Current Affairs Quiz - December, 2020

Notes:
The insurance sector regulator – Insurance Regulatory and Development Authority of India (IRDAI) has accorded “in principle” approval for merger of Bharti AXA General Insurance with ICICI Lombard General Insurance Company.
On successful merger, the consolidated entity would have a market share of 8.7% in non-life business. Bharti Enterprises own 51% share in Bharti AXA General Insurance and the remaining 49% is owned by French insurer AXA.

Notes:
Japan’s spacecraft named ‘Hayabusa2’ is approaching the Earth after a year-long journey from an asteroid Ryugu, about 300 million kilometers from earth.
As per the Japan Aerospace Exploration Agency, the spacecraft will bring soil samples and data that could provide clues to the origins of the solar system and life on Earth. The agency would drop the capsule containing the samples, in southern Australia.

Notes:
The Asian Development Bank (ADB) and the Government of India has recently signed a USD132.8 million loan to modernize the distribution network and improve the quality of power supplied in Meghalaya.
This project supports the state government’s initiative “24×7 Power for All” initiative. This will also help the state reduce its high technical and commercial losses. Meghalaya has achieved 100 per cent electrification while there were incidents of frequent power interruptions.

Notes:
The festival named Dev Deepawali is celebrated in Indian city. This is a festival of lights and is celebrated in the Poornima day of the Karthik Month of Hindu calendar.
This year’s celebration is attended by the Prime Minister of India Narendra Modi. During the event, 11 lakh earthern lamps were lit on both sides of river Ganga.

Notes:
BrahMos Aerospace is a joint venture company set up by Defence Research and Development Organisation (DRDO) and Mashinostroyenia of Russia.
Recently, Indian Navy test-fired the naval version of BrahMos missile in the Bay of Bengal. The missile was test-fired from a Rajput-class destroyer INS Ranvijay, hitting a decommissioned target ship. Earlier, the Indian Army and Air Force test-fired the missile.

Notes:
As per the Union Ministry of Finance, the Indian Economy is registering a V Shaped recovery of GDP. This was expressed in the latest Monthly Economic Review.
The contraction of GDP in Q1 of current financial year was 23.9% where as the economy has contracted by 7.5 % in Q2. Maximum growth is registered by Agriculture sector followed by Construction.

Notes:
Recently, a NGR (negotiating group on rules) meeting on fisheries subsidies was organized by the World Trade Organization.
Indian Ambassador and Permanent Representative to the WTO has stated that member countries should cut down subsidies on unsustainable fishing which leads to the problem of over fishing. India also asked to reduce the role of dispute panels in fisheries management.

Notes:
The Reserve Bank of India’s Monetary Policy Committee (MPC) held on December 4, 2020 decided to keep interest rates unchanged with an “accommodative” policy stance.
The MPC has kept repo rate unchanged at 4% and maintained reverse repo rate at 3.35%. RBI also predicted a real GDP growth of -7.5% for FY21, from the earlier prediction of -9.5%. MPC also expected that the inflation rate will remain high.

Notes:
One of the two lesser florican birds that was tagged by the Gujarat forest department has flown all the way to the state of Telangana.
The bird was tagged at the Blackbuck National Park (BBNP), Velavadar, in Bhavnagar. This has confirmed a research finding that lesser florican birds migrate to peninsular India from the western part of India after their breeding season.

Notes:
The Polavaram lift irrigation project which is being constructed in the state of Andhra Pradesh, is expected to be completed in 2022.
It has been reported that the project would be completed on time and would commence to supply water during Kharif 2022. The Polavaram project is seen as a life line for the irrigation of Andhra Pradesh.