Current Affairs Daily Digest – March 25 2020
1. Cabinet approved the continuation of RoSCTL scheme from 1 April
The Union Cabinet chaired by Prime Minister Narendra Modi approved for continuation of Rebate of State and Central Taxes and Levies (RoSCTL) scheme from 1 April 2020. Until then, the scheme will be merged with the Remission of Duties and Taxes on Exported Products (RoDTEP). It is expected to make the textile sector competitive by rebating all taxes and levies that are currently not being rebated under any other mechanism.
2. ARCI developed technology to improve fuel efficiency of internal combustion engines
International Advanced Centre for Powder Metallurgy & New Materials (ARCI) developed ultrafast laser surface texturing technology. The technology can improve the fuel efficiency of internal combustion engines.
Laser surface micro-texturing offers precise control of the size and shape. The density of micro-surface texture features gains momentum as a way to control friction and wear. The special feature of the technology is a pulsating laser beam creates micro-dimples or grooves on the surface of materials in a very controlled manner.
3. IMF says COVID-19 might cause a global recession
The International Monetary Fund (IMF) reported that the COVID-19 pandemic will cause a global recession in 2020. The recession could be worse than the global financial crisis of 2008-2009. It is also expected that the world economic output should recover in 2021. The information was passed by the IMF Managing Director Kristalina Georgieva.
4. International Day of Solidarity with Detained and Missing Staff Members is observed on 25 March
International Day of Solidarity with Detained and Missing Staff Members is observed on 25 March. The day ais to remember the fallen personnel who served for the cause of peace in a violent world. Since the United Nations’ founding, over 3,500 brave men and women have lost their lives in its service.
The day aims to mobilize action, demand justice and strengthen staff in the non-governmental community and the press.
5. International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade is observed on 25 March
International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade is observed on 25 March. The day is observed every year. The day provides an opportunity to honour and remember the people who suffered and died at the hands of the brutal slavery system.
6. Invest India launched The Invest India Business Immunity Platform
Invest India launched a platform named “The Invest India Business Immunity Platform”. The platform is hosted on the Invest India website.
The Business Immunity Platform (BIP) has been designed as a comprehensive resource to help businesses and investors get real-time updates on India’s active response to COVID-19. The platform operates 24/7.The platform is dynamic and constantly provides an update about the pandemic.
7. RIL sets up first COVID-19 dedicated hospital in Mumbai
Reliance Industries Limited (RIL) established India’s first COVID-19 dedicated hospital in Mumbai, Maharashtra. The 100-bedded Covid-19 centre is located at Seven Hills Hospital, Mumbai.
The hospital was established by Sir HN Reliance Foundation Hospital in collaboration with the Brihanmumbai Municipal Corporation (BMC). This first-of-its-kind-in-Indiacentre is fully funded by Reliance Foundation.
8. First “Made in India” COVID-19 Test Kit gets commercial approval from CDSCO
A Pune based testing services MyLab has become the first Indian company to get an commercial approval from CDSCO for the sales of COVID-19 testing kits sale.
The kit was developed by MyLab testing services. The testing time of COVID-19 in current lab testing services is 4 hours. However, MyLAb’s testing time is 2 ½ hours. The laboratory is to sell the kits at Rs 1,200 to Rs 1,500 per test.
9. What are the Bio-Safety Levels of Containment in India?
The National Centre for Disease Control provides four levels of Bio-Safety to be followed in India.
Bio-Safety is the principle used to contain the spread of pathogens and toxins. This is not for the safety of the institutions working with the pathogens. However, the safety levels are implemented to safeguard the public from being infected.
10. Mayiladuthurai to be Tamil Nadu’s 38th district
Tamil Nadu chief minister Edappadi K Palaniswami on Tuesday announced bifurcation of Nagapattinam district to create a new district with Mayiladuthurai as its headquarters. Mayiladuthirai will be the 38th district in the state.
Making a suo motu announcement in the assembly, the chief minister said, “The district is created for administrative reasons and to speed up the welfare measures to the public.”
11. Indian rupee to average at 77 per US dollar in 2020, 80 in 2021: Fitch Solutions
Fitch Solutions on Tuesday revised down its forecast for the Indian rupee, saying the currency will average 77 per US dollar in 2020 and 80 in 2021 amid ongoing global risk-off sentiment and likely steep monetary easing.
It saw real GDP growth at 5.4 per cent in 2020-21 fiscal that starts in April and 5.8 per cent in the following financial year.
12. HUL to acquire VWash from Glenmark Pharma
Hindustan Unilever Limited (HUL) said it has signed an agreement with Glenmark PharmaceuticalsNSE 0.50 % Ltd to acquire its intimate hygiene brand VWash.
The deal includes acquisition of intellectual property rights including trademarks, design and know-how related to the VWash brand but not manufacturing units. The brand, launched in 2013 controls half the the female intimate hygiene category and grew 48% in FY 2018-19.
13. On-lending by banks to NBFC, HFCs to be part of priority sector in FY’21: RBI
The Reserve Bank on Monday said bank credit to registered NBFCs towards agriculture, MSEs and housing sector up to prescribed limits will be treated as priority sector loans during the next fiscal starting April.
The move will help boost credit disbursement in the targeted segment like agriculture, MSME and housing sector.