloud”. The monsoon is also expected to become more extreme in the upcoming decades.

(4) It also predicts the April-June heatwaves to become four times more frequent by 2099 as compared to that of 1976-2005.

(5) It stated that the sea level near Mumbai is rising at the rate of 3 cm per decade while it is 5 cm per decade off the Bengal coast.

Note: Union Minister of Earth Sciences: Harsh Vardhan.

INTERNATIONAL UPDATES:

1. Turkish diplomat Volkan Bozkir Elected President of 75th UN General Assembly: Volkan Bozkır, a veteran Turkish diplomat and parliamentarian was elected as the President of the 75th Session of the United Nations General Assembly. He received 178 votes and stood unopposed for the post. Bozkır is the first Turkish national who has become the President of the General Assembly. He will take over the Presidency from the incumbent Tijjani Muhammad-Bande in September 2020, for a duration of one year, when the 75th session will resume. He is presently serving as a Justice and Development Party lawmaker from Istanbul and head of the Turkish Parliament's Foreign Affairs Committee.

Note: United Nations General Assembly Headquarters: New York, United States; United Nations General Assembly Founder: United Nations; United Nations General Assembly Founded: 1945.

2. Two Indian Companies named in WEF’s Technology Pioneers of 2020: World Economic Forum (WEF) has announced its 2020 cohort of Technology Pioneers. WEF has unveiled 100 new tech firms awardees which are leaders in carbon capture, alternative meat and circular economies, while some of them aims to address food security, financial access etc. The 20th cohort of Technology Pioneers comprised 2 Indian firms namely: ZestMoney and Stellapps. These firms which featured in the list, will be invited to participate at World Economic Forum workshops, events as well as high-level discussions throughout their two years in the community. 2020 Technology Pioneers is the 20th edition of the annual list and comprises the names of companies from around the world that are poised to have a significant impact on business and society by addresing global issues with cutting-edge technology. Of the 100 companies in the 2020 class, one-fourth are led by female founders.

Note: ZestMoney: AI based digital lending platform

Stellapps: IoT for digitization of dairy supply chain

3. International Day for the Elimination of Sexual Violence in Conflict: 19th June: Each year June 19 is observed as the International Day for the Elimination of Sexual Violence in Conflict. The day was proclaimed by United Nations General Assembly on 19 June 2015. 2020 marks the sixth year of celebration of the day. The day aims to raise awareness of the need to put an end to conflict-related sexual violence, honour the victims and survivors of sexual violence around the world and pay tribute to all those who have courageously devoted their lives to and lost their lives in standing up for the eradication of these crimes

4. World Sickle Cell Day: 19th June: World Sickle Cell Day is celebrated on 19 June every year to raise awareness about Sickle Cell Disease, its treatment methods and to get effective control over this disease worldwide The day was recognised by the United Nations General Assembly in 2008. First WSCD was celebrated in 2009.

Note:  cell disease is a blood disorder which affects the red blood cells (RBCs) of the body and is inherited from the parents.

OTHER UPDATES:

SPORTS

1. Aizawl’s Rajiv Gandhi stadium to be upgraded as KISCE: Union Sports Minister Kiren Rijiju has announced the upgradation of Aizawl’s Rajiv Gandhi Stadium, Mizoram as Khelo India State Centre of Excellence (KISCE) under Khelo India Scheme. It will enhance the existing talent in the region towards India’s dream of excellence in Olympics. KISCE is a new initiative in which Ministry will establish or upgrade stadium as Centre of excellence in each state and UT for robust sport ecosystem

Note: Mizoram Governor: P. S. Sreedharan Pillai; Chief Minister: Zoramthanga

2. World 100m champion Christian Coleman suspended: World 100m champion sprinter Christian Coleman has been suspended temporarily for missing doping tests by AIU. He was not available during the anti-doping test in December and even earlier. Under World Anti-Doping Agency rules, 3 whereabouts failures (missing a test or failing to file paperwork on time) is deemed a doping offence punishable by a 2 year suspension. He won gold in 60 m at 2018 IAAF World Indoor Championships. He was also won gold for 100m in Doha, Qatar.

