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Banking, Finance & Economy PDF 2020 - May
Table of Contents
Banking, Finance & Economy News: May 2020 ............................................................................................................ 3
Banking, Finance & Economy Q&A: May 2020............................................................................................................ 97

Banking, Finance & Economy News: May 2020

National Infrastructure Pipeline submitted Final Report to FinMin; Rs 111 lakh cr projected from
FY20 to FY25
On April 29, 2020, the task force on National Infrastructure Pipeline (NIP) chaired by economic affairs
secretary Atanu Chakraborty submitted its Final Report on NIP for FY 2019-25 to Finance Minister Nirmala
Sitharaman, projecting total infrastructure investment of Rs 111 lakh crore during a 5-year span of FY 2019-20 to FY
2024-25.
The report highlighted policy deficits and challenges in India’s infrastructure sector and recommended reforms to
scale up investment in the sector.
Recommendations by NIP task force:
–Investment: For NIP projects, the Centre would invest 39% of the projected expenditure while states’ share would
be 40%, followed by private sector with 21%.
–Sector-wise infra: Sectors such as energy (24%), roads (18%), urban (17%) and railways (12%) amount to around
71% of the projected infrastructure investments in India.
–Division of Outlay: The report has divided the outlay in 3 volumes-projects worth Rs 44 lakh crore are under
implementation while projects amounting to Rs 33 lakh crore are in the planning stage, and projects worth Rs 22 lakh
crore are being developed. Information regarding the project stage is unavailable for projects worth Rs 11 lakh crore
(10%).
–Setting up of 3 committees: The Task Force has recommended that three Committees be set up viz.
Committee to monitor NIP progress and eliminate delays;
Steering Committee in each Infrastructure ministry level for following up implementation; and
Steering Committee in Department of Economic Affairs (DEA) for raising financial resources for the NIP.
–Higher Level Committee: It also highlighted the need for a higher level committee that could monitor the reforms
and deal with the issue of stalled projects.
-The task force also recommended deepening the corporate bond market including municipal bonds.
The NIP project database would be hosted on India Investment Grid (IIG) shortly to provide visibility to the NIP and
help in its financing with prospective investors, domestic and foreign, able to access updated project-level
information.
The basic elements of the monitoring and evaluation framework including recommended governance escalation
matrix is given in Volume-I of the NIP report.
What is NIP?
NIP is a first-of-its-kind, whole-of-government exercise to provide world-class infrastructure across the country, and
improve the quality of life for all citizens. It aims to improve project preparation, attract investments (both domestic
and foreign) into infrastructure. It will play a major role in India in becoming a $5 trillion economy by FY 2025.
In 2019 Prime Minister (PM) Narendra Modi had announced a target to invest Rs 100 lakh crore in India’s social and
economic infrastructure sector over five years.
India installs 7.3 GW of solar power in CY 2019 & secures world’s 3rd largest solar market: Mercom
On April 29, 2020 According to Mercom India Research’s ‘India Solar Market Leaderboard 2020’ report, India has
installed 7.3 Giga Watt (GW) of solar power in Calendar Year(CY) 2019 which consolidates its position as the 3rd
largest solar market in the world after China and U.S.
India has total solar installations of approximately 35.7 GW by the end of December 2019.
Major highlights of report
i.It reveals that the rapid pace of growth of the solar market has largely been brought about by large players with top
10 companies accounting for 68% market share in 2019. ReNew Power is the top utility-scale developer during 2019,
while Azure Power owns the largest project pipeline.
ii.There are around 29 large-scale solar developers with a project pipeline of 100 Mega Watt(MW) or more in India.
iii.Large-scale solar installations in 2019 accounted for 85 % with 6.2 GW. Also, solar accounted for 41% of new
power capacity additions in 2019 behind coal which accounted for 44%.

iv.India had a robust pipeline of utility-scale projects under development of 23.7 GW at the end of 2019, with another
31.5 GW of tenders pending auction.
v.Companies’ projects which offer engineering, procurement, construction (EPC) services were moved to 2020 due to
delays caused by general elections, land and evacuation issues among others. Mahindra Susten was the top EPC
player for utility-scale solar installations in 2019 followed by Larsen & Toubro(L&T).
vi.Tata Power Solar had the largest cumulative rooftop portfolio, followed by CleanMax Solar. At the end of 2019, the
top 10 rooftop solar installers represented 34% of the total rooftop solar market share. In 2019, the rooftop solar
market growth came down by 33% compared with CY 2018.
vii.Huawei led the solar inverter market in India in 2019, followed by Sungrow. Other top string inverter suppliers
are- Growatt, Solis Inverters, and Delta Power Solutions.
viii.At the end of December 2019, Trina Solar is the leading module supplier to India in terms of cumulative
shipments & Waaree Energies, Adani, and Risen Energy held the top spot in CY 2019. The top 10 module suppliers
accounted for over 62 % of the market in 2019.
ix.Ganges Internationale is the top supplier of solar mounting structures in 2019, followed by Purshotam Profiles and
Strolar. Scorpius Trackers is the top supplier of solar trackers in 2019.
x.Rays Power Experts and CleanMax Solar are the top open access developers as of December 2019. Ecoppia is the
top supplier of solar robotic cleaning systems as of December 2019
About Mercom India:
Mercom Communications India is a subsidiary of U.S.-based Mercom Capital Group, it is a leading clean energy
communications, a consulting firm & is widely recognized for its leadership and influence in helping shape India’s
rapidly growing clean energy markets.
Headquarters– Bangalore, Karnataka
Managing Director (MD)– Priya Sanjay
Founder– Raj Prabhu(CEO and co-founder of Mercom Capital Group)
USAID announces 3 million USD to support India’s efforts to combat COVID-19

On 30th April 2020, The United States Agency of International Development(USAID), one of the leading aid agency of
the government of United States has announced an additional grant of 3 million USD in addition to the 2.9 million USD
announced on 6th April 2020 to help India to fight against the COVID-19 pandemic.
Key Points:
i.The USAID provided 5.9 million USD to assist India in the COVID-19 pandemic to enable India control the spread of
COVID-19 by providing care for the affected, disseminated essential public health messages to communities and
finding and surveillance of COVID-19 cases.
ii.The Funds are provided to the innovative financing platform, Partnerships for Affordable Healthcare Access and
Longevity(PAHAL) project.
iii.The PAHAL project is to support solving social problems, market based solutions and target the underserved and
catalysing the scale and impacts
The USAID will support National Health Authority(NHA) to set up a financial facility to mobilize resources from the
private sector to assist the health facilities(around 20,000) enrolled under Pradhan Mantri Jan Arogya Yojana(PMJAY)
to aid 500 million people.
iv.Kenneth Juster, US Ambassador to India stated that the funding will support India’s response to COVID-19.
About PAHAL:
Partnerships for Affordable Healthcare Access and Longevity(PAHAL) is a USAID and IPE’s flagship innovative
platform to promote health financing models.
Project Director– LM Singh
Technical resource: Ministry of Health & Family Welfare (MOHFW), Government of India.– Dr.Dinesh Agarwal
India ranks 53rd in budget transparency; New Zealand tops: IBP’s Open Budget Survey 2019
On April 30, 2020, According to the 7th edition of ‘Open Budget Survey 2019’ conducted by International Budget
Partnership (IBP), India has been ranked at 53rd position among 117 nations in terms of budget transparency and

accountability with the score of 49 out of 100. While at the same time New Zealand has been topped the list with a
score of 87.
The global average transparency score on this survey was 45.
Here’s the list of Top & Bottom nations and India’s rank in the list:
Rank Country Name Score (Out of 100)
1 New Zealand 87
2 South Africa 87
3 Sweden 86
53rd India 49
115 Comoros 0
116 Venezuela 0
117 Yemen 0
Key Points:
i.Performance of India: As per IBP, the Centre for Budget and Governance Accountability (CBGA) has helped to
know the performance of India in this survey, which is just a stagnation over the last few years.India also functioned
better in publishing timely and relevant information in the audit reports and in-year reports.
ii.Reason for decline: The survey noted that non-appearance of a published Pre-Budget Statement and not
presenting out a Mid-Year Review in 2018-19 decreased the transparency score for the Union Budget of India.
iii.Way forward: The IBP stressed India to provide adequate space for public participation for priority setting in its
budgets & effectively use public resources judiciously and accountably, for its improvement.
About the ranking:
The survey ranked the countries in 5 different categories based on their scores.[0-20: scant, 21-40: minimal, 41-
60:limited, 61-80:substantial,81-100:extensive].
It evaluates each nation’s 8 key budget documents of the Central or Federal Government, and assesses whether these
are made public, in a timely manner, and provide comprehensive information.
About International Budget Partnership (IBP):
Headquarters– Washington, D.C., United States (US)
India’s rank downgraded to “Country of Particular Concern (CPC)” in USA’s International Religious
Freedom annual report 2020
The U.S. Commission on International Religious Freedom (USCIRF) in its Annual Report 2020 has downgraded the
Indian ranking by naming it into the list of “Country of Particular Concern (CPC)”i.e. Tier 1 from“Special Watch
List i.e.“Tier-2” in 2019 report. This is the first time since 2004 that India has been placed in this category for
engaging in and tolerating systematic, and ongoing religious freedom violations, as defined by the International
Religious Freedom Act (IRFA), 1998.
The report which documented significant religious developments during 2019 has placed 14 countries under CPC
viz. Burma, China, Eritrea, India, Iran, Nigeria, North Korea, Pakistan, Russia, Saudi Arabia, Syria, Tajikistan,
Turkmenistan, and Vietnam.
Activities in India resulting decline in India’s rank, as per report
As per the report, the Indian government is formulating policies that violate religious freedom across the nation,
especially for Muslims which are as follows:
Citizenship (Amendment) Act and the National Register of Citizens: It provides a fast track to Indian citizenship
for non-Muslim migrants from Afghanistan, Bangladesh, and Pakistan already residing in India, which means, the law

does not include Muslims in nationwide National Register of Citizens (NRC) resulting in their detention, deportation,
and potential statelessness.
Cow Slaughter Laws– Article 48 of India’s constitution directs the state to “take steps prohibiting the slaughter of
cows and calves”.In this regard,21 states criminalize cow slaughter in various forms under which minorities
including Muslims, Christians, and Dalits were attacked under suspicion of eating beef, slaughtering cows, or
transporting cattle for slaughter. Cow protection is a key issue promoted by the Bharatiya Janata Party (BJP) and the
Rashtriya Swayam Sevak Sangh (RSS).
Anti-Conversion Laws– 10 Indian states have anti-conversion laws criminalizing proselytization (converting
someone’s religion)using force, allurement, inducement, or fraud. In 2019, BJP ruled Himachal Pradesh increased the
penalties for forced conversions but arrested Muslims and Christians for conversion activities.
Religious Freedom in Jammu and Kashmir– In August 2019, the Muslim autonomy of Jammu and Kashmir
imposed with security measures, including restricting freedom of movement and assembly, cutting Internet and
phone access, and arresting Kashmiri leaders, including religious leaders. The restrictions on movement and
assembly limited the ability to attend prayers and religious ceremonies.
Recommendations by USCIRF against India to US State Department
-The commission recommended that the United States (US) government take stringent action against India under the
IRFA, 1998.
-It also recommended imposing targeted sanctions on Indian government agencies and officials responsible for
severe violations of religious freedom by freezing their assets and/ or barring their entry into the US.
India-US Relations
Though India-US relations saw positive developments in 2019 like strengthening of
Security and defence sector but at the same time, U.S. officials also highlighted concerns with India’s religious
freedom violations through public statements, congressional hearings, and bilateral engagements. However, the
Indian government rejected the US State Department’s and USCIRF’s reporting on religious freedom violations in
India.
Click Here for Official Report
About USCIRF:
Created by IRFA, USCIRF is an independent U.S. government advisory body, separate from the State Department that
monitors religious freedom abroad and makes policy recommendations to the president, secretary of state, and
Congress.
Headquarters– Washington, D.C., United States
Chair– Tony Perkins
About IRFA, 1998
Enacted in 1998 by the US Congress, it promotes religious freedom as a foreign policy of the United States.
Disasters, conflicts trigger 5 million displacements in India in 2019: IDMC

On April 29, 2020 According to a recent report from the Internal Displacement Monitoring Centre(IDMC), titled ‘The
Global Report on Internal Displacement(GRID 2020)’, nearly 5 million(mn) people were displaced in India in 2019,
the highest in the world so far.
Major Highlights of the report
i.Around 33.4 mn people face new internal displacements because of conflicts and disasters in about 145
countries in 2019 & it costs the world USD 20 billion in 2019 for internal displacements
ii.Conflict and violence triggered 8.5 mn new displacements in 50 countries in 2019, the majority of which were by
armed conflict and in low- and middle-income countries.
Syria, the Democratic Republic of the Congo (DRC) and Ethiopia account for more than a million new displacements
each.
Violence increased sharply in Burkina Faso, Mali and Niger.
iii.Nearly 1,900 disasters triggered 24.9 mn new displacements across 140 countries and territories in 2019. This is
the highest figure recorded since 2012 and is 3 times the number of displacements caused by conflict and violence.
Out of these, about 95% took place due to weather hazards like storms and floods.

Bangladesh, China, and the Philippines each recorded more than 4 mn disaster displacements.
Most of the disaster displacements were the result of tropical storms and monsoon rains in South Asia and East Asia
and Pacific. Monsoon rains, floods and tropical storms hit.
More than 2.6 mn people suffered displacement due to the southwest monsoon
Natural disasters in Nigeria, South Sudan and Yemen forced many people, already displaced by conflict, to flee for the
second time.
Gist about India in the report
i.Nearly 22% of the country’s population live below the national poverty line, 2019 was the seventh warmest year
since 1901 in India & monsoon was the wettest in 25 years.
ii.The northwest monsoon unleashed displacement along with cyclone Maha, which hit Kerala and the Lakshadweep
Islands. This was followed by Cyclone Bulbul, which struck Odisha and West Bengal, triggering 186,000
displacements.
iii.Displacement due to natural disasters, over 19,000 conflicts and violence also prompted the phenomenon.
Political and electoral violence, especially in Tripura and West Bengal, led to the displacement of more than 7,600
people.
iv.Unrests and communal violence triggered displacement in the second half of the year.
Reason– The displacements were a result of a combination of increasing hazard intensity, high population exposure
and high levels of social and economic vulnerability.
Solutions can be found out by the following
Reinforce political commitment- Willingness of decision-makers and service providers to recognise and invest in
addressing the issue
Strengthen capacity- Ability of individuals and organisations to reduce it so as to manifest in better coordination and
increased investment.
Improved evidence- Increased coverage, quality and availability of information enables better reporting and analysis,
which in turn informs more effective responses and risk mitigation measures.
About GRID 2020:
It is a global reference for internal displacement data and analysis and is widely used by policy-makers, national
governments, United Nations(UN) agencies, international Non-Government Organisations(NGOs), journalists and
academics.
About IDMC:
It is the world’s authoritative source of data and analysis on internal displacement. It has been a part of the
Norwegian Refugee Council (NRC) since its establishment in 1998.
Headquarters– Geneva, Switzerland
Director– Alexandra Bilak
‘Vikas Abhaya’ loan scheme launched: KVGB

On April 29, 2020 Karnataka Vikas Grameena Bank(KVGB), a regional rural bank’s chairman P Gopi Krishna has
launched ‘Vikas Abhaya’ a loan scheme to provide some relief to Micro, Small and Medium Enterprise(MSME)
borrowers whose business activities are disrupted on account of the COVID-19 pandemic in Dharwad.Key Points
i.The loan will be for the existing MSME customers who have been regular as on February 29, a maximum loan of up
to Rs 1 lakh will be provided and no collateral security is emphasized & is repayable within 36 months.
ii.It is an additional credit facility to the eligible existing MSME borrowers & helps them to assist over the current
crisis and ensures the continuation of viable business activity.
Gist about few other bank’s Initiative to tackle COVID-19
i.Indian Bank(IND) has announced 5 special Covid emergency loan schemes, namely- IND- COVID Emergency Credit
Line (IBCECL), IND- Micro, Small Enterprises(MSE) COVID Emergency Loan— (INDMSE-CEL), IND-COVID Emergency
Salary Loan, IND COVID- Emergency Pension Loan to support its affected customers.
For Further reference
https://affairscloud.com/indian-bank-launched-5-special-emergency-loans-for-covid-19-affected-customers/

It has also launched Self Help Group(SHG)-COVID – SAHAYA LOAN, where members can avail a soft loan of Rs. 5000
that is Rs. 1 lakh per SHG. The loan is for 36 months with a 6 months moratorium.
ii.Bank of India has launched a Covid Emergency Support Scheme for businesses where corporates can avail up to
20% additional credit on their existing current working capital limit. Individuals can get a personal loan, which is up
to 3 times their last drawn salary. Those with home loans can draw additional amounts as emergency loans.
About KVGB:
Headquarters– Dharwad, Karnataka,Sponsor Bank – Canara Bank
RBI extends regulatory benefits under SLF-MF scheme dated 27.4.2020 to all banks
On April 30, 2020, the Reserve Bank of India (RBI) extended the regulatory benefits under the Special liquidity
facility for mutual funds (SLF-MF) to all banks, irrespective of whether they avail funding from the Reserve Bank or
deploy their own resources under SLF-MF scheme. This decision has been taken on the lines of request made by
banks to RBI.
As we have notified earlier,on April 27, 2020, RBI has initiated a special liquidity facility of Rs 50,000 crore for MFs
under which RBI will conduct repo operations of 90 days tenor at the fixed repo rate.Click Here to Read. So, the above
mentioned extension is a part of this scheme.
Eligibility criteria to claim the regulatory benefits under SLF-MF scheme:
-Banks meeting the liquidity requirements of MFs by extending loans,
-Banks undertaking an outright purchase of and/or repo against the collateral of investment-grade corporate bonds,
commercial paper (CPs), debentures and certificates of deposit (CDs) held by MFs.
Benefits for banks: The bank claiming these extended regulatory benefits will not be required to avail back-to-
back funding from the central bank under the SLF-MF scheme.
Direction for banks: Submission of Weekly Statement
The bank claiming these extended regulatory benefits will be required to submit a weekly statement containing
consolidated information on entity-wise and instrument-wise loans and advances extended or investment made to
eligible entities to Financial Markets Operations Department (email) and to Department of Supervision (email) on
every Monday till the closure of the scheme.
The SLF-MF scheme will remain open until May 11, 2020, or up to utilization of the allocated amount.
Background:
Rs 50,000 crore liquidity window came days after, the Franklin Templeton Mutual Fund, which has been operating in
India for 25 years, decided to shut down Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund,
Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and
Franklin India Income Opportunities Fund.
Click Here for Official Notification
About Reserve Bank of India (RBI):
Headquarters– Mumbai, Maharashtra
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, one is yet to be
appointed).
Union minister Nitin Gadkari launches ‘MSME Bank of Ideas, Innovation and Research’ portal
On April 30, 2020, Union Minister of Road transport & Highways and MSME (Ministry of Micro Small & Medium
Enterprises) Shri Nitin Jairam Gadkari has launched ‘MSME Bank of Ideas, Innovation and Research’
portal (http://ideas.msme.gov.in/) through Video Conference from Nagpur, Maharashtra.
He also launched ‘Ayush Entrepreneurship Development Program’ jointly organized by the Ministry of AYUSH &
Ministry of MSME for promoting the AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) sector
in India.

Key Points:
i.About the portal:
Users will have to register in this portal, where they can upload ideas and innovations regarding the micro, small and
medium enterprises (MSME) sector.
Within 5-6 Minutes, one can easily file their ideas among the areas (Credit/Finance, Human Capital Development,
Technology, Infrastructure, Marketing, Policy, etc).The officer concerned will review it and make it public later.
Users can raise money (crowd funding) from venture capitalists (investors investing capital in new ventures) or
people for their ideas or schemes. Apart from this, it will help produce goods locally imported from China.
ii.Benefits: This move will help MSMEs to adopt a culture of innovation in view of the challenges of the world like
coronavirus. It will also support Make in India initiative of the central Government.
iii.According to Gadkari, the ministry has sent recommendations to the Prime Minister and Finance Minister for the
‘package’ regarding the relief from Coronavirus (COVID-19).
About Ministry of MSME (Ministry of Micro Small & Medium Enterprises):
Headquarters– New Delhi
Minister of State (MoS)– Pratap Chandra Sarangi
Tripura government launches agro entrepreneur facilitation desk to boost economy

On May 1, 2020, The Tripura government launched an “Agro-Entrepreneur Facilitation Desk” to help the
entrepreneurs of the state to get subsidies and incentives from Central government funding agencies and National
Horticulture Board or NABARD (National Bank for Agriculture and Rural Development), the new desk would help
them about availing the facilities.
Key Points:
i.About agro-entrepreneur desk: The state cabinet has approved the setting up of the desk, which will operate from
the Directorate of Horticulture and Soil Conservation in the state capital, Agartala.
ii.The desk will be operated by those who hold a masters’ degree in business administration (MBA) or an
undergraduate degree in science. The state government has worked out an estimated budget of Rs 24 lakh for the
exercise, including the salaries of new hires and other related official activities.
iii.Funds: The funds for the project will be sourced from the Technical Support Group Funds of the Mission for
Integrated Development of Horticulture.
iv.The state government encourages the processing and marketing of fruits such as pineapple, lemon, jackfruit, and
also vegetables that are grown in abundance in Tripura, in order to increase the farmers income.
v.The government plans a target of encouraging 2,000 youths in joining agro-based business within a year and
initiatives are being given to facilitate 400 people to start the business in the agriculture sector.
vi.Tripura Chief Minister (CM) Biplab Kumar Deb also mentioned that the primary sector activities like agriculture,
horticulture, dairy industries would help in reviving the state’s economy which suffered losses due to lockdown.
About Tripura:
Capital– Agartala.
Governor– Ramesh Bais.
USD 400 million multi-year financial support to India: World Bank

On April 29, 2020 The World Bank‘s Board of Executive Directors has approved a USD 400 million multi-year
financial support to help India enhance its coastal & marine resources, protect marine resources & coastal
populations from pollution, erosion, sea-level rise, and improve livelihood opportunities for coastal communities over
the next decade.
Key Points
It will help protect coastal resources by focusing on the rehabilitation of coastal beaches and mangroves
The 1st phase covers 8 coastal States and 3 coastal Union Territories, with USD 180 million in funding, for
Enhancing Coastal and Ocean Resource Efficiency (ENCORE).
The loan from the international bank for Reconstruction and Development(IBRD) has a final maturity of 14.5 years
including a grace period of 5 years.

ENCORE program
i.It expands the World Bank’s direct support to achieve the Nationally Determined Contributions (NDC) targets of
India by supporting longer-term coastal adaptation, including through ecosystem restoration and the sound
management of mangrove forests and sea grass fields.
ii.Improved coastal management is an important element of India’s NDCs under the Paris Agreement, where India has
agreed to create an additional carbon sink of 2.5 to 3 billion by additional forest cover.
iii.Benefits- Will help states prepare state-level Integrated Coastal Zone Management Plans (ICZMPs), provide long-
term support to India in meeting national coastal and marine spatial planning needs and develop and protect more
intangible ‘blue’ resources.
About World Bank:
The International Bank for Reconstruction and Development(IBRD), International Development Association (IDA,)
from the World Bank, which provides financing, policy advice, and technical assistance to governments of developing
countries.
By the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International
Centre for Settlement of Investment Disputes (ICSID) the World Bank focus to strengthen the private sector in
developing countries
Formed– 1944
Headquarters– Washington, United States
President– David Malpass
Sushil Kumar Modi presented Rs 2,11,761 cr Bihar’s budget for FY 20-21; Max. allocation towards
education
On February 25, 2020, the government of Bihar led by Chief Minister (CM) Nitish Kumar presented Rs 2,11,761
crore state budget for 2020-21 with a special emphasis on education, health and infrastructure. It was presented by
the state’s finance minister and Deputy CM Sushil Kumar Modi, which was his 11th Budget speech. The proposed
allocations were Rs 11,260.48 crore more than the FY 2019-20.
Importantly, Bihar’s Budget has increased eight times to Rs 2,11,761.49 crore in 2020-21 from Rs 23,885 crore in
2004- 05. Except for 2012-13, the state has been presenting a revenue surplus budget since 2008-09.
Key Points from FY 20-21 Budget of Bihar:
–Gross State Domestic Product: The Gross State Domestic Product (GSDP) of Bihar for 2020-21 (at current prices)
is projected to be Rs 6,85,797 crore. This is 11.1% higher than the revised estimate for 2019-20.
–Total receipts: Total receipts (excluding borrowings) are estimated to be Rs 1,84,352 crore
–Revenue surplus: It is targeted at Rs 19,173 crore or 2.8% of the GSDP.
–Fiscal deficit: It is targeted at Rs 20,374 crore (2.97% of GSDP).
–Capital expenditure: It is proposed to be Rs 47,010 crore
–Revenue expenditure: It is proposed to be Rs 1,64,751 crore.
–Highest increase/decrease in allocations: In 2020-21, the highest increase in allocations was observed in Water
Supply, Sanitation, Housing and Urban Development (8%) while highest decrease observed in Energy (48%).
–Highest allocation: The state government has made the highest allocation of Rs 35,191.05 crore to the education
department. Bihar has allocated 19.3% of its total budget for education in 2020-21. Besides, Rs 17,345 crore was
allocated for road building and Rs 10,937.68 crore was earmarked for healthcare.
–Rural development: Bihar has allocated 12.8% of its expenditure on rural development viz. Rs 15955.29 crore.
About Bihar:
Capital– Patna
Number of Districts– 38
Five more States/UTs integrated with ‘One Nation One Ration Card’ platform, taking the total to 17
On May 1, 2020, Minister of Consumer Affairs, Food and Public Distribution Shri RamVilas Paswan approved the
integration of 5 more States and Union Territories under “One Nation One Ration Card” plan with the already 12
existing states taking a total number of states/UTs to 17.

The newly approved states/UTs under this plan are Uttar Pradesh, Bihar, Punjab, Himachal Pradesh and Dadra &
Nagar Haveli and Daman & Diu.
Already this plan has been initiated in 12 states viz. Andhra Pradesh, Goa, Gujarat, Haryana, Jharkhand, Kerala,
Karnataka Madhya Pradesh, Maharashtra, Rajasthan, Telangana and Tripura.
All 17 States/UTs are instructed to formally commence seamless inter-State/national portability operations in a
single cluster w.e.f. May 1, 2020 or at the earliest, depending upon their on-field readiness.
Benefit of One Nation One Ration Card:
With this, the facility of national/inter-State portability will be available for nearly 60 Crore beneficiaries of 17
States/UT under National Food Security Act (NFSA) and they may lift their entitled quota of food grains from any
Fair Price Shop (FPS) anywhere in these 17 States/UT by using their same/existing ration card.
Reason behind the move:
This decision to integrate 5 more states has been taken as per the Supreme Court direction to the Centre for taking
the appropriate decision regarding the implementation of “one nation-one ration card” under the lockdown scenario,
as there have been reports of problems faced by migrant workers in getting subsidised food grains.
About one nation, one ration card:
The scheme announced in June 2019 allows portability of food security benefits across the country from 1st June
2020. This means poor migrant workers or the beneficiaries who are taking food grains under the Public Distribution
System (PDS) will be able to buy subsidized rice and wheat from any ration shop in the country. Simply, it is inter-
state portability of ration cards.
The rest of the country will be included in the portability scheme by June this year.
This will benefit 600 million beneficiaries out of 810 million covered under the Food Security Act, 2013.
Maharashtra the first state government to announces free and cashless insurance to the people
On 1st May 2020, The Health Minister of Maharashtra Rajesh Tope announced that Maharashtra will be the first state
to provide free and cashless insurance protection to the people and the covered under the state governments health
scheme and for the treatment of COVID-19 patients at the private hospitals in Pune and Mumbai the government has
signed an MoU with the General Insurance Public Sector Association(GIPSA).
Key Points:
i.Maharashtra Health Minister Rajesh Tope mentioned that the Mahatma Jyotiba Phule Jan Arogya
Yojana (MJPJAY) will cover 85% of the population and it will be extended to the remaining 15%.
ii.To include the government, semi-government employees and white ration card holders under the scheme to
prevent private hospitals from overcharging the patients the government has signed a memorandum.
iii.To standardise the treatment fees at all the hospitals different packages will be designed for all diseases.
iv.The Maharashtra government has capped the fees for the treatment of private hospitals based on the Disaster
Management Act and Epidemic Act and the hospitals without the tie-up with the GIPSA to standardise their treatment
fees.
About MJPJAY:
Implemented under the name of Rajiv Gandhi Jeevandayee Arogya Yojana (RGJAY) on 1st April 2012 throughout
Maharashtra in a phase manner for 4 years period. On 13th April 2017 the name of the scheme is changed to
Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY).
CEO– Dr. Sudhakar Shinde
Deputy CEO– Jyotsna Padiyar
Traders’ body CAIT to launch national e-commerce marketplace ‘bharatmarket’ for retail traders
Confederation of All India Traders (CAIT), the leading advocate for small traders and businesses in India, in
association with several technology partners, will soon launch a national e-commerce
marketplace ‘bharatmarket’ (www.bharatemarket.in) for all retail traders in India, who have served Indian
consumers for years.

Key Points:
i.Bharatmarket: CAIT will combine the capabilities of various technology companies in this marketplace. So that it
can integrate the logistics and supply chain across the country through this portal including delivery of goods at the
home of consumers from manufacturers.
ii.Aim:
CAIT has pledged to connect 95% of India’s retail business in this marketplace with the initial collaboration of DPIIT
(Department for Promotion of Industry and Internal Trade), Ministry of Commerce and Industry to implement the
Prime Minister’s vision of Digital India and Digital Payments.
It also aims to enroll about 1 Crore Retailers on this eMarketplace in very quick time and make it the world’s largest
and most unique eMarketplace ever.
iii.Active support: CAIT first started this program as a pilot, initially distributing essential commodities in 6 cities. It
included the cities of Prayagraj, Gorakhpur, Varanasi, Lucknow, Kanpur and Bengaluru. All these cities got
tremendous support from retailers and consumers. Encouraged by this, it has reached more than 90 cities in the last
two weeks.
About Confederation of All India Traders (CAIT):
Location– New Delhi
Secretary General– Praveen Khandelwal
National President– BC Bhartia
About Ministry of Commerce and Industry:
Union Minister– Piyush Goyal
India ranked 3rd among countries in scientific publication in 2018; expenditure on R&D tripled:
NSTMIS
In accordance with the Research and Development (R&D) Statistics At a Glance 2019-20 and S&T Indicators Tables
2019-20 based on the national Science & Technology (S&T) survey 2018 brought out by the National Science and
Technology Management Information Sysytem (NSTMIS), Department of Science and Technology (DST), India’s
gross expenditure in R&D has tripled between 2008 & 2018 and also there is rise in scientific publications.
The survey included more than 6800 S&T Institutions spread across varied sectors like central government, state
governments, higher education, public sector industry, and private sector industry in the country.
Key Ranks of India, as per report:
Scientific publication:In 2018, India ranks 3rd globally in the scientific publication as National Science
Foundation (NSF) database. The first two ranks were occupied by the USA and China, respectively. India ranked 5th
and 9th in scientific publication output as per the SCOPUS and Science Citation Index (SCI) database respectively.
Ph. D.’s awarded in S&E: India occupies 3rd rank in terms of number of Doctor of Philosophy (Ph. D.)’s awarded in
Science and Engineering (S&E) after USA (39,710 in 2016) and China (34,440 in 2015).
India is placed 3rd among countries in scientific publication as per NSF database
Resident Patent Filing activity: In 2017-18, India is ranked at 9th position in terms of Resident Patent Filing activity
in the world and was topped by China, USA, Japan.
Patent Office of India: According to WIPO, India’s Patent Office stands at the 7th position among the top 10 Patent
Filing Offices in the world.
India’s gross expenditure in R&D has tripled between 2008 & 2018
-The Gross expenditure on R&D (GERD) in the country has nearly tripled from Rs. 39,437.77 crore in 2007- 08 to
Rs. 1,13,825.03 crore in 2017-18.
-India’s per capita R&D expenditure has increased to PPP $ 47.2 in 2017-18 from PPP $ 29.2 in 2007-08.
-India spent 0.7% of its GDP on R&D in 2017-18, while the same among other developing BRICS countries was Brazil
1.3%, Russian Federation 1.1%, China 2.1% and South Africa 0.8%.
-India’s R&D expenditure per researcher was 185 (‘000 PPP$) during 2017-18 and was ahead of Russian Federation,
Israel, Hungary, Spain and UK.

Increase in scientific publications
-Number of researchers per million populations in India has increased to 255 in 2017 from 218 in 2015 and 110 in
2000.
-During 2017-18 a total of 47,854 patents were filed in India. Out of which, 15,550 (32%) patents were filed by
Indian residents.
-Patent applications filed in India are dominated by disciplines like Mechanical, Chemical, Computer/Electronics, and
Communication.
Extramural R&D support by central S&T agencies has increased significantly
–Department Of Science & Technology (DST) & Department of Biotechnology (DBT) were the two major players
contributing 63% and 14%, respectively of the total extramural R&D support in the country during 2016-17.
-Women participation in extramural R&D projects has increased significantly to 24% in 2016-17 from 13% in 2000-
01 due to various initiatives undertaken by the Government in S&T sector.
-As on 1st April 2018, nearly 5.52 lakh personnel were employed in the R&D establishments in the country.
About NSTMIS:
Advisor and Head– Dr. Parveen Arora
Location– New Delhi
Reserve bank cancels Mumbai’s 105-year-old CKP co-op bank license

On May 3, 2020, After the closure of Punjab and Maharashtra Co-operative (PMC) Bank, the Reserve Bank of India
(RBI) has cancelled the license granted to the 105-year-old CKP Co-operative Bank Ltd located in Mumbai
(Maharashtra) to conduct banking business which includes acceptance of deposits and repayment of deposits as
defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.
The order has come into effect after the working hours of 30 April, 2020 in order to save investors’ decision.The RBI
in its order gave 6 specific reasons for cancelling the license of the bank. These include,
The financial position of the bank is highly unfavorable & there is no concrete revival plan or any proposal for merger
with any other bank.
The Bank is not meeting the minimum capital and reserves requirement specified in Section 11 (1) read with Section
56 of the Act and the capital adequacy and income prospects as laid down in Section 22 (3) (d) of the Act & the bank is
also failed to meet minimum capital requirement of 9%.
The bank will be unable to fully pay its current or future depositors with its current financial status, hence Section 22
(3) (a) read with Section 56 of the Act is not complying.
The functions of the bank were being conducted harmfully to the depositors and the general conduct of the bank
management has been biased towards public interest as well as the interest of depositors. Thus, the bank is not
complying with the provisions of sections 22 (3) (b) and (c) of the Act.
Although the bank has been given sufficient time, opportunity and dispensation, the efforts made by the bank for
revival are quite inadequate. No merger proposal has been received with respect to the bank.
Allowing the bank to continue its banking business will not give any useful purpose as per the hypothesis envisaged
in Section 22 (3) (e) of the Act. if the bank is allowed to carry on its banking business, it will adversely affect the
public interest.
Key Points:
i.In the sequence of cancellation of license and commencement of liquidation work, the process of payment of amount
will be initiated to depositors of CKP bank Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961.
ii.During the liquidation, 99.2 % depositors of the bank will be entitled to deposit up to Rs. 5 lakh from the DICGC
subject to the general terms and conditions. iii.The RBI also asked the Registrar of Co-operative Societies, Pune,
Maharashtra, to issue orders for winding up the business of the bank and appoint a liquidator for the bank.
About CKP Co-operative Bank Ltd:
General Manager– Shri Moreshwar Dhaimodkar

appointed).
IIT Hyderabad to collaborate with Hong Kong firm to create venture ecosystem
On May 3, 2020, The Indian Institute of Technology (IIT), Hyderabad, collaborated with New Frontier Capital
Management, a financial firm based in Hong Kong with offices in Tokyo & Singapore, to establish a global network of
ventures as well as to create a venture ecosystem.
Objective: The core objective of this partnership is to promote innovation, research and incubation.
Key Points:
i.MoU: An MoU was signed by Professor Budaraju Srinivasa Murty, Director, IIT Hyderabad and Shigeki Usuki, Chief
Executive Officer (CEO), New Frontier Capital Management, to facilitate this collaboration.
ii.This MoU will also enable New Frontier Capital Management to establish an office at the IIT Hyderabad campus and
also promotes India- Japan Collaboration.
iii.Prof B.S. Murty also mentioned that IIT Hyderabad incessantly encourages the entrepreneurship ecosystem with
its unique BTech minor in entrepreneurship.
iv.The MoU also envisages establishment of ‘Joint Innovation Centres’ in Tokyo, Japan, as well as in Telangana and
will help create an ecosystem that is connected to global research institutions.
v.IIT Hyderabad is a source of early stage ideas, research, incubation and technologies, especially in the fields of 5G
(Fifth- Generation wireless), IoT (Internet of things), Fabless Chip Health Care, AI (Artificial Intelligence) & advanced
technologies operates three different technology business incubators, namely i-TIC Foundation IIT Hyderabad (iTIC),
Centre for Healthcare (CfHE) and Fabless Chip Incubator (FabCI).
About Telangana:
Capital– Hyderabad.
Chief Minister (CM)– Kalvakuntla Chandrashekar Rao.
Governor– Tamilisai Soundararajan.
HP govt to launch ‘Mukhya Mantri Shahari Rojgar Guarantee Yojna ‘ for urban employment
On May 2, 2020, In a bid to revive the economy of the state affected by the Coronavirus (COVID-19) pandemic,
the Himachal Pradesh (HP) state government has decided to launch employment guarantee scheme
called “’Mukhya Mantri Shahari Rojgar Guarantee Yojna” that will provide 120 days of employment to those
living in urban areas.
The decision was taken during the cabinet meeting held under the chairmanship of Chief Minister(CM) Jai Ram
Thakur.
Key Points:
i.People employed under the scheme will also be imparted training to increase their skills as and when required.
ii.Other major decisions:
The state government has provided Rs 2,000 to about one lakh workers registered under the Building and Other
Construction Workers Board, on which 20 crores have been spent so far. Now the government has decided to provide
another Rs 2000 per worker to these workers.
A cabinet sub-committee headed by Jal Shakti Minister Mahender Singh will be formed to start economic activities in
the state.
It was also decided to extend the excise policy for 2019-20 up to May 31, 2020. Excise fees have also been waived
since March 22, as long as the liquor contracts remain closed.
As the tourism industry is worst affected, the state decided to waive electricity demand charges for the industry for 6
months, hence providing them relief of about Rs 15 crore.
About Himachal Pradesh:
Capital– Shimla
Governor– Bandaru Dattatreya, Chief Justice– Lingappa Narayana Swamy
National Parks (NP)– Great Himalayan NP, Pin Valley NP ,Inderkilla NP, Khirganga NP, Simbalbara NP.

