Learning IQ

  The Finance Minister of India, Nirmala Sitharaman, attended the G20 Central Bank Governors’ meeting on February 26, 2021.  This was the first ever G20 Central Bank Governors’ meeting that was held under the Italian Presidency. Highlights During the meeting, the finance minister highlighted regarding the India’s policy response with respect to COVID-19 pandemic and the world’s largest inoculation drive with their G-20 counterparts. She further stated that, India’s domestic policies is based broadly on the supporting citizens using the measures like direct transfer, credit guarantees, economic stimulus packages, food guarantees and accelerating structural reforms. She also spoke regarding the vaccination drive in India. It is the world’s largest and ambitious vaccination drive. She also mentioned that India has extended its vaccine support to several countries. The meeting also held discussions on the policy actions for the transformative and equitable recovery. They also disc...

  India and Ireland held the bilateral consultations on UN Security Council issues on February 26, 2021 in the virtual mode. Highlights During the bilateral consultations, both the countries congratulated each other for their election to United Nation Security Council (UNSC). They also held discussions and briefed each regarding the UNSC priorities. They further held discussions on several issues on UNSC agenda and they agreed to work closely during their terms at the UNSC in 2021-2021. India-Ireland relations The bilateral relation between India and Ireland dates back to the British Era. Both the countries were former possessions of the British Empire. They flighted against the common adversary. Both the countries also flighted together for their respective independence movements. India has brought many of the constitutional provisions from Irish constitution. The relation between both the countries were strengthened by people including Rabindranath Tagore Jawaharlal Nehru, Sister...

The task force on Interlinking of Rivers has approved the Mahanadi-Godavari Link on February 25, 2021. Approval was given to the preparation of final detailed project report on proposed Mahanadi -Godavari link. Highlights The linking project was approved by ensuring the utilisation of allocated Godavari waters by the states of Telangana and Andhra Pradesh. The decision was taken at the 13th meeting of the task force on interlinking of rivers which was held in New Delhi. In the meeting, three proposals were discussed and put forward by the task force chairman, Sriram Vedire. The proposals were based on draft detailed project report that was prepared with respect to the diversion of water from Godavari basin to Cauvery basin. The task force also emphasised on the several priority links under the interlinking of rivers programme by the central government. The draft detailed project report was prepared on Godavari-Cauvery link the National Water Development Authority (NWDA). National Water...

  A Currency and Finance (RCF) report by Reserve Bank of India (RBI) official has recommended that, the time span that was considered to measure whether monetary policy-setting panel has failed in achieving its objectives or not should be of four quarters rather than current time period of three-quarter. However, RBI made it clear that the report does not represent any institutional view with respect to it. Key Findings The report also recommends that roll the terms for the members in six-member Monetary Policy Committee (MPC) in order to moderate the political influence at the place of current appointments for the fixed term. The recommendations in the report have come after a period when the inflation target constantly touches upper-end of 6 per cent headline inflation target for several months. The expert also points out that, the Monetary policy committee should explain in this regard except for the lack of appropriate field visits to arrive at data during the lockdown. Report ...

  The Global anti-terrorism watchdog Financial Action Task Force (FATF) decided to maintain Pakistan into Grey List till June 2021. Key Facts This decision by the FATF was taken in the light of country’s failure to fully comply with the 27-point action plan of to combat the terrorism. This decision was taken following a virtual plenary session that was over three days. The FATF has decided to keep the Pakistan into the grey list and will remain under the increased monitoring because serious deficiencies were observed with respect to the terror financing. Though, Pakistan has taken several steps but it needs to act upon three important points out of 27 action points. What does FATF said? FATF said that, Pakistan needs to work on implementing following three remaining items out of 27 items: It needs to demonstrate the Terror funding investigations and prosecutions targeting the persons & entities acting on behalf of the designated persons or entities. It needs to demonstrate that...

The Union education minister, addressed the 16 th FICCI Higher Education Summit on February 25, 2021. The summit is being organised in New Delhi from February 25, 2021 to February 27, 2021. While addressing the summit the minister said it will make India the knowledge capital of the world Highlights The policy allows the students to be more creative in their respective fields since it focuses on entrepreneurship, innovation and skill development. Minister also said, the centre is looking for a greater private sector participation and has planned to increase the number of Institutes of Eminence (IoEs) from 20 to 50. He also said, government values the private players and will encourage them for value creation in education. It will also confer IoE status to 25 select private institutions. IoEs enjoy the administrative, academic and financial autonomy so as to compete at the global level. Federation of Indian Chambers of Commerce and Industry (FICCI) The FICCI was established in the yea...

