Friday, June 28, 2019

DAILY CURRENT AFFAIRS + PIB: 28 JUNE 2019


G20 Summit 2019

Context: World leaders from 19 countries – and the European Union – are meeting in Osaka, Japan for latest edition of G20 summit 2019.


About G20:
  • Formed in 1999, first summit in Berlin 1999, the G20 is an international forum of the governments and central bank governors from 20 major economies.
  • Collectively, the G20 economies account for around 85% of the Gross World Product (GWP), 80% of world trade.
  • The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”
  • Heads of governments of the G20 nations periodically participate in summits.
  • Also hosts separate meetings of the finance ministers and foreign ministers.
  • The G20 has no permanent staff of its own and its chairmanship rotates annually between nations divided into regional groupings.
  • The Group was formed with an aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
  • Member Countries: 19 individual countries + European Union (EU).
  • Establishment: Established after the Asian Financial Crisis of 1997-1998 after which G7 finance ministers agreed to establish the G20 Finance Ministers and Central Bank Governors meeting in 1999.


National Food Security Act (NFSA), 2013 
Key features:
  • The Act provides for coverage of upto 75% of the rural population and upto 50% of the urban population for receiving subsidized foodgrains under Targeted Public Distribution System (TPDS), thus covering about two-thirds of the population.
  • The eligible persons will be entitled to receive 5 Kgs of foodgrains per person per month at subsidised prices of Rs. 3/2/1 per Kg for rice/wheat/coarse grains.
  • The existing Antyodaya Anna Yojana (AAY) households, which constitute the poorest of the poor, will continue to receive 35 Kgs of foodgrains per household per month.
  • The Act also has a special focus on the nutritional support to women and children. Besides meal to pregnant women and lactating mothers during pregnancy and six months after the child birth, such women will also be entitled to receive maternity benefit of not less than Rs. 6,000.
  • Children upto 14 years of age will be entitled to nutritious meals as per the prescribed nutritional standards.
  • In case of non-supply of entitled foodgrains or meals, the beneficiaries will receive food security allowance.
  • The Act also contains provisions for setting up of grievance redressal mechanism at the District and State levels.
  • Separate provisions have also been made in the Act for ensuring transparency and accountability.

Ways to increase the efficiency:
  • Use of Information Technology right from the time of purchase of food grains till its distribution will help in increasing the overall efficiency of the entire process, while maintaining transparency and curbing corruption.
  • It is imperative that there is a seamless flow of information online between the FCI and States and therefore they need to be integrated so that exact information about how much food grain has been procured from which mandi, which warehouse it is stored in and for how long and when it has been released for distribution can be available.
  • There should also be information about the quality of food grains at the time of purchase, storage conditions in the warehouse, when it is given to PDS shops and when the shops have distributed it to the beneficiaries.
  • Move towards One Nation One Ration Card (RC) which will ensure all beneficiaries especially migrants can access PDS across the nation from any PDS shop of their own choice. This will provide freedom to the beneficiaries as they will not be tied to any one PDS shop and reduce their dependence on shop owners and curtail instances of corruption.
  • Expand the coverage of Integrated Management of PDS (IMPDS) to all the states.

Why ensure food security?
The basic concept of food security globally is to ensure that all people, at all times, should get access to the basic food for their active and healthy life and is characterized by availability, access, utilization and stability of food. Though the Indian Constitution does not have any explicit provision regarding right to food, the fundamental right to life enshrined in Article 21 of the Constitution may be interpreted to include right to live with human dignity, which may include the right to food and other basic necessities.

Electoral Bond Scheme 
Context: State Bank of India (SBI) has been authorized to issue and encash Electoral Bonds through its 29 Authorized Branches.
About Electoral bonds:

What are electoral bonds? Electoral bonds will allow donors to pay political parties using banks as an intermediary.
Key features: Although called a bond, the banking instrument resembling promissory notes will not carry any interest. The electoral bond, which will be a bearer instrument, will not carry the name of the payee and can be bought for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh or Rs 1 crore.
Eligibility: As per provisions of the Scheme, electoral bonds may be purchased by a citizen of India, or entities incorporated or established in India. A person being an individual can buy electoral bonds, either singly or jointly with other individuals. Only the registered Political Parties which have secured not less than one per cent of the votes polled in the last Lok Sabha elections or the State Legislative Assembly are eligible to receive the Electoral Bonds.
Need: The electoral bonds are aimed at rooting out the current system of largely anonymous cash donations made to political parties which lead to the generation of black money in the economy.

