Current Affairs 8 April 2021

We are here for you to provide the important Recent and Latest Current Affairs 8 April 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

Supreme Court-appointed 3-member Panel submits report on Agricultural Reform LawsThe 3-member committee appointed by the Supreme Court for Studying 3 Agricultural reform laws passed by Parliament has submitted its report to the Supreme Court.

• The report will be made public on the date of the next hearing of the Public Interest Litigation (PIL).
• Around 85 Farmer organisations have been consulted for the report & possible solutions for resolving the issue between the farmers & government have been outlined in the report.

i.Members of the Committee –  Pramod Kumar Joshi, Former Director of South Asia, International Food Policy Research Institute (IFPRI); Anil Ghanwat, President of Shetkari Sanghatana & Ashok Gulati, Agri-Economist and former Chairman of the Commission for Agricultural Costs and Prices (CACP).
ii.Issues of Contention

• Various Farmer Organizations have been protesting against 3 Farm Laws stating that they are pro-corporate and could weaken the mandi system.
• On January 12, 2021, the Supreme Court had suspended the implementation of the 3 laws, it appointed a 4-member committee of experts to listen to the views of protesting farmers & views of the Central Government and make recommendations.
• The 4th member, Bhupinder Singh Mann (Farm Union Leader) had recused himself from the panel.

iii.3-Farm laws 

• The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act
• The Essential Commodities (Amendment) Act
• The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act

About Supreme Court
Chief Justice of India (CJI) – Sharad Arvind Bobde
Next CJI – Justice NV Ramana (48th CJI) set to take oath on 24th April 2021
Location – New Delhi

Atal Innovation Mission Partners with CIPS to Promote Innovation in Public SystemAtal Innovation Mission (AIM) & Centre for Innovations in Public Systems (CIPS) have signed a Statement of Intent (SoI) for promoting innovation & entrepreneurship ecosystem in India in the area of public systems using the knowledge and experience of AIM & the reach of CIPS.
Key Points

• Both entities will develop a database of innovation in public systems for improving public services & others.
• In order to promote innovative learning among students and to ensure the capacity building of teachers/mentors at the grassroots level, it has been proposed to create an Innovation Learning Management System (iLMS).

Expected Outcomes

• Strengthening & promotion of programs launched by AIM at State & District Level.
• It is also expected to strengthen the AIM Mentor of Change program.

About Centre for Innovations in Public Systems (CIPS):
It was set up in 2010 with funding from the Government of India at Administrative Staff College of India (ASCI), Hyderabad
Director – C. Achalender Reddy
Location – Hyderabad, Telangana
>>Read Full News

Spices Board India & UNDP India sign MoU to develop Blockchain-powered Traceability InterfaceOn April 5, 2021, Spices Board India under the Ministry of Commerce and Industry & UNDP (United Nations Development Programme) India’s Accelerator Lab signed a Memorandum of Understanding (MoU) for developing a blockchain-based traceability interface for Indian Spices to enhance transparency in supply chain and trade.

• UNDP and Spices Board India are working towards integrating the Blockchain Traceability Interface with the e-Spice Bazaar portal developed by Spices Board India for connecting spices farmers with markets.
• The Design of the Blockchain interface is expected to be completed by May 21, 2021.
• The project will be piloted with over 3, 000 farmers engaged in Chilli and Turmeric Farming in a few select districts of Andhra Pradesh.

Fact
India is the largest exporter, producer & consumer of spices in the world. India’s spices export crossed a milestone of 3 Billion USD during 2019-20, it is expected to achieve a new high during 2020-21.
Benefits

• It will connect the Spice farmers with international markets and add to their income.
• It will strengthen the supply chain so as to position India as the premier destination for clean and safe spices to the world.

