Current Affairs - May 23, 2020 Current Affairs

KKR invests Rs 11367 crore in Reliance Jio Platforms to buy a stake of 2.32 percent in a fully diluted basis. The deal is subject to regulatory and customary approvals. This is fifth global investment deal in last one month. Earlier, Facebook, Silver Lake, Vista Equity and General Atlantic invested in the Jio Platforms.

Public Sector Undertaking major Oil India Ltd informed that the Ministry of Environment, Forest and Climate Change gave environmental clearance for extension drilling and testing of hydrocarbons at 7 locations inside the Assam's Dibru-Saikhowa National Park from about 1.5 km distance outside the boundary of the forest with the help of the Extended Reach Drilling technology by which can reach the target depth of around 3.5 km beneath the surface of the National Park without carrying out any drilling activity inside the National Park .

The Reserve Bank of India on May 22, 2020 addressed the media and announced reduction in the Policy Repo Rate from 4.4% to 4%. The reverse repo rate was also reduced to 3.35 percent. The decision was taken by RBI's Monetary Policy Committee to maintain the accommodative stance. The GDP is expected to remain negative for 2020-21.

The Reserve Bank of India announced Rs.15,000 crore line of credit to the Export-Import Bank of India on 22 May. The move by RBI is to help the sagging foreign trade. EXIM Bank depends on foreign currency borrowings for its operations. The Bank has failed to raise the resources due to the COVID-19 pandemic.

Madhya Pradesh State Government is to launch Everybody will get employment scheme. The scheme will be inaugurated by Madhya Pradesh CM Shivraj Singh Chouhan through video conferencing. Under this scheme, Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) job cards will be distributed to the labourers.

US President Donald Trump recently announced about his plans to withdraw from the Open Skies Treaty signed with Russia after around 18 years. The treaty was signed in 2002 to enhance military transparency. President Trump claimed that Russia has not stuck to its role as per the deal. The treaty has 35 signatories.

In a bid to boost digital transactions and move towards a less-cash economy, the Central Board of Direct Taxes , a statutory authority functioning under the Department of Revenue in the Ministry of Finance, has exempted firms with a turnover of over 50 crore & engaged in business-to-business transactions, from the requirement of accepting payments only by e-payments facilities using debit cards powered by RuPay or BHIM-UPI.

World Day for Cultural Diversity for Dialogue and Development is observed on 21 May. The day celebrates the richness of the world's cultures and the essential role of intercultural dialogue for achieving peace and sustainable development. The day aims to promote culture and highlight the significance of its diversity as an agent of inclusion and positive change.

The Textiles Ministry recently announced that India has become the second largest manufacturer of Personal Protective Equipment body suits in just two months. The number one spot is ruled by China. The PPE body coveralls or suits are essential for protection against the COVID-19 especially for healthcare personnel.

Tata Power announced that its subsidiary Tata Power International Pte Ltd(TPIPL) has acquired a 10% stake in Adjaristsqali Netherlands BV(ABV) from the International Finance Corporation for USD 150,000. The increase in stake has increased TPIPL's shareholding in ABV to 50%.

International Day for Biological Diversity is observed on 22 May. The day to increase understanding and awareness of biodiversity issues. It calls people to re-examine human relationship to the natural world.The theme for 2020 International Day for Biological Diversity is "Our solutions are in nature". The theme emphasizes hope, solidarity, and the importance of working together at all levels to build a future of life in harmony with nature.

PM Narendra Modi & Chief Minister Mamata Banerjee jointly conducted the survey of areas affected by Cyclone Amphan on May 22, 2020. After conducting the aerial survey of the areas, PM Modi allocated Rs 1000 crore as immediate assistance to West Bengal to recover from its loses. The devastating Cyclone Amphan made landfall in West Bengal on May 20, 2020 and damaged several parts of the states including capital Kolkata.

A team of scientists of CSIRO (Commonwealth Scientific and Industrial Research Organisation )and Australia's national science agency, the Australian Institute of Marine Science and the University of Melbourne successfully discovered corals with increased heat tolerance which has potential to reduce the impacts of coral reef bleaching due to climatic change.

Researchers at the Indian Institute of Technology Guwahati have discovered a new method to help prevent or reduce short-term memory losses associated with Alzheimer's disease. In this method, the researchers used 'Trojan peptides' to arrest the aggregation of the neurotoxic molecules.

NTPC Ltd., the PSU under Ministry of Power, signed a Memorandum of Understanding with Oil and Natural Gas Corporation Limited (ONGC), the PSU under Ministry of Petroleum & Natural Gas on 22 May. The MoU aimed to set up a Joint Venture Company for the Renewable Energy business.

United Nations Children's Fund partnered with Bharti Airtel's Africa Arm to support the school children in the coronavirus affected areas and provide them access to remote learning and financial assistance to their families through mobile cash transfer.

The Federation of Indian Export Organisations(FIEO), apex body of exporters informed that Indian exports are expected to fall by 20% in the current fiscal, in value terms it will be around USD 50 to 60 billion due to COVID-19 pandemic.

The Government of Uttar Pradesh launched the 'Uttar Pradesh Startup Fund' to promote entrepreneurship among the youths of the state and Chief Minister Yogi Adityanath termed the MoU between the state and Small Industries Development Bank of India. At a function held in Lucknow Chief Minister of Uttar Pradesh, Yogi Adityanath handed over the first installment of Rs.15 crore to Small Industries Development Bank of India.

Vaccine manufacturer Bharat Biotech and Thomas Jefferson University of Philadelphia have signed an exclusive deal to develop a new vaccine candidate for COVID-19 at Jefferson with the support from the Department of Biotechnology, Bharat Biotech aims for human trials in early December 2020. This vaccine was developed in January 2020 at Infectious diseases expert Professor Matthias Schnell's lab and completed the preliminary tests in animal models. The mice which received the vaccine showed strong antibody response.

In the tribal-dominated Jhabua district of Madhya Pradesh , the women Rural Livelihood Mission started Didi Vehicle Service for rural women for the safe delivery and other emergency services. This vehicle service is completely free.Didi Vehicle Service: The women of Rural Livelihood Mission have started this service for 29 villages of 10 Gram Panchayats of Petlawad development block of Jhabua.