Daily Current Affairs Date 5th June 2021
- ADB and India signed an agreement for road upgradation project in Sikkim.
- Reserve Bank of India (RBI) Unveiled its bi-monthly monetary policy.
- SEBI Increases Foreign Investment Limit for MFs.
- Three caves found in Buddhist Caves Complex, Nasik.
- Sri Lanka braces for oil spill from sinking cargo vessel.
- IISR gets Patent for Black Pepper Micronutrient.
- Palestine flays India’s abstention from vote.
To buy our online course: Click Here
Q. Recently ADB (Asian development Bank )was in news due to road project in Sikkim
Consider the following statement
- It provide loans only to the Asian countries.
- Its headquarter is in China.
- The largest share holding in the bank of Japan and US.
Which statement is/are correct?
ADB and India signed an agreement for road upgradation project in Sikkim
- The Asian Development Bankand the Government of Indiasigned an agreement for financing road up-gradation project in Sikkim.
- ADB will give a$2.5 millionproject readiness financing (PRF) loan to support projects related to upgradation of major district roads in Sikkim.
- It will improve the connectivity and also boost the economic activities in the state.
- The project readiness financing (PRF) will help in connecting the major district and other roads with the national and state highway network.
- In 2011, the ADB-funded North Eastern State Roads Investment Programwas launched to improve road connectivity in Sikkim.
- The state agencies will prepare detailed engineering designs of selected sub-projects and do feasibility studies. Sikkim’s road network requires regular up-gradation due to frequent landslides and erosion
- ADB is a regional development bank established in 1966
- ADB Members: 68 countries (49 members are from Asia pacific region)
- ADB is headquartered in Mandaluyong, Philippines.
- Masatsugu Asakawa is the current president of ADB.
Q. RBI released its bi-monthly policy in June 20 21 and remain unchanged the repo-rate what are the possible impact of this-
- It will help in revive the growth on a durable basis and to mitigate the impact of Covid-19 on the economy.
- It will help in achieving the middle term target for CPI inflation.
- There is no impact on WPI Inflation.
Which Statement is/are correct?
d) All of the above
Reserve Bank of India (RBI) Unveiled its bi-monthly monetary policy
- Reserve Bank of India (RBI) Unveiled its bi-monthly monetary policy and has kept the interest rates unchanged.
- Monetary policy opened a Rs 15,000-crore liquidity window for contact-intensive sectors such as hotels and tourism.
- On the liquidity front, it announced securities purchases of Rs 40,000 crore in June quarter while Rs 1.2 lakh crore in September under G-SAP 1.0 to revive the growth.
- It kept interest rates unchanged. Repo rate was kept at 4 per cent while reverse repo rate was kept unchanged at 3.35 per cent.
- G-SAP 2.0 will be launched to buy bonds worth Rs 1.2 trillion. Under it, RBI will also buy bonds issued by state governments.
Why report was kept unchanged?
- Reports were kept unchanged because, in current situation, policy support from all sides is required to regain momentum of growth and to nurture recovery.
Monetary Policy Committee (MPC)
- MPC fixes benchmark interest rate in India. Meetings of MPC are held at least 4 times a year or at least once Bi-monthly and it publishes its decisions after each meeting.
Members of MPC
- MPC has six members- three officials from Reserve Bank of India and three external members who are nominated by Government of India. Governor of the RBI is chairperson ex officio of committee.
What is silent period ?
- Members of the MPC are required to observe a “silent period” seven days before and after its rate decision to maintain confidentiality.
How decisions are taken?
- Decisions of MPC are taken by majority where Governor can put his casting vote in case of tie.
What is G-SAP 1.0
- It is Government Security Acquisition Programme 1.0 announced by RBI for orderly evolution of yield curve in Financial Year 2022. Under it, RBI will purchase government bonds of worth Rs 1 trillion.
- It provides more comfort to bond market and reduces spread between repo rate and ten-year government bond yield.
- It is similar to an OMO calendar.
Q. SEBI increase Foreign investment limit for microfinance Institution.
Consider the following statement
- It will enhance the financial inclusion of the nation.
- It will help in increase the pool of loanable money and will provide easy loan to poor women.
- Social divide in the country will reduce significantly.
Which option is correct?
a) 1 & 2
b) 2 & 3
c) 1 & 3
d) all of the above
SEBI Increases Foreign Investment Limit for MFs
- SEBI Increases Foreign Investment Limit for MFs
- With this, mutual funds can make overseas investments to a maximum of US $ 1 billion per Mutual Fund out of overall industry limit of US $ 7 billion.
- While in overseas Exchange Traded Fund, mutual funds can invest a maximum of US $ 300 million per Mutual Fund with industry limit of US $ 1 billion.
- It is an open-end professionally managed investment fund that attracts money from many investors to purchase securities.
- Both retail or institutional investors can invest in mutual funds.
- Benefits of mutual funds include economies of scale, liquidity, diversification, and professional management.
