22nd July, 2021 – Daily News

Topics covered – first high court in India , Loan Guarantee Scheme for Covid Affected Sectors , Inland Vessels Bill, 2021 , ₹6,322 crore Production-Linked Incentive (PLI) Scheme for Specialty Steel , 100% FDI in public sector refiners, ‘One Block, One Product’ scheme, investment conclave , integrated multipurpose infrastructure development corporation , Meghalaya Youth Policy 2021 , transgender students, Medium Range Surface to Air Missile , New Generation Akash , bilateral Passage Exercise (PASSEX) , S-500 air defence missile systems, world’s fastest maglev train (magnetic levitation train), first human passenger space flight, G20 Environment and Energy Ministers , ‘2021 Investment Climate Statements: India’ report, Insolvency and Bankruptcy Board of India , Optima Secure, Industrial Outlook Survey (IOS): July-September 2021, Services and Infrastructure Outlook Survey (SIOS)–Q2:2021-22, world’s first crypto exchange , NSDL Payments Bank , ‘Kerala Bank Samagra’ , Prime Minister of Haiti, UN tax committee , Space Exploration Day , World Fragile X Awareness Day , NC World Masters – Sparkassen Chess Trophy, The Stranger In The Mirror, India Inequality Report 2021: India’s Unequal Healthcare Story

Bulletins

  1. Gujarat High Court has become the first high court in India to begin live-streaming of court proceedings publicly for ensuring transparency and openness in the Indian judiciary.
  2. Union Cabinet has released the guidelines for Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) in the healthcare sector (announced in June by Finance Minister).
  3. The Inland Vessels Bill, 2021 was introduced in Lok Sabha to replace the Inland Vessels Act, 1917.
  4. Union cabinet has approved a ₹6,322 crore Production-Linked Incentive (PLI) Scheme for Specialty Steel to attract investments of around ₹40,000 crore.
  5. Central govt has launched a web portal www.pmcaresforchildren.in for registering children who are orphaned due to Covid-19.
  6. Union Cabinet has allowed a 100% FDI in public sector refiners, expanding the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL).
  7. Haryana govt has launched ‘One Block, One Product’ scheme to encourage and promote small industries in the rural areas.
  8. Tamil Nadu government has signed 35 MoU worth Rs 17,141 crore with an employment potential of 55,054 during an investment conclave in Chennai.
  9. Union Cabinet has approved the setting up of an integrated multipurpose infrastructure development corporation for the Union territory of Ladakh.
  10. Meghalaya has approved the Meghalaya Youth Policy 2021 to skill development of the youth in the state.
  11. Kerala government has removed the upper age limit for transgender students in the State universities and its affiliated arts and science colleges.
  12. Bharat Dynamics Ltd has developed Medium Range Surface to Air Missile (MRSAM) for the Indian Air Force.
  13. Bharat Dynamics Ltd has developed Medium Range Surface to Air Missile (MRSAM) for the Indian Air Force.
  14. Indian Navy participated in a two-day bilateral Passage Exercise (PASSEX) with UK’s Royal Navy Carrier Strike Group (CSG)-21, led by HMS Queen Elizabeth, in the Bay of Bengal from July 21 to 22.
  15. Russia has successfully test-fired its new S-500 air defence missile systems (built by Almez-Antey) at a southern training range and hit a high-speed ballistic target.
  16. Russia has successfully test-fired its new S-500 air defence missile systems (built by Almez-Antey) at a southern training range and hit a high-speed ballistic target.
  17. New Shephard rocket system, built by Blue Origin (space exploration company of Amazon founder Jeff Bezos), has completed first human passenger space flight.
  18. G20 Environment and Energy Ministers have conducted a meeting in Naples, Italy.
  19. US has released the ‘2021 Investment Climate Statements: India’ report.
  20. Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations.
  21. HDFC ERGO General Insurance has launched Optima Secure, a new health indemnity health insurance policy.
  22. RBI has launched the 95th round of its quarterly Industrial Outlook Survey (IOS): July-September 2021.
  23. RBI has launched the 30th Round of quarterly Services and Infrastructure Outlook Survey (SIOS)–Q2:2021-22.
  24. Biteeu India has become the world’s first crypto exchange with multi-signature and backup in space.
  25. NSDL Payments Bank has partnered with Multilink to boost the banking facilities in rural and semi-urban areas in the country.
  26. U GRO Capital (an NBFC) has partnered with Bank of Baroda for co-lending to the MSME sector.
  27. Kerala Bank has launched ‘Kerala Bank Samagra’ loan scheme for the infrastructure development of Primary Agricultural Credit Cooperatives (PACS).
  28. Ariel Henry has been appointed as the new Prime Minister of Haiti.
  29. Rasmi Ranjan Das has become a part of the distinguished group of 25 tax experts that have been selected as members of the UN tax committee for the 2021 to 2025 term.
  30. Space Exploration Day is observed on July 20 to commemorate the first time man set foot on the moon in 1969 under Mission Apollo 11.
  31. World Fragile X Awareness Day is observed on July 22 to create awareness about the Fragile X disease.
  32. Vishwanath Anand has won the NC World Masters – Sparkassen Chess Trophy held in Germany.
  33. Filmmaker Rakeysh Omprakash Mehra has penned down his autobiography “The Stranger In The Mirror”.