Spice Board of India
i.It was constituted on 26th February 1987 under the Spices Board Act 1986. It is one of the five Commodity Boards functioning under the Ministry of Commerce & Industry. The other four commodity boards being Coffee, Rubber, Tea & Tobacco.
About United Nations Development Programme (UNDP)
UNDP works across 170 Countries
Established Year – 1965
Administrator – Achim Steiner
Headquarters – New York, USA
About Spices Board India:
Chairman & Secretary – D Sathiyan
Headquarters – Kochi, Kerala
>>Read Full News

Government Promulgates Ordinance to amend Insolvency & Bankruptcy Code The government of India has promulgated an Ordinance titled ‘The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021’ to allow ‘pre-packaged insolvency resolution process (PIRP)’ to Micro, Small & Medium Enterprises (MSME).

• It amends the Insolvency and Bankruptcy Code, 2016.
• The amendments are necessary to address the specific requirements of MSMEs relating to resolution of their insolvency due to the unique nature of their businesses and simpler corporate structures.

About Insolvency and Bankruptcy Board of India (IBBI):
Chairperson – Dr. M. S. Sahoo
Head Office – New Delhi
>>Read Full News

INTERNATIONAL AFFAIRS

Sanjay Dhotre attends Consultation meeting of Education Ministers of E9 CountriesOn April 6, 2021, Minister of State (MoS) for Education, Sanjay Dhotre attended the consulting meeting of Education Ministers of E9 Countries.

• Theme – ‘E9 Initiative: Scaling up digital learning to accelerate progress towards SDG4 (Sustainable Development Goal-4)’.
• The Consultation meeting is the 1st of a three-phased process to co-create an initiative on digital learning & skills, targeting marginalised children and youth, especially girls.

Objective
The E9 initiative aims to accelerate recovery and advance the SDG4 Agenda by focusing on three of the five priorities of the 2020 Global Education Meeting Declaration (organized by UNESCO). They are

• Support to teachers
• Investment in skills
• Narrowing of the digital divide

E9 Countries
It was launched in 1993 at the EFA Summit in New Delhi, India.   It was set up to achieve the goals of UNESCO’s Education for All (EFA) initiative.

• The 9 Countries are – Bangladesh, Brazil, China, Egypt, India, Indonesia, Mexico, Nigeria & Pakistan.

• The 9 countries together represent almost 30% of the World’s nominal GDP.

About UNESCO:
UNESCO stands for United Nations Educational, Scientific and Cultural Organization
Director-General – Audrey Azoulay
Headquarters – Paris, France
>>Read Full News

Environment Minister Prakash Javadekar Participated in Climate & Development Ministerial Meet in Run up to COP26

On 31st March 2021, Prakash Javadekar, Union Minister, Ministry of Environment, Forest and Climate Change(MoEF&CC) participated in the virtual climate and development ministerial meet hosted by the United Kingdom (UK) in a run-up to the 26th United Nations Climate Change Conference of the Parties(COP26) 2021.

• The event was hosted by COP26 presidentAlok Sharma and UK foreign secretary Dominic Raab, with a focus on how to set international agenda in the run-up to COP26.

COP26:
The COP26 UN climate change conference is set to take place in Scottish Event Campus, Glasgow, the United Kingdom in partnership with Italy.
The conference in 2021 is set to be held from 1st to 12th November 2021.

BANKING & FINANCE

The Base rate of NBFC-MFIs borrowings for Q1 FY21 was 7.81%: RBIOn March 31, 2021, The Reserve Bank of India (RBI) has informed 7.81% as the applicable average base rate to be charged for the loans that are borrowed from Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) for the first quarter of Financial Year 2022 (Q1FY22).

• The base rate for the Q1FY22 was lower than that of Q4FY21 by 15 basis points (0. 15%).In Q1FY21 the base rate was about 8.76%.

Background 

• In February 2014, RBI in its Directions over Modifications in “Pricing of Credit” for NBFC-MFIs, stated that it will be determining the interest rate of NBFC-MFIs borrowing for all upcoming quarter at the last working day of the previous quarter.
• RBI fixed the base rate of NBFC-MFIs as the average of the base rates of the five largest commercial banks by its assets multiplied by 2.75.

