Daily Current Affairs 18 April 2020 | UPSC Current Affairs 2020

Current Affairs Of Today Are

1) “Kisan Rath” Mobile App

The Union Minister of Agriculture & Farmers’ Welfare, Shri Narendra Singh Tomar launched a farmer-friendly mobile application developed by the National Informatics Centre (NIC) to facilitate farmers & traders in searching transport vehicles for Primary and Secondary transportation for movement of Agriculture & Horticulture produce. Primary transportation would include movement from Farm to Mandis, FPO Collection Centre and Warehouses, etc. Secondary Transportation would include movement from Mandis to Intra-state & Inter-state mandis, Processing units, Railway station, Warehouses, and Wholesalers, etc.
The Mobile Application named “Kisan Rath” facilitates Farmers and Traders in identifying the right mode of transportation for movement of farm produce ranging from foodgrain (cereal, coarse cereal, pulses, etc), Fruits & Vegetables, oilseeds, spices, fiber crops, flowers, bamboo, log & minor forest produce, coconuts, etc. This App also facilitates traders in the transportation of perishable commodities by Reefer (Refrigerated) vehicles.
Transportation of agri produce is a critical and indispensable component of the supply chain. Under the extraordinary situation prevailing in the country currently due to lockdown, “Kisan Rath” will ensure smooth and seamless supply linkages between farmers, warehouses, FPOs, APMC mandis, and intra-State & inter-State buyers and help in the reduction of food wastage by providing timely services. All these will contribute to better prices for perishable commodities.
The Consignors (farmer, FPOs, buyer/ trader) places a requirement for transportation on this app which is disseminated to transport aggregators in the market, who in turn interface with various truckers and fleet owners for obtaining a competitive quote against the requirement and passes back the quote and trucker details to the Consignor. Thereafter, the Consignor directly negotiates offline with the trucker and finalizes the deal. Once the trip is completed, the user can provide a rating/ feedback for the trucker in the App which, over some time, becomes a feedback mechanism for the transporter to improve their services. This would also help the Consignors in the selection process of Logistics Service Providers in the future.

Source: PIB

2) RBI announces the second set of measures to preserve financial stability and help put money in the hands of the needy and disadvantaged

The RBI Governor said that the additional measures are aimed to:

maintain adequate liquidity in the system and its constituents in the face of COVID-19 related dislocations
facilitate and incentivize bank credit flows
ease financial stress, and
enable the normal functioning of markets

Liquidity Management

Targeted Long-Term Operations (TLTRO) 2.0

The second set of targeted long-term repo operations (TLTRO 2.0) for an initial aggregate amount of Rs. 50,000 crore will be conducted. This is being done to facilitate funds flow to small and mid-sized corporates, including NBFCs and MFIs, who have been more severely impacted by the disruptions due to COVID-19. The funds availed by banks under TLTRO 2.0 should be invested in investment-grade bonds, commercial paper, and non-convertible debentures of non-banking financial companies (NBFCs), with at least 50 percent of the total amount availed going to small and mid-sized NBFCs and microfinance institutions (MFIs).

Refinancing Facilities for All India Financial Institutions

Special refinance facilities for a total amount of Rs. 50,000 crore will be provided to National Bank for Agriculture and Rural Development (NABARD), the Small Industries Development Bank of India (SIDBI) and the National Housing Bank (NHB) to enable them to meet sectoral credit needs. This will comprise Rs. 25,000 crore to NABARD for refinancing regional rural banks (RRBs), cooperative banks and microfinance institutions (MFIs); Rs. 15,000 crore to SIDBI for on-lending / refinancing; and Rs. 10,000 crore to NHB for supporting housing finance companies (HFCs).
These facilities are being provided since these institutions are facing difficulties in raising finances from the market, given the difficult financial conditions given COVID-19. The Governor said that advances under this facility will be charged at the RBI’s policy repo rate at the time of availing, to enable them to provide credit at rates affordable for their borrowers.