‘India SME Services Platform’ to be launched: SIDBI
On May 4, 2020, The Small Industries Development Bank of India(SIDBI) informed that it will launch ‘India SME
Services Platform’, a digital platform to educate stakeholders in the small and medium enterprises(SME) ecosystem
and have information on coronavirus-related initiatives for the sector.
Gist about the Platform
i.Provide Micro, Small and Medium Enterprises (MSMEs) information about starting operations, getting finance,
credit enhancement and other support services
ii.Bring together all MSMEs, MSME ecosystem stakeholders, financiers, corporates, government, regulators,
employees and associations in an interactive platform, where all will be at one place & one place for all kinds of
initiatives.
iii.Will have a web page containing a dashboard of all schemes being implemented by the central government, state
governments, banks and industry associations & the government can also monitor actions on policies, schemes and
programmes for the sector.
iv.Industry associations can avail of a window for insights and analytics, partnerships and directory & give financiers
an opportunity to look for marketplace, documentation support and loan management.
v.Regulators can tap macroeconomic trends, compliances, risk management and systemic aspects through the
platform.
Other initiatives by SIDBI in relation to COVID-19
Launched special liquidity schemes to support Micro, Small and Medium Enterprises(MSMEs)
Announced that it will provide emergency working capital of up to Rs 1 crore to SMEs. The SIDBI Assistance to
Facilitate Emergency response against coronavirus (SAFE) loan limit has been increased to 2 crores from Rs 50
lakhs.
About SIDBI:
Headquarters– Lucknow, Uttar Pradesh
Chairman & Managing Director (MD)– Mohammad Mustafa
DBS Bank slashes India’s FY21 GDP forecast to 1% from 1.5%; another Rs 1.5-3 lakh-cr relief
package required
The Singapore based DBS bank has trimmed the India’s Gross Domestic Product (GDP) forecast for FY 2020-2021 to
1% from 1.5% projected on April 9, 2020 due to two months lockdown.
Assumptions taken during the forecast:
Ending of Lockdown in the June quarter
Reopening of all sectors by third quarter (October-December)
Catch-up production, normal monsoon, fiscal support measures of at least 3% of GDP and direct lending support by
the authorities.
Key Points:
-The general government (the Centre and States) deficit is likely to rise to 10-10.5% of GDP in FY21 vs around 6% of
GDP earlier.
-Public debt level to rise from 70% of GDP to 75-80%.
Measures to tackle the situation; another Rs 1.5-3 lakh-crore needed to reach poor
-Creation of a special purpose vehicle (SPV) to directly purchase corporate bonds (to arrest widening spreads vs
government securities and temper volatility);
-Direct institutional (from the RBI or government) support to backstop credit facilities to quell contagion and
systemic concerns, while supporting banks lower their credit aversion.
-Rs 1.7 lakh-crore (relief package for the poor to help them fight Covid-19) already outlined by the government, DBS
Bank estimated that another Rs 1.5-3 lakh-crore needed to reach every poor.
About DBS:
Headquarters– Singapore
Former Name– Development Bank of Singapore (DBS)
Chief Executive Officer (CEO)– Piyush Gupta

Indian-American lawyer Ashok Michael Pinto as US representative to World Bank’s lending arm
IBRD
On May 5, 2020, United States President Donald Trump nominated Indian-American lawyer Ashok Michael Pinto as
a representative to the International Bank for Reconstruction and Development (IBRD), the World Bank’s lending
arm. He was nominated as US Alternate Executive Director of IBRD for a period of 2 years.
Key Points:
i.If confirmed by the Senate (the upper assembly of the US), he will be the successor of Erik Bethel, who resigned from
the post.
ii.About Pinto: Pinto currently serves as Counsellor to the Under Secretary for International Affairs at the United
States (US) Department of the Treasury.
iii.He completed his BA (Bachelor of Arts) from Stanford University and a Juris Doctor from the University of Illinois
College of Law, He served as a Counsellor to General Counsel at Treasury.
iv.Other roles: Pinto also held senior leadership roles in the United States Congress, including Chief Investigative
Counsel, Policy Director to the Committee on Commerce, Science, Transportation in the Senate, Chief Counsel for
Investigations to the Committee on Oversight, Government Reform in the House of Representatives and Special
Counsel to the Committee on the Judiciary in the Senate.
v.Pinto served as a special Assistant and Associate Counsel to former president George W Bush during private
practice at two international law firms. He was also a law clerk to Judge F A Little, Jr. of the United State District Court
for the Western District of Louisiana.
About World Bank:
The World Bank is an international financial institution that provides loans and grants to the governments of poorer
countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for
Reconstruction and Development (IBRD) and the International Development Association (IDA).
Headquarters– Washington D.C., US.
President– David Robert Malpass.
Motto– Working for a World Free of Poverty.
Krishnan Ramachandran appointed as Managing Director & Chief Executive Officer of Max Bupa
On May 5, 2020 Max Bupa Health Insurance appointed Krishnan Ramachandran as its new managing
director(MD) and Chief Executive Officer(CEO). He succeeds Ashish Mehrotra, after almost 5 years of service in its
company.
Gist about Krishnan Ramachandran
i.Before this appointment he served as the CEO of Apollo Munich Health Insurance.Prior to Apollo Munich served in
various capacities as practice head healthcare and experience manager at Deloitte Consulting, in India and the United
States(US).
ii.Has over 23 years of experience in health insurance, healthcare and life sciences segments
iii.Holds an Master of Business Administration(MBA) degree from Indian Institute of Management(IIM)-Kolkata, and
a B.Tech degree in electrical and electronics engineering from Indian Institutes of Technology(IIT)-Madras.
About Max Bupa Health Insurance:
It is a joint venture between True North, a leading Indian private equity firm, and the United Kingdom(UK)’s 70-year-
old healthcare services expert, Bupa & was established in 2010
Headquarters– New Delhi, India
Jharkhand launches three schemes for rural job creation

On 4th May 2020, In Ranchi, Chief Minister,Hemant Soren launches three schemes, Birsa Harit Gram Yojana(BHGY),
Neelambar Pitambar JAL Sammridhi Yojana(NPJSY) and Veer Sahid Poto Ho Khel Vikas Scheme (VSPHKVS) to prove
wage employment for the workers in the rural area devised in convergence with the Mahatma Gandhi National Rural
Employment Guarantee Scheme(MGNREGA) in the presence of rural development minister Alamgir Alam, water
resources minister Mithilesh Thankur and other administrative officials.

Key Points:
i.In the data provided by the Centre for Monitoring Indian Economy (CIME) the unemployment rate of the state
pegged at 47.1% which is double the national average. The three schemes are to provide employment for more than 6
lakh stranded migrant labourers returning to the state and revive the economy of the state.
ii.These schemes are made keeping the long term goals for sustainable development and creating new assets for the
state.
iii.Neelambar Pitambar Jal Sammridhi Yojana(NPJSY) is aimed for the conservation of water, recharge of ground
water, creation of agro-water storage units for saving rainwater and runaway ground water.
iv.BirsaHarit Gram Yojana(BHGY) is aimed to use the two lakh acres of government lands for afforestation by
providing 100 fruit-bearing plants to more than 5 lakh families to initiate the plantation, maintenance, landwork and
afforestation through MNREGA.
v.Veer Sahid Poto Ho Khel Vikas Scheme(VSPHKVS) is for linking sports with rural job schemes in order to provide
boost to sports through the scheme around 5,000 sports grounds are planned to set up for one each in all 4300
panchayats.
About Jharkhand:
Capital– Ranchi
Official Bird– Asian Koel
Official Animal– Indian Elephant
PNB Housing Finance Limited signs MoU with IIT Delhi to develop reusable PPE kits
On May 6, 2020, Punjab National Bank Housing Finance Limited(PNBHFL) has signed a Memorandum of
Understanding(MoU) with Indian Institute of Technology(IIT) Delhi to support the research and development of a
unique prototype material to be used in the manufacture of washable and reusable Personal Protective
Equipment(PPE) surgical gowns and masks by using Jacquard knitting technology(machine knitting with a
jacquard attachment that makes patterns by the use of coloured yarns)
It is to contribute to the well-being of healthcare workers during the COVID-19 pandemic.
Major Highlights
i.By this MoU, the PNBHFL will support the Department of Textile and Fibre Engineering, IIT Delhi in fast-tracked
R&D of high-quality PPE material.
ii.The cloth technology developed under this initiative will help in producing affordable, sustainable and reusable
PPEs. The prototype will be tested at government-accredited labs & will be supplied to notable government hospitals.
iii.The knit construction for the mask is optimized for a secure 3D-fit around the face with a layer of melt-blown, non-
woven material in between to ensure efficient filtration and barrier protection with good breathability.
iv.As for the gown, the fabric and lamination process can be engineered in achieving a stretchable, non-permeable
gown adhering to international standards.
Significance of PPE
In managing patients with highly contagious COVID-19, healthcare professionals rely heavily on PPEs to protect
themselves or others from being infected or infecting others.
But the lack of PPEs poses a risk of infection for armed doctors, nurses and other frontline workers to the risk of
infection while caring for COVID-19 patients.
About PNBHFL:
Managing Director(MD) & Chief Executive Officer(CEO)– Neeraj Vyas
About IIT Delhi:
Director– V. Ramgopal Rao
Bharat Dynamics Limited signs MoU with IIT Kanpur to manufacture ventilators for COVID-19
treatment
On May 5, 2020 Bharat Dynamics Limited(BDL), a defence Public Sector Undertaking (PSU) has signed a
Memorandum of Understanding(MoU) with Indian Institute of Technology(IIT), Kanpur for the large-scale

manufacture of ventilators developed by NOCCA Robotics(incubated start-up of IIT Kanpur)Pune, Maharashtra to
enhance the development of affordable ventilators for COVID-19 treatment & is in line with ‘Make in India’.
Major Highlights
i.An MoU to this effect was also signed between BDL, IIT Kanpur’s incubator Foundation for Innovation and Research
in Science and Technology(FIRST) and NOCCA Robotics Private Limited(NRPL).
ii.NOCCA Robotics has designed & developed a high-end affordable, indigenous ventilator necessary for providing life
support to critically ill COVID-19 patients under the overall supervision of the team led by Amitabha Bandyopadhyay,
Startup Innovation & Incubation Center(SIIC), IIT Kanpur
iii.It also provides support to the critical patient, safeguards the frontline healthcare workers from exposure to the
virus. 3 young graduates of IIT Kanpur – Nikhil Kurele, Harshit Rathore and Tushar Agarwal are at the helm of this
innovation.
iv.A group of eminent business leaders, medical devices industry experts, and experienced clinicians from India and
abroad, came forward and provided their mentorship to the whole project as a support to this project.
v.Association of BDL with the team from early April 20, 2020 provided the right stimulus to the project and enabled
valuable guidance and inputs from the Defence Research and Development Organisation(DRDO) and Directorate
General of Mines Safety(DGMS).
vi.Outcome of the collaboration- the NRPL has moved from inception to production of the fully operational prototype
production, which is in line with the technical features and specifications released by the Ministry of Health and
Family Welfare within 5 weeks
About BDL:
Corporate Office– Hyderabad, Telangana
Chairman & Managing Director(MD)– Siddharth Mishra
About IIT Kanpur
Director– Abhay Karandikar
About DRDO:
Chairman– G. Satheesh Reddy
About DGMS:
Headquarters– Dhanbad, Jharkhand
Director General– D.K. Sahu.
Economic Affairs Secretary Tarun Bajaj appointed as Director on RBI Central Board
On May 6, 2020 The government appointed Economic Affairs Secretary Tarun Bajaj, a 1988 batch Indian
Administration Service(IAS) officer, as a director on the central board of the Reserve Bank of India(RBI). He replaces
Atanu Chakraborty, who retired on April 30. The nomination of Mr. Bajaj is effective from May 5 and until further
orders.
Gist about Tarun Bajaj
i.Before this appointment he served as the Additional Secretary in the Prime Minister’s Office(PMO). Prior to joining
the PMO’s in 2015, he was Joint Secretary in the Economic Affairs Department, looking after multilateral funding
agencies.
ii.He worked as Joint Secretary in the Department of Financial Services for four years, he was looking after the
insurance division and Director in the Department of Financial Services.
About RBI:
i.It is India’s central bank, also known as the banker’s bank was established on April 1, 1935, in accordance with
the RBI Act, 1934. It controls monetary and other banking policies of the Indian government. Initially it was
originally privately owned since nationalisation in 1949.
ii.The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai
in 1937. The Central Office is where the Governor sits and where policies are formulated.

Functions of RBI
to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and
generally to operate the currency and credit system of the country to its advantage;
to have a modern monetary policy framework to meet the challenge of an increasingly complex economy,
to maintain price stability while keeping in mind the objective of growth.
Central Board
It‘s affairs are governed by a central board of directors(BoD). The board is appointed by the Government of India in
keeping with the Reserve Bank of India Act, 1934. The central BoD consists of 21 members, namely; (Direct – 1+4;
Indirect 10+2+4)
i.Official Directors
Full-time- Governor and not more than four Deputy Governors
ii.Non-Official Directors
Nominated by Government- ten Directors from various fields and two government Official
Others- four Directors , where one each from four local boards
Energy efficiency initiatives by BEE led to savings worth Rs. 89,122 Cr. in 2018-19: Report by PwC
Union Minister of State (IC), Power and New & Renewable Energy & Minister of State, Skill Development and
Entrepreneurship Raj Kumar Singh unveiled e-book titled “ A Report on Impact of Energy Efficiency Measures” for the
year 2018-19 which has stated that energy efficiency initiatives by BEE (Bureau of Energy Efficiency) led to savings
worth Rs 89,122 crore in 2018-19against last year’s (2017-18) savings of Rs 53,627 crore.
India reduced energy intensity in 2018-19 by 20% as compared to the 2005 level.
India has set a target to reduce the energy intensity by 33-35%by 2030 compared to 2005 level.
The energy efficiency efforts have also contributed in reducing 151.74 Million Tonnes of CO2 (MTCO2) emissions
(in 2018-19), whereas last year (2017-18) this number was 108 MTCO2.
Who prepared the report?
Since 2017-18, every year BEE appoints a third party expert agency to evaluate the performance and impact of all the
key energy efficiency programmes in India, in terms of total energy saved and the related reduction in the CO2
emissions. For 2018-19, the report was prepared by an expert agency PricewaterhouseCoopers Private
Limited (PWC Ltd), which was engaged by Bureau of Energy Efficiency (BEE) for independent verification to assess
the resultant annual savings in energy as well as CO2 (Carbon Dioxide) emissions through various initiatives in India.
Key Points:
-The implementation of various energy efficiency schemes has led to total electricity savings to the tune of 113.16
Billion Units in 2018-19, which is 9.39% of the net electricity consumption.
-Energy savings (electrical + thermal), achieved in the energy-consuming sectors are to the tune of 16.54 Mtoe
(Million Tonne of Oil Equivalent), which is 2.84% of the net total energy consumption (approx.581.60 Mtoe) in 2018-
19.
-The total energy savings achieved in 2018-19 is 23.73 Mtoewhich is 2.69% of the total primary energy supply
(estimated to be 879.23 Mtoe in India) during 2018-19.
Click Here for Official Link
About BEE
Establishment– 2002 under the provision of the Energy Conservation Act, 2001.
Works under– Ministry of Power
Director General– AbhayBakre
About PwC Pvt Ltd
Chairman– Robert E. Moritz
PwC India chairman– Shyamal Mukherjee
Headquarters– London, United Kingdom

India’s unemployment rate shoots up to 27.11% amid COVID-19 crisis: CMIE
On May 5, 2020, According to the Centre for Monitoring Indian Economy(CMIE) the country’s unemployment
rate rose to 27.11% for the week ended May 3 due to the COVID-19 crisis, up from the under 7% level before the
start of the pandemic in mid-March. The unemployment rate stood at 21.05% in the previous week (ending April 26),
up from 26.19% in the week before.
Major highlights
i.As per the Mumbai-based think tank, the unemployment rate in the urban areas is high in red zones due to COVID-
19 cases at 29.22%, against 26.69% for the rural areas. In the previous week ending April 26, the urban
unemployment rate was at 21.45% and the rural unemployment rate at 20.88%.
ii.CMIE’s weekly series of data indicated a steady rise in unemployment since the onset of the COVID-19 pandemic in
India, showing a sharp spike of 23.81% from the week of March 29.
iii.In Accordance with the CMIE’s data, the monthly unemployment rate in April stands at 23.52%, up from March’s
8.74%. As of the end of April the rates are:
Puducherry in South India has the highest number of unemployment at 75.8%, followed by Tamil Nadu at 49.8% ,
Jharkhand at 47.1% and Bihar at 46.6%.
Maharashtra’s unemployment rate is fixed at 20.9%, Haryana at 43.2%, Uttar Pradesh at 21.5% and Karnataka at
29.8%.
Unemployment is lowest in the Hilly states, where Himachal Pradesh stands at 2.2%, Sikkim at 2.3% and
Uttarakhand at 6.5%.
Key Points
i.Analysts have warned unemployment since lockdown on March 25 by Prime Minister Narendra Modi to combat the
spread of the virus infections.
ii.Migrants fleeing the urban centres like Delhi and Mumbai confirmed that the long-held concerns on their
employment as the economic activity came to a halt.
iii.The government has so far announced income and food support for vulnerable people as part of a Rs 1.70 lakh
crore fiscal stimulus for the economic, financial and possibly humanitarian crisis, & also plans for a second round of
measures soon.
iv.United States(US) unemployment has risen as over 26 million people lose their jobs and claim government
support. Experts often regret the absence of a good scale of jobs in India, which is mainly an organized sector-led
economy
About CMIE:
It is leading business information privately owned and professionally managed company established in 1976. It
produces economic and business databases and develops specialised analytical tools to deliver these to its customers
for decision making and for research. Analyses the data to decipher trends in the economy.
Chairman– S A Dave
Managing Director (MD) & Chief Executive Officer (CEO)– Mahesh Vyas
India for the 1st time has more internet users in rural areas than urban: IAMAI report
On May 6, 2020 According to ‘Digital in India’ report by the Internet & Mobile Association of
India(IAMAI) & Nielsen shows that for the 1st time has more internet users in rural areas than urban, where
rural India had 227 million active internet users, 10% more than urban India’s about 205 million, as of November
2019.
Major Highlights
i.India exceeds another milestone with 504 million active Internet users aged 5 years old or above, 53 million more
than 451 million in March 2019, which makes it the 2nd largest internet user behind China, which has about 850
million users. The United States (US) has about 280-300 million users.
ii.There are around 71 million kids, aged 5-11 years, who go online using devices of family members. The numbers
are boosted by the cheapest internet connections in the world.

iii.In Case of internet penetration, India is at 40% when compared to over 88% for the US and 61% for China, which
makes India behind both countries.
iv.There was an increase in female internet users at 21% as compared to 9% for males during the March-November
period & 26 million new female users accessed online during this period. These changes can be found on sites such as
women-centric POPxo, which has increasing users from small towns and in local languages.
v.The possibility of adding new users in the middle of nowhere is greater in the coming few years. The top 8 metros
had an internet penetration of 65% as of November 2019, compared to 63% as of March 2019.
Delhi tops in state-level Internet Penetration followed by Kerala
At the state level, Delhi retains the top spot in terms of Internet penetration followed by Kerala, Jammu & Kashmir,
Haryana, Himachal Pradesh, and Punjab.
i.Among the metro cities, Mumbai has the highest internet population of 13 million, a growth of 12% followed by
Delhi with 11.3 million, Bengaluru with 6.6 million along with 6.2 million in Kolkata and 6 million in Chennai, where
all numbers denote the active internet users above 12 years of age. With the data available since November, the trend
is now expected to accelerate
ii.Eastern states have comparatively low levels of internet penetration & is expected that the newfound momentum
will help this region catch-up with the rest of the country. It had a 24% increase in the internet population in
November 2019 compared with March 2019.
iii.Jharkhand and Bihar observed a 48% and 36% increase in internet population, which is higher compared to any
other Indian states.
iv.According to age-wise statistics, two-thirds of Internet users in India are between the ages of 12-29 years, and this
age group corresponds to more than 70% of Internet users in rural areas. The proportion of 12-29 years and 30 years
is about 50:50 in Mumbai and Chennai
According to the data from analytics firm App Annie of Android phones
The time spent by Indians on smartphones increased by 24% to 4.3 hours per day in March, driven primarily by the
lockdown, it was 3.5 hours a day on average in 2019. India witnessed the biggest jump in video consumption, of 40%,
to over 2.9 billion hours during the week starting March 22 as compared to the last week of December 2019, when it
was 2.1 billion hours. Indonesia saw a jump of 15%
Why is there an increase in the number of internet users?
The consumers during the lockdown spent more time on mobile games like Player Unknown’s Battlegrounds(PUBG),
social networks like TikTok and Facebook, apart from using video-chatting applications like Zoom for interacting
with friends and family, for office work and for online classes.
Active internet users– The users who have viewed the Internet at least once during the last month.
About IAMAI:
Chairman– Amit Agarwal
President– Subho Ray
India’s energy demand falls by 30% due to covid-19 lockdown: IEA-Global Energy Review 2020
In accordance with the Paris-based International Energy Agency (IEA), “Global Energy Review 2020-The impacts of
the COVID-19 crisis on global energy demand and CO2 emissions” India’s energy demand has faced a 30% decrease
due to 40 days lockdown to contain COVID-19.
It means that with each additional week of lockdown, India’s annual energy demand is reduced by 0.6%. The impact
on Q1 2020 energy demand in India was modest, with demand increasing by 0.3 relative to Q1 2019.
In India, energy demand would decline for the first time, following on from low demand growth in 2019.
The report is based on an analysis of around 100 days of real-data of2020.
The decline in electricity and transport demand in India is highest among the globe.
Key Points:
Energy demand– Globally, the report projects that energy demand will fall 6% in 2020, seven times the decline after
the 2008 global financial crisis. It is estimated that an additional month of the restrictions in place as of early April
would reduce global annual energy demand by around 1.5%.

Carbon emissions– A record annual decline in carbon emissions of almost 8%.This would be the largest decrease in
emissions ever recorded – nearly six times larger than the previous record drop of 400 million tonnes in 2009 that
resulted from the global financial crisis.
Oil demand– 57% of global oil demand has declined at an unprecedented scale due to decline in Road transport and
global aviation activities. It should be noted that car sales in India experienced a 50% decline.
Electricity– For 2020, global electricity demand would fall 5%, with 10% reductions in some regions. Full lockdowns
have reduced daily electricity demand by at least 15% in France, India, Italy, Spain, the United Kingdom and the US
northwest.
Natural gas– Global natural gas demand could decrease by 5% in 2020. In India, it grew at almost 8% in January and
February compared with a year earlier.
Coal– It is projected that global coal demand to fall by 8% in 2020, the largest decline since the Second World War. In
India, electricity demand and industrial production declined significantly in late March 2020 which resulted in a fall
in India’s coal use in Q1 2020.
Renewables– It is estimated that the total global use of renewable energy will rise by about 1% in 2020.
Nuclear– The report projected a decline in nuclear power by 2.5% from 2019 due to lower demand and delays for
planned maintenance and construction of several projects. In our estimate for 2020, lockdowns would reduce global
nuclear power output by 3% from 2019 levels.
About IEA:
Headquarters location– Paris, France
Executive Director– Dr Fatih Birol
Tripura CM launches national scholarship online portal under ‘Mukhyamantri Yuba Yogayog Yojana’
On May 6, 2020, Tripura, Chief Minister(CM) Biplab Kumar Deb launched a National Scholarship online portal
website(https:/ /scholarships.gov.in/) under ‘Mukhyamantri Yuba Yogayog Yojana’, an incentive scheme at the
state secretariat so that students can apply for this scheme for the Academic Year 2019-20.
Rs 7.30 crore will be spent on the scheme.
Gist about the Mukhyamantri Yuba Yogayog Yojana
The scheme was announced by the Education Minister of Tirupura, Ratan Lal Nath on 4th March 2020 during a
meeting of the council of ministers.
Objective of the Scheme
To provide grants for the purchase of smartphones to the students of final year to empower them digitally & help
them leverage the advantages of an interconnected world. Through the implementation of the scheme, the student
will be able to get employment through internet platforms.
Beneficiaries
A student must be in the final year of the course in an undergraduate degree in any government
college/Institute/University in Tripura.
The benefit can be availed once in a lifetime.
Eligibility
The student must be a resident of Tripura state & must be studying in a college resided in Tripura state.
Mode of Assistance
Will provide Rs 5000 or cost of the phone whichever is lower to around 14,608 students from 38 educational
institutions( which include 22 government degree colleges of the state)directly into their bank account.
Details required for filing applications
Date of birth, address, Aadhaar number, College or institutes name, account number of Bank, Voter ID card, all
Educational certificate, Results in proof, mobile & email ID.
The time limit for submission for online application- 6 th May to 6th June 2020
Key Points
i.Through the implementation of the scheme, the student will be able to get employment through internet platforms.
ii.The guidelines for the incentive scheme as well as Standard Operating Procedure (SOP) and User manual for
Institutes are available on the website.

iii.Institutions were informed that timely verification of application which includes scrutiny of documents namely
Invoice of the Mobile Phone, Bank passbook, Last year Mark sheets etc. is the responsibility of the College/ Institute
Nodal officer(verification is to be made between 15th May to 15th June 2020)
About Tirupura:
Capital– Agartala
Governor– Ramesh Bais
Wildlife Sanctuary (WS)– Sepahijala WS, Bishalgarh, Sepahijala District; Trishna WS, Belonia, South Tripura; Rowa
Wildlife Sanctuary, North Tripura; Gomati Wildlife Sanctuary, Between Gomati & Dhalai District.
National Park (NP)– Clouded Leopard NP, Bishalgarh, Sepahijala District
SC Ruling: Cooperative banks come under SARFAESI Act, 2002; Parliament can prescribe recovery
process for cooperative banks
A five judge Constitution Bench of the Supreme Court passed a ruling that cooperative banks established under a
State law or multi-State level societies come under the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest (SARFAESI) Act of 2002.
In this regard, the Section 2(1)(c) of SARFAESI Act of 2002 empowers the cooperative banks with recovery
procedures including seize and sell defaulters’ assets.The recovery procedure u/s (under section) 13 of the Act is also
applicable to such banks.
SARFASI rights enable cooperatives get better control over handling defaults and on the negotiation table with
defaulters.
Constitution Bench: This 159-page unanimous judgement has been passed by a constitution bench headed
by Justice Arun Mishra which also included justices Indira Banerjee, Vineet Saran, Mukesh kumar Rasikbhai Shah
and Aniruddha Bose.
Key Points from Judgement:
-Cooperative banks were bound by the provisions of the Banking Regulation Act, 1949, and all the other legislation
applicable to banks under the RBI Act, 1934. As a result, cooperative banks will have to comply with these rules.
-Co-operative banks involved in banking activities are covered u/s 5(c) & 56(a) of the Banking Regulation Act, 1949
which is a legislation relatable to Entry 45 of List I.
Parliament can prescribe recovery process for cooperative banks
The bench also ruled that Parliament can enact a law as the activity of banking done by cooperative banks is within
the purview of Entry 45 (Banking) of List I of Seventh Schedule of the Constitution of India.Therefore, it has
rejected the contention that Parliament cannot prescribe recovery procedures and that is within the domain of the
States’ legislatures.
The Seventh Schedule to the Constitution of India defines and specifies allocation of powers and functions between
Union & States. It contains three lists; i.e. 1) Union List, 2) State List and 3) Concurrent List.
About SARFAESI Act, 2002:
The Act prescribes a procedure for faster recovery of dues. It allows secured creditors to take possession of the assets
of a borrower who fails to pay dues within 60 days of demanding repayment. It enables banks to reduce their non-
performing assets by adopting measures for recovery or reconstruction.
AIIB grants $500 mn loan to India to deal with coronavirus disaster

On May 8, 2020, Asian Infrastructure Investment Bank (AIIB), a multilateral development bank, has approved a
loan worth of $500 million for India’s ‘COVID-19 Emergency Response and Health Systems Preparedness Project’ to
assist nation’s efforts to stop, detect, and respond to the risk posed by coronavirus (Covid-19).This is the first-ever
health sector support from AIIB to India.
Key Points:
i.Co-Financing: Co-financed by the World Bank (WB), the undertaking is part of a $10 billion AIIB’s Covid-19 Crisis
Recovery Facility to help public and private sector entities deal with the pandemic.

ii.Benefits:
The assistance will help India to scale up efforts to restrict the transmission of instances, strengthen the public health
system to broaden its response capability and to improve preparedness to handle future outbreaks.
Apart from this, it will also support medical equipment purchases and research in collaboration with the Indian
Council of Medical Research (ICMR), community engagement and risk communication strategies.
iii.Background: Earlier on April 17,2020 the AIIB had enlarged its initial COVID-19 Crisis Recovery Facility to $10
billion from $5 billion that made funds available to its members for emergency economic, financial and public health
pressures and quick recovery from the crisis.
About Asian Infrastructure Investment Bank (AIIB):
Headquarters– Beijing, China
Membership– 102 approved Members
President– Jin Liqun
Vice President, Investment Operations (South Asia and South East Asia.)– D.J. Pandian.
NABARD disburses Rs 12,767 crore to State Co-op Banks & RRBs to extend credit to farmers
On May 5, 2020, The National Bank for Agriculture and Rural Development(NABARD) disburses Rs 12,767
crore to State Co-operative(Co-op) Banks & Regional Rural Banks(RRBs) across the country to increase their
resources for extending credit to farmers during the lockdown due to the outbreak of COVID-19 pandemic.The loans
are being offered for one year at an interest rate of 4.8 per cent.
In total there are 33 State Co-ops & 45 RRBs in the country & are vital intermediaries in the rural credit structure.
Major Highlights
i.NABARD so far has extended the refinance(May 4 & 5) to the rural banks in 15 states which includes- Andhra
Pradesh, Bihar, Chhattisgarh, Haryana, Karnataka, Kerala, Madhya Pradesh, Odisha, Tamil Nadu, Telangana, Uttar
Pradesh and West Bengal.
ii.Reserve Bank of India(RBI) has announced a Rs 50,000 crore refinance facility for 3 All-India Financial
Institution(AIFI) namely- NABARD, the Small Industries Development Bank of India (SIDBI), and the National
Housing Bank (NHB) on April 17.
iii.Of the Rs 50,000 crore refinance, NABARD received Rs 25,000 crore for refinancing RRBs, co-operative banks and
Micro Finance Institutions(MFIs).
iv.Since the second half of March 2020 when the lockdown came into force in different states as a measure to contain
the spread of COVID-19 pandemic, NABARD has disbursed nearly Rs 30,021 crore to rural banks.
v.Still the development finance institution has not disbursed any amount from the RBI’s refinance window.
vi.AIFIs play a significant role in meeting the long-term funding requirements of agriculture and the rural sector,
small industries, housing finance companies, Non-banking Finance Companies(NBFC), and MFIs.
About NABARD:
Chairman– Harsh Kumar Bhanwala
Moody’s slashes India’s GDP growth to zero in FY 21 from 2.6%

On May 8, 2020 Moody’s slashed down India’s Gross Domestic Product(GDP) growth to zero for the current fiscal
2020-21 from its earlier forecast of 2.6%. In 2021-22 India’s GDP growth rate will bounce back to 6.6%.
Major highlights
i.No change in sovereign rating which stands at ‘Baa2’ with ‘Negative’ outlook for India
ii.The negative outlook reflects an increase in risk that economic growth remains significantly lower than in the past
& is triggered by COVID-19
iii.The outlook also partly shows weaker policy effectiveness to address economic and institutional issues(as per the
update to its November 2019 rating forecast)
iv.The high government debt, weak social and physical infrastructure, and a fragile financial sector face additional
pressures due to the coronavirus outbreak.

v.The outlook can be revised to ‘Stable’ if there is improvement in the fiscal situation & there is sustainable reform
along with strong investment and GDP growth.
vi.Weakening of fiscal metrics could lead to downgrade, which will affect investment flow in India.
vii.The revised real GDP growth reflects that the output is likely to contract sharply in the 2nd quarter due to the
lockdown, which results in weak economic activity for the year.
Ratings by other agencies
Fitch’s forecast of 0.8%, International Monetary Fund’s(IMF) 1.9%, World Bank’s 1.5-2.8% and Asian Development
Bank’s(ADB) estimate of 4%
Investment Information and Credit Rating Agency(ICRA) estimated a contraction of up to 2% and 0.4% by Nomura
Indian economy’s contraction
Has registered the last contraction in 1979-80 with (-) 5.2 per cent growth rate. Prior to this FY 1957-58: negative
0.4% , FY 1965-66: negative 2.6%, FY 1966-67: negative 0.1% and FY 1972-73: negative 0.6%
‘Baa2’– is an investment grade rating with moderate credit risk
About Moody’s:
Headquarters– NewYork, United States
President & CEO– Raymond W. McDaniel, Jr.
Yes Bank appoints Neeraj Dhawan as chief risk officer

On 1st May 2020, the Yes Bank appointed NeerajDhawan, as Chief Risk Officer(CRO) for a period of three years with
immediate effect, replacing AshishAgarwal, the current Chief Risk Officer.
Key Points:
i.He assumed charge on 2nd May 2020 in place of AshishAgarwal who will be assigned to a different role in the bank.
ii.Neeraj Dhawan was the Chief risk officer for retail and business banking at Yes Bank with 29 years of experience in
the banking industry and financial services.
iii.He finished his B.Com from St.Xavier’s College in 1991 and from the Institute of Company Secretaries of India he
did his CS course on Company Law, Law, Tax, Accounts in 1993.
iv.He served as the General Manager in ICICI Bank from 2011 to 2015 and joined Yes Bank as Group President & CRO
Retail & Business Banking in 2015.
v.Yes Bank operated in Investment banking, Merchant Banking and Brokerage businesses through its Yes Securities
and its Mutual Fund Business through Yes Asset Managements Ltd.,
About Yes Bank:
MD & CEO– Prashant Kumar
COO– Anita Pai
Headquarters– Mumbai
Founded– 2004
US-based Vista Equity Partners to buy 2.32% stake in Jio Platforms for Rs 11,367 crore
On May 8, 2020 As per the Reliance Industries Limited’s statement, the US-based private equity firm Vista Equity
Partners to buy 2.32% stake in Reliance’s Jio Platforms, for Rs 11,367 crore which will make Vista the largest
investor in Jio Platforms after Reliance Industries and Facebook. After this investment, Jio platforms will have an
equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Key Points
i.Facebook has bought a 9.99% stake in Jio Platforms for Rs 43,574 crore on April 22. The deal was followed by US
private equity firm Silver Lake, the world’s largest tech investor, bought 1.15% stake in Jio Platforms for Rs 5,655.75
crore on May 4.
ii.Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than 3 weeks.
Jio Platform
It is a wholly-owned subsidiary of Reliance Industries & a next-generation tech company that brings together Jio’s
leading digital apps, digital ecosystems and high-speed connectivity platform under one umbrella. Reliance Jio

Infocomm Limited, a wholly-owned subsidiary of Jio Platforms provides a connectivity platform to over 388 million
subscribers.
Vista Equity Partners
It is a leading global investment company focused on empowering enterprise software, data and technology-enabled
companies that reinvent businesses and catalyze change. Currently has over 13,000 employees & is the 5th largest
enterprise software company in the world. It has over USD 57 billion in capital commitments and 20 years of
investments exclusively in enterprise software and technology companies.
Founder, Chairman & CEO– Robert F. Smith
About Reliance
Corporate Office– Mumbai, Maharashtra
Chairman & Managing Director(MD)– Mukesh D. Ambani
Himanta Biswa Sarma presented Rs 1,03,762 cr Assam Budget for FY 2020-2021

On March 6, 2020, Assam finance minister Himanta Biswa Sarma presented Budget for Assam for the financial year
2020-21. He presented his fifth and final budget as the finance minister of Sarbananda Sonowal-led government.
Gross State Domestic Product of Assam: At current prices) is projected to be Rs 4,08,627 crore.
Total expenditure: For 2020-21 it is estimated to be Rs 1,03,762 crore.
Total receipts (excluding borrowings): These are estimated to be Rs 92,231 crore.
Revenue surplus: It is targeted at Rs 9,154 crore, or 2.24% of the Gross State Domestic Product (GSDP).
Fiscal deficit It: is targeted at Rs 9,383 crore (2.3% of GSDP). In 2019-20, the fiscal deficit is estimated to be Rs
21,531 crore (5.92% of GSDP).
Revenue expenditure: For 2020-21 is proposed to be Rs 82,777 crore
Growth rate: From 2016-17 to 2019-20 is 12.38%.
Highlights from Budget:
-Assam to acquire 1.65% additional stake worth Rs 1,500 Crore in Numilagarh Refinery Ltd (NRL).
–Taxes: State sales tax on petrol and diesel cut by 50 paise. Agriculture tax has been withdrawn. No new tax
proposals in the budget speech. No hike in excise, forest tax and GST.
–Subsidy: Income support of Rs 830 per month will be provided to 27 lakh families through direct benefit transfer
mode. Rs 2,800 crore has been allocated for this purpose.
–Free rice: It will be provided to all beneficiaries under the National Food Security Act, as part of the Anna Yojana
initiative. Rs 472 crore has been allocated for this initiative for the year 2020-21.
–Entrepreneurship: Two lakh youth of the state will be covered under the revised Swami Vivekananda Youth
Empowerment Yojana to encourage youth to form entrepreneurial groups. Seed capital of Rs 50,000 will be provided
to each member of such groups to initiate entrepreneurial activities. Rs 1,000 crore has been allocated for this
purpose.
–Study assistance: Admission fee waiver, free textbooks & uniforms in Government Schools. Rs 1000 will be
provided to 1 lakh students for textbooks. Textbook assistance of Rs 1500 and Rs 2000 for students at graduate and
postgraduate levels.
–Electric vehicle registration fee to be cut by half for women owners.
Click here to find complete report: https://finassam.in/budget_documents/
About Assam:
Chief Minister – Sarbananda Sonowal
Capital– Dispur
State animal– One-horned rhinoceros
State bird– White-winged duck
Central Board of Direct Taxes amends 44G of Income-tax Rules 1962

On 7th May 2020, The Central Board of Direct Taxes(CBDT) amended Rule 44G of Income-tax Rules, 1962 for making
an application to invoke the mutual agreement procedure in Form no.34F which will be called Income-tax (8th
Amendment) Rules, 2020.

