Current Affairs Quiz - May, 2020

Notes:
The Union Minister announced ₹90,000 crore one-time liquidity injection for fund-starved DISCOMs. This will be used to pay the central public sector power generation companies, transmission companies, independent power producers and renewable energy generators.
PSUs Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) will infuse the liquidity by raising an amount of about ₹90,000 crore from the market against the receivables of DISCOMs. The state governments are expected to provide a guarantee for the fund.

Notes:
Union Finance Minister Nirmala Sitharaman recently proposed Rs 50,000 crore of liquidity by reducing the TDS and TCS rates for certain payments including interest, dividend, rent payments and other payments by non-individuals.
The rates of Tax Deduction at Source (TDS) for non-salaried payments made to residents and rates of Tax Collection at Source (TCS) for receipts will be reduced by 25 per cent of the existing rates. This reduction in rates will be effective from 14.05.2020 to 31.03.2021.

Notes:
The Khadi and Village Industries Commission (KVIC), a statutory organization under the Ministry of MSME is the implementing agency of ‘Prime Minister Employment Generation Programme (PMEGP).
After the Prime Minister announced to support the local products, KVIC announced a set of guidelines to fast-track the implementation of projects under the flagship program PMEGP. The concerned agencies will have to scrutinize the applications and forward it to banks within 26 days. It was also instructed to bring down the time frame to 15 days.

Notes:
The state of Kerala has commenced training for primary schoolteachers via its KITE Victers channel. Minister of General Education and Chief of Disaster Risk Reduction of UN Environment Programme (UNEP) addressed the inaugural classes.
More than 81,000 primary and upper primary teachers are expected to participate in this training exercise. Prior to this, the teachers were given training to use online and virtual facilities. Under this program, classes on social consciousness and social science will be held. Besides the channel, the programmes will be available on their website and KITE VICTERS mobile app.

Notes:
In the second tranche of the economic stimulus package, the Finance Minister proposed that the Government will launch a scheme under Pradhan Mantri Awas Yojana-PMAY.
The scheme aims at providing ease of living at affordable rent for migrant labour/urban poor. It proposes to convert government funded housing in the cities into Affordable Rental Housing Complexes (ARHC) under PPP mode. The scheme will also incentivize industries and State Government Agencies and Central Government Organizations to develop ARHCs and operate them.

Notes:
The United Nations recently released the World Economic Situation and Prospects report. As per the report, the global gross domestic product (GDP) is estimated to shrink by 3.2 per cent in 2020.
The report also estimated that India would grow by 1.2 per cent by 2020 due to the effect of the national lock-down. UN had already projected a lower growth rate of 4.1 per cent for the year 2019. The organisation also projected that India would slowly regain its growth rate and reach 5.5 per cent in the year 2021.

Notes:
Asian Infrastructure Investment Bank (AIIB) signed a USD 145 million agreement with the Government of India and West Bengal Government for a project.
The project aims to improve the irrigation services and flood management in the Damodar Valley Command Area in West Bengal. The total value of the project is over 413 million dollars and will benefit about 27 lakh farmers from five districts of the state.

Notes:
The National Disaster Management Authority (NDMA) has developed an online dashboard on the existing NDMA-GIS portal named ‘National Migrant Information System (NMIS)’.
The objective of launching this portal is to capture the information about movement of migrants and to enable them to transit across the states in a better manner. As per the communication from the Home Ministry, the portal equipped with a central repository will help in faster communication between the states.

Notes:
One among the stimulus measures announced by the Finance Minister was promoting the defence Production under its ‘Make in India’ initiative, as the foreign direct investment (FDI) limit was raised from 49% to 74% under the automatic route.
The Minister also announced that the government will notify a list of weapons and platforms that will not be imported and will only be purchased from domestic industries. Every year, this list will be expanded in consultation with the armed forces. It was also proposed to corporatize the Ordnance Factory Board.

Notes:
As a part of the economic stimulus package, the Union Finance Minister proposed that the Electricity distribution companies (Discoms) in the Union Territories (UTs) would be privatised.
As of now, Delhi is the only Union Territory which has private power Discoms namely Reliance Infrastructure’s BSES and Tata Power Delhi Distribution. Earlier, the draft amendments to the Electricity Act, 2003 were announced, which included the proposal of private participation in electricity distribution.