14th October 2020 Current Affairs
The Department of Expenditure under the ministry of Finance permitted 20 States to borrow Rs 68,825 crore open market borrowings for GST Shortfall. The central government has also give nod to additional borrowing permission at 0.50 per cent of the Gross State Domestic Product (GSDP).
- Twenty states opted for centre’s option 1 for borrowing and these include Arunachal Pradesh, Andhra Pradesh,Bihar, Assam, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttar Pradesh and Uttarakhand.
- According to the Finance Ministry, the projected total compensation shortfall in the current financial year stands at Rs 2.35 lakh crore.
- The Central Government had given two options to the states — to either borrow Rs 97,000 crore from a special window that was facilitated by the RBI or to borrow Rs 2.35 lakh crore from the market.
Atal Innovation Mission partnered with CGI to boost innovation across schools
Atal Innovation Mission (AIM), which is a flagship initiative set up by the NITI Aayog partnered with CGI India in order to boost innovation across the schools.
- The Objective of this partnership is to create a successful and innovative workforce from the Atal Tinkering Lab, ATL schools.
- Under this partnership, CGI has agreed to adopt 100 schools with ATLs across Bangalore, Chennai, Hyderabad and Mumbai to promote and train students.
Ayush (Ayurveda Yoga and Naturopathy Unani Sidda Homoeopathy) has initiated the Regional Raw Drug Repository (RRDR) for Ayush systems of medicine at the National Institute of Siddha in Chennai, Tamil Nadu. This Repository System is a part of National AYUSH Mission which was constituted to address the gap in the health sector in India.
- This Repository will launch standard protocols for authentication of raw drugs.
- The repository will play a major role in medicinal plant cultivation.
- The National Raw Drug Repository and the Regional Raw Drug Repository were initiated by the National Medicinal Plant Board.
About AYUSH Ministry:
- Union Minister: Shripad Naik
- Headquarters: New Delhi
Kisan Rail Trains fruits and vegetables transportation subsidy increased by 50%
The Ministry of Food Processing Industries have announced that the transportation subsidy of fruits and vegetables through Kisan Rail Trains increased by 50%.
- The Ministry will provide Rs 10 crores in the beginning in order to operate the scheme. The ministry would be providing additional funds to the Railways, in return.
- The first Kisan Rail train service on the Indian Railways network was launched on 7 August 2020.
NTPC partnered with cement manufacturers in India to supply fly ash
National Thermal Power Corporation (NTPC) is an Indian Public Sector Undertaking, engaged in the business of generation of electricity and allied activities has partnered with the cement manufacturers in India to supply fly ash as part of its venture to reach 100 per cent utilization of the by-product produced during power generation.
- NTPC Rihand is the first power plant in Uttar Pradesh to send conditioned fly ash to cement manufacturers.
75th Anniversary of FAO – PM Modi to unveil commemorative coin of Rs 75 denomination
Prime Minister Narendra Modi will release the commemorative coin of Rs 75 denomination to mark the 75th Anniversary of FAO (The Food and Agriculture Organization) is a specialized agency of the United Nations that leads international efforts to defeat hunger.
- Prime Minister will also dedicate to the Nation 17 recently developed biofortified varieties of 8 crops on 16th October 2020.
- Headquarters: Rome, Italy
- Head: Qu Dongyu
Sanitisers, soaps can causes damage – AIIMS Experts
Two-day international webinar on antibiotic resistance jointly organised by All India Institute of Medical Sciences and American Society for Microbiology.
- On the webinar, Health experts at the All India Institute of Medical Science (AIIMS) which is a medical school, hospital and public medical research university have warned that the increased use of antibiotics and the widespread use of hand sanitisers and antimicrobial soaps can worsen the situation of antimicrobial resistance.
About Antimicrobial resistance:
- Antimicrobial resistance is the ability of a pathogenic microbe to develop a resistance to the effects of an antimicrobial medication.
India and Norway held the sixth session of Joint Commission meet. Due to COVID19 the meeting was held virtually through online mode. Indian side was represented by External Affairs Minister S Jaishankar and the Norwegian side was led by Foreign Minister of Norway Ine Eriksen Soreide.
- Discussions were held on oceans, health, membership at the United Nations Security Council, blue economy, trade and investment.
- Both Nations agreed to engage in regular consultations on the issues of United Nations Security Council.
- Currency: Norwegian krone
- Capital: Oslo
The Campaign is led by United Kingdom (UK). The campaign is against end-to-end encryption of messages by social media giants such as Facebook, which they say hinder law enforcement by blocking all access to them. India along with six other countries joined this drive. Additionally, the system also prevents law enforcement investigating and prosecuting against online child sexual abuse, grooming and terrorist content.
The other countries are:
- New Zealand
- Prime minister: Boris Johnson
- Capital: London
Pakistan has been re-elected to the United Nations Human Rights Council (UNHRC), which is a United Nations body whose mission is to promote and protect human rights around the world. The country was selected on the basis of votes of member countries.
- Pakistan became the Member of UNHRC since January 2018.
- Now, the country will continue for another three-year term commencing from January 1, 2021.
- Pakistan has been elected 5th time since 2006.
- Pakistan secured 169 votes out of 193 votes of the member of UN General Assembly.
- Capital: Islamabad
- President: Arif Alvi
NMF of India & Taiwan’s TAEF signed Agreement to boost Cooperation in Indo-Pacific Region
National Maritime Foundation (NMF) which is a non-political maritime think-tank of India signed an Agreement with Taiwan-Asia Exchange Foundation (TAEF), think tank from Taiwan to boost cooperation in the Indo-Pacific region as part of Taiwan’s South Bound Policy.