  The Director-General of World Health Organisation (WHO), Tedros Adhanom Ghebreyesus, lauded India and the Prime Minister of India, Narendra Modi, for sharing the Covid-19 vaccines and supporting the “Vaccine Equality” across the world. Highlights The Chief of WHO also hoped that other countries will follow the same path to distribute the vaccines equally. WHO chief made a statement that, India’s commitment to COVAX and sharing the covid-19 vaccines have helped more than 60 countries as they have started vaccinating their health workers and other priority groups. He further stated that if everyone acts together and share the knowledge, this pandemic could be stopped to save lives and livelihoods of the people. Background In January 2021, the chief of WHO had also expressed his gratitude to India for its continued support to the world in fighting against the Covid-19 pandemic. Further, in the initial days of February 2021, the WHO Chief had requested the drug makers and wealthy nat...

  A new highly contagious Covid-19 variant, which is being called as B.1.526, is causing severe damage in the city of New York. Key Points A study published on the Columbia University website states that the new Covid-19 variant is carrying a highly dangerous mutation which have the potential to weaken the efficacy of the vaccine. The study highlighted that the highly contagious variant was initially identified in samples which were collected in November 2020. The cases with these new variants have been on a steady rise since December 2020 in the city. As per the study, the about 12.3 percent of the total cases till mid-February of 2021 were due to this new variant of the corona virus. It highlights that, one in four cases in the New York city are related to this variant. The researchers further found that, one area of the spike protein – E484K, was present in of the three contagious variants of the virus. These three variants include p.1, South African variant and New York variant...

  The Ministry of consumer affairs had decided to integrate the Common Service Centres (CSCs) with the E-Daakhil portal to facilitate the consumers for e-filing. e-Daakhil Portal The e-Daakhil Consumer grievance redressal portal was launched on September 7, 2020 by the National Consumer Dispute Redressal Commission. This online grievance redressal portal is now operational in 15 States and Union Territories. The e-daakhil portal empowers the consumer and their advocates to file consumer complaints online. It also facilitates to male payment of requisite fees online from anywhere in order to redress their complaints. The portal also facilitates the consumer commissions to scrutinize the complaints online to accept, reject or forward any complaint to the concerned commission in order to proceed further. The site of the e-Daakhil Portal was developed and is maintained by the National Information Centre (NIC) under the Ministry of Electronics & Information Technology. This portal h...

  In the month of January-February six elephants died at the Karlapat Wildlife Sanctuary in Kalahandi. Following that, a central team was set up by the Ministry of Environment, Forests and Climate Change. The team in its preliminary report highlighted that, the elephants died because of haemorrhagic septicaemia which is caused by bacteria Pastuerella multoceda. Highlights The report further highlights that, the elephants might have contracted the bacteria from cattle residing at Tentulipada village. Tentulipada village is a small hamlet of 12 households in Odisha. The team had conducted the post-mortems and RNA extraction tests at the Orissa Veterinary College to come to the conclusion however, samples have been sent to the Indian Veterinary Research Institute in Bareilly, UP for final confirmation. The elephants are supposed to be died in between January 29 and February 14, 2021. Their carcasses found near water bodies. A total of seven elephants comprising of five adults and two ...

  The Insurance Regulatory and Development Authority (IRDAI) has launched a standard personal accident cover called Saral Suraksha Bima. This accident cover will be mandatorily offered by the general and health insurers from April 1, 2021 Saral Suraksha Bima This product has assured maximum sum of Rs 1 crore while the minimum assured sum of Rs 2.5 lakh. Beyond this specified range, insurers are free to offer the sum assured on their own. For such sum assured, same name can be given if all terms and conditions are same. The product also comprises of a basic cover for which entire sum assured will be paid by the insurance company after the death of insured person because of injury sustained in accident. In such cases, death occurs within 12 months from the date of accident. In cases of the permanent total disablement, similar benefit will be paid by insurance firm. In the partial disablement condition, benefit equal to the sum assured of up to 50 % will be paid in accordance with the...

  The Deputy Chief Minister of Delhi, Manish Sisodia, announced that all departments of Delhi government will now use only electric vehicles. This transition to the electric vehicles will be done within 6 months. Highlights The Delhi government has over 2,000 cars in use. The minister is of the view that this decision will inspire other cities in the country as well as world which is a key decision to tackle the issues like pollution and climate change. This announcement was made after the government launched ‘Switch Delhi’ campaign. The transition from the diesel or petrol vehicle to EVs will be monitored by the Transport Department of Delhi. Further, the departments under the government are required to produce monthly action reports on the transition to EVs to the nodal department. Switch Delhi Campaign Switch Delhi Campaign was launched in order to encourage the private vehicle owners to shift to the electric vehicles and install a charging point in their premises within three y...

