Daily Current Affairs 28 January 2021 for Banking/Insurance/SSC and other related exams.
Finance Ministry releases over Rs 12,000 crore to 18 States for providing grants to Rural Local Bodies
The Department of Expenditure of Ministry of Finance has released an amount of over Rs 12,351 crore to 18 States for providing grants to the Rural Local Bodies. This amount is the 2nd instalment of basic grants released in this financial year.
- The grant has been released to 18 States which have provided the Utilisation Certificate for the first instalment and on the recommendation of the Ministry of Panchayati Raj.
- The States are required to transfer the grants to the Rural Local Bodies within 10 working days of receipt from the Central Government. So far a total grant of Rs 45,738 crore has been released to Rural Local bodies in 2020-21.
India signs framework for Strategic Partnership with International Energy Agency members to enhance global energy security
India and International Energy Agency members have signed the framework for Strategic Partnership to strengthen mutual trust and cooperation and enhance global energy security, stability and sustainability.
- This partnership will lead to an extensive exchange of knowledge and would be a stepping stone towards India becoming a full member of the International Energy Agency (IEA).
- The International Energy Agency Secretariat will be responsible for implementation of the cooperative activities in India and for facilitating discussion between IEA Members and India to further develop the Strategic Partnership.
Textiles Committee of Ministry of Textiles signs MoU with Nissenken Quality Evaluation Centre, Japan
The Textiles Committee of the Ministry of Textiles has signed a Memorandum of Understanding- MoU with Nissenken Quality Evaluation Centre, Japan to boost export of Textile and Apparel to Japanese market.
- The main objective of the MoU is to provide required support to textile’s trade and industry for ensuring quality as per the requirement of Japanese buyers.
- It is expected that the MoU will strengthen the bilateral trade by enhancing India’s export of Textile and Apparels to Japan, which is the third largest export destination of the world.
Indo-Bangladesh sign MoU on joint student satellite
On the eve of India’s 72nd Republic Day, India and Bangladesh signed a memorandum of understanding(MoU) to design, make, and launch a satellite fabricated by students from both countries.
- The project celebrates 50 years of Indo-Bangladesh friendship, and the 100 birth anniversary of Sheikh Mujibur Rahman, the founder of Bangladesh.
- The Bangladesh side was represented by a global youth organization Global Law Thinkers Society, while the Indian side was represented by the Chennai-based Space Kidz India (SKI), a private organization which focuses on encouraging students to study science, technology, engineering, and mathematics, especially space science.
India announces pledge of $150000 to UN peace-building
India has announced a pledge of $150,000 to activities of the Peacebuilding Fund this year and said that 2021 provides the international community with an opportunity to look at peace-building in a more focused manner, especially in the context of the Covid pandemic.
- The Peacebuilding Fund has put forth its five-year strategy, which requires 1.5 billion dollars for 2020-2024. This was announced by TS Tirumurti, India’s permanent representative to the United Nations.
- The UN Peacebuilding fund aims to mobilize support for the UN’s key instrument to prevent conflict and build peace around the world, as well as strengthen an integrated and coherent response across the UN peace and security pillars.
Union Minister Nirmala Sitharaman opens NCLAT Chennai Bench
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman virtually inaugurated the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT).
- This will be the second NCLAT Bench in the country, after the Principal Bench in New Delhi.
- The Chennai Bench, located at Ezhilagam Annexe, Chepauk, was supposed to function from last year, but was held up by the COVID-19 pandemic.
- The NCLAT has jurisdiction over matters under the Companies Act, the Insolvency and Bankruptcy Code and the Competition Commission of India.
“AYU SAMVAD” campaign program organized by All India Institute of Ayurveda New Delhi
“AYU SAMVAD”(My Health My Responsibility) is one of the largest public awareness campaign program on AYURVEDA and COVID 19 PANDEMIC, organized by All India Institute of Ayurveda New Delhi, as envisioned & supported by Ministry of AYUSH.
- More than 5 lac lectures will be organized across the nation by Ayurveda Physicians for citizens of India.
- The main objective of the campaign is to create awareness through Lecture series to make common people aware about the theme “Ayurveda for COVID 19 Pandemic”.
- This campaign ensures the uniformity of information through a structured PPT delivered to approximately 01 crore target audience across India through 05 Lakh lectures.
The Netherlands hosted Climate Adaptation Summit 2021
The online two days international Climate Adaptation Summit (CAS) 2021 hosted by the Netherlands, The summit was called as “CAS Online”.
- The summit was organized with the aim of realizing the transitions which is required for a climate-resilient world.
- The summit was built on the advances of the UN Climate Action Summit.The summit also showcased the pioneering solutions of the climate emergency and sustaining momentum through UNFCCC’s COP26 which will be held in Glasgow, Scotland from November 1 to 12, 2021. The United Kingdom will chair the summit.
- The Prime Minister, Narendra Modi, in his addressed to the Climate Adaptation Summit 2021 said that by the year 2030, India will target 450 gigawatt of renewable energy capacity. He also said that India is promoting the LED lights and is also saving 38 million tons of carbon dioxide emissions per year. He also highlighted that, by 2030 India will restore 26 million hectares of degraded land.
UNGA adopts resolution to safeguard religious sites across the world
The UN General Assembly has adopted a resolution to promote a culture of peace and tolerance to safeguard religious sites all across the world.
- The resolution adopted calls for strengthened international efforts to foster a global dialogue on the promotion of a culture of tolerance and peace at all levels, based on respect for human rights and for the diversity of religions and beliefs.
