Daily Current Affairs 4 February 2021 for Banking/Insurance/SSC and other related exams.
India hosts Indian Ocean Region Defence Ministers’ Conclave
India will host Indian Ocean Region (IOR) Defence Ministers’ Conclave on the sidelines of Aero India 2021.
- The broad theme of the conclave is ‘Enhanced Peace, Security and Cooperation in the Indian Ocean’.
- The conclave is an initiative to promote dialogue in an institutional, economic and cooperative environment that can foster the development of peace, stability and prosperity in the Indian Ocean region.
India to spend $130 Billion on Military Modernisation, Says Rajnath Singh
India plans to spend 130 billion dollars on military modernisation in the next 7-8 years to strengthen its security apparatus, Defence Minister Rajnath Singh said at the 13th edition of ‘Aero India’ show, country’s premier aerospace and defence exhibition.
- To achieve the twin goals of self-reliance and exports, he said, a target has been set to achieve a turnover of Rs 1,75,000 crore, including exports worth Rs 35,000 crore in aerospace and defence goods and services by 2024.
- Dubbed as Asia’s largest military aviation exhibition, the three-day Aero India event commenced amid the COVID-19 pandemic with buzz around “Aatma-Nirbhar Bharat” (self-reliant India) and “Make in India” push. With a combination of both physical foreign companies, defence ministers and delegates, services chiefs and officials from more than 55 nations are participating in the event.
UP’s Shrawasti tops Niti Aayog aspirational district ranking in December
Shrawasti in Uttar Pradesh has topped in the ranking of aspirational districts by government think tank Niti Aayog in December 2020.
- Dhalai (Tripura) and Garhwa (Jharkhand) have been placed at the second and the third positions, respectively, Niti Aayog said. Baksa (Assam) and Bokaro (Jharkhand) have been ranked fourth and fifth, respectively.
- The delta rankings took into account incremental progress made by over 112 aspirational districts across six developmental areas in December 2020.
Punjab’s first central water treatment plant starts drinking water supply to 85 Moga villages
Set up with the assistance of the World Bank for Rs 232 crore, Punjab’s first ‘Central Water Treatment Plant’ has started supply of clean drinking water in 85 villages of Moga district. The plant was setup at village Daudhar of Moga.
- Under this project, 21.52 cusecs of water per second (50 MLD) is being treated from Abohar Canal Branch, which is being supplied further to the people of 85 villages through underground pipes.
- These 85 villages include one village of Moga-1, 47 villages of Baghapurana and 37 villages of Nihal Singh Wala.
- The project has been developed by the company Larsen & Toubro (L&T). The company is responsible for the operation and maintenance of the project for the next 10 years.
Maharashtra govt launches scheme for startups to help file IT patents
In a bid to boost the startup ecosystem in Maharashtra, Chief Minister Uddhav Thackeray launched a scheme aimed at providing financial assistance to innovative startups to file for IT patents.
- As per a statement, around 125-150 startups will be supported in the first phase of the scheme with the financial help of ₹2 lakh to ₹10 lakh, along with financial assistance up to ₹2 lakh for quality testing and certification for the startup’s ideas.
India slips two positions to 53rd spot in EIU’s Democracy Index
India slipped two places to 53rd position in the 2020 Democracy Index’s global ranking, according to The Economist Intelligence Unit, which said the “democratic backsliding” by authorities and “crackdowns” on civil liberties has led to a further decline in the country’s ranking.
- However, India is ranked higher than most of its neighbouring countries. India’s overall score fell from 6.9 in 2019 to 6.61 in the Index that provides a snapshot of the current state of democracy worldwide for 167 countries.
- Norway topped the report titled “Democracy in sickness and in health?”, with Iceland, Sweden, New Zealand and Canada making up the top five.
- Out of 167 countries, the Democracy Index classifies 23 countries as full democracies, 52 as flawed democracies, 35 as hybrid regimes and 57 as authoritarian regimes. India has been classified as a ‘flawed democracy’ along with countries such as the US, France, Belgium and Brazil.
‘Aatmanirbharta’ named Oxford Hindi word of 2020
‘Aatmanirbharta’ implying self-reliance has been named by Oxford Languages as its Hindi word of the year 2020 as it “validated the day-to-day achievements of the countless Indians who dealt with and survived the perils of a pandemic”.
