Current Affairs Quiz - August, 2020

Notes:
A joint report by the International Labour Organization (ILO) and the Asian Development Bank (ADB) stated that, 41 lakh youth in the country lost jobs due to the COVID-19 pandemic.
The ‘Tackling the Covid-19 youth employment crisis in Asia and the Pacific’ report stated that construction and farm sector workers account for the majority of job losses. Youth (15-24 years) will be hit harder than adults (25 and older) in the immediate crisis.

Notes:
Madhya Pradesh has sanctioned 58,476 loans to street vendors under Pradhan Mantri Street Vendors Atma-Nirbhar Scheme (PM SVA Nidhi). This makes Madhya Pradesh the top performing state under the scheme.
More than 47% of the total sanctions in the country is made by Madhya Pradesh. Under the scheme, working capital loan of Rs.10000/- for a term of one year is given to street vendors, to resume their livelihoods.

Notes:
The Cabinet Committee on Economic Affairs (CCEA) has approved a one-time relaxation to Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) for extending loans to state-owned electricity distribution companies (Discoms).
This measure has been made by the Government to inject liquidity into Discoms, as a part of the Atma Nirbhar Bharat Scheme. As per the existing guidelines, Discoms can avail working capital loans equal to 25% of last year’s revenues, under UDAY scheme from PFC and REC.

Notes:
India is set to launch a new direct cargo ferry service to the Maldives, in the third week of September, as per the Indian high commission in the Maldives.
The service will link Kochi and Tuticorin with Male and will boost bilateral trade relations. A vessel operated by the Shipping Corporation of India, will be used for the ferry service. The vessel is to carry electrical machinery, medicines, construction material as well as perishable goods.

Notes:
A massive fire outbreak has recently occurred in the Srisailam hydroelectric power plant located in the state of Telangana.
Nine people including five engineers of Telangana State Power Generation Corporation were killed in the massive fire. Chief Minister K Chandrasekhar Rao directed to launch an investigation into the incident. He also announced compensation to the families of the deceased and the injured.

Notes:
The rockets manufactured by Economic Explosives Ltd (EEL) have been successfully test fired by the Indian Army.
This is the first ever set of rockets fully manufactured by a private sector company, and is expected to reduce the single source dependency on Ordnance Factory Board (OFB). The Pinaka rockets were manufactured after a technology transfer agreement with the DRDO.

Notes:
IIT Kharagpur has recently inaugurated the Academy of Classical and Folk Arts on its campus, to offer training on music, fine arts and other performing arts.
This is in lines with the New Education Policy, 2020 to spark innovation and multidisciplinary teaching. The academy hosts a ‘100 ragas’ initiative, which will be headed by the Hindustani classical vocalist Pandit Ajoy Chakrabarty.

Notes:
The Department of Revenue, Ministry of Finance has notified the ‘Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020’.
The norms for enforcing the ‘rules of origin’ provisions has been released by the Government recently. These rules will come into effect from September 21, 2020 and will apply where preferential rate of duty is claimed by importer. The ”Rules of origin” provision mandates minimal processing in the FTA country.

Notes:
Rare fish called Mahseer, whose scientific name is Tor, has been spotted in the upper part of river Sileru in Andhra Pradesh.
It has been spotted by a team of researchers of the Department of Zoology, Andhra University. This fish is listed under the endangered category by IUCN (International Union for Conservation of Nature). It is usually found in the Himalayan region in the rivers running through Himachal Pradesh, Uttarakhand, Nepal and Bhutan.

Notes:
The country’s longest river crossing ropeway has been built and opened across river Brahmaputra.
It is a 1.8 km long ropeway built across the river extending from central to northern Guwahati. It will reduce the time of travel to 8 minutes. The cost of the project is Rs.56 crore and has been completed after 11 years of starting the work.