Current Affairs 27 February 2021

We are here for you to provide the important Recent and Latest Current Affairs 27 February 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

Chenab Bridge – World’s Highest Rail Bridge to completed by 2021The works on ‘Chenab Bridge’ which is set to be the World’s Highest Rail Bridge are expected to be completed by the end of 2021. The bridge is 1.315 Kms long with 17 spans and is being constructed at a height of 359 metres (1, 178 feet) over the River Chenab which is 35 metres higher than the Eiffel Tower in Paris, France.

• The bridge will connect Bakkal (katra) and Kauri (Srinagar) in the Reasi district of Jammu & Kashmir UT.
• Upon Completion, the estimated height of the bridge will be ~ 1, 178 feet, which is 53 feet taller than Millau Viaduct in France (At 1, 125 feet it is at present the World’ Highest Bridge)
• It is being built by Konkan Railway Corporation Ltd (KRCL) at a cost of INR 12, 000 Crores.
• The Chenab bridge is part of the 111-Km Udhampur-Srinagar-Baramulla Rail Link (USBRL) Project.

About Konkan Railway Corporation Limited (KRCL):
Chairman & Managing Director (CMD)–  Sanjay Gupta
Headquarters – Navi Mumbai, Maharashtra
<<Read Full News>>

Durga Shanker Mishra Launched City Innovation Exchange (CiX) to Foster Innovation in Urban Ecosystemi.On February 25, 2021 Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs(MoHUA) launched the City Innovation Exchange (CiX) platform at an online event.
ii.The platform through an ‘open innovation’ process engages with innovators across the national ecosystem to design innovative solutions for the pressing challenges of the cities.
Aim: To foster innovative practices in cities by adopting solutions that increase the quality of life for its residents and significantly improve the Ease of Doing Business.
About Ministry of Housing and Urban Affairs(MoHUA):
Minister of State (Independent Charge) – Hardeep Singh Puri (Constituency – Uttar Pradesh)
Headquarter – New Delhi, Delhi.
<<Read Full News>>

PM inaugurates & lays Foundation Stone for various projects in Puducherry & CoimbatoreOn February 25, 2021, Prime Minister Narendra Modi Inaugurated & Laid Foundation Stone for various projects in Puducherry & Coimbatore (Tamil Nadu).
PM’s Visit to Pondicherry
PM Narendra Modi visited Pondicherry on February 25. During the visit he inaugurated & laid the foundation stone for various projects in the Union Territory.
Projects Inaugurated & Laid Foundation Stone

• Laid Foundation Stone for 4 Laning of NH45-A which covers Karaikal district –  INR 2426 crores.
• Foundation Stone for   Medical College Building at Karaikal New Campus – Phase I, Karaikal District (JIPMER) –   INR 491 Crore.
• Foundation stone for development of Minor Port (Puducherry Port Development) at Puducherry under Sagarmala Scheme –  INR 44 crore.

• Inauguration of the reconstructed Heritage Marie Building, which was originally built by the French – INR 15 Crore.

PM’s Visit to Coimbatore, TN
During his visit to Coimbatore, PM Inaugurated & laid the foundation stone for multiple infrastructure projects in Coimbatore worth INR 12400 Crores.
Projects Inaugurated & Laid Foundation Stone

• Inauguration of Neyveli New Thermal Power Project which has a power generation capacity of 1000 MegaWatts (MW) –  INR 8000 crore.
• Inauguration of 709 MW Solar Power Project of NLCIL –  INR 3000 Crore.
• Inauguration of 8-Laning of Korampallam Bridge & Rail Over Bridge (ROB) at V.O. Chidambaranar Port (Tuticorin) –  INR 42 Crore.
• Inauguration of Tenements (buildings with multiple dwellings) built under the Pradhan Mantri Awas Yojana (Urban) Scheme – INR 330 Crore.
• Foundation stone for extension, renovation & modernisation of Lower Bhavani Project system – INR 934 Crore under NABARD Infrastructure Development Assistance.
• Foundation stone for development of Integrated Command and Control Centers (ICCC) in 9 smart cities of TN – Coimbatore, Madurai, Salem, Thanjavur, Vellore, Tiruchirappalli, Tiruppur, Tirunelveli & Thoothukudi – INR 107 Crore.