BANKING AND FINANCE

1. ICICI HFC launched SARAL scheme for affordable housing loan: A special affordable housing loan scheme has been launched by the ICICI Home Finance. The scheme aims to fund homes in urban and rural areas. The scheme has been developed especially for women, lower, middle income customers and economically weaker sections having maximum household income up to Rs 6 lakh annually. The housing loan scheme provides affordable housing loans up to Rs 35 lakh at an interest rate starting from 7.98% for a maximum tenure of 20 years. Pre-existing loans can also be transferred in this scheme.

Note: ICICI Home Finance Company Limited Headquarters: Mumbai, Maharashtra; ICICI Home Finance Company Limited Chairman: Anup Bagchi; ICICI Home Finance Company Limited Managing Director(MD) & Chief Executive Officer(CEO): Anirudh Kamani.

2. Karnataka Bank launches health insurance to cover COVID-19 pandemic: A special health insurance policy has been launched by the Karnataka Bank in association with Universal Sompo General Insurance Company Ltd to cover the uncertainties posed by COVID-19 pandemic. Under this health insurance policy, an individual can avail health cover for COVID-19 at a nominal premium of Rs 399, with the validity period of 120 days. The health insurance policy will cover COVID-19 pandemic related health expenses such as in-patient hospital expenses of up to Rs 3.00 lakh, outpatient treatment expenses of Rs 3000 and will also offer a sum of Rs 1000 per day towards expenses incurred towards 14 days of quarantine at a government or military hospital.

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

3. TATA AIA Life ties up with East Consultancy for paperless e-KYC services: Tata AIA Life Insurance (Tata AIA Life) ties up with East Consultancy Services for Aadhaar-based paperless offline e-KYC service amid COVID-19. E-KYC will provide seamless customer on-boarding during online application process for life insurance solutions facilitating remote purchase of insurance from end-to-end digital sales system. It will also extend the service for verification of agents as part of Know Your Agent (KYA) requirement.

Note: Tata AIA Life Insurance CEO & MD: Rishi Srivastava

BUSINESS AND ECONOMY

1. ADB Forecast India’s GDP at -4% for FY’21; 5% for FY’22: India’s economy is forecast to contract by 4 percent in 2020-21, as per the latest Asian Development Outlook (ADO) report of the Asian Development Bank released on 18 June 2020, due to the adverse effect of the coronavirus pandemic. As per ADB, countries in Developing Asia (40 members of ADB) will barely grow in 2020 with overall growth rate of 0.1% which is the lowest growth since 1961. For FY2021, ending March 2022, India’s GDP is projected to grow at 5%.

Note: President of Asian Development Bank: Masatsugu Asakawa; Headquarters: Manila

2. CCI approves acquisition of Metso Minerals business by Outotec:  The Competition Commission of India (CCI) has approved the acquisition of Metso Oyj’s (“Metso”) minerals business by Outotec Oyj (“Outotec”) under Section 31(1) of the Competition Act, 2002. According to the acquisition rules, all such assets, rights, debts, as well as the liabilities of Metso that relate to, or primarily serve its minerals business would be acquired by Outotec. Outotec & Metso are public limited liability companies incorporated and registered under the laws of Finland. The new name of the entity after acquisition will be 'Metso Outotec'.

OBITUARIES

1. Malayalam director K R Sachidanandan passes away: Malayalam screenwriter and director K R Sachidanandan (48 years) passes away in Thrissur, Kerela due to cardiac arrest. He made his debut as a screenwriter with film Chocolate in 2007 along with Sethu and wrote for films like Robin Hood, Makeup Man, Seniors and Doubles along with Sethu. He went solo writer for Run Baby Run, Chettayees, Ramaleela, Sherlock Toms and Driving Licence. He made his debut as director with Anarkali in 2015. His last film: Ayyappanum Koshiyum

Daily GK Updates - 18th June, 2020

NATIONAL UPDATES:

1. AIIB Approves $750 million loan to India for COVID-19 response: Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved USD 750 million as a loan to India to help government to strengthen its response to the effect of the coronavirus pandemic on millions of poor households. AIIB is co-financing the loan with the Asian Development Bank (ADB). This is the second loan for India under AIIB’s Covid-19 Crisis Recovery Facility (CRF). Earlier, the bank had provided USD 500 million COVID-19 emergency response to India. With this, AIIB’s total sovereign loans to India that have already been approved amount to USD 3.06 billion. AIIB does not have a regular instrument for policy-based financing. It is extending such financing on an exceptional basis under the CRF to support its members through projects co-financed with the World Bank or the Asian Development Bank.

