01st and 2nd May, 2021 – Daily News

Topics coveredCodex Committee on Spices and Culinary Herbs, Employees’ Deposit Linked Insurance Scheme, 2021, Direct Tax Vivaad Se Vishwas dispute resolution scheme, MACS 1407, G7 Digital and Technology Ministers meeting, World’s longest pedestrian suspension bridge, Global Forest Goals Report 2021, International Finance Corporation, $200 million Restore Fund, Chairman of Bajaj Auto, US’ Associate Attorney General, Porsche Tennis Grand Prix 2021, World Chess Championship. 

Bulletins

  1. 5th session of the Codex Committee on Spices and Culinary Herbs (CCSCH) was held virtually.
  2. Ministry of Labour has notified the new Employees’ Deposit Linked Insurance Scheme, 2021.
  3. Central government has extended the deadline for making payments under the Direct Tax Vivaad Se Vishwas dispute resolution scheme by two months till June 30, in light of the second wave of Covid-19 raging across India.
  4. Central govt has set a target of road construction of worth Rs.15 lakh crores in next two years.
  5. Central government has allowed utilisation of Members of Parliament Local Area Development Scheme (MPLADS) funds to setup oxygen manufacturing plants in government hospitals/dispensaries as a one-time measure till the end of FY22.
  6. Indian Scientists have developed a high-yielding and pest-resistant variety of soybean, called MACS 1407.
  7. G7 Digital and Technology Ministers meeting was held under the chairmanship of UK.
  8. World’s longest pedestrian suspension bridge has been built at Arouca in northern Portugal.
  9. Department of Economic and Social Affairs of the United Nations has released the inaugural “The Global Forest Goals Report 2021”.
  10. According to the Ministry of Petroleum and Natural Gas, India’s crude oil production fell by 5% and natural gas fell by 8% in 2020-21 due to low production.
  11. Decentro has partnered with ICICI Bank to offer customized business banking APIs to fintechs, startups, and corporates and e-commerce companies.
  12. Airtel Payments Bank has become the first payment bank in India to enable day end balance account limit to Rs 2 lakh, as per the new guidelines of RBI for PPI wallets.
  13. World Bank arm International Finance Corporation has given the fund of USD 40 million (about ₹290 crore) to Upgrad (online up-skilling platform), bringing down the promoters’ holding in the firm to 75%.
  14. Apple has launched a $200 million Restore Fund to remove 1 million metric tons of carbon dioxide annually from the atmosphere.
  15. The output of Core Sectors in India has declined by -7% in FY21.
  16. Niraj Bajaj has been appointed as the Chairman of Bajaj Auto.
  17. Vanita Gupta has become the First Indian-American to be appointed as the US’ Associate Attorney General.
  18. Srihari Nataraj (Indian swimmer) has created a national record in 50m backstroke while winning his second gold of the Uzbekistan Open Championship in Tashkent.
  19. Ashleigh Barty has won the singles at the Porsche Tennis Grand Prix 2021 (aka Women’s Stuttgart Open) held in Porsche-Arena, Stuttgart, Germany.
  20. Russian Chess grandmaster Ian Nepomniachtchi will face Norwegian chess Grandmaster Magnus Carlsen at the World Chess Championship in November 2021 in Dubai.
  21. Aakash Ranison (climate change activist) has launched e-book titled “Climate Change Explained – for one and all”.

Table of Content

National News

    1. 5th session of the Codex Committee on Spices and Culinary Herbs (CCSCH) was held virtually.
        • CCSCH has been established under Codex Alimentarius Commission (CAC).
        • CCSCH was formed in 2013 to develop standards for spices and culinary herbs in their dried and dehydrated state in whole, ground, and cracked or crushed form.
        • India is the host country and Spices Board of India (Ministry of Commerce and Industry) is the Secretariat for organising the sessions of the committee.

      About the Codex Alimentarius Commission (CAC):

        • It is an intergovernmental body established jointly by the UN’s Food and Agriculture Organisation (FAO) and the WHO in 1963, within the framework of the Joint Food Standards Programme.
        • The Secretariat of the CAC is hosted at FAO headquarters in Rome.
        • It was established to protect the health of consumers and ensure fair practices in the food trade.
        • It meets in regular session once a year alternating between Geneva and Rome.
        • Currently, it has 189 Codex Members.
    2. Ministry of Labour has notified the new Employees’ Deposit Linked Insurance Scheme, 2021.
        • Under the new scheme, the maximum sum assured has been increased from the existing Rs 6 lakh to Rs 7 lakh, and minimum sum assured will continue at Rs 2.5 lakh to member beneficiaries.
        • The hike in the maximum sum assured will be enforced immediately, while the provision of minimum sum assured of Rs 2.5 lakh will be applicable retrospectively from February 15, 2020.
        • Minimum assurance benefit of Rs 2.5 lakh will be extended to the family members of deceased employees who died while in service.
        • Formula to calculate the amount accrued to the beneficiaries – (Average monthly wages drawn during the preceding 12 months*35) + (50 per cent of the average PF balance during the last 12 months, subject to a ceiling of ₹1,75,000).
        • Irrespective of the formula, the minimum benefit will not be less than ₹2,50,000, if the employee has continuously worked for 12 months.

