Current Affairs 28 March 2020

We are here for you to provide the important Recent and Latest Current Affairs 28 March 2020, which have unique updates of Latest Current Affairs 2020 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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Top 15 Current Affairs of 28 March 2020

NATIONAL AFFAIRS

FinMin provided Rs 1.70 Lakh Cr relief package under PMGaribKalyanYojana for the poor to tackle Corona Virus

The disaster of COVID-19 has affected the lives globally from personal to professional, from rich to poor; all are under the black cloud of virus. Every national government is trying hard to get over this situation. Indian government is also one of them. Every day new relief measures are being launched by our government to tackle this situation effectively and efficiently. On March 26, 2020, our Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman has publicized the Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana (PMGKY), during the Press Conference in New Delhi. The motive behind this is to aid and support the Poverty-stricken people to fight a battle against Corona Virus.

• Insurance Cover of Rs 50 Lakh per healthcare worker workers fighting COVID-19 in Govt Hospitals & health centres
• PM Garib Kalyan Ann (अन्न) Yojana; foodgrain entitlement doubled
• Farmers to get the first instalment of Rs 2000 under PM KISAN in April 2020
• Women Jan Dhan account holders to get Rs 500 per month for the next 3 months
• Increase in MNREGA wage to Rs 202 a day from Rs 182 to benefit 13.62 crore families
• Ex-gratia of Rs 1,000 to 3 crore poor senior citizen, poor widows and poor disabled
• Building and Construction Workers Welfare Fund used for Construction Workers by States….Click here to Read More

PM Modi participated in Virtual G20 Leaders’ Summit to develop action plan against COVID-19; over USD 5 trillion to be injected

On March 26, 2020, Prime Minister Narendra Modi participated in an extraordinary “Virtual Group of 20 (G20) Leaders’ Summit” which was hosted by Saudi Arabia Crown Prince Mohammed bin Salman Al Saud through video conference. It was held to discuss the challenges created by the COVID-19 and to develop an action plan for globally coordinated response against it.

• The summit followed the Finance Ministers and Central Bank Governors Meeting and G20 Sherpas Meeting on the COVID-19 pandemic which agreed to develop an action plan.
• It should be noted that 90% of the coronavirus cases and 88% of deaths happened in G20 countries. They share 80% of world GDP and 60% of the world population….Click here to Read More

Health ministry categorises hydroxychloroquine as schedule H1 drug

On March 27, 2020, Amid the growing coronavirus pandemic, the Ministry of Health and Family Welfare (MoHFW) in exercise of the powers conferred by Section 26B of the Drugs and Cosmetics Act, 1940 (23 of 1940), has declared hydroxychloroquine (HCQS) drug as a schedule H1 drug– which means it can’t be sold without the prescription of a registered medical practitioner.
Key Points:
i.Now the sale of the drug will be based on the conditions specified in Schedule H1 to the Drugs and Cosmetics Rules, 1945,which are the set of rules under the Drugs and Cosmetics Act, 1940, which has provisions for classification of drugs into different schedules and also guidelines for storage, sale, display.
ii.The Indian Council for Medical Research (ICMR) recently suggested that hydroxychloroquine be used in high risk cases of coronavirus (COVID-19).
iii.Moreover, due to the growing number of coronavirus cases in India, many hospitals and medical stores are buying this drug. Hence the government has already banned the export of HCQS drugs due to shortage.
What are Schedule H1 Drugs?
As per health ministry, these drugs should be sold in India with some conditions:It includes,
i.The Schedule H1 drug supply should be registered in a separate register, which records the name and address of the prescriber, the name of the patient, the name of the drug & the quantity supplied and such records will be maintained for 3- years and is available for inspection.
ii.On the strip of hydroxychloroquine drugs it is marked ‘RX’ in red color and will be displayed on the left top corner of the label.
About Ministry of Health and Family Welfare:
Headquarters– New Delhi
Union Minister– Harsh Vardhan

DST sets up COVID-19 Task Force to map technologies by start ups

On March 26, 2020 The Department of Science and Technology (DST) under the Ministry of Science and Technology set up COVID-19 Task Force for mapping technologies to fund nearly market-ready solutions in the area of diagnostics, testing, health care delivery solutions & equipment supplies.
Key Points
i.The technologies are mapped from Research and Development(R&D) labs, academic institutions, start-ups & Micro, Small and Medium Enterprises(MSME)
ii.The market solutions include masks, sanitizers, affordable kits for screening, ventilators, oxygenators among others and data analytics to track, monitor & control the outbreak by artificial intelligence(AI) & Internet of Things (IoT)  based solutions.
iii.Task Force consist representatives from DST, Department of Biotechnology (DBT), Indian Council for Medical Research (ICMR), Ministry of Electronics and Information Technology (MeitY), Council for Scientific and Industrial Research (CSIR), Atal Innovation Mission (AIM), Ministry of Micro, Small and Medium Enterprises (MSME), Startup India and All India Council for Technical Education (AICTE).
iv.The Task Force is to identify the most promising start-ups that are close to scale up or need financial or other help or projected demand to rapidly scale up.
v.DST has invited 2 separate sets of proposals, one under Science & Engineering Research Board (SERB) and another under Technology Development Board (TDB) to support scientific solutions & commercial manufacturing of new and existing solutions.

