Current Affairs

21 May, 2021

International

Around 55 Million People Internally Displaced Worldwide at the end of 2020: IDMC Report

According to ‘2021 Global Report on Internal Displacement (GRID): Internal displacement in a changing climate’ released by Internal Displacement Monitoring Centre (IDMC), globally the number of people living in Internal displacement reached 55 Million at the end of 2020. More than 85%(~48 Million) were displaced due to conflict and violence, and around 7 million due to Natural disasters. Around 5 million new displacements were recorded in 2020, which is the highest in 10 years. The highest number of internally displaced people in 2020 was in China (5 Million), followed by Philippines & Bangladesh. The Internal Displacements is IDMC’s Global Annual Report

About Internal Displacement Monitoring Centre (IDMC)
Director – Alexandra Bilak
Headquarters – Geneva, Switzerland

India ranked 3rd, US 1st in Renewable Energy Country Attractiveness Index released by EY

India with a score of 66.2 has been ranked 3rd out of 40 countries in the 57th Renewable Energy Country Attractiveness Index (RECAI) – May 2021 – released by Ernst & Young Global Ltd (EY). The United States (US) topped the index, while China took the 2nd Rank. India has improved its rank from 4th (in 56th RECAI) to 3rd due to its exceptional performance in the Solar PhotoVoltaic (PV) sector. It’s Installed Solar PV capacity has increased to 39 GigaWatts (GW) in 2020. The Global Renewable Energy capacity investment increased by 2% to USD 303.5 Billion in 2020 despite the pandemic. It is the 2nd highest annual growth.

Rank

Country

RECAI Score

3

India

66.2

1

US

70.7

2

China

68.7

About Ernst & Young Global Ltd (EY)
Global Chairman & CEO – Carmine Di Sibio
Headquarters – London, United Kingdom (UK)

V Muraleedharan represents India at Summit on the Financing of African Economies 2021

Minister of State for External Affairs V Muraleedharan virtually represented India at the Summit on Financing of African Economies 2021 held at Paris, France on May 18, 2021. The event was held in a hybrid format (mix of in-person meetings & Video conferences) and was hosted by France.

Objective – To arrange financial resources for reviving the economy of African Continent, which has been affected by COVID-19.

Africa’s Economic Scenario
At the current rate of economic growth, the African continent may experience its First recession in 25 years in 2021. IMF has estimated that the African continent needs additional financing of upto USD 285 Billion during 2021-25 to step up the response to COVID-19 pandemic.
About Ministry of External Affairs
Union Minister – Subrahmanyam Jaishankar (Rajya Sabha – Gujarat)
Minister of State – V Muraleedharan (Rajya Sabha – Maharashtra)

National

Delhi Ranks 32, Mumbai Ranks 36 in Prime Global Cities Index of Knight Frank

The Knight Frank, London based International Property Consultant has released the Prime Global Cities Index Q1 2021, a valuation based on the prime residential prices in the local currency across more than 45 cities across the globe. Delhi has recorded a decline of 0.0% and dropped from 31st rank in Q4 2020 to 32nd rank in Q1 2021.There was a decline of 0.2% from Q1 2020 to Q1 2021. Mumbai recorded a decline of 0.1% and dropped from 35th rank in Q4 2020 to 36th rank in Q1 2021.There was a decline of 1.5% from Q1 2020 to Q1 2021. Bengaluru recorded a decline of 0.6% in prime residential prices and dropped from the 36th rank in Q4 2020 to the 40th rank in Q1 2021.There was a decline of 1.5% from Q1 2020 to Q1 2021.

Six Places added to India’s Tentative List of UNESCO World Heritage Sites

Minister of State (Independent Charge) for Culture Prahlad Singh Patel stated that 6 places have been added to India’s tentative list of UNESCO’s (United Nations Educational, Scientific and Cultural Organization) World Heritage sites. The sites were proposed by the Archaeological Survey of India (ASI). With addition of the 6 sites, UNESCO has 48 proposals in the tentative list of India.