      Employees’ Deposit Linked Insurance Scheme, 1976:

        • The Central government introduced the Employees’ Deposit Linked Insurance Scheme in 1976 to provide income security to the family of a private sector employee after his/her death.
        • This life insurance scheme covers all active members of the employees’ provident fund.
        • For availing the insurance cover, employees need not contribute any amount. It is supported by a nominal contribution by the employer.
        • The Employees’ Provident Fund Act, 1952 allows some organisations to opt out from the EDLI scheme provided they meet some conditions.
        • In order to become eligible under this scheme, employees’ salaries should be Rs 15,000 per month.
    3. Central government has extended the deadline for making payments under the Direct Tax Vivaad Se Vishwas dispute resolution scheme by two months till June 30, in light of the second wave of Covid-19 raging across India.
    4. Central govt has set a target of road construction of worth Rs.15 lakh crores in next two years.
        • Ministry for Road Transport & Highways will achieve target of 40 kilometres per day of highways construction in current fiscal.
        • The Government has permitted 100% FDI in road sector.
    5. Central government has allowed utilisation of Members of Parliament Local Area Development Scheme (MPLADS) funds to setup oxygen manufacturing plants in government hospitals/dispensaries as a one-time measure till the end of FY22.
        • MPLADS scheme was launched in 1993. Rs 5 crore is provided to each Member of Parliament for development work in their constituencies.

Agriculture And Development

  1. Indian Scientists have developed a high-yielding and pest-resistant variety of soybean, called MACS 1407.
      • Scientists from MACS- Agharkar Research Institute, Pune, in collaboration with Indian Council of Agricultural Research, New Delhi have developed it.
      • Using the conventional cross breeding technique, scientists developed MACS 1407 which gives 39 quintals per hectare making it a high yielding variety.
      • It requires an average 43 days for 50% flowering and takes 104 days to mature from the date of sowing.
      • It has white coloured flowers, yellow seeds and black hilum. Its seeds have 19.81% oil content, 41% protein content and show good germinability.
      • It is suitable for rain-fed conditions of north- east India in the states of Assam, West Bengal, Jharkhand, Chhattisgarh and North-Eastern states.
      • Its seeds will be made available to farmers for sowing during the 2022 Kharif season.
high-yielding & pest-resistant variety of soybean, MACS 1407.

International News

  1. G7 Digital and Technology Ministers meeting was held under the chairmanship of UK.
      • Theme – ‘building back better’
      • The meeting was chaired by Oliver Dowden, Secretary of State for Digital, Culture, Media and Sport, of the Government of the United Kingdom.
      • From India, Ravi Shankar Prasad, Minister of Electronics and IT, attended the event.
      • 47th G7 summit will take place at Carbis Bay, Cornwall, UK on 11-13 June 2021.
  2. World’s longest pedestrian suspension bridge has been built at Arouca in northern Portugal.
      • The bridge is located inside the UNESCO-recognised Arouca Geopark.
      • It is 175 meters above the fast-flowing River Paiva.
World’s longest pedestrian suspension bridge

Reports & Indices

    1. Department of Economic and Social Affairs of the United Nations has released the inaugural “The Global Forest Goals Report 2021”.
        • The report assesses countries on their performance on six Global Forest Goals and 26 associated targets, all of which are voluntary and universal, under the United Nations Strategic Plan for Forests 2017–2030.
        • India has set the target to add 20,000 ha of forests and tree cover per year.
        • ‘Global Assessment Report on Biodiversity and Ecosystem Services’ of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) highlighted that 1 million species were at risk of extinction and that 100 million hectares of tropical forest were lost from 1980 to 2000.

United Nations Strategic Plan for Forests 2017–2030:

      • The first-ever UN Strategic Plan for Forests was adopted in 2017 and provides an ambitious vision for global forests in 2030.
      • The Strategic Plan features a set of six Global Forest Goals and 26 associated targets to be reached by 2030, which are voluntary and universal.
      • It includes a target to increase forest area by 3% worldwide by 2030, signifying an increase of 120 million hectares, an area over twice the size of France.
UN Released“The Global Forest Goals Report 2021”.
United Nations Strategic Plan for Forests