Note -Base rate is defined as the minimum interest rate set by the RBI below which Indian banks are not permitted to lend to their customers. It was introduced in June 2010.
About Non-Banking Financial Company-Micro Finance Institution(NBFC-MFIs):
NBFC-MFI are the non-deposit taking financial companies which will be getting NBFC status from RBI and registered under the Companies Act, 2013.
Conditions to qualify as NBFC-MFI:

• To register as an NBFC, the MFI needs to have a Minimum Net Owned Funds (NOF) of Rs. 5 crores.
• For MFIs that are registered in the North Eastern Region, Rs. 2 crore is required as a minimum NOF.
• At least 85% of its Net Assets should be like Qualifying Assets. (No restrictions on the remaining 15%)
• Note – The Qualifying Assets are those assets that have a substantial period to be ready for their intended use or sale.

SEBI modified its framework on AMCs contribution to set up LPCC On April 06,2021, Securities and Exchange Board of India (SEBI) modified its framework relating to the guidelines on contribution to set up Limited Purpose Clearing Corporation (LPCC) by Asset Management Companies (AMCs) of Mutual Funds(MFs).
Key points:

• In February 2021 SEBI has issued certain guidelines such as, requirement for the contribution of Rs.150 crores as share capital from AMCs for setting up of LPCC by mutual funds.
• It also prescribed that contribution of AMCs has to be in proportion to the Asset Under Management (AUM) of open ended debt oriented mutual fund schemes (excluding overnight, gilt fund and gilt fund with 10-year constant duration but including conservative hybrid schemes) managed by them for FY20.
• SEBI now has modified one of the guidelines such as the proportion to AMU in which the contribution of AMCs now will be based on average AUM of debt oriented schemes managed by them for the FY21.

About Securities and Exchange Board of India (SEBI):
Establishment – On April 12, 1992, in accordance with the Securities and Exchange Board of India Act, 1992.
Headquarters – Mumbai, Maharashtra
Chairman – Ajay Tyagi
>>Read Full News

ECONOMY & BUSINESS

IMF has projected India’s GDP growth to 12.5% & 6.9% in FY22 & FY23On April 06, 2021, International Monetary Fund (IMF) in its biannual World Economic Outlook report has hiked its growth projection of India for FY22 by 1% to 12.5% from 11.5% of its January 2021 estimation, due to the normalization of economic activity.

• For FY21, it estimated an 8%(-8%) contraction of the Gross Domestic Product(GDP) and for FY23 the growth forecast was revised to 6.9% from 6.8%.
• The report projected the global economy to grow at 6% in 2021 and 4.4% in 2022 as against a contraction of 3.3% (-3.3%)in 2020.

Global outlook by IMF:

• In comparison with the pre-pandemic forecasts, the average annual loss in per capita GDP for 2020-24 is projected to be 5.7% in low-income countries, 4.7% in emerging markets and at 2.3% in advanced economies.
• Global poverty: As per the report, 95 million people are expected to have entered the ranks of the extreme poor in 2020.
• Among developing economies, China was projected to grow at 8.4% in 2021 and 5.6% in 2022.

About International Monetary Fund (IMF):
Establishment–  1944
Member Countries– 190
Headquarter – Washington, D.C., United States
Managing Director – Kristalina Georgieva
Economic Counsellor and Research Department Director – Gita Gopinath
>>Read Full News

AWARDS & RECOGNITIONS        

Forbes’ 35th Annual World’s Billionaires List: Jeff Bezos tops the list; Mukesh Ambani Asia’s richest person i.Jeff Bezos, Founder of Amazon.com Inc topped the Forbes’ 35th Annual world’s Billionaires list with a net worth of 177 billion USD followed by Elon Musk CEO of SpaceX and Tesla with a net worth of 151 billion USD and French Billionaire Bernard Arnault chairman of LVMH Moët Hennessy – Louis Vuitton SE with a net worth of 150 Billion USD with 2nd and 3rd rank.
ii.Ranked 10, MukeshAmbani, chairman of Reliance Industries Ltd became Asia’s richest person, replacing Jack Ma.
iii.With 140 billionaires, India has the 3rd highest number of billionaires on the list.
iv.MukeshAmbani topped India’s 10 Richest Billionaires 2021 List of Forbes with a net worth of  84.5 billion USD, followed by Gautam Adani chairman of Adani Group with a net worth of 50.5 billion USD.
>>Read Full News

