Current Affairs Quiz - April, 2020

Notes:
The Union Cabinet recently approved ₹15,000 crore for ‘India COVID-19 Emergency Response and Health System Preparedness Package’.
An amount of ₹7,774 crore has been kept as provision for immediate COVID-19 emergency response. The package is launched with an aim of developing diagnostics and COVID-dedicated treatment facilities, thereby slowing down the spread of coronavirus. The initiatives would be implemented under the overall umbrella of the Ministry of Health and Family Welfare.

Notes:
The World Bank recently announced that it estimates that remittances to South Asia will drop 22% by this year.
India is the largest recipient of remittances of the world, which increases the foreign exchange reserves of the country. The reserves are used to fund the current account deficit of the country. After the lock-down and the resulting economic slow-down, the loss of income of expatriate Indians who work in foreign countries will affect the remittances. About 12% of the total inflow is the remittances form people working abroad. The Bank also estimated that Global remittances would drop by 20%.

Notes:
The UN General Assembly resolution adopted a resolution, drafted by Mexico, on fair, transparent and equitable access to essential medical supplies and any future vaccines developed to fight COVID-19.
India along with another 174 countries co-sponsored the resolution, among the 193 members of the assembly. The resolution was titled ‘International cooperation to ensure global access to medicines, vaccines and medical equipment to face COVID-19’.

Notes:
The Fitch Ratings Agency has recently slashed its growth forecast for India in the financial year 2020-21 to 0.8%, amid the estimated severe global recession.
Earlier, the ratings agency had estimated the forecast for India to be 2%, which was claimed to be the lowest forecast for thirty years. The agency estimated that the economy of China would grow at 0.7% in 2020-21.

Notes:
The Narcotic Drugs and Psychotropic Substances (NDPS) Act was making news recently, as the Supreme Court of India held that the quantity of the banned drug mixture will determine the punishment than its purity. Under the current provisions, higher punishment is awarded for possessing commercial quantity of the banned drugs than smaller quantity. The Act comes under the Finance Ministry.
A three-judge bench of Justices said that the 2008 verdict was not a good legislation which held that the actual weight of the banned substances to determine whether it is a small or commercial quantity under the NDPS act.

Notes:
The Chief Minister of Andhra Pradesh YS Jagan Mohan Reddy recently launched a scheme in Amaravati, which seeks to provide loans to the women Self Help Groups (SHGs) of the state, at zero percent interest.
The Chief Minister released about ₹1,400 crore for the scheme, which is expected to benefit nearly 8.78 lakh SHGs. The interest component of ₹20,000 to ₹40,000 will be borne by the state government. At present, the SHGs borrow from banks at interest rate of 7 to 13 per cent.

Notes:
As per the latest data from the US Treasury Department, Japan was the largest holder of US securities worth over $1.268 trillion at February end.
It was followed by China with securities worth $1.092 trillion. India is at the 13th position in terms of holding securities. India’s holding of US government securities rose by $13 billion in a month to record high of $177.5 billion at February end. The overall holding of India increased by $33.2 billion in the last year.

Notes:
The Prime Minister of India recently launched the SWAMITVA Scheme, on the occasion of National Panchayati Raj day. It was in news recently, as the Union Minister of Rural Development & Panchayati Raj Narendra Singh Tomar issued guidelines regarding the scheme.
SWAMITVA scheme aims to provide rural people with the right to document their residential properties by engaging the latest Drone surveying technology. It is currently being implemented in six states – Haryana, Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh and Uttarakhand.

Notes:
Domestic Credit rating agency India Ratings and Research (Ind-Ra) has further decreased the GDP growth rate of India to 1.9% for the current fiscal. It had previously estimated the growth rate for this fiscal to be 3.6%. The estimate was significant as this would be the lowest GDP growth in the last 29 years.
The report also highlighted that in the absence of any stimulus measures from the government, the fiscal deficit would touch 4.4% of GDP in this fiscal 2020-21, the official target being 3.5%.

Notes:
Basava Jayanthi, the birth anniversary of the 12th century poet, philosopher and social reformer, Lord Basaveshwara, is prominently celebrated in the state of Karnataka.
Also called as Basavanna, he was the founding saint of the Lingayat sect. He was also known for establishing a spiritual democracy called ‘Anubhava Mantapa’ in the 12th century. The era starting from his birth-year is also called as the Basava era in the state.