India and France conduct joint patrols for the first time

For the 1st time India & France conducted joint patrol from the Reunion Island in February 2020 by P-8I aircraft with French Navy personnel to maintain the security of international maritime routes for trade and communications.
Key Points:
i.The patrols will be conducted periodical & there is no set pattern to the arrangements.
Background
During the visit of French Navy Chief Admiral Christophe Prazuck, India and France discussed CORPAT like engagements in November 2019….Click here to Read More

Odisha to set up the largest COVID-19 hospital in the country

On March 27, 2020, The Odisha Government announced that it is readying to set up the largest Covid-19 hospital in India due to the outbreak of the Coronavirus in the country. The state-level hospitals will have 1000 beds in Bhubaneswar, Odisha and will be functional in a fortnight.
Key Points:
i.The State Government signed 2 tripartite agreements with KIMS (Kalinga Institute of Medical Sciences) and SUM Medical Colleges of Odisha to set up 500-bed hospitals each exclusively for Coronavirus treatment.
ii.The Odisha Mining Corporation (OMC) and the Mahanadi Coalfields Limited (MCL) will provide the CSR (Corporate Social Responsibility) fundings for the project.
iii.MoU: The first MoU (Memorandum of Understandings) was signed between Health Secretary Nikunja Bihari Dhal, Vyneel Krishna MD (Managing Director) of OMC (Odisha Mining Corporation) & KIMS management.
iv.The second Mou was signed by the Health Secretary, S.S. Panda of MCL (Mahanadi Coalfields Limited) and SUM management.
About Odisha:
Capital– Bhubaneswar.
Chief Minister (CM)– Naveen Patnaik.
State flower– Ashoka.
State bird– Indian roller.

BANKING & FINANCE

YES Bank reconstitutes its BOD with 8 members

On March 26, 2020 the YES Bank reconstituted its Board of Directors(BOD) with 8 members as per ‘Yes Bank Limited Reconstruction Scheme, 2020′ notified by the Ministry of Finance, Government of India.
Key Points
i.The 8 members comprise of;

• Prashant Kumar- Managing Director and Chief Executive Officer(CEO),
• Sunil Mehta- Non-Executive Chairman,
• Mahesh Krishnamurti- Non-Executive Director,
• Atul Bheda- Non-Executive Director,
• R Gandhi- Additional Director appointed by Reserve Bank of India(RBI),
• Ananth Narayan Gopalakrishnan- Additional Director appointed by RBI,
• Partha Pratim Sengupta- Director nominated by State Bank of India(SBI),
• Swaminathan Janakiraman as Director nominated by SBI.

ii.The government on March 13, 2020, notified Yes Bank Ltd Reconstruction Scheme 2020, where the key stakeholders including RBI have taken various measures to increase the liquidity of the bank.
iii.The scheme involves equity infusion of Rs 10,000 crore by 8 entities, mainly banks led by SBI.

Highlights of Seventh Bi-monthly Monetary Policy Statement -2019-20; EMIs on hold for three months

On March 27, 2020, Reserve Bank of India (RBI) has released the Seventh Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC), RBI under which MPC has decided rate changes with immediate effect due to the current and evolving macroeconomic situation impacted by COVID-19.

• The meet was scheduled for 31st March, 1st and 3rd April 2020 but they advanced its meeting on 24th, 26th and 27th March.

Following table showing the policy rate changed in 7^th Bi-monthly Monetary Policy….Click here to Read More

RBI increased March 26, 2020 repo auction amount to Rs 50,000 cr from Rs 25,000 cr

The Reserve Bank of India (RBI) increased the March 26, 2020, variable rate term repo auction amount to Rs 50,000 crore from Rs 25,000 crore due to the disruptive impact of Covid-19 for the financial sector. Also, the nation has locked down for 21 days and to keep the liquidity in the market stable this decision has been taken.

• It should be noted that there is no change in the auction scheduled for March 31, 2020.

Background:
On March 6, 2020, RBIstated about two variable rate term repo auctions of Rs 25,000 crore each to be conducted on March 30 and March 31 to address any additional demand for liquidity in the banking system in year-end liquidity management. But on March 24, 2020, RBI advanced its first variable rate repo auction to March 26 from March 30 then also increased its amount to Rs50,000 crore.