Site

State

Maratha Military Architecture

Maharashtra

Temples of Kanchipuram

Tamil Nadu

Satpura Tiger Reserve

Madhya Pradesh

Hire Benkal-Megalithic Site

Karnataka

Bhedaghat-Lameta Ghat in Narmada Valley (referred as Grand Canyon of India)

Jabalpur district of Madhya Pradesh

Ganga Ghats – the Iconic Riverfront of the Historic City of Varanasi

Uttar Pradesh

Economy

Report on SSE by SEBI’s TG: Not Allowed Political, religious firms for SSE

A technical group(TG) on Social Stock Exchanges (SSEs), constituted by the Securities and Exchange Board of India (SEBI), has recommended not to allow the political and religious organizations, trade organizations, corporate foundations, infrastructure and housing companies (except affordable housing) to raise funds using SSE mechanism.
Background:
i.SEBI had constituted a TG on SSE in September 2020 under the chairmanship of Harsh Bhanwala, former chairman of NABARD.
ii.The TG made recommendations relating to – permitting participation of Social Enterprises on SSE, minimum reporting requirements, possible means/ mechanisms of raising finance etc.
Note – Before this, a Working Group (WG) on the SSE, chaired by Ishaat Hussain, submitted its report in June 2020.
About SSE:
i.SSE is a platform for listing social enterprise, voluntary and welfare organisations to raise capital.
ii.Social enterprise(SE) could be a non-loss, non-dividend paying company created and designed to address a social problem.

IDBI Bank Launches Digital LPS for MSME, Agri Borrowers

IDBI Bank Limited announced the launch of its fully digitised, end-to-end, Loan Processing System (LPS) for its Micro, Small & Medium Enterprises(MSME) and Agri products.
The platform is designed to incorporate knock-off criteria & credit policy parameters for superior underwriting standards.
About Industrial Development Bank of India (IDBI):
Chairman: MR Kumar
Managing Director(MD) and Chief Executive Director(CEO): Rakesh Sharma
Headquarters:Mumbai, Maharashtra
Tagline:Bank Aisa Dost Jaisa

India Became the 2nd Largest Insurtech Market in Asia Pacific Region – S&P Global Report

S&P Global Market Intelligence reported India as the 2nd largest insurance-technology (insurtech) market in Asia-Pacific(AP) region after China, as it accounts for 35 percent/$1.28 billion of the total venture capital ($3.66 billion) poured into the insurtech sector in the AP region so far.
About the S&P Global’s report:
i.Around 335 private insurtechs are operating in AP, in which 122 of them disclose fundraise, amounting to a total of USD 3.66 billion. Almost half of them are headquartered in India and China and have collectively attracted about 78 percent of the total investment.
ii.The report stated India as the world’s 3rd largest startup ecosystem, as it has at least 66 insurtech startups.
iii.Insurance premiums in India for the FY20, summed up to $107 billion, after growing at a compounded annual growth rate (CAGR) of 10 percent between FY15 and FY20.
About S&P Global:
Headquarters– New York, United States.
President and CEO – Douglas L. Peterson

HSBC India Launches 1st of its Kind DBS ‘HSBC SmartServe’ & ‘HSBC IntelliSign’

HSBC India has launched first-of-its-kind Digital Banking Solution(DBS) called HSBC SmartServe and HSBC IntelliSign to provide a quick, secure and seamless on-boarding process for its corporate customers.
About HSBC India:
Establishment – 1853
Headquarters – Mumbai, Maharashtra
CEO – Surendra Rosha

RBI Mandated PPIs Interoperability by March 2022; Increased the Limit from Rs 1 lakh to Rs 2 lakhs for Full-KYC PPIs

the Reserve Bank of India (RBI) mandated all licensed Prepaid payment instruments (PPIs) issuers to give the holders of full-KYC PPIs or mobile wallets such as Paytm, PhonePe and Mobikwik to be interoperable within FY22.
Background:
Under the Bi-monthly monetary policy in April 2021, to incentivise the migration of PPIs to full-KYC, the RBI proposed the following measures. Proposed to make interoperability mandatory for full-KYC PPIs Increase the limit of outstanding balance PPIs from Rs 1 lakh to Rs 2 lakh Proposed to allow the facility of cash withdrawal for full-KYC PPIs of non-bank PPI issuers (subject to a limit)

About RBI’s Regulations over PPIs in brief:
About Prepaid Payment Instruments (PPIs):
PPIs are payment instruments that facilitate the purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments.
PPIs are classified into 3 types such as, Closed System PPIs Semi-closed System PPIs, and Open System PPIs.