Reduction of Reverse Repo Rate under the Liquidity Adjustment Facility

The reverse repo rate has been reduced by 25 basis points from 4.0% to 3.75% with immediate effect, to encourage banks to deploy surplus funds in investments and loans in productive sectors of the economy.
The Governor explained that the surplus liquidity in the banking system, which has risen significantly due to sustained government spending and the various liquidity enhancing measures undertaken by the RBI, is the backdrop to this decision.

Raising Limit of Ways and Means Advances of states and UTs

Ways and Means Advances (WMAs) Limit of states and union territories has been increased by 60% over and above the limit as on March 31, 2020, to provide greater comfort to states for undertaking COVID-19 containment and mitigation efforts, and also to help them plan their market borrowing programs better.
WMAs are temporary loan facilities provided by RBI to help governments tide over temporary mismatches in receipts and expenditure. The increased limit will be available until September 30, 2020.

Regulatory Measures

In addition to the measures announced by RBI on March 27, 2020, the bank announced additional regulatory measures to lessen the debtors’ burden in wake of the pandemic.

Asset Classification

Concerning the recognition of Non-Performing Assets (NPAs), the central bank has decided that the payment moratorium period, which lending institutions have been permitted to grant as per RBI’s announcement on March 27, 2020, will not be considered while classifying assets as NPAs. i.e., the moratorium period will be excluded while considering the 90-day NPA norm for those accounts for which lending institutions decide to grant moratorium or deferment and which were standard as on March 1, 2020. This means that there will be an asset classification standstill for such accounts from March 1 - May 31, 2020. NBFCs will have the flexibility under the prescribed accounting standards to provide such relief to their borrowers.
Simultaneously, banks have been asked to maintain the higher provision of 10% on all accounts whose classification has been put on a standstill as above, so that banks maintain sufficient buffers.

Extension of Resolution Timeline

Recognizing challenges to the resolution of stressed assets or accounts which are or are likely to become NPAs, the period for implementation of resolution plan has been extended by 90 days. Currently, scheduled commercial banks and other financial institutions are required to hold an additional provision of 20 percent if a resolution plan has not been implemented within 210 days from the date of such default.

Distribution of Dividend

It has been decided that scheduled commercial banks and cooperative banks shall not make any further dividend pay-outs from profits about FY 2019-20; the decision will be reviewed based on the financial position of banks at the end of the second quarter of the financial year 2019-20. This has been done to enable banks to conserve capital so that they can retain their capacity to support the economy and absorb losses in an environment of heightened uncertainty.

Lowering of Liquidity Coverage Ratio requirement

To improve the liquidity position for individual institutions, Liquidity Coverage Ratio requirement for scheduled commercial banks has been brought down from 100% to 80% with immediate effect. This will be gradually restored in two phases - 90% by October 1, 2020, and 100% by April 1, 2021.

NBFC Loans to Commercial Real Estate Projects

The treatment available for loans to commercial real estate projects concerning the date for commencement for commercial operations (DCCO) has been extended to NBFCs, to provide relief to both NBFCs and the real estate sector. As per the current guidelines, DCCO in respect of loans to commercial real estate projects delayed due to reasons beyond the control of promoters can be extended by an additional one year, over and above the one-year extension permitted in the normal course, without treating the same as restructuring.
Making an assessment of the current economic situation, the Governor informed that the macroeconomic and financial landscape has deteriorated, precipitously in some areas; but light still shines through bravely in some others.
According to the IMF’s global growth projections, in 2020, the global economy is expected to plunge into the worst recession since the Great Depression, far worse than the Global Financial Crisis. In this situation, India is among the handful of countries that are projected to cling on to positive growth (at 1.9%). He noted that this is the highest growth rate among the G-20 economies

Source: PIB

3) Stable material for organic pseudocapacitor can offer a low-cost scalable energy storage solution