APPOINTMENTS & RESIGNATIONS         

Justice Nuthalapati Venkata Ramana Appointed As 48th Chief Justice Of Indiai.On 6th April 2021, The President of India Appointed Justice Nuthalapati Venkata Ramana, Judge of the Supreme Court, as the 48th Chief Justice of India. The notification regarding the appointment was issued by the Department of Justice, Ministry of Law and Justice.
ii.He will take over as the Chief Justice of India on 24th April 2021 for a 16-month tenure till 26th August 2022. 
iii.He will succeed the incumbent Justice Sharad Arvind Bobde who will retire on 23rd April 2021.
iv.The Chief Justice of India is appointed by the President of India under clause (2) of Article 124 of the Constitution.
About Ministry of Law and Justice:
Union Minister– Ravi Shankar Prasad (Constituency- Patna Sahib, Bihar)
>>Read Full News

S Ramann CEO of NeSL appointed as the CMD of SIDBIS Ramann, the Chief Executive officer(CEO) of National e-Governance Services Ltd (NeSL), has been appointed as the Chairman and Managing Director (CMD)of Small Industries Development Bank of India (SIDBI).

• He will hold the post of CMD of SIDBI for a period of 3 years from the date of his assuming charge or until further orders.

About S Ramann:
i.SRamann, a 1991 batch Indian Audit and Accounts Service Officer, has served as the Principal Accountant General of Jharkhand from 2015-2016
Ii. On deputation from the government, he has served as the Executive Director Secondary Markets in SEBI from 2006 to 2013.
Note:
i.In December 2020, the Bank Board Bureau(BBB) headed by BhanuPratap Sharma, former Secretary of Department of Personnel and Training, has recommended S Ramann to the post of CMD of SIDBI.
ii.BBB has also recommended ShivendraTomar, Managing Director of IFCI Venture Capital Funds Ltd, a subsidiary of IFCI to the post of Managing Director and Chief Executive Officer(MD&CEO) of IFCI.
About SIDBI:
SIDBI was established under an Act of the Parliament in 1990.
Operated under the Department of Financial Services, Ministry of Finance.
Headquarters- Lucknow, Uttar Pradesh
Established on– 2nd April 1990

ACQUISITIONS & MERGERS        

BYJU’S the Edtech company acquired AESL for $1 billionOn April 5, 2021, Byju’s, India’s biggest online education startup has announced its acquisition of Aakash Educational Services Limited (AESL), a provider of test preparation services for $1 billion (about Rs 7,300 crore). This deal is the biggest acquisition by Byju’s until now.
The objective of the acquisition:
Byju’s aims to increase its presence in the test prep space as its competitors/rival Unacademy made close to six acquisitions in the test prep space and Amazon India made an entry with Amazon Academy in 2020.
The cash-and-stock deal:

• AESL is a provider of test preparation services that gain entry for the students into the country’s elite engineering and medical schools.
• After acquisition also AESL will continue to operate as a separate entity with founders J.C. Chaudhry and Aakash Chaudhry continuing to lead the entity.
•  In 2019, AESL partnered with Blackstone to create India’s largest digitally enabled, omni-channel test preparation company.
• Now after the acquisition, Blackstone will swap a portion of its 37.5% equity in Aakash for Byju’s stake.

Note- A swap is a derivative contract through which two parties exchange the cash flows or liabilities from two different financial instruments.
About BYJU’S:
Establishment –  2011
Headquarter – Bangalore, Karnataka
CEO -ByjuRaveendran
About Aakash Educational Services Limited (AESL):
Establishment – 1988
Office Location – New Delhi
Managing Director – Aakash Chaudhry

CCI Approved the Proposed Combination of SAMC to acquire PAMPL, PTCPL and PRAPLOn April 6, 2021, The Competition Commission of India (CCI) approved the proposed combination which is related to the 100% acquisition of the issued and paid-up equity share capital of Principal Asset Management Private Limited (PAMPL), Principal Trustee Company Private Limited (PTCPL) and Principal Retirement Advisors Private Limited(PRAPL) by Sundaram Asset Management Company Limited(SAMC).
About the Proposed combination: 

• Based on the proposed combination the schemes of the Principal Mutual Fund (PMF) shall be transferred to Sundaram Mutual Fund (SMF) and the trusteeship and management of the PMF schemes shall be transferred to Sundaram Trustee Company Limited (STCL) and SAMC.
• SAMC announced the acquisition of the Principal Asset Management business for ₹338.53 crore in January 2021.
• PAMPL is engaged in providing asset management services to the PMF and operating/ managing the PMF schemes.