- The main objective of the agreement is to conduct joint research and expand cooperation in maritime affairs and regional development.
- Executive Director: Dr. Alan Hao Yang
- Headquarters: Taipei, Taiwan.
About National Maritime Foundation:
- Chairman: Admiral Sunil Lanba
- Headquarter: New Delhi
Gujarat Disturbed Area Act (Amendment) bill, 2020 approved by President Ram Nath Govind– Key Highlights
Ramnath kovind, The President of India, gave nod to the Gujarat Distributed Area act (Amendment) Bill 2019. This act will forbid transfer of assets that is the immovable property in disturbed areas. Also, it will guard the tenants from vacating the property.
- Gujarat prohibition of transfer of immovable property and provision for protection of tenants from eviction from premises in disturbed areas act 1991 is commonly referred to as Disturbed Areas act.
- The Main objective of this act is to stop polarization and to check attempts to cause “Demographic Imbalance.”
Kerala launched Karshaka Kshemanidhi Board for Farmers
Kerala State Government launched Kerala Karshaka Kshemanidhi Board for Welfare of Farmers in the State. Kerala is the First State Government in India to launch this Welfare Fund Board for upliftment of farmers.
- The State Cabinet has appointed Dr.P.Rajendran as Chairman of Kerala Farmers Welfare Fund Bard.
- Capital: Thiruvananthapuram
- Governor: Arif Mohammad Khan
- Chief Minister: Pinarayi Vijayan
Ranking & Index
IIFL Wealth Hurun India released India’s Richest Self-Made Entrepreneurs List under 40. Online trading platform Zerodha’s Co-founders Nithin Kamath and Nikhil Kamath have topped the list.
- According to the report, wealth under this category has increased by 59% in 2020.
- 11 out of the 12 startups have been covered in the list which has been the startups with wealth over 1 billion dollars.
Toppers in the List:
- Nithin Kamath, 40, & Nikhil Kamath, 34, co-founded the online trading platform Zerodha topped the list with a wealth of Rs 24,000 Cr
- With the wealth of Rs 52,500 crore Amod Malviya, 39, along with their co-founders Sujeet Kumar, 40, and Vaibhav Gupta, 40, share the third position.
- With a wealth of Rs 7,800 crore, Riju Ravindran, 39, of online education platform, Byju’s secured the 6th spot in the list.
- Co-founders of Flipkart, Binny Bansal, 37, and Sachin Bansal, 39, shares seventh position in the list with a wealth of Rs 7,500 crore each.
Nilesh Shah, Appointed as the Chairman of AMFI
Kotak Mutual Fund Director, Nilesh Shah is re elected as the Chairman of the Association of Mutual Funds in India which is an industry standards organisation in India in the mutual funds sector. It was formed in 1995.
- Invesco Mutual Fund CEO Saurabh Nanavati also relected as vice chairman of AMFI and Aditya Birla Sun Life Mutual Fund, A Balasubramanian continues as the chairman of the valuation committee.
Conference & Meetings
The Venue for Annual Meeting 2021 of World Economic Forum changed from Davos to Lucerne
World Economic Forum which is an international NGO changed its Venue for Annual Meeting 2021 from Davos to Lucerne, Switzerland. The Meeting was planned to be held on May 18 to 21,2021.
- The Theme of this Annual Meeting is ‘The Great Reset’. Due to Covid19 situation the meeting will be held both in physical and digital mode.
IMF forecasts India’s GDP to shrink by 10.3% in 2020-21, recover in 2021-22 with growth of 8.8 per cent
The International Monetary Fund (IMF) which is a United Nations specialized agency, has forecasted India’s Gross Domestic Rate to be contracted by 10.3 per cent in 2020 -21. Previously IMF forecasted India GDP as -4.5 percent in 2020-21 due to COVID19 situation.
- IMF also estimates the GDP of India to grow at 8.8 percent in 2021-22, as compared to 6 percent predicted earlier, regaining the position of the fastest growing emerging economy.
- Managing Director: Kristalina Georgieva
- Chief Economist: Gita Gopinath
- Founded: 27 December 1945
Reserve Bank of India increases Maximum aggregate exposure limit for small businesses to Rs 7.5 crore
The Reserve Bank of India (RBI), which controls the issue and supply of the Indian rupee now raised banks’ maximum aggregate retail exposure limit to small businesses with turnover up to Rs 50 crore to Rs 7.5 crore, up from Rs 5 crore. The Central Bank took this initiative with an aim to increase credit flow to small businesses.
- Reserve Bank of India (RBI) has also decided to extend the existing enhanced Held to Maturity (HTM) limit of 22 percent for SLR securities acquired between September 1, 2020 and March 31, 2021, up to March 31, 2022.
- This means that Banks may continue to hold such excess SLR securities in HTM category up to March 31, 2022.
- Headquarters: Mumbai
- Founded: 1 April 1935
- Governor: Shaktikanta Das
Central bank of the year award 2020 won by Bank of Ghana
The Bank of Ghana is the central bank of Ghana which is located in Accra has bagged the Central bank of the year award 2020.
- Mark Carney who Governor of the Bank of England has won the Governor of the year at the Central bank of the year award 2020.
About Central bank of the year award 2020:
- This Central Banking Award is given annually to recognize excellence in the central banking community. This was the 7th edition of the award and the ceremony was held virtually.
Every year World Standard Day is observed on 14 October. The Objective of this day is to raise awareness about the importance of standardisation to the global economy among the consumers, regulators and industry.
- World Standards Day 2020 theme is “Protecting the planet with standards”.
- The day raises awareness about the importance of standardization to the global economy among the consumers, regulators, and industry. It was first observed in 1970.
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