Table of Content

National News

  1. Gujarat High Court has become the first high court in India to begin live-streaming of court proceedings publicly for ensuring transparency and openness in the Indian judiciary.
      • Chief Justice NV Ramana had launched the live streaming of Gujarat High Court proceedings and also released the Gujarat High Court (Live Streaming of Court Proceedings) Rules, 2021.
  2. Union Cabinet has released the guidelines for Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) in the healthcare sector (announced in June by Finance Minister).
      • The total LGSCAS outlay is Rs 1.1 lakh crores (Rs 50,000 crores for healthcare sector + Rs 60,000 crores for other covid affected sectors).
      • The financial guarantee cover will be provided for brownfield expansion and greenfield projects related to health/ medical infrastructure.
      • The Scheme would be applicable to all eligible loans sanctioned up to 31.03.2022, or till an amount of Rs. 50,000 crore is sanctioned, whichever is earlier.
Areas To build infrastructure across the country, from metro cities to tier V and VI towns as well as rural areas.
Targets Building infrastructure for the following:
⚬ Additional hospital beds,
⚬ ICUs,
⚬ Diagnostic centres,
⚬ Diagnostic centres,
⚬ Telephone or internet based medical advice and supervision,
⚬ Testing facilities and supplies,
⚬ Cold chain facilities for vaccines,
⚬ Modem warehousing for medicines and vaccines,
⚬ Isolation facilities for triage,
⚬ Ramping up of production of ancillary supplies such as syringes and vials etc.
Guarantee ⚬ 50% for brownfield projects and 75% for greenfield projects up to Rs.100 crore.
⚬ These projects should be set up at urban or rural locations other than 8 Metropolitan Tier 1 cities.
⚬ For aspirational districts, the guarantee cover for both brownfield expansion and greenfield projects shall be 75%.
  1. The Inland Vessels Bill, 2021 was introduced in Lok Sabha to replace the Inland Vessels Act, 1917.
      • The Act provides for the regulation of inland vessel navigation by states including the registration of vessels, and safe carriage of goods and passengers.
      • The Bill seeks to introduce a uniform regulatory framework for inland vessel navigation across the country.
  2. Union cabinet has approved a ₹6,322 crore Production-Linked Incentive (PLI) Scheme for Specialty Steel to attract investments of around ₹40,000 crore.
      • The aim is to help India specialty steel production reach 42 million tonnes (MT) by 2026-27 from 18 MT at present.
      • Specialty steels – also referred to as alloy steel – contain additional alloyed materials that deliver special properties to the final product.
      • Tenure of the scheme – 2023-24 to 2027-28
      • Budget – ₹6,322 crore
      • Target – investment of ₹40,000 crore and capacity addition of 25 MT
      • Employment generation – 5,25,000 people of which 68,000 will be direct employment
      • There are 3 slabs of PLI incentives, the lowest being 4% and highest being 12%, which has been provided for electrical steel.
      • So far, ₹1.97 trillion worth of PLI schemes have been launched for 13 sectors.
      • Specialty steel has been chosen as the target segment because out of the production of 102 million tonnes steel in India in 2020-21, only 18 million tonnes value added steel/specialty steel was produced in the country.
      • Apart from this, out of 6.7 million tonnes of steel imports in the 2020-21, about 4 million tonnes was of specialty steel worth ₹30,000 crore.
      • This scheme will ensure that speciality steel worth about ₹2.5 trillion will be produced and consumed in the country.
      • India’s export of specialty steel will become around 5.5 million tonnes as against the current 1.7 million tonnes of specialty steel worth ₹33,000 crore.
PLI Scheme
PLI Scheme Benefits
  1. Central govt has launched a web portal www.pmcaresforchildren.in for registering children who are orphaned due to Covid-19.
      • The registered children will be able to get the benefit of PM-Cares Fund for Children scheme.
  2. Union Cabinet has allowed a 100% FDI in public sector refiners, expanding the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL).
      • Central govt has 52.98% stake in BPCL.
100% FDI in public sector