Key Points:
i.Regarding the issues contained in Form no.34F or in the reference of the competent authority of the nation or in a
territory outside the country calls for the relevant records and additional documents from the department of Income
Tax to understand the actions taken by the Income tax authorities within or out of India that are not in accordance
with the terms of agreement between India and the other countries or specified territories.
ii.According to the Agreements between India and the other countries or specified territory within an average time
period of 24 months the authority in India will endeavour to arrive at mutually agreeable resolution of the tax
disruption.
iii.It states that the acceptance or non-acceptance within 30 days.The acceptance of the resolution, the assessee shall
withdraw any appeal field in this regard and pay the tax determined by the assessing officer after giving effect to the
resolution.
iv.The rule 44H has been omitted with this amendment.
About CBDT:
Chairman– Pramod Chandra Mody
Established– 1924
Government hikes its market borrowing to Rs 12 lakh crore from Rs 7.80 lakh crore for FY 21:
COVID-19 impact
On May 8, 2020 The Finance Ministry has informed that Government has hiked its estimated gross market borrowing
to Rs 12 lakh crore(additional Rs 4.2 lakh crore) from Rs 7.80 lakh crore for Financial Year(FY) 2020-21 as per
the Budget Estimates(BE) so as to tackle the expected shortfall in revenue due to the impact of COVID-19 crisis on the
economy.
Key Points
i.So far, from the start of this fiscal, the government has borrowed Rs 98,000 crore through Government Securities
(GSecs). In the 1st half of the FY2021, the government will increase its borrowing to Rs 6.98 lakh crore(58% of the
total borrowing target) against the original Rs 4.88 lakh crore.
ii.In the 2nd half up to Rs 5 lakh crore is likely to be borrowed against Rs 2.92 lakh crore estimated in the budget
iii.The government will borrow Rs 6 lakh crore from May 11, 2020 to September 30, 2020 by the issue of GSecs & has
also raised weekly auction of dated securities to Rs 30,000 crore as against the earlier decision of Rs 19,000-21,000
crore
iv.In the Budget for 2020-21 Finance Minister Nirmala Sitharaman has fixed gross borrowing at Rs 7.8 lakh crore,
higher than Rs 7.1 lakh crore estimated for 2019-20.
v.As there is an increase in the borrowing estimate the government might revise upwards its fiscal deficit target from
3.5% pegged for the current fiscal year.
vi.The Finance Ministry has decided to increase borrowing through short term government papers of up to 1 a year
by Rs 2 lakh crore.
vii.As per the earlier plan, the government was to borrow Rs 3 lakh crore from treasury bills over 12 weeks with
weekly auction of Rs 25,000 crore each. Thus, the total borrowing through treasury will go up to Rs 5 lakh crore from
Rs 3 lakh crore decided earlier.
What is gross market borrowing?
The money that the government borrows during a particular fiscal year is called the net borrowing, while gross
borrowing includes net borrowing for the year and the repayment of past loans.
The government borrows money from the market to meet any shortfall in funds to meet its expenditure when it is
unable to cover it with income earned through tax, non-tax revenue.
The borrowing happens by issuing dated securities and treasury bills, the purchase and sale of which is conducted by
the Reserve Bank of India (RBI).
About Finance Ministry:
Union Minister– Nirmala Sitharaman(Constituency- Karnataka)
Minister of State– Anurag Singh Thakur(Constituency- Hamirpur, Himachal Pradesh)

FM Nirmala sitharaman launches INR-USD futures and options contracts on BSE, NSE at Gift city
On May 08, 2020, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitaraman launched INR-USD
(Rupee-Dollar) Futures and Options contracts on two international exchanges namely BSE’s India INX and NSE’s
NSE-IFSC at the International Financial Services Center (IFSC) of Gujarat International Finance Tec-City (GIFT City) in
Gandhinagar through a video conference.
Key Points:
i.Benefits: The launch of Rupee-Dollar Contractor will increase economic activities in the country and will also
increase employment as large part of the financial services market associated with India has gone to international
financial centers in other countries over the last decade. Bringing these businesses to India is beneficial for the
country.
ii.Availability: These deals will be available for 22 hours every day in all time zones for businessmen from all over
the world through Gift-IFSC.
iii.Feature: GIFT-IFSC has a world-class environment of trading and its tax system is also competitive. Therefore, it is
believed that a large part of the business that has gone to other countries will come to India due to the trading of
rupee-dollar contracts. With this, big global traders will start trading in India and India’s IFSC will connect with the
whole world.
Note: BSE formerly known as the Bombay Stock Exchange Limited
India INX means India International Exchange Limited
NSE means National Stock Exchange of India Limited
About Ministry of Finance:
Minister of State (MoS)– Anurag Singh Thakur
Ratings agencies Goldman Sachs & Nomura cut India’s economic growth projections for 2020-21
On May 9, 2020, American multinational financial services company Goldman Sachs Group, Inc. has
predicted India’s GDP (Gross domestic product) growth for 2020-21 (FY21) at -0.4% following the expansion of the
lockdown.
While the Japanese brokerage firm Nomura Holdings, Inc. has also lowered India’s FY21 GDP growth forecast to –
5.2% from -0.4% predicted earlier.
Key Points:
i.It means both the firms predicted a contraction of 0.4 % of India’s GDP in the current financial year due to the
impact of the coronavirus (COVID-19) pandemic.
ii.Nomura’s forecast:
It predicted India’s GDP growth forecast for 2020 to minus 5 % from minus .5%. However it has been increased to 7.9
% for 2021 (from 7.3 % forecast). Nomura expects the central government’s fiscal deficit to rise to 7 % of GDP in
FY21, which is higher than the target of 3.5 & and much higher than the earlier forecast of 5.1%.
iii.Goldman’s forecast:
In April 2020, it had expected GDP growth to slip to 1.6 % in FY21. However, it was earlier 2.7 % in the general
opinion.
In order to deal with the situation, It expects the RBI (Reserve Bank of India) to cut rates by 100 basis points (bps)
between now and the third quarter of calendar year 2020 (Q3-2020). This brokerage previously projected a
reduction of 50bps.
As per Goldman, 20 % (quarter-yearly) decline can happen in GDP in the second quarter. However it has upgraded its
hopes of recovery after the middle of the year. Accordingly, GDP could be profitable in the third quarter and fourth
quarter respectively with 10 % and 14 % quarterly basis.
It see a decrease in food prices throughout the year & projected average headline CPI (Consumer price index)
inflation for FY21 at around 4%, which is also the RBI’s mid-term target.
Recently, global rating agency Moody’s cut India’s growth estimate to 0 % for the current fiscal 2020-21, which is
lower than 4.8 % estimated in 2019-20..

About Nomura Holdings, Inc:
Headquarters– Tokyo, Japan
President and Group CEO– Kentaro Okuda
About Goldman Sachs Group, Inc:
Headquarters– New York City, U.S.
Chairman and Chief Executive Officer– David M. Solomon
74% stake of SeQuent bought by Carlyle for Rs 1,587 crore

On 8th May 2020, The Carlyle Group, an United States(US) based private equity firm acquired 74% stake in SeQuent
Scientific Limited, the largest animal healthcare company from India for Rs.1,587 crore($210 million) for Rs.86
apiece.
Key Points:
i.SeQuent is a pure-play animal healthcare company with global operations and provides pharmaceutical ingredients,
formulations and analytical services in more than 100 countries and manufacturing in India, Spain, Turkey, Germany
and Brazil.
ii.Carlyle acquired 183 million shares from the promoters and a mandatory offer at Rs 86 per share.
iii.The promoters of the company sold a 44.92% stake and Carlyle agreed to buy 5.69% of the existing private equity
investor Ascent Capital.
iv.The open offer was managed by Nomura acting as the Financial advisor for Carlyle and Law Firm Nishith Desai
Associates Advised Sequent and its Promoters.
v.The advised transaction triggered a mandatory open offer by CA Harbour Investments and CAP V Maturities for the
maximum purchase upto 26% from the public shareholders under the Securities and Exchange Board of
India’s(SEBIs) take over regulations.
vi.SeQuent’s promoters hold 56% of the company and after the approval of customary regulatory the deal is expected
to close in August.
About SEBI:
Chairman– Ajay Tyagi
Chief Vigilance Officer (CVO)– ArtiChhabraSrivastava
Established– April 12, 1992
Sikkim Assembly passes a budget of Rs 9,100 crores for FY21

The Sikkim Legislative Assembly with a 32-member state legislature passed the budget of Rs 9,100 crores for fiscal
2020-21 comprising Rs. 7343.60 as revenue expenditure, and Rs. 1756.40 as capital expenditure in the 2nd Session
of 10th Assembly (Budget Session 2020-21) on March 24.
Bills passed by the assembly
i.The appropriation bill, authorising the state to withdraw budgetary funds from Sikkim’s consolidated fund & the
2nd supplementary demands for grant of Rs 216 crores to meet additional expenditure in 2019-20.
ii.The Sikkim Protection of Interests of Depositors (In Financial Establishments) Amendment Bill, Bill No.2 of 2020-
To amend Sections 2, 3, 14, 17 and 18 of the Sikkim Protection of Interests of Depositors (In Financial
Establishments) Act, 2009.
iii.The Sikkim Legislative Assembly Members (Removal of Disqualifications) Amendment Bill, Bill No.1 of 2020- To
include offices which were not included in the earlier amendment of Sikkim Legislative Assembly Members (Removal
of Disqualifications) Act, 1978. This Bill will replace the(Ordinance by an Act of the Legislature as required under
Article 213 (2) (a) of the Constitution of India.
iv.The Sikkim Fiscal Responsibility and Budget Management (Amendment) Bill, Bill No.5 of 2020- to amend the
Sikkim Fiscal Responsibility and Budget Management Act, 2010 considering the Government of India’s decision to
allow the state to borrow additional debt once in the year 2019-20, to offset the financial crisis due to the shortfall in
the actual receipt of Share of Central Taxes.

v.The Sikkim Panchayat (Amendment) Bill, Bill No. 7 of 2020- to amend sections 18, 29, 66 and129 of the Sikkim
Panchayat Act, 1993 & section 129 was omitted by the Sikkim Panchayat (Amendment) Act, 1997
vi.The Sikkim Goods and Services Tax (Amendment) Bill, Bill No. 6 of 2020, The Sikkim State University
(Amendment) Bill, Bill No. 8 of 2020 & The Vinayaka Missions Sikkim University (Amendment) Bill, Bill No. 9 of 2020.
vii.This is the 1st time in the Sikkim Assembly where media personnel were barred from covering live proceedings of
the House due to the coronavirus pandemic.
About Sikkim:
Capital– Gangtok
Chief Minister (CM)– Prem Singh Tamang (Golay)
Governor– Ganga Prasad
Nagaland CM Neiphiu Rio presented Rs. 21049.87 crore state budget for FY 20-21
On February 13, 2020, Nagaland Chief Minister Neiphiu Rio, who also holds the charge of the finance portfolio,
presented a state budget of Rs. 21049.87 crore for fiscal 2020-21.
The state’s total Receipt Budget for the year 2020-21 was estimated at Rs 20826.02 crore.
The negative opening balance of Rs 2234.85 crore, FY21 is estimated to close with a negative balance of Rs 2358.81
Crore.
Key Points:
-Out of the total receipt budget of Rs 20826.02 Cr, State’s Own tax and non-tax revenue amount to Rs 1283.36 Cr;
state’s share in Central taxes at Rs 4493.37 Cr; Central Assistance (grants and loans) at Rs 8871.15 Cr; Internal Debt
(including WMA from RBI) at Rs 6176.64 Cr; and recovery of loans and advances by state government at Rs 1.50 Cr.
-Out of the total expenditure budget of Rs 21049.87 Cr, the non-development expenditure (excluding servicing of
debt) stands at Rs 8715.30 Cr; Servicing of debt (including repayment of WMA) at Rs 6241.42 Cr; and development
expenditure (including CSS etc) at Rs 6093.15 Cr.
-To enhance efficiency and transparency to increase the revenue, the govt proposed new taxes viz.
Levy a one-time tax of 3% of the original cost of the vehicle for the first 10 years on heavy machinery and non-
transport vehicles and equipments purchased within the State as well as brought into the State for commercial
activities.
For the next five (5)years the rate of tax shall be reduced to 1.5%. Those declared to be for exclusively personal use
and agricultural tractors are exempted.
–Increase of rates: Rates in the petroleum sector are enhanced.
Duty on petroleum products is being enhanced from 10% for diesel to 14.5% and from 20.38% for petrol and other
motor spirit to 25%.
Road Maintenance Cess on petroleum products is being raised from Rs. 1.50 paise per litre to Rs. 2 per litre.
About Nagaland:
Capital– Kohima
State Bird– Blyth’s tragopan
State Flower– Rhododendron arboretum
SRS Bulletin released: National infant mortality rate at 32, MP worst performer; Kerala achieved
SDG target
On May 10, 2020, Registrar General of India has released its Sample Registration System (SRS) bulletin based on data
collected for 2018 (reference year) which has presented the estimates of Birth Rate, Death Rate, and Infant Mortality
Rate (IMR) for the year 2018 for India and its States/UTs.
The rates are calculated per one thousand of the population.
The current sample is based on the 2011 Census frame. The SRS sample is replaced every ten years based on the
latest census frame.
Let us go through the SRS Bulletin starting with IMR:
Infant Mortality Rate (IMR): It is the number of deaths per 1,000 live births of children under one year of age.

National Average: India’s infant mortality rate (IMR) has improved very marginally from 33 per 1,000 live births in
2017 to 32 in 2018. In 2009-2018 it has declined from 50 to 32. The present figure of 32 is about one-fourth as
compared to 1971 (129).
Urban & Rural Areas: The decline in rural areas in 2009-2018 is 55 to 36, and for urban areas it is from 34 to 23.
With regard to percentage, there is a decline of about 35% in rural areas and about 32% in urban areas.
Important points with respect to IMR are collaborated in the following table
Category State/UT
Maximum IMR Madhya Pradesh (MP)- 48
Minimum IMR Nagaland (4)
State with largest decline of IMR Mizoram (from 15 to 5)
Best performer among larger states Kerala (7)
Best performer among smaller states Nagaland (4)
Best Performer among UTs Andaman and Nicobar islands (9)
Madhya Pradesh with the rural IMR at 51while the urban

Maximum urban rural differential
IMR is at 32
Points to be noted:
–Kerala is one of the state with an IMR in single digits at 7. It is also the only state which has now achieved the United
Nations’ (UN’s) Sustainable Development Goals (SDG) target for IMR reduction, set at eight for the year 2020.
–Despite the decline in IMR over the last decades, one in every 31 infants die within first year of their life at the
National level (irrespective of rural urban); one in every 28 infants in rural areas and one in every 43 infants in urban
areas still die within one year of life.
–In the last 10 years, Child and infant mortality continues to be a massive problem in India despite improvements
over the years. An estimated 8,82,000 children under the age of 5 died in 2018 in India.
Death Rate: Mortality is one of the basic components of population change. Death rate is the ratio of deaths to the
population of a particular area or during a particular period of time
National average: The death rate of India has witnessed a significant decline over the last four decades from 14.9 in
1971 to 6.2 in 2018. At all India level it has declined from 7.3 to 6.2 in 2009-2018.
Urban & Rural Areas: The corresponding decline in rural areas is 7.8 to 6.7, and for urban areas it is from 5.8 to 5.1.
The rate of decline in these years has been higher in rural areas (around 14.5%) than in the urban areas (12.7%).
Category State/UT
Highest Death Rate Chhattisgarh (8.0)
Lowest Death Rate Delhi (3.3)

Birth Rate: Birth rate is a crude measure of fertility of a population and a crucial determinant of population growth.
It gives the number of live births per thousand population in a given region and year.
National average: There has been about an 11% decline in birth rate in the last decade, from 22.5 in 2009 to 20.0 in
2018. It has declined drastically over the last four decades from 36.9 in 1971 to 20.0 in 2018.
Urban & Rural Areas: The decline in 2009-2018 in rural areas is 24.1 to 21.6, and in urban areas, it is 18.3 to 16.7.
Urban rural differential: The rural-urban differential has also narrowed. In 2018, the birth rate for India varies from
16.7 in urban regions to 21.6 in rural regions. However, the birth rate has continued to be higher in rural areas
compared to urban areas in the last four decades.

Category State/UT
Highest Birth Rate Bihar (26.2)
Lowest Birth Rate Andaman & Nicobar Islands (11.2)

About SRS:
Initiated on a pilot basis by the Registrar General of India in a few states in 1964-65, it became fully operational
during 1969-70. It is a demographic survey for providing reliable annual estimates of infant mortality rate, birth rate,
death rate and other fertility and mortality indicators at the national and sub-national levels.
About Office of the Registrar General & Census Commissioner, India (ORGI)
Works under– Ministry of Home Affairs
Registrar General & Census Commissioner– Dr. Vivek Joshi
WHO released first “State of the World’s Nursing Report – 2020” stating a global shortfall of 5.9 mn
nurses
World Health Organization (WHO) in partnership with the International Council of Nurses (ICN) and Nursing
Now has released the first “The State of the World’s Nursing 2020” report amid COVID19 pandemic. In accordance
with the report, there are 28 million nurses worldwide but still, there is a global shortfall of 5.9 million.
Countries facing the greatest shortfall of nurses are in Africa, South East Asia and the WHO Eastern Mediterranean
region as well as some parts of Latin America.
Globally, there are roughly 36.9 nurses per 10,000 people, with variations within and across regions. For example,
America has 10 times more nurses than African region. There are 83.4 nurses per 10,000 population in the former,
there are 8.7 nurses per 10,000 population in the latter.
Key Points:
–Between 2013 and 2018, nursing numbers increased by 4.7 million.
–More than 80% of the world’s nurses work in countries that are home to half of the world’s population.
–One in every eight nurses practices in a country other than the one where they were born or trained.
–One out of six of the world’s nurses is expected to retire in the next 10 years.
–Number of high-income countries in Europe, the Eastern Mediterranean and American regions are “exclusively”
dependent on migrant nurses.
–About 90% of all nurses are female, yet few nurses are found in senior health leadership positions, which are held by
men.
How Situation can be improved?
–The report estimates that countries experiencing shortages need to increase the total number of nurse graduates by
on average 8% per year, along with improved ability to be employed and retained in the health system. This would
cost roughly USD 10 per capita (population) per year.
–Countries should empower nurses to take a leadership role, for example by having a government chief nursing
officer (or equivalent), and nursing leadership programmes.
State of Nursing in India:
As of 2018, there were over 1.56 million nurses in India and 772,575 nursing associates. Out of this, the share of
professional nurses is 67% with 322,827 graduating every year with a minimum training period of four years. Within
the health workforce, nurses comprise 47% of the medical staff, followed by doctors (23.3 per cent), dentists (5.5 per
cent) and pharmacists (24.1 per cent).
About The State of the World’s Nursing 2020:
It provides an in-depth look at the largest component of the health workforce. Findings identify important gaps in the
nursing workforce and priority areas for investment in nursing education, jobs, and leadership to strengthen nursing
around the world and improve health for all.

About WHO
Director General– Tedros Adhanom Ghebreyesus
Headquarters- Geneva, Switzerland
About ICN
President– Annette Kennedy
Click Here to Download the report
Covid-19: United Nations and partners to raise $ 6.7 billion for vulnerable nations
On May 08, 2020, In the fight against the Coronavirus (COVID-19) epidemic, the United Nations (UN) and its partner
agencies have appealed to governments, companies and billionaires to donate $ 6.7 billion in funds for essentials
within vulnerable countries.
Key Points:
i.In this campaign, special attention is being given to dealing with more vulnerable countries and combating food
insecurity, gender-based violence, sexual exploitation and abuse, among others.
ii.As per the UN Emergency Relief Coordinator Mark Lowcock, the $ 2 billion initial appeal by the United Nations on
March 25, 2020, has been boosted because income and job losses have increased. However, due to increasing human
needs continuously, the updated “COVID-19 Global Humanitarian Response Plan” for the remaining time of 2020 was
6. 7 billion dollars.
iii.In addition to the 54 countries included in the original appeal and programs designed to tackle the situation of
increasing food insecurity, 9 vulnerable countries have been added to the plan. These nine additional countries are
Benin, Djibouti, Liberia, Mozambique, Pakistan, the Philippines, Sierra Leone, Togo and Zimbabwe.
iv.According to the World Food Programme (WFP), 26.5 million people may be on the verge of starvation by the end
of 2020 and there are 2 ways to stop it – the first being to provide money and the second to keep the supply chain
running smoothly.
World Food Programme (WFP) is among the UN agencies and partners responding to the immense needs, reaching
nearly 100 million people on any given day.
About United Nations (UN):
Headquarters– New York City, United States
Secretary general– António Guterres
TN constitutes a 24 member high-level committee headed by ex-governor of RBI C Rangarajan to

assess COVID-19 impact
On May 9, 2020 Tamil Nadu(TN) constituted a 24 member high-level committee headed by C Rangarajan, ex-
governor of Reserve Bank of India(RBI) to assess the immediate and medium-term impact of the COVID-19 pandemic
on various sectors of the State’s economy, examine fiscal challenge & suggest ways to improve its fiscal position
including increasing the tax-Gross Domestic Product(GDP) ratio and diversifying revenue sources and re-prioritising
expenditure.
State Finance Secretary S Krishnan will be the coordinator of the committee. The committee will submit its final
reports to the Government within 3 months apart from the interim reports.
Gist about the committee
i.The committee will assess opportunities and threats in the short- and medium-term, along with measures required
to help key sectors namely- Agriculture, Industries, Services, including tourism, construction, real estate and retail
trade, among others to overcome the impact of the pandemic.
ii.It will identify specific reform measures to be taken by the State to support and promote the growth of these
sectors, and identify possible sources of financing and funding for infrastructure projects, small businesses and other
enterprises.
iii.Interact and seek views from industry bodies, trade associations, stakeholders, economic and other experts in
India and overseas

iv.Look at fiscal issues and economy promotion measures the State government should take up with the Centre for
necessary action
Purpose of the committee
To bring the economy back to the expected growth trajectory, address the needs and requirements of the poor,
maintain the supply of essential commodities undisturbed, while limiting longer-term fiscal deterioration.
Members
Members include- N Narayanan, former Chief Secretary; A Vellayan, former chairman of Murugappa Group; N
Srinivasan, vice-chairman & Managing Director(MD), India Cements; Venu Srinivasan, Chairman, TVS
Motors; Padmaja Chunduru, MD, Indian Bank; PN Vasudeven, MD and Chief Executive Officer(CEO), Equitas
Bank; M Suresh Babu of IIT Madras; Pinaki Chakraborty, Co-ordinator, United Nations Children’s Fund(UNICEF),
Chennai among other bureaucrats and academicians.
About TN:
Chief Minister(CM)– Edappadi K. Palaniswami
Governor– Banwarilal Purohit
National Park(NP)– Guindy NP, Indira Gandhi NP, Mukurthi NP, Mudumalai NP, Gulf of Mannar Marine NP.
68.2% of under-5 deaths in India due to child, maternal malnutrition; UP topped: Global Burden of
Disease Study 2000–17
In accordance with the two papers on child survival published by India State-Level Disease Burden Initiative titled
“Subnational mapping of under-5 and neonatal mortality trends in India: the Global Burden of Disease Study
2000–17”, child and maternal malnutrition was the predominant risk factorin India as it attributed to 68·2% of
under-5 deathswhile low birth weight and short gestation led to 83·0% of neonatal deaths in 2017. On the other
hand, 10·8% of under-5 deaths could be attributed to unsafe water and sanitation and 8·8% to air pollution.
The papers are published in Lancet and EClinicial Medicine.
The Initiative is a collaborative effort among the Indian Council of Medical Research (ICMR), the Public Health
Foundation of India (PHFI), the Institute for Health Metrics and Evaluation (IHME), and a number of other key
stakeholders in the country.
The work of this initiative has been approved by the Health Ministry Screening Committee of the Indian Council of
Medical Research and the ethics committee of the Public Health Foundation of India.
These recently published papers are India’s first comprehensive consolidated and detailed analysis of sub-national
trends of child mortality and growth failure for all the districts and States in India.
Key Points:
-The studies find that the under-5 mortality rate (U5MR) and neonatal mortality rate (NMR) in the first month of
life have dropped substantially since 2000, but there is a 5-6 fold variation in the rates between the States and 8-11
fold variation between the districts.
U5MR in India decreased from 83·1 in 2000 to 42·4 per 1000 livebirths in 2017.
NMR decreased from 38·0 to 23·5 per 1000 livebirths.
-Child growth failure, measured as stunting, wasting and underweight has improved in India since 2000, but their
rates vary 4-5 fold among the districts and the inequality between the districts within many States has increased.
Highest number of under-five and neonatal deaths in 2017 were reported in Uttar Pradesh (UP) followed by
Bihar
In Uttar Pradesh, 48% of the districts fell in the highest priority category of high NMR and low rate of reduction for
the nationwide distribution of the district-level rates. The highest number of under-five deaths in 2017 was reported
in Uttar Pradesh at 312,800, which included 165,800 neonatal deaths.
The second highest deaths were reported in Bihar at 141,500 which included 75,300 neonatal deaths.
In Assam, which the study said, had the second highest child mortality rate in 2017.
Projections:
U5MR: If the U5MR trends estimated up to 2017 were to continue, the projected U5MR for India would be 29·8 per
1000 livebirths in 2025, which would be higher than the NHP 2025 target of 23, and 23·2 in 2030, which would be
lower than the SDG 2030 target of 25.

NMR: If the NMR trends up to 2017 were to continue, the projected NMR for India would be 17·6 (14·7–21·4) and
14·7 (11·8–18·4) per 1000 livebirths in 2025 and 2030, respectively.
India’s target of U5MR & NMR
India had the largest proportion, about a fifth, of the 5·4 million under-5 deaths globally in 2017.
India’s National Health Policy (NHP) 2017 set a target of 23 deaths per 1000 livebirths for under-5 mortality and
16 deaths per 1000 livebirths for neonatal mortality by 2025.
Government has also set a target of fewer than ten neonatal deaths per 1000 livebirths by 2030 under the India
Newborn Action Plan.
To reach the SDG 2030 targets individually, 246 (34%) districts for U5MR and 430 (59%) districts for NMR would
need a higher rate of improvement than they had up to 2017.
Click Here for Official Report
About Global Burden of Disease Study 2000–17:
RakhiDandona, Professor at the Public Health Foundation of India and was the lead author of the child mortality
paper.
Hemalatha, director, National Institute of Nutrition, ICMR, was the lead author of the child growth failure paper.
Funding: Bill & Melinda Gates Foundation; and Indian Council of Medical Research, Department of Health Research,
Ministry of Health and Family Welfare, Government of India provided funds for this study.
About PHFI:
President– Prof. K. Srinath Reddy
Headquarter– New Delhi
About IHME:
Director– Dr. Christopher J.L. Murray
Headquarter– Seattle, Washington, United States (US)
About ICMR
Director General– Prof. Balram Bhargava
PM Modi announces Rs 20 lakh cr special economic package and Lockdown 4.0

While addressing the nation on May 12, 2020, Prime Minister (PM) Narendra Modi announced Rs 20-lakh-crore
stimulus package, equivalent to about 10% of India’s GDP.This package is an effort to revive the Indian economy
which is facing adownward trend amid lockdown imposed to contain COVID-19. He also announced Lockdown
4.0 whose details will be disclosed before May 18, 2020.
It should be noted that this package is the sum of earlier announcements by the government during covid-19 crisis
and decisions taken by RBI viz. liquidity measures and rate cuts.
The details of the plan are dubbed as “Atmanirbhar Bharat Abhiyaan” (self-reliant India) which is to be provided by
Nirmala Sitharaman on the eve of May 13, 2020.
PM Modi stated the five pillars of India which areeconomy, infrastructure, system, demography and demand.
Overview of package:
-The Rs 20 lakh crore package includes Rs 1.7 lakh crore package of free foodgrains to poor and cash to poor women
and elderly.
-There will be a special economic package for labourers, farmers, honest taxpayers, Micro, Small & Medium
Enterprises (MSMEs), middle class, and cottage industry.It will focus on the well-being of migrant workers too.
Vocal about Local
The Covid-19 crisis had taught India that all our demands during the crisis were met locally. Now, it is time to be
‘vocal about local’ products and help them become global. Simply buy make in India or local products and advertise
them also.
Apart from above, PM Modi approved ex gratia of Rs2 lakh each to the kin of the 16 migrant labourers who were run
over by a goods train in Maharashtra’s Aurangabad on May 8, 2020.

India ranks 74th, Sweden tops: WEF’s global Energy Transition index 2020
On May 13, 2020 According to the World Economic Forum(WEF)’s global Energy Transition
Index(ETI) 2020, India has moved up two places from rank 76th(2019) to 74th with a score
of 51.5%, Sweden(74.2%) topped for the 3rd consecutive time followed by Switzerland(73.4%) and
Finland(72.4%). The index is a composite score of 40 indicators, benchmarks 115 countries on the current
performance of their energy system, and readiness for transition to a secure, sustainable, affordable, and inclusive
future energy system.
The scores of ETI are on a scale from 0% to 100%.
Rank List
Country Rank
India 74
Sweden 1
Switzerland 2
Finland 3
Major Highlights
i.94 countries have made progress since 2015, representing 70% of the global population but environmental
sustainability continues to lag.
ii.For the 1st time the United States(32nd) ranks outside the top 25% primarily due to the uncertain regulatory
outlook for energy transition.
iii.France (8th) and the United Kingdom (7th) are the only G20 countries in the top ten. China, India, and Italy
made consistent improvements on overall ETI score since 2015 & Russia, Japan, South Korea and Germany made
moderate gains.
iv.11 countries have made steady progress each year since 2015, including Argentina, China, India and Italy who
are among the major countries. The countries like Bangladesh, Bulgaria, Czech Republic, Hungary, Kenya, and Oman
have also made significant gains over time.
v.The scores for Canada, Chile, Lebanon, Malaysia, Nigeria and Turkey are declining since 2015.
Key Points
i.There is 55.1% of the Global average of ETI score 2020, which is an improvement by 2% points since 2015.
ii.75% of countries have improved their environmental sustainability. This improvement is the result of multifaceted,
incremental approaches which include pricing carbon, retiring coal plants ahead of schedule and redesigning
electricity markets to integrate renewable energy sources.
iii.20% of the global population uses as much energy as the remaining 80%. 3% of expected decline in coal power
generation globally in 2019, according to Carbon Brief analysis
iv.As per the WEF’s survey of the Global Shapers’ Community 70% of the young people consider the speed of energy
transition to be either stagnant or too slow. There is less than 1% Increase in the average ETI score of countries in the
top quartile since 2015.
Performance of India
i.India’s improvements have come across all three dimensions of the energy triangle namely- economic development
and growth, energy access and security, and environmental sustainability. It indicates a strong positive trajectory,
driven by strong political commitment and an enabling policy environment.
ii.It’s gains are from a government-mandated renewable energy expansion programme, now extended to 275
GigaWatt(GW) by 2027.
iii.It has made significant progress in energy efficiency by bulk procurement of LED bulbs, smart meters, and
programs for labelling of appliances. Similar measures are being experimented to drive down the costs of electric
vehicles.

