Current Affairs 13 May 2021

We are here for you to provide the important Recent and Latest Current Affairs 13 May 2021, which have unique updates of Latest Current Affairs 2021 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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NATIONAL AFFAIRS

MNRE announces new Guidelines for Implementation of CPSU Scheme Phase-IIThe Ministry of New and Renewable Energy (MNRE) has released new guidelines for implementation of Central Public Sector Undertaking (CPSU) Scheme Phase-II (Government Producer Scheme).  It has revised the Maximum Tariff & reduced the Maximum Permissible Viability Gap Funding (VGF) under the scheme.

• The scheme aims to set up 12, 000 MW grid-connected Solar PV power projects which will be produced by Government Producers.

New Changes

• Revised Maximum Tariff (i.e the maximum rate a CPSU can charge from Power Distribution Companies) – INR 2.45 per unit (previously it was INR 2.80 per unit).
• Reduced the Maximum Permissible Viability Gap Funding (VGF) to INR 0.55 Crore per  MegaWatt (MW) from INR 0.7 Crore per MW earlier.

CPSU Scheme Phase-II (Grid Connected)
i.The CPSU Scheme Phase-II was approved in 2019 by the Union Cabinet.
ii.It aims to create sufficient demand for domestically produced solar PV cells and modules.
iii.Period: 2019-20 to 2022-23
iv.Viability Gap Funding (VGF)  – VGF of upto INR 70 Lakhs/MW (total support of INR 8, 580 Crore).
About Ministry of New and Renewable Energy (MNRE)
Minister of State (Independent Charge) – Raj Kumar Singh (Lok Sabha – Arrah, Bihar)
>>Read Full News

Area of Summer Crops Increased by 21.58% in 2021 

Area of Cultivation of Summer Crops increased by 21.58% in 2021 from 2020. i.e.Summer crops were Cultivated in 80.02 lakh hectares in 2021 as against 65.82 lakh hectares in 2020.

i.The Increase in the area of summer crops is mainly due to the sharp increase in cultivation of pulses area. Pulses were sowed in 17.75 lakh hectares in 2021 as against 10.49 lakh hectares in 2020, which is a rise of almost 70% in cultivation area.

ii.Cultivation area of Oilseeds increased by 12.05% from 9.58 lakh hectares in 2020 to 10.74 lakh hectare in 2021. Cultivation area of Rice increased by 15.52% from 35.13 lakh hectares in 2020 to 39.43 lakh hectare in 2021.

INTERNATIONAL AFFAIRS

India’s Renewable Capacity Addition falls by 50% to 5.62 GW in 2020 : IEAAccording to the new report ‘Renewable Energy Market Update – Outlook for 2021 and 2022’ released by International Energy Agency (IEA), India’s Renewable Energy capacity addition declined by almost 50% to 5.62 GigaWatts (GW) in 2020 (compared to 2019).
i.The decline in capacity addition in India has been attributed to the COVID-19 pandemic.
ii.At the Global level, the annual renewable capacity additions increased 45% to almost 280 GW (up from 190 GW in 2019), which is the highest year-on year increase since 1999.

• China alone accounted for more than 50% of the green energy projects built in 2020.
• The 280 GW renewable energy capacity addition in 2020 comprised primarily Solar – 135 GW, Wind – 115 GW, Hydro – 20 GW, and 10 GW of other renewables.

iii.The report stated that India will add 17 GW renewable capacity in 2021.
About International Energy Agency (IEA)
Executive Director – Dr Fatih Birol
Headquarters – Paris, France
Members Countries – 30 member countries and 8 association countries
>>Read Full News

Around 219 Endangered Species threatened by armed conflict : IUCN ReportAccording to the report ‘Nature in a Globalised World: Conflict & Conservation’ released by International Union for Conservation of Nature (IUCN) – Civil unrest and military exercises pose high risk to 219 Endangered Species (out of 30, 178 species assessed as threatened on the IUCN Red List of Threatened Species).

• Notable among them are the Critically-endangered Eastern Gorilla & Elephant populations.
• The report is the 1st in IUCN’s Nature in a globalised world report series.
• It examines the close relation between the environment and armed conflict,warning that human violence and unrest were taking a huge toll on nature.

Key Points

• The risks created due to civil unrest, war are ‘direct killing, killed for target practice & sometimes for food’.
• The report lists several policy recommendations such as establishing safeguards for staff in protected areas, environmental defenders and other conservationists to reduce and prevent armed conflict.
• It also calls for ‘sanctions’ against those committing ‘environmental war crimes’.