Note: Headquarters of AIIB: Beijing, China; President of AIIB: Jin Liqun.

2. “Composite Regional Centre for PwDs” inaugurated in Ranchi:  Union Minister of Social Justice and Empowerment, Thaawarchand Gehlot, and Union Minister for Tribal Affairs, Arjun Munda inaugurated Composite Regional Centre (CRC) in Jharkhand. It is the 21st CRC for Skill Development, Rehabilitation and Employment of Persons with Disabilities (PwDs). It will offer rehabilitation services such as Early Intervention Programme to PwDs in Jharkhand and adjoining areas. It will also execute schemes for PwDs.

Note: Chief Minister of Jharkhand: Hemant Soren; Governor: Droupadi Murmu.

3. Govt to launch ‘Garib Kalyan Rojgar Abhiyaan’ scheme for rural India: “Garib Kalyan Rojgar Abhiyaan” will be launched by the Government of India from Village Telihar, Block Beldaur of Khagaria District of Bihar. It is a massive rural public works scheme that will empower and offer livelihood opportunities to the returnee migrant workers as well as rural citizens. The programme will be joined by the villages across 116 districts in the six States through the Common Service Centres and Krishi Vigyan Kendras. The six states are: Uttar Pradesh, Madhya Pradesh, Rajasthan, Odisha, Jharkhand and Bihar. It is a 125 days campaign that will work in mission mode involving employment generation as well as infrastructure creation in rural regions.

4. Harsh Vardhan Launches India’s First Mobile Lab for COVID-19 Testing: The Union Health Minister Harsh Vardhan launched India’s first mobile laboratory for COVID-19 testing in rural areas and in other far-flung and inaccessible areas of India. The mobile lab, called I-Lab (Infectious Diseases Diagnostics Lab) – Rapid Response Mobile Laboratory, has been built in a record time of eight days. It has been built by Andhra Pradesh Med-tech Zone (AMTZ) under DBT-AMTZ COMManD (COVID Medtech Manufacturing Development) Consortia. I-Lab is supported by the Department of Biotechnology under the Ministry of Science and Technology. The unique lab has the capability to perform 25 RT-PCR tests per day, 300 ELISA tests per day and additional tests for TB, HIV as per CGHS rates.

INTERNATIONAL UPDATES:

1. India elected as non-permanent member of UN Security Council: India has been elected as a non-permanent member of the United Nations Security Council (UNSC) for a two-year term during the 2020 UNSC elections held on 17 June 2020. India’s two year term for the 2021-22 will begin on January 1, 2021. The country won 184 votes out of 192 valid votes polled in 193 members UN General Assembly. India was the sole candidate from the Asia-Pacific category. This is the eighth time that India has been elected as a non-permanent member of the Council. Its previous terms are 1950—1951, 1967—1968, 1972—1973, 1977—1978, 1984—1985, 1991—1992 and 2011—2012. Along with India, Ireland, Mexico and Norway were the other countries that also won the 2020 Security Council election. The United Nations high-table comprises of five permanent members and 10 non-permanent members.

Note: India’s Permanent Representative to the United Nations: T S Tirumurti.

2. India pledges Rs 2.33 crore to build sanitation facility at Nepal’s Pashupatinath Temple: India has signed a Memorandum of Understanding (MoU) with Nepal for the construction of sanitation facility at the iconic Pashupatinath Temple complex in Nepal. For this, India has pledged Rs 2.33 crore to improve the infrastructure in the holy shrine Pashupatinath Temple, which is also listed under the UNESCO World Heritage site. The project would be constructed under the Nepal-Bharat Maitri: Development Partnership as a high impact community development scheme by India. The project would be implemented by the Kathmandu Metropolitan City.