State News

  1. Haryana govt has launched ‘One Block, One Product’ scheme to encourage and promote small industries in the rural areas.
      • Under the scheme, the state government plans to connect every block of the state with some industrial vision and the government is working expeditiously on this scheme.
  2. Tamil Nadu government has signed 35 MoU worth Rs 17,141 crore with an employment potential of 55,054 during an investment conclave in Chennai.
  3. Union Cabinet has approved the setting up of an integrated multipurpose infrastructure development corporation for the Union territory of Ladakh.
      • It will work as the main construction agency for infrastructure development in the region.
      • It will also work to promote industry, tourism and marketing of local products and handicraft and undertake transport activities.
      • The cabinet also approved a plan to establish a central university in Ladakh at a cost of ₹750 crore.
  4. Meghalaya has approved the Meghalaya Youth Policy 2021 to skill development of the youth in the state.
      • Drafted by the Sports and Youth Affairs Department, Government of Meghalaya, the policy is in sync with the government’s vision for the state to transform Meghalaya to be amongst the top 10 states in 10 years in GSDP per capita and SDG ranking.
  5. Kerala government has removed the upper age limit for transgender students in the State universities and its affiliated arts and science colleges.
      • Kerala was the first State in the country to announce a transgender policy in 2015.

Defence News

  1. Bharat Dynamics Ltd has developed Medium Range Surface to Air Missile (MRSAM) for the Indian Air Force.
      • BDL has also flagged off the first missile of the first firing unit of MRSAM for delivery to the Indian Air Force.
      • The MRSAM has been developed by DRDO and Israel Aerospace Industries.
      • MRSAM has a range of 70 km.
  2. DRDO has successfully flight tested the New Generation Akash (Akash-NG) missile from the Integrated Test Range, Chandipur, off the Odisha coast.
      • Once deployed, the Akash-NG weapon system will prove to be a force multiplier for the air defence capability of the Indian Air Force.
      • Earlier this month, Bharat Dynamics Limited (BDL) has signed a contract worth about Rs 499 crore with the Ministry of Defence for the manufacture and supply of Akash missiles to the Indian Air Force.
  3. Indian Navy participated in a two-day bilateral Passage Exercise (PASSEX) with UK’s Royal Navy Carrier Strike Group (CSG)-21, led by HMS Queen Elizabeth, in the Bay of Bengal from July 21 to 22.

International News

  1. Russia has successfully test-fired its new S-500 air defence missile systems (built by Almez-Antey) at a southern training range and hit a high-speed ballistic target.
      • The S-500 is expected to have a maximum firing range of 600 kilometres.
      • It is the most advanced anti-missile system in the world and is capable of countering attacks from space.
      • The first S-500 system will also be known as Prometheus and the Triumfator-M.
      • Recently, Russia had carried out another successful test of its Zircon hypersonic cruise missile.
  2. China has unveiled the world’s fastest maglev train (magnetic levitation train) capable of a top speed of 600 kph.
  3. New Shephard rocket system, built by Blue Origin (space exploration company of Amazon founder Jeff Bezos), has completed first human passenger space flight.
      • The rocket was launched from Blue Origin’s Launch Site One in West Texas.
      • The flight carried four people which includes Jeff Bezos.
      • July 20 marks the 52nd anniversary of Apollo 11 mission.
      • Sanjal Gavande (Indian born engineer) was part of the team that developed the New Shephard. The rocket has been named after NASA astronaut Alan Shepherd (the first American to go into space).
  4. G20 Environment and Energy Ministers have conducted a meeting in Naples, Italy.