  The finance ministry has allowed all the private sector banks to participate in business related to government such as small savings schemes and collection of taxes pension payments. Highlights Currently, only some of the big private sectors are allowed to conduct government-related businesses. So, now embargo has been lifted and this move will enhance the customer convenience and simulate the competition. It will also simulate the higher efficiency in standards of customer services. Private banks remain at the forefront of imbibing and implementing the latest technology and innovation in banking. Now they have become the equal partners in the development of Indian economy. Now, bar has also been lifted on RBI to authorize the private sector banks along with the public sector banks for Government business and Government agency business. Background Government in the budget 2021-22 had announced to privatise two public sector lenders other than IDBI Bank. Government also announced ...

  The chief minister of Rajasthan, Ashok Gehlot, have announced a Universal Health Coverage for the state while presenting the state budget of state for 2021-22 on February 24, 2021. Highlights The government has allocated Rs 3,500 crore for the financial year 2021-2022. This was announced under the measures to reinforce the health infrastructure in the state. This budget will also ensure that healthcare gets more accessible to its citizens. The government also announced to set up nursing colleges at 25 district headquarters. Other eight districts are already having one nursing college. Public Health Colleges will also be established in all seven divisional headquarters. Rajasthan Model of Public Health (RMPH) The government announced the “Rajasthan Model of Public Health” under which the government will also bought “Right to Health Bill” which gives emphasis on the rights of patients. Under this model, the state will take Preventive Care measures, Primary Care measures and Curativ...

  The Insurance Regulatory and Development Authority of India (IRDAI) has set up the working group committee so as to relook its information and security guidelines. The need to set up the panel was felt in the aftermath of exponential increase in cyberattacks across the world amid the ongoing covid-19 pandemic.   Highlights ·  The economic situation particularly the financial sector has seen an exponential increase in cyber-attacks amid the pandemic. ·  The rising threat of the cyberattacks has necessitated the Regulators to relook into the Cyber Security Guidelines. ·  These guidelines will be applicable to all the regulated entities to protect financial systems. What are those guidelines? ·  As per the guidelines, the Insurers’ Risk Management Committee will be responsible for an annual comprehensive assurance audit. ·  The committee will also be responsible for conducting the Vulnerability Assessment & Penetration Test (VA&PT). ·  Afte...

The Union Government has announced that the second phase of COVID-19 vaccination will begin from March 1, 2021. Highlights Under the second phase of covid-19 vaccination, people aged above 60 years will get vaccinated. Further, as per the guidelines, those aged above 45 years and are having comorbidities (that means presence of one or more additional conditions that co-occurs with any primary condition) will also be vaccinated under the second phase. The beneficiaries can get their vaccination done at the 10,000 government and around 20,000 private vaccination centres across the country. How much the vaccination cost? The vaccinations drive will run free of cost at all the 10,000 government hospitals. But beneficiary will require to pay to get their vaccination done across the 20,000 private vaccination centres. The fee for the vaccines is yet to be decided by the health ministry. Phase 1 of the Covid-19 vaccination The phase 1 of the covid-19 vaccination drive was started on January 1...

The militaries of India and Pakistan announced that both sides have agreed to stop cross-border firing along the Line of Control (LoC) in Jammu and Kashmir. This agreement will come into effect from February 2021. Highlights The joint statement was releasing by the Director Generals of Military Operations of both the countries. Both sides have decided that border flag meetings will be utilised in order to resolve any misunderstanding between the countries. Background Both India and Pakistan have been in contact on a hotline level since the year 1987. DGMOs of both countries also stay in touch through this established mechanism. The cross-border firing had increased in the region since 2014 along the LoC. SO, both the DGMOs agreed that existing 2003 understanding over the firing will be implemented in letter and spirit now. India-Pakistan Border Conflicts The India–Pakistan border conflicts comprises of a series of armed clashes including the cross-border airstrikes and exchanges of gun...

  Highlights The MoU was signed and is now in the force for data exchange between both the organisations. It was signed by Joint Secretary of MCA, Shri Manoj Pandey and the ADG of CBIC, Shri B.B. Gupta. MoU comply with the vision of both the organisation to harness the data capabilities so as to ensure effective enforcement. With the signing of the MoU, MCA and CBIC will benefit from getting access to each other’s databases. These databases include the details regarding import-export transactions and consolidated financial statements of companies which are registered in India. The data sharing agreement has become more significance in the context of development of MCA21 Version 3. The MCA21 version will utilise state of the art technology to enhance ease of doing business across India. It will also improve the regulatory enforcement. About MoU With the signing of the MoU, sharing of data and information will be automatic and on regular basis between both the organisation. It will a...