Suggestions
According to the latest edition of WEF’s Fostering Effective Energy Transition 2020 report the policies, roadmaps and
governance frameworks for energy transition at national, regional and global levels need to be more vigorous and
resilient against external shocks.
Methodology
ETI- Combination of System Performance score(50%)& Transition Readiness score(50%).
About WEF:
Headquarters– Cologny/Geneva, Switzerland
Founder and Executive Chairman– Klaus Schwab
BRICS’ New Development Bank provides USD 1 billion loan to India to fight COVID-19
In order to provide a financial aid to Indian economy which is facing human, social and economic losses due to
COVID-19 pandemic and lockdown, the New Development Bank of the BRICS (Brazil, Russia, India, China and South
Africa) countries has fully disbursed USD one billion emergency assistance loan to India.
The ‘Emergency Assistance Program Loan’ to India was approved by the NDB Board of Directors on April 30, and it
is aimed at supporting the Indian government to contain the spread of COVID-19 and to provide financial aid.
Emergency Assistance Program Loan to India was approved in quick response to the urgent request. The
programme’s scope of financing includes Healthcare Sector Emergency Response and Strengthening Social Safety
About NDB
The purpose of the bank is to mobilise resources for infrastructure and sustainable development projects in BRICS
countries and other emerging economies and developing nations.
Establishment– 2014
Headquarter– Shanghai, China
Chairman -K V Kamath
About BRICS:
Establishment– 2009
Members– 5
Theme for 2020– “BRICS Partnership for Global Stability, Shared Security and Innovative Growth”.
CDC of the United States promises 3.6 million USD to India to combat COVID-19
On 12th May 2020,The Centers for Disease Control and Prevention(CDC) of the United States of America has
promised 3.6 million USD (around 27 crores) to the government of India, the first tranche of funding to help in
strengthening the India to combat against the COVID-19 pandemic and to increase the laboratory capacity of SARS-
COV-2 testing and to help molecular diagnostics and serology.
Key Points:
i.The fund is to provide support to the development of Infection Prevention and Control(IPC) centres which helps in
improving the ability of the hospital networks to detect COVID-19 and to strengthen the local health system by
improved surveillance and monitoring system
ii.CDC assists the local partners in responding to future threats and to provide technical assistance to the government
in risk management and communication efforts.
iii.The CDC office in India is collaborating with the sub-national and other institutes to support the COVID-19 from
January 2020.
iv.The US body provided training for the Healthcare nurses, administrators, physicians, hospital staff, laboratory
operations and field epidemiology across India to equip the frontline response workers.
About CDC:
Director- Robert R.Redfield
Principal Deputy Director- Anne Schuchat
Founder- Dr.Joseph Mountin
Founded- July 1, 1946
Headquarters- Atlanta

Uttarakhand CM launches ‘HOPE’ a portal to help unemployed youths
On 13th May 2020, The Chief Minister of Uttarakhand Trivendra Singh Rawat launched ‘HOPE’- Helping Out People
Everywhere a portal to create employment opportunities for the youths in their expertise and to provide skill
development opportunities.
Key Points:
i.The portal HOPE will be used to collect the data on the youths of the state who are staying in as well as the recently
returned migrant youths.
ii.This platform will help the unemployed youths in job hunting and skill development and the database will help the
employers to find the suitable candidates for their requirements.
iii.The employers will get the information about the candidates such as where they worked, what they did, their
specialisation, area of interest and what kind of employment they are looking for which are shared by the youths.
iv.When the database is prepared it will be linked with the Mukhya Mantri Swarojgar Yojana.
v.The data of the youths applying from a village are available on the portal and helps in village-based analysis of the
database and helps the government to make village-specific programmes.
vi.This scheme was initiated to train and refine the skills of the youth and help them to gain employment to fight
against the decline in employment opportunities caused by the COVID-19 pandemic.
About Uttarakhand:
State was formed on- 9th November 2000
Capital- Dehradun(Winter), Gairsain (Summer)
Chief Minister- Trivendra Singh Rawat
Governor- Baby Rani Maurya
PM CARES Fund trust allocates Rs 3,100 crore: COVID-19

On May 13, 2020 PM CARES (Prime Minister’s Citizen Assistance and Relief in Emergency Situations) Fund Trust has
allocated Rs 3100 crores to fight against COVID-19 pandemic. Out of the total amount around Rs 2000 crores will be
allocated for the purchase of ventilators, Rs 1000 crores to care migrant labourers and Rs 100 crores to support
vaccine development.
Rs 2000 crores for purchase of ventilators
i.50,000 Made-in-India ventilators are to be purchased at Rs 2000 crores to boost the infrastructure so as to tackle
COVID-19 cases across the country.
ii.These ventilators will be provided to government-run COVID hospitals in all States/Union Territories(UTs), for
better treatment of the critical COVID-19 cases.
Rs 1000 crores for relief measures of migrants
i.The States/UTs to be given Rs 1000 crores to strengthen the existing measures like- providing accommodation
facilities, making food arrangements, providing medical treatment and making transportation arrangements for the
welfare of the migrants and poor.
ii.State/UT-wise funds will be released on the weightage of Population as per 2011 Census- 50%; Number of
positive COVID-19 cases as on date- 40%; Equal share (10%) to ensure basic minimum sum for all states.
iii.The funds will be released to the District Collector/District Magistrate/Municipal Commissioner through the State
Disaster Relief Commissioner of the States/UTs concerned.
Rs 100 crores to support vaccine development
To support the COVID-19 vaccine designers & developers(like Indian academia, start-ups, industry) Rs 100 crores
will be given to help catalyze vaccine development, which will be used under the supervision of the Principal
Scientific Advisor, VijayRaghavan.
About PM CARES:
It was established on 27th March 2020 & is headed by Prime Minister (ex-Officio) and other ex-officio Members of
the trust are Defence Minister, Home Minister and Finance Minister.
Highlights
By donating to the fund they will qualify 100% tax exemption under 80G of the Income Tax Act, 1961 & counted as
Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013

The PM CARES Fund has been exempted under the FCRA (Foreign Contribution (Regulation) Act), 2010 and a
separate account for receiving foreign donations has been opened, which enables the fund to accept donations and
contributions from individuals and organizations based in foreign countries.
Atmanirbhar Bharat Abhiyaan Part-1: MSME focused package detailed by Nirmala Sitharaman; EPF
contribution reduced
On May 13, 2020, Union Minister of Finance & Corporate Affairs Nirmala Sitharaman provided the details of the first
part of the Special economic and comprehensive package of Rs 20 lakh crores, equivalent to 10% of India’s Gross
Domestic Product (GDP) announced by Prime Minister Narendra Modi on May 12, 2020. Click Here to Read. This
package aims to restore economic growth impacted by COVID-19 and Lockdown.
The 15 points plan details were dubbed as “Atmanirbhar Bharat Abhiyaan” (self-reliant India Movement) which is
premised on 5 pillars viz. Economy, Infrastructure, System, Vibrant Demography and Demand.
Also, the measures taken in the package are focused on “Getting back to work” which enables employees,
employers, and businesses to get back to production and workers back to gainful employment.
The second part of the package will be unveiled by the Union Finance Minister on May, 14, 2020.
Here are the details of the package:
–Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs for 4 years
The Government of India is providing Additional working capital finance of 20% of the outstanding credit as on 29
February 2020, in the form of a Term Loan at a concessional rate of interest will be provided. In this regard, 100%
guaranteed collateral-free emergency credit line of Rs 3 lakh crore to the micro, small and medium enterprises
(MSMEs) with upto Rs 25 crore outstanding and Rs 100 crore turnover, benefitting 45 lakh MSME units. The
scheme can be availed till 31st October 2020.
Credit line tenor: 4 years
Moratorium: 12 months on principal repayment
–Rs 20,000 crore Subordinate Debt for Stressed MSMEs; Max upto Rs 75 lakhs
Apart from above, a provision of Rs. 20,000 cr has been made for 2 Lakh MSMEs which are Non-performing assets
(NPA) or are stressed. In this regard, a financial support of Rs 4000 crore will be provided to Credit Guarantee Trust
for Micro and Small enterprises (CGTMSE). CGTMSE will provide partial Credit Guarantee support to banks.
Further banks are expected to provide the subordinate-debt to promoters of such MSMEs equal to 15% of his existing
stake in the unit.
The maximum support for the same by banks is Rs 75 lakhs.
Subordinated debt is a debt which ranks after other debts if a company falls into liquidation or bankruptcy.
About CGTMSE:
It was established by the Ministry of Micro, Small and Medium Enterprises, and Small Industries Development Bank
of India (SIDBI) to implement the Credit Guarantee Fund Scheme for Micro and Small Enterprises.
Chairman– Mohammad Mustafa
–Rs 50,000 crores equity infusion for MSMEs through Rs 10,000 cr Fund of Funds
Government will set up a Fund of Funds (FoF) with a corpus of Rs 10,000 crore that will provide equity funding
support for MSMEs. FoF will be operated through a Mother and a few Daughter funds. The fund structure will help
leverage Rs 50,000 crore at daughter-fund levels.
FoF was first announced in the Union Budget on February 1, 2020 based on the recommendations of Upendra
Kumar Sinha Committee. An investment of Rs. 10,000 crore was proposed in the Budget for the scheme.
The fund is meant to address the problem of shortage in growth capital for MSMEs
The FoF scheme proposes to buy up to 15% equity in MSMEs, with a high credit rating.
The scheme was approved by the finance ministry in April, pending Cabinet approval.
–New definition set for MSME to boost growth
Definition of MSME will be revised by raising the Investment limit and by introducing an additional criterion of
turnover. The distinction between the manufacturing and service sector of MSMEs will also be eliminated. Now both
will now enjoy the same benefits. Earlier the investment limit for manufacturing and service enterprises was
different. Following are the new limits:

Micro Units: Companies with Investments up to Rs 1 crore & Turnover of below Rs 5 crore.
Small Units: Companies with investment below Rs 10 crore and turnover under Rs 50 crore.
Medium Units: Companies having investment under Rs 20 crore and turnover below Rs 100 crore.
As per the proposal, amendments will need to be made in the MSME Development Act of 2006.
–Global tenders to be disallowed upto Rs 200 crores in government procurement
To overcome the unfair competition faced by MSMEs from foreign companies, the global tenders will be disallowed
in government procurement tenders up to Rs 200 crore. This step will not only support the “Make in India” initiative
but also help MSMEs to increase their business.
The government has reserved 25% for the MSME sector in all its purchases, including through the Government e-
Marketplace portal.
–Rs. 2500 crore Employees Provident Fund (EPF) Support for Business & Workers for 3 more months
Under Pradhan Mantri Garib Kalyan Package (PMGKP), payment of 12% of employer and 12% employee
contributions was made into EPF accounts of eligible establishments. This was provided earlier for salary months of
March, April and May 2020. Now, this support will be extended by another 3 months to salary months of June,
July and August 2020.
This will provide liquidity relief of Rs 2500 cr to 3.67 lakh establishments and for 72.22 lakh employees.
It applied to firms with at least 90 per cent of the workforce earning less than Rs 15,000 a month.
About PMGKP:
On 26th March, 2020 Nirmala Sitharaman announced Pradhan Mantri Garib Kalyan Package to provide direct
financial assistance to poor people amid COVID-19 lockdown. In this regard, free food grains and cash payment to
women and poor senior citizens and farmers are provided. It also provided insurance cover of Rs 50 Lakh per health
worker.
–EPF contribution reduced for Business & Workers for 3 months- Rs 6750 crores Liquidity Support
To provide more take home salary for employees and to give relief to employers, the EPF or Employee Provident
Fund contribution is being reduced for businesses and workers for three months to 10% each from the existing 12%
for all establishments covered by EPFO. This will provide liquidity of about Rs.2250 Crore per month and Rs
6,750 crores for 3 months. This will provide liquidity relief to 3.67 lakh establishments and for 72.22 lakh employees.
Central public sector enterprises (CPSEs) and State PSUs will however continue to contribute 12% as employer
contribution.
It should be noted that this scheme will be applicable for workers who are not eligible for 24% EPF support under PM
Garib Kalyan Package and its extension (mentioned above).
–Rs 30,000 crores Special Liquidity Scheme for NBFC/HFC/MFIs
Government has announced further liquidity support to non-banking financial companies (NBFCs), housing finance
companies (HFCs) and microfinance institutions (MFIs). In this regard, under the government’s special liquidity
scheme, banks will be allowed to invest, through both primary and secondary market transactions, in investment-
grade debt papers issued by NBFCs, HFCs and MFIs.
These investments, to the extent of Rs 30,000 crore, will be fully guaranteed by the government.
–Rs 45,000 crores Partial credit guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs
Rs 45,000 crore liquidity will also be given to NBFCs via partial credit guarantee scheme (PCGS) 2.0. The scheme is
designed to boost NBFCs, HFCs and MFIs with low credit ratings that require liquidity for fresh lending to MSMEs and
individuals.
The existing PCGS scheme will be extended to cover borrowings such as primary issuance of bonds/CPs of such
entities.
Under the scheme, the first 20% of the loss will be borne by the government which will be the guarantor.
–Rs 90,000 crore Liquidity Injection for DISCOMs by PFC & REC
Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) will infuse liquidity in the DISCOMS to
the extent of Rs 90000 crores in two equal instalments. The ₹90,000 crore reform-linked injection will help in
clearing outstanding dues of discoms which currently stands at Rs 94,000 cr.
Central Public Sector Undertakings (CPSUs) will also provide a rebate to state discoms which will have to be passed
on to the industrial consumers.

The government has also decided to waive off the fixed charges and interstate transmission charges by Power Grid
against the power not drawn from NTPC, Damodar Valley Corporation (DVC) and other CPSE from the period
from 24th March 2020 to 17th May 2020. This results in a savings of around ₹1,400 crore for discoms.
–Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” by 25% for the remaining
period of FY 20-21
The Central Board of Income Tax on Wednesday ordered a 25% reduction in the rate of income tax deducted at
source (TDS) and tax collection at source (TCS) from 14 May, 2020 to 31st March, 2021 to provide more money in the
hands of taxpayers. This will provided liquidity to the tune of Rs 50,000 Crore.
This concession is applicable for 23 specified payments where TDS is levied at rates ranging between 20% and 1%
and 11 payments where TCS is applicable.
Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this
reduced rate of TDS.
–Other Direct Tax Measures
Extension of dates: The due date of all Income Tax Returns for Assessment Year 2020-21 will be extended to 30
November, 2020. Similarly, tax audit due date will be extended to 31 October 2020.
The date for making payment without additional amount under the “Vivad Se Vishwas” scheme will be extended to
31 December, 2020.
–Tax Relief to Business
The pending income tax refunds to charitable trusts and non-corporate businesses and professions including
proprietorship, partnership and LLPs and cooperatives shall be issued immediately.
–Relief to Contractors; extension provided upto 6 months
All central agencies like Railways, Ministry of Road Transport and Highways and CPWD will give extension of up to 6
months for completion of contractual obligations, including in respect of Engineering, Procurement, and Construction
(EPC) and concession agreements.
–Relief to Real Estate Projects
The Central Government has extended the Registration and Completion Date of Real Estate Projects under Real
Estate Regulatory Authority (RERA) amid COVID-19 impact. The Central Government directed to advise States/UTs
and their Regulatory Authorities to the following effect:
Treat COVID-19 as an event of ‘Force Majeure’ (natural disaster) under RERA.
The registration and completion date for all registered projects will be extended up to 6 months and may be further
extended by another 3 months based on the State’s situation.
International tourism to decline 60-80% in 2020: UNWTO report

On May 11, 2020 According to the latest data of the United Nations World Tourism Organization(UNWTO) the
international tourism could decline by 60-80% in 2020 when compared with 2019 figures, due to COVID-19
pandemic outbreak which will result in loss of USD 910 billion to USD 1.2 trillion and places millions of livelihoods at
risk and threatens to curtail the progress made in advancing the Sustainable Development Goals(SDGs).
Gist of the report
i.As per the latest (UNWTO) World Tourism Barometer the COVID-19 pandemic has caused a 22% fall in
international tourist arrivals during the 1st quarter(3 months) of 2020.
ii.Arrivals dropped by 57% in March after the lockdown began in many countries & the widespread introduction of
travel restrictions and the closure of airports and national borders. This translates into a loss of 67 million
international arrivals and about USD80 billion in receipts (exports from tourism).
iii.Even though Asia and the Pacific shows the highest impact in relative and absolute terms (-33 million arrivals), the
impact in Europe, though less in percentage, is high in volume (-22 million).
iv.This year’s prospects were downgraded several times since the outbreak and uncertainty continues to dominate.
v.The current scenarios indicate a possible decline in arrivals of 58% to 78% for the year. These depend on the
speed of the control and the duration of travel restrictions and shutdown of borders.

Scenarios
i.The scenarios for 2020 is based on 3 possible dates for the gradual opening up of international borders & ease of
travel restriction in early July for Scenario 1 (-58%), Scenario 2 (-70%) in early September, Scenario 3 (-78%) in
early December.
ii.Under these scenarios, the impact of the loss of demand in international travel can convert into- Loss of 850 million
to 1.1 billion international tourists, Loss of USD 910 billion to USD 1.2 trillion in export revenues from tourism & 100
to 120 million direct tourism jobs at risk.
iii.This is the worst crisis international tourism has faced since its inception (1950). The impact will vary across
different world regions and over time, where Asia & Pacific is expected to rebound first
Recovery
i.As per the UNWTO Panel of Experts survey the domestic demand is expected to recover faster than international
demand.
ii.Majority of experts expect to see signs of recovery by the final quarter of 2020 but mostly in 2021.
iii.On the basis of previous crises, leisure travel is expected to recover quickly especially travel for visiting friends and
relatives, than business travel.
iv.The estimates in regard to the recovery of international travel is more positive in Africa and the Middle East with
most experts foreseeing recovery still in 2020.
v.Experts in the Americas are the least optimistic and least likely to believe in recovery in 2020, while in Europe and
Asia the outlook is mixed, with half of the experts expecting to see recovery within this year.
About UNWTO:
It is UN’s specialized agency responsible for the promotion of responsible, sustainable and universally accessible
tourism. In total there are 159 member states including India
Headquarters– Madrid, Spain
Secretary General– Zurab Pololikashvili
India likely to miss global nutrition targets by 2025: WHO’s Global Nutrition Report 2020
On May 12, 2020 According to World Health Organization(WHO)’s Global Nutrition Report 2020, India is one among
88 countries to miss global nutrition targets by 2025 & is with highest rates of domestic inequalities in
malnutrition. India along with Nigeria & Indonesia are worst in disparities in stunting & the levels varied four-fold
across communities.
Nutrition Targets
The World Health Assembly in 2012 identified 6 nutrition targets for maternal, infant and young child nutrition to be
met by 2025 they are:
Reduce stunting by 40% in children under 5; Reduce Anaemia by 50% in women of reproductive age(15-49 years);
Reduce 30% in low birth weight; No increase in childhood overweight; Increase the rate of
exclusive breastfeeding in the first 6 months up to at least 50%; Reduce and maintain childhood wasting to less
than 5%.
Stunting– It is the impaired growth and development that children experience from poor nutrition, repeated
infection, and inadequate psychosocial stimulation.
India in the report
India will miss targets for 4 nutritional indicators(Stunting, anaemia, childhood overweight and exclusive
breastfeeding)
Stunting & Wasting
i.1 in 3 children under five years of age is stunted, and 1 in 5 children under five years is wasted. 37.9% of children
under 5 years are stunted and 20.8% are wasted, compared to the Asia average of 22.7% and 9.4% respectively.
ii.The stunting prevalence is 10.1% higher in rural areas compared to urban areas.
iii.Stunting level in Uttar Pradesh is more than 40% and their rate among individuals in the low-income
group(22.0%) is more than double those in the high-income group(50.7%)
Anaemia– 1 in 2 women of reproductive age is anaemic

Overweight
i.The rate of overweight and obesity continues to rise, which affects almost a fifth of the adults, at 21.6% of women
and 17.8% of men.
ii.Rates of overweight or obesity reach 20.7% in adult women and 18.9% in adult men. There are nearly double as
many obese adult females than there are males (5.1% compared to 2.7%).
iii.India faces the double burden of malnutrition with the coexistence of undernutrition and overweight or obesity.
Underweight
Between 2000 and 2016, rates of underweight have decreased from 66.0% to 58.1% for boys and 54.2% to 50.1% in
girls. But this is still high when compared to the average of 35.6% for boys and 31.8% for girls in Asia.
i.The report highlights the link between malnutrition and different forms of inequity such as those based on
geographic location, age, gender, ethnicity, education and wealth malnutrition in all its forms.
ii.Inequity is a cause of malnutrition, both under-nutrition and overweight, obesity and other diet-related chronic
diseases. Inequities in food and health systems provoke inequalities in nutrition outcomes that in turn can lead to
more inequity, perpetuating a vicious cycle.
About the report:
It was conceived following the 1st Nutrition for Growth Initiative Summit (N4G) in 2013. The 1st publication was
published in 2014.
Aim– To inspire governments, civil society and private stakeholders to act to end malnutrition in all its forms.
About WHO:
Director General– Tedros Adhanom Ghebreyesus
Reserve Bank extends interest subsidy scheme for exporters till 31 March 2021
On May 13, 2020, In a bid to provide a considerable relief to the exporters, India’s central bank, the Reserve Bank of
India (RBI) has extended the interest subsidy period by one year to 31 March 2021 on export credit received before
and after shipment of goods to exporters.
Exporters get the subsidy under the ‘Interest Equalisation Scheme for pre and post shipment Rupee Export
Credit’, which was ended on March 31, 2020.
Key Points:
i.The extension shall take effect from April 01, 2020 and will remain in force for a year with the same size and
coverage. The move comes after the exporters, who are facing huge problems due to the coronavirus (COVID-19)
crisis, had been demanding extension of the scheme.
ii.Background: For the exporters of MSME units, the interest subsidy on loan before & after sending export goods
has been increased to 5% from 3% by the RBI in November 2018. The exporters are assisted by the Government
under the above said scheme, which was earlier known as Interest Subvention Scheme.
iii.India’s exports have been sharply declined by 34.57 % to $21.41 billion in March 2020, while it plunged by 4.78 %
to $314.31 billion for 2019-20.
About ‘Interest Equalisation Scheme for pre and post shipment Rupee Export Credit’:
The government announced the new scheme in November 2018 & this applies to all exports to the MSME sector and
416 tariff lines.
It covers mostly labour intensive and employment generating sectors like processed agriculture/food items,
handicrafts, readymade garments, glass and glassware, medical and scientific instruments, and auto
components/parts, among others.
About Interest Subvention Scheme for MSMEs:
It aims at encouraging both manufacturing and service enterprises to increase productivity and provides incentives
to MSMEs for onboarding on GST platform which helps in formalization of economy, while reducing the cost of credit.

appointed).
Federal bank, MoneyGram tie-up for direct-to-bank deposits in India

On 14th May 2020, MoneyGram Payment System, a subsidiary of MoneyGram International, global leader in P2P
payments tied up with Federal Bank Limited, a private bank in India to provide the customers a cost-effective way to
receive deposits directly in their bank accounts in India.
Key Points:
i.The Federal Bank has 15% share of the country’s remittance market and they expect a tie up with MoneyGram to
boost up their business.
ii.This tie-up will provide the non-resident Indians with access to modern, low cost, fast, easy and reliable ways for
transferring money to India.
iii.This partnership will help the people to send and receive money to their families in the COVID-19 pandemic
situation.
iv.The World Bank has mentioned that India is one of the world’s top recipients of remittance who has received
around 82 billion USD in 2019.
About Federal Bank:
Founder- Kulangar Paulo Hormis
Chairperson- Grace Elizabeth Koshie
MD & CEO- Shyam Srinivasan
Headquarters- Aluva, Kerala
Formed on- April 23, 1931
About MoneyGram Payment System:
Chairman & CEO- W. Alexander Holmes
CFO- Larry Angelilli
Founded in- 1988
UN’s WESP report forecasts India to grow at 1.2% in CY20 and Global economy to shrink by 3.2%
On 13th May 2020, In the United Nations(UN) World Economic Situation and Prospects(WESP) mid year report
forecast that the COVID-19 pandemic situation will shrink the world economy by 3.2% in 2020 this is the sharpest
contraction since the 1930’s Great Depression and India’s economy to grow at 1.2% in 2020.
Key Points:
i.The mid 2020 report of WESP states that the COVID-19 pandemic situation is expected to cut off the global economic
output by arournd 8.5 trillion USD in the next two years which will nearly wipe out all the gains of the past four years.
ii.The UN forecast in January before the COVID-19 pandemic expected a modest acceleration of growth by 2.5% in
2020
iii.Around 90% of the world economy is under the form of lockdown, disrupting supply chain, depressing consumer
demand and unemployment.
iv.The 3.2% contraction in the global economy is 5% in developing countries and 0.7% in developing countries and is
higher than 3% plunge forecast by the International Monetary Fund in mid-April 2020
v.The UN predicts that in the worst case scenario if the second wave of COVID-19 infections hits, the global economy
would shrink by 4.9% in 2020.
vi.The report forecast that India’s economy to grow at 1.2% in 2020 which is deterioration from the growth of 4.1%
in 2019. In 2018 the economy of India grew at 6.8% and expected to recover slightly and make 5.5% growth in 2021.
vii.The lockdown in India is expected to result in an economic depression at 1.2% lower than the growth in 2019.
viii.The pandemic is expected to exacerbate poverty and inequality with an estimated 34.3 million people to fall
below the line of extreme poverty of 1.90USD a day in 2020 and 56% of them are the people of Africa.

About UN Department of Economic and Social Affairs (DESA):
Under Secretary-General(USG)- Liu Zhenmin
Assistant Secretary-General (ASG)- Elliott Harris and Maria-Francesca Spatolisano
Headquarters- New York
Govt introduces new scheme of 2% interest subvention on working capital loans for dairy sector
Ministry of Fisheries, Animal Husbandry and Dairying has introduced a new scheme “Interest subvention on
Working Capital Loans for Dairy sector” for supporting Dairy Cooperatives and Farmer Producer Organizations
(SDC&FPO) engaged in dairy activities. A budgetary provision of Rs 100 Crore earmarked for this and will be
implemented during 2020-21.
In order to meet the working Capital needs of the Cooperatives and Farmer owned milk producer companies, Interest
subvention will be given on working capital loan taken from scheduled Commercial Banks/Regional Rural Banks
(RRBs)/Cooperative Banks/Financial Institutions between 1st April 2020 and 31st March 2021 by Cooperatives/
FPOs for conversion of milk into conserved commodities and other milk products.
Interest subvention of 2% per annum provided
The scheme has made provisions for providing interest subvention of 2% per annum, with an additional incentive
of 2% per annum interest subvention to be given in case of prompt and timely repayment/interest servicing. This
will help to ease out the working capital crisis for handling surplus milk and enable timely payment to the farmers.
The scheme will be implemented through National Dairy Development Board (NDDB), Anand, Gujarat.
Benefit of scheme
It will help Producer Owned Institutions in supplying quality milk and milk products to consumers at a reasonable
price and will also help in stabilizing the domestic market price of conserved dairy commodities and other milk
products.
About Ministry of Fisheries, Animal Husbandry and Dairying
Union Minister– Giriraj Singh
Ministers of State (MoS)– Sanjeev Kumar Balyan, Pratap Chandra Sarangi
Piyush Goyal participated in 2nd G20 Trade & Investment Ministers Virtual Meeting
On 14th May 2020, Union Commerce and Industry Minister Piyush Goyal participated in a video conference
of 2nd edition of trade and investment ministers of G20 countries following the G20 trade ministers meet on
March 30, 2020 to discuss on COVID-19 situation.Saudi Arabia chaired the meeting.
Key Points:
i.This meeting was called upon by India to discuss and ensure that the use the Trade-Related Aspects of Intellectual
Property Rights (TRIPs) of flexibilities under a World Trade Organisation(WTO) pact to enable the access of
medicine, treatment and vaccines at affordable price among the G20 nations.
ii.This will enable the nations to issue compulsory licences to make generic copies of essential patented medicines to
make the medicines available to all the people at a lower price.
iii.Piyush Goyal discussed with the G20 members to agree to aid the needy with diagnostic and protective equipment
and healthcare professionals across borders.
iv.India is providing medical supply for over 120 countries to fight against the COVID-19 situation in which 43
countries are receiving it as a grant.
v.Rs 75 crore Emergency fund is created and utilised to deliver urgent medical supplies, equipment and humanitarian
assistance to the neighbouring countries using digital technologies.
vi.India is providing suitable accommodation in the visa status and addressing the distress of the professionals,
students and workers stranded overseas.
About WTO:
Director General- Roberto Azevedo
Location- Geneva, Switzerland
Established- 1st January 1995

Atmanirbhar Bharat Abhiyaan Part-2: Package for Poor, including migrants and farmers detailed by
Nirmala Sitharaman
On May 14, 2020, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman detailed the second part of
the Special economic and comprehensive package of Rs 20 lakh crores to support Indian economy in the fight against
COVID-19. Its first part was presented on May 13, 2020. Click Here to Read.
The Part 2 of “Atmanirbhar Bharat Abhiyaan” (self-reliant India Movement) is consisted of 9 points focusing on
providing relief to poor including migrant labours, street vendors, migrant urban poor, small traders, self-employed
people, small farmers, housing and members of tribal community.
Here are the details of the second tranche of package:
–Free food grains supply to migrants for 2 months; Rs 3500 cr allocated
Centre has allocated an amount of Rs 3,500 crore to provide free food grains of 5 kg of rice or wheat and 1 kg of chana
or pulses for all those migrants who do not fall under the National Food Security Act (NFSA), 2013. This will benefit
8 crore migrant workers.
Cost will be fully borne by Government of India while State Governments responsible for implementation,
identification of migrants and full distribution and providing detailed guidelines.
–One Ration Card fully rolled out by March 2021
The Centre has declared that the technology driven ‘One Nation, One Ration Card’ system will be fully rolled out in all
states and Union Territories (UTs) by March 2021. Currently, 20 states have implemented this inter-state ration card
portability.
This system will enable migrant workers and their family members to access Public Distribution System (PDS) or
subsidized ration benefits from any Fair Price Shop (FPS) in the country.
By August, 2020 83% of PDS population will be covered in 23 states benefitting 67 crore population.
What is One Nation, One Ration Card?
This scheme is for migrant labourers. Currently a ration cardholder can buy foodgrains only from their designated
FPS in which they live. But the scheme One Nation, One Ration Card will enable them to buy subsidized foodgrains
from anywhere in the country. Under the NFSA, 2013, about 81 crore persons are entitled for subsidized food grains.
Currently, 23 cr ration cards issued to nearly 80 cr beneficiaries of NFSA.
–Scheme for Affordable Rental Housing Complexes under PMAY for Migrant Workers and Urban Poor to be
launched
Government will launch a scheme under Pradhan Mantri Awas Yojana (PMAY) for migrant labour/urban poor to
provide ease of living at affordable rent by Converting government funded housing in the cities into Affordable Rental
Housing Complexes (ARHC) under PPP (Public Private Partnership) mode through concessionaire.
This scheme will incentivize manufacturing units, industries, institutions, associations to develop ARHC on their
private land and operate.
This will also incentivize State Government Agencies / Central Government Organizations on the similar lines to
develop Affordable Rental Housing Complexes (ARHC) and operate.
–2% Interest Subvention for 12 months for Shishu MUDRA loanees- Relief of Rs. 1,500 crore
The small businesses under MUDRA have been mostly disrupted by lockdown and also impacted their capacity to pay
Equated Monthly Installments (EMIs). Already loan moratorium has already been granted by RBI. The current
portfolio of MUDRA-Shishu loans is Rs 1.62 Lakh crore (Maximum loan amount of 50,000 Rs).
To tackle with this situation the Government of India will provide Interest subvention of 2% for prompt payees for a
period of 12 months.
About PMMY:
Launched on April 8, 2015 the scheme provides loan up-to 10 lakhs to the non-corporate, non-farm small/micro
enterprises. The loans provided under PMMY are classified as MUDRA (Micro Units Development & Refinance Agency
Ltd) loans. The loan coverage is classified under these three products.
Shishu: Covers loan up-to 50, 000.
Kishore: Covers loan from Rs 50,000 and up to Rs. 5 lakhs.
Tarun: Covers loan from Rs 5 lakh and up to Rs. 10 lakhs.

The loan is provided by commercial banks, Regional Rural Banks (RRBs), Small Finance Banks(SFB), MFIs (Micro
Finance Institutions) and NBFCs (Non-Banking Financial Institution).
Click Here to read more about PMMY
–Rs 5,000 crore Credit facility for Street Vendors; Rs 10,000 working capital support
In a move to provide financial assistance to the livelihoods of street vendors which are adversely impacted by COVID-
19 crisis, the Government of India has Rs 5,000 crore special credit facility for the same.
The scheme will provide up to Rs 10,000 as working capital and will support nearly 50 lakh street vendors.
Street vendors accepting digital payments will receive monetary rewards and more credit based on good repayment
behaviour.
–Rs 70,000 crore boost to housing sector and middle income group through
The government has extended the deadline for the affordable housing Credit Linked Subsidy Scheme (CLSS) till
March 2021 whose deadline had expired on March 31, 2020. Tt will lead to investment of over Rs 70,000 crores in
housing and will create jobs.
CLSS for Middle Income Group was operationalized from May 2017.
It is a component of PMAY under which, not only economically weaker sections, but also eligible middle-income
groups can avail of home loans at reduced EMIs.
–Rs 6000 crore employment push using CAMPA funds
Centre will use Rs6,000cr funds under Compensatory Afforestation Management & Planning Authority (CAMPA) for
Afforestation and Plantation works, including in urban areas, Artificial regeneration, assisted natural regeneration,
forest management, soil & moisture conservation works, Forest protection, forest and wildlife-related infrastructure
development, wildlife protection and management etc.
This will create job opportunities in urban, semi-urban and rural areas and also for Tribals (Adivasis).
Compensatory Afforestation Management & Planning Authority (CAMPA) set up under Compensatory Afforestation
Fund Act, 2016.
–Rs 30,000 crore Additional Emergency Working Capital for farmers through NABARD
As a part of package National Bank for Agriculture and Rural Development (NABARD) will provide an additional
emergency working capital funding of Rs 30,000 crore to 30 million farmers. This is over and above the Rs 90,000
crore provided by NABARD through the normal refinance route during this year.
The objective of this funding is to meet the crop loan requirement of farmers via rural co-operative banks
and regional rural banks (RRBs).
This will also meet the post-harvest (Rabi) and current Kharif requirement in May/June, 2020.
The front-loaded on-top facility will be provided to 33 state cooperative banks, 351 district cooperative banks and 43
regional rural banks based on their lending.
–Rs 2 lakh crore credit boost to 2.5 crore farmers under Kisan Credit Card Scheme
Concessional credit Government will undertake a Special drive to provide concessional credit boost worth Rs 2 lakh
crore to 2.5 crore farmers through Kisan Credit Cards issued by the government. Fishermen and Animal Husbandry
farmers will also be included in this drive.
World Bank approves 1 billion USD to support India’s combat against COVID-19
On 15th May 2020, World Bank approves Rs 7500 crore (1 billion USD) to increase India’s COVID-19 Social
Protection response Program to help the nation’s efforts in providing assistance for the poor and needy who are
affected by the pandemic.
Key Points:
i.The COVID-19 situation around the globe requires the governments to impose social distancing and lockdowns in
unprecedented ways to contain the spread of novel coronavirus which highly affected the economies and jobs majorly
in the informal sector.
ii.Rs. 4100 crore (USD 550) of the approved Rs.7500 crore will be credited from the International Development
Association(IDA) ,the World Bank’s concessionary lending arm.

iii.The International Bank for Reconstruction and Development(IBRD) will loan 1500 crore (USD 200) with maturity
of 18.5 years including a grace period of five years. The balance Rs.1900 crore (USD 250) will be available after the
30th June, 2020.
iv.This makes the total commitment from the World Bank to India for the COVID-19 response to Rs.15000 crore(USD
2 billion).
About World Bank:
President- David Malpass
Managing Director of Operations- Axel van Trotsenburg
Headquarters- Washington DC, United States of America
COVID-19 may cost global economy loss of up to $ 8.8 trillion: ADB report
On May 15, 2020, According to a report “Updated Assessment of the Potential Economic Impact of COVID-19”
released by Asian Development Bank (ADB), global economy is expected to lose between $ 5.8 trillion to $ 8.8
trillion, which will be 6.4 % to 9.7 % of global gross domestic product (GDP), due to the outbreak of the novel
Coronavirus (COVID-19).
Key Points:
i.Too much damage from previous estimates: Earlier on April 3, 2020, ADB in its Asian Development Outlook
(ADO) 2020 had estimated a loss of $ 2 trillion to $ 4.1 trillion in the global economy due to the coronavirus. In March
6, 2020, ADB estimated losses of 77 billion to 347 billion dollars (0.1 -0.4 %of global GDP).
ii.Region wise estimates:
As per ADB, the GDP in South Asia is expected to decrease from $ 142 billion (3.9%) -$ 218 billion (6 %) due to
stringent lockdown restrictions imposed by nations like Bangladesh, India and Pakistan to prevent the coronavirus
infection.
If the Asia-Pacific region faces a brief 3-month containment ban, the GDP loss could be as high as $ 1.7 trillion. But if
the restrictions are stretched for six months to prevent infection, the loss could be up to $ 2.5 trillion. The sector will
account for about 30 % of the total loss in GDP around the world.
In the People’s Republic of China (PRC), this loss can range from 1.1 trillion to 1.6 trillion dollars.
iii.Loss of Labour income: Worldwide, workers’ revenues will fall from $ 1.2 trillion to $ 1.8 trillion.While in Asia,
wage revenues will fall from $ 359 billion to $ 550 billion.COVID-19 will likely cut global trade by $1.7 trillion to $2.6
trillion. Global employment decline will be between 158 million and 242 million jobs, with Asia and the Pacific
comprising 70% of total employment losses.
iv.The latest ADB estimates are predicting double the global GDP loss than the previous estimates of the World Bank
(WB) and IMF’s (International Monetary Fund) World Economic Outlook. The WB had predicted losses of 2-4 % and
IMF estimated 6.3 %. ADB’s loss estimates do not include the measures being taken by all countries to handle the
economy. This means that the decline may be limited due to efforts such as relief packages.
About Asian Development Bank (ADB):
Headquarters– Manila, Philippines
Membership– 68 countries
President– Masatsugu Asakawa
Chief Economist– Yasuyuki Sawada
WTO Director General Roberto Azevedo to step down on August 31 before term expires
On May 14, 2020 At the World Trade Organisation(WTO) members virtual meeting, the 6th Director-
General Roberto Azevedo(62-year-old), a former Brazilian diplomat & 1st Latin American director announced that
he will step down from the 7-year tenure(since 2013) on 31st August on personal grounds, cutting his second term
in office short by exactly one year.
This will enable the members to select his successor in the coming months, without diverting political energy and
attention from preparations for the Twelfth Ministerial Conference, which is set to be held in 2021

Roberto Azevedo’s career journey
i.He started his career in the Brazilian Foreign Service in 1984. 1st diplomatic posting was to Washington in 1988 &
subsequently served in the Brazilian embassy in Montevideo before being assigned to the Permanent Mission of
Brazil in Geneva in 1997.
ii.In 2001 he was named head of the Brazilian Foreign Ministry’s Dispute Settlement Unit where he remained until
2005. From 2006 to 2008 he was Vice-Minister for Economic and Technological Affairs at the Foreign Ministry in
Brasilia
iii.In 2008 he was appointed Permanent Representative of Brazil to the WTO and other International Economic
Organisations in Geneva & remained in this position till the appointment as WTO Director-General in 2013 for a four-
year term.
iv.In February 2017, WTO members reappointed him for a second term, which began on 1 September 2017.
About WTO:
It was established on January 1st 1995 by Uruguay Round negotiations (1986-94). It is the only global international
organization which deals with the rules of trade between nations & has 164 members which represent 98% of world
trade.
Gujarat Govt launches ‘Atmanirbhar Gujarat Sahay Yojna’ to provide loans to small businessmen
On May 14, 2020, In a bid to help people start a normal life which has been affected due to the coronavirus (Covid-19)
lockdown , the Gujarat state government has launched a ‘Atmanirbhar Gujarat Sahay Yojna (AGSY)’ under which
small businessmen and a cross- section of people falling under the lower middle-income group can take a guarantee-
free loan of Rs 1 lakh from banks at a 2 % annual interest rate. While the rest 6 % interest will be paid by the state
government.
Key Points:
i.The urban and district cooperative banks and credit societies in the state will provide this loan with a tenure of 3
years and the installment payment will start only after 6 months of the receipt of loan.
ii.More than 10 lakh people of the state will get benefited by the loans, which will be provided on the basis of
application, in which no guarantee will be required.
iii.The scheme is in line with the central government’s Atmanirbhar Bharat Abhiyan (or Self-reliant India Mission) ,
which has given a package of Rs 20 lakh crore to make India ‘atmanirbhar’ (self-reliant).
iv.The other states have announced an assistance of only Rs 5,000 for small people like electricians, ‘dhobi’ and
shopkeepers, skilled workers, auto rickshaw owners, among others.
About Gujarat:
Capital– Gandhinagar
Chief minister– Vijay Rupani
Governor– Acharya Devvrat
State Fruit– Mango
State Tree– Banyan
Rajnath Singh approves Rs 400 crore Defence Testing Infrastructure Scheme

On May 15, 2020 Union Defence minister Rajnath Singh has approved the launch of Defence Testing Infrastructure
Scheme(DTIS) with a cost of Rs 400 crores to create testing infrastructure for the defence sector so as to boost
domestic defence and aerospace manufacturing.
Gist about DTIS:
Objective
To promote indigenous defence production, with special focus on participation of MSMEs and start ups by bridging
the gaps in defence testing infrastructure in the country. The establishment of defence testing infrastructure will
provide easy access and thus meet the testing needs of the domestic defence industry.