Sports

Barbora Strycova, former World No.1 doubles player retires from Tennis

Barbora Strycova, a 35-year old tennis player from Czech Republic announced retirement from Tennis. She has won 2 WTA singles titles and 31 doubles titles. The famous doubles player also won a Bronze Medal in the 2016 Rio Olympics. At the peak of her career, she was ranked WTA World No.1 in Doubles and World No. 16 in Singles.

Miscellaneous

BEML launches Minefield Marking Equipment Mk-II for Indian Army

BEML Ltd (formerly known as Bharat Earth Movers Ltd) launched the first prototype of Mechanical Minefield Marking Equipment Mk-II (MMME Mk-II) for the Indian Army. The equipment has been built on BEML TATRA 6X6, ‘Atmanirbhar’ product. It has been developed through Technology of Transfer (ToT) from Research & Development Establishment Engineers (R&DE Engineers), a lab of DRDO (Defence Research and Development Organisation). MMME Mk-II will help in marking the mine fields at a fast rate, semi-automatically with minimal human intervention. Post successful completion of trials, BEML is expected to receive orders for more than 55 systems from the Ministry of Defence.

i.BEML is a multi-technology schedule ‘A’ company under the Ministry of Defence

ii. As on March 31, 2021, Government holds 03% stake in BEML.
About BEML
Chairman & Managing Director – M.V. Rajasekhar
Headquarters – Bengaluru, Karnataka

ULA launches SBIRS Geo-5 missile warning satellite for US Space Force

United Launch Alliance (ULA) launched the Space-Based Infrared System Geosynchronous Earth Orbit Flight 5 (SBIRS Geo-5) into orbit for the United States Space Force (USSF). The satellite was launched aboard the Atlas V rocket from Cape Canaveral Space Force Station, Florida, USA. SBIRS Geo-5 is a missile warning satellite built by Lockheed Martin. It will help the US to prepare for any threatening missile attacks. It is USSF’s 5th SBIRS satellite, it will be part of a constellation that will contain 6 satellites. It is ULA’s 1st launch of 2021.

About United Launch Alliance (ULA)
President & CEO – Salvatore T. “Tory” Bruno
Headquarters – Centennial, Colorado, US
About United States Space Force (USSF)
Chief of Space Operations – John W. Raymond
Headquarters – Pentagon, Washington D.C., US

NASA’s Giant Webb Telescope Successfully Completes Pre-Launch Test

The world’s largest and most powerful space science telescope, James Webb Space Telescope, Successfully Completed its Pre-Launch Test by opening its iconic primary mirror for the last time it is on earth.
In the Final Test,the 6.5 meter mirror was commanded to fully expand and lock itself into place, to ensure that it will survive its million-mile (1.6 million kilometer) journey and is ready to discover the origins of the Universe.

NBA Created Social Justice Award, Named after Basketball Player – Kareem Abdul Jabbar

In May 2021, The National Basketball Association (NBA) announced an award named after the former American basketball player – Kareem Abdul-Jabbar called the Kareem Abdul-Jabbar Social Justice Champion Award to recognise players who are making strides in the fight for social justice.
i.Each NBA team are set to nominate one player for the award and from there, 5 finalists will be selected and finally one winner will be rewarded by the social justice award bearing Abdul-Jabbar’s name.
iiThe winner will receive $100,000 for the charity of his choice and the other four finalists will receive $25,000 apiece, also for charity.

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Daily Current Affairs | 25th September 2021

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