Banking & Economy

  1. According to the Ministry of Petroleum and Natural Gas, India’s crude oil production fell by 5% and natural gas fell by 8% in 2020-21 due to low production.
      • Crude oil production fell to 30.5 million tonnes in 2020-21 from 32.17 million tonnes a year back.
      • Natural gas production was at 28.67 billion cubic meters which is 8% less than 31.18 bcm output in 2019-20.
      • Due to the pandemic, India’s public and private sector refiners processed nearly 13% less crude oil at 221.7 million tonnes in 2020-21.
      • India is nearly 85% dependent on imports to meet its crude oil demand. It spent $61.9 billion in 2020-21 on import of 198.2 million tonnes of crude oil. However, this is less than the imports of 2019-20.
      • India recorded a third contraction in fuel demand on record in 2020-21 with demand falling over 9% due to coronavirus lockdown. It consumed 194.6 million tonnes of petroleum products in the year to March 31, down from 214.1 million tonnes in 2019-20.
  2. Decentro has partnered with ICICI Bank to offer customized business banking APIs to fintechs, startups, and corporates and e-commerce companies.
      • Decentro is a full-stack API banking platform.
  3. Airtel Payments Bank has become the first payment bank in India to enable day end balance account limit to Rs 2 lakh, as per the new guidelines of RBI for PPI wallets.
  4. World Bank arm International Finance Corporation has given the fund of USD 40 million (about ₹290 crore) to Upgrad (online up-skilling platform), bringing down the promoters’ holding in the firm to 75%.
      • Upgrad has recently secured a $120 million funding from Singaporean investor Temasek Holdings.
      • Bajaj Finance Limited has also received a debt investment of $150 million from International Finance Corporation (IFC).
  5. Apple has launched a $200 million Restore Fund to remove 1 million metric tons of carbon dioxide annually from the atmosphere.
      • It is a first-of-its-kind carbon removal initiative by Apple.
      • Apple aims to become carbon neutral across its entire value chain by 2030.
  6. The output of Core Sectors in India has declined by -7% in FY21.
      • Core sectors – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.
  7. According to OECD’s data, global foreign direct investment flows declined to a 15-year low i.e., 38% fall to reach $846 billion in 2020.
      • This represented only 1% of global gross domestic product, which is a level not seen since 1999.
      • China surpassed the United States last year as the leading destination for foreign investment in 2020.
      • India and Luxembourg, where many shell companies are legally registered, followed as top destinations for inflows.

Appointments

  1. Niraj Bajaj has been appointed as the Chairman of Bajaj Auto.
      • Rahul Bajaj will be the Chairman Emeritus.
  2. Vanita Gupta has become the First Indian-American to be appointed as the US’ Associate Attorney General.

Sports

  1. Srihari Nataraj (Indian swimmer) has created a national record in 50m backstroke while winning his second gold of the Uzbekistan Open Championship in Tashkent.
      • Nataraj clocked 25.11 seconds to bag the top prize in the FINA-accredited Olympic qualifying event.
      • Indian swimmers enjoyed a rich haul of 29 medals — 18 gold, seven silver and four bronze — in the meet.
  2. Ashleigh Barty has won the singles at the Porsche Tennis Grand Prix 2021 (aka Women’s Stuttgart Open) held in Porsche-Arena, Stuttgart, Germany.
      • She, along with Jennifer Brady of US, has also won the Double’s title.
      • She became the first Australian to win the singles final.
  3. Russian Chess grandmaster Ian Nepomniachtchi will face Norwegian chess Grandmaster Magnus Carlsen at the World Chess Championship in November 2021 in Dubai.

Miscellaneous

  1. Aakash Ranison (climate change activist) has launched e-book titled “Climate Change Explained – for one and all”.
  2. 400th birth anniversary of Guru Tegh Bahadur, ninth guru of Sikhism, has been celebrated.
  3. Soli Sorabjee (former Attorney General for India) has passed away.
  4. Octogenarian shooter Chandro Tomar, nicknamed ‘Shooter Dadi’, has passed away due to Covid-19.

Start Quiz of 01st and 2nd May 2021

Q.1) Where is the secretariate of Codex Alimentarius Commission located?
Q.2) How much is the maximum sum assured under the new Employees’ Deposit Linked Insurance Scheme, 2021?
Q.3) How much FDI has the govt allowed in the road sector?
Q.4) Which of the following institute has developed a high-yielding and pest-resistant variety of soybean, called MACS 1407?
Q.5) Which edition of the G7 Summit will take place in UK?
Q.6) On which river is the World’s longest pedestrian suspension bridge located?
Q.7) On how many Global Forest Goals does the Global Forest Goals 2021 Report assesses the performance of countries?
Q.8) Which company has launched a first-of-its-kind $200 million Restore Fund to remove 1 million metric tons of carbon dioxide annually from the atmosphere?
Q.9) Who has become the first Indian-American to be appointed as the US' Associate Attorney General?
Q.10) Who has won the singles at the Porsche Tennis Grand Prix 2021?
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About Anuj Jindal

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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 4 years of experience in the field of Education.

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