About Sundaram Asset Management Company Limited(SAMC):
Establishment – 1996
Headquarters – Chennai, Tamil Nadu
Managing Director – Sunil Subramaniam
>>Read Full News

SCIENCE & TECHNOLOGY

Harsh Vardhan launches Integrated Health Information Platform; India becomes 1st country to adopt Advanced Disease Surveillance SystemOn April 5, 2021, Union Minister of Health & Family Welfare, Dr Harsh Vardhan virtually launched the Integrated Health Information Platform (IHIP), an integrated Digital Platform for Disease Surveillance in India. It is an advanced version of the Integrated Disease Surveillance Programme (IDSP), which is being used currently. With the launch, India became the 1st Country in the World to adopt an Advanced Digital Disease Surveillance System.

• It is also the World’s biggest online disease surveillance platform (in terms of Geographical coverage, number of diseases covered & quantum of data generated).
• National Centre for Disease Control (NCDC), World Health Organization (WHO) were associated with the development of the platform.
• It will be helpful in real-time data collection, aggregation, analysis & visualization of data which will aid & enable evidence-based policy making.

Key points

• IHIP is capable of tracking 33 diseases (previously it was 18).
• It will be helpful in gathering information about the earliest signs of disease spread in the smallest of villages & blocks in India, which will be vital in preventing potential epidemics.

About National Centre for Disease Control (NCDC):
It is an institute under the Indian Directorate General of Health Services, Ministry of Health and Family Welfare.
Director – DrSujeet Kumar Singh
Headquarters – New Delhi
>>Read Full News

SUPACE – AI driven Research Portal of Supreme Court of IndiaOn 6th April 2021, the Chief Justice of India (CJI) SA Bobde launched “Supreme Court Portal for Assistance in Court’s Efficiency (SUPACE)” an Artificial Intelligence (AI) driven tool, which is 1st of its kind in the World that collects relevant facts and laws related to the case, thereby easing the research process for Judges.
i.Efficient use of AI for collecting information related to the case, to reduce the workload of Judges.
About Supreme Court of India:
Establishment – 26 January 1950
Articles 124 to 147 in Part V of the Constitution of India deals with the Supreme Court.
Total Strength of Judges – 34 (including CJI)
Retirement Age for all Supreme Court Judges is 65 years.
>>Read Full News

Russia Testing new ‘Super Torpedo’ that can cause ‘Radioactive Tsunamis’Russia is Testing a new ‘Super Torpedo’ namely Poseidon 2M39 Torpedo in the Arctic region. The Super Torpedo is capable of producing Radioactive Tsunamis.
The Unmanned Stealth Torpedo is powered by a nuclear reactor and has a range of 10, 000 km.

• The Torpedo can reach a speed of 100 Knots (around 115 miles per hour) with a 100 MW Nuclear Reactor.
• It can carry warheads of up to 2 Megatons.
• The radioactive waves created by the torpedo would make swathes of the target coastline uninhabitable for decades.
• Russia is also testing a Hyper-sonic missile called ‘Tsirkon’, which is capable of flying at speeds of up to Mach 6-7.

About Russia
President – Vladimir Putin
Capital – Moscow
Currency – Russian Ruble

SPORTS

Virat Kohli regains Top spot in ODI Batsman rankings; India at 8th spot in ICC WC Super League StandingsAfter the 2021 England vs India 3-match One Day Internationals (ODI) series in March, 2021, Indian Skipper Virat Kohli regained the No.1 Spot in International Cricket Council (ICC) ODI Men’s Batsman Rankings. With 2-1 victory in the 3-match series, India moved to 7th spot in the ICC World Cup (WC) Super League Standings.