How will the Bonds help?
  • The previous system of cash donations from anonymous sources is wholly non-transparent. The donor, the donee, the quantum of donations and the nature of expenditure are all undisclosed.
  • According to government the system of Bonds will encourage political donations of clean money from individuals, companies, HUF, religious groups, charities, etc. After purchasing the bonds, these entities can hand them to political parties of their choice, which must redeem them within the prescribed time.
  • Some element of transparency would be introduced in as much as all donors declare in their accounts the amount of bonds that they have purchased and all parties declare the quantum of bonds that they have received.

Atal Tinkering Labs

Context: 8878 schools have been selected for establishing Atal Tinkering Lab (ATLs) to promote research and innovation in schools.
What are ATLs?
With a vision to ‘Cultivate one Million children in India as Neoteric Innovators’, Atal Innovation Mission is establishing Atal Tinkering Laboratories (ATLs) in schools across India.
Objective: The objective of this scheme is to foster curiosity, creativity and imagination in young minds; and inculcate skills such as design mindset, computational thinking, adaptive learning, physical computing etc.
Financial Support: AIM will provide grant-in-aid that includes a one-time establishment cost of Rs. 10 lakh and operational expenses of Rs. 10 lakh for a maximum period of 5 years to each ATL.
Eligibility: Schools (minimum Grade VI – X) managed by Government, local body or private trusts/society can set up ATL.
Significance of ATLs:
Atal Tinkering Labs have evolved as epicenters for imparting these ‘skills of the future’ through practical applications based on self-learning.
Bridging a crucial social divide, Atal Tinkering Labs provide equal opportunity to all children across the spectrum by working at the grassroot level, introducing children to the world of innovation and tinkering.
About AIM:
The Atal Innovation Mission (AIM) is the Government of India’s flagship initiative to promote a culture of innovation and entrepreneurship in the country.
AIM is mandated to create an umbrella structure to oversee innovation ecosystem of the country and revolutionizing the innovation eco-system – touching upon the entire innovation life cycle through various programs.

Fortified rice
Context: Department of Food & Public Distribution has approved the “Centrally Sponsored Pilot Scheme on Fortification of Rice & its distribution through Public Distribution System”. Financial Assistance up to 90% in case of North-Eastern, Hilly and Island States and up to 75% in case of rest of the States has been extended.
What is Rice Fortification?
Fortification is the practice of deliberately increasing the content of an essential micronutrient, i.e. vitamins and minerals (including trace elements) in a food, so as to improve the nutritional quality of the food supply and provide a public health benefit with minimal risk to health. Rice fortification is the practice of increasing the content of essential micronutrients in rice and to improve the nutritional quality of the rice.
Why Rice Fortification?
Rice is the world’s most important staple food. An estimated 2 billion people eat rice every day, forming the mainstay of diets across large of Asia and Africa.
Regular milled rice is low in micronutrients and serves primarily as a source of carbohydrate only. The fortification of rice is a major opportunity to improve nutrition.
Fortified rice are contains Vitamin A, Vitamin B1, Vitamin B12, Folic Acid, Iron and Zinc.
Food fortification in India:
Food Safety and Standards Authority of India (FSSAI) has formulated a comprehensive regulation on fortification of foods namely ‘Food Safety and Standards (Fortification of Foods) Regulations, 2016’. These regulations set the standards for food fortification and encourage the production, manufacture, distribution, sale and consumption of fortified foods. The regulations also provide for specific role of FSSAI in promotion for food fortification and to make fortification mandatory. This sets the premise for the national summit on fortification of food.
Jal Shakti Abhiyan

