BrainBuzz Academy Banking Current Affairs - 17-Apr-20 TABLE OF CONTENTS A.. IInternatiionall Rellatiions 1.. Exports declliined by 34..57% iin March & 4..78% iin FY20;; Q1 FY21 remaiin slluggiish 2.. Asiia to stallll at 0% growth iin 2020 for 1st tiime iin 60 years:: IIMF 3.. IInternatiionall Weiightlliiftiing FederatiionIIWF Presiident Tamas Ajjan resiigns B.. Natiionall 1.. Narendra Siingh Tomar chaiirs the Natiionall Conference on Khariif crops 2020 by viideo conference 2.. MS Sahoo Panell proposed Natiionall IInstiitute of Valluers for iinstiitutiionall framework for valluers 3.. ““Suraksha Stores”” and ““Suraksha Ciirclle”” under PPP mode amiid COVIID--19 llockdown by GOII 4.. HDFC Bank llaunches Safety Griid campaiign to reiiterate sociiall diistanciing 5.. Centrall Government unveiills PUSA decontamiinatiion,, saniitiiziing tunnell C.. Sports 1.. BCCII suspends IIPL 2020 iindefiiniitelly due to Coviid--19 pandemiic D.. Deaths 1.. Comedy Cllassiic ‘‘Khubsoorat’’ actor Ranjjiit Chowdhry passed away at 65 iin the US E.. Appoiintments and Resiigns 1.. IIndiia’’s Liimiited--overs viice--captaiin Rohiit Sharma becomes brand ambassador for ““CriicKiingdom”” 2.. Ajjay Mahajjan appoiinted MD & CEO of CARE Ratiings 3.. Chiina relleases 4th Asiian Para Games 2022 mascot as ‘‘Feii Feii’’ biird 4.. Viiswanathan Anand jjoiins WWF IIndiia as ambassador F.. IImportant Days 1.. Worlld Haemophiilliia Day:: 17 Apriill G.. Other States 1.. Chhattiisgarh govt llaunches ‘‘Cghaat’’ websiite for home delliivery Internatiionall Rellatiions Exports declined by 34.57% in March & 4.78% in FY20; Q1 FY21 remain sluggish • In accordance with the figures released by the Ministry of Commerce and Industry, Indian exports of goods decreased by 34.57% to $21.41 billion due to COVID-19 spread which has interrupted the production and supply chains. • The overall export for FY 2019-20 declined by 4.78% to $314.31 billion. • This is likely to be the steepest fall in monthly exports since 2008-09, when shipments dipped by 33.3% in March 2009. • The COVID-19 not only affected exports but it impacted imports also as in March 2020 they were severely declined by 28.72% to $31.16 billion which resulted in overall FY 19-20 import declined by 9.12% to $467.19 billion. • The downward revision in March was the steepest decline since November 2015, when imports 9.12% to $467.19 billion. • The downward revision in March was the steepest decline since November 2015, when imports declined by 30.26%. Fallll iin exports iin March 2020: • Petroleum products, readymade garments, engineering goods, gems and jewellery, leather products, coal and other minerals, plastic and linoleum, carpets and handicrafts. Export of agricultural commodities such as oil meals, meat and poultry, dairy products, tea and other cereals also posted a steep decline during the month. Fallll iin export iin FY 19-20: • Petroleum (8.10 per cent), handicrafts (2.36 per cent), cotton yarn/fabrics (10.67 per cent), engineering (5.87 per cent), gems and jewellery (11 per cent) and leather (9.64 per cent). Tea, coffee, rice, tobacco and cashew sectors too recorded negative growth in 2019-20. Fallll iin iimport iin FY 19-20: • Gold, silver, electronic goods, transport equipment, machine tools, iron and steel, coal, petroleum and chemicals. About Miiniistry of Commerce and Industry: Uniion Miiniister : Piyush Goyal Miiniister of State (MoS) Commerce and Industry : Hardeep Singh Puri, Som Parkash Asia to stall at 0% growth in 2020 for 1st time in 60 years: IMF • International Monetary Fund’s (IMF) report titled ‘COVID-19 Pandemic and the Asia-Pacific Region: Lowest Growth Since the 1960s’ stated that Asia will stall at 0% growth in 2020 for the 1st time in 60 years which includes the Global Financial Crisis (4.7%) and the Asian Financial Crisis (1.3%). • It also stated that the region will be “severe and unprecedented“ due to the impact of the pandemic & Asia is still doing better than other regions in terms of activity. • The global economy is expected to shrink by 3%, which is the worst recession since the Great Depression & Asia’s key trading partners are expected to shrink sharply including the United States by 6 % and Europe by 6.6 %. • It expects a 7.6% expansion in Asian economic growth in 2021 on the assumption that it contains a successful policy implementation with a highly uncertain outlook. • Downward revision are considered ranging from 3.5% points in the case of Korea to over 9% points in the case of Australia, Thailand and New Zealand. • IMF in its latest edition has placed India & China as the fastest-growing emerging economies of the world with a positive growth rate in 2020, where China’s economy is expected to grow by 1.2% in 2020, from 6.1% growth (2019) & is expected to rebound later in 2020, with growth expected to rise to 9.2% 2021. About Internatiionall Monetary Fund (IMF): About Internatiionall Monetary Fund (IMF): Formatiion: 27 December 1945 Purpose: Promote international monetary co-operation, facilitate international