ECONOMY & BUSINESS

CRISIL trims India’s GDP growth estimate for FY 21 to 3.5 % from 5.2%

On March 26, 2020, CRISIL  (formerly Credit Rating Information Services of India Limited),a global analytical company providing ratings, has reduced India’s GDP (Gross Domestic Product) growth by 170 bps (basis points) to 3.5% for fiscal year-FY 2020-21 from 5.2 % estimated earlier.
It revised downwards its projection due to the damaging impact of the coronavirus (COVID-19) outbreak .
Key Points:
i.The agency welcomed the Finance Ministry’s announcement of Rs 1.70-lakh crore relief package for the most vulnerable sections of the society in rural and urban areas.
ii.The impact of social distancing due to the COVID-19 and the reduction in discretionary spending will increase the decline in the April-June 2020 quarter.
iii.Earlier on March 18, 2020, S&P Global Ratings also lowered India’s growth forecast for 2020 to 5.2% from 5.7 %. Apart from this, the rating agency Moody’s Investors Service has lowered India’s growth projection to 5.3% for 2020 from 5.4% because of Coronavirus.
About CRISIL:
Headquarters– Mumbai,Maharashtra
MD and CEO– Ashu Suyash
Chief economist– Dharmakirti Joshi

Moody’s again slashes India GDP growth to 2.5% from 5.3% in 2020: COVID-19

On March 26, 2020 Moody’s Global Macro Outlook 2020-21 again slashed  India’s Gross Domestic Product (GDP) to 2.5% from 5.3%  in 2020 due to rising economic cost of COVID-19 & also due to the lockdown in India.
Key Points
i.Moody’s anticipate the global economy to shrink 0.5% of real GDP by 2020, then rise to 3.2% by 2021.
ii.China’s growth forecast is again lowered to 3.3% in 2020 from 4.8%.
iii.It revised its estimate of India’s GDP to 5.3% from 5.4% in February 2020 & also stated that the growth of the country can slow down to 5% in the absence of virus in the country.
iv.Earlier to lockdown in India, S&P Global Ratings reduced its growth forecast to 5.2% for 2020 while the Organisation for Economic Co-operation and Development (OECD) lowered growth to 5.1% for 2020 & more revisions are likely to take place according to the extent and duration of the lockdown.
About Moody’s:
Headquarters– NewYork, United States
President & Chief Executive Officer (CEO)– Raymond W. McDaniel, Jr.

India’s GDP growth rate may fall sharply to 2.6 % in 2020-21: SBI’s Ecowrap

On March 27, 2020, According to a report titled “EcoWrap” released by the economic research team from SBI (State Bank of India), India’s GDP (Gross Domestic Product) growth is expected to decline sharply to 2.6 % in the next financial year 2020-21 amid the 21-day lockdown Coronavirus (COVID-19) epidemic.
Key Points:
i.The GDP growth rate in 2019-20 can also be reduced from 5 % to 4.5 % with a 2.5 % increment in the fourth quarter (Q4) of the current financial year.
ii.The report states that the lockdown will result in a loss of at least Rs 8.03 lakh crore on market value basis, while a loss of Rs 1.77 lakh crore in terms of income. At the same time, there may be a loss of 1.65 lakh in capital income.
iii.Prime Minister (PM) Narendra Modi has announced a complete lockdown across the country for 21 days (from March 25 to April 14,2020) to prevent the spread of the coronavirus . During this time people have been asked to stay in homes & maintain the social distancing to battle against the virus.
About SBI (State Bank of India):
Headquarters– Mumbai, Maharashtra.
Chairman– Rajnish Kumar.
Tagline– The banker to every Indian; With you all the way; Purely banking nothing else; The nation banks on us.