Duration & new test facilities
The scheme will run for a period of 5 years & envisages to set up 6 to 8 new test facilities in partnership with private
industry. This will facilitate defence production, therefore reduce imports of military equipment and help make the
country self-reliant.
Funding
Under the scheme the projects will be provided with up to 75% government funding in the form of ‘Grant-in-Aid’ &
remaining 25% will have to be borne by the Special Purpose Vehicle(SPV) whose constituents will be Indian private
entities and State Governments.
SPV’s registration
The SPVs under the scheme will be registered under section 8 of Companies Act 2013 and will also operate and
maintain all assets under the scheme, in a self-sustainable manner by collecting user charges.
Key Points
i.The equipment/systems tested will be certified as per appropriate accreditation. While most of the test facilities are
expected to come up in the two Defence Industrial Corridors (DICs), the scheme is not limited to setting up test
Facilities in the DICs alone.
ii.The guidelines of DTIS are uploaded on the Ministry of Defence(MoD)/Department of Defence Production
(DDP) and Directorate General of Quality Assurance (DGQA) websites. It can be accessed using:
https://ddpmod.gov.in/sites/default/files/pdfupload/DTIS%20Guidelines.pdf
About DGQA:
Director General– Lieutenant General(Lt Gen) Sanjay Chauhan
Constituency
Rajnath Singh– Lucknow, Uttar Pradesh
Atmanirbhar Bharat Abhiyaan Part-3: Package for agriculture Fisheries and Food Processing
Sectors detailed by Nirmala Sitharaman
On May 15, 2020, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman detailed the third part of the
Special economic and comprehensive package of Rs 20 lakh crores to support Indian economy in the fight against
COVID-19 during her 3rd press conference in New Delhi. Its first part was presented on May 13, 2020 Click Here to
Read while its Part 2 was presented on May 14.Click Here to Read.
The Part 3 of “Atmanirbhar Bharat Abhiyaan” (self-reliant India Movement) is consisted of 11 measures. 8 measures
are for improving agricultural infrastructure and 3 measures are for administrative and governance reforms,
including removing restrictions on sale and stock limits of farm produce.
Following are the details of the third tranche of package starting with 8 measures to strengthen
Infrastructure Logistics and Capacity Building for Agriculture, Fisheries and Food Processing Sectors
–NABARD anchored Rs 1 lakh crore Agri Infrastructure Fund for farm-gate infrastructure for farmers
The Central government has allocated Rs 1 lakh crore to fund Agriculture Infrastructure Projects at farm-gate &
aggregation points (Primary Agricultural Cooperative Societies, Farmers Producer Organizations, Agriculture
entrepreneurs, Start-ups, etc.). This fund will be financed and managed by National Bank for Agriculture & Rural
Development (NABARD). This fund will be used for setting up cold chains and post-harvest management
infrastructure.
About NABARD:
Headquarter– Mumbai, Maharashtra
–Rs 10,000 crore scheme for Formalisation of Micro Food Enterprises (MFE)
With an objective to promote “Vocal for Local with Global outreach”, Rs 10,000 crore schemes have been launched
by the government to help 2 lakh MFEs with technical upgradation to attain FSSAI food standards, build brands and
marketing.
This scheme will support existing MFEs, Farmer Producer Organisations (FPOs), Self Help Groups (SHGs), and
Cooperatives.

It will follow a cluster-based approach i.e. government would focus on the particular produce of a region to boost its
production, marketing and health and safety standards. For eg: mango in Uttar Pradesh (UP), kesar in Jammu &
Kashmir (J&K), bamboo shoots in North-East, chilli in Andhra Pradesh, tapioca in Tamil Nadu.
These measures would also help in the export of these products in untapped markets.
What is Vocal for Local?
It is an initiative started by Prime Minister Narendra Modi by urging people to use local products and also advertise
them to make them global.Buying Indian products will give the required boost to Indian economy, which is facing a
downward trend amid lockdown to contain COVID-19 spread.
–20,000 crore allocated for fisherman through Pradhan Mantri MatsyaSampada Yojana (PMMSY)
The government has allocated Rs 20,000 crore for fishermen through the PMMSY for development of marine and
inland fisheries. Of this, Rs 11,000 crore will be allocated for activities in marine, inland fisheries and aquaculture
while Rs 9,000 crore for developing infrastructure of fishing harbors, cold chains, markets, etc.
The development will lead to additional Fish Production of 70 lakh tones over 5 years, and double the exports to
Rs 1,00,000 crore. It also generates employment to over 55 lakh persons and doubles the exports to Rs 1,00,000
crore.
The focus will be on Islands, Himalayan States, North-east and Aspirational Districts with a provision of Ban Period
Support to fishermen (during the period fishing is not permitted), Personal & Boat Insurance.
What is PMMSY?
Initiated in 2019, it aims to promote Blue Revolution (NeeliKranti) i.e. development of fish and aqautic products, to
address infrastructure gaps in the fisheries sector. It was established under the Department of Fisheries.
–Rs. 13,343 crNational Animal Disease Control Programme launched
Centre has launched National Animal Disease Control Programme for Foot and Mouth Disease (FMD) and Brucellosis
with total outlay of Rs. 13,343 crore to ensure 100% vaccination of cattle, buffalo, sheep, goat and pig population
(total 53 crore animals) for Foot and Mouth Disease (FMD) and for brucellosis.
Till date, 1.5 crore cows & buffaloes tagged and vaccinated.
–Rs. 15,000 crAnimal Husbandry Infrastructure Development Fundto be formulated
An Animal Husbandry Infrastructure Development Fund (AHIDF)worth Rs 15,000 crorewill be set upby the Centre to
support private investment in dairy processing, value addition and cattle feed infrastructure.The incentives will be
given for establishing plants for exports of niche products
–Rs. 4,000 cr allocated to promote Herbal Cultivation
Centre will provide Rs. 4,000 crore to cover 10,00,000 hectareunder Herbal cultivation in next two years.This will
lead to Rs. 5,000 crore income generation for farmers and will also develop a network of regional Mandis for
medicinal plants.
Already, the National Medicinal Plants Board (NMPB) has supported 2.25 lakh hectare area under cultivation of
medicinal plants.
A corridor of medicinal plants would also be created on the banks of the River Ganga, to be identified by NMPB.
–Rs 500 cr allocated towards Beekeeping initiatives
The government has earmarked Rs 500 crore for beekeeping initiativesunder which infrastructure development
related to integrated beekeeping development centres, collection marketing and storage centres, post-harvest and
value addition facilities will be providedamong other things.
This will increase the income of 2 lakh bee-keepers.
–From ‘TOP’ to TOTAL: “Operation Greens” extended with Rs 500 cr
“Operation Greens” run by Ministry of Food Processing Industries (MOFPI) will be extended from tomatoes, onion
and potatoes to ALL fruit and vegetables with an allocation of Rs 500 crore.
The Scheme would provide 50% subsidy on transportation from surplus to deficit markets, 50% subsidy on storage,
including cold storages and will be launched as pilot for the next 6 months.
This will lead to better price realisation to farmers, reduced wastages, affordability of products for consumers.

Following are the 3 measures for administrative and governance reforms, including removing restrictions on
sale and stock limits of farm produce
–Amendments to Essential Commodities Act, 1955 to enable better price realisation for farmers
The government will amend the 65 years old Essential Commodities Act (ECA), 1955to enable better price
realization for farmers
Agriculture food stuffs including cereals, edible oils, oilseeds, pulses, onions and potato will be deregulated
The amendment will provide adequate choices to farmer to sell produce at attractive price,
No stock limit will apply to processors or value chain participants following amendment and stock limits will be
imposed only under very exceptional circumstances like national calamities, famine after amendment of ECA
What is ECA?
ECA was enacted in 1955 by Parliament to ensure that the delivery of certain commodities don’t get blocked by
hoarding or blackmarketing. The government used this act to regulate the production, supply and the distribution of
certain products to make them available to consumers at a fair price.
–Agriculture Marketing Reforms to provide marketing choices to farmers
A Central law will be formulated to provide
Adequate choices to the farmer to sell their produce at remunerative price;
Barrier free Inter-State Trade;
A framework for e-trading of agriculture produce.
–Agriculture Produce Pricing and Quality Assurance:
The Government will finalise a facilitative legal framework to enable farmers to engage with processors, aggregators,
large retailers, exporters etc. in a fair and transparent manner. framework.
Ultra-mega solar parks initiated India’s clean energy transition: US-based IEEFA report
In accordance with a report “India’s Utility-Scale Solar Parks—A Global Success Story” by Kashish Shah, a
researcher analyst at US-based Institute for Energy Economics and Financial Analysis (IEEFA), the installation
of utility-scale solar parks or ultra-mega power plant (UMPP)in India has started the India’s energy sector
transition. This approach has attracted global investment.
It should be noted that in 2016, the Indian government has set a target of installing 175 gigawatts of renewable
energy by the FY2021-22and 275 gigawatts by FY2026-27to transform the country’s power sector from an
expensive, unreliable, and polluting fossil fuel-based system into a low-cost, reliable and low-emission system based
on renewable energy.
Efforts by India to transform its power sector
As of now, India houses multiple ultra-mega solar parks with capacities of more than 1GW, and two of them are the
largest commissioned solar installations in the world.
The Bhadla Solar Park in Rajasthan is the world’s largest such installation to date, covering more than 14,000 acres
with a total capacity of 2,245 megawatts (MW) whilePavagada Solar Park in Karnataka with a total capacity of 1400
MW.
Bhadla project has attracted record low solar tariffs in the range of Rs 2.44-Rs 2.62 kilowatt-hour, which remain
among the lowest tariffs in the country till date.
Apart from above, under-construction Ananthapuramu Solar Park in Andhra Pradesh will be the largest solar
power facility to be built from domestically manufactured solar cells and modules.
What is an ultra-mega power plant (UMPP)?
The UMPP concept involves a state government or local distribution company providing a single central grid
connection and acquiring land on which the project can be built, shielding developers from procurement and time-
delay risks.
About IEEFA:
It conducts research and analyses on financial and economic issues related to energy and the environment.
Headquarters– Cleveland, Ohio, United States (US).

Centre, WB govt inked loan agreements with AIIB and World Bank for “West Bengal Major Irrigation
and Flood Management Project”
The Government of India and West Bengal Government have inked two loan agreements with Asian Infrastructure
Investment Bank(AIIB) and World Bank (WB) for the “West Bengal Major Irrigation and Flood Management
Project” to improve irrigation services and flood management in the Damodar Valley Command Area (DVCA) of West
Bengal.The total outlay of the project is $413.8 million.The Government of West Bengal has infused $123.8 million for
this project.
Agreement with World Bank:
One agreement is inked with the World Bank (WB) for a loan of $145 million. It was signed by Sameer Kumar Khare,
Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India;
Krishna Gupta, Principal Resident Commissioner, on behalf of the Government of West Bengal and Mr Junaid Ahmad,
Country Director, India on behalf of the World Bank.
The loan is financed by the lending arm of WB i.e. International Bank for Reconstruction and Development (IBRD).
The loan has a 6-year grace period, and a maturity of 23.5 years.
Agreement with Asian Infrastructure Investment Bank:
The other agreement was inked with Asian Infrastructure Investment Bank (AIIB) for $145million. The agreement
was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs and RajatMisra, Director
General on behalf of the AIIB.
The loan has a 6-year grace period, and a maturity of 24 years.
Need and Benefit for improvement
The DVCA is over 60 years old, and in need of modernization. The Lower Damodar basin area is historically flood-
prone. On average, 33,500 hectares of the cropped area and 461,000 people are affected annually. In order to
overcome this, the project will reduce flooding, including strengthening of embankments and desilting.
Benefit: It will benefit about 2.7 million farmers from five districts of West Bengal across 393,964 ha area with better
irrigation services and improved protection against annual flooding.
About World Bank
Headquarters– Washington, D.C., United States
President– David Malpass
Members– 189 countries
Subsidiaries: International Bank for Reconstruction and Development (IBRD), International Development Agency
(IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International
Centre for Settlement of Investment Disputes (ICSID).
About AIIB
Headquarters– Beijing, China
President– JinLiqun
Membership– 102; 80 members & 22 prospective members
About West Bengal:
Chief Minister– Mamata Banerjee
Capital– Kolkata
Rs 1,500 crores sanctioned for Punjab to ensure continuous credit flow to farmers: NABARD
On May 15, 2020 The National Bank for Agriculture and Rural Development(NABARD) has sanctioned Rs 1,500
crores for Punjab to ensure continuous credit flow to farmers, through state cooperative banks, amidst the COVID-
19 pandemic. Out of the total amount Rs 1,000 crores is sanctioned to Punjab State Cooperative Bank and Rs 500
crores to Punjab Gramin Bank.
Major Highlights
i.The Amount given is part of NABARD’s Rs 25,000 crores nationwide special liquidity facility(SLF), which has been
made available to state cooperative banks, regional rural banks, and microfinance institutions (MFIs), to ensure flow
of credit to farmers for agricultural operations during COVID-19 pandemic

ii.Till now NABARD has disbursed Rs 1,000 crores to Punjab State Cooperative Bank and Rs 100 crores to Punjab
Gramin Bank to support agricultural and other activities of farmers
iii.The support given by NABARD is a frontline liquidity support to these banks to ensure credit flow to farmers for
carrying out agricultural operations for kharif crops smoothly during this difficult situation.
About NABARD:
Reserve Bank of India(RBI) at the insistence of the Government of India constituted a committee under the
Chairmanship of B.Sivaraman to review the arrangements for institutional credit for agriculture and rural
development(CRAFICARD) on 30 March 1979. On the committee’s recommendation, NABARD came into existence
on 12 July 1982 with the approval of the Parliament by Act 61 of 1981 with an objective to promote sustainable,
equitable agriculture and rural development.
Chairman– Harsh Kumar Bhanwala.
Zubair Iqbal appointed as MD of J&K Bank, Chibber to continue as chairman

On May 16, 2020, The Jammu and Kashmir (J&K) administration approved the appointment of senior vice
president (SVP) of HDFC bank Zubair Iqbal as the new Managing Director (MD) of Jammu and Kashmir Bank, for a
period of 3 years.
Key Points:
i.Chairman: In another order, Rajesh Kumar Chibber, who is currently MD and Chairman of J&K bank, has been
reappointed as the Chairman for the period of 3 years.
ii.An order to this effect was issued by the additional secretary to the finance department.
iii.About Zubair Iqbal: He has a highly acclaimed, illustrious and impeccable track record in Banking & Financial
Services spanning more than 3 decades.
iv.Zubair was awarded at Silver Jubilee Celebrations by Institute of Objective Studies, New Delhi for significant
contribution to the banking industry of the state.
v.He has also won more than 50 laurels during his tenure with HDFC Bank and 13 of those were awarded during
Insurance Skill Development Programmes at London, Paris, Indonesia, Dubai, China, Turkey, Italy, Switzerland,
Bangkok, Malaysia, Moscow & Jordan.
vi.Fact: On June 10, 2019 the Reserve Bank of India (RBI) had approved the appointment of Chibber as interim CMD
(Chairman and Managing Director) of Jammu and Kashmir Bank for three months following the removal of Parvez
Ahmed from the post by the then state government.
vii.He received a month’s extension in September 2019 to continue as the bank’s interim CMD, followed by a six-
month extension in October 2019.
viii.The RBI had extended the tenure of Chibber as MD of the bank for a period of 3 months in April 2020.
ix.Parvez Ahmed was removed by the erstwhile state government on alleged charges of corruption, nepotism and
favouritism.
About Jammu & Kashmir Bank:
Headquarters– Srinagar, Jammu and Kashmir.
Tagline– Serving To Empower.
Atmanirbhar Bharat Abhiyaan Part-4: New Horizons of Growth detailed by Nirmala Sitharaman
On May 16, 2020, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman detailed the fourth part of the
Special economic and comprehensive package of Rs 20 lakh crores to support Indian economy in the fight against
COVID-19 during her 4th press conference in New Delhi. Its first part was presented on May 13, 2020 Click Here to
Read while its Part 2 was presented on May 14 Click Here to Read and 3rd part was presented on May 15. Click Here
to Read.
The Part 4 of “Atmanirbhar Bharat Abhiyaan” (self-reliant India Movement) is consisted of structural reforms in the
eight sectors of Coal, Minerals, Defence production, Civil Aviation, Power Sector, Social Infrastructure, Space and
Atomic energy.
The aim is to boost economic growth, and create jobs.

Following are the details of the fourth tranche of package starting with Coal Sector:
Coal Sector: Rs 50,000 cr infused for building evacuation infrastructure
The monopoly of the government on the commercial mining of coal has come to an end as the govt has announced
commercial mining of coal by the private sector. Now, commercial mining will be done on revenue sharing
mechanism instead of a regime of fixed Rupee/tonne.
The government will invest Rs 50,000 crore for building evacuation infrastructure to enhance Coal India Limited’s
(CIL) target of 1 billion tons coal production by 2023-24 plus coal production from private blocks.
This will include Rs 18,000 crore worth of investment in mechanised transfer of coal (conveyor belts) from mines to
railway sidings. This measure will also help reduce environmental impact.
Coal Gasification / Liquefication will also be incentivised through rebate in revenue share.
This is being done to reduce import of substitutable coal and increase self-reliance in coal production.
About CIL
Headquarter– Kolkata, West Bengal
Chairman-cum-Managing-Director– Pramod Agrawal
Mineral sector: Mineral Index for different minerals to be developed
Centre will introduce seamless composite exploration-cum-mining-cum-production regime. In this regard, 500
mining blocks would be offered through an open and transparent auction process.
A joint auction of Bauxite & Coal mineral blocks will be introduced.
Ministry of Mines is in the process of developing a Mineral Index for different minerals.
There will also be rationalisation of stamp duty payable at the time of award of mining leases.
Defence sector: FDI to be raised from 49% to 74%
Centre will notify a list of weapons/platforms for ban on import with year wise timelines for boosting defence
production in India, as a part of Make in India initiative. There will be indigenisation of imported spares, and separate
budget provisioning for domestic capital procurement. This will help reduce huge Defence import bill.
Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49% to 74%.
Corporatisation of Ordnance factory board (OFB) was also announced.
To ensure time-bound defence procurement, centre will set up a Project Management Unit (PMU) to support
contract management.
Civil Aviation sector
Restrictions on utilisation of the Indian Air Space will be eased so that civilian flying becomes more efficient. This will
bring a total benefit of about Rs 1,000 crore per year for the aviation sector.
In future, India will become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO). Therefore, aircraft
component repairs and airframe maintenance to increase from Rs 800 crore to Rs 2,000 crore in three years.
Power sector; Privatization of PDCs in UTs
Power Distribution Companies (PDCs) in Union Territories (UTs) to be privatised in line with the new tariff policies.
This will enable to strengthen industries and bring in efficiency in the entire power sector.
Boosting Private Sector investment with Rs. 8,100 crore
The Government will enhance the quantum of Viability Gap Funding (VGF) upto 30% each of Total Project Cost as
VGF by the Centre and State/Statutory Bodies. For other sectors, VGF existing support of 20 % each from Government
of India and States/Statutory Bodies shall continue. Total outlay is Rs. 8,100 crore. Projects shall be proposed by
Central Ministries/ State Government/ Statutory entities.
Boosting private participation in space sectors
Government is working on a liberal geo-spatial policy. Predictable policy and regulatory environment to private
players will be provided. Private sector will be allowed to use ISRO (Indian Space Research Organisation) facilities
and other relevant assets to improve their capacities.
About ISRO:
Headquarters– Bengaluru, Karanataka
Director– Kailasavadivoo Sivan

Atomic Energy Sector
The government intends to link India’s robust start-up ecosystem to the nuclear sector. In this regard, Technology
Development cum Incubation Centres will be set up for fostering synergy between research facilities and tech
entrepreneurs.
Research reactor in PPP mode will also be established for production of medical isotopes.
Other announcements regarding policy reforms, and upgradation of Industrial Infrastructure
Policy reforms to fast track investment in an effort towards Aatma Nirbhar Bharat:
There will be fast tracking of investment clearance through Empowered Group of Secretaries.
Project Development Cell will be constituted in each Ministry to prepare investible projects, coordinate with
investors and Central/State Governments.
There will be ranking of States on investment attractiveness to compete for new investment.
Incentive schemes for promotion of new champion sectors will be launched in sectors such as solar PV (Photovoltaic)
manufacturing; advanced cell battery storage etc.
Upgradation of Industrial Infrastructure
Industrial Cluster Upgradation of common infrastructure facilities and connectivity.
There will be availability of industrial land/land banks for promoting new investments and making information
available on Industrial Information System (IIS) with GIS mapping. 3376 Industrial Parks/ Estates/SEZs in five lakh
hectares are mapped on IIS. All Industrial Parks will be ranked during 2020-21.
Atmanirbhar Bharat Abhiyaan Part-5: Government reforms detailed by Nirmala Sitharaman

On May 18, 2020, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman detailed the fifth and final
part of the Special economic and comprehensive package of Rs 20 lakh crores to support Indian economy in the fight
against COVID-19 during her 5th press conference in New Delhi. Its first part was presented on May 13, 2020 Click
Here to Read while its Part 2 was presented on May 14 Click Here to Read and 3rd part was presented on May
15. Click Here to Read.
The Part 5 of “Atmanirbhar Bharat Abhiyaan” (self-reliant India Movement) is focused on seven areas viz. MNREGA,
Health and Education, Business during Covid, Decriminalisation of Company Act, Ease of doing business, Policy
related to Public Sector Units, State government and resources related to it.
Following are the details of the fifth and final tranche of package:
–Rs 40,000 crores increase in allocation for MGNREGS to provide employment boost
Under the MNREGA scheme, an additional Rs 40,000 crore will be allocated for employment generation in the rural
parts of the country. This will help to generate nearly 300 crore person days to provide relief to the migrant
workers.
–Health Reforms & Initiatives
Government will increase investment in public health, by setting up Infectious Disease Hospital Blocks in every
district and Public health labs in every block (not just in district) to bridge inadequacy of lab network in rural areas
Research will be encouraged through National Institutional Platform for One health by ICMR (Indian Council of
Medical Research).
The blueprint of National Digital Health Mission will be implemented.
About ICMR:
Director General– Prof. Balram Bhargava
–Technology Driven Education with Equity post-COVID by launching PM eVIDYA
A programe named “PM eVIDYA” is to be launched immediately. It is a multi-mode access to online education
consisting of:
DIKSHA for school education in states/UTs: e-content and QR coded
Energized Textbooks for all grades (one nation, one digital platform)
One earmarked TV channel per class from 1 to 12 (one class, one channel)
Extensive use of Radio, Community radio and Podcasts

Special e-content for visually and hearing impaired.
Top 100 universities will be permitted to automatically start online courses by 30th May, 2020.
Manodarpan– It is an initiative for psychosocial support of students, teachers and families for mental health and
emotional wellbeing to be launched immediately.
New National Curriculum and Pedagogical framework for school, early childhood and teachers will be launched:
integrated with global and 21st century skill requirements.
National Foundational Literacy and Numeracy Mission for ensuring that every child attains Learning levels and
outcomes in grade 5 by 2025 will be launched by December 2020.
–Enhancement of Ease of Doing business through IBC related measures
Minimum threshold to initiate insolvency proceedings raised to Rs. 1 crore from Rs. 1 lakh along with creation of
special insolvency resolution framework for Micro, Small & Medium Enterprises (MSMEs) under Section 240A of the
Insolvency and Bankruptcy Code, 2016 (IBC).
Suspension of fresh initiation of insolvency proceedings up to one year depending upon the pandemic situation.
Coronavirus-related debt will be excluded from definition of default
–Decriminalisation of Companies Act defaults
Decriminalization of Companies Act violations involving minor technical and procedural defaults (shortcomings in
CSR reporting, inadequacies in board report, filing defaults, delay in holding AGM).
Majority of the compoundable offences sections to be shifted to internal adjudication mechanism (IAM).
The Amendments will de-clog the criminal courts and National Company Law Tribunal (NCLT).
7 compoundable offences will be dropped and 5 to be dealt with under alternative framework
–Ease of Doing Business for Corporates
Centre has allowed direct listing of securities by Indian public companies in permissible foreign jurisdictions while
Private companies which list (Non-Convertible Debentures) on stock exchanges not to be regarded as listed
companies.
The provisions of Part IXA (Producer Companies) of Companies Act, 1956 will be included in the Companies Act,
2013.
Power to create additional/ specialized benches for National Company Law Appellate Tribunal (NCLAT)
Lower penalties for all defaults for Small Companies, Oneperson Companies, Producer Companies & Start Ups.
–Public Sector Enterprise Policy for a New, Self-reliant India
Government will announce a new policy whereby in strategic sectors, at least one enterprise will remain in the public
sector but private sector will also be allowed.
In others ectors, PSEs (public sector enterprises) will be privatized (timing to be based on feasibility etc.)
To minimize wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to
four; others will be privatized/ merged/ brought under holding companies.
Canara Bank launches special gold loan business vertical

On May 18, 2020 Canara Bank has launched a special business vertical dedicated for gold loans to meet the
financial needs of its customers as they are in need of immediate credit support to meet their emergency needs due to
the COVID-19 pandemic
Major Highlights
i.The bank has launched a gold loan campaign till 30th June, 2020 with an interest rate as low as 7.85% per
annum minimum turnaround time (TAT) and high-flexibility to meet credit needs to help the customers with much
needed liquidity to revive their business activities and to bring back normalcy to their lives.
ii.The credit can be utilised for different purposes, such as expenses for agriculture and allied activities, business
needs, health emergencies and personal needs.
iii.In addition to this, as Indians consider gold ornaments & coins as an asset, they can utilise their jewellery to avail
credit for emergency cash. The loans are payable within a period of 1 to 3 years with flexible repayment options and
can be availed from all designated branches across India.

iv.Gold loans for agricultural operations can be availed against gold ornaments with maximum borrowing limit of Rs
10 lakh for crop cultivation expenses. For allied agricultural activities, gold loan can be availed in Rs 20 lakh as
maximum limit per borrower,
v.OD facility to farmers against Gold-Jewellery (GL-OD) – Overdraft facilities on the security of gold jewellery to meet
the expenses for cultivation of crops which include Cost of seeds, fertilizers, pesticides, harvesting, charges towards
irrigation, labour, and any other production costs, and also other working capital requirements related to allied
agriculture and land development activities. Minimum limit is Rs 1.60 lakh and maximum limit for crop cultivation
OD is Rs 10 lakh, and allied land-based activity is Rs 20 lakh.
vi.Personal loan scheme ‘SWARNA LOANS’ can be availed to meet medical expenses, domestic expenses, business
expenses or any unforeseen commitments/ contingencies that may arise. The maximum permissible limit is Rs.20
Lakhs.
vii. The loan amount can be repaid in one year except in case of GL-OD facility which can be paid in 3 years. The
interest is payable monthly in case of GL-OD and Swarna Loans and yearly in case of other schemes.
About Canara Bank:
After the amalgamation of Syndicate Bank on April 1, Canara Bank has attained the position of 4th largest public
sector bank in the country with a total business of Rs 15.53 lakh crore. It has 10,403 domestic branches, 13,448 ATMs
and about 6,000 business correspondents.
Headquarters– Bangalore, Karnataka
Chairman– T.N. Manoharan
Managing Director & Chief Executive Officer(CEO)– L.V. Prabhakar
6 Cities rated 5 Star, 65 Cities rated 3 Star and 70 Cities rated 1 Star for garbage free cities: MOHUA
On May 19, 2020 Hardeep Singh(S) Puri, Minister of State (Independent/Charge) of Ministry Of Housing and Urban
Affairs(MOHUA) announced the results of the Star Rating of Garbage Free Cities, for the assessment year 2019-
2020, where 6 Cities(Ambikapur, Rajkot, Surat, Mysuru, Indore and Navi Mumbai) were rated 5 Star, 65 Cities rated
3 Star and 70 Cities rated 1 Star out of 141 cities & also launched the revised protocol for the Star Rating of Garbage
Free Cities.
About protocol
i.The protocol has been devised with components including cleanliness of drains & water bodies, plastic waste
management, managing construction & demolition waste, among others, which are critical drivers for achieving
garbage free cities
ii.The core of the protocol is on Solid Waste Management(SWM) & also ensures certain minimum standards of
sanitation through a set of prerequisites defined in the framework.
iii.It will consider ward-wise geo-mapping, monitoring of SWM value chain through ICT interventions like Swachh
Nagar App and zone-wise rating in cities with population of more than 50 lakh.
Background
i.Swachh Survekshan(SS) was introduced 5 years ago to ensure a high degree of cleanliness and sanitation in urban
areas. As it is a ranking system, many cities despite doing exceptionally well, were not being recognized
appropriately.
ii.So the ministry introduced the Star Rating Protocol for Garbage Free Cities January 2018 ,a framework similar to
the examination systems where each ward in every city must achieve a certain standard across 24 different
components of SWM and is graded based on overall marks received.
Key Point
Swachh Bharat Mission-Urban(SBM-U) was launched in 2014 & has made significant progress in the area of both
sanitation and solid waste management.
Few Initiatives by MOHUA in the view of COVID-19
Revised its hugely popular citizen grievance redressal platform, Swacchata App. Issued an advisory for the provision
of PPEs, health-check-ups and payment of regular wages to sanitation workers. A Special Micro-Credit facility for the
Street Vendors to facilitate easy access was launched to support nearly 50 lakh vendors
For Further Reference: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1625076

About MOHUA:
It formulates policies, supports programmes, monitors programmes and coordinates the activities of various Central
Ministries, State Governments and other nodal authorities. The Information on urban scenario, organizations,
policies, Lists of attached offices, Statutory & Autonomous Bodies, Public Sector Undertakings and Joint Ventures are
also available in the website.
India Provides 2 million USD to support UN agency working for Palestinian refugees
On 19th May 2020 India provides 2 million USD (Rs 15 crore) to support the United Nations Relief and Works
Agency (UNRWA) to support the Palestinian refugees for its programmes and services like education and healthcare
in the COVID-19 situation.
Key Points:
i.India has increased the annual contribution to the UNRWA from 1.25 million USD(Rs.9.45 crore) to 5 million USD
(Rs. 37 crore)in 2019 and promised another 5 million USD(Rs. 37 crore) for 2020 this opens an opportunity for India
to become a member of the agency’s advisory commission.
ii.The UNRWA supports the Palestinians who fled and were expelled from their homes during the war in 1948.
iii.The UNRWA provides health care for around 3.1 million refugees of Palestine and every year the schools of the
agency provides education to 5,26,000 students in which 50% are female.
iv.India’s support will support the agency to operate on its basic services during the challenges of COVID-19 situation
and this advancing payment of India will support in addressing the cash flow challenges of the agency.
v.The Indian mission in the West bank stated that India is preparing medical supplies for the Palestinians to support
them to combat the COVID-19 pandemic.
vi.Under India-Palestine development partnership 17 agreements are signed in the fields of agriculture, health care,
information technology, youth affairs, consular affairs, women empowerment and media in the past five years.
vii.Around 72 million(Rs. 544 crore) USD are promised to provide assistance through these agreements for the
projects like post 2014 war reconstruction efforts in Gaza, construction of 5 schools, centre of excellence for
information and communication technologies at Al-Quds University and satellite centre in Ramallah.
About UNRWA:
Commissioner General- Philippe Lazzarini (Under Secretary General of United Nations)
Members of Advisory Commission- Australia, Belgium, Brazil, Canada, Denmark, Egypt, Finland, France, Germany,
Ireland, Italy, Japan, Jordan, Kuwait, Lebanon, Luxembourg, Netherlands, Norway, Qatar, Saudi Arabia, Spain, Sweden,
Switzerland, Syrian Arab Republic, Turkey, United Arab Emirates, United Kingdom and United States.
Headquarters- Amman and Gaza
Created in- December 1949
NABARD extends Rs 20,500 crores special liquidity facility to co-op banks & RRBs
On May 18, 2020 The National Bank for Agriculture and Rural Development(NABARD) has informed that it has
extended Rs 20,500 crores special liquidity facility to co-operative banks(co-op– Rs 15,200 crores) and Regional
Rural Banks(RRB’s– Rs 5,300 crores) in various States. This is against the Rs 5,000 crores lent during the 1st quarter
of 2019.
This amount is part of the Rs 25,000 crores of special refinance facility provided by the Reserve Bank of India(RBI)
to NABARD for refinancing RRBs, cooperative banks and MicroFinance Institutions (MFIs).
Special liquidity facility
It aims to increase the resources of the Cooperative banks and RRBs to enable them to extend credit to farmers for
taking up pre-monsoon and kharif(summer sown crops) 2020 operations.
Major Highlights
Special Refinance Facility
i.Of the Rs 25,000 crores special refinance facility provided by the RBI, NABARD had allocated Rs 23,000 crores for
lending to cooperative banks and RRBs, and Rs 2,000 crores for MFIs. Of the Rs 2,000 crores, Rs 1,550 crores has
already been disbursed to MFIs.