Scientists at the Institute of Nano Science and Technology (INST), Mohali, an autonomous institute under the Department of Science & Technology, Govt. of India, have developed a stable material for pseudocapacitors or supercapacitors which store electrical energy by electron charge transfer. The material can offer a low-cost scalable energy storage solution as an alternative to batteries.
Pseudocapacitors are a type of supercapacitors which store electrical energy by electron charge transfer.
The team has developed the pseudocapacitive material, a hybrid xerogel structure (a solid formed from a gel by drying with unhindered shrinkage), for the very first time. The hybrid material was fabricated by the integration of a well-known organic molecule, dopamine onto a conductive matrix, like graphene. This class of xerogel architectures, although reported in the literature as alternatives to conventional pseudocapacitors, lack sufficient cycling stability to replace batteries in the consumer market.
The pseudocapacitive material, an organic-inorganic hybrid xerogel, shows great promise as a low-cost and scalable energy storage solution for commercial applications. The INST team proposed that the method can serve as a universal approach and as a model system for organic-inorganic hybrid xerogel pseudocapacitors.
The scientists invented the pseudocapacitive material through a unique two-step synthesis procedure that is tailored accordingly to take maximum structural advantages of the hybrid material. First, they followed a quintessential hydrothermal synthesis method for the anchoring of the redox moiety on the carbon support. However, they introduced a unique in situ electrochemical polymerization approach, in the second step of the synthesis, in an attempt to boost the overall storage capacity as well as cycling stability. As a proof of concept, to endorse the development of the self-supported smart electronics, the group fabricated an all-solid-state supercapacitor with this active material and a tandem configuration of the devices to serve as a power source to light up 1.7 Volt commercial LED bulbs.
The novel synthesis approach, as well as the study of the mechanism of redox supercapacitors at the molecular level, will offer new insights into improving the long-standing issue of stability and inferior power output of pseudocapacitors. The scientists say that it can promote future research in the field of organic pseudocapacitors and provide an effective strategy to facilitate progress towards self-sustaining energy future.

Source: PIB

4) Seismic Noise

Scientists at the British Geological Survey (BGS) have reported a change in the Earth’s seismic noise and vibrations amid the coronavirus lockdown.

These findings have come two weeks after seismologists at the Royal Observatory in Belgium observed a 30-50% fall in levels of seismic noise since schools and businesses were closed in mid-March.

Key Points

Seismic noise

In geology (the study of rocks), seismic noise refers to the relatively persistent vibration of the ground due to a multitude of causes.
This noise includes vibrations caused due to human activity, such as transport and manufacturing.
Scientists first observed this seismic noise — everything recorded on seismograms that cannot be attributed to earthquakes — at the end of the 19th century.
It is the unwanted component of signals recorded by a seismometer and makes it difficult for scientists to study seismic data that is more valuable.
Apart from geology, seismic noise is also studied in other fields such as oil exploration, hydrology, and earthquake engineering.

Benefits of reduction in seismic noise

Usually, to measure seismic activity accurately and reduce the effect of seismic noise, geologists place their detectors 100 meters below the Earth’s surface.

Because, the seismic noise vibrations caused by human activity are of high frequency (between 1-100 Hz), and travel through the Earth’s surface layers.

However, since the lockdown, researchers have said that they were able to study natural vibrations even from surface readings, owing to lesser seismic noise.
Due to lower noise levels, scientists are now hoping that they would be able to detect smaller earthquakes and tremors that had slipped past their instruments so far.

Seismometer

The seismometer is the scientific instrument that records ground motions, such as those caused by earthquakes, volcanic eruptions, and explosions.
These are incredibly sensitive so they also pick up other sources of vibration too, including human activity, such as road traffic, machinery and even people walking past.

Source: Indian Express

5) Zoom- Not a Safe Platform: MHA

Recently, the Ministry of Home Affairs (MHA) has issued an advisory that the Zoom video conference is not a safe platform.

The Indian Cyber Crime Coordination Centre (I4C) of the MHA issued a set of guidelines for the safe usage of Zoom by private individuals.

Key Points

Zoom has seen an exponential rise in usage in India as office-goers remain at home due to the lockdown, imposed to curb the Covid-19 pandemic.

Over 90,000 schools across 20 countries have started using it regularly.
The maximum number of daily meeting participants of approximately 10 million at the end of December 2019 grew to more than 200 million daily meeting participants in March.
It has been used extensively by everyone including the central and state ministers for official purposes and conducting meetings.