About International Union for Conservation of Nature (IUCN):
President – Zhang Xinsheng
Director General –  Bruno Oberle
Headquarters – Gland, Switzerland
>>Read Full News

BANKING & FINANCE

Geojit Partners with PNB to Provide 3-in-1 AccountGeojit Financial Services has entered into an agreement with the Punjab National Bank (PNB) to provide the advantage of a three-in-one account to the customers of PNB. (The Three Accounts are,  Savings Account,a Demat Account and a Trading Account).
Key points:

• The new service gives all the customers who have a savings account with PNB, a PNB demat account and Geojit trading account.
• It helps to diversify  investments and manage it all through one account.

About Geojit Financial Services
Headquarters:Kochi,Kerala
Managing Director(MD) & Chief Executive Officer(CEO):C.J.George
About Punjab National Bank(PNB):
Establishment:May 19,1894 (Commenced Banking Operation from 12 April, 1895)
Managing Director(MD) & Chief Executive Officer(CEO):S.S.Mallikarjuna Rao
Headquarters:New Delhi
Tagline:The name you can bank upon
>>Read Full News

SEBI Issued Disclosure Norms on BRSR Reporting for Top 1000 Listed CompaniesOn May 11,2021, under Section 11(1) of the Securities and Exchange Board of India(SEBI) Act, 1992 read with Regulation 101 of the Listing of Obligations and Disclosure Requirements (LODR), SEBI issued new disclosure norms over the Business Responsibility and Sustainability Report (BRSR), for the top 1,000 listed companies (by market capitalisation) by FY23.
Background:
i.On November 04, 2015, SEBI has prescribed the format for the Business Responsibility Report (BRR)in respect of reporting on ESG (Environment, Social and Governance) parameters.
ii.On May 05, 2021, SEBI amended the Listing of Obligations and Disclosure Requirements (LODR) rules and decided to introduce new reporting requirements on ESG parameters called – BRSR (sustainability-related reporting).
Key points:
i.In order to give time to adapt to the new requirements, the companies are allowed to report BRSR on a voluntary basis for FY22 and it was made mandatory from FY23.
ii.Under BRSR the listed entities have to make disclosures on their performance against the 9 principles of the ‘National Guidelines on Responsible Business Conduct’(NGBRC).
About Securities and Exchange Board of India (SEBI):
Establishment – 1992
Headquarters – Mumbai, Maharashtra
Chairman – Ajay Tyagi
>>Read Full News

Google Pay launches International Money Transfers for US usersGoogle Pay has launched International Money Transfers for its United States (US) users, it has launched the initiative in partnership with remittance firms – Wise, and Western Union Co.

• Using the feature, Google Pay users in the US can transfer money to app customers in India & Singapore.
• Google is planning to expand the feature to around 80 countries through Wise, and around 100 through Western Union by the end of 2021.
• Google Pay has 150 million users in 40 countries, and this initiative is seen as a step to expand its financial services offering, and increase competition in the digital payments sector.

About Wise
Co-Founder & Chairman – Taavet Hinrikus
Co-Founder & CEO – Kristo Käärmann
Headquarters – London, UK
About Western Union
CEO – Hikmet Ersek
Headquarters – Denver, Colorado, US
About Google
Headquarters– California, United States
CEO – Sundar Pichai
>>Read Full News

Farmizo Khata-Small Farm Accounting App by SBI Yono and Shivrai Technologies

Shivrai Technologies partnered with leading digital banking platform, Yono SBI to launch a B2C Farm accounting mobile application, Farmizo Khata.

• This  free-of-cost application helps to make wiser purchase, harvest, and production decisions.
• This will allow them to focus on their costs incurred, as well as the bookkeeping of total profits that are in line.
• The aim to help farmers across the country to manage their accounts efficiently, thus cutting down on losses

ECONOMY & BUSINESS

India’s GDP to grow 7.5% in 2021, 10.1% in 2022: UN In its mid-year report of the World Economic Situation and Prospects (WESP), United Nations(UN) has increased India’s GDP growth forecast for the calendar year 2021 to 7.5 percent, a 0.2 percent increase from its earlier projection (January 2021 projection – 7.3 percent) following a contraction of 6.8 percent (-6.8) in 2020.

• The report forecasted India’s GDP to grow at 10.1 percent in 2022, becoming the fastest-growing major economy in the world.