Reports & Indices

  1. US has released the ‘2021 Investment Climate Statements: India’ report.
      • As per the report, India remains a challenging place to do business.
      • The report also mentions the removal of the special constitutional status from the state of Jammu and Kashmir and the passage of the Citizenship Amendment Act (CAA).
      • Problems in India – New protectionist measures, including increased tariffs, procurement rules that limit competitive choices, sanitary and phytosanitary measures not based on science, and Indian-specific standards not aligned with international standards, effectively closed off producers from global supply chains and restricted the expansion in bilateral trade.

Banking & Economy

  1. Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations.
      • Purpose – to bring more transparency in the insolvency process and enhancing “the discipline, transparency, and accountability in corporate insolvency proceedings”.
      • Now, a resolution professional will be required to provide details about his or her opinion about avoidance transactions pertaining to a corporate debtor.
      • Avoidance transactions – Whenever a person is declared as insolvent, certain transactions undertaken during the process of insolvency or even before that are avoided to overturn their effects on the finances of the corporate debtor.
      • IBBI mandates the Resolution Professional (RP) to file Form CIRP 8 electronically, providing the details of his opinion and determination in respect of avoidance transactions. CIRP – Corporate Insolvency Resolution Process.
      • The amendment provides that the IRP/RP may appoint a professional, other than registered valuers, if he is of the opinion that the services of such professional are required and such services are not available with the CD.
      • Earlier, under the insolvency regulations, an interim resolution professional or a resolution professional may appoint any professional, including registered valuers, to assist him in discharge of his duties in conduct of the CIRP.
      • The amendments have come into effect from July 14.
  2. HDFC ERGO General Insurance has launched Optima Secure, a new health indemnity health insurance policy.
      • The product has the Secure, Plus, Protect, and Restore variants.
      • The policy offers four distinct features:
        • Secure Benefit – doubles the insurance cover instantly and automatically on purchase of the policy;
        • Plus benefit – increases the base coverage automatically by 50% after 1 year and to 100% after 2 years, even if there is a claim;
        • Restore Benefit – if you run out of coverage, the policy will restore your base coverage up-to 100% and
        • Protect benefit – ensures Zero deduction on consumables and listed non-medical expenses.
      • These features almost increases the insured amount 4 times at no additional charge while guaranteeing coverage for listed non-medical expenses.
  3. Note: The features are for information purpose only.

  4. RBI has launched the 95th round of its quarterly Industrial Outlook Survey (IOS): July-September 2021.
      • The survey assesses business sentiment for the current quarter (Q2:2021-22) and expectations for the ensuing quarter (Q3:2021-22).
      • The parameters of assessment in this survey are demand conditions, financial conditions, employment conditions and the price situation.
      • M/s Genesis Management & Market Research Pvt. Ltd. has been authorised to conduct the survey for July-September 2021 on behalf of the Reserve Bank.
  5. RBI has launched the 30th Round of quarterly Services and Infrastructure Outlook Survey (SIOS)–Q2:2021-22.
      • M/s Genesis Management & Market Research Pvt. Ltd. has been authorised to conduct the survey on behalf of the Reserve Bank.
      • It assesses the business sentiment in services and infrastructure sector.
  6. Biteeu India has become the world’s first crypto exchange with multi-signature and backup in space.
      • For this, the Biteeu India partnered with SpaceChain.
      • The company launched its digital security infrastructure into space onboard a SpaceX Falcon 9 rocket under the rideshare program.
      • The space node is attached to YAM-2 satellite onboard the Falcon 9 rocket. SpaceChain has developed the space node for Biteeu India.
  7. NSDL Payments Bank has partnered with Multilink to boost the banking facilities in rural and semi-urban areas in the country.
      • Multilink is one of India’s fastest-growing fintech companies with a network of 1,00,000+ agents spread across India.
      • Both organizations will build agent points across India, and also provide banking facilities to rural and urban areas through NEO banking systems.
  8. U GRO Capital (an NBFC) has partnered with Bank of Baroda for co-lending to the MSME sector.
      • The co-lending is done under the Pratham program.
      • Pratham is a ₹1,000 crore co-lending program that will allow the MSMEs to avail of customized lending solutions at a competitive interest rate with a significant reduction in turnaround time.
      • The loan amount ranges from ₹50 lakh to ₹2.5 crore to be offered at an interest rate starting from 8% with a maximum tenure of 120 months.
  9. Kerala Bank has launched ‘Kerala Bank Samagra’ loan scheme for the infrastructure development of Primary Agricultural Credit Cooperatives (PACS).