ii.Besides NABARD, the RBI had announced to provide a special facility worth Rs 15,000 crores to Small Industries
Development Bank of India (SIDBI) and Rs 10,000 crores to the National Housing Bank (NHB).
Government’s package
i.As part of the government’s overall Rs 20 lakh crores special COVID-19 package, Union finance minister Nirmala
Sitharaman announced that NABARD will extend additional refinance support of Rs 30,000 crores for crop loan
requirements of Rural Co-operative Banks and RRBs.
ii.This is over and above the Rs 90,000 crores to be provided by NABARD through the normal refinance route during
this year.
iii.This front-loaded on-tap refinance facility to 33 State Co-operative banks, 351 District Co-operative Banks, and 43
RRBs will be available on tap, based on their lending .
Programme- NABARD announced that cooperative banks and RRBs have initiated a programme of saturation of
Kisan Credit Cards(KCC) and about 12 lakh new KCC cards have been issued by them during the last two months. A
total of 4.2 crores KCCs have been issued by Cooperative banks & RRBs as on 31 March.
Constituency of Nirmala Sitharaman– Rajya Sabha (Karnataka)
About NABARD:
It is a development financial institution, promoting sustainable and equitable agriculture and rural development.
Indian economy to contract by 5% in FY21: Goldman Sachs

On May 18, 2020 American brokerage Goldman Sachs expects the Indian economy to contract by 5% in FY21 (i.e -
5%), which will be the deepest compared to all recessions India has ever experienced since 1979. It is against its
earlier forecast of 0.4% contraction before revising it down to a level it shares with Japanese brokerage Nomura.
Major Highlights
i.It expects India’s Gross Domestic Product(GDP) growth will contract by 45% in the 2nd quarter from the prior
three months compared to its previous forecast of a 20% slump.
ii.There will be a strong sequential mechanical rebound in the September quarter(Q3)& expect a 20% annualised
gain growth in GDP over the level of June-end. The earlier estimation was of a 10% gain
iii.Beyond Q3 there will be a gradual recovery, as the targeted policy support continues to be tepid compared to other
emerging economies, and far less than most advanced economies
iv.For Q4 and Q1 of next year, the projections are unchanged at 14% and 6.5%, respectively.
v.Q2 forecasts reflect the extremely poor economic data received by the agency so far for March and April, and the
continued lockdown measures, which are among the most stringent across the world
Key Points
i.The reform measures announced by the government will help growth only over the medium term and are not
expected to have any benefit in the near-term/an immediate impact on reviving growth.
ii.The fiscal impact of the stimulus measures announced by the government is very small at 1.3% of GDP.
iii.Slow growth will lead to more stimulus calls from the government, and the aid will be smaller compared to the
post-2008 crisis, as well because of the fiscal situation in India.
iv.The agency will continue to monitor its implementation to gauge its effect on the medium-term outlook for the
Indian economy.
Other estimated growth projections for Indian economy during 2020-21
Bernstein: -7%
Nomura: -5%
ICRA(Formerly- Investment Information and Credit Rating Agency of India): – 1-2%
About Goldman Sachs:
Headquarters– New York, United States
Chairman & Chief Executive Officer(CEO)– David M. Solomon

UP presents largest ever Rs 5.12 lakh crores budget in state assembly
Finance Minister Suresh Kumar Khanna presented the Uttar Pradesh(UP) government’s largest ever budget of Rs
5,12,860.72 crores for FY 2020-21 in the presence of Chief Minister Yogi Adityanath in the state assembly. The
budget estimates total receipts of 5,00,558 crores(Rs 4,22,567 crores- revenue and Rs 77,990 crores-capital receipts)
& a deficit of Rs 12,302 crores.
Key Points of the budget
i.This budget is Rs 33,159 crore(6%) more than the last year’s budget of Rs 4.79 trillion & has provisions worth Rs
10,967.87 crore for new schemes.
ii.The budget is big on infrastructure projects, including road, airport and metro rail projects.
iii.It will play a vital role in achieving the goal of making Uttar Pradesh a USD 1 trillion economy and meet the target
of making India a USD 5 trillion economy.
Major Highlights:
Infrastructure
i.Rs 500 crore set aside for an airport in Ayodhya and Rs 200 crore for the beautification of Varanasi’s Kashi
Vishwanath temple so as to develop Ayodhya and Varanasi as tourist hubs.
ii.Provision to develop 46 major tourist destinations across the state. Rs 85 crores for the development of Ayodhya as
a tourist spot. Rs 10 crores for the renovation of the Tulsi Smarak Bhawan. Rs 180 crores to set up a cultural centre in
Varanasi.Rs 2,000 crores is allocated for the Jewar airport near Delhi
Metro
Rs 358 crores and Rs 286 crores for the metro projects in Kanpur and Agra respectively. Rs 200 crore will be spent on
metro rail projects in Gorakhpur and other cities. Rs 2,000 crore for the 637-km ‘Ganga Expressway’
Development of backward region
Allocated Rs `300 crore and `210 crore for the socio-economic development of the backward regions of Purvanchal
(Eastern UP) and Bundelkhand respectively. Construction of 4 lakh houses for the weaker sections of the city within
a year
New establishment & Initiatives
The state has decided to set up a state NITI Aayog & has also taken an initiative to set up ‘Yuva Hubs’ in 75 districts.
Tourism
Provision to develop 46 major tourist destinations across the state. Rs 85 crores for the development of Ayodhya as a
tourist spot. Rs 10 crores for the renovation of the Tulsi Smarak Bhawan. Rs 180 crores to set up a cultural centre in
Varanasi.
Education & Youth
New universities will come up in Aligarh, Azamgarh and Saharanpur. Employment schemes like Chief Minister’s
Apprenticeship Promotion Scheme and the Yuva Udhyamita Vikas Abhiyan to help the youth make a living.
About UP:
Capital– Lucknow
Governor– Anandiben Mafatbhai Patel
Nirmala Sitharaman announces several initiatives to boost education sector

On May 17, 2020 Union Finance & Corporate Affairs Minister Nirmala Sitharaman has announced several initiatives
to boost the education sector in New Delhi to boost the access and equity in education and improve the gross
enrolment ratio in the coming years. The initiatives show up as there is new challenge & several opportunities for the
education system in the country due to COVID-19 pandemic.
Immediate set of initiatives in this direction includes:
i.A comprehensive initiative called PM e-VIDYA will be launched which will combine all efforts related to digital /
online /on-air education, which will enable multi-mode access to education, and includes:
DIKSHA(one nation-one digital platform) will become the nation’s digital infrastructure to provide quality e-content
in school education for all the states/UTs

TV(one class-one channel) where one dedicated channel per grade for each of the classes 1 to 12 will provide access
to quality educational material- Study Webs of Active–Learning for Young Aspiring Minds(SWAYAM) online courses
in Massive Open Online Course(MOOCS) format for school and higher education
Indian Institute of Technology Professor Assisted Learning(IITPAL) for IIT Joint Entrance Examination (JEE)/
National Eligibility cum Entrance Test exam(NEET) preparation
Air through Community radio and CBSE Shiksha Vani podcast; study material for the differently-abled developed
on Digitally Accessible Information System (DAISY) and in sign language on NIOS website/ YouTube.
Beneficiaries– Will benefit nearly 25 crore school going children across the country.
ii.Manodarpan initiative is launched to provide such support through a website, a toll-free helpline, national
directory of counselors and interactive chat platform among others so as to provide psychosocial support to
students, teachers and families for mental health and emotional wellbeing.
Beneficiaries– Will benefit all school going children in the country, along with their parents, teachers and the
community of stakeholders in school education.
iii.Government expands e-learning in higher education by liberalizing open, distance and online education
regulatory framework. Top 100 universities will start online courses & online components in conventional
Universities and Open and Distance Learning (ODL) programmes will also be raised from 20% to 40%.
Beneficiaries– Will provide enhanced learning opportunities to nearly 7 crore students across different colleges and
Universities.
iv.Has been decided to prepare a new National Curriculum and Pedagogical Framework for school education,
teacher education and early childhood stage to prepare students and future teachers as per global benchmarks as
there is a need to promote critical thinking, creative and communication skills, along with experiential and joyful
learning for the students focussing on learning outcomes.
The curriculum must be rooted in the Indian ethos and integrated with global skill requirements.
v.A national foundational literacy and numeracy mission will be launched to ensure that every child in the
country attains foundational literacy and numeracy in Grade 5 by 2025.
For this, teacher capacity building, a strong curricular framework, engaging learning material – both online and
offline, learning outcomes and their measurement indices, assessment techniques, tracking of learning progress, etc.
will be designed to take it forward in a systematic fashion.
Beneficiaries- This intiative will cover the learning needs of nearly 4 crore children in the age group of 3 to 11 years.
Constituency of Nirmala Sitharaman– Rajya Sabha (Karnataka)
Kotak Mahindra becomes 1st bank in India to introduce video-KYC facility for SA customers
On May 19, 2020, In view of the ongoing lockdown in the country due to Coronavirus (COVID-19), Kotak Mahindra
Bank has become the 1st bank in India to allow video Know your customer (KYC) facility for its customers opening
savings account (SA) on Kotak 811 platform.
Key Points:
i.How will KYC be completed?
Under the video conferencing KYC system, customers have to provide Aadhaar and PAN (Permanent Account
Number) to open ‘Kotak 811 savings account’ in the Bank. After this, a bank official will complete the KYC process by
verifying of documents, signature on a video call with the customer & this entire video will be saved.
ii.Who will get the benefit?
The benefit of this facility will be available only to Indian citizens living in India & only new customers will be able to
take advantage of this. This facility will be available only on a pilot basis for savings account.
iii.Background: In January 2020, the RBI (Reserve Bank of India) has issued guidelines to complete the video-based
KYC process. Earlier, banks had to rely on Aadhaar data to open accounts in remote areas.
What is KYC?
It is an important term used by businesses and refers to the process of verification of the identity of the customers
and clients either before or during the start of doing business with them. This process helps to ensure that banks’
services are not misused.

About Kotak Mahindra Bank:
MD & CEO- Uday Kotak
Group president consumer banking– Shanti Ekambaram
Tagline– Lets make money simple
Flipkart ties up with Bajaj Allianz General Insurance for digital motor insurance policy
Flipkart partnered with Bajaj Allianz General Insurance Company(BAGIC) to offer digital motor insurance policy to
customers of e-commerce major. This enables consumers to purchase the motor-insurance policy using the Flipkart
mobile application.
Key Points:
i.This also offers customised insurance solutions to power its mobile protection programme to all leading phone
brands.
ii.This will enable Bajaj Allianz General Insurance to offer best in class service to the customers of Flipkart by
providing pertinent solutions.
iii.Users can get access to seamless, accessible and flexible insurance solutions to ensure safety to the vehicles with
the introduction of motor-insurance on the flipkart platform.
iv.The Moto OTS will allow the customers to inspect their four wheelers themselves to check for damages and also
protects the cars from depreciation costs.
v.This will provide 24X7 roadside assistance to policyholders who can claim their amount through cashless
settlements.
vi.The assistance will be offered through SMS, phone calls or other digital platforms though applications like
whatsapp or other chat with bot for the two wheelers.
vii.Customers are rewarded every year through No-Claim Bonus(NCB) a unique facility if they don’t make a claim and
they are allowed to transfer up to 50% of this NCB amount while they switch insurers.
About BAGIC:
MD & CEO- Tapan Singhel
Chief Financial Officer(CFO)- Milind Choudhari
Headquarters- Pune
About Flipkart:
SVP and group CEO- Emily McNeal
Chief Operating Officer(COO)- Sriram Venkataraman
Govinda Rajulu Chintala appointed as NABARD chairman, Shaji KV and PVS Suryakumar appointed
as DMD of NABARD
On May 20,2020, The appointments committee of the union cabinet appointed Govinda Rajulu Chintala as Chairman
of National Bank for Agriculture and Rural Development (NABARD). He was the successor of Harsh Kumar Bhanwala.
Key Points:
i.About Rajulu Chintala: He will serve as the Chairman of NABARD for the period of 2 years till his superannuation
in July 31, 2022.
ii.Chintala currently serves as the Chief general manager of NABARD.
iii.Other appointments: Shaji K V and P.V.S Suryakumar have been appointed as Deputy Managing Directors (DMD)
of NABARD.
iv.Shaji K V: Shaji served as the general manager of Canara Bank and he will serve as DMD of NABARD for the period
of 5 years.
v.P V S Suryakumar: Suryakumar served as the chief general manager (CGM) of the NABARD, will hold the post of
DMD of NABARD till his superannuation on July 31, 2023.
vi.The fresh appointment comes as the institution is set to play a key role in financing the needs of the rural economy
as part of the government’s economic package dealing with the coronavirus pandemic’s impact.

vii.Access to institutional credit for farmers and freeing up restrictions on sale of agricultural products are key
aspects of the government’s strategy to support the rural economy.
viii.NABARD: National Bank for Agriculture and Rural Development (NABARD) is an Apex Development Financial
Institution in India. The bank is active in developing Financial Inclusion policy.
About NABARD:
Headquarters– Mumbai, Maharashtra.
Chairman– Govinda Rajulu Chintala.
Franklin Templeton appoints Kotak Bank as an advisor to assist in monetising assets of 6 Wind-up
Schemes
On May 20, 2020 Franklin Templeton Trustee Services Pvt. Ltd. has appointed an independent advisor Kotak
Mahindra Bank to work together with Franklin Templeton Asset Management (India) Pvt. Ltd (the AMC), to assist
the Trustees in monetizing portfolios of the 6 schemes that are being wound up & make payouts to the affected
investors.
The 6 schemes are- Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit
Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income
Opportunities Fund of Franklin Templeton Mutual Fund
Major Highlights
i.As per Securities and Exchange Board of India(SEBI), the winding-up process will have legal and operational
challenges, who will assist them with the process, even if the approval of unit holders is being sought for the winding
up.
ii.The advisor, whenever required will act as an agent for the trustees. A negative outcome in the voting may delay
the process to liquidate assets of the scheme and payment of money to investors.
iii.The schemes will explore all possibilities to monetise the underlying assets in the portfolio before their respective
maturities & the aim will be to return the money well in advance of the maturity dates, the fund house will not resort
to distress sale
iv.If trustees do not receive authorization to proceed with the disposal of assets of the scheme, this may delay the
process of monetising such assets and distribution of proceeds.
v.The payment schedule or payouts can be finalised and implemented only after the successful completion of the
voting process.
vi.Franklin Templeton is committed to ensure an orderly and equitable exit for all investors at the earliest possible
time and the tie-up will ensure an efficient wind-up of these schemes, while preserving maximum value for investors.
Background
The Asset Management Company (AMC) on 23 April announced that six of its debt schemes are being wound up due
to severe illiquidity and redemption pressures. This shuttering of schemes left 300,000 investors in a stumble with a
total investment of Rs 25,856 crore.
About Franklin Templeton:
Executive Chairman and Chairman of the Board– Gregory E. Johnson
President, India– Sanjay Sapre
About Kotak Mahindra Bank:
CEO– Uday Kotak
President – Debt Capital Markets: Sujata Guhathakurta
IBM ties up with Intellect Design Arena to launch iTurmeric FinCloud platform for cloud services of
banks, financial institutions
IBM (International Business Machines) ties up with the Intellect Design Arena Limited, a full spectrum banking and
insurance products company, has launched iTurmeric FinCloud platform through IBM public cloud targeting
financial institutions which are looking to switch to the latest tools and technologies.

Key Points:
i.About i Turmeric FinCloud platform: The cloud-ready, API(Application Programming Interface)- first,
microservices-based platform will help new digital banks systems to be tested and run in isolation or in parallel with
core legacy systems, which can, in turn, continue to run without interruption or compromise.
ii.Arun Jain, Chairman and Managing Director (CMD), of Intellect Design Arena Limited, added that most of the banks
across the world are still saddled with legacy platforms which are hampering them from participating in the
experience economy.
iii.i Turmeric FinCloud already has retail banking, lending, origination, and corporate banking API and the company
will continue to add relevant APIs. The platform provides a unique way of modernising without the risk of rip and
replacement using Turmeric tools.
iv.IBM is one of the first independent software vendors and Software-as-a-Service (SaaS) providers to on-board
Intellect’s offerings to the IBM financial services-ready public cloud.
v.Shanker Ramamurthy, general manager (GM), Strategy and Market Development: Global Industries, Platforms &
Blockchain, IBM, also mentioned that by bringing Intellect’s iTurmeric FinCloud platform to the financial services-
ready public cloud, we’re helping drive innovation throughout the industry. As Covid-19 had accelerated the process
of digital transformation in the last few months, compared to the previous years.
About IBM:
Headquarters– Armonk, New York, United States (US).
President– Jim Whitehurst.
Chief Executive Officers (CEO)– Arvind Krishna.
ICRA sharply cuts India’s GDP growth forecast for FY21 at -5%
On May 20, 2020, ICRA Limited (formerly Investment Information and Credit Rating Agency), an Indian
independent and professional investment information and credit rating agency, has sharply reduced
India’s FY21 (Fiscal Year 2020-21) growth forecast to minus 5 % from 1%,-2% growth predicted earlier, due to the
multiple extension of lockdown and labour mismatches results in further delays in supply chain resumption.
Key Points:
i.It has also reduced the growth forecast in first quarter (Q1) of FY2021 to 25 % as compared to the previous forecast
of 16-20 % and to minus 2.1 % in Q2 as against the 2.1 % growth predicted earlier. It implied the economy was in
recession.
ii.However, the agency predicted better growth of 2.1 % growth in Q3 (against previous estimate of 3.6 %) and 5 % in
Q4 of current FY 2021. It expected a V-shaped recovery for the economy based on the assumption that the lockdown
would be cleared within the first quarter. However, the recovery will like W-shape in the event of a second wave of
coronavirus (COVID-19) pandemic.
iii.Earlier, the Finance minister (FM) Nirmala Sitharaman announced an fiscal stimulus package under the ‘Atma
Nirbhar Bharat Abhiyan’ or ‘Self-Reliant India Movement’ at a modest 10 % of the GDP with a total outlay of Rs 20
lakh crore. However, analysts have pegged it at just 0.8-1.2 % of GDP.
About ICRA Limited:
Headquarters– Gurugram, Haryana
Non-Executive Chairman and independent director– Arun Duggal
Chief economist– Madan Sabnavis
Finance ministry exempts B2B firms from using only BHIM, RuPay for accepting payments
On May 20, 2020, In a bid to boost digital transactions and move towards a less-cash economy, the Central Board of
Direct Taxes (CBDT), a statutory authority functioning under the Department of Revenue in the Ministry of Finance,
has exempted firms with a turnover of over ₹50 crore & engaged in business-to-business (B2B) transactions, from
the requirement of accepting payments only by e-payments facilities using debit cards powered by RuPay or BHIM-
UPI (Bharat Interface for Money- Unified Payments Interface).

Key Points:
i.As per the CBDT, the relaxation has been notified for B2B companies only if at least 95% of aggregate of all amounts
received during 2019, including amount received for sales, turnover or gross receipts, are by any mode other than
cash.
ii.The move comes after the representations stating that requirement of mandatory digital payment facilities for
payments through the prescribed electronic modes should be applicable in B2C businesses that directly deal with
consumers.
iii.In addition, it also underscored that the prescribed electronic modes had a maximum payments limit per
transaction or per day, which made them less relevant for the B2B ecommerce sector where the value of transactions
is higher.
iv.With this move, the firms which had little or no retail customer or B2C (business to consumer)transactions
mandated to install e-payment facilities or pay penalty of Rs 5,000 per day as per provision namely Section
269SU was inserted in the Income-tax Act, 1961, will get exempted.
About Ministry of finance:
Union Minister– Nirmala Sitharaman
Indian exports to fall by 20% during FY 21: FIEO

On May 19, 2020 The Federation of Indian Export Organisations(FIEO), apex body of exporters informed that Indian
exports are expected to fall by 20% in the current fiscal, in value terms it will be around USD 50 to 60 billion & also
imports due to COVID-19 pandemic.
Major Highlights
i.FIEO has requested the government to provide 2% additional Merchandise Exports from India
Scheme(MEIS) support to all exports & 4% to labour-intensive sectors like apparel, leather, handicraft, carpets,
marine, tea and processed food.
ii.Merchandise exports constitute around 12% of India’s Gross Domestic Product(GDP), and foreign exchange
earnings are around USD 320 billion.
Key Points
i.As both import & export are expected to fall there will be no significant pressure on the balance of trade. But fall in
export will come up with an issue on job creation and also cause loss of jobs.
ii.In regard to the stimulus package exporters need more support to improve their competitiveness in the global
markets as China has started production.
iii.The depreciation in the rupee is not as sharp as like South Korea, Turkey, Indonesia or Brazil have witnessed
which pressurises the Indian exports.
About FIEO:
FIEO was set up jointly by the Ministry of Commerce, Government of India and private trade and industry in 1965. It
is an apex body of the export promotion councils, commodity boards and export development authorities in India &
provides an interface between the international trading community of India & the central and state.
Headquarters– Niryat Bhawan, NewDelhi
President– Sharad Kumar Saraf
About MEIS:
It was established under the Foreign Trade Policy of India(FTP 2015-20). It provides incentive in the form of duty
credit scrip to the exporter to compensate for his loss on payment of duties.
Aim– to make Indian products more competitive in the global markets
The schemes replaced by the MEIS are- Focus Product Scheme (FPS), Focus Market Scheme (FMS), Market Linked
Focus Product Scheme (MLFPS), Agriculture Infrastructure incentive scheme, Vishesh Krishi Gramin Upaj Yojna
(VKGUY).

1 crore treatments provided under AB-PMJAY, created webinar, launched Ask Ayushman & Hospital
Ranking Dashboard: Harsh Vardhan
On May 21, 2020 Union Minister of Health and Family Welfare(HFW), Harsh Vardhan to mark 1
crore treatments(milestone) of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana(AB-PMJAY), the flagship
health assurance scheme of government since September 2018 has inaugurated the 1st edition of Arogya Dhara, a
series of webinars titled “Ayushman Bharat: 1 crore treatments and beyond” which is created as an open platform
for discussion on topical issues of public health and launched ‘Ask Ayushman’ a chatbot on WhatsApp & “Hospital
Ranking Dashboard”. Minister of State(HFW), Ashwini Kumar Choubey was present during the webinar.
Apart from this, he released a “Special edition of the AB-PMJAY beneficiary electronic(e)-card” exhibiting the
milestone of 1 crore hospital admissions
Launched “Hindi version of the AB-PMJAY website” to enable effective connection with the masses and to empower
them with access to right information through a user-friendly medium.
AB-PMJAY
i.The treatments worth Rs 13,412 crore have been provided through a growing network of 21,565 public and private
empanelled hospitals. The National Health Authority(NHA) is responsible for implementing the scheme.
ii.The scheme provides affordable healthcare in the form of tertiary hospital treatment to poor and vulnerable
Indians through a health cover of Rs 5 lakh per family per year.
Aim of the scheme– To ensure financial risk protection to more than 10.74 crore poorest, most vulnerable families
in the country and is a step forward towards achievement of Universal Health Coverage in India.
iii.The government by the Union Ministry of Health has made the test & make treatment of COVID-19 available for
free to all 53 crore beneficiaries of the scheme, further strengthening the government’s resolve, scope and capability
to move towards universal health coverage.
Ask Ayushman
It is a chat bot on WhatsApp, which is 24*7 Artificial Intelligence(AI)-enabled assistant that provides information on
various aspects of the scheme such as its benefits, features, process of making an e-card, locating the nearest
empanelled hospital, sharing feedback and the process of lodging a grievance.
Key features– One of the key features is that it can understand and respond in Hindi and English languages & also
provides text-to-speech features for the users and can be universally used on all major social media platforms.
Hospital Ranking Dashboard
It is a significant step to rank empanelled hospitals on the basis of beneficiaries’ feedback. The ranking will help NHA
to take evidence based decision making so as to enhance the quality measures and indicators of healthcare delivery
across all empanelled facilities to further improve the beneficiaries experience.
Key Point
The NHA has utilised this period to enhance its IT systems, expertise and network of private sector stakeholders to
support the Government’s preparedness and response in the form of managing the national COVID-19 helpline 1075
to conduct thousands of outbound calls to COVID positive patients and their families.
Constituency:
Harsh Vardhan– Chandni Chowk, New Delhi
Ashwini Kumar Choubey– Buxar, Bihar
Govt amends rules to ban global tender for procurement up to Rs 200 crores to benefit MSMEs
On May 21, 2020 Government has notified the amendments to the General Financial Rules(GFR) 2017 to ensure
that goods and services valued less than Rs 200 crores are procured from domestic firms, which states that
the global tenders will be banned for government procurement upto 200 crores as announced in the
AatmanirbharBharat Package. This move will boost domestic suppliers, particularly Micro, Small and Medium
Enterprises(MSMEs).
Major Highlights
i.No Global Tender Enquiry(GTE) will be invited for tenders up to Rs 200 crore or such limit as may be prescribed by
the Department of Expenditure from time to time.

ii.In exceptional cases, where the Ministry or the Department considers GTE to have special reasons for tenders
below mentioned limits, it may record its detailed justification and seek prior approval for relaxation to the rule
from competent authority specified by the Department of Expenditure.
iii.Small and medium businesses in India accounts for about a 3rd of Gross Domestic Product(GDP) and employs
more than 11 crore people. The package announced helps them to overcome COVID-19 disruptions.
About GFR:
i.It is a compilation of rules and orders of the Government of India to be followed by all while dealing with matters
involving public finances.
ii.These rules and orders are treated as executive instructions to be observed by all departments and organisations
under the Government and specified bodies except otherwise provided for in these rules.
iii.It was issued for the 1st time in 1947 bringing together in one place all existing orders and instructions pertaining
to financial matters. They are modified & issued as GFRs 1963, GFRs 2005 & GFRs 2017.
Cabinet approvals on May 20, 2020

The Union Cabinet headed by Prime Minister Narendra Modi has given its approval to the following on May 20, 2020:
–Cabinet relaxes the existing “Partial Credit Guarantee Scheme (PCGS)”; timeline extended till March 31,
2021
The Union cabinet has relaxed the norms of the Partial Credit Guarantee Scheme (PCGS) worth Rs 45000 crore and
extended its time period from June 30, 2020 to March 31, 2021 for purchase of pooled assets of the distressed
entities.
This relaxation has been provided to widen the coverage to include a larger number of Non-Banking Financial
Companies (NBFCs), housing finance companies (HFCs) and micro finance institutions (MFIs) under PCGS.
In this regard, Sovereign guarantee of up to 20% of first loss will be provided to state-owned banks for purchase of
bonds or commercial papers of NBFCs, MFIs and housing finance companies (HFCs) having a credit rating of AA or
below, including unrated paper with original maturity of up to one year.
Eligibility for modified PCGS:
-NBFCs/HFCs which have reported under Special Mention Account (SMA-1) category on technical reasons alone
during the last one year period prior to August 1, 2018 will be eligible for benefit under the scheme. Earlier
NBFCs/HFCs reported as SMA-1 or SMA-2 during the specified period were ineligible.
-Entities which have made net profit in at least one of the three financial years of 2017-18, 2018-19 and 2019-20 will
be eligible. Earlier, entities which made a net profit in 2017-18 or 2018-19 were only eligible.
Static Points
-Introduced in December 2019, PCGS scheme allows state run banks to purchase high-rated pooled assets from
financially sound NBFCs and HFCs.
-The SMA-1 refers to those accounts where the principal or interest payment remains overdue between 31-60 days,
while SMA-2 pertains to those where the overdue period is between 61-90 days.
–Cabinet approves Rs 10,000 cr “Scheme for formalisation of Micro Food Processing Enterprises (FME)”
Centre has approved the “Scheme for Formalisation of Micro food processing Enterprises (FME)” for the Unorganized
Sector on all India basis with an outlay of Rs 10,000 crore. The expenditure will be shared by GOI and the States in a
ratio of 60:40.
It will be implemented over a 5 year period from 2020-21 to 2024-25 on the basis of Cluster approach.
The scheme aims to increase access to finance by micro food processing units with special focus on women
entrepreneurs and Aspirational districts. It also lays focus on minor forest produce in Tribal Districts.
Benefits:
-Micro enterprises will get a credit linked subsidy of 35% of the eligible project cost with a ceiling of Rs 10 lakh.
Beneficiary contribution will be minimum 10% and balance from loan.
-Seed capital of Rs 4 lakh per SHG will be given for loan to members for working capital and small tools.
-Grant will be provided to food processing organizations (FPOs) for backward/forward linkages, common
infrastructure, packaging, marketing & branding.

–Cabinet approves extension of ‘Pradhan Mantri Vaya Vandana Yojana till 2023
Union Cabinet has approved the extension of the Pradhan Mantri Vaya Vandana Yojana (PMVVY) for further 3 years
till March 31, 2023 from March 31, 2020.
The assured rate of return for fiscal 2020-21 has been pegged at 7.4% per annum. Earlier, the scheme offered an
assured return of 8%.
The expected financial liability will range from an estimated expenditure of Rs 829 crore in 2023-24 fiscal to Rs 264
crore in last FY 2032-33.
What is Pradhan Mantri Vaya Vandana Yojana?
PMVVY scheme, implemented through the Life Insurance Corporation (LIC), gives a guaranteed payout of pension at a
specified rate for 10 years to senior citizens (60 years and above) based on an assured return on the purchase price
or subscription amount. It also offers a death benefit in the form of return of purchase price to the nominee.
–Cabinet approves Rs 20,050 cr Pradhan Mantri Matsya Sampada Yojana
Centre has given its approval to implement the Pradhan Mantri Matsya Sampada Yojana (PMMSY) to bring a blue
revolution through sustainable and responsible development of fisheries.
Outlay: The total estimated investment for the scheme is Rs 20,050 crore, comprising the central government’s
share of Rs 9,407 crore, state’s share of Rs 4,880 crore and beneficiaries’ share of Rs 5,763 crore.
Time Period: The scheme will be implemented during FY 2020-21 to FY 2024-25.
Components: The scheme comprises of two components — Central Sector Scheme and Centrally Sponsored Scheme.
Under the Central Sector Scheme Component an amount of 1720 crores has been earmarked while under the
Centrally Sponsored Scheme (CSS) Component, an investment of Rs. 18330 crores allocated.
About PMMSY:
The PMMSY was one of the programmes announced by finance minister Nirmala Sitharaman as part of the Modi
government’s ₹20 trillion stimulus package last week to restart the economy after a stringent lockdown was
announced on 25 March.
Fisheries sector growth:
-The Gross Value Added (GVA) of fisheries sector in the national economy during 2018-19 stood at Rs 2,12,915
crores (current basic prices) which constituted 1.24% of the total National GVA and 7.28% share of Agricultural GVA.
-Fisheries sector in India grew with an average annual growth rate of 10.88% during the year from 2014-15 to 2018-
19.
-The export of marine products stood at 13.93 lakh metric tons and valued at Rs.46,589 crores (USD 6.73 billion)
during 2018-19.
Targets to enhance Fisheries sector:
-Enhancing fish production from 137.58 lakh metric tons (2018-19) to 220 lakh metric tons by 2024-25.
-Sustained average annual growth of about 9% in fish production
-An increase in the contribution of GVA of fisheries sector to the Agriculture GVA from 7.28% in 2018-19 to about 9%
by 2024-25.
-Double export earnings from Rs.46,589 crores (2018-19) to about Rs.1,00,000 crores by 2024-25.
-Enhancing productivity in aquaculture from the present national average of 3 tonnes to about 5 tonnes per hectare.
-Reduction of post-harvest losses from the reported 20-25% to about 10%.
-Enhancement of the domestic fish consumption from about 5-6 kg to about 12 kg per capita.
-Generate about 55 lakhs direct and indirect employment opportunities in the fisheries sector along the supply and
value chain.
–Cabinet approves Atma Nirbhar Bharat Package for allocation of foodgrains to the migrants / stranded
migrants
The Union Cabinet has given its ex-post facto approval to provide free foodgrains for two months to 8 crore migrants
/ stranded migrants @ 5 kg per person per month (May and June, 2020). It was announced in AtmaNirbhar Bharat
Package.
The total subsidy from the Government of India is estimated at about 3,109.52 crore including food subsidy of about
Rs.2,982.27 crore and intra-state transportation and handling charges and dealer’s margin / additional dealer
margin will account for about 127.25 crore.

–Cabinet approves Rs 30,000 cr Special Liquidity Scheme for NBFCs/HFCs to address their Liquidity Stress
A Special Liquidity Scheme for NBFCs and HFCs was announced in AtmaNirbhar Bharat Package by the Ministry of
Finance has received a Union Cabinet post facto approval. The outlay of the scheme is Rs 30,000 crore and will be
administered by the Department of Financial Services, Ministry of Finance.
Also a Special Purpose Vehicle (SPV) would be set up to manage a Stressed Asset Fund (SAF) whose special
securities would be guaranteed by the Government of India and purchased by the Reserve Bank of India (RBI) only.
Background:
The proposal of special liquidity scheme was mooted in Budget Speech of 2020-21 to benefit the real economy by
augmenting the lending resources of NBFCs/HFCs/MFls. Now, there is an urgency to implement the above Budget
announcement to strengthen financial stability on account of the emerging situation of Covid-19.
–Cabinet approves additional funding of up to Rupees 3 lakh crore through introduction of Emergency Credit
Line Guarantee Scheme (ECLGS)
The Union Cabinet approved the additional funding of up to Rs 3 lakh crore, collateral-free loan support at a
concessional rate of 9.25% through the Emergency Credit Line Guarantee Scheme (ECLGS) for the Micro, Small &
Medium Enterprises (MSME) sector, which has adversely impacted by COVID-19.
This scheme was announced in the Rs 21 lakh crore comprehensive package.
Under this, the lenders including banks, financial institutions and NBFCs, will be provided with complete guarantee
cover by the National Credit Guarantee Trustee Company Limited (NCGTC) for giving loans to MSMEs in the form of a
Guaranteed Emergency Credit Line (GECL) facility.
What is ECLGS?
It provides 100% guarantee coverage by National Credit Guarantee Trustee Company (NCGTC) for additional
funding of up to Rs 3 lakh crore to eligible MSMEs and interested MUDRA borrowers, in the form of a guaranteed
emergency credit line (GECL) facility. For this purpose, a corpus of Rs 41,600 crore shall be provided by the
Government of India spread over the current and the next three financial years.
Eligibility: MSMEs with outstanding credit of up to Rs 25 crore as on February 29, 2020, and with an annual turnover
of up to Rs 100 crore would be eligible for GECL funding.
Loan tenor: 4 years
Moratorium period: One year on the principal amount
Interest rate: Capped at 9.25% for banks and financial institutions and at 14% for NBFCs on loans given under the
scheme.
—Cabinet approves issuance of the Jammu & Kashmir Reorganisation (Adaptation of State Laws) Second
Order, 2020 in relation of Jammu & Kashmir Civil Services (Decentralisation and Recruitment) Act
The Union Cabinet has given its ex post facto approval for the Jammu & Kashmir (Adaptation of State Laws) Second
Order, 2020 issued under section 96 of Jammu & Kashmir Reorganisation Act, 2019.
This order has further modified the applicability of domicile conditions to all levels of jobs in the Union Territory of
Jammu & Kashmir under the Jammu & Kashmir Civil Services (Decentralisation and Recruitment) Act (Act No. XVI of
2010).
–Cabinet approves waiver of interest of Hindustan Organic Chemicals Limited
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Shri Narendra Modi, has given its ex-
post facto approval for waiver of interest of Rs.7.59 crore on Government of India loans of Hindustan Organic
Chemicals Limited (HOCL), as on 31st March, 2005 in addition to the ‘Waiver of penal interest and interest on interest
up to 31st March, 2005’ that was earlier approved by the CCEA in March, 2006 under the rehabilitation package for
HOCL.
The ex-post facto approval will also enable HOCL to settle the pending CAG audit observation in the matter.
–Cabinet approves adoption of methodology for auction of coal and lignite mines/blocks for sale of coal /
lignite on revenue sharing basis and tenure of coking coal linkage
The CCEA “has approved the methodology for auction of coal and lignite mines/blocks for sale of coal/lignite on
revenue sharing basis and increasing the tenure of coking coal linkage.
During the Rs 21 lakh crore comprehensive package detailing, it was announced coal mines would be auctioned to the
private sector for commercial mining to end reliance on imports and improve local production.

