Current Affairs – February 27, 2021 [Today’s News Headlines]

Here are Today’s News Headlines by GK Today for February 27, 2021

India

Govt puts ‘significant social media intermediary’ threshold at 5 mn registered users

The government on February 26, 2021 specified 5 million registered users in India as the threshold for a social media intermediary to be considered a significant social media intermediary in the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021. The rules make a distinction between social media intermediaries and significant social media intermediaries, who have a large number of users.

COVID Guidelines for Surveillance, Containment, Caution extended till March 31

Ministry of Home Affairs has extended the existing COVID Guidelines for Surveillance, Containment and Caution till 31st of March this year. The Ministry said, while there has been a substantial decline in the active and new COVID-19 cases, there is need to maintain surveillance, containment and caution so as to fully overcome the pandemic.

Foreign ministers of India and China agree to establish a new hotline

The foreign ministers of India and China have agreed to establish a new hotline to ensure “timely communication” in the wake of last year border crisis. External Affairs Minister S. Jaishankar told his Chinese counterpart, Wang Yi, bilateral relations have been impacted severely over last year and that while “the Boundary Question may take time to resolve the disturbance of peace and tranquillity, including by violence, will inevitably have a damaging impact on the relationship.”

EAM S. Jaishankar and his UAE counterpart held talks in New Delhi

External Affairs Minister S. Jaishankar and his UAE counterpart Sheikh Abdullah Bin Zayed Al Nahyan held talks in New Delhi on February 26, 2021 and reviewed the growing bilateral cooperation.

Economy & Corporate

Fifth Asia Economic Dialogue 2021 being organised on Feb 26-28

Calling for more governmental support for domestic businesses, Minister of External Affairs Dr. S. Jaishankar on February 26, 2021 stressed the need for strong policies to foster and promote manufacturing in India. Jaishankar was speaking at the inaugural session of the fifth Asia Economic Dialogue (AED) 2021. The three-day AED, which ends on February 28, is being jointly hosted by the Ministry of External Affairs and the Pune International Centre (PIC). The theme for this year’s AED is “Post COVID-19 Global Trade and Finance Dynamics”.

Indian economy contracted by 8% in 2020-21: Govt.

The growth in India’s real GDP during 2020-21 is estimated at –8% as compared to the growth rate of 4.0% in 2019-20 said the government as part of its second advance estimates of the economic growth. The government had projected a GDP contraction of 7.7% in its first advance estimate.

Indian economy grows 0.4% in Q3 of 2020-21: Govt.

The third quarter (October-December) GDP data released on February 26, 2021 showed that the Indian economy came out of the recession and expanded by 0.4%. The economy had contracted by a record 24.4% in the first quarter the current financial year due to the coronavirus pandemic and consequent lockdowns. However, the contraction narrowed to 7.5 % in the second quarter as economic activity picked up.

Core sector output grew 0.1% in January 2021

An index of India’s eight core industries grew 0.1% in January 2021, official data released on February 26, 2021 showed, mainly due to growth in production of fertiliser, steel and electricity. Coal, crude oil, natural gas, refinery products and cement saw a contraction. This marks a marginal recovery from three consecutive month-on-month contractions for the eight core sectors.

Indian Oil to raise capacity of Panipat refinery to 500,000 bpd by Sept 2024

Indian Oil Corp will invest 329.46 billion rupees to raise the capacity of its Panipat refinery by two-thirds to 500,000 barrels per day (bpd) by September 2024. Along with expanding capacity, IOC will install catalytic dewaxing and polypropylene units at its Panipat refinery in Punjab.

DGCA allows flight operators to give concessions to travelers with no baggage

Directorate General of Civil Aviation, DGCA has allowed domestic flight operators to give concessions in ticket prices to travellers who carry no baggage or only cabin baggage. At present, a traveller can carry up to 7 kilograms of cabin baggage and 15 kilograms of check-in baggage without having to pay any additional cost.

BSE Sensex crashed 1,939.32 pts to end at 49,099.99

30-share BSE Sensex crashed 1,939.32 pts to end at 49,099.99. Similarly, 50-share NSE Nifty tanked 568.20 pts to 14,529.15.

World

India to supply four more mobile harbour cranes to Iran’s Chabahar port

India will supply four more mobile harbour cranes to Iran’s Chabahar port by the end of June this year. This was disclosed by Ministry of Ports, Waterways and Shipping (MoPWS) Additional Secretary Sanjay Bandopadhyaya on February 26, 2021. In January, India supplied a consignment of two mobile harbour cranes to the Chabahar port having a total contract value of over $25 million. Located in the Sistan-Balochistan province on the energy-rich Iran’s southern coast, the port is being developed by India, Iran and Afghanistan to boost trade ties.

FATF retains Pakistan on its grey list, adds 4 new countries

The Financial Action Task Force (FATF), an international organisation that monitors terrorism funding, kept North Korea and Iran as the only two countries on its blacklist but added four new countries to its grey list for increased monitoring. Morocco, Burkina Faso, Senegal and the Cayman Islands have been added to the grey list. Pakistan continues to be on the grey list. With the four additions, the grey list now has 19 countries and territories that FATF said are only partially fulfilling international rules for fighting terrorism financing and money laundering.

Global military spending rose 3.9% to $1.8 trillion in 2020: British think-tank IISS

Global military spending reached record levels in 2020 despite the impact of the coronavirus pandemic and ensuing economic contraction, a British think-tank said on February 25, 2021. The International Institute for Strategic Studies (IISS) said military spending reached $1.8 trillion in 2020 — a 3.9% increase in real terms over figures for 2019. The U.S. remained the world’s largest defence spender in 2020, accounting for 40% of $738 billion globally. China, by comparison, accounted for 10.6 percent or $193.3 billion.

Papua New Guinea’s first PM Michael Somare dies at 84

Michael Somare, a pivotal figure in Papua New Guinea’s independence and the South Pacific island nation’s first Prime Minister, died on February 26, 2021 at the age of 84. Somare was Papua New Guinea’s longest-serving leader after it became independent of Australia in 1975. He was Prime Minister for 17 years during four separate periods.

Sports

PM Modi inaugurates Khelo India Winter Games at Gulmarg in J&K

Prime Minister Narendra Modi on February 26, 2021 inaugurated the second Khelo India Winter Games in Gulmarg in Jammu & Kashmir. Athletes from 27 states and Union Territories are competing in the Games which will conclude on March 2.

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