<<Read Full News>>

IWAI Signs MoU with MOL (Asia Oceania) Pte. Ltd to Transport LPG Through Inland Waterwaysi.On February 25, 2021 The Inland Waterways Authority of India(IWAI) signed a Memorandum of Understanding(MoU) with MOL (Asia Oceania) Pte. Ltd to transport Liquified Natural Gas(LPG) through barges on National Waterways-1 and National Waterways-2.
ii.The MoU was signed in presence of Mansukh Mandaviya, Union Minister of State (MoS) (Independent Charge) of Ports, Shipping and Waterways.
About MOL (Asia Oceania) Pte. Ltd:
Managing Director– Koichi Yashima(Senior Managing Executive Officer responsible for Asia, the Middle East and Oceania Area)
Headquarters– Singapore
About  Inland Waterways Authority of India(IWAI):
It is under Ministry of Ports, Shipping, Waterways
Chairperson– DR. Amita Prasad, IAS
Head Office– Noida, Uttar Pradesh
<<Read Full News>>

Ministry of Jal Shakti selects 12 sites under Phase-IV of ‘Swachh Iconic Places (SIP)’Department of Drinking Water and Sanitation (DDWS), Ministry of Jal Shakti has selected 12 iconic sites which will be transformed into ‘Swachh Tourist Destinations’ under Phase-IV of ‘Swachh Iconic Places (SIP)’ initiative of Swachh Bharat Mission Gramin (SBM-G).

• Already 30 Sites across India have been selected under the Phase I, II & III of the ‘SIP’ initiative.

What is SIP Initiative

• It is a brainchild of Prime Minister Narendra Modi & was launched in 2016.
• SIP aims to achieve high levels of Sanitation/Cleanliness at 100 Iconic sites across India for enhancing the experience of domestic & foreign visitors.

Implementing Agencies
i.The Ministry of Drinking Water & Sanitation (MDWS) is the nodal agency for this initiative.
ii.It is a collaborative project between 3 Central Ministries

• Ministry of Housing & Urban Affairs (MoHUA)
•  Ministry of Tourism
• Ministry of Culture

Public Sector, Private Companies & Concerned State/UT Governments will be part of the implementation aspects.
12 Iconic Places selected under Phase-IV of SIP

<<Read Full News>>

Indian Navy Ship ‘Pralaya’ participates in NAVDEX-21 & IDEX-21 held at Abu Dhabi, UAEIndian Navy Ship (INS) ‘Pralaya’ participated in NAVDEX 21 (Naval Defence Exhibition) & IDEX 21 (International Defence Exhibition) held at Abu Dhabi, UAE (United Arab Emirates) from February 20-25, 2021.

• Participation of INS Pralaya in NAVDEX 21 & IDEX 21 showcases the close relations between UAE & India.

NAVDEX 21

• It is the Middle-East Region’s leading naval defence & maritime security exhibition.
• NAVDEX is a platform wherein International naval defence & maritime security companies showcase their technologies & services to an international audience.

IDEX 21

• It is the only International Defence Exhibition and conference in the MENA (Middle East & North Africa) region.
• It is a platform for establishing and strengthening relationships with government departments, businesses & armed forces in the region.
• It takes place biennially at the Abu Dhabi National Exhibition Centre (ADNEC), Abu Dhabi.

INS Pralaya

• It is the 2nd ship of Indigenously built Prabal Class Missile Vessels.
• It has 30 mm close range guns, chaff launchers & long range surface to surface missiles.
• The ship was built indigenously at Goa Shipyard Limited.