Bid Parameters:
The bid parameter will be revenue shared, as bidders would be required to bid for a percentage share of revenue
payable to the government.
The floor price shall be 4% of the revenue share. Bids would be accepted in multiples of 0.5% of the revenue share till
the
Percentage of revenue share is up to 10% and thereafter bids would be accepted in multiples of 0.25% of the revenue
share.
Overview of Monetary Policy Statement 2020-21 released by RBI

On May 22, 2020, The Reserve Bank of India (RBI) has released its Monetary Policy Statement 2020-21 in
Mumbai , Maharashtra. The three-day (May 20 to 22,2020) Monetary Policy Committee (MPC) virtual meeting by the
6 members was headed by RBI Governor Shaktikanta Das with the members Dr. Pami Dua, Dr. Ravindra H. Dholakia,
Dr. Janak Raj, Dr. Michael Debabrata Patra and Dr. Chetan Ghate.
The minutes of the MPC’s meeting will be published by June 5, 2020.
Highlights of the meet:
i.All members of the MPC unanimously voted to reduce the policy repo rate under the liquidity adjustment facility
(LAF) to 4.0 % to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the
impact of coronavirus (COVID-19 on the economy.
ii.These decisions are in line with the aim of achieving the medium-term target for consumer price index (CPI)
inflation of 4 % while supporting growth.
Following table showing the policy rate changed in the meeting:
Change in Basis points
Policy rate New Rate Previous Rate
(bps)
Policy Repo Rate 4.0% 4.40 % 40
Reverse Repo Rate 3.35% 3.75% 40
Marginal Standing Facility
4.25% 4.65% 40
Rate
Bank Rate 4.25% 4.65% 40
Cash reserve Ratio (CRR) 3% 3% No change
Statutory Liquidity Ratio
18.00% 18.25% 25
(SLR)
RBI extends moratorium on loans for another 3 months till August 2020
In order to provide relief for those paying EMI (Equated Monthly Installment) of term loan, the RBI has extended
the moratorium period for the repayment of loans by three months, i.e. August 31, 2020, which make it a total of 6
months moratorium on loan EMIs starting from March 1, 2020.
The earlier three-month moratorium on the loan EMIs was ending on May 31, 2020.
i.The RBI taken this decision asthe flow of people’s income has not been smooth again due to the continuation of the
lockdown due to coronavirus (COVID-19).
What is Moratorium? Moratorium is the period during which one do not have to pay EMI on the loan taken. This
period is also known as EMI holiday. Such breaks are usually offered to help individuals experiencing temporary
financial difficulties recover from it.
India’s 2020-21 GDP growth rate expected to be negative: RBI Governor
According to the RBI Governor Shaktikanta Das, India’s gross domestic product (GDP) growth will be
in negative territory in 2020-21 as the outbreak of coronavirus has disrupted economic activities. He also
stated inflation outlook is “highly uncertain”.
Reserve Bank infuses Rs 15,000-crore line of credit to EXIM Bank
The Reserve Bank extended loan of Rs 15,000 crore to the Export-Import Bank of India (EXIM Bank), which will
be given this loan for 90 days to swap US (United States) dollars.This will help deal with the economic challenges
faced by Coronavirus.

i.Export-import trade of India has severely damaged because of external demand crippling owing to the pandemic
and decline in import of essential goods and services.
RBI increases export credit period to 15 months from 12 months
As India’s exports and imports getting impacted by the pandemic, the RBI hiked the export credit time sanctioned
by banks from 12 months to15 months.
i.It has also increased the time interval for completion of outward remittances against normal imports (excluding
import of gold/diamonds and precious stones/jewellery) into India to 12 months from 6 months from the date of
shipment.
Reserve bank grants Rs 15,000-crore refinance facility for SIDBI
In a bid to provide greater flexibility to SIDBI (Small Industries Development Bank of India) in its operations, the RBI
has announced a special refinance facility of Rs 15,000 crore to SIDBI for on-lending/refinancing to MSMEs (Micro,
Small and Medium Enterprises). Now SIDBI will get an additional 90 days to use the amount.
RBI eases CSF withdrawal rules ; arranges additional Rs 13,300 crore for states
The Reserve Bank has relaxed the withdrawal rules from the Consolidated Sinking Fund (CSF) to provide more
resources to the states. With this, now the states will be able to withdraw an additional Rs 13,300 crore from this
fund to make necessary payments. This change in withdrawal rules will come into force with immediate effect and
will be valid till 31 March 2021.
i. With the general permission for withdrawal and this exemption, the states will be able to complete their 45 %
redemptions in the financial year 2020-21.
ii.In view of the corona virus epidemic and weak financial condition of the state governments, the RBI has reviewed
the scheme and decided to relax the rules governing withdrawal from CSF, which will help the states to repay large
portion of market loans in the current financial year (FY 21).
Industrial production decrease by 17 % in March with manufacturing activity down by 21 % : RBI
According to the RBI Governor Shaktikanta Das, there has been a 17 % decrease in industrial production in March
2020 with the output of 8 core industries (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and
electricity) has decreased by 6.5 % and manufacturing has fallen by 21 %.
Static Points:
Repo Rate: It is the rate at which RBI lends money to commercial banks.
Reverse Repo rate: It is the rate at which RBI borrows money from commercial banks. Cash Reserve Ratio (CRR): The
share of net demand and time liabilities (deposits) that banks must maintain a cash balance with the RBI.
Statutory Liquidity Ratio (SLR): The share of net demand and time liabilities (deposits) that banks must maintain in
safe and liquid assets, such as government securities, cash, and gold.
Bank Rate: It is the rate at which the RBI is ready to buy or rediscount bills of exchange or other commercial papers
for the long term.
Marginal Standing Facility Rate (MSF): The rate at which the scheduled banks can borrow funds from the RBI
overnight, against the approved government securities is termed as MSF.
appointed)
World Bank announces $160 billion assistance to 100 countries

On May 20, 2020, The World Bank announced emergency operations worth USD (United States Dollar) 160
billion to 100 developing countries over a 15-month period to fight the deadly Coronavirus. The coronavirus
pandemic and shutdown is expected to put over 60 million into extreme poverty globally.
Key Points:
i.Since March 2020, the Bank Group has rapidly delivered record levels of support in order to help countries protect
the poor and vulnerable, reinforce health systems, maintain the private sector, and bolster economic recovery.

ii.Of the 100 developing countries, nearly 70% are home to the world’s population, 39 are in Sub-Saharan Africa.
Nearly one-third of the total projects are in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti
and Niger.
iii.The International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) have also fast-
tracked support to businesses in developing countries, including trade finance and working capital to maintain
private sectors, jobs and livelihoods.
iv.The Bank Group’s support through grants, loans and equity investments will be supplemented by the suspension of
bilateral debt service, as endorsed by the Bank’s governors.
v.IDA (International Development Association), eligible countries can request forbearance on their official bilateral
debt payments to have more financial resources and respond to the COVID-19 pandemic, fund critical, lifesaving
emergency responses.
vi.The International Development Association (IDA) is the part of the World Bank that helps the world’s poorest
countries.
vii.The Bank Group’s operations in 100 countries aim to save lives, protect livelihoods, build resilience and boost
recovery by:
Strengthening health systems, monitoring, and prevention, particularly in low-income countries and in fragile and
conflict-affected situations.
Scaling up social protection.
Supporting businesses and preserving jobs.
Procuring medical equipment and supplies.
About World Bank:
Headquarters– Washington D.C., United States (US).
President– David Malpass.
IRDAI approves Union Bank to continue with its 30% holding in IndiaFirst Life Insurance
On May 22, 2020 Insurance Regulatory and Development Authority of India(IRDAI) has approved the proposal of the
state owned lender Union Bank of India-UBI(which holds 25.1% stake in Star Union Dai-Chi Life) to continue with
its 30% holding in IndiaFirst Life Insurance.
The holding is with condition that- the lender will not exercise management or any control over the insurer’s
management & in appointing separate directors on the board or IndiaFirst and Star Union Dai-Chi and in case of any
conflict in the decision will be taken up with the Reserve Bank of India(competent authority)
Major Highlights
i.The authority will permit UBI and insurers promoted by it a period of one year to hold existing shares of the Andhra
Bank in IndiaFirst Life Insurance for a period of 12 months following the merger(merger of UBI, Corporation bank &
Andhra bank) and reorganize the arrangements to remove conflict of interest issues which have arisen from the
merger.
ii.As per IRDAI’s guidelines, there is a restriction that a lender must not own more than 10% stake in two insurance
companies & cannot exercise management control in IndiaFirst and have the same directors for insurers promoted by
the bank. The bank was expected to remove the entire stake or a considerable part of IndiaFirst Life Insurance as per
IRDAI’s guidelines
iii.The bank received a promoter stake in IndiaFirst Life Insurance in April, which was previously held by Andhra
Bank following its ‘mega’ merger on April 1 with Andhra Bank and Corporation Bank.
Key Points
As of now, Bank of Baroda is the biggest shareholder in India First Life Insurance with 44% stake. Camel Point
Investments, a Mauritius based company owned by private equity investor Warburg Pincus has the remaining 26%
share.
Background
UBI has sent a proposal to seek permission to continue with its existing holding in IndiaFirst Insurance and Star
Union Dai-Chi for an extended period of at least one year on March 7.

About UBI:
Chairman & Part time Non-Official Director- Kewal Handa
Managing Director(MD) & Chief Executive Officer(CEO)– Rajkiran Rai G.
About IndiaFirst Life Insurance:
MD & CEO– RM Vishakha
About IRDAI:
Headquarters– Hyderabad, Telangana
Chairman– Subhash Chandra Khuntia
KKR buys 2.32% in Jio Platforms for Rs 11,367 crores

On May 22, 2020, Reliance Industries Limited(RIL) announced the sale of a 2.32 % stake in its digital unit, Jio
Platforms to US private equity giant KKR for Rs 11,367 crores, which is the 5th deal of Jio since 22 April that will
inject Rs 78,562 crores in RIL to cut debt.
Major Highlights
i.After this transaction, Jio Platforms will have an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16
lakh crore.
ii.This is KKR”s largest investment in Asia & it will translate into a 2.32% equity stake in Jio Platforms on a fully
diluted basis.
iii.As part of its plans to be debt-free, RIL is also raising Rs 53,215 crore by a rights issue.
Previous deals by Jio
Date Name of the Company Stake % Amount in crores
April 22 Facebook 9.99% Rs 43,574
May 4 Silver Lake 1.15% Rs 5,655.75
May 8 Vista Equity Partners 2.32% Rs 11,367
May 17 General Atlantic 1.34% Rs 6,598.38
KKR
i.Since its inception in 1976, the firm invested over USD 30 billion (total enterprise value) in tech companies, and its
technology portfolio currently has more than 20 companies across the technology, media and telecom sectors.
ii.It has a history of building leading global enterprises and successfully investing in businesses in the technology
sector, including BMC Software, ByteDance and GoJek, through its private equity and technology growth funds. India
has been a key strategic market for KKR with a history of investing in the country since 2006.
Managing Director(MD), Private Equity, Mumbai- Rupen Jhaveri
Co-Chairman and Co-CEO– George Roberts
About RIL:
Chairman & MD– Mukesh D. Ambani
Maruti Suzuki ties-up with Cholamandalam Investment & Finance to launch ‘Buy Now Pay Later’
offer
On May 22, 2020, Coronavirus (COVID-19) outbreak caused a sharp decline in car sales & to speed up sales, car
companies are offering various types of finance schemes to entice customers.
In this sequence Maruti Suzuki India Limited, an automobile manufacturer in India, has joined hands with
the Cholamandalam Investment and Finance Company Limited (CIFCL) to launch ‘Buy Now Pay Later’ financing
scheme to make the purchase of its cars even more convenient.
Key Points:
i.Under the scheme, customers have the option to avail a 60-day surcharge on their EMI (equated monthly
instalments). However, this offer is available on select Maruti Suzuki models and is applicable on loan payments due
on or before 30 June 2020.

ii.Maruti Suzuki India has a network of 3,086 car retail outlets across 1,964 cities and towns, while Cholamandalam
Investment has about 1,100 branches spread across semi-urban and rural markets in India. The partnership will
enhance both the companies’ convenience by offering customized retail financing to customers.
iii.Apart from Maruti, Tata Motors and Mahindra have also rolled out similar finance schemes this week.
About Cholamandalam Investment and Finance Company Limited (CIFCL):
Headquarters– Chennai, Tamil Nadu
Managing Director– Arun Alagappan
Executive Director– Ravindra Kundu
About Maruti Suzuki India Limited:
Managing Director & CEO- Kenichi Ayukawa
Executive Director (Marketing & Sales)-Shashank Srivastava
Edelweiss General Insurance launched app-based OD floater policy

On 21st May 2020, Edelweiss General Insurance launched ‘Edelweiss SWITCH’, an app-based motor insurance own
damage (OD) floater policy under IRDAI’s sandbox regulations. This driver-based motor insurance allows the owners
of the vehicles to cover multiple vehicles under a single policy.
Key Points:
i.Edelweiss SWITCH is approved under the ‘Pay as you use’ model, expected to change the standard of determining
the premium of Motor OD based on the age, make and model of vehicle to usage of vehicle and experience of driver
ii.Edelweiss SWITCH ON allows the user to switch their policy cover based on the usage of their vehicles allowing the
user to pay the premier on the days when they use the vehicle and the policy also covers accidental damage,
24/7/365 against fire and theft even when the policy is switched off, since these can happen even when the vehicle is
not being driven.
iii.The policy holder can cover three vehicles in a single policy for one year. The policy holders can use the app to
SWITCH their policy cover ON and OFF based on their usage of vehicle.
iv.This was developed to satisfy the needs of the customers who may not use their vehicles regularly or use alternate
vehicles like cars and two wheelers as this will reduce the premiums as they pay per usage.
About Edelweiss General Insurance:
Executive Director & CEO – Shanai Ghosh
Chief Financial Officer(CFO) – Jitendra Attra
Corporate Office – Mumbai
ICICI introduced ‘ICICI Bank Golden Years FD’ a special FD with interest rate of 6.55% pa for senior
citizens
On May 21, 2020 The Private sector ICICI bank has introduced a special fixed deposit (FD) scheme for senior
citizens called ‘ICICI Bank Golden Years FD’ which offers an interest rate of 6.55% per annum(p.a) for deposits up
to Rs 2 crores with a tenure of more than 5 years(5 years and 1 day ) to 10 years. It is applicable for resident Indians
& is available from May 20 to September 30, 2020.
Key Points
i.The scheme offers 80 basis points (bps) more than what is applicable to the general public (non-senior citizens) for
the same deposit amount and tenor.
ii.It is 30 bps more than the previous rates offered by the Bank.
Major Highlights of the scheme
i.For new and old FDs- Resident senior citizens can also avail the benefit of the scheme for new FDs as well as
renewal of old FDs.
ii.Loan against FD– The customers can avail a loan against their FD up to 90% of principal and accrued interest
iii.Credit card against FD– The customers can apply for a credit card against their FD from the Bank.
Other Bank’s special FD launch for senior citizens
State Bank of India(SBI)

SBI has launched ‘SBI Wecare Deposit’ scheme which offers an additional 30 bps interest to senior citizens on their
term deposits. However, tenor of such deposits must be at least 5 years. The scheme is available from May 12 to
September 30, 2020.
Housing Development Finance Corporation(HDFC)
HDFC has launched ‘Senior Citizen Care FD’ which offers an additional 75bps for deposits with more than 5-year
tenors with investments up to Rs 5 crore. The scheme is available between May 18, 2020 and September 30, 2020.
About ICICI:
Corporate Office- Mumbai, Maharashtra
Registered Office– Vadodara, Gujarat
Managing Director & CEO– Sandeep Bakhshi
Chairman– Girish Chandra Chaturvedi
IRDAI’s working committee recommended enhancing trade credit policy (TCI) cover to 90% from
85%
Insurance Regulatory and Development Authority of India (IRDAI) formulated nine-member expert panel headed by
New India Assurance (NIA) Chairman & Managing Director (CMD) Atul Sahai has recommended an increase
in indemnity (protection against finances) being provided to the policyholders under Trade Credit Insurance
(TCI) from existing 85% of the trade receivables from each buyer to 90%.
For Micro and small enterprises (MSEs), 95% indemnity is proposed to provide relief in the event of loss which is
beyond their control.
The recommendations are aimed at improving the overall business environment by protecting suppliers as well as
lenders against payment defaults.
Other recommendations:
-Permitting issue of TCI policy to banks, financiers, lenders for trade-related transactions, except for covering loan
default of seller. At present, they cannot avail the policy.
-Modifications in certain definitions for improved clarity and understanding.
-Adding new options in the policy, including a provision of single-buyer risk covers only for MSEs.
-Creation of a Buyer Default Database with Insurance Information Bureau (IIB) as a measure to keep a check on
defaulters.
-Reserve Bank of India (RBI) to recognise credit insurance products as risk mitigation tools for banks to make them
eligible for capital relief.
The recommendations are open for comments till June 3.
About TCI:
Introduced in 2016, TCI is an effective risk management tool for the suppliers of goods and services and other
financial institutions, to facilitate and promote trade by addressing issues concerning losses arising from payment
related defaults.
Need for change in TCI guidelines:
The existing TCI guidelines do not allow the insurance companies to offer full-fledged benefits to suppliers and
restrict covers to banks and financial institutions. To overcome this situation and also to cater with the changing
pattern of trade, IRDAI had instituted a working group to revisit the existing guidelines on Trade Credit Insurance.
About IRDAI:
Headquarters– Hyderabad, Telangana
Chairman– Dr. Subhash Chandra Khuntia
World Bank names Carmen Reinhart as chief economist and vice president
On May 21, 2020, The World Bank named former Bear Stearns executive Carmen Reinhart as its new Vice President
(VP) and chief economist, tapping an expert on financial crisis who also serves on the advisory board of the New York
Federal Reserve. Reinhart’s appointment is effective on June 15, 2020.

Key Points:
i.About Carmen Reinhart: Reinhart has a PhD (Doctor of Philosophy) from Columbia University and currently
teaches international economics at the Harvard Kennedy School. She has also worked at the Peterson Institute for
International Economics, International Monetary Fund (IMF) and the University of Maryland.
ii.She served as a professor at Harvard University, United States (US), has published a book entitled “This Time is
Different: Eight Centuries of Financial Folly,” together with economist Kenneth Rogoff of Harvard University in 2009.
iii.Areas of expertise: She is expertise in areas including international capital flows, finance, macroeconomics, the
economies of Asia and Latin America, banking and sovereign debt crises, currency crashes, and contagion.
iv.Reinhart is an adviser & contributor to ongoing World Bank debt transparency discussions and a member of a new
IMF external advisory group working on policy challenges, including the coronavirus pandemic and its economic
impact.
v.Earlier in her career, she worked as Vice President (VP)and chief economist at Bear Stearns Company. Reinhart has
been listed among Bloomberg Markets Most Influential 50 in Finance, Foreign Policy’s Top 100 Global Thinkers, and
Thomson Reuters’ The World’s Most Influential Scientific Minds.
vi.Awards: In 2018 Reinhart was awarded the King Juan Carlos Prize in Economics and NABE’s (National Association
for Business Economics) Adam Smith Award.
About World Bank:
Headquarters– Washington D.C., United States (US).
President– David Malpass.
Abhas Jha appointed as Key position in South Asia by World Bank

On 23rd May 2020, Abhas Jha, Indian economist was appointed to a key position on Climate change and disaster
management in South Asia by the World Bank. Previously He served as the Practice Manager for Urban Development
and Disaster Risk Management in East Asia and Pacific region.
Key Points:
i.His appointment came during the Amphan Cyclone situation in Bangladesh, West Bengal and Odisha(Indian coastal
states).
ii.His role is to encourage and support the South Asia region(SAR) in Disaster Management and Climate Change team
support and collaborate across the Global Practice boundaries.
iii.He is expected to provide response to the client demands and strengthen disaster risk management and climate
actions in the SAR
Background:
i.Abhas Jha, based in Singapore, is expected to work with the Practice Managers, Global Leaders and Global solutions
Groups to incubate, pilot and make innovative and high-quality development solutions and to promote the global
knowledge
ii.Abhas Jha joined in the World Bank’s Executive Director’s office for Bangladesh, Bhutan, India and Sri Lanka in
2001 and worked in the Latin America and Caribbean, Europe and Central Asia and East Asia and the Pacific regions.
iii.He worked on cities, infrastructure finance and economics, risk and resilience and public policy and worked on
policy reforms and development finance in the countries like China, Vietnam, Indonesia, Thailand, Turkey, Mexico,
Brazil, Jamaica and Peru.
iv. His most recent assignments are Practice Manager for Urban Development and Disaster Risk Management in the
East Asia Pacific Region, his jurisdiction includes India, Bangladesh, Pakistan, Afghanistan, Sri Lanka, Nepal
About World Bank:
President – David Malpass
Managing Director & Chief Administrative Officer – Shaolin Yang
Headquarters – NW Washington, DC, United States

AP’s CM Jagan Mohan Reddy launches Rs 1,110 crores ‘ReStart’ to revive MSME sector
On May 22, 2020 Andhra Pradesh(AP)’s Chief Minister(CM) Y.S. Jagan Mohan Reddy has launched Rs 1,110 crores
‘ReStart’ a new programme to support & boost the Micro, Small and Medium Enterprise(MSME) sector in the State.
Major Highlights
This initiative will benefit over 72,531 micro-enterprises, 24,252 small and 645 medium scale industries. The state
government will allocate Rs 200 crores as investment capital by providing loans in partnership with the Small
Industries Development Bank of India (SIDBI) at a low-interest rate.
The package includes the following
Release of Rs 905 crores of pending incentives to MSME units in two months, waive fixed demand charges towards
power for three months from April 20 to June 20 for MSMEs amounting to Rs 188 crores, provide Rs 200 crores
working capital loans by creating a fund to meet their liquidity crisis.
Scheme
As part of this scheme, the 1st instalment of Rs 450 crores was released which will benefit nearly 98,000 units that
provide employment to more than 10 lakh people who were facing hardships due to the lockdown.
Key Points
i.The state has identified around 360 products to be purchased from the MSMEs, and its payments will be cleared in
45 days.
ii.Of the total purchases, almost 25% will be done from the micro and small enterprises, 4% from the Scheduled
Caste(SC) and Scheduled Tribes(ST) community enterprises, and 3% from women entrepreneurs. Over 97,428
MSMEs are established in the state which employs about 10 lakh workforce.
iii.The collectors are directed to make a skill gap study with the industries and accordingly impart the required skills
among the youth through Skill Development Colleges & to lay special focus on the sector and assign a Joint Collector
exclusively for its development.
About AP:
Capital– Amaravati
Governor– Biswa Bhusan Harichandan
About SIDBI:
Headquarters– Lucknow, Uttar Pradesh
Chairman & Managing Director– Mohammad Mustafa
First Meeting of XVFC’s Committee on Fiscal Consolidation Roadmap held through VC; GDP growth
remains -6% to 1% for FY21
On May 20, 2020, the first meeting of the 15th Finance Commission’s (XVFC) committee on Fiscal Consolidation
Roadmap was held through video conferencing (VC). The committee headed by Nand Kishore (NK) Singh has
recommended the judgement of Reserve Bank of India (RBI) on monetisation of fiscal deficit, as RBI is
government’s principal debt manager.
The committee supported the Centre’s decision of allowing states to borrow up to 5% of gross state domestic product
(GSDP) as it has ended the asymmetry between the Centre and states on the level of borrowing. It will improve the
medium-term growth potential of states and be able to finish their debt.
It should be noted that as a part of the economic package, the Centre on May 17, 2020 raised the borrowing limit of
states from 3 % of GSDP to 5% in 2020-21.
The committee also recommended that Centre and the states should not cut expenditures drastically this year
(FY21), and keep the capital outlays elevated in order to tackle the unprecedented situation caused by Covid-19.
Background of XVFC committee:
The major mandate of XVFC is to work out the fiscal consolidation roadmap of the Central and state governments for
the period, 2021-22 to 2025-26. This task has been complicated by the extra-ordinary situation caused by the spread
of the COVID-19 pandemic. Therefore on March 18, 2020, the Finance Commission constituted a committee to review
the Fiscal Consolidation Roadmap of the General Government under the chairmanship of N.K. Singh, who is also the
Chairman of the 15th Finance Commission.

According to the existing fiscal consolidation roadmap, India’s fiscal deficit had to touch 3% of gross domestic
product by 2020-21. However, Finance Minister Nirmala Sitharaman invoked an escape clause of 0.5% points in her
Budget speech, thereby increasing the fiscal deficit target to 3.5% of GDP.
India’s GDP growth remains -6% to 1% in FY21
The Committee also estimated India’s GDP growth to -6% to 1% in the financial year 2020-21. The accurate figures
will be assessed only after growth numbers of the fourth quarter of 2019-20 and the first quarter of 2020-21 are out
which will be the basis of calculations.
The nominal GDP will accelerate to 4-5% in FY2021-22.
Participants of Virtual XVFC committee meet: The meeting was attended by N K Singh (Chairman), Ajay Jha and
Anoop Singh, Members of the 15th Finance Commission, Chief Economic Adviser Krishnamurthy Subramanian,
representatives of some states, and economists Sajjid Z. Chinoy and Prachi Mishra.
About XVFC:
It will give recommendations for devolution of taxes and other fiscal matters for five years from 1st April 2020 to 31
March 2025. The final report will be submitted by October 30, 2020.
Formulated– 2017
Parent department– Ministry of Finance
Chairman– NK Singh
Members– Ajay Narayan Jha, Prof. Anoop Singh, Dr. Ashok Lahiri, Member, and Prof. Ramesh Chand.
India’s crude steel output slips 65.2% to 3.13 MT in Apr: Worldsteel April 2020 report
In accordance with the World Steel Association (worldsteel) monthly crude steel report for April 2020, India’s crude
steel output declined by 65.2% to 3.137 million tonnes (MT) during April, 2020 in comparison to the 9.021 MT of
crude steel production in April 2019. The key reason behind this decrease is the nationwide lockdown imposed on
March 25, 2020 to contain the COVID-19 spread.
The report included 64 steel production nations reporting to the worldsteel.
India had posted a 14% decline in steel output at 8.65 MT in March, 2020 as compared with 10.04 MT in March 2019.
On the global front, steel output also declined by 13% to 137.09 MT as compared with 157.67 MT in April 2019.
Decline in other countries:
China reported a 1.7% fall in its output in March, 2020 at 78.97 MT.
The United States (US) produced 4.96 MT of crude steel in April, 32% lower than 7.35 MT in April 2019.
Japan registered a 23% fall in crude steel production at 6.61 MT in April 2020 as against 8.64 MT in April 2019.
South Korea produced 5.50 MT crude steel, down 8.4% from 6 MT in April 2019.
In the EU, Germany estimated 3 MT of crude steel production in April 2020, down 10.7% from April 2019. Italy’s
production was down by 30.7% at 1.35 MT.
France estimated 0.80 MT of crude steel production in April 2020, a 37.9% decrease compared to April 2019, while
Spain produced 0.67 MT of crude steel in April 2020, down 48% from April 2019.
Russia estimated 4.70 MT of crude steel production in April 2020, Ukraine produced 1.33 MT,
while Brazil produced 1.81 MT.
Turkey’s crude steel production for April 2020 was 2.24 MT.
About World Steel Association:
Headquarters– Brussels, Belgium
Director General– Dr Edwin Basson
Fintech startup Zaggle ties up with Visa to launch innovative payments solutions for SMEs & startups
On May 23, 2020 Fintech startup Zaggle informed that it has partnered with payments technology major Visa to
launch innovative payment solutions for Small and Medium Enterprises(SMEs) and startups so as to enhance
productivity, efficiency, automate processes, reduce costs & focus on easy and fast credit with a unique card which
will have forex, prepaid & credit.

Major Highlights
i.The platform will add over 600 SMEs every month. Special emphasis is placed on SMEs in the country who have
been severely affected by the pandemic which will benefit with a credit line, digitized spending and ability to borrow
more by being able to show more digital transactions. Zaggle will open this platform to a million SMEs.
ii.To attract SMEs to avail the services of the fintech solutions, Zaggle is working on many approaches and incentives
such as reward systems on using or swiping the card.
iii.Zaggle also has a partner network with companies such as WeWork, MakemyTrip, AWS etc to bring out
differentiated value propositions for startups/SMEs.
Advantages of this partnership for Zaggle
i.Zaggle will leverage Visa’s expertise in the payments space to co-create and build new solutions for SMEs & will gain
new customers and merchants and gain the latter’s support for new technological innovations and ideas.
ii.This will help the company to expand its services and client base who need to improve automation and digitise
spends to bring in more transparency.
Focus of the collaboration– To improve the working capital management of SMEs, who are in need of a payment
instrument that helps it to optimize and improve cash flows for all their business expenses.
Other launch & announcement for SME’s
i.Zaggle plans to launch ”FoundersCard”, a credit card for founders and Chief Executive Officers(CEOs) of SMEs and
start-ups in the next 45-60 days(may be by august 15). It is a first-of-its-kind single payment instrument, that can be
used to optimize working capital and digitally manage all the expenses of an SME/Startup.
ii.Zaggle builds up a phenomenal ecosystem of various partners to bring all the SMEs on a single platform like the
founders’ card on which all these solutions are automatically listed.
iii.Recently has announced free Zaggle SAVE Do-it-Yourself (DIY) AI Powered Expense Management Solution for
SMEs along with other cutting-edge API Banking products.
Currently it works with more than 3,000 large customers.
About Zaggle:
Headquarters– Mumbai, Maharshtra
Founder & Chairman– Raj N Phani
Managing Director & Chief Executive Officer(CEO)– Avinash Godkhindi
About Visa:
Headquarters- Foster City, California
Chairman and CEO- Alfred F. Kelly, Jr.
MP Chief Minister Shivraj Singh Chouhan to inaugurate ‘Everybody will get employment’ scheme
through video conferencing
Madhya Pradesh(MP) Chief Minister(CM) Shivraj Singh Chouhan will inaugurate the ‘Everybody will get
employment’(Sabko Milega Rozgar) scheme through video conferencing. Under this scheme, Mahatma Gandhi
National Rural Employment Guarantee Act, 2005(MNREGA) job cards will be distributed to the labourers.
CM will also hold discussion with the heads of village administrative committees through video conferencing.
Purpose of the scheme
To provide employment to migrant labourers and those labourers who have gone out in search of employment, in
their village and gram panchayats.
Major Highlights
i.A large number of employment oriented activities have been started under the MNREGA scheme to implement this
program. New labourers will be engaged in these activities.
ii.In this video conferencing, 100 district centres will be linked with the 2 V.C conference hall located in all district
headquarters of the state, and the participation of village heads and MNREGA labourers will be ensured by sharing
the link at other block headquarters also.
Key Points
i.As per the official information, 19 lakh 92 thousand labourers are working in 22695 gram panchayats out of 22809
gram panchayats in the state.

ii.From April 1 till now more than 35 lakh 45 thousand labourers have been provided employment under MNREGA
during the Corona crisis, in this 42.2% women have been given employment.
Other launch by MP to help migrant labourers
MP has launched 1st of its kind initiative ‘Charan Paduka campaign’ for migrant labourers workers across the states
where shoes and slippers are provided to barefoot migrants
About MP:
Capital– Bhopal
Governor– Lal Ji Tandon
Thermal Power Station(TPS)– Amarkantak TPS, Chachai; Sanjay Gandhi TPS, Birsinghpur; Satpura TPS, Sarni; Singaji
TPS, Khandwa.
Alibaba co-founder Jack Ma to resign from SoftBank’s Board

Alibaba co-founder, e-commerce billionaire Jack Ma is set to resign from SoftBank’s board of directors after 13 years,
which is effective from June 25, 2020. SoftBank ‘s board will propose three new appointments, including Lip-Bu Tan
,Yoshimoto Goto, Yuko Kawamoto at its annual general meeting on June. The SoftBank Group is a Multinational
conglomerate company in Minato city, Tokyo, Japan.
LIC launches modified PM Vaya Vandana Yojana pension scheme
On May 26, 2020 Life Insurance Corporation of India(LIC) announced the launch of the Pradhan Mantri Vaya
Vandana Yojana-PMVVY (Modified- 2020) Scheme for those over and above 60 years. The sale will be available
from May 26 for 3 financial years(up to March 31, 2023). This scheme can be purchased offline as well as online
from LIC website.
Key Points
i.The Union Cabinet has recently extended the pension plan till 31 March 2023 which is a social security scheme for
senior citizens.
ii.LIC is solely authorised to operate this scheme that offers a total payout not exceeding Rs 15 lakhs. The scheme is a
Non-Linked, Non-Participating, Pension Scheme subsidised by the Centre.
Major Highlights of the scheme
i.Tenure & interest rate
The policy has a 10-year tenure and for policies sold in the 1st financial year March 2021, the scheme will offer an
assured rate of return of 7.40% per annum(p.a), but will be paid monthly for the entire 10 year period.
For policies sold over the next two fiscal years, the applicable assured interest rate will be reviewed and decided by
the government at the beginning of each financial year.
ii.Senior citizens can draw a minimum pension of Rs 1,000 per month(p.m) depending on the amount invested in the
scheme. The maximum pension amount is limited at Rs 10,000 p.m
iii.Mode of pension
The scheme can be purchased with a total purchase price & the pensioner has the option to choose either the amount
of pension or the purchase price. At the time of purchasing the plan, the pensioner can choose the monthly /
quarterly / half yearly or annual mode of pension.
Minimum Investment: The minimum investment has also been revised to ₹1,56,658 for pension of ₹12,000 per
annum.
Minimum purchase price: For Monthly mode- Rs1,62,162; For quarterly mode- Rs 1,61,074; For half-yearly mode-
Rs 1,59,574; For yearly mode- Rs 1,56,658
Maximum pension: In monthly mode – Rs 9,250; In quarterly mode-Rs. 27,750; In half-yearly mode- Rs 55,500; In
yearly mode- Rs. 1,11,000
iv.Benefits
Pension Payment– In case the pensioner survives during the policy term, pension in arrears (at the end of each
period as per mode chosen) shall be payable.
Death Benefit– In case of death of the pensioner during the policy-term, the purchase price shall be refunded to the
nominee/legal heirs.

Maturity Benefit– In case if the pensioner survives through the policy term of 10 years the purchase price & the last
pension payout shall be given.
v.Loan- After 3 policy years, the policy allows loan up to 75% of purchase price.
vi.Surrender Value– There is a provision of premature(early) exit for treatment of any critical/terminal illness of
self or spouse. In this case, the surrender value payable shall be 98% of the purchase price.
About LIC:
Chairman– M R Kumar
Maruti Suzuki partners with ICICI Bank to provide retail financing schemes to customers
On 26th May 2020, Maruti Suzuki India Limited (MSIL) announced its partnership with ICICI Bank to offer retail
financing schemes to its customers. ICICI bank offers a flexible EMI scheme allowing the customers to pay minimum
EMI initially to support them in the liquidity stress during COVID-19 situation.
Features of Tie-up:
i.Flexi EMI scheme: The Bank offers a loan of Rs.1 Lakh, with the EMI amount starting from Rs.899 for the first
three months and similar offers for the EMI plans for the customers of MSI. The offer is to benefit the customers of
all profiles who are willing to buy a car.
ii.Balloon EMI Scheme: Offers the customers to pay Rs.1797 per lakh in a tenure barring the last instalments when
the customers pay one-fourth of the loan amount.
iii.Step up EMI Scheme: This offers the customers an advantage of increasing EMI amount upto 10% as their income
increases every year. The EMI starts from Rs.1752 per lakh for the first year and increases 10% a year for the 5 year
tenure.
Also, the Bank offers up to 100% on-road funding of Maruti Suzuki cars and finance under Pragati-Assessed income
Product (AIP) to the prospective Maruti Suzuki.
Key Points:
i.The association of MSI with ICICI bank will provide mobility solutions to the customers with low down payment and
low EMI products.
ii.over 3000 outlets of Maruti Suzuki and the extensive networks of ICICI bank across the nation will provide this
offer.
About Maruti Suzuki:
Chairman- Ravindra Chandra Bhargava
MD & CEO- Kenichi Ayukawa
Head office- New Delhi
About ICICI Bank:
MD & CEO- Sandeep Bakhshi
India’s GDP growth is expected to reach 1.2% in Q4 FY20: SBI Ecowrap report
On May 26, 2020 According to the State Bank of India’s(SBI) Ecowrap report India’s Gross Domestic
Product(GDP) is estimated to grow at 1.2% in the last quarter(Q4) of FY20 as economic activity came to a halt since
last week of March due to the nationwide lockdown.
i.The GDP is likely to be 4.2% for FY20 as compared to the 5% projected earlier and (-)6.8% for FY21. The gross
value added (GVA) growth would be nearly (-) 3.1%. for FY21
ii.The GDP growth of 3rd quarter of FY20 slipped to a nearly seven-year low of 4.7%, in Q1 it was 5.1% & in Q2 was
5.6%.
iii.The report forecast a loss of at least Rs 1.4 lakh crore during the last week of March.
In red zones & almost all the big districts of the country, the loss is maximum (around 50%). The combined loss of
orange and red zones is around 90% of total loss.
In case of state-wise analysis, the top 10 states accounted for 75% of total GDP loss with Maharashtra contributing
15.6% of total loss followed by Tamil Nadu (9.4%) and Gujarat (8.6%).
iv.The estimates in the report are based on an assessment of current trends which may change rapidly as the cyclone
disaster in West Bengal & the continued return of migrant labourers.

