Daily Current Affairs and GK | 3 July 2021

Topic: Sports

1. MP Jabir becomes first Indian to qualify for the Tokyo Olympics in 400m hurdles.

• An athlete of the Indian Navy, MP Jabir, has qualified for the Tokyo Olympics in 400m hurdles.
• He would be the first male Indian to participate in the 400m hurdles in Olympics.
• He completed his race in 49.78 seconds and won gold at Inter-State Athletics Championships in Patiala.
• He is currently on the 34^th position in the World Athletics' Road to Olympics rankings.
• He has represented Indian Navy in various National and International Athletic championships.

(Source: News on AIR)

Topic: Defence

2. DRDO’s Short Span Bridging System inducted into Indian Army.

• Indian Army inducted the first batch of 12 Short Span Bridging systems into the Corps of Engineers.
• Short Span Bridging System has been designed and developed by Defence Research and Development Organisation (DRDO). It has been manufactured by L&T.
• It will play a vital role in bridging the gaps up to 9.5 m. It will ensure faster movement of the troops.
• It has been developed under the vision of Atmanirbhar Bharat in the defence sector. It will improve operational capability in the western borders.
• This bridging System is compatible with Sarvatra Bridging System (75 m).
• DRDO has built many mechanized mobility solutions for the Indian Army like Modular Bridge, 75 m Sarvatra Bridging System, Mountain Foot Bridge, etc.

Topic: International News

3. The majority of members of OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting adopted a high-level statement.

• The majority of members of OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (including India) has adopted a high-level statement.
• The high-level statement contains an outline of a consensus solution to deal with tax challenges as a result of digitalization of the economy.
• The proposed solution has two components:
  • Pillar One: It is about the reallocation of additional share of profit to the market jurisdictions.
  • Pillar Two: It consists of minimum tax. It is subject to tax rules.
• Technical details of the proposal will be worked out in coming months. A consensus agreement is likely by October.
• India has joined OECD/G20 Inclusive Framework tax deal.
• Base Erosion and Profit Shifting (BEPS) refers to tax avoidance strategies adopted by multinational enterprises through the use of mismatches in tax rules.

Topic: Important Days

4. State Bank of India’s 66^th foundation day: 1 July 2021.

• State Bank of India (SBI) celebrated its 66^th foundation day on 01 July.
• It is the oldest bank of India. In 1921, the Bank of Calcutta, the Bank of Bombay and the Bank of Madras were merged and the merged bank was named as Imperial Bank.
• Imperial Bank in turn became State Bank of India on 01 July 1955.
• Currently, SBI is 43^rd largest bank in the world. It is also largest bank in India.
• Its headquarters are located in Mumbai. Its tagline is The Banker to Every Indian. Its chairman is Dinesh Kumar Khara.
• Life Insurance Corporation of India (LIC) is the largest non-promoter shareholder in SBI.

Topic: Summits/ Conferences/ Meetings

5. Union Minister Prahlad Singh Patel chairs 6^th meeting of BRICS Culture Ministers.

• Culture and Tourism Minister, Prahlad Singh Patel chaired the 6th meeting of BRICS Culture Ministers. Culture Ministries of Brazil, Russia, China, and South Africa also participated in this meeting.
• Ministers discussed the issue of advancement and expansion of cultural activities among BRICS countries under the theme of Bonding and Harmonizing Cultural Synergy.
• Culture and Tourism Minister, Prahlad Singh Patel emphasized on sharing of knowledge on tangible and intangible heritage amongst BRICS countries. He further highlighted the need to protect our tangible and intangible cultural heritage through mutual help.
• Ministers agreed to strengthen and enhance cultural cooperation in the field of museums, art galleries, theatre, libraries, and use of modern technologies.
• Leaders of all countries have shown their concern on the adverse effects of the pandemic on Art and cultural activities.

Topic: Sports

6. Government recognize WAKO India Kickboxing Federation as National Sports Federation.

• The sports Ministry has granted recognition to WAKO India Kickboxing Federation as National Sports Federation (NSF).
• The government recognition will help in the promotion and development of the Kickboxing sport in India. WAKO India Kickboxing Federation is affiliated with the World Association of Kickboxing Organizations (WAKO).
• On 10 June 2021, International Olympic Committee (IOC) has approved the recommendation for WAKO to become a fully recognized member of the Olympic family of sport.
• The final decision of recognition of WAKO will be taken in the IOC Session of Tokyo in July 2021.