ACQUISITIONS & MERGERS   

NTPC acquires Govt’s stake in THDC, NEEPCO for a total of Rs 11,500 Crore

On March 26, 2020, NTPC ( formerly known as National Thermal Power Corporation Limited), India’s largest energy conglomerate, has inked a share purchase agreement (SPAs) worth of Rs 11,500 crore with the central government.
Under the deal NTPC acquired the latter’s 74.496 % equity stake in THDC India Ltd (THDCIL) for Rs 7,500 crore & its 100% equity in North-Eastern Electric Power Corporation Limited (NEEPCO) for Rs 4,000 crore respectively.
Key Points:
i.The total equity stake for which the agreement was signed, including nominees, represents government’s 360,98,09,800 equity shares & 600 equity shares held by government nominees in NTPC & government’s 2,73,09,406 equity shares and 6 shares of nominees in THDC.
ii.The acquisition comes during coronavirus (COVID-19) outbreak and declining tax collections will help bridge the gap between DIPAM’s (Department of Public Asset Management) disinvestment target of Rs 65,000 crore for the financial year –FY20 & realization (a sale in order to obtain money),which has witnessed more than Rs 34,000 crore till February 2020.
iii.The central government in November 2019 had approved a plan to reduce its stake in some state-run firms to under 51%.
iv.As of March 27, the total earning from divestment for the government stands at Rs 46,354 crore, which still falls short of the revised target of Rs 65,000 crore for the ongoing financial year
About NTPC Limited:
Headquarters– New Delhi
Chairman & MD– Gurdeep Singh
About THDC India Limited:
Headquarters– Rishikesh, Uttarakhand
Chairman & MD– Dhirendra Veer Singh
About NEEPCO:
Headquarters– Shillong, Meghalaya
Chairman– Vinod Kumar Singh

      SCIENCE & TECHNOLOGY

US launches advanced satellite for communication: AEHF-6

On March 26, 2020 the United States (US) Space Force launched its 1st national security mission by sending an ultra-secure military communication satellite into orbit called Advanced Extremely High Frequency (AEHF)-6 from Cape Canaveral, Florida on the Atlas V551 rocket.
Key Points
i.AEHF-6 is the 6th & final in the Lockheed Martin AEHF constellation and will join the other 5 launched between 2010 & 2019.
ii.It consists of 6 secure military communication satellites which will replace the military’s aging Milstar constellation & marks the 83rd flight of Atlas V and is 11th overall in 551 configurations.
iii.It is built at the cost of USD 1.1 billion & is the most powerful configuration with five solid rocket boosters, a 16.5-foot-wide (5 meters) payload fairing and a single-engine Centaur upper stage
What is payload fairing?
The payload fairing is the equipment used to protect the spacecraft against the impact of dynamic pressure and aerodynamic heating (produced by its high-speed passage through the air) during launch through an atmosphere.
About US:
Capital– Washington D.C
President– Donald Trump

OBITUARY

Padma Vibhushan awardee Satish Gujral passed away at 94

On March 26, 2020, Renowned artist and architect Satish Gujral passed away at the age of 94 in New Delhi, India. He was born on December 25, 1925, in Jhelum, Punjab and studied art in Mumbai and Lahore.
Key Points:
i.About Satish Gujral: Satish Gujral was the younger brother of India’s former Prime Minister (PM) Inder Kumar Gujral between 1997 to 1998.
ii.He Lost his hearing at the age of nine when he knew only Punjabi & could read a little Urdu. Gujral regained his hearing in 1998 after surgery.
iii.Awards: Satish Gujral received the second-highest civilian award of India “Padma Vibhushan” in 1999 for his contributions to art.
iv.Works: He has designed the building of the Belgium Embassy in New Delhi and the alphabet mural on the outside wall of Delhi High Court.
v.Gujral wrote his autobiography “A Brush with Life”.
-His famous works as ‘Mourning en masse’, ‘Resurrection’, ‘Meera Bai’, ‘Prophet’, ‘Village’, ‘Femme assises’, ‘Days of Glory’, ‘Tree of Life’, ‘Raising of Lazarus’, etc.
-He was an architect, painter, muralist, sculptor and graphic artist

BOOKS & AUTHORS

Savita Chhabra authored her first book titled “Legacy Of Learning”

On March 23, 2020, Savita Chhabra, Chairperson of HRIPL (Hygienic Research Institute Private Limited) and an award-winning businesswoman, has authored & launched her first book titled “Legacy Of Learning” (selected verses from Srimad Bhagavad Gita).
Key Points:
i.About the book Legacy of Learning: The book offers simplistic and relatable interpretations of the Bhagavad Gita.
ii.The book explains the importance of performing good karma & nudges them to be conscious about the purpose of their lives in every decision they make.

IMPORTANT DAYS

World Theatre Day 2020: March 27

World Theatre Day (WTD) is celebrated every year on 27^th March by ITI (International Theatre Institute) centers and International Theatre Community. The day promotes the values of arts and its forms across the world. The day was initiated by ITI in 1961.
Key Points:
i.Every year, various national and international events are organized on this day and ITI selects an outstanding theatre personality to write the message for World Theatre Day.
ii.The messages given by renowned theatre artists focus on the theme of “Theatre and a Culture of Peace”.
iii.The first World Theatre Day International message was written by Jean Cocteau in 1962.
iv.Shahid Nadeem, Pakistani playwright was selected as the author of the message of WTD for the year 2020.
About ITI:
President– Mohamed Saif Al-Afkham
Head quarters– Paris, France

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