About SBI:
Chairman– Rajnish Kumar
Uttarakhand CM Rawat presented Rs 53,527-cr budget for FY20-21; 25 public welfare goals in focus
On March 4, 2020, Uttarakhand Chief Minister Trivendra Singh Rawat presented the surplus annual budget of Rs
53,526.97 crore for FY20-21. The budget is described as the document reflecting the hopes and aspirations of the
people of the state. It aims to achieve 25 public welfare goals under the state government’s Vision 2020.
Total expenditure for the financial year 2020 is estimated at Rs 53,526.97 crore, out of which a provision of Rs
42,389.6 crore has been made under revenue expenditure and Rs 11,137.30 crore under capital expenditure.
A revenue surplus of Rs 49.66 crore is expected, while the fiscal deficit is estimated at Rs 7,549.74 crore.
The ratio of fiscal deficit to gross state domestic product (GSDP) is 2.57%, which is within the 3% prescribed limit of
fiscal responsibility and budget management (FRBM) act.
This is the fourth annual budget of the state’s BJP government which took over in March 2017.
Key Allocations:
-An amount of Rs 315 crore is proposed under World Bank scheme of disaster management.
-Launch of Krishi Upadan Lagat Sarvekshan Yojana for providing minimum support price for crops like mandua,
sanwa, urad, ghat and masoor.
-For generation of self-employment opportunities and prevent migration from hilly areas, a provision of Rs 15
crore has been made under Mukhyamantri Swarojgar Yojana.
-A migration cell will be set up under the Mukhyamantri Palayan Roktham Yojana for which a provision of Rs 18
crore has been made.
-An amount of Rs 1,265 crore has been proposed for Haridwar Kumbh 2021.
-A provision of Rs 2,300 crore has been made for payment of wheat and paddy procured from farmers under rabi
and kharif procurement, respectively, in 2020-21.
-An amount of Rs 240 crore is proposed for the payment of residual dues to sugarcane growers.
-The integrated cooperative development project has been allocated Rs 100 crore.
-A provision of Rs 2,055.56 crore is proposed for PWD and Rs 1,072 crore has been made available under Pradhan
Mantri Gram Sadak Yojana (PMGSY) to boost rural connectivity.
-Budget proposes Rs 133 crore to build school infrastructure and Rs 100 crore for Atal Ayushman Uttarakhand
Yojana.
About Uttarakhand:
Capital– Dehradun, Gairsain (Summer)
State Bird– Himalayan monal
State Animal– Alpine musk deer
Rs. 20,050 cr PMMSY detailed by Giriraj Singh: Fish production target set to 220 LMT by FY24-25
On May 26, 2020, Union Minister for Fisheries, Animal Husbandry and Dairying, Giriraj Singh detailed the Pradhan
Mantri Matsya Sampada Yojana (PMMSY) during a press conference in New Delhi. PMMSY was announced as a part
of the Rs 20 Lakh crore Centre’s economic stimulus package in response to COVID-19 and received the Union Cabinet
approval on May 20, 2020. It will be implemented for a period of 5 years i.e. from FY 2020-21 to FY 2024-25 in all
states and Union Territories (UTs). This is the first time insurance coverage for fishing vessels are being introduced.
PMMSY is dedicated to the fishers, fish farmers, fish workers, fish vendors and other stakeholders associated with the
fisheries sector.
Importantly, the scheme is providing insurance coverage for fishing vessels, which is being introduced for the first
time.
A booklet on PMMSY was also released during the conference.
Outlay of the scheme: Rs. 20,050 cr
The outlay of the scheme is Rs. 20,050 crores comprising Central share of Rs. 9,407 crore, State share of Rs 4,880
crore and Beneficiaries contribution of Rs. 5,763 crore for a period of 5 years from FY 21 to FY25.
This scheme’s outlay resulted in the highest ever investment for the fisheries sector.

42% of the total estimated investment of the PMMSY is earmarked for creation and upgradation of fisheries
infrastructure facilities.
Objective of scheme: To enhance fish production to 220 lakh metric tons by 2024-25 from 137.58 lakh metric tons
in 2018-19 at an average annual growth rate of about 9%. It also aims to double incomes of fishers and export
earnings by 2024-25.
Focus of PMMSY for next 5 years:
-Bring Blue Revolution through sustainable and responsible development of fisheries sector in India.
-To double export earnings to Rs.1,00,000 crore.
-Generation of about 55 lakhs direct and indirect employment opportunities in fisheries sector.
-To increase aquaculture average productivity to 5 tons per hectare from the current national average of 3 tons per
hectare.
-To reduce post-harvest losses from the present 25% to about 10% by modernizing and strengthening the value
chain.
Components of PMMSY: CS & CSS
The scheme has two components viz.
Central Sector scheme (CS)- 100% centrally funded
Centrally Sponsored scheme (CSS)- Project/Unit cost will be shared between state and centre
North Eastern/Himalayan states- 90% Centre and 10% state share
Other States- 60% Centre and 40% state share
UTs- 100% central share
Points to be noted:
-As a part of PMMSY, there will be Swath Sagar plan, which is envisaged with modernizing of the fisheries sector
including promotion of Bio-toilets, Insurance coverage for fishing vessels, Fisheries Management Plans, E-
Trading/Marketing, Fishers and resources survey and creation of National IT-based databases.
-Also, Government will register “Sagar Mitra” and encourage formation of Fish Farmers Producer Organizations
(FFPOs) to help achieve the PMMSY goals by enhancing domestic fish consumption with corresponding health
benefits.
Youth will be engaged in fisheries extension by creation of 3477 Sagar Mitras in coastal fisher villages. Large number
of Fisheries Extension Services Centers will be set up in private space to create job opportunities for young
professionals.
Sagar Mitra is an initiative to stop the entry of plastic into the seas.
Current status of India in fisheries sector:
India is the 2nd largest aquaculture and 4th largest fish exporting nation in the world.
It constituted 7.73% of the global fish production and export earnings of Rs.46,589 Crores (2018-19).
The sector recorded an Average Annual Growth Rate of 10.88% during 2014-15 to 2018-19, 7.53% average annual
growth in fish production and 9.71% average annual growth in export earnings, with 18% share in agricultural
exports.
Gross Value Added (GVA) of the Fisheries sector in the national economy during 2018-19 stood at Rs 2,12,915 crores
which constituted 1.24% of the total National GVA and 7.28% share of Agricultural GVA.
Steps taken by Union Government to enhance fisheries sector:
Creation of a separate Ministry of Fisheries, Animal Husbandry and Dairying in the Union Government
Setting up a new and dedicated Department of Fisheries with independent administrative structure
Implementation of the Centrally Sponsored Scheme on Blue Revolution: Integrated Development and Management of
Fisheries during the period 2015-16 to 2019-20 with a central outlay of Rs. 3,000 crore.
Creation of Fisheries and Aquaculture Infrastructure Development Fund (FIDF) during 2018-19 with a fund size of
Rs. 7,522.48 crore.
Launching of PMMSY with an investment of Rs. 20,050 crore.
Participants at conference: The Ministers of State for Fisheries, Animal Husbandry and Dairying, Sanjiv Kumar
Baliyan and Pratap Chandra Sarangi, and Secretary, Department of Fisheries, Dr. Rajeev Ranjan, were present during
the press conference.
Click Here for Official Link or Booklet

PFC signs MoU with NBPCL to fund hydro electric projects and Multipurpose projects worth Rs
22,000 crore
On 26th May 2020, The Power Finance Corporation(PFC), under the Ministry of Power signed an agreement to
fund Rs. 22,000 crore with Narmada Basin Projects Company limited(NBPCL) of Government of Madhya Pradesh for
the 225 MW hydro-electric projects and multipurpose projects in the state. The MoU was signed by Rajeev Sharma,
CMD, PFC and I.C.P Keshari, MD NBPCL on a virtual platform.
Features of MoU:
i.The 22,000 crore fund will be utilised by NBPCL for setting up the hydro-electric project of 225MW and power
components of 12 major multipurpose projects in Madhyapradesh and the spending of the fund amount will be
associated with the execution of the projects.
ii.The 12 major multipurpose projects includes, Basaniya Multipurpose project Dindori, Chinki Boras Multipurpose
project Narsinghpur Raisen Hoshangabad, Sakkar Pench Link Narsinghpur Chhindwara, Dudhi Project Chhindwara
hoshangabad
iii.The financial assistance to the NBPCL will be considered by the PFC on the accepted terms of the MoU
Key Points:
The government of Madhya Pradesh approved the execution of these projects based on the study on pre-feasibility by
the state of Madhya Pradesh
About PFC:
Chairman and M.D- Rajeev Sharma
Established- 16th July, 1986
About NBPCL:
Managing Director- I.C.P Keshari,IAS.,(1988 batch)
Airtel Payments Bank joined hands with Mastercard to develop customised payment solutions for
farmers, SMEs
On May 26, 2020, In a bid to create financial products especially for those areas where there is less access to bank
services, the Airtel Payments Bank (APBL) has joined hands with Mastercard, a leading technology company in the
global payments industry, to develop a special type of payment solutions such as contact less payments via NFC (Near
Field Communication), credit facility and other neighbourhood banking services for Indian farmers and small and
medium enterprises (SMEs).
Key Points:
i.The payment solutions provided by the Mastercard will enable Airtel Payments Bank’s 4 crore customers to access a
larger market base, receive payments easily into their bank accounts, safeguard their money against risks associated
with cash and get easy access to credit.
ii.This alliance, is in line with the Government of India’s Digital India and the banking approach for every Indian,will
help Mastarcard’s global and local experiencein developing advanced financial solutions, while it will also benefit
from the distribution network of Airtel Payments Bank.
About Airtel Payments Bank Limit :
Headquarters- New Delhi
MD and CEO– Anubrata Biswas
About Mastercard:
Headquarters– New York, U.S.
President and CEO– Ajaypal Singh Banga ( Michael Miebach will take over Ajay Banga in Jan 2021)
Tamil Nadu govt inks 17 investment MoUs worth ₹15,128 cr with corporates
On May 27, 2020, Industry and the economy are being hit by the increasing coronavirus (COVID-19) impact in Tamil
Nadu (TN) & in the meantime, the state Government is taking various measures to restore the industry which has
been hit by the virus.
As part of this, the state government has inked 17 memorandum of understandings (MOUs) worth ₹15,128

crore with various companies based in Germany, Finland, Taiwan, China, France, South Korea, Japan, USA, Australia,
England and Netherlands, with the aim to provide employment opportunities to 47,150 people.
Key Points:
i.Background: With the impact of Corona on the global economy, many foreign companies have decided to relocate
to countries including India. In view of this, a special committee has been set up under the leadership of the Tamil
Nadu Chief Secretary Shanmugam to take necessary steps to start their business in the state with special emphasis on
companies from various nations who have already invested.
ii.The details of 17 MoUs signed are as follows:
Daimler India (investment Rs 2,277 crore), Finland’s Salcomp (Rs 1,300 crore), Polymatech Electronics of Japan (Rs
900 crore), Taiwan’s Chung Jye Company Ltd and Aston Shoes Pvt Ltd (Rs 350 crore), Australia’s Lai Investment
Manager Pvt Ltd (Rs 400 crore), South Korea’s Mando Automotive India Pvt Ltd (Rs 150 crore), Netherlands’ Dinex
(Rs 100 crore), Indo-UK joint venture Chennai Power Generation Ltd (Rs 3,000 crore).
In addition, France based IGL India Transplantation Solutions Pvt Ltd (Rs 18 crore) & Vivid Solaire Energy Pvt Ltd (Rs
2,000 crore), US based HDCI Data Centre Holdings Chennai LLP (Rs 2,800 crore), Singapore’s ST Tele Media (Rs 1,500
crore), Germany’s Baettr (Rs 210 crore), China’s BYD India Pvt Ltd (Rs 50 crore), Taiwan’s TJR Precision Technology
Company Ltd (Rs 46 crore), Japan’s Pillar Industries India Pvt Ltd (Rs 15 crore) US based Lincoln Electric research
and development centre (Rs 12 crore) also signed the MoU.
About Tamil Nadu (TN):
Capital– Chennai
Chief minister– Edappadi K. Palaniswami
Governor– Banwarilal Purohit
State Fruit– Jackfruit
StateTree– Palm Tree
Government withdrew 7.75% Savings (Taxable) Bonds scheme due to declining interest rates
On May 28, 2020, government has ceased the 7.75% Savings (Taxable) Bonds scheme commonly known as RBI
(Reserve Bank of India) Bonds or GOI (Government of India) bonds for subscription due to the declining interest rates
as RBI has lowered the short-term lending (repo) rate which is currently at 4%.
It should be noted that these bonds offered a higher interest rate as compared to bank fixed deposits and other
financial investment instruments offering equal degree of safety.
Popular among retail investors; offers higher interest rate
7.75% Savings (Taxable) Bonds scheme popular among retail investors for safety of principal and a regular income.
NRIs were not eligible for making investments in these bonds. However, Interest on the Bonds is taxable.
The Bonds were issued at par at Rs 100.
These bonds had a seven year lock-in period.
Any individual can invest in these RBI taxable bonds, without any maximum investment limit. The minimum
investment in the bonds starts at Rs 1,000.
appointed).
672 million children will be trapped in to poverty by the end of 2020 due to COVID-19 Impact:
UNICEF report
According to the report “Children in monetary poor households and COVID-19: Technical Note” released jointly
by the UNICEF (United Nations Children’s Fund) & Save the Children, a United Kingdom (UK) based non-profit
organisation which works for child rights, the economic crisis caused by the coronavirus (COVID-19) epidemic may

increase the number of children living in poor households in low- and middle-income countries by 86 million (or an
increase of 15%) to reach 672 million by the end of 2020.
Key Points:
i.According to the report, 2/3 of these children falling in the poverty line live in all of Sub Saharan Africa and South
Asia. It states that poverty in Europe and Central Asia can increase up to 44 % & in Latin America and the Caribbean,
it will increase by 22 %.
ii.As per UNICEF Executive Director Henrietta Fore, the progress made so far in reducing poverty in children will be
behind many years. Hunger and malnutrition can have a greater impact on these children in a short time & they will
be deprived of essential services.
However, by taking immediate and decisive steps, the impact of the epidemic on poor countries can be prevented.
This in turn will also save the children most affected by the epidemic.
iii.Both organizations warned that the impact of the epidemic and the global economic crisis would be twofold,
means the income of the families will decrease so that people will not be able to take even basic facilities. In such a
situation, the risk of child marriage, violence, exploitation and abuse can increase.
iv.Way forward: UNICEF and Save the Children have requested all governments to expand their social security system
including cash transfers, child benefits & accelerate providing food to children in schools, so that the impact of the
epidemic can be reduced.
About Save the children :
Chief Executive Officer– Bidisha Pillai
About United Nations Children’s Fund (UNICEF):
President of UNICEF Executive Board-H.E. Ms. Rabab Fatima.
Headquarters– New York, US
Parent organization– United Nations General Assembly
ADB & India signs USD 177 million loan for road improvements in Maharashtra
On May 28,2020 The Asian Development Bank(ADB) and the Government of India signed a USD 177 million loan
to upgrade 11 state highways & 2 major district roads with a combined length of 450 km, to 2-lane standard
across seven districts of Maharashtra.
The signatories to the Maharashtra State Road Improvement Project were Shri Sameer Kumar Khare, Additional
Secretary (Fund Bank and ADB), Department of Economic Affairs in the Ministry of Finance who signed for the
Government of India, and Mr Kenichi Yokoyama, Country Director of ADB’s India Resident Mission who signed for
ADB.
The project will enhance the connectivity between rural areas and urban centers in the state to enable rural
communities to better access markets, employment opportunities and services.
Major highlights of the project
i.The project will improve connectivity to national highways, interstate roads, seaports, airports, rail hubs, district
headquarters, industrial areas, enterprise clusters and agricultural areas.
ii.Improved mobility will expand growth and livelihood opportunities outside the major urban centers of the state to
second-tier cities and towns thus reducing income disparities.
iii.It will strengthen road safety measures by developing a road safety audit framework that will protect vulnerable
groups such as the elderly, women, and children, following the international best practice.
iv.One of the features of the project is to update the road maintenance system by encouraging 5-year performance-
based maintenance obligations to contractors to sustain asset quality and service levels.
v.Focus- The project will focus on training the Maharashtra Public Works Department project staff to develop their
capacity in climate change adaptation and disaster resilient features in road design, road maintenance planning and
road safety.
About ADB:
It was established in 1966 & is committed to achieve a prosperous, inclusive, resilient, and sustainable Asia and the
Pacific, while sustaining its efforts to eradicate extreme poverty. It is owned by 68 members- of which 49 are from
within Asia and the Pacific and 19 outside.

Headquarters– Mandaluyong, Metro Manila, Philippine
President– Masatsugu Asakawa
India’s GDP growth to contract 5% in FY21: S&P Global Ratings

On May 28, 2020, S&P Global Ratings (previously Standard & Poor’s), an American credit rating agency, has
projected India’s GDP (Gross Domestic Product) growth for the current fiscal year FY 21( 2020-21) to contract by 5
% from 1.8 % growth projected in April 2020, due to the lockdown imposed for the prevention of the coronavirus
(COVID-19) pandemic, which severely affected economic activity in the country.
Key Points:
i.However in the fiscal year FY 22 (2021-22) the growth is expected to pick up to 8.5 % as against the previous
forecast of 7.5%.In the following fiscal(FY23), the GDP is projected to expand by 6.5 % and 6.6 % in FY24.
ii.According to S&P, the service sector, which provides the most employment, has been severely affected due to the
two month lockdown & workers have been geographically displaced and will take time to recover.
iii.Earlier this week, rating agency Fitch & Crisil also forecast a negative growth of 5 % in the Indian economy. While,
the Fitch Solutions (which is different from Fitch Ratings) predicts real GDP to contract by 4.5 % for the current fiscal
FY2020-21 due to the decline in consumer spending & widespread economic uncertainties.
About S&P Global Ratings:
Headquarters– New York, U.S.
President– John Berisford
Parent– S&P Global
Tech firm Vakrangee joins hands with LIC to distribute micro insurance products
On May 26, 2020, Vakrangee Limited (VL), a technology company based in Mumbai (Maharashtra), has entered into
the Corporate Agency (Registration Code CA0249) partnership with Life Insurance Corporation of India (LIC) to
distribute latter’s micro insurance products in unserved and underserved areas through its Nextgen Vakrangee
Kendra network spread across India.
Key Points:
i.Vakrangee kendras will also act as a renewal premium collection point for all micro insurance policies of LIC
irrespective of whether these policies have been procured at the kendra or not.In addition, Follow up for Collection
and remittance of renewal premium of LIC’s micro insurance policies will be enabled at the kendras.
ii.With this tie-up, Citizens across the country will be able to access Micro Insurance products and services offered by
LIC through the23,000 kendras (10,000 operational and 13,000 under on-boarding process),which spread acroos 30
states and union territories (UTs).
About Vakrangee Limited:
Managing Director & CEO– Mr. Dinesh Nandwana
It focuses on building a network of last-mile retail outlets to deliver real-time banking and financial services, ATM,
insurance, e-governance, e-commerce and logistics services to the rural, semi-urban and urban markets.
About Life Insurance Corporation of India (LIC):
Chairman– M R Kumar
HIL(India) to supply 25 tonnes of pesticides to Iran to control locust invasion

On May 24, 2020 HIL, (India) Limited (Formerly- Hindustan Insecticides Limited) a Public sector undertakings(PSU)
under Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers is in process to produce &
supply 25 tonnes of Malathion Technical to Iran for the Locust Control Program under government
arrangements.
Key Point
The Union Ministry of External Affairs(MEA) has approached HIL for manufacturing and supply of this commodity to
Iran.

Major Highlights
i.Export– HIL has exported 10 tonnes of fungicide Mancozeb to Latin American country Peru and another 12 tonnes
will be exported in the next one week.
ii.Agreement– It has signed an agreement with the Ministry of Agriculture and Farmers Welfare for the supply of
Malathion Technical to Rajasthan and Gujarat for the Locust Control Programme
iii.Supply– Till next week HIL had manufactured and supplied 67 tonnes of Malathion Technical.It supplied
malathion Technical to municipal corporations for dengue and chikungunya control programme.
As per the supply order placed by ministry of family welfares, National Vector Borne Disease Control
Programme(NVBDCP) programmes, the supply of 314 tonnes of Dichloro diphenyl trichloroethane(DDT) 50% wdp to
various states like Rajasthan, Punjab ,Odisha,Andhra pradesh etc was executed
The company is in the process of supplying a balance quantity of 252 tonnes to other states.
HIL produced 120 tonnes of Malathion Technical, 120.40 Tonnes of DDT Technical, 288 Tonees of DDT 50%, 21
Tonnes of HILGOLD (Water Soluble Fertilizer), 12 Tonnes of Mancozeb Fungicide for Exports and 35 Tonnes of
different agrochemical formulations during the lockdown period till 15th May 2020 so that farming community and
health department may not have the affects of the lockdown.
About NVBDCP
It was launched in 2003-04 by merging National anti -malaria control programme, National Filaria Control
Programme and Kala Azar Control programmes. It is an umbrella programme for prevention and control of malaria
and other vector borne diseases.
Nodal Agency- The nodal agency responsible for planning, coordination, implementation, monitoring and evaluation
of the programme at all levels is the Directorate of NVBDCP under the Directorate General of Health Services, Ministry
of Health and Family Welfare, Government of India.
About MEA:
Union Minister– Subrahmanyam Jaishankar
Minister of State– V. Muraleedharan(Constituency- Vadakara, Kerala)
Brazil’s Marcos Prado Troyjo elected as new President of NDB; SBI’s Anil Kishora vice-prez
The New Development Bank of the BRICS countries has designated Brazil’s Marcos Prado Troyjo as its President. He
will succeed eminent Indian banker Kundapur Vaman Kamath who took over as the first president of the bank in
2015. The decision regarding appointment was taken during the special virtual meeting of the Board of Governors.
The Board also appointed Anil Kishora of the State Bank of India (SBI), as the vice president of the NDB to assist the
emerging economies in infrastructure development loans.
According to the Articles of Agreement (AoA) of the NDB, the Board of Governors elects a president from one of the
founding member countries on a rotational basis. The president is the chief of the operating staff of the Bank,
conducting ordinary business, under the direction of the Directors.
About Marcos Prado Troyjo
He served as Brazil’s deputy economy minister and special secretary for foreign trade and international affairs and
represented the Brazilian Government on the boards of multilateral development institutions.
About Anil Kishora
He worked in the SBI for about 38 years, and had exposure to all areas of SBI operations. Before joining the NDB, he
worked as Deputy Managing Director & chief risk officer (CRO) of SBI, being responsible for managing SBI Group’s
operational, market, credit, cyber, information security and other risks.
Nirmala Sitharaman attended Special Board of Governors meeting of NDB through video-conference
Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the Special Board of Governors
meeting of the NDB through video-conference for the election of next President of NDB, Vice-President and
membership expansion.
About KV Kamath:
Outgoing president Kamath, 72, played a key role in consolidating the NDB. He was the non-executive Chairman of the
Industrial Credit and Investment Corporation of India (ICICI) bank besides Chairman of Infosys.

About NDB:
It is a multilateral development bank established by the BRICS states to mobilize resources for infrastructure and
sustainable development projects in BRICS and other developing countries.
Formation– July 2015
Headquarters– Shanghai, China
Membership– Brazil Russia India China South Africa (BRICS)
Recently, the bank has granted USD one billion loan to India under emergency assistance programme to fight
COVID-19 in the country.
Since its inception, NDB has approved 55 projects of member countries for an amount of $16.6 billion, which is quite
a remarkable achievement.
Nirmala Sitharaman launched Instant allotment facility of PAN through Aadhaar based e-KYC
On May 28, 2020, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman launched the Instant
Permanent Account Number (PAN) facility of Income Tax (IT) Department through Aadhaar based e-KYC (Electronic
Know your Customer) to further ease the process for the taxpayers in New Delhi. This launch has been made on the
lines of the para 129 of the FY20-21 Budget stating a simplified allotment process of PAN.
However, its Beta version on trial basis was started on 12th Feb 2020 on the e-filing website of Income Tax
Department. Since then 6,77,680 instant PANs have been allotted with a turnaround time of about 10 minutes, till
25th May 2020.
The launch was made in presence of Minister of State (MoS) for Finance and Corporate Affairs Anurag Singh Thakur,
Finance Secretary Dr. Ajay Bhushan Pandey and Central Board of Direct Taxes (CBDT) Chairman Pramod Chandra
Mody.
What is an instant PAN facility?
It is a system under which PAN will be instantly allotted online for those who possess a valid Aadhaar number. The
allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants free of cost.
How to apply for e-PAN.
One needs to access the e-filing website of the Income Tax Department to provide her/his valid Aadhaar number and
then submit the OTP received on her/his Aadhaar registered mobile number.
On successful completion of this process, a 15-digit acknowledgement number is generated and after allotment, one
can download the e-PAN.
The e-PAN is also sent to the applicant on her/his email id if it is registered with Aadhaar.
About PAN:
PAN is a 10-digit alphanumeric number. It is an identification number assigned to all taxpayers in India. All tax
related information for a person/company is recorded against a single PAN number. Hence no two tax paying entities
can have the same PAN. It is issued by the Income tax department.
Nirmala Sitharaman chairs 22nd Meeting of the Financial Stability and Development Council (FSDC)
Finance Minister Nirmala Sitharaman chaired the 22nd Meeting of the Financial Stability and Development
Council (FSDC) via video conferencing, which was the first meet since the coronavirus outbreak. The meet was held
to review the various measures to maintain financial stability in the context of COVID-19.
The meeting also reviewed the current global and domestic macro-economic situation, financial stability and
vulnerabilities issues, issues likely to be faced by banks and other financial institutions like Liquidity/Solvency of
Non-Banking Financial Companies (NBFCs)/housing finance companies (HFCs) / Micro finance Institutions (MFIs)
and other related issues.
Key Points:
-The economy is expected to contract by 5% by some estimates amid the virus crisis.
-The meeting also took note of the activities undertaken by the FSDC Sub-Committee chaired by RBI Governor
Shaktikanta Das.
-This was the third meeting of the FSDC after the Narendra Modi government returned for the second term in May
2019.

-The Council noted that the COVID-19 Pandemic crisis poses a serious threat to the stability of the global financial
system and the timing of recovery, is uncertain at this point of time.
Participants: The meeting was attended by Minister of State for Finance & Corporate Affairs Anurag Thakur,
Shaktikanta Das, Governor, Reserve Bank of India; Ajay Bhushan Pandey, Finance Secretary/Secretary, Department of
Revenue; Tarun Bajaj, Secretary, Department of Economic Affairs; Debasish Panda, Secretary, Department of
Financial Services; Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Injeti
Srinivas, Secretary, Ministry of Corporate Affairs; Dr. Krishnamurthy V. Subramanian, Chief Economic Adviser; Ajay
Tyagi, Chairperson, Securities and Exchange Board of India (SEBI); Subhash Chandra Khuntia, Chairperson, Insurance
Regulatory and Development Authority of India (IRDAI); Supratim Bandyopadhyay, Chairperson, Pension Fund
Regulatory and Development Authority (PFRDA); and Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board
of India (IBBI) and other senior officers of the Government of India and Financial Sector Regulators.
About FSDC
The FSDC is the apex body of sectoral regulators, headed by the finance minister. The idea to create this regulatory
body was mooted by the Raghuram Rajan (ex RBI Governor) Committee in 2008. Finally in 2010, the then Finance
Minister of India, Pranab Mukherjee, decided to set up such an autonomous body dealing with macro prudential and
financial regularities in the entire financial sector of India.
Annual listing fee reduced by 25% for SMEs: BSE & NSE
On May 18, 2020 BSE ( formerly known as The Bombay Stock Exchange )and National Stock
Exchange(NSE) announced that they will reduce the annual listing fee by 25% for Small and Medium
Enterprises(SMEs) companies, it is as a part of their attempts to lower the compliance costs for companies during the
ongoing COVID-19 pandemic. These steps will help to revive the SMEs & encourage thousands of SMEs to go for
listing
Major Highlights
NSE will provide the rebate to all its existing listed companies currently listed on its EMERGE platform.
BSE will provide the rebate to its currently-listed companies & for all the firms waiting to be listed on the exchange
Key Points
i.In total there are about 322 SMEs listed on the BSE platform & 79 companies, which have migrated to the main
board. All the SMEs have raised Rs.3278.84 crores from the market and the total market capitalization of these
companies is Rs 15,865.39 crore as on 17 May 2020.
ii.There are 209 companies listed on NSE SME platform Emerge & have raised a combined of more than Rs 3200
crore as on May 18, 2020.
iii.BSE and NSE had launched their respective SME platforms in 2012 and since then they have been facilitating SMEs
for raising funds, listing and trading on the exchanges.
Background
The fee rebate has been declared following Finance Minister Nirmala Sitharaman’s several announcements to rescue
the ailing Micro, Small, and Medium Enterprises(MSME) sector.
About BSE:
Managing Director(MD) & Chief Executive Officer(CEO)– Ashishkumar Chauhan
About NSE:
MD and CEO– Vikram Limay
Indian economy to contract by 5% in FY21 by Fitch’s GEO and Crisil

Fitch’s GEO
On May 27, 2020 According to Fitch’s Global Economic Outlook(GEO) for May, India’s Gross Domestic Product(GDP)
is anticipated to a 5% decline in the current financial year(ending March 2021) from its earlier forecast(late-April’s
GEO) of growth of 0.8% due to the pandemic economic activities.This is the biggest forecast cut to India.

Reasons leading to growth contraction: The growth contraction in the current fiscal is mainly due to a 8.3% and
9.7% contraction in consumer spending and fixed investment in FY21.
Forecasts:
i.Fitch predicted 2 consecutive quarters of contraction or negative year-on-year growth in current fiscal (-)2.7% in
April-June and (-)12.4% in July-September alternatively comparing to 1.2% estimated growth in January-March.
ii.The growth is expected to rebound to 9.5% in 2021-22. In the previous fiscal the growth was estimated at 3.9%.
Global Projections:
World GDP & Emerging Markets(EM)- The global GDP is forecasted to fall by 4.6% in 2020 from its earlier
prediction of 3.9%. The output in EM China to fall by 4.5% this year compared to a predicted fall of 1.9% before.
Eurozone GDP– The GDP of the eurozone is expected to fall by 8.2% in 2020 compared to a contraction of 7.0%. The
GDP of Spain to fall by 9.6% (previously: -7.5% ), by 9.5% in Italy (previously: -8.0%) and by 9.0% in France
(previously: -7.0%) in 2020.
Technical Pickup
Fitch foresees a technical pick-up in global GDP to 5.1% in 2021 with United States(US) and eurozone output rising
by around 4%, but pre-virus levels of GDP will remain in the United States until mid-2022.
Significantly later in Europe UK, Brazil; Russia’s GDP- The United Kingdom (UK’s) GDP is expected to contract by
7.8% this year (compared to -6.3% before). Brazil and Russia will see a GDP falling by 6% (revised from -4%)
and 5% (previously: -3.3%) this year respectively.
Unchanged GDP
The 2020 GDP growth for China, the US and Japan unchanged since late April at 0.7%, (-)5.6 % and (-)5%
respectively.
Fiscal Deficit
Fitch expects China’s general government fiscal deficit to widen to 11.2 % in 2020 from 4.9 %in 2019as. The US has
announced an additional fiscal package at more than 2% of its GDP.
Quantitative Easing(QE)- The agency predicts that QE will reach USD 6 trillion in 2020, which is equal to half of the
cumulative QE purchased by the Fed, European Central Bank(ECB), Bank of England and Bank of Japan combined in
2009-2018.
Downside scenario- In case of a downside scenario, GDP will fall by 12% in the US and Europe in 2020 and global GDP
will drop by more than 9%.
Note: The rating agency has warned that the aggressive comeback of coronavirus that necessitates extended or
renewed nationwide lockdown will lead to an even worse outcome.
Other sectors affected:
The collapse of the labor market with US unemployment is now expected to rise to 20 % in May and the current social
distance will weigh heavily on consumer spending post-crisis, while companies will be more wary of capital spending.
What is QE?
It is a form of unconventional monetary policy in which a central bank purchases long-term securities from the open
market to increase money supply and stimulate lending and investment.
CRISIL
The latest report by CRISIL predicted that the gross domestic product (GDP) of Indian economy will contract by
5% in fiscal 2021. This estimate followed the April 28, 2020 forecast of 1.8% growth, from its earlier forecast
of 3.5% growth.
Reason : The key reasons behind this decrease are extension in lockdown, higher economic costs and an economic
package.The report also stated that current quarter GDP i.e. Q1FY21 to shrink 25% on-year.
Forecasts:
Crisil also forecasted a 10% permanent loss to real GDP over the next three years as it is not possible for Indian
economy to move back up to the pre-crisis trend level of GDP.
This permanent loss is defined as the gap between the likely level of GDP which would have been achieved at pre-
Covid growth trends and post-Covid growth trends.
The assumption for this estimate is average growth of about 7% between fiscals 2022 and 2024.
Note: The Indian economy is facing its fourth recession since independence, which may also be its worst. India has
faced a recession thrice in the past 69 years viz. in 1958, 1966 and 1980.

Other affected sectors
i.Recessions were due to the monsoon that hit agriculture. But now, the pandemic-induced lockdowns have affected
most non-agriculture sectors.
ii.The pandemic global impact has affected India’s export front.
About CRISIL:
Managing Director and Chief Executive Officer (CEO)– Ashu Suyash
Other agencies:
i.According to the State Bank of India’s (SBI) Ecowrap report, GDP growth is likely to be 4.2% for FY20 and contract
6.8% in FY21.
For more details visit a previously posted article https://affairscloud.com/indias-gdp-growth-is-expected-to-reach-1-
2-in-q4-fy20-sbi-ecowrap-report/
ii.India’s GDP prediction by Goldman Sachs
The American brokerage expects the Indian economy to contract by 5% in FY21, the worst performance by the
country ever. The GDP will contract by 45% in the June quarter as compared to the January-March period on an
annualized basis due to the continuing lockdown.
About Fitch Ratings:
Headquarters– New York, US
President– Ian Linnell
For more details visit a previously posted article – https://affairscloud.com/indian-economy-to-contract-5-in-fy21-
goldman-sachs/
Piyush Goyal attends the Digital Summit on Exports organized by CII through video conference
On May 28, 2020 Union Minister for Commerce & Industry and Railways, Piyush Goyal participated in the Digital
Summit on Exports organized by the Confederation of Indian Industry(CII) through a Video Conference. The
institutional partner for the summit is Export-Import(EXIM) Bank.
Statements made by Piyush Goyal & experts in relation to exports
Major Highlights
i.Exports are likely to improve in May, with the contraction expected to be 30-35%, after outbound shipments
crashed by a record 60% in April. 70% of exports are in raw materials & their remaining trade is affected by price
shocks and supply volatility. These items command only 30% of global product demand.
ii.Exports fell 60.28% in April and 34.5% in March. The fall can be narrowed 8- 10% by June 2020.
iii.The 28 of the 30 major product groups experienced the highest-ever double-digit contraction of up to 99 % in
April. Even large quantities of petroleum products are unable to push value-wise exports as international prices were
at low
iv.Knock-on effects of historically low exports in April may reduce short outbound trade in FY21 as the March-June
period is crucial in the export cycle for many sectors such as apparels and engineering goods.
v.Once the current crisis ends, restating the domestic consumption will anchor industrial growth and exports.
Note- In addition, the hospitality and tourism sectors have asked the National Association of Software and Service
Companies(NASSCOM) to craft a strategy for USD 500 billion worth of Information Technology services exports in
the next five years.
Key Points
i.3 important ways to increase India’s exports- reviving manufacturing, diversifying the exports basket,
and finding newer and more accepting markets.
ii.The government is already promoting electronics production and the manufacturing of Active Pharmaceutical
Ingredients(API).
iii.India should be seen as a trusted partner and reliable friend in the world market, especially when global supