Daily Current Affairs Date 2nd June 2021
- FICCI has published its quarterly “Business Confidence Survey”.
- IIT Guwahati researchers design “smart windows” to cut carbon emissions
- The State of Ransomware 2021 report
- Dip in EPF (Employees’ Provident Fund Organisation) Savings
- New Zealand signs space agreement with NASA
- Defence Ministry released ‘2nd Positive Indigenisation List’ of 108 items for self-reliance & defence exports
- RBI cancels licence of Shivajirao Bhosale Sahakari Bank
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Q. For this year FICCI has published its quarterly business confidence survey considered the following statement which are correct about the FICCI
- business confidence index is all time lowest since the financial crisis of 2008
- Main problem for industries is higher raw material cost which results in dip the growth of industries
- Second wave of pandemic create an unfavourite business confidence then compared to first national wide strict lockdown
Which of the following statement are true
A) 1 & 2
b) 2 & 3
c) 2 only
d) all of the above
FICCI has published its quarterly “Business Confidence Survey”.
- FICCI has published its quarterly “Business Confidence Survey”. According to it, Business confidence of Indian companies has come down to its lowest in three quarters in May. In last survey, confidence was at decadal high
- Business Confidence Index (BCI) declined due to decline in optimism levels of participating companies with respect to current conditions.
- BCI stands at 51.5 in latest survey, after hitting 74.2 in previous survey round.
- However, index is still higher than 2020 (42.9) when nationwide lockdown was imposed
- According to the survey, while economy was witnessing recovery after pandemic-induced lockdown in 2020, second wave has caused disruptions once again.
- It is significantly exacerbated impact on health front and undermined initial gains made on economic front.
What FICCI suggests?
- It suggests, measures to support demand is crucial for economy to recover from covid shock. Further, increased pace of vaccination will help in achieving faster normalization.
What are the concerns?
- As per survey, rising raw material costs is a major problem for fourth consecutive survey. Around 65% the participants stated higher raw material costs is a constraint.
Employment and exports
- Employment and exports have also deteriorated in this survey. Just 19% of participants were optimistic about better hiring prospects while 27% participants indicated higher outbound shipments. 80% of the companies were facing issues in carrying out their business.
Federation of Indian Chambers of Commerce and Industry (FICCI)
- The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organisationsin India.
- Established in 1927, on the advice of Mahatma Gandhi by GD Birla and PurshottamdasThakurdas.
- It is the largest, oldest and the apex business organization in India.
- It is a non-government, not-for-profit organisation.
- FICCI draws its membership from the corporate sector, both private and public, including SMEs and MNCs.
- The chamber has an indirect membership of over 250,000 companies from various regional chambers of commerce.
- It is involved in sector-specific business building, business promotion and networking.
- It is headquartered in the national capital New Delhi and has a presence in 12 states in India and 8 countries across the world
Q.Recently Microsoft launches Asia Pacific cyber security council consider the following statement related to it
1) it is the first of this type council which deal the threats related to cyber security in the asia-pacific region
2) cyber security council comprises of policymakers and influences from the countries from Asia Pacific region
3) it is a intergovernmental organisation and leader of different country meet every year
Which of these statements are correct
a) 1 & 2
b) 2 & 3
c) 1 & 3
d) none of the above
Microsoft launches Asia-Pacific Cybersecurity Council
- Microsoft has launched first ever “Asia Pacific Public Sector Cyber Security Executive Council”.
- It was launched with the aim of building strong communications channel to address cyber threats and to share best practices among participating countries.
Asia-pacific cybersecurity Council
- Cybersecurity Council comprises of policy makers and influencers from countries like Indonesia, Korea, Brunei, Malaysia, Singapore, Philippines, and Thailand.
- It is supported by cybersecurity professionals. Council was set up with the aim of accelerating public-private partnerships in cybersecurity, and share threat intelligence.
Why this council was set up?
- Council was set up to build strong coalition and to strengthen cyber security defense. It was launched in the view that; these countries experience higher-than-average encounter rate of malware and ransomware attacks. They experience 1.6 times higher malware attacks and 1.7 times higher ransomware attacks as compared to other countries.
Function of Council
- Council will meet virtually on a quarterly basis so as to continuously exchange information on cyber threats and related cybersecurity solutions. They will learn from Microsoft security certification trainings, hands on lab sessions and dedicated workshops to improve digital skills of workforce. It will in turn help in reducing talent gap in cybersecurity.