Bharat Forge signs pact with Paramount Group to manufacture ‘Kalyani M4’
During IDEX 21 held at Abu Dhabi, UAE, Bharat Forge signed an agreement with Paramount Group (South Africa) to manufacture ‘Kalyani M4’ – Armoured Vehicles in India.
<<Read Full News>>

INTERNATIONAL AFFAIRS

Omega Seiki to Set up EV Manufacturing Facility in Bangladesh with Investment of Rs 100 Crorei.Omega Seiki Pvt Ltd has announced that it will set up an Electric Vehicle(EV) manufacturing facility,  known as OSM-Bangladesh near Dhaka in Bangladesh with investment of Rs 100 crore.
ii.This will be the 1st project of any Indian EV company in international markets. The EV manufacturing company will be registered in Bangladesh.
iii.The vehicles of Omega Seiki will be powered by Li-Ion batteries and with powertrains built in  Bangladesh, with technology transfer from India.
About Omega Seiki Private Limited:
It is a member of the Anglian Omega Network.
Managing Director–  Deb Mukherji, PhD
Headquarters– New Delhi, Delhi
<<Read Full News>>

BANKING & FINANCE

IRDAI Issues Guidelines on Standard Personal Accident Insurance Producti.On February 25, 2021 The Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines  on Standard Personal Accident Insurance Product named ‘Saral Suraksha Bima’, succeeded by name of insurance company under the provisions of Section 34 (1) (a) of Insurance Act, 1938.
ii.IRDAI has directed all the general and Health Insurers to offer this product from April 1, 2021. The product can be offered as a group product also.
iii.The policy tenure of the standard product will be for a period of one year.
iv.Under the product, the minimum sum insured will be Rs.2.5 lakhs and maximum sum insured will be Rs.1 Crore.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairman – Subhash Chandra(C.) Khuntia
Headquarters – Hyderabad, Telangana
<<Read Full News>>

Exim Bank to Support Construction of Social Housing Units in Maldives Through USD 130 Million FundingExport-Import Bank of India (India Exim Bank) is set to support the construction of social housing units in Maldives, through its USD 130 million loan to Fahi Dhiriulhan Corporation Limited. The funding is set to be provided through the credit programme of the buyer under the National Export Insurance Account (NEIA Scheme).
The project is proposed to be executed by the NBCC (India) limited (formerly National Buildings Construction Corporation Limited).
Background:
i.On 20th February 2021, India Exim Bank exchanged the Letter of Intent (LoI) with Fahi Dhiriulhan Corporation Ltd., the government of Maldives for the design and construction of 2000 social housing units in Hulhumale, Maldives at the cost of USD 130 million.
ii.The LoI was exchanged in Male city, during the visit of S Jaishankar, External Minister of India, to Maldives.
NEIA Scheme:
The NEIA scheme is a unique financing mechanism that enables a safe mode of financing option to Indian project exporters backed by cover from NEIA Trust.
Key Points:
Under the NEIA scheme India’s Exim Bank has supported various projects in different sectors like water, power, railway and road in various countries like Ghana, Zambia, Cameroon, Mauritania and Senegal in Africa, Sri Lanka in Asia as well as Suriname in Latin America.
About Export-Import Bank of India (India Exim Bank) :
Managing Director– David Rasquinha
Headquarters– Mumbai, Maharashtra
Established in 1982

ECONOMY & BUSINESS

India to Grow at 13.7% in FY 22: Moody’si.On February 25, 2021 Moody’s projected India’s growth at 13.7% for FY 22. Earlier it was estimated at 10.8%.
ii.The revision has been made due to normalisation of activity and growing market confidence in the market with the introduction of COVID-19 vaccines.
iii.Moody’s also projected that Indian economy will contract by 7%(-7%) in FY21, which is lower than the previous estimate of -10.6%.
iv.ICRA Limited (formerly Investment Information and Credit Rating Agency) expects the Indian economy to contract by 7%(-7%) in FY 21. The growth will be rebounded to 10.5% in FY 22.
About Moody’s:
Headquarters– New York, United States
President & CEO– Robert Fauber(Succeeds Raymond McDaniel, Jr.)
About ICRA Ltd:
Registered Office– New Delhi, Delhi
MD & Group CEO–  N. Sivaraman
<<Read Full News>>