Appointments

  1. Ariel Henry has been appointed as the new Prime Minister of Haiti.
  2. Rasmi Ranjan Das has become a part of the distinguished group of 25 tax experts that have been selected as members of the UN tax committee for the 2021 to 2025 term.
      • These experts are from around the world.
      • The committee, formally known as the UN Committee of Experts on International Cooperation in Tax Matters, guides countries’ efforts to advance stronger and more forward-looking tax policies adapted to the realities of globalised trade and investment, an increasingly digitalised economy and worsening environmental degradation.
      • Das is a Joint Secretary at the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance.
      • The first meeting of the new membership of the Committee will take place in October 2021.

Important Days

  1. Space Exploration Day is observed on July 20 to commemorate the first time man set foot on the moon in 1969 under Mission Apollo 11.
  2. World Fragile X Awareness Day is observed on July 22 to create awareness about the Fragile X disease.
      • Fragile X is a genetic disease inherited from the parents to their children that causes developmental and intellectual disabilities.

Sports

  1. Vishwanath Anand has won the NC World Masters – Sparkassen Chess Trophy held in Germany.

Miscellaneous

  1. Filmmaker Rakeysh Omprakash Mehra has penned down his autobiography “The Stranger In The Mirror”.
      • AR Rahman wrote the foreword and Aamir Khan wrote the afterword for the book.
  2. Addition to the Oxfam India’s Inequality Report mentioned in the July 21, 2021 current affairs document.
    A) Oxfam India’s “India Inequality Report 2021: India’s Unequal Healthcare Story”.

    • The report assessed the situation of inequality across various dimensions such as class, caste, religion, gender, and region.
    • The report is based on NHFS-3, NHFS-4, and National Sample Survey.
Parameters General SC /ST Religion
Women Literacy Higher Lower Highest in Sikhs, Christians, followed by Hindus, and Muslims.
Sanitation Higher Access Lower -
Share of Institutional Deliveries Higher Lower Higher in Hindu population than Muslim.
Immunisation Higher Lower (particularly in ST) Higher in Hindus than Muslims.
Life Expectancy Higher Lower Top 20% rich – 72.7 years Bottom 20% poor – 65.1 years

Start Quiz of 22nd July 2021

Q.1) The Production-Linked Incentive (PLI) Scheme for Specialty Steel aims to increase India’s exports of speciality steel to ____ million tonnes as against the current 1.7 million tonnes of specialty steel?
Q.2) How much FDI has been allowed in the Public Sector Undertakings in Oil sector by the Central Govt?
Q.3) Which state has launched ‘One Block, One Product’ scheme to encourage and promote small industries in the rural areas?
Q.4) Recently Union Cabinet has approved the setting up of an integrated multipurpose infrastructure development corporation for one of the following union territories. The corporation will work as the main construction agency for infrastructure development in the region. It will also work to promote industry, tourism and marketing of local products and handicraft and undertake transport activities. What is the name of the UT?
Q.5) Which state has removed the upper age limit for transgender students in the State universities and its affiliated arts and science colleges?
Q.6) Which company is developing the Medium Range Surface to Air Missile (MRSAM) for the Indian Air Force?
Q.7) Which country has unveiled the world’s fastest maglev train (magnetic levitation train) capable of a top speed of 600 kph?
Q.8) Which has become the world’s first crypto exchange with multi-signature and backup in space?
Q.9) When is the World Fragile X Awareness Day observed?
Q.10) Whose autobiography is titled as “The Stranger In The Mirror”?
CEO of Anujjindal.in


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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