Current Affairs Quiz - May, 2020

Notes:
The European Union and its partners co-hosted the Coronavirus Global Response International Pledging Conference to raise funds to kick-start the global fight against Covid-19, especially to manufacture a vaccine.
The target set by the European Commission for the initial funding was €7.5 billion (8 billion USD). Several world leaders, individuals and organisations participated in the conference and pledged 8 billion USD together. Canada was the highest contributor with $850 million. U.S. did not attend the conference.

Notes:
‘Long March 5B’ is the flagship launch vehicle of China and it is a variant of the standard Long March 5 rocket, which had its inaugural flight in 2016.
It was seen in news recently, as the rocket launched a prototype crewed spacecraft from the Hainan island. This new-generation spacecraft entered its predetermined orbit 488 seconds after the launch. This success is expected to let China proceed with a mission to send an orbiter and rover to Mars.

Notes:
As per the recent notification of the Reserve Bank of India, the government has appointed Economic Affairs Secretary Tarun Bajaj as a Director on the central board of Reserve Bank of India (RBI), with effect from May 5 until further orders.
Tarun Bajaj is set to replace the position held by Atanu Chakraborty, who superannuated on April 30. Tarun Bajaj is a 1988 batch IAS officer and has held several crucial positions including Additional Secretary in Prime Minister’s Office and Director in the Department of Financial Services.

Notes:
In a recent move, the Centre hiked the duties on petrol and diesel steeply and raised it to Rs 10 and Rs 13 per litre, respectively. It was also announced that there will be no change in the retail prices as the hike will be absorbed by the Oil Marketing companies.
Among the total hike, the Road and infrastructure cess will go the revenue of the Centre only whereas the special additional excise duty will be passed on to all states through devolution at 42%. This decision has been taken at the backdrop of falling crude oil prices in the global market and lower demand during the lock-down.

Notes:
Union Defence Minister Rajnath Singh has recently approved the abolition of 9,304 posts in the Military Engineering Service. MES is a government Defence infrastructure development agency.
As per the recommendations of the Committee of Experts, headed by Lieutenant General Shekatkar, and the proposal of the Engineer-in-Chief of MES, the posts in the basic and industrial workforce have been scrapped, which will improve the combat capability and trim the defence expenditure.

Notes:
NITI Aayog and the Department of Biotechnology have launched the Consortium for Affordable & Rapid Diagnostics (CARD) project.
The project aims to scale up India’s capacity to make coronavirus testing kits. The primary goal is to manufacture at least 10 million rapid antibody tests for Covid-19 by July. It also aims to expand RT-PCR test kits in India. The announcement has come after quality issues faced with Chinese-made antibody testing kits.

Notes:
Moody’s Investors Service has recently projected India’s growth at zero per cent for the current fiscal 2020-21.
It had estimated a growth of 4.8 per cent for the last fiscal year. Last month the ratings agency estimated that the Indian economy would grow at 0.2 per cent. It had also provided a ‘Baa2’ rating for India, which represents moderate credit risk. It also said that India would regain its growth rate at 6.6 per cent in the 2021-22 fiscal.

Notes:
The government has recently raised its gross market borrowing target for the current financial year to Rs 12 lakh crore.
As per the latest budget estimate, the target was Rs 7.8 lakh crore for the current fiscal year. The increase in the target accounts for more than 50% increase from the estimate. The decision has been taken at the backdrop of the Covid-19 outbreak that has crippled the economy. Lower tax collections and the fiscal stimulus required are the reasons for the increased borrowing.

Notes:
On 8 and 9 May every year, the United Nations commemorates the millions who lost their lives during the Second World War. The World War-II led to the formation of the United Nations.
The commemoration to pay tribute to all victims is officially called the “Time of Remembrance and Reconciliation for Those Who Lost Their Lives during the Second World War”. It was created by a General Assembly resolution in 2004.

Notes:
The World Migratory Bird Day is celebrated on May 9 every year, across the world. The theme of the World Migratory Bird Day 2020 is ‘Birds Connect Our World’.
The day is celebrated to raise awareness about conservation and ecological importance of migratory birds in the global ecosystem. The day was first introduced in the year 2006 and since then several awareness events and bird watching events for bird enthusiasts will be conducted on the day.