Zoom is a US-based video communication and videoconferencing platform.

This Silicon Valley-based company appears to own three companies in China through which at least 700 employees were paid to develop Zoom’s software.
This arrangement is apparently an effort at labor arbitrage in which Zoom can avoid paying US wages while selling to US customers, thus increasing their profit margin.
However, this arrangement may make Zoom responsive to pressure from Chinese authorities.
Reportedly, few calls made through the app are routed through servers in China.

Earlier, the Computer Emergency Response Team, India (CERT-In) had also issued advisories cautioning on the use of Zoom for office meetings.

It warned that the insecure usage of the platform may allow cybercriminals to access sensitive information such as meeting details and conversations giving rise to cyber frauds.
It also highlighted multiple vulnerabilities that could allow an attacker to gain elevated privileges or obtain sensitive information.

Citizen Lab, based at the University of Toronto, found a significant weakness in Zoom’s encryption that protects meetings.

It identified the transmission of meeting encryption keys through China.
The lab has raised two primary concerns- geo-fencing and meeting encryption.

Zoom Founder and CEO Eric S Yuan have apologized and assured the people that the privacy and security expectations would be taken care of.

Zoom has added additional features such as placing a new security icon in the meeting controls, changing Zoom’s default settings and enhancing meeting password complexity, among others.
It has also added that soon, account admins will have the ability to choose whether or not their data is routed through specific data center regions.

Suggestions by the Ministry

The users are suggested to set strong passwords and enable “waiting room” features so that call managers could have better control over the participants.
Users should also avoid using personal meeting ID to host events and instead use randomly generated meeting IDs for each event.
People using the app should not share meeting links on public platforms.

Indian Cyber Crime Coordination Centre

The scheme to set up I4C was approved in October 2018, to deal with all types of cybercrimes in a comprehensive and coordinated manner.
It has seven components:

National Cyber Crime Threat Analytics Unit
National Cyber Crime Reporting Portal
National Cyber Crime Training Centre
Cyber Crime Ecosystem Management Unit
National Cyber Crime Research and Innovation Centre
National Cyber Crime Forensic Laboratory Ecosystem
A platform for Joint Cyber Crime Investigation Team.
The various States and Union Territories (UTs) have consented to set up Regional Cyber Crime Coordination Centres.

This state-of-the-art Centre is located in New Delhi.

Computer Emergency Response Team-India

It is an organization of the Ministry of Electronics and Information Technology, Government of India, to secure Indian cyberspace.
It is the nodal agency which deals with cybersecurity threats like hacking and phishing.
It collects, analyses and disseminates information on cyber incidents, and also issues alert on cybersecurity incidents.
CERT-IN provides Incident Prevention and Response Services as well as Security Quality Management Services.

Source: The Hindu

6) CeNS’s gold nanostructure substrate can detect the interaction between bio-molecules& chemicals in the lab

Scientists from Centre for Nano and Soft Matter Sciences (CeNS), an autonomous institute of the Department of Science and Technology (DST), have developed a substrate (the surface or material on which an organism lives, grows) for optical sensing applications using a gold nanostructure. Such substrates are sensitive to change in the refractive index of the surrounding medium and can detect biologically important molecules and chemicals in the laboratory. The glass substrate is decorated with gold nanostructure arrays and is embedded with intervening voids of increasing size along the length of it, which leads to the tunability of the plasmonic resonances in the visible range.
The substrate has potential applications in chemical sensing and can help one to follow up the kinetics of a reaction as in enzyme-linked immunosorbent assay. These applications demand adjustable spectral range and resolution for high throughput screening to test efficiently under identical conditions at a time, avoiding the necessity of using multiple substrates.
A research scholar has fabricated these structures by combining colloidal lithography with inclined reactive ion etching and inclined sputtering techniques. Optical spectroscopy measurements were performed at each position along the direction of increasing intervening voids which reveal the presence of localized surface plasmon resonance (LSPR), surface plasmon polaritons and hybridized modes.
These resonances were found to shift towards longer wavelengths with the position. Different morphologies on the substrate lead to 50 nm spectral tunability across 10 mm length. For refractive index sensing application, an optimum peak arising due to LSPR in reflectance was selected. The highest sensitivity of 621.6 nm/RIU was obtained for the structure in which the interstice size is maximum. Their work was published in the journal Plasmonics.
A research scholar working on this elaborates, “We often encounter vivid and vibrant colors in plants animals and in other natural phenomena. Colors that we see can also arise from the interaction of light with the smallest building blocks of matter. Then the question arises, can we change properties (color) of matter by shrinking it? The answer is, yes”.
“It was first discovered by Michael Faraday that on reducing the size of the gold particle to the nanometer, its color changes to red from its familiar metallic yellow. When light interacts with free electrons in a metal, it generates collective oscillation of free electrons known as surface plasmons,” research scholar elaborated.