Context: The Centre is set to initiate the Jal Shakti Abhiyan to ramp up rainwater harvesting and conservationefforts in 255 water-stressed districts from July 1, in line with the government’s promise to focus on water.
Key features:
  • The campaign would be coordinated by 255 central IAS officers of Joint or Additional Secretary-rank.
  • Coverage: The campaign would run from July 1 to September 15 in States receiving rainfall during the south-west monsoon, while States receiving rainfall in the retreating or north-east monsoon would be covered from October 1 to November 30. Overall, 313 blocks with critical groundwater levels would be covered, along with 1,186 blocks with over-exploited groundwater and 94 blocks with low groundwater availability.
  • Aim: to accelerate water harvesting, conservation and borewell recharge activities already being carried out under the Mahatma Gandhi National Rural Employment Guarantee scheme and the Integrated Watershed Management Programme of the Rural Development Ministry, along with existing water body restoration and afforestation schemes being undertaken by the Jal Shakti and Environment Ministries.
  • Block and district-level water conservation plans would be drafted, and Kisan Vigyan Kendras would hold melas to promote better crop choices and more efficient water use for irrigation.

International Seed Testing Association (ISTA)
Context: The International Seed Testing Association (ISTA) is to hold its 32nd Congress in Hyderabad.
The Ministry of Agriculture and Farmers’ Welfare and the Telangana government are jointly hosting the conference, which will be attended by stakeholders from across the globe.
About ISTA:
  • Founded in 1924, with the aim to develop and publish standard procedures in the field of seed testing, ISTA is inextricably linked with the history of seed testing.
  • It is an association of laboratories which are authorised to check on the marketability of seed as defined in various countries’ laws.
  • Its duties include defining methods to determine the ability to germinate, the vigour of seed, and the content of genetically modified organisms (GMOs) in seed.
  • The test results, as certified by ISTA member laboratories, are accepted by the trading partners of the World Trade Organization (WTO) in international seed traffic.
  • The North American equivalent of the ISTA is the Association of Official Seed Analysts(AOSA).

 Maharaja Ranjit Singh of Punjab:
Context: A statue of Ranjit Singh, who ruled Punjab for almost four decades (1801-39), was recently inaugurated in Lahore.

Key facts:
  • Ranjit Singh was born on November 13, 1780 in Gujranwala, now in Pakistan. At that time, Punjab was ruled by powerful chieftains who had divided the territory into Misls. Ranjit Singh overthrew the warring Misls and established a unified Sikh empire after he conquered Lahore in 1799.
  • He was given the title Lion of Punjab (Sher-e-Punjab) because he stemmed the tide of Afghan invaders in Lahore, which remained his capital until his death.
  • His general Hari Singh Nalwa built the Fort of Jamrud at the mouth of the Khyber Pass, the route the foreign rulers took to invade India.
  • At the time of his death, he was the only sovereign leader left in India, all others having come under the control of the East India Company in some way or the other.
  • He also employed a large number of European officers, especially French, to train his troops. He appointed French General Jean Franquis Allard to modernise his army. In 2016, the town of St Tropez unveiled the maharaja’s bronze statue as a mark of respect.
  • Ranjit Singh’s trans-regional empire spread over several states. His empire included the former Mughal provinces of Lahore and Multan besides part of Kabul and the entire Peshawar. The boundaries of his state went up to Ladakh — Zorawar Singh, a general from Jammu, had conquered Ladakh in Ranjit Singh’s name — in the northeast, Khyber pass in the northwest, and up to Panjnad in the south where the five rivers of Punjab fell into the Indus.
  • During his regime, Punjab was a land of six rivers, the sixth being the Indus.
  • The maharaja was known for his just and secular rule; both Hindus and Muslims were given powerful positions in his darbar.
  • He turned Harimandir Sahib at Amritsar into the Golden Temple by covering it with gold.
  • He is also credited with funding Hazoor Sahib gurudwara at the final resting place of Guru Gobind Singh in Nanded, Maharashtra.

Economic Terms


Definition of '5/20 Rule'

Definition: The 5/20 rule is a norm of the Indian Aviation Ministry under which national carriers are required to have five years of operational experience and a fleet of minimum 20 aircraft to fly overseas. This is applicable to all commercial aviation organisations flying passengers.


Annual Financial Statement

Definition: Article 112 of the Constitution requires the government to present to Parliament a statement of estimated receipts and expenditure in respect of every financial year, from April 1 to March 31. This statement is called the annual financial statement. 

Description: It is divided into three parts, Consolidated Fund, Contingency Fund and Public Account. For each of these funds, the government has to present a statement of receipts and expenditure. 


