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Daily Current Affairs : 3rd April 2020

World Bank approves $1 billion aid to India to fight Covid-19

The World Bank’s Board of Executive Directors has approved a fast-track $1 billion India COVID-19 Emergency Response and Health Systems Preparedness Project to help India prevent, detect, and respond to the COVID-19 pandemic and strengthen its public health preparedness.

This is the largest ever health sector support from the Bank to India.

IIT-Roorkee develops Prana-Vayu, a low-cost ventilator

Amid the growing demand for hospital ventilators due to the COVID-19 pandemic, IIT-Roorkee has developed a low-cost portable ventilator in association with AIIMS-Rishikesh, which can be manufactured for just ₹25,000.

Named ‘Prana-Vayu,’ the closed-loop ventilator can deliver the required amount of air to the patient, with an automated process controlling the pressure and flow rates. It also has feedback that can control tidal volume and the number of breaths per minute.

Fitch slashes India growth forecast to 30-year low of 2% for FY21

Fitch Ratings on Friday said it has slashed India’s growth forecast for the current fiscal to a 30-year low of 2 per cent, from 5.1 per cent projected earlier, as economic recession gripped global economy following the lockdown due to COVID-19 pandemic.

On March 20, Fitch had projected India’s GDP growth for 2020-21 at 5.1 per cent, lower than 5.6 per cent estimated in December 2019

Moody’s puts IndusInd Bank’s issuer ratings on review for downgrade

Moody’s has put private sector lender IndusInd Bank’s domestic and foreign currency issuer ratings at “Baa3/P-3”, under review for downgrade. It also placed the bank’s baseline credit assessment (BCA) at “ba1” and adjusted BCA under review for downgrade.

Moody’s revises outlook for ICICI Bank and Axis Bank to negative.

SBI MF becomes largest fund house with average assets of Rs 3.74 trn

SBI Mutual Fund has emerged as the largest fund house in the country with average assets of Rs 3.74 trillion in the March quarter, rising 6% from the previous quarter.

The fund house has dislodged HDFC MF from the top spot. HDFC MF has seen its asset base shrink from Rs 3.83 trillion in the previous quarter to Rs 3.7 trillion in the March quarter.

HUL pips HDFC Bank to 3rd spot in market capitalisation; RIL remains on top

Hindustan Unilever (HUL), the country’s most valuable consumer goods maker, has overtaken HDFC Bank to become India’s third-most valuable firm in terms of market capitalisation. At Friday’s closing price, HUL’s market capitalisation was Rs 4.66 trillion, against HDFC Bank’s Rs 4.46 trillion.

Reliance Industries and Tata Consultancy Services remained at the top with market capita­lisation of Rs 6.83 trillion and Rs 6.21 trillion, respectively.

Odisha government, UNICEF launch ‘Mo Prativa’ to engage young minds

Odisha government in collaboration with the UNICEF has launched an online competition programme ‘Mo Prativa’ to engage the children and youth who are staying at home during the lockdown.

Entries will be invited on two themes, ‘Being at home during lockdown’ and ‘My responsibility as a young citizen during Covid-19’. Those in the age group of 5 to 18 years can participate in art, slogan writing, short story writing (within 500 words), poem writing and poster making.

Government is using a Geo-fencing app to locate quarantine violators.

The Department of Telecommunications (DoT) shared a standard operating procedure (SOP) with all telecom service providers regarding the application called COVID-19 Quarantine Alert System (CQAS).

This mobile application triggers e-mails and SMS alerts to an authorised government agency if a person has jumped quarantine or escaped from isolation, based on the person’s mobile phone’s cell tower location. The “geo-fencing” is accurate by up to 300 m.

The DoT and C-DOT, in coordination with telecom service providers, have developed and tested the application.

ADB expects India GDP to slip to 4 pc in 2020-21

The Asian Development Bank (ADB)  said that India’s economic growth rate will slip to 4 per cent in the current fiscal on account of the global health emergency created by the COVID-19 pandemic.

India’s economic growth for 2019-20 has been estimated at 5 per cent by the National Statistics Office (NSO).

UNGA adopts resolution calling for global solidarity to fight COVID-19

The United Nations General Assembly has unanimously adopted a resolution, co-sponsored by 188 nations including India, on COVID-19, calling for intensified international cooperation to defeat the pandemic that is causing severe disruption to societies and economies.

The resolution titled Global solidarity to fight the coronavirus disease 2019 (COVID-19)’ was the first such document on the global pandemic to be adopted by the world organization.

United Nations COP26 Climate Summit Postponed Due to Pandemic

 The United Nations’ international climate summit is being postponed because of the coronavirus pandemic.

The British government says the meeting, due to take place in Glasgow in November, will now be held in 2021.

Current Affairs 3rd April 2020 one liner
1.World Bank approves $1 billion aid to India to fight Covid-19
2.IIT-Roorkee develops Prana-Vayu, a low-cost ventilator
3.Fitch slashes India growth forecast to 30-year low of 2% for FY21
4.Moody’s puts IndusInd Bank’s issuer ratings on review for downgrade
5.SBI MF becomes largest fund house with average assets of Rs 3.74 trn
6.HUL pips HDFC Bank to 3rd spot in market capitalisation; RIL remains on top
7.Odisha government, UNICEF launch ‘Mo Prativa’ to engage young minds
8.Government is using a Geo-fencing app to locate quarantine violators.
9.ADB expects India GDP to slip to 4 pc in 2020-21
10.UNGA adopts resolution calling for global solidarity to fight COVID-19
11.United Nations COP26 Climate Summit Postponed Due to Pandemic

 

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