Schematic diagram of the substrate and field emission scanning electron microscope images showing hexagonally ordered gold nanostructure arrays at different positions. The shift of the LSPR peak with an increase in the refractive index of the solvents. The inset shows the variation of resonance wavelength with the refractive index.

Source: PIB

7) RBI’s Quarterly Survey on Manufacturing Sector

The Reserve Bank of India (RBI) has launched the 49th round of quarterly Order Books, Inventories and Capacity Utilisation Survey (OBICUS) of the manufacturing sector.
The latest round has a reference period as January-March 2020.

Key Points

The RBI has been conducting the OBICUS of the manufacturing sector quarterly since 2008.
The survey represents the movements in actual data on order books, inventory levels of raw materials and finished goods and capacity utilization.

Inventory is the number of goods held by a company.
Capacity utilization refers to the manufacturing and production capabilities that are being utilized by a nation or enterprise.

The survey also gives out the ratio of total inventories to sales and ratio of raw material (RM) and finished goods (FG) inventories to sales in percentages.
These are considered as important indicators to measure economic activity, inflationary pressures, and the overall business cycle.
Trend analysis is calculated for the survey based on quantitative data received from companies regarding new orders, backlog orders at the beginning of the quarter, pending orders at the end of the quarter.
The survey provides valuable input for monetary policy formulation.
The company-level data collected during the survey are treated as confidential and never disclosed.
In the 48th round of the OBICUS for the quarter October-December 2019 as many as 704 manufacturing companies were covered. As per the survey:

Capacity Utilisation (CU) had declined to 68.6% in the third quarter of 2019-20 from 69.1% in the previous second quarter.
Also, orders received in the third quarter(Q3:2019-20) were lower compared with the previous second quarter as well as with the level of 2018-19.

Source: Business Standard

8) Chitra GeneLAMP-N for Covid-19 Test

Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST), Trivandrum (Kerala), has developed a diagnostic test kit that can confirm Covid-19 in 2 hours at low cost.
SCTIMST is an Institute of National Importance under the Department of Science and Technology (DST).

Key Points

The test kit, funded by the DST called Chitra GeneLAMP-N, is highly specific for SARS-CoV-2 N-gene and can detect two regions of the gene.

This would ensure that the test does not fail even if one region of the viral gene undergoes mutation during its current spread.

It is a confirmatory diagnostic test, which detects the N Gene of SARS- COV2 using reverse transcriptase loop-mediated amplification of viral nucleic acid (RT-LAMP).
The results can be read from the machine from the change in fluorescence.

Fluorescence is the emission of light by a substance that has absorbed light or other electromagnetic radiation.

The tests performed at National Institute of Virology (NIV), Alappuzha (Kerala) (authorized by Indian Council of Medical Research (ICMR)) show that Chitra GeneLAMP- N has 100% accuracy and match with test results using Reverse Transcription Polymerase Chain Reaction (RT-PCR).
This has been intimated to Indian Council of Medical Research (ICMR), the authority to approve it, for Covid-19 testing in India, following which License needs to be obtained from Central Drugs Standard Control Organisation (CDSCO) for manufacture.
Advantages

A total of 30 samples can be tested in a single batch in a single machine allowing a large number of samples to be tested each day.
Current Polymerase Chain Reaction (PCR) kits in India enable detection of E gene for screening and RdRp gene for confirmation. Chitra GeneLAMP-N gene testing will allow confirmation in one test without the need for a screening test and at much lower costs (less than Rs. 1000/test).
Chitra GeneLAMP-N makes confirmatory tests results of Covid-19 possible in 2 hours.