- However, these benefits come with fees and expenses. Primary structures of mutual funds are open-end funds, closed-end funds, unit investment trusts and exchange-traded funds (ETFs).
Exchange-traded funds (ETFs)
- ETF is a type of investment fund and exchange-traded product. They are similar to mutual funds.
- The only difference is, ETFs are bought & sold throughout a day while mutual funds are sold & bought on price basis at the end of specific day.
- ETF holds assets like currencies, stocks, bonds & currencies and commodities like gold bars.
Q. Consider the following statement related to Buddhist caves
- Chaitya & Vihara are the type of Buddhist caves in which Chaitya is a prayer while Vihara is dwelling place for monks.
- Ajanta caves totally devoted to Buddhist religion while we Ellora devoted three religion Hindu, Jain, Buddhism.
- Ajanta is oldest cave of India.
Which option is correct?
a)1 & 2 only
b)1 & 3
c)All of the above
d)None of the above
Three caves found in Buddhist Caves Complex, Nasik
- Archaeological Survey of India (ASI) has found three caves in Buddhist Caves Complex in Nasik, Maharashtra.
- Newly discovered caves are being discovered about two centuries after the British military officer documented Tri-Rashmi Buddhist caves, which is also called as Pandav Leni, on a hill in Nashik.
- Antiquity of caves is yet to be established. They may have been dwellings of Buddhist monks.
- Archaeologists believe, these caves could be older than Trirashmi caves.
About discovered caves
- These caves were discovered on opposite side of the current complex. They are about 70-80 feet above the existing complex and have been carved out of a steep hill.
- They look like ‘monks’ dwellings and older than the current complex.
- Two of the caves have shared dwellings while third was perhaps occupied by one monk.
- All these caves comprise of verandahs and characteristic square stone platform for monks.
- They have special arrangements for monks to meditate.
- Caves also have images of Buddha & Bodhisattvas and sculptures with designs of Indo-Greek architecture.
- The Buddhist sculptures and caves are a significant example of “Indian rock-cut architecture” which represent Hinayana tradition of Buddhism.
About Pandavleni caves
- Pandavleni caves were earlier called as ‘Trirashmi caves’.
- These caves are a group of 25 caves, carved out of Tri-Rashmi Hill between 2nd century BC and 6th century AD.
- Vihara and the Chaitya are the main caves among 25 caves. Complex of the cave was documented in 1823 by Captain James Delamaine.
- It is an ASI protected site and a famous tourist destination.
Significance of the MoC
- It will promote strong, deep and long-term bilateral cooperation with respect to Sustainable Urban Development between India and Japan.
Q Recently oil spill from sinking cargo vessel in the coast of Sri Lanka what are the negative impact of oil spill
1.Heavy oil may affect several organism function like respiration feeding and thermo regulation.
2.Oil spills frequently kill Marine mammals such as whales dolphins seals and sea otter.
3.Major cause of extension of gharial in India is oil spill.
Which Option is correct ?
a)1 & 2
b)2 & 3
c)1 & 3
d)All of the above
Sri Lanka braces for oil spill from sinking cargo vessel
- Singapore-registered MV X-Press Pearl, carrying chemicals and plastic, has been in news since a fire incident on May 20 and subsequent explosion aboard, following which tones of plastic pellet deposits were found deposited along Sri Lanka’s beaches.
- The country’s Marine Environment Protection Authority (MEPA) which termed the incident one of Sri Lanka’s worst ecological disasters in history, has readied oil spill containment booms, to tackle a possible leak from the vessel that officials said carried 350 tons of oil in its fuel tanks.
- OECDdefines an oil spill as oil, discharged accidentally or intentionally, that floats on the surface of water bodies as a discrete mass and is carried by the wind, currents and tides.
- Oil spills can pollute land, air, or water, though it is mostly used for oceanic oil spills.
Effects of oil spills:
- Ecosystem Destruction:Oil spills can have a major impact on the temporary animal and fish loss of habitat. Heavy oils may affect several organism functions like respiration, feeding, and thermo-regulation.
- It can affect living beingsin case of direct contact with the environment polluted with spilled oil components (some of which may persist a long time), such as drinking polluted water or breathing polluted dust particles.
- Effects on flora:If the oil washes into coastal marshes, mangrove forests, or other wetlands, fibrous plants and grasses absorb oil, which can damage plants and make the area unsuitable as wildlife habitat.
- On Marine Organisms:Oil spills frequently kill marine mammals such as whales, dolphins, seals, and sea otters.
- On Birds:Oil spills also damage nesting grounds, potentially causing serious long-term effects on entire species.
Effects of oil spills on economy:
- On Economy:
- If beaches and populated shorelines are fouled, tourism and commerce may be severely affected.
- The power plants and other utilities that depend on drawing or discharging sea water are severely affected by oil spills.
- Major oil spills are frequently followed by the immediate suspension of commercial fishing.
Methods through which oil spill can be cleaned:
- Containment Booms:Floating barriers, called booms are used to restrict the spread of oil and to allow for its recovery, removal, or dispersal.
- Skimmers:are devices used for physically separating spilled oil from the water’s surface.
- Sorbents: Various sorbents (e.g., straw, volcanic ash, and shavings of polyester-derived plastic) that absorb the oil from the water are used.
- Dispersing agents:These are chemicals that contain surfactants, or compounds that act to break liquid substances such as oil into small droplets. They accelerate its natural dispersion into the sea.
Q. ICAR-IISR gets patent for black paper micronutrient mixture consider the following statement related to benefits of black pepper
1)It helped in the maintain the ratio of micronutrients in the body which are secondary in nature.
2)Black paper enhance the quality of product like mines meet etc.
3)In drug industry it is use as anticancer ingredients.
Which option is correct?
a)1 & 2
b)2 & 3
d) None of the above
IISR gets Patent for Black Pepper Micronutrient
- Indian Council of Agricultural Research (ICAR)-Indian Institute of Spices Research (IISR) got patent for black pepper micronutrient foliar formulation for which it had submitted application in 2013.
- ICAR-IISR submitted an application for patent in 2013 to the patent office under Central government.
- Technology has been licensed to seven entrepreneurs for commercial production, on non-exclusive basis.
- It is expected that, more entrepreneurs will apply for technology license of patented product
- Designer Micronutrient foliar
- ICAR-IISR developed crop designer micronutrient foliar formulations for major spices like black pepper, turmeric, ginger and cardamom in a bid to overcome micronutrient deficiencies.
- It also seeks to meet physiological and metabolic requirements of spice crops.
Black pepper-specific micronutrient formulation
- Black pepper-specific micronutrient formulation was developed by a team comprising of three scientists- Dr. V. Srinivasan, Dr. S. Hamza and Dr. R. Dinesh.
- Micronutrient mixture of black pepper improves quality of produce.
- It is environment-friendly and is already popular among farmers.
Why it was developed?
- Micronutrient mixture for black pepper was designed to fulfil requirements of black pepper crop by maintaining optimal ratio of secondary micronutrients such as zinc, magnesium and boron in leaf.
- This method is recommended for black pepper as a foliar spray during spike initiation as the monsoon begins.
- Application of black pepper micronutrient mixture enhances quality of produce and contributes to health of vines.
Q. Which are Correctly matched?
1.Sinai Peninsula- Part of Egypt
2.Golan sight- Control by Israel
3.Ghaza strip- Control by Hama
4.Tal-Aviv- World War 1 famous City
5.Haifa- Indian embassy in Israel
c)All of the above
Palestine flays India’s abstention from vote
- A resolution titled “Ensuring respect for international human rights law and humanitarian law in Occupied Palestinian Territory including East Jerusalem and in Israel” recently came up at the Human Rights Council [HRC] against the backdrop of the latest round of conflict between Israel and Gaza strip, the coastal part of the Palestinian territories.
- However, India abstained from voting. Now, in response to this, Palestine has observed that such abstention suppresses human rights of “all people”.
- The resolution was adopted with the vote of 24 members. Nine voted against, and 14, including India, abstained.
- The passing of the resolution led to the setting up of an independent commission of inquiry to investigate violation of international law by Israel.
How has India’s policy on Israel and Palestine evolved over time?
- India’s policy on the longest running conflict in the world has gone from being unequivocally pro-Palestinefor the first four decades, to a tense balancing actwith its three-decade-old friendly ties with Israel. In recent years, India’s position has also been perceived as pro-Israel.
1. Post 1948:
- In 1948, India was the only non-Arab-state among 13 countries that voted against the UN partition plan of Palestinein the General Assembly that led to the creation of Israel.
- In 1975,India became the first non-Arab country to recognize the PLO as the sole representative of the Palestinian people, and invited it to open an office in Delhi, which was accorded diplomatic status five years later.
- In 1988,when the PLO declared an independent state of Palestine with its capital in East Jerusalem, India granted recognition immediately.
2. Post 1992:
- The balancing began with India’s decision to normalize ties with Israel in 1992, which came against the backdrop of the break-up of the Soviet Union, and massive shifts in the geopolitics of West Asia on account of the first Gulf War in 1990.
- The opening of an Indian embassy in Tel Aviv in January 1992 marked an end to the earlier stand.
3. Until 2017:
- India’s position was that it supported “the Palestinian cause and called for a negotiated solution resulting in a sovereign, independent, viable and united State of Palestine, with East Jerusalem as its capital, living within secure and recognized borders, side by side at peace with Israel”- this was a two- state solution.
- Then Prime Minister Manmohan Singh stated this position in November 2013. So did then President Pranab Mukherjee, in October 2015.
Also Read: Daily Current Affairs Date 4th June 2021
4. Post 2017:
- India dropped the references to East Jerusalem and the borders in 2017 when Palestinian Authority President Mahmoud Abbas visited Delhi.
- In 2018, when Mr. Modi visited Ramallah, he reaffirmed the same position, with no direct reference to the borders or Jerusalem.