Key points about the Report:
i.The UN stated India’s growth outlook of 2021 as “highly fragile” due to COVID-19.
ii.India’s investment growth fell to 10.2 percent in 2021(3rd largest among the G20 Nations)
iii.The global economy is projected to expand by 5.4 percent in 2021 following a sharp contraction of 3.6 per cent in 2020
Points to be noted about UN:

• The UN was established on 24 October 1945, after World War II ended, with an aim of preventing further wars.
• The UN emblem shows two olive branches – the symbol for peace.
• The name “United Nations” was coined by US President Franklin Delano Roosevelt.

About United Nation(UN):
Headquarters – Newyork, United States
Members states – 193
Secretary-General –  Antonio Manuel de Oliveira Guterres
>>Read Full News

Nomura cut India’s FY22 Growth Forecast to 10.8%; Crisil Forecasted at a range of 9.8 – 8.2%Due to lockdowns under COVID-19, Nomura revised India’s GDP growth forecast on May 11, 2021, for the FY22 fiscal to 10.8 percent from 12.6 percent following a contraction of 7.6 percent in FY21.

• It stated the further decline in the activity levels of India to 64.5% of the pre-pandemic levels.

About CRISIL’s forecast on India’s Growth:
CRISIL (Credit Rating Information Services of India Limited) has estimated India’s growth estimation to be “firmly tilted downwards” in the range of 9.8-8.2% in FY22 from 11 percent. (Due to the second wave of Covid-19, Crisil estimated the 9.8 percent growth in May-end and 8.2 percent in June-end).

• It has retained the revenue growth estimate for India at 15 percent for FY22.
• Projected the CPI inflation to cool down to 5 percent in FY22.

About CRISIL (Credit Rating Information Services of India Limited):
CRISIL is an Indian analytical company providing ratings, research, and risk and policy advisory services
MD & CEO – Ashu Suyash
Headquarters – Mumbai, Maharashtra
Parent Company – Standard & Poor’s (S&P)
>>Read Full News

Moody’s cut India’s growth forecast for FY21 to 9.3%; Care Ratings cut GDP for FY22 to 9.2%Moody’s Investors Service reduced India’s growth forecast for FY21 to 9.3 percent from 13.7 percent (February 2021’s forecast).

• It has increased the growth projection for FY22 to 7.9 percent from 6.2 percent.

Key points:
i.It has a ‘Baa3’ rating on India with a negative outlook, due to the barrier over economic growth, high debt and weak financial system due to COVID1-19.
ii.The rating agency also hiked its expected general government fiscal deficit to 11.8 percent of GDP in FY22, compared with the previous forecast of 10.8 per cent.
Care Ratings Cuts India’s GDP to 9.2% for FY22:
The domestic rating agency, Care Ratings revised its GDP growth forecast for FY22 to 9.2 percent from 10.2 percent.
i.This is the 4th revision by the rating agency in its GDP growth forecast for FY22 since March 2021.
ii.It has stated the growth of 3.3-3.5 percent in the agriculture sector, 9.5-10 percent in the industry sector, and 9-9.5 percent in the services sector.
About Care Ratings:
Establishment – April 1993
Headquarters – Mumbai, Maharashtra
MD & CEO – Mr. Ajay Mahajan
>>Read Full News

AWARDS & RECOGNITIONS        

Shakuntala Haraksingh Thilsted, 1st woman of Asian heritage won the World Food Prize 2021Indian Descent Dr Shakuntala Haraksingh Thilsted, a native of Trinidad and Tobago and a citizen of Denmark, won the 2021 World Food Prize for her research, insights and innovations in developing holistic, nutrition-sensitive approaches to aquaculture and food systems. She was born in 1949 on the Caribbean island of Trinidad.

• She becomes the first woman of Asian heritage to receive this award.
• The award carries a cash prize of 250,000 USD (around Rs 1.8 crore).
• The award was announced by Barbara Stinson, President of the World Food Prize Foundation.

About World Food Prize Foundation:
President – Ms. Barbara Stinson
Headquarters – Des Moines, Lowa, United States of America
>>Read Full News

IREDA Won the “Green Urja Award 2021”Indian Renewable Energy Development Agency Limited (IREDA) under the Ministry of New & Renewable Energy (MNRE) won the Green Urja Award 2021 for its developmental role towards the Green Energy Financing. IREDA won the award for being the Leading Public Institution in Financing Institution for Renewable Energy.

• The award was conferred by the Indian Chamber of Commerce (ICC). 
• Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA received the award from Dr. Ajay Mathur, Director General, International Solar Alliance(ISA).
• IREDA is the only dedicated institution for financing Renewable Energy (RE) & Energy Efficiency (EE) projects in India.