The detection time is 10 minutes, and the sample to result time (from RNA extraction in swab to RT-LAMP detection time) will be less than 2 hours.

The testing facility can be easily set up even in the laboratories of district hospitals with limited facilities and trained laboratory technicians.

Gene

Gene, unit of hereditary information.
Genes achieve their effects by directing the synthesis of proteins.
Genes are composed of Deoxyribonucleic acid (DNA), except in some viruses, which have genes consisting of a closely related compound called Ribonucleic acid (RNA).

Reverse Transcription-based Loop-Mediated Isothermal Amplification (RT-LAMP)

It is a simple quantitative detection method.
In this method, a DNA copy of the viral RNA is generated by reverse transcriptase, and then isothermal amplification is carried out to increase the amount of total DNA.

A reverse transcriptase (RT) is an enzyme used to generate complementary DNA (DNA) from an RNA template, a process termed reverse transcription.
Isothermal amplification enables rapid and specific amplification of DNA at constant temperature (60-65 °C).

Source: The Hindu

9) Pradhan Mantri Ujjwala Yojana (PMUY)

Over 1.51 Crore free LPG cylinders distributed so far to the PMUY beneficiaries under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) in this month.

Background:

Under the PMGKY, several relief measures have been announced by the Central Government for the welfare of poor, and one of the important components of the Yojana is to provide 3 LPG cylinders (14.2 kg) free to over 8 crore beneficiaries of the Pradhan Mantri Ujjawala Yojana(PMUY) throughout April to June 2020. The Oil Marketing Companies (OMCs) are distributing 50 to 60 lakh cylinders per day, which includes about 18 lakh free cylinders to PMUY beneficiaries.

Key features of Pradhan Mantri Ujjwala Yojana:

Aim: To provide LPG (liquefied petroleum gas) connections to poor households.
Goal: A deposit-free LPG connection is given to eligible with the financial assistance of Rs 1,600 per connection by the Centre.

Eligibility criteria:

Applicant must a woman above the age of 18 and a citizen of India.
The applicant should belong to a BPL (Below Poverty Line) household.
No one in the applicant’s household should own an LPG connection.
The household income of the family, per month, must not exceed a certain limit as defined by the government of the Union Territories and State Government.
The name of the applicant must be in the list of SECC-2011 data and should match with the information available in the BPL database that Oil Marketing Companies have.
The applicant must not be a recipient of other similar schemes provided by the government.

Objectives of the scheme are:

Empowering women and protecting their health.
Reducing the serious health hazards associated with cooking based on fossil fuel.
Reducing the number of deaths in India due to unclean cooking fuel.
Preventing young children from a significant number of acute respiratory illnesses caused due to indoor air pollution by burning fossil fuel.

Source: PIB

10) What is post-intensive care syndrome?

After leaving the ICU, many patients may suffer from what is known as post-intensive care syndrome (PICS), which can happen to any person who has been in the ICU.

What is the concern now?

As per the WHO-China, Joint Mission report that examined 55,924 laboratory-confirmed cases of Covid-19, over 6.1 percent were classified as critical, which means they experienced respiratory failure, shock, and multiple organ failure. Many critical cases need ICU admissions.
Therefore, for some Covid-19 patients who needed intensive care, the journey to recovery is a long one.

What is post-intensive care syndrome?

PICS is defined as a new or worsening impairment in physical (ICU-acquired neuromuscular weakness), cognitive (thinking and judgment), or mental health status arising after critical illness and persisting beyond discharge from the acute care setting.

Such patients may experience neuromuscular weakness, which can manifest itself in the form of poor mobility and recurrent falls.
The psychological disability may arise in a person in the form of depression, anxiety and post-traumatic stress disorder (PTSD).