Note – As on April 7, 2021, India ranked at 8th Spot in the ICC World Cup (WC) Super League Standings.

Key Points:
i.England retains the top spot in ICC WC Super League Standings.
ii.As on 7th April, 2021, Pakistan ranked at 2nd Position & Australia ranked at 3rd Position.
iii.Countries in the top 8 spots of the ICC WC Super League Standings will automatically qualify for the 2023 ICC Cricket World Cup.
iv.As the host of the 2023 World Cup, India has already qualified for the tournament.
India’s Stands in ICC Ranking:

• India’s ODI Vice-Captain, Rohit Sharma moves to 3rd Spot in ICC ODI Men’s Batsman Rankings.
• India Men’s Test Team ranks 1st in the ICC Test match Team rankings, while retains 2nd spot in both T20 & ODI rankings.

About International Cricket Council (ICC):
CEO– Manu Sawhney
Headquarters– Dubai, United Arab Emirates(UAE)

BOOKS & AUTHORS

A  book titled “Exam Warriors” (Revised and Updated Edition) by PM Narendra Modi released

The  new revised and updated version of book titled “ Exam Warriors” written by Prime Minister(PM) Narendra Modi was released with many new mantras & range of engaging activities for students as well as parents and also reaffirms the need to remain stress free before an exam.

• Exam Warriors is an initiative by PM Narendra Modi to hold and motivate aspiring students for upcoming boards.

IMPORTANT DAYS

International Day of Sport for Development and Peace 2021 – April 6i.The United Nations(UN)’s International Day of Sport for Development and Peace(IDSDP) is annually observed across the globe on 6th April to recognise the role of sports in communities and in individuals towards building resilience.
2021 marks the celebration of the 8th edition of the International Day of Sport for Development and Peace(IDSDP).
ii.The theme of 2021 IDSDP is focused on – recovery from the pandemic and the importance of equity in the recovery and the need to build back better for a resilient and equitable world.
iii.Thefirst IDSDP was observed on 6th April 2014.
>>Read Full News

World Health Day 2021 – April 7i.The United Nations(UN)’s World Health Day is annually observed across the globe on 7th April to draw attention towards a specific health topic that concerns people across the globe to highlight the priority area of concern for the World Health Organisation(WHO).
ii.The day is celebrated under the sponsorship of the WHO and other related organizations.
iii.The theme of World Health Day 2021 is “Building a Fairer, Healthier World”. 
iv.The day 7th April marks the anniversary of the inception of WHO at the first World Health Assembly in 1948 and the World Health day has been observed since 1950.
v.The first World Health Day was observed on 7th April 1950.
About WHO:
Director-General- Dr TedrosAdhanomGhebreyesus
Headquarters– Geneva, Switzerland
>>Read Full News

International Day Of Reflection On The 1994 Genocide Against The Tutsi In Rwanda 2021 – April 7i.The United Nations(UN)’s International Day Of Reflection On The 1994 Genocide Against The Tutsi In Rwanda is annually observed across the globe on 7th April to recognise the importance of combating impunity for all violations that constitute the crime of genocide.
ii.The day recalls the 1994 genocide against the Tutsi ethnic group in Rwanda and remembers the victims of the genocide.
iii.7th April 2021 marks the27th anniversary of the start of the genocide.
iv.The United Nations General Assembly (UNGA) adopted the resolution A/RES/58/234 designated the 7th April 2004 as the International Day of Reflection on the Genocide in Rwanda. 
v.April 2004 marked the 10th anniversary of the 1994 genocide in Rwanda.
>>Read Full News

World Backup Day 2021 – March 31

World Backup Day is annually observed on 31st March to remind us to protect our digital documents. The Day was originally started as the World Backup Month instituted by Maxtor, a hard drive company which was later acquired by Seagate Technology.

• The day aims to create awareness about the importance of the role of data and regular backups.
• Backup is a 2nd copy of all the important digital documents stored in a single location like an external hard drive, USB Stick or on the Cloud.

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