About IREDA:
IREDA is a Mini Ratna (Category – I) Enterprise under the Ministry of New and Renewable Energy (MNRE).
CMD– Pradip Kumar Das
Headquarters– New Delhi
>>Read Full News

APPOINTMENTS & RESIGNATIONS          

Padmakumar M. Nair to Take Charge as 1st CEO of NARCLPadmakumar Madhavan Nair, Chief General Manager of Stressed Assets Resolution Group at State Bank of India(SBI) appointed as the 1st Chief Executive Officer(CEO) of the National Asset Reconstruction Company Ltd (NARCL). (At present, he will be joining the company on deputation basis)

• NARC (the name coined for the bad bank) is expected to be operational in June,2021. It will be created in collaboration with both public and private sector banks.

Note – Bad bank refers to a financial institution that takes over bad loans of lenders and undertakes resolution.
Background:
In the budget for 2021-22, Finance Minister Nirmala Sitharaman announced the set-up of an Asset Reconstruction Company (ARC)/bad bank to consolidate and take over existing stressed assets of lenders and undertake their resolution.
About Asset Reconstruction Company(ARC):
i.It is a financial institution (FI) that buys the NPAs (Non-Performing Assets) or bad loans from banks and FI and helps them to recover from the NPAs.
ii.They are registered under RBI and regulated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002.
iii.Capital needs: The net owned funds of ARCs should be Rs 100 crore or more and they also have to maintain a capital adequacy ratio of 15 percent of its risk-weighted assets.
>>Read Full News

ACQUISITIONS & MERGERS        

Bay Tree India Holdings sells over 2% stake in Yes BankBay Tree India Holdings I, owned by Tilden Park has sold over 2 percent stake in YES Bank through open market transactions.

• Bay Tree India Holdings I LLC now has a stake of 40 percent in YES Bank.

Key Points:
i.Bay Tree India Holdings I LLC held 7.48 per cent stake in YES Bank earlier and sold 52.15 crore shares representing 2.08 percent of equity stake in multiple tranches between January 6 and May 6, 2021.
ii.In July 2020, a day ahead of its follow-on public offering ,Yes Bank garnered Rs 4,098 crore from anchor investors.
iii.Last year Bay Tree was the largest anchor investor in Yes Bank having about 55% of the investor portion worth 22 billion rupees in $2 billion equity of YES bank.
iv.It’s now the second-largest single shareholder after State Bank of India.

CCI Approved IBM’s Restructuring PlanThe Competition Commission of India (CCI) has approved the green channel notice filed by Kyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Private Limited in relation to the internal restructuring of International Business Machines Corporation (IBM Corporation).
Key points:
i.Within the framework of an International corporate internal re-organization, IBM Corporation being the seller it plans to spin off its global (Management Information Systems) MIS Business into a new public company.
ii.Kyndryl Holdings LLC (Kyndryl) and Grand Ocean Managed Infrastructure Services Private Limited (Ocean India) were the companies under the MIS business as acquirers.
iii.IBM is engaged in MIS Business in various countries, in India it is presently housed in Network Solutions Private Limited (NetSol) and IBM India (indirect wholly-owned subsidiaries of IBM Corporation).
iv.After the Transaction, the Acquirers will house and operate the MIS Business of the IBM Corporation.
v.MIS Business: It includes the Security, Regulatory and Risk Management Services, and Identity Management Services offerings of the Security Services unit of IBM Corporation’s Cloud and Cognitive software segment (excluding the Infrastructure Services Unit’s Public Cloud Platform offering).
About IBM:
Chairman & CEO– Arvind Krishna
Headquarters– New York, United States

SCIENCE & TECHNOLOGY

NASA Spacecraft OSIRIS-REx Heads for Earth With Sample of Asteroid Bennu National Aeronautics and Space Administration(NASA)’s Spacecraft Origins, Spectral Interpretation, Resource Identification, Security, Regolith Explorer (OSIRIS-REx), started its 2-year long journey towards earth with the samples- rocks and dust -collected from the Asteroid Bennu. 

• The Spacecraft will orbit the sun twice before delivering the samples to the Earth in September 2023.
• The Asteroid Bennu is located around 200 million miles (around 1.9 Astronomical Units) away from Earth.