3. India ranks 43rd on IMD’s World Competitiveness Index 2020: India has been ranked at 43rd position among 63 nations, in the annual World Competitiveness Index for the year 2020 compiled by Institute for Management Development (IMD). Last year also India was at 43rd spot. Singapore has retained the top position this year also. Denmark, Switzerland, the Netherlands and Hong Kong are the top five countries. Among the BRICS nations, India is ranked second after China, followed by Russia (50th), Brazil (56th) and South Africa (59th). 2020 World Competitiveness Ranking is the 32nd edition of the index.

4. Sustainable Gastronomy Day: 18th June: The Sustainable Gastronomy Day is observed on 18 June globally to focus the attention of the world on the role that sustainable gastronomy plays in our lives. The day was designated by UN General Assembly on 21 December 2016. Gastronomy means the practice or art of choosing, cooking, and eating good food. In other words, Sustainable gastronomy takes into account where the ingredients are from, how the food is grown and how it gets to our markets and eventually to our plates. The day reaffirms that all cultures and civilizations are contributors and crucial enablers of sustainable development.

5. Autistic Pride Day: 18th June:  very year, Autistic Pride Day is observed on June 18 globally to create awareness about autism among people and recognise the importance of pride for autistic people and its role in bringing about positive changes in the broader society. The day is represented by a rainbow infinity symbol which denotes the infinite possibilities that autistic people have. Autistic Pride Day was first celebrated in Brazil in 2005, at the initiative of an organisation named Aspies for Freedom. This year the World Autism Awareness Day 2020 Theme is ‘The Transition to Adulthood’.

Note: Autism or Autism Spectrum Disorder (ASD) refers to a broad range of conditions characterized by challenges with social skills, repetitive behaviours, speech and nonverbal communication.

OTHER UPDATES:

SPORTS

1. Justice DK Jain gets 1-year extension as BCCI ombudsman: The Board of Control for Cricket India (BCCI) has extended the term of former Supreme Court Judge DK Jain as the BCCI’s Ethics Officer and Ombudsman, for a period of twelve months. Previously he was appointed by the Supreme Court as BCCI’s Ombudsman in February 2019 and later on given the additional role of Ethics Officer. Jain’s one year term had ended in February 2020. He had handled the cases of remarks made by KL Rahul and Hardik Pandya, 'conflict of interest' cases of Sachin Tendulkar, Sourav Ganguly, VVS Laxman and Kapil Dev.

Note: BCCI President: Sourav Ganguly; Headquarter of BCCI: Mumbai.

2. Bahrain to host Fourth Asian Youth Para Games in December 2021: Bahrain has been chosen by the Asian Paralympic Committee (APC) as the host country for the fourth edition of the Asian Youth Para Games to be held from December 1 to 10 in 2021. The tournament will witness participation of an estimated 800 athletes under 20 years of age. The competition will be held in nine sports including: athletics, badminton, boccia, goalball, taekwondo, powerlifting, swimming, table tennis and wheelchair basketball. The event is being organised in conjunction with the National Paralympic Committee (NPC) of Bahrain with the support of the government.

Note: Chairman of the Bahrain Paralympic Committee: Shaikh Mohammed bin Duaij Al Khalifa.

King of Bahrain: Hamad bin Isa Al Khalifa; Capital of Bahrain: Manama; Currency of Bahrain: Bahraini Dinar.

3. Napoli beats Juventus in penalty shootout to win its sixth Italian Cup Football title: The football club Napoli has won the 2019-20 Coppa Italia cup after defeating Juventus with 4–2 on shootout penalties in the final after a goalless draw on 17 June 2020. This is the sixth time that Napoli has won the title. The last time it won was in 2014.

BANKING AND FINANCE

1. Devendra Kumar Singh appointed as the new Director of SIDBI: The Ministry of Finance notified the appointment of Devendra Kumar Singh, Additional Secretary & Development Commissioner, Ministry of Micro, Small and Medium Enterprises, as Central Government nominee Director on the Board of Directors of Small Industries Development Bank of India (SIDBI). He will be succeeding Ram Mohan Mishra, with immediate effect and until further orders.