trade, foster sustainable economic growth, make resources available to members experiencing balance of payments difficulties. Headquarters: Washington, D.C. U.S. Members: 189 countries Managiing Diirector: Kristalina Georgieva Chiief Economiist: Gita Gopinath International Weightlifting FederationIWF President Tamas Ajan resigns • International Weightlifting Federation (IWF) President Tamas Ajan, 81 years old, resigned in the wake of allegations of corruption and doping violations. The IWF Executive Board accepted the resignation of the IWF president. Ursula Papandrea will be the acting president of IWF. • He is from Hungary, had been at the IWF since 1976, serving 24 years as general secretary and 20 years as president. • The IWF thanks Tamas Ajan for more than 4 decades of service to weightlifting and most notably for his work in recent years to ensure an anti-doping programme which meets the standards of the IOC (International Olympic Committee) and WADA (World Anti-Doping Agency). About IWF: Headquarters : Budapest, Hungary. Natiionall Narendra Singh Tomar chairs the National Conference on Kharif crops 2020 by video conference • The Union Minister of Agriculture and Farmers’ Welfare, Shri Narendra Singh Tomar has said that all States should aim to achieve the kharif target and doubling of farmers’ income should be taken up in mission mode. • Addressing the National Conference on Kharif crops 2020 through video conference, he assured the States that the Government of India will remove any obstacles that the States are facing. States that the Government of India will remove any obstacles that the States are facing. • The main aim of the National Kharif Conference was to discuss various issues and list out steps in consultation with the States about preparedness for Kharif cultivation in view of the lockdown situation. • Shri Tomar said that the extraordinary situation due to the Coronavirus has to be met with a fighting spirit by the Agriculture sector and everyone has to rise to the occasion and perform. • He said the Prime Minister Shri Narendra Modi has ensured that “Goan, Garib aurKisan” (Village, Poor and Farmers) do not suffer during this crisis. Shri Tomar urged the states that the two schemes, - PM Fasal Bima Yojana and Soil Health Card scheme, should be explained to each farmer. • All India Agri Transport Call Centre has been started to ensure that Agriculture is not affected due to the lockdown. He also asked them to use e-NAM extensively. • The State Action Plan (SAP) format for advance planning and implementation of the National Food & Nutritional Security Mission (NF & NSM) has been simplified and reduced about 1 page so that states can prepare SAPs and then submit them to the Government after the approval of the competent authority. • Under the PM-AASHA scheme the Minimum Support Price (MSP) will be fixed at a level at least 2 times the cost of production also,“ Per drop more crop” being done under the Pradhan Mantri Krishi SinchayeeYojana(PMKSY) • Food grain production target at record 298.0 million tonnes for 2020-21 crop year The target of food grains production for FY 2020-21 has been fixed at 298.0 million tonnes, whereas in FY 2019-20 it was anticipated to be about 292 million tonnes against the expected 291.10 million tonnes mainly due to enhancement of area coverage and productivity of various crops. MS Sahoo Panel proposed National Institute of Valuers for institutional framework for valuers • The government-appointed 8 member committee of experts headed by IBBI (Insolvency and Bankruptcy Board of India) Chairperson M S Sahoo has submitted a report on “valuation professionals” and proposed an institutional framework for valuers by setting up National Institute of Valuers (NIV). • In this regard the committee has submitted its report to the Government of India on March 31, 2020 along with Draft Valuers Bill, 2020, recommending to establish a National Institute of Valuers, which is now open for comments till May 14, 2020. • It should be noted that a valuer is a professional who carries out inspections in order to help determine the current market value of property and/or land. • NIV will act as a statutory body responsible for the development and the regulation of the valuation profession in India and registration and regulation of valuers, valuer institutes and valuation professional organisations (VPO). • An Establishment of dedicated cadre of valuers is needed, who would render valuation services, after registration with the NIV. • The proposed cadre of valuers (like chartered accountants, etc) will include both the current • The proposed cadre of valuers (like chartered accountants, etc) will include both the current practitioners and freshers wishing to have a career in valuation. • The members of the panel included Presidents of the three professional institutes – ICAI, ICSI and ICoAI; B Sriram, former MD & CEO of IDBI Bank; Prof. R Narayanaswamy, Professor, IIM Bangalore and Ajay Bahl, Founding Partner, AZB & Partners, a law firm.