Q. Consider the following statement related to state of ransomware report 2021
- it is published by global cybersecurity firm
- India is one among most affected countries with respect to ransomware
- ‘Wanna cry’ is a type of ransomware
Which of the following statement are correct
a) 1 & 2
b) 1 & 3
c) all of the above
d) 3 only
The State of Ransomware 2021 report
- Global cybersecurity firm, Sophos, published it “the State of Ransomware 2021 report’. It finds, 68% of Indian organisations were by ransomware in last 12 months
- India is one among most affected countries with respect to ransomware attacks.
- India tops list of top 30 countries for ransomware attacks.
- 68 percent of Indian organisations were hit by ransomware in last 12 months. Though, this number is less than 82 percent, reported in 2020 report.
- 72 percent of Indian organisations admitted, data was encrypted in most significant ransomware attack.
- There is overall drop in attacks. However, attacker’s behaviour has changed at some places.
- At Sophos, it was reported, attackers were switching to more targeted attacks which include human hands-on keyboard hacking so as to bypass organisation’s defences.
- 67 per cent of Indian organisations, whose data was encrypted, paid ransom to recover as opposed to global average of 32 percent.
- 86 per cent of Indian organisations are of view that, cyberattacks are now too complex for their own IT team to handle.
Impact of attack
- Ransomware attacks has significant financial repercussions.
- Survey highlights, average total cost of recovery from a ransomware attack was more than double in a year.
- It increased from $7,61,106 in 2020 to $1.85 million in 2021 across the world.
- However, In India, recovery cost from tripled in a year, $1.1 million in 2020 to $3.38 in 2021.
Q. In recent quarter there is death in EPF sharing consider the following statement related to this
- one of the important reason in the dip of EPF savings is salaried workers have used their retirement savings to deal with covid-19 crisis
- Central board of directors is open decision making body of EPFO
- EPFO is a statutory body
Which The following is or are correct
a) 1 & 2
b) 2 only
c) 1 & 3
d) all of the above
‘Dip in EPF (Employees’ Provident Fund Organisation) Savings
- According to Union Government, about 7.63 million salaried workers have used their retirement savings to deal with covid-19 crisis since 2020.
- Back then, centre had allowed EPF subscribers to withdraw more money from their Employees’ Provident Fund corpus so that they can deal with hardships and income loss.
What does it reflect?
- EPFO’s (Employees’ Provident Fund Organisation) efforts to offer non-refundable advances amid covid-19 helped millions.
- EPF subscribers had withdrawn almost ₹18,700 crore by May 31, 2021. Disbursements also reflect hardships that salaried class is facing amid pandemic
Employees’ Provident Fund Organisation (EPFO)
- EPFO is social security body responsible for running and supervising “state pension scheme” for people across India.
- It assists Central Board in administering compulsory contributory provident fund, pension and insurance scheme for workforce. It implements bilateral social security agreements among countries.
- Schemes cover both Indian workers and international workers in countries. Central Board of Trustees (CBT) is the apex decision making body of EPFO.
- CBT is a statutory body established by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
- It works under Ministry of Labour and Employment.
Q. What is is Artemis Accord?
a) It is a Program to build peace in Gaza strip with the help of Arab Nations
b) it is a type of MOU signed between USA and Taiwan to counter China
c) it is a NASA’s program by which international partnership will play a key role in achieving a sustainable and robust presence on moon and Mars
d) this is a Accord signed for relocate the Rohingya in Bashan Char island
New Zealand signs space agreement with NASA
- New Zealand has become the latest country to sign “space agreement with NASA” with the objective of boosting nascent space industry of New Zealand.
- New Zealand is the eleventh signatory to Artemis Accords.
- Artemis Accords is a blueprint for space cooperation and supporting NASA’s plan to return humans to moon by 2024.
- It also supports NASA’s plan of launching historic human mission to Mars.
Why New Zealand signed the accord?
New Zealand wants to ensure, future space exploration is conducted in a safe, sustainable and transparent manner in accordance with international law. New Zealand is also interested in ensuring that minerals taken from moon or elsewhere in space are used sustainably.
New Zealand Space industry
- California-based company Rocket Lab started commercial launches for New Zealand in 2018.
- Company specializes in putting small satellites into orbit. It made history in 2017 by launching test rocket into space from remote Mahia Peninsula.