AWARDS & RECOGNITIONS        

Biden Administration Named Anjali Bharadwaj, Indian Social Activist, Among 12 People For  International Anti-corruption Champions Award

On 23rd February 2021, the State Department under the Biden Administration has named Anjali Bharadwaj, 48-year-old Indian Activist working on issues of transparency and accountability among the 12 individuals for the new International Anti-corruption Champions Award. 

• She was an active member of the Right to information movement in India for around 20 years.
• The International Anti-corruption Champions Award was launched by Secretary of State Antony J. Blinken. 
• The award recognises the individuals who have demonstrated leadership, courage, and impact in preventing, exposing, and combating corruption.

ACQUISITIONS & MERGERS        

CCI Approves NAM Estates, EOCPDPL and IBREL Deal & Technip Energies B.V.-Bpifrance Participations S.A DealOn February 24, 2021 The Competition Commission of India(CCI) has approved the following merger and acquisition:
i.The proposed merger of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited (EOCPDPL) into Indiabulls Real Estate Limited (IBREL).
ii.Acquisition of Technip Energies B.V., belonging to TechnipFMC plc by Bpifrance Participations S.A.

• As per the combination, Bpifrance Participations S.A. will acquire a minimum  11.82% and maximum 17.25% of outstanding shares of Technip Energies B.V.

About Competition Commission of India (CCI):
Established by– The Central Government with effect from 14th October 2003
Headquarters– New Delhi, India
Chairman– Ashok Kumar Gupta
<<Read Full News>>

HDFC Bank & Kotak Mahindra Bank to Pick up 9.99% Stake Each in Ferbine Pvt Ltdi.On 25th February 2021, the HDFC bank and Kotak Mahindra Bank acquired 9.99% stakes each in Ferbine Private Limited, a company promoted by Tata Sons, which plans to apply to the Reserve Bank of India to set up a Pan India Umbrella entity(PUE) for retail payments.
ii.HDFC bank has executed an agreement to subscribe 4995 equity shares each of face value Rs.10 each fully paid up issued by Ferbine for a consideration of Rs.10 per equity share.
iii.Ferbine Private Limited was incorporated on 18th January 2021 to make an application to RBI for the PUE license.
About HDFC Bank:
MD & CEO– Sashidhar Jagdishan
Headquarters– Mumbai, Maharashtra
Tagline– We Understand your World
About Kotak Mahindra Bank:
MD & CEO– Uday Kotak
Headquarters– Mumbai, Maharashtra
Tagline– Let’s Make Money Simple, Ab Kona Kona Kotak
<<Read Full News>>

OBITUARY

Renowned Malayalam Poet, Padma Shri Vishnu Narayanan Namboothiri Passed Away at 81On 25th February 2021, Renowned Malayalam Poet, priest and academician Padma Shri Vishnu Narayanan Namboothiri passed away at the age of 81 in his residence in Thiruvananthapuram, Kerala. He was born on 2nd June 1939 at Iringolil, Thiruvalla in Pathanamthitta district of Kerala.
About Vishnu Narayanan Namboothiri:
i.Vishnu Narayanan Namboothiri was one of the acclaimed poets of contemporary Malayalam Literature.
ii.His works were known for their blend of tradition and modernity.
Books:
His well-known works includes Swaathandhryathe – Kurich Oru Geetham, Bhoomigeethangal, India Enna Vikaram, Aparaajitha, Aranyakam, Pranayageethangal and Ujjayiniyile Rappakalukal.
Awards:
i.He has received various literary prizes in Malayalam literature which includes Odakuzhal Award, Vallathol Prize, Vayalar Award and the Ezhuthachchan Award.
ii.He also received the Kerala Sahitya Akademi Award in 1979 for ‘Bhoomigeethangal’ and the Central Sahitya Akademi Award in 1994 ‘Ujjayiniyile Raappakalukal.’
iii.He was honoured with Padma Shri for Literature and education in 2014.

Michael Somare, First Prime Minister of Papua New Guinea Passed Away at 84On 26th February 2021, the first Prime Minister of Papua New Guinea(PNG), Sir Michael Somare passed away at the age of 84 in Port Moresby, PNG, after being diagnosed with a late-stage pancreatic cancer. He was born on 9th February 1936 in Rabuk Rabaul, Territory of New Guinea.
He is popularly known as the “Father of the nation(PNG)” and he is also referred to as the Chief by the people of PNG.
About Michael Somare:
Before independence:
i.He led the country to independence from Australia in 1975. He joined the other nationalists to form PNGs first political party, ‘Papua and New Guinea United Party’.
ii.Before the independence of PNG he served as the Chief Minister of the Australian administered territory of PNG.
Political career:
i.Michael Somare was the founding and longest serving prime Minister of PNG, he served 4 terms as the PM of PNG,
ii.He served as the Member of parliament for around 49 years and stepped back from politics in 2017.
iii.He served as the PM of PNG for a brief period during 2011, he was removed when the parliamentarians declared his seat vacant due to his prolonged absence due to poor health.
iv.He was made the Knight Grand Cross of the Order of St Michael and St George (GCMG) by the Queen in 1990 and in 2004 he was awarded the knight of the order of Saint John.

STATE NEWS

Rajasthan CM Ashok Gehlot presents State Budget for the year 2021-22 On February 24, 2021, Rajasthan Chief Minister Ashok Gehlot who holds the Finance Portfolio presented the state’s 1st Paperless Budget. Rajasthan is the 2nd State after Uttar Pradesh to table a paperless budget.
Fiscal Indicators

• Revenue Expenditure –  INR 1, 89, 701.80 Crore
• Revenue Deficit – INR 41, 721.61 Crore
• Estimated Revenue Deficit –  INR 23, 750.04 Crore in FY 2021-22
• Estimated Fiscal Deficit – INR 47, 652.77 Crore which is 3.98% of Gross State Domestic Product (GSDP) in FY 2021-22

Major Announcements

• A New Universal Health Care scheme worth INR 3, 500 Crore was announced, under the scheme every family in the state will get medical insurance benefit of up to INR 5 Lakh.
• Launch of Indira Gandhi Urban Credit Card Scheme for self-employment & employment needs of street vendors of urban areas & youth and unemployed people of all areas. An Interest free loan of up to INR 50, 000 will be provided to 5 lakh needy people.
• Announcement of Jeevan Rakshak Yojana, under which a prize of INR 5, 000 & citation will be given to good citizens who save lives in road accidents.

Click here to read the full document
About Rajasthan:
Dams – Ranapratap Sagar Dam (Chambal River), Mahi Bajaj Sagar Dam (Mahi River)
<<Read Full News>>

Chandigarh Became the 1st State/UT in India to Launch Carbon Watch, A Mobile App to Access Carbon Footprint of ResidentsOn 16th February 2021, the Union Territory of Chandigarh and the joint capital of Punjab and Haryana became the first state/UT to launch “Carbon Watch”, a mobile application to assess the carbon footprint of individual users.
The application was developed by the Department of Environment and Forest, Union Territory (UT) of Chandigarh.
The application is available for android smartphones.
Aim:

• To monitor the carbon footprint of the city.
• To educate the users on the steps to reduce the carbon footprint to make them climate smart citizens.