- It condemns all acts or threats of violence, destruction, damage or endangerment, directed against religious sites and denounces any moves to obliterate or forcibly convert any religious sites.
BANKING & FINANCE
Overseas investment by Indian companies dips 42% to $1.45 bn in Dec: RBI
Overseas investment by domestic companies fell by over 42 per cent to $1.45 billion in December 2020, according to data from the Reserve Bank of India(RBI) .
- In the year-ago period, companies in India had invested $2.51 billion in their foreign firms (joint ventures or wholly-owned units).
- In November 2020, the total outward foreign direct investment (OFDI) was of $1.06 billion — which was down by 27 per cent from a month-ago period.
- Of the total FDI investment by the Indian companies during the month under review, $775.41 million was in the form of equity infusion and $382.91 million was in the form of loan.
Bharti AXA General Insurance launches ‘Krishi Sakha’ App for farmers
Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, launched its new app ‘Krishi Sakha’ to cater to the specific needs of the farmers in the country and guide them in adopting best farming practices and enhancing productivity.
- Bharti AXA ‘Krishi Sakha’ aims at helping Indian farmers make informed decisions through customized information related to their farming requirements.
- It shares relevant information about the scientific way of farming, crop cultivation, sowing, or harvesting of a major crops.
BUSINESS & ECONOMY
Wealth of Indian billionaires increased by 35% during lockdown: Oxfam
Indian billionaires increased their wealth by 35% during the lockdown to ₹ 3 trillion, ranking India after U.S., China, Germany, Russia and France.
- Out of these, the rise in fortunes for the top 100 billionaires since the lockdown in March is enough to give every one of the 138 million poorest Indian people a cheque for ₹94,045 each, according to Oxfam’s ‘Inequality Virus Report’ released on the opening day of the World Economic Forum in Davos.
- The wealth of just the top 11 billionaires during the pandemic could easily sustain the MGNREGS or the Health Ministry for the next 10 years, stated the report, which underscored the deepening inequalities due to COVID-19 where the wealthiest escaped the worst impact of the pandemic while the poor faced joblessness, starvation and death.
- Mukesh Ambani, who emerged as the richest man in India and Asia, earned ₹90 crore an hour during the pandemic when around 24% of the people in the country were earning under ₹ 3,000 a month during the lockdown.
TCS becomes third most valued IT services brand globally: Brand Finance
Tata Consultancy Services (TCS) has been ranked third most-valued IT services brand globally, after Accenture and IBM, according to a report by Brand Finance.
- Four Indian IT services companies TCS, Infosys, HCL and Wipro secured spots in the top-10 global tally.
- Accenture retained the title of world”s most valuable and strongest IT services brand with record brand value of $26 billion, while IBM continued at the second place with brand value of $16.1 billion.
- TCS has celebrated strong revenue growth as demand grows for its core transformation services and through winning deals – worth over $6.8 billion in the fourth quarter of 2020 alone.
IMF forecasts India’s GDP growth to contract by 8% in FY21
The International Monetary Fund (IMF) revised upwards the growth forecast for Indian economy to 11.5 per cent in 2021, making it the only major economy expected to register a double-digit growth amidst the COVID-19 pandemic.
- In its World Economic Outlook Update, the IMF expects the Indian economy to have contracted by 8 per cent in 2020, leaving China to be the only major economy to have registered a positive growth during the year (2.3 per cent). While IMF has pegged India’s growth at 6.8 per cent in 2022, the same for China is at 5.6 per cent.
- The global economy, the IMF said, is projected to grow 5.5 per cent in 2021 and 4.2 per cent in 2022.
India’s GDP to contract 8% in fiscal year 2021, says FICCI Survey
India’s gross domestic product (GDP) is expected to contract by 8 per cent in 2020-21, according to the latest round of FICCI’s Economic Outlook Survey.
- The annual median growth forecast by the industry body is based on responses from leading economists representing industry, banking and financial services sector. The survey was conducted in January.
- The median growth forecast for agriculture and allied activities has been pegged at 3.5 per cent for 2020-21.
- However, industry and services sector, which were most severely hit due to the pandemic induced economic fallout, are expected to contract by 10 per cent and 9.2 per cent respectively during 2020-21.
Jayati Ghosh named by U.N. to high-level advisory board on economic, social affairs
Indian development economist Jayati Ghosh is among 20 prominent personalities appointed by the United Nations to a high-level advisory board that will provide recommendations for the U.N. Secretary-General to respond to the current and future socio-economic challenges in the post-COVID-19 world.
- Ms. Ghosh, 65, is a professor of economics at University of Massachusetts Amherst. She has taught economics at Jawaharlal Nehru University for nearly 35 years and has authored several books.
Dhanlaxmi Bank appoints JK Shivan as MD & CEO
Board of Directors of Kerala-based Dhanlaxmi Bank have given approval to appoint J K Shivan as managing director and CEO of the Bank. The bank is currently managed by a committee of directors and RBI has given it four months to appoint a new head.
- The bank has moved a resolution for Kerala-based Shivan’s appointment and 105 members have cast 63,322,890 votes, or 99.81 per cent of the total, favouring the resolution, while there werr 18 votes against the resolution or 0.19 per cent of the total.
- The resolution appointing Shivan has been passed with the requisite majority.
International Day of Commemoration in memory of the victims of the Holocaust
On January 27 each year, the United Nations (UN) remembers the Holocaust that affected many people of Jewish origin during World War II. This day is called the International Day of Commemoration in Memory of the Victims of the Holocaust.
- The theme of the International Holocaust Remembrance Day 2021 is “Facing the Aftermath: Recovery and Reconstitution after the Holocaust”.