What are the symptoms?

The most common PICS symptoms are generalized weakness, fatigue, decreased mobility, anxious or depressed mood, sexual dysfunction, sleep disturbances, and cognitive issues. These symptoms may last for a few months or many years after recovery.

What causes PICS?

A combination of factors can affect aspects of an ICU survivor’s life.

PICS may be induced if a person was on prolonged mechanical ventilation, experienced sepsis, multiple organ failure and a prolonged duration of “bed-restore deep sedation”.
33 percent of the people on ventilators may develop ICU-acquired muscle weakness (ICUAW). Along with this, 50 percent of those who develop sepsis and up to 50 percent of the patients who stay in the ICU for at least one week is also prone to ICUAW.
After leaving the ICU, over 30-80 percent may develop problems related to cognitive function and other mental health issues, including difficulty in falling and staying asleep.

How to prevent it?

It is recommended that to avoid PICS, patients’ use of deep sedation is limited and early mobility is encouraged, along with giving them “aggressive” physical and occupational therapy.
Further, patients should be given the lowest dose of pain medications when possible and should be put on lung or cardiovascular rehabilitation treatments along with treatments for depression, anxiety, and PTSD.

Source: Indian Express

11) International Monetary and Finance Committee (IMFC)

Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman recently attended through video-conference the Plenary Meeting of the International Monetary and Financial Committee.

The discussions at the meeting were based on IMF Managing Director’s Global Policy Agenda titled, “Exceptional Times – Exceptional Action”.
The members of the IMFC updated the committee on the actions and measures taken by member countries to combat COVID-19, and also remarked on IMF’s crisis-response package to address global liquidity and members’ financing needs.

About IMFC:

Composition: The IMFC has 24 members, drawn from the pool of 187 governors. Its structure mirrors that of the Executive Board and its 24 constituencies. As such, the IMFC represents all the member countries of the Fund.
Functions: The IMFC meets twice a year, during the Spring and Annual Meetings. The Committee discusses matters of common concern affecting the global economy and also advises the IMF on the direction its work.
At the end of the Meetings, the Committee issues a joint communiqué summarizing its views. These communiqués provide guidance for the IMF’s work program during the six months leading up to the next Spring or Annual Meetings. There is no formal voting at the IMFC, which operates by consensus.

Significance:

The IMFC advises and reports to the IMF Board of Governors on the supervision and management of the international monetary and financial system, including responses to unfolding events that may disrupt the system.
It also considers proposals by the Executive Board to amend the Articles of Agreement and advises on any other matters that may be referred to it by the Board of Governors.
Although the IMFC has no formal decision-making powers, in practice, it has become a key instrument for providing strategic direction to the work and policies of the Fund.

Source: PIB

12) Software Technology Parks of India (STPI)

In light of the current coronavirus pandemic, the Ministry of Electronics and Information Technology (MeitY) has decided to provide a rental waiver to IT companies housed in STPI premises in the country from March to June, i.e., for 4 months period as of now.

About Software Technology Parks of India (STPI):

It is an autonomous society under the Ministry of Electronics and Information Technology (MeitY), Govt. of India.
It was established in 1991 to encourage, promote and boosting the export of software from India.
The STPI’s Governing Council’s Chairperson is the Union Minister for Electronics & Information Technology.

The objectives of the Software Technology Parks of India are:

To promote the development and export of software and software services including Information Technology (IT) enabled services/ Bio-IT.
To provide statutory and other promotional services to the exporters by implementing Software Technology Parks (STP)/ Electronics and Hardware Technology Parks (EHTP) Schemes, SEZ scheme and other such schemes which may be formulated and entrusted by the Government from time to time.
To provide data communication services including value-added services to IT / IT enabled Services (ITES) related industries.
To promote micro, small and medium entrepreneurs by creating a conducive environment for entrepreneurship in the field of IT/ITES.
To establish and manage infrastructure resources such as Datacom facilities, Project Management and Consultancy and IT support facilities.

Source: PIB