Current Affairs Quiz - March, 2020

Notes:
E-commerce firm Flipkart recently partnered with Aegon Life Insurance, to sell wide-ranging insurance solutions.
It aims to provide solutions for customers who are looking for instant digital policies with a sum assured of up to Rs 10 lakh. This agreement is aimed at making life insurance available to customers in a convenient and transparent manner.

Notes:
As per the recent information from the Union Defence Ministry, the share of Indian companies in contracts awarded by the Union Defence Ministry for procurement of defence equipment is 75.03 per cent in 2019-20.
The share has increased from 39.06 per cent in 2015-16 to 75.03 per cent in 2019-20 as the Ministry tries to procure indigenously manufactured equipment to the maximum extent. In the last five years 158 contracts were signed with Indian vendors against 100 foreign contracts.

Notes:
The Reserve Bank of India recently announced that it will regulate the entire activities of Payment Aggregators (PAs). Payment Aggregators enable the e-commerce sites and merchants to accept various payment instruments from the customers.
As per the guidelines on regulation of PAs and Payment gateways (PGs), the existing PAs should attain a net-worth of Rs 15 crore by March 31, 2021 and a net-worth of Rs 25 crore on or before March 31, 2023. Thereafter the net-worth of Rs 25 crore shall be maintained at all times.

Notes:
‘World Cities Summit’ is a global biennial conference hosted by Singapore. This year, World Cities Summit (WCS) 2020 is scheduled to be held from July 5 to 9.
The theme of this year’s summit as announced by the Singapore government is ‘Liveable and Sustainable Cities: Adapting to a Disrupted World’. Leaders from several governments and industry experts discuss on challenges in climate change, social shifts and technological disruptions.

Notes:
The President of Iraq Barham Salih has appointed Adnan al-Zurfi as the country’s new prime minister-designate.
This announcement has been provided amidst the months-long political crisis prevalent in Iraq. Within 30 days, Al-Zurfi has to form his cabinet which shall be put to a vote of confidence in Iraq’s Parliament. Al-Zurfi would replace caretaker Prime Minister Adel Abdul Mahdi, who quit in December following widespread mass demonstrations against the government.

Notes:
S&P Global Ratings lowered India’s economic growth forecast to 5.2 per cent for the year 2020. The rating agency had earlier predicted the growth rate of 5.7% for 2020.
The agency also estimated that the Asia-Pacific economic growth in 2020 will dip to less than 3 per cent. It also revealed that saying the global economy is entering a recession amidst the coronavirus pandemic.

Notes:
Prime Minister Narendra Modi during his public address, announced the setting up of a COVID-19 economic response task force.
The task force is to be headed by Finance Minister Nirmala Sitharaman, to measure the economic impact of the pandemic and take appropriate steps. The Finance Minister is set to meet the Ministers of animal husbandry, dairy and fisheries, civil aviation, tourism and MSME, for getting feedback and assessing the economic impact of COVID-19.

Notes:
The Fifteenth Finance Commission is to set up a panel soon, which will examine the fiscal and debt situation of the Centre and states.
This panel is to be headed by the Chairman of the 15th Finance Commission N.K.Singh. It will present a road map on the lines of the erstwhile Fiscal Responsibility and Budget Management panel, which was also headed by N.K.Singh. The panel may include or receive suggestions from former RBI Governor Urjit Patel, former chief economic advisor Arvind Subramanian among others.

Notes:
The Defence Ministry has recently signed an 880-crore contract with Israel Weapons Industries (IWI) for procurement of 16,479 light machine guns (LMGs).
According to the contract which was signed with the Israel-based arms industry company, it would provide Negev 7.62 x 51 mm light machine guns to the Indian armed forces. This type of LMG is a combat proven weapon and used by several countries around the globe at present.

Notes:
The Small Industries Development Bank of India (SIDBI) said that it will launch Swavalamban Express Train on June 5 this year for budding entrepreneurs.
The Swavalamban Express will travel to 11 cities covering 7,000 km in 15 days. This is a part of its umbrella mission Swavalamban. Under this mission, youths will board the train with an idea and they shall get down with effective business plan after a series of experimental learning