- The word was chosen by an advisory panel of language experts Kritika Agrawal, Poonam Nigam Sahay and Imogen Foxell.
BANKING & FINANCE
Federal Bank unveils special account for children
Federal Bank has announced the launch of FedFirst, a special savings account scheme for children below 18 years of age.
- The bank said the account helps children develop healthy saving and spending habits, thereby giving them the freedom to save, spend and earn.
- The account holder is provided with a FedFirst contactless Debit Card with daily cash withdrawal limit of Rs 2,500 and POS/eCom limit of Rs 10,000, in addition to free online facilities including access to internet banking, mobile alerts and e-mail alerts.
BUSINESS & ECONOMY
India’s Near-term Fiscal Deficit Target Higher Than Expected: Fitch
India’s fiscal deficit target in the near-term is higher than expected and medium-term consolidation is at a more gradual pace than anticipated, said Fitch Ratings in its comments on the just unveiled Union Budget for the financial year beginning April 1.
- India, which has often complained its sovereign credit ratings by agencies such as Fitch not reflecting the economy’s fundamentals, put the fiscal deficit – the excess of government expenditure over its revenues – at 9.5 per cent of the gross domestic product (GDP) in the current fiscal ending March 31, against a planned 3.5 per cent.
Ashok Dinda announces retirement from all forms of cricket
Ashoke Dinda, who served Bengal cricket with pace and passion for one-and-a-half decades, announced his retirement from all forms of cricket.
- The 36-year-old, who had featured in 13 ODIs and nine T20Is for India, had moved to Goa at the start of this season after facing disciplinary action after playing only one Ranji Trophy match in 2019-20.
- He played 116 first-class matches for Bengal, taking 420 wickets at a bowling average of 28.28.
Sebi issues directions for LPCC by mutual fund houses
SEBI has released guidelines for setting up of limited purpose clearing corporation (LPCC) by asset management companies, making it obligatory for them to contribute towards the share capital of such entities.
- The LPCC is an entity established to undertake the activity of clearing and settlement of repo transactions.
- SEBI requires AMCs contribute INR 150 crore towards share capital of LPCC in proportion to the asset under management (AUM) of open ended debt oriented mutual fund schemes.
- The contribution must be primarily based on common AUM of debt oriented schemes for the monetary 12 months 2019-20.
- For this, Affiliation of Mutual Funds in India (AMFI) is required to calculate contribution per AMC primarily based on the common AUM of debt oriented schemes and inform them.
AWS head Andy Jassy to replace Jeff Bezos as Amazon CEO
Amazon CEO and founder Jeff Bezos announced that it would step down as the company’s CEO. He will assume the role of Executive Chairman of Amazon.
- Meanwhile, it has also been announced that the head of Amazon’s cloud services, Andy Jassy will take over as the company’s new CEO.
Indian Documentary ‘Writing With Fire’ Wins Audience Award At Sundance Film Festival
“Writing with Fire”, an Indian film chronicling the rise of Khabar Lahariya, India’s only newspaper run by Dalit women, has won the audience award in the World Cinema Documentary category at the Sundance Film Festival 2021.
- Writing with Fire premiered in the World Cinema Documentary Competition segment, which celebrates 10 non-fiction feature films from emerging talent around the world.
- The festival, which started from January 28 and will close on February 3, is presented by Sundance Organisation, a nonprofit that discovers and supports independent artists, and introduces audiences to their work.Fire in the Mountains, directed by debutant Ajitpal Singh, was another Indian title to be screened at the festival.
World Cancer Day
Annually, February 4 is observed as World Cancer Day in order to raise awareness about cancer and reduce the stigma that surrounds the disease that is the second leading cause of deaths globally.
- This day celebrates the anniversary of the signing of the ‘Charter of Paris Against Cancer’ by the General Director of UNESCO, Kōichirō Matsuura and the French President Jacques Chirac.
- The theme for World Cancer Day 2021 is ‘I Am and I Will.‘ It is a multi-year campaign that began in 2019 and this year will mark the last year. It represents an empowering call-to-action urging personal commitment, and also represents the power of action taken now to have a positive impact on the future.
International Day Of Human Fraternity
The International Day of Human Fraternity is observed every year on February 4.
The International Humanity Day aims to emphasize the importance of raising awareness of different cultures and religions or beliefs and promoting tolerance.
- The theme of this year’s 2021 International Humanity Day is The Pathway to the future.