2. Maruti Suzuki ties up with Karur Vysya Bank for flexible financing scheme: Maruti Suzuki India has tied up with Karur Vysya Bank and IndusInd Bank to facilitate new customers with flexible financing plans. Customers can avail multiple finance schemes and longer repayment loan terms to own a new car through the scheme. Under this, buyers will be provided with 100% on-road funding with 6 months holiday period on all models except van EECO. Loans will be available for salaried and self-employed customers with repayment period of 84 months.

Note: Maruti Suzuki CEO: Kenichi Ayukawa; Maruti Suzuki Headquarters: New Delhi.

Karur Vysya Bank Headquarters: Karur, Tamil Nadu; Karur Vysya Bank CEO: P. R. Seshadri.

3. HDFC ERGO Joins hand with TropoGo to launch ‘Pay as You Fly’ insurance policy for drone-owners in India: HDFC ERGO, India’s third-largest non-life insurance provider in the private sector, has launched a first-of-its-kind ‘Pay As You Fly’ Third-Party Liability policy for drone-owners in India. For this, HDFC ERGO has partnered with TropoGo, a Deep Tech start-up, working on Real-time Risk Management platform to cater to every need of the Indian Smart Tech ecosystem. HDFC ERGO’s new policy provides commercial drone owners/operators Third Party Liability claims cover for property damage and bodily injuries. This cover will be offered to registered drone owners and operators holding a commercial drone pilot’s certificate or a license issued by certified training schools in India. The policy cover will be offered on-demand to customers on ‘Pay as you Fly’ concept. Members may opt for 4 hours, one-day, or a one-month cover to insure themselves against third-party liabilities.

Note: HDFC ERGO General Insurance MD & CEO: Ritesh Kumar; HDFC ERGO General insurance Headquarters: Mumbai, Maharashtra.

BUSINESS AND ECONOMY

1.  revises India’s outlook to negative from stable; affirms the sovereign rating at “BBB-“: Fitch Ratings has revised India’s long-term outlook to negative from stable, citing risks due to continued acceleration in the number of new Covid-19 cases as the lockdown is eased gradually in the country. The global credit rating agency has affirmed the country’s sovereign rating at ‘BBB-’, the lowest investment grade. Fitch expects Indian economic to contract by 5% (-5 percent) in the fiscal year ending March 2021 (FY21). For the fiscal FY22, ending march 2022, GDP is expected to grow by 9.5%.

2. Acquisition by MacRitchie in API, Ascent & 91Streets approved by CCI: Acquisition by MacRitchie Investments Pte. Ltd. (MacRitchie) in Ascent Health and Wellness Solutions Private Limited (Ascent), API Holdings Private Limited (API) & 91Streets Media Technologies Private Limited (91Streets) has received the approval from the Competition Commission of India (CCI). The acquisition by MacRitchie in three companies will be executed under Section 31(1) of the Competition Act, 2002.

AWARDS AND HONOURS

1. J&K administration wins 3 DDUPSP awards by Panchayati Raj Ministry: J&K administration was conferred with 3 prestigious Deen Dayal Upadhyay Sashaktikaran Puraskar (DDUPSP) awards for socio-economic development of gram panchayats. The award was given by Ministry of Panchayati Raj to Rathal and Badakana in Rajouri and Meej in Pulwama districts. The award is given for improving areas of sanitation, natural resource management, maintaining record, PMAY (Gramin) houses, data management, implementation of schemes and electricity, etc.

DEFENCE

1. India to participate in Victory Day Parade of World War-II: Defence Minister Rajnath Singh has agreed to send Tri-Service contingent to take part in the 75th Victory Day Parade of World War II in Moscow. India will send its 75-member Tri-Service contingent as the Defence Minister of Russia has invited an Indian contingent to take part in the Victory Day Parade. The parade will be held on June 24, 2020. It will be held to honour the heroism and sacrifices made by the Russian and other countries in WW II. India’s participation in the parade will mark tribute and solidarity to Russia during the remembrance of Great Patriotic War heroes. Contingents of other countries are also expected to participate in the 75th Victory Day Parade of World War II in Moscow. WW II took place from 1939 to 1945

Note: President of Russia: Vladimir Putin; Capital: Moscow.