- Artemis accords are an international agreement and American-led effort which seeks to relaunch humans to Moon by 2024.
- Agreement was signed by governments participating in Artemis programme with the objective of expanding and deepening space exploration.
- It was drafted under the aegis of NASA. It provides a framework for cooperation in civil exploration and peaceful use of Mars, Moon and other astronomical objects.
- The accord was signed in October 13, 2020.
Q. Consider the following statement related to defence expenditure of India
- India is the second largest importer of defence equipments
- largest exporter of defence equipment for India is USA
- Defence budget of India is one third of China
Which of the following is correct
a) 1 & 3
b) 1 only
c) 2 & 3 only
d) all of the above
Defence Ministry released ‘2nd Positive Indigenisation List’ of 108 items for self-reliance & defence exports
- On 31st May 2021, the Defence Minister, Rajnath Singh approved the ‘Second Positive Indigenisation List’ comprising 108 items.2nd Positive Indigenisation List is proposed by Department of Military Ministry of Defence (MOD).
- This is taken as a part of “Aatmanirbhar-Bharat” to improve self-reliance in defence procurement enhance India’s defence exports
- The defence items will be allowed for local manufacturing in a phased manner from December 2021 to December 2025.
- Key items included to the list – Helicopters, Next Generation Corvettes, Airborne Early Warning and Control (AEW&C) systems, Tank Engines, Medium Power Radar for Mountains, MRSAM Weapon Systems.
- In August 2020, MoD released the ‘First Positive Indigenisation’ List comprising 101 military items
- This will improve Public-Private companies in the defence sector and pave the way for Defence Start ups and MSMEs in India.
Indian Defence Exports:
- India is the 2nd largest Arms importer during the period 2016-20, only behind Saudi Arabia. While India is ranked 23rd in Defence Exports.
- India’s defence exports have doubled to nearly Rs. 11,000 crores in 2018-19 from around Rs. 4,700 crores in 2017-18.
- Some of India’s Defence Exports- Cheetal helicopters to Afghanistan, Dhruv Helicopters and bulletproof jackets to Nepal, Sukhoi 30 avionics and MIG spare parts to Malaysia, offshore patrol vessels to Mauritius
About Integrated Guided Missile Development Programme (IGMDP):
- To improve the self-reliance in Defence procurement, Indian government launched the IGMDP in 1983 with a target to indigenous development of 5 Missile systems5 Missiles Prithvi, Akash, Trishul, Nag & Agni
Q. Recently RBI council the licence of Shivajiras Bhosle sahakari bank by what mean the RBI provide relief to depositors
- every deposit will be entitled to relief insurance claim amount of his the deposits upto 5 lakh from the DICGC after liquidation
- Deposit insurance and credit guarantee corporation (DICGC) is only available to schedule banks
- the regulating power of RBI provided by the RBI of 1935 and RBI request other bank to give money to depositors as the bank rate
Which of the following are true?
a) 1 b) 2 only c) 3 only d) none of the above
RBI cancels licence of Shivajirao Bhosale Sahakari Bank
- The Reserve Bank of India (RBI) has cancelled the licence of Pune-based Shivajirao Bhosale Sahakari Bank as the bank does not have adequate capital and earning prospects.
- And also the bank does not comply with the certain provisions of the Banking Regulation Act, 1949.
- According to the data provided by the bank, Deposit Insurance and Credit Guarantee Corporation (DICGC) will provide a full deposit amount to more than 98 percent of the depositors.
- A liquidator will be appointed and the bank will be wound up by the Registrar of Cooperative Societies , Maharashtra.
- Shivajirao Bhosale Sahakari Bank has been prohibited from conducting the business of banking, including acceptance of deposits and repayment of deposits.
- As per DICGC rules, each depositor in a bank is insured up to Rs 5 lakh for both the principal and interest amount on deposits held by him in that particular bank.
- The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
- The concept of Reserve Bank of India was based on the strategies formulated by Dr. Ambedkar in his book named “The Problem of the Rupee – Its origin and its solution”.
- This central banking institution was established based on the suggestions of the “Royal Commission on Indian Currency & Finance” in 1926. This commission was also known as Hilton Young Commission
- The chief objectives of the RBI are to sustain the confidence of the public in the system, protect the interests of the depositors, and offer cost-effective banking services like cooperative banking and commercial banking to the people.