What is a Carbon Footprint?
Carbon footprint is the amount of greenhouse gases like Carbon dioxide and Methane, which are released into the atmosphere due to the activities of individuals, organisations or communities.
Features of the mobile app:
i.For every user the mobile application will suggest various methods which they can adopt to reduce their carbon footprint.
ii.The application will also provide information on carbon footprint at the national level and world average of the emission.
iii.The application launched with the focus on the residents of Chandigarh can also be used by anyone who has an android mobile.
iv.The application differentiate the users into two categories,

• Chandigarh
• Out of Chandigarh.

Note:
The data from the residents of Chandigarh will be used by the Department to access the carbon footprint of the UT and the data of the users from outside Chandigarh will be for the knowledge of the user.
Working of the application:
i.The application requires the users to fill out the details regarding the waste generation, water, energy and transport consumption habits and other activities.
ii.The user will also list out the daily consumption of water, monthly consumption of electricity units, waste generation by individuals and family and mode of transport and the number of vehicles used.
iii.These details and data will allow the application to calculate the carbon footprint of the individual.

SIDBI Signed MoU with Government of AP to Develop MSME Ecosystem in APi.On 25th February 2021, the Small Industries Development Bank of India(SIDBI), signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh(AP) to develop the micro, small and medium enterprises (MSME) ecosystem in AP.
ii.The MoU was signed by JVN Subramanyam, director of industries, commerce and export promotion, Andhra Pradesh and Sanjay Jain, general manager, regional head, SIDBI, Hyderabad.
iii.As a part of this association, SIDBI will set up a project management unit (PMU) which will design schemes and programmes in the areas like equity support, interest subvention, resolution of stressed MSME and supporting MSME entrepreneurs.
iv.SIDBI has appointed an expert agency to set up the PMU’s in 11 states which includes Assam, New Delhi, Haryana, Rajasthan, Uttar Pradesh, Uttarakhand, Gujarat, Maharashtra, Karnataka, Andhra Pradesh and Tamil Nadu on a plot basis.
About Small Industries Development Bank of India (SIDBI):
SIDBI is a Principal Financial Institution established to promote, finance and develop MSME sectors.
Deputy Managing Director- V Satya Venkata Rao
Headquarters– Lucknow, Uttar Pradesh
<<Read Full News>>

Odisha CM Launches services under 5T Initiative of WCD & Mission Shakti On February 25, 2021, Odisha Chief Minister Naveen Patnaik launched several online services of the Department of Women & Child Development (WCD) & Mission Shakti (MS) under the 5T Initiatives.
The Apps & Services launched are

• ‘Mo-Chhatua App’ – For Real time monitoring & efficient supply chain management of Take Home Ration (THR) (Chhatua)
• e-Kalika’ –  For Real-time monitoring of functioning creches (Children 0-3 years)
• ‘Mo Sishu Portal’ – An information management & monitoring system created exclusively for child protection services.
• ‘MAMATA App & MIS’ – Citizen centric app & MIS (Management Information System) for registration of pregnant and lactating women for cash transfer of INR 5, 000 under MAMATA Flagship scheme.

Collaborations
WCD also entered into Technical Collaboration with several organisations & institutions. They are

• WCD Collaboration with CFTRI (Central Food Technological Research Institute) for improving the quality of THR.
• WCD Collaboration with ICMR-RMRC (Indian Council of Medical Research-Regional Medical Research Centre) for conducting an annual nutrition survey.
• WCD & MS Department collaboration with UNICEF (United Nations International Children’s Emergency Fund) to strengthen the structures & capacities of Odisha State Child Protection Society (OSCPS).
• WCD Collaboration with United Nations World Food Programme (UNWFP) to improving the quality of THR, and integrating staples into THR.

About Odisha:
Ramsar sites– Bhitarkanika Mangroves, Chilika Lake
UNESCO Heritage Sites– Konark Sun Temple
<<Read Full News>>

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