Topic: Indian Economy

7. Government includes retail and wholesale trade under MSMEs.

• The government has announced to include retail and wholesale trade in the MSMEs category.
• It will make retail and wholesale enterprises eligible for priority sector funding and special liquidity scheme from banks.
• The revised guidelines will benefit 2.5 crore retail and wholesale traders and will boost the retail sector.
• It will help retailers and wholesalers to restore their businesses by obtaining necessary finances from banks
• Now, retailers and wholesalers can register themselves on Udyam Registration Portal.
• The Confederation of All India Traders (CAIT) declared it one of the landmark decisions for retail and wholesale traders.
• This step will help in reviving the Indian economy after the COVID pandemic.
• MSMEs contribute about 30% to India’s gross GDP and contribute about 40% to the overall exports.

Topic: Uttarakhand/ State News

8. Uttarakhand Chief Minister Tirath Singh Rawat resigned.

• Uttarakhand Chief Minister Tirath Singh Rawat handed in his resignation to the Governor on 2 July 2021.
• He resigned from the post of Chief Minister in less than four months. Tirath Singh Rawat was appointed as Chief Minister of Uttarakhand in March after the resignation of Trivendra Singh Rawat.
• Tirath Singh Rawat was the 9^th Chief Minister of Uttarakhand. He was elected as an MP from the Pauri Lok Sabha seat in 2019.
• Tirath Singh Rawat was not an elected MLA in the Uttarakhand Assembly. According to Constitution, the Chief Minister has to get elected to the state legislature within six months of taking the oath.
• Due to Covid situation, chances of holding a by-election are grim so he offered to resign to avoid a Constitutional crisis.
• According to Article 164, the Chief Minister shall be appointed by the Governor.

Topic: Awards and Prizes

9. Gita Gopinath and Kamlesh Lulla honoured by a prestigious American foundation.

• Ahead of the US Independence Day, International Monetary Fund Chief Economist Gita Gopinath and NASA Scientist Kamlesh Lulla have been honoured by a prestigious American foundation.
• Total 34 immigrants from more than 30 countries were honoured by the Carnegie Corporation of New York, a non-profit organization.
• Pfizer Chairman and CEO Albert Bourla and Google's Director of Engineering and Technical Projects Lead Ivan Poupyrev were also honoured.
• Gita Gopinath was awarded Pravasi Bharatiya Samman in 2019.
• Kamlesh Lulla is known for his mentoring skills in the field of science, technology, engineering, and mathematics.
• Carnegie Corporation of New York Foundation was established in 1911. It is dedicated to democracy, education, and international peace.

Topic: Indian Economy

10. India recorded highest ever exports in first quarter of 2021.

• India recorded the highest ever exports in the first quarter of 2021.
• Despite the second wave of the COVID-19 pandemic, India exported goods of 95 Billion dollars in the first quarter of this financial year.
• The export of engineering goods has increased by 5.2 billion dollars than the previous first quarter of 2019-20.
• For the current financial year, India has set a target of 400 billion US dollars merchandise exports.
• India has also received the highest ever Foreign Direct Investment of 81.72 billion US dollars in the financial year 2020-21.
• Refined Petroleum, Diamonds, Packaged Medicaments, Jewellery, and Rice are the top export products of India.

Topic: MoUs/Agreements

11. CRPF signs MoU with C-DAC to train forces in advanced technologies.

• The Central Reserve Police Force has signed an MoU with C-DAC to train forces in advanced technologies.
• The main objective for this MoU is to enhance the technical capabilities of CRPF by training forces in advanced areas like Internet of Things (IoT), Cyber security, Artificial Intelligence, and Big Data Analytics. 
• Under this MoU, C-DAC will provide expertise in the form of a Technology Partner and Knowledge Partner.
• C-DAC will also provide customized advanced courses according to the need of the Central Reserve Police Force (CRPF).