Current Affairs Quiz - May, 2020

Notes:
The World Health Organisation recently released its flagship annual report ‘Global Nutrition Report’. The report highlighted that India and 87 other countries are likely to miss the global nutrition targets by 2025.
It also revealed that India has the highest rates of domestic inequalities in malnutrition. India would miss targets for all four nutritional indicators including stunting among under-5 children, anaemia among women of reproductive age, childhood overweight and exclusive breastfeeding. It also said that 37.9% of children under 5 years are stunted and 20.8% are wasted.

Notes:
Ecowrap is the research report of India’s largest lender State Bank of India. Recently, SBI released its latest Ecowrap report.
It has revised the baseline fiscal deficit to 7.9 per cent of the revised GDP in FY21, which is more than double to its previous estimate. The report had earlier estimated the fiscal deficit as 3.5 % of GDP. The reason for the revision is due to the lower revenues and higher expenditure against the backdrop of Covid-19 pandemic.

Notes:
The Chief Minister of Maharashtra Uddhav Thackeray and eight other candidates were recently declared to be elected unopposed to the State Legislative Council.
Uddhav Thackeray, who was sworn in as the Chief Minister on November 28 last year, required to become a member of either Houses of the state legislature before May 27, 2020. The eight other candidates also include Council Deputy Chairperson Dr Neelam Gorhe among others. They would be officially sworn-in after the official notification is released.

Notes:
The Union Defence Minister Rajnath Singh has approved the launch of ‘Defence Testing Infrastructure Scheme (DTIS)’.
The outlay of the scheme is Rs.400 crore and the scheme would be implemented for a term of five years. The scheme aims to set up six to eight new test facilities in partnership with private industry and boost the domestic defence and aerospace manufacturing. The projects will be granted 75 percent funding from the government and the remaining will be borne by the SPVs.

Notes:
In the recent economic stimulus package, the Finance Minister announced that the government is taking steps to make India a global Maintenance, Repair and Overhaul (MRO) hub of aircraft.
As the aircraft component repairs and airframe maintenance is set to increase from Rs 800 crore to Rs 2,000 crore in three years, India can make use of the opportunity. Major engine manufacturers in the world are expected to set up engine repair facilities in India in future. The Minister also announced auctioning of six more airports on public-private partnership (PPP) basis.

Notes:
The parliament of Israel recently sworn in its new government led by the Prime Minister Benjamin Netanyahu and Benny Gantz.
Israel was functioning without a stable government for over 500 days and held three inconclusive elections. The law-makers of the country have approved the coalition of Netanyahu-Gantz. Benny Gantz was a former rival of Netanyahu. This step is expected to end the longest political crisis in the country’s history.

Notes:
The super-cyclone that has recently developed in the Bay of Bengal named ‘Amphan’, is claimed to be only the second super-cyclone faced by India in several decades.
According to the National Disaster Response Force (NDRF), as the cyclone developed into a severe cyclonic storm, massive evacuation of 1.1 million people, who are likely to be hit by the cyclone, would be carried out. Heavy rain and high-velocity winds are expected across coastal Odisha, West Bengal and Andaman & Nicobar Islands.

Notes:
The former executive of Walt Disney, who led the successful launch of the Disney streaming service, Kevin Mayer is set to become the chief executive officer of TikTok, the popular micro video sharing platform.
TikTok platform is owned by China-based ByteDance Technology. The appointment of Kevin Mayer will be made effective from June 1. He will also serve in the ByteDance as the Chief Operating Officer. Disney named a company veteran Rebecca Campbell to replace Mayer as head of the division led by him.

Notes:
Safe Harbour refers to the conditions under which income-tax authorities will accept the transfer price declared by the assessee without any scrutiny. This feature benefits the tax payers, especially in the services sector.
The Central Board of Direct Taxes (CBDT), the apex body under the Department of Revenue (Ministry of Finance) has recently notified changes in Safe Harbour Rules (SHR). As per the notification, the rates applicable from AY (Assessment Year) 2017-18 to 2019-20 will continue to apply for AY 2020-21.

Notes:
The United States recently announced that the country will withdraw from the major global treaty named Open Skies treaty. The 35-nation treaty allows unarmed surveillance flights over the territories of member countries.
US administration also highlighted that Russia has repeatedly violated the terms of the pact. It is expected that the US will pull out formally in six months, based on the withdrawal terms of the treaty. NATO allies and other countries have asked the US to remain in the treaty.