Appropriation Bill

Description: Post the discussions on Budget proposals and the Voting on Demand for Grants, the government introduces the Appropriation Bill in the Lok Sabha. It is intended to give authority to the government to withdraw from the Consolidated Fund, the amounts so voted for meeting the expenditure during the financial year. 


Definition of 'Api Testing'
Definition: API (Application Programming Interface) testing is a type of software testing that aims to determine whether the APIs that are developed meet expectations when it comes to functionality, performance, reliability and security for an application. 

Definition of 'Asset Turnover Ratio'
  • Definition: Asset turnover ratio is the ratio between the value of a company’s sales or revenues and the value of its assets.
  • Asset turnover ratio can be a determinant of a company’s performance. The higher the ratio, the better is the company’s performance. 













Definition of 'Asteroids'
  • Asteroids are actually minor planets which can neither be classified either as a planet or as a comet.
  • These are generally in the direct orbit around the Sun, also known as the inner solar system.
  • The larger forms of asteroids are also known as planetoids. These are different from the minor planets in the outer solar system in their volatile-based surfaces much like comets. These are generally known as asteroid belt.
  • 4 Vesta. This is the only asteroid that can be seen even without binoculars because of the relatively reflective surface.





Definition of 'Balloon Payment'

Definition: Balloon payment is the lump sum payment which is attached to a loan, mortgage, or a commercial loan. This payment is usually made towards the end of the loan period. Balloon payment is higher than what you might be paying towards the loan on a monthly basis. 


Definition of 'Balance Of Payment'


Definition of 'Bancassurance'
Definition: Bancassurance means selling insurance product through banks. 


Definition of 'Bank Rate'
Definition: Bank rate is the rate charged by the central bank for lending funds to commercial banks. 




Definition of 'Base Rate'
Definition: Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to lend to its customers. 


Base Effect

The base effect is the distortion in a monthly inflation figure that results from abnormally high or low levels of inflation in the year-ago month. A base effect can make it difficult to accurately assess inflation levels over time. It diminishes over time if inflation levels are relatively constant.

Broad Money

Broad money is the most inclusive method of calculating a given country's money supply. The money supply is the totality of assets that households and businesses can use to make payments or to hold as short-term investments such as currency, funds in bank accounts and anything of value resembling money. 



Definition of 'Bankruptcy'

Definition: When an organisation is unable to honour its financial obligations or make payment to its creditors, it files for bankruptcy. A petition is filed in the court for the same where all the outstanding debts of the company are measured and paid out if not in full from the company’s assets. 


Definition of 'Bcci'

Definition:The board was formed in December 1928 as a society, registered under the Tamil Nadu Societies Registration Act. 
BCCI had 6 regional bodies as its first members. Today it has 30 full-time members, and is worth Rs 3,308 crore. 



Definition of 'Bearish Trend'

Definition: 'Bearish Trend' in financial markets can be defined as a downward trend in the prices of an industry's stocks or the overall fall in broad market indices.
 A fall in the prices of about 20% is identified as a bearish trend.

Definition of 'Benchmark Government Bond'

Definition: Benchmark government bond is a debt security issued by the Central government with a residual maturity of 10 years. 

Description: This bond is backed by sovereign guarantee. Hence investors don’t face any default risk. 
The coupon rate is decided by way of auction. This bond has the highest liquidity amongst similar maturity bonds. Once fixed, the coupon rate remains constant throughout the term of the bond. Only the yield changes commensurate with the interest rates and accordingly the price of the bond changes.


Definition of 'Black-box Testing'
Definition: Black-box testing is a testing strategy that ignores the internal mechanism of a system or component and focuses solely on outputs generated in response to selected inputs and execution conditions.


Definition of 'Blue Ocean Strategy'
Definition: 'Blue Ocean Strategy is referred to a market for a product where there is no competition or very less competition. This strategy revolves around searching for a business in which very few firms operate and where there is no pricing pressure. 




Definition of 'Brand Tribe'

Definition: A brand tribe could be regarded as a group of people who collectively identify themselves with the product and share similar views and notions about the brand. 

There are lot of brand tribes associated with products such as Apple, BMW, Harley Davidson, Audi, etc.


Breaking News

Beauty

Featured

Travel

authorHello, my name is Jack Sparrow. I'm a 50 year old self-employed Pirate from the Caribbean.
Learn More →

Fashion

Recent Post

Recent Tube

ads