About OSIRIS-REx:
Mission: Travel to near-earth asteroid Bennu and bring a small sample to Earth for study.
i.Spacecraft OSIRIS-REx was launched on 8th September 2016, from Cape Canaveral Air Force Station to Asteroid Bennu.
ii.The Spacecraft reached Bennu in 2018 and it is estimated to return a sample to Earth in 2023.
iii.The sample collector of OSIRIS-REx is called the Touch-And-Go Sample Acquisition Mechanism (TAGSAM) head.
The collected samples were stored in the Sample Return Capsule(SRC).
Note:
Japan is the only other country to achieve this feat.
Sample Return Capsule(SRC):
i.The Sample Return Capsule(SRC) containing the sample from Bennu will detach from the spacecraft and enter the Earth’s atmosphere.
ii.The capsule will parachute to the Utah Test and Training Range, West Desert, Utah, which will be retrieved by the Scientists.
Note:
It is estimated that the SRC holds between 200 grams and 400 grams of sample, which exceeds the target of at least 60 grams (2 ounces).
Additional Info:
i.NASA is set to launch a spacecraft named “Lucy” in October 2021 to fly past the asteroids near Jupiter.
ii.The Spacecraft named Dart is set to launch in November 2021 with an aim to redirect the Asteroid as a part of the planetary protection test.

OBITUARY

Arjuna Awardee Venugopal Chandrasekhar, former Indian TT Player Passed Away Arjuna Awardee Venugopal Chandrasekhar, former Indian Table Tennis(TT) player passed away due to COVID-19 related complications in Chennai, Tamil Nadu. He was born in Chennai, Tamil Nadu. V Chandrasekhar is popularly known as a 3 times national champion.
About V Chandrasekhar:
i.V Chandrasekhar represented India in the Commonwealth Games in 1982.
ii.He has also served as a coach.
iii.He was honoured with the Arjuna Award in 1982.
iv.He served as the President of Tamizhaga Table Tennis Association.
v.His Autobiography titled “My fightback from Death’s Door” was published in 2006.

World’s Oldest Women Sharp Shooter,’Shooter Dadi’- Chandro Tomar Passed Away 

The 89-year-old sharpshooter Chandro Tomar passed away in Meerut, Uttar Pradesh after
suffering from COVID-19. Chandro Tomar popularly known as “Shooter Dadi”, started her
shooting career in her 60’s and was acclaimed as the World’s Oldest Women Sharp Shooter.
i.The 2019 movie “Saand Ki Aankh” was based on the biography of Chandro Tomar and
Prakahi Tomar (2nd oldest woman shooter in the world).
ii.Both Chandro Tomar and Prakahi Tomar belong to Johri village, Baghpat district of Uttar Pradesh.

BOOKS & AUTHORS

Boria Majumdar and Gautam Bhattacharya Authored a Book titled “1971: The Beginning of India’s Cricketing Greatness”A Book titled “1971: The Beginning of India’s Cricketing Greatness” by Boria Majumdar and Gautam Bhattacharya will be published by HarperCollins.

About the Book:
This Book is a thrilling account of the 1971 twin tours.i.e. India tour to England.During the Tour to England, India won the Test Series against England.Indian Team was captained by Ajit Wadekar.The Second Tour was India tour to West Indies.During the Tour India won by defeating West Indies.Indian Team was Captained by Ajit Wadekar.
About the Authors:
i.Boria Majumdar, a Rhodes Scholar, is the author of multiple books on Indian sport and its history, and the co-author of Sachin Tendulkar’s autobiography Playing It My Way.
ii.Gautam Bhattacharya, currently the Joint Editor of Kolkata’s leading daily Sangbad Pratidin, has been a longstanding cricket writer and commentator and is the author of several books.He is the co-author of Sourav Ganguly’s book A Century is Not Enough.

IMPORTANT DAYS

International Nurses Day 2021: May 12The International Nurses Day (IND) is annually celebrated across the globe on May 12 to highlight the importance of nurses in healthcare and to appreciate their work towards healthcare.
The International Nurses Day marks the birth anniversary of Florence Nightingale. 
The theme of IND 2021 is Nurses: A Voice to Lead – A vision for future healthcare. 
Background:
i.The international Nurse Day was first proposed by Dorothy Sutherland, an officer from the United States Department of Health, Education and Welfare in 1953.
ii.The first international nurses day was observed by the International Council of Nurses (ICN) in 1965. 
About International Council of Nurses(ICN):
ICN is a federation of around 130 national nurses associations that represent more than 27 million nurses across the globe.
President– Annette Kennedy
Headquarters– Genève, Switzerland
Founded in– 1899
>>Read Full News

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