Daily Current Affairs and GK | 4 June 2020

1. Union Cabinet approved the historic amendment in the Essential Commodities Act 1955

• Recently the Union Cabinet has approved the historic amendment in the Essential Commodities Act.
• Under this, cereals, pulses, oilseeds, edible oils, onions and potatoes have been removed from the list of essential commodities.
• This is a visionary step to increase the income of farmers.
• In addition, the Cabinet has also approved to form an empowered team of Project Development Cells and Secretaries in the Ministries and Departments to attract investment in the country.
• This new system will help India build a $ 5 trillion economies by 2024-25.
• In addition, the re-establishment of the Pharmacopoeia Commission for Indian Medicine and Homeopathy has also been approved.
• This commission will be established by merging two central laboratories called Pharmacopoeia Laboratory for Indian Medicine and Homoeopathic Pharmacopoeia Laboratory.

(Source: News on AIR)

2. Permission to the Agricultural Produce Trade and Commerce Promotion and Facilitation Ordinance-2020 by the Union Cabinet

• Recently the Union Cabinet has approved the Agricultural Produce Trade and Commerce Promotion and Facilitation Ordinance-2020.
• The main objective of this ordinance is to provide additional business opportunities to the farmers outside the Agricultural Produce Market Committee so that they can get profitable prices due to the additional competition.
• This ordinance will serve as a complement to the current minimum support price procurement system.
• This ordinance will also pave the way for one India one agricultural market.
• Under this, no cess or fee will be charged from the farmers for selling their produce.
• Dispute resolution will also be arranged for the farmers.

(Source: News on AIR)

3. India-Australia Virtual Summit concluded

• Prime Minister of India Narendra Modi and Prime Minister of Australia Scott Morrison held an India-Australia Virtual Summit.
• The Prime Minister of Australia's visit to India was not possible this year due to the Corona pandemic.
• Hence, the two countries decided to organize a virtual summit.
• This is the first time the Prime Minister is holding a bilateral virtual summit.
• Both countries have a similar vision of a free, uninterrupted, inclusive and prosperous Indo-Pacific region.

(Source: News on AIR)

• Australia:
  • It is the largest country in Oceania and the sixth largest in the world by total area.
  • Its capital is Canberra and the currency is Australian dollar.

4. The central government started the SWADES initiative

• Recently the Central Government has launched the SWADES initiative.
• SWADES means Skilled Works Arrival Database for Employment Support.
• This initiative, is for citizens returning to India under the Vande Bharat Mission.
• It is a joint initiative of Ministry of Skill Development and Entrepreneurship, Ministry of Civil Aviation and Ministry of External Affairs.
• This initiative aims to create a database of qualified citizens based on their skills and experience to meet the demand of Indian and foreign companies.
• The collected information will be shared with companies for suitable placement opportunities in the country.
• Interested citizens returning to the country are required to fill in an online Swades skill card.

5. New definition of MSME will come into force from 1 July 2020

• The Union Ministry of Micro, Small and Medium Enterprises has stated that the new definition of MSME, will come into force from 1 July 2020.
• In May 2020, the definition of MSME in the Self-Sustainable India Package was amended 14 years after the Micro, Small and Medium Enterprises Development Act came into existence in 2006.
• In the new definition, exports will not count in turnover for any enterprise whether it is micro, small or medium.
• This definition is as follows-
  • Micro Enterprises - Investment up to a maximum of 1 crore and annual turnover up to a maximum of 5 crore.
  • Small Enterprises - Investment up to a maximum of 10 crores and annual turnover up to a maximum of 50 crores.
  • Medium Enterprises - Investment up to 20 crores and annual turnover up to 100 crores.

(Source: News on AIR)

6. Start of All India Real Time Market in Power Sector

• Recently, the Union Minister of Energy and New and Renewable Energy Rajkumar Singh has started an all India real time market in the power sector.
• The real time market will be open for half an hour every day.
• This proposed real-time market would provide an alternative mechanism for power distribution companies to access large markets at a competitive price.
• Real Time Market (RTM) enables consumers, including distribution companies (DISCOMs) and captive users, to purchase power on exchanges exactly one hour before delivery.
• It is an organized market platform that enables buyers and sellers to meet their energy needs in near real-time India operations.

(Source: News on AIR)

7. Raveesh Kumar appointed as the next Ambassador of India to Finland

• Senior diplomat Raveesh Kumar has been appointed as the next Ambassador of India to Finland.
• Mr. Kumar is a 1995 batch Indian Foreign Service officer.
• Raveesh Kumar has served as the spokesperson of the Ministry of External Affairs from July 2017 to April 2020.
• During this, he sensibly assessed India's position on several sensitive issues, including the 2019 Balakot strike, the National Citizen Register dispute, the reorganization of Jammu and Kashmir.

(Source: News on AIR)

8. Delhi government launched a mobile app called Delhi Corona

• Recently Delhi Chief Minister Arvind Kejriwal has launched a mobile app called Delhi Corona.
• Using this app, residents can track the number of beds and ventilators available in hospitals dedicated to the treatment of corona in the national capital Delhi.
• The service can also be accessed using a web browser.
• The user is not required to provide any details before using the application.

9. Kolkata Port will be renamed as Shyama Prasad Mukherjee Port

• Recently the Union Cabinet has approved renaming Kolkata Port to be Shyama Prasad Mukherjee Port.
• The Board of Trustees of Kolkata Port Trust passed a resolution on February 25 to rename the port.
• The decision was announced at the inauguration ceremony of the port's 150^th anniversary celebrations on 12 January.
• The founder of the Bharatiya Jana Sangh, Shyama Prasad Mukherjee is known as a versatile jurist, educationist, thinker and leader. He served in the Cabinet of Prime Minister Jawaharlal Nehru as Minister of Industry and Supply.
• There are a total of 13 major sea ports in India, 12 of which are government and one is Ennore Port of Chennai is corporate.
• The other 12 major ports of India are as follows: Kolkata Port, Paradip Port, New Mangalore Port, Cochin Port, Jawaharlal Nehru Port, Mumbai Port, Kandla Port, Visakhapatnam Port, Chennai Port, Tuticorin Port, Mormugao Port and Port Blair Port.

10. June 4: International Day of Innocent Child Victims of Aggression

• International Day of Innocent Child Victims of Aggression is observed every year on 4 June.
• United Nations has established this day on 19 August 1982.
• The main purpose of celebrating this day is to spread awareness about the pain and suffering faced by the victim children.
• This day is dedicated to recognizing the physical, mental and emotional abuse of children all over the world and bringing a smile to their face.

11. Flood hazard in Mexico due to tropical storm Cristobal

• Recently the Tropical Storm Cristobal was formed in the southern Gulf of Mexico, threatening flood in southern Mexico and parts of Central America.
• The storm is composed of the remains of the eastern Pacific tropical storm Amanda, which wreaked havoc in El Salvador and Guatemala recently.
• Tropical cyclone:
  • A cyclone is a low-pressure system with very high winds around it.
  • The conditions for tropical cyclones are - sufficiently warm sea surface, atmospheric instability, high humidity in the low to medium levels of the troposphere and sufficient Coriolis force to maintain a low pressure center, etc.
  • This type of storm is called Hurricane in the North Atlantic and East Pacific, and Typhoon in Southeast Asia and China, and Tropical Cyclone in the Southwest Pacific and Indian Ocean region.

(Source: The Hindu)

12. World Bank released the Global Economic Prospects June 2020 report

• Recently the World Bank has released the report of Global Economic Prospects June 2020.
• This report describes the impact of the global pandemic corona on the economy.
• According to the report, Covid-19 could lead to 60 million people in extreme poverty in 2020.
• The epidemic has also reduced potential growth and labor productivity.
• Emerging markets and developing economies are the weakest at the moment, and they may face health crises, restrictions and external rebuffs such as trade, tourism and commodity prices, as well as outflows of capital.
• Countries with emerging markets and developing economies are expected to have 3 to 8% output losses in the short term.
• At the same time, the question of disposal of huge loans in front of G-20 countries and commercial creditors can be further deepened.
• The drop in oil demand and increase in oil inventories due to worldwide economic lockdown have led to a one-month drop in oil prices on record.
• The report also suggests making better policy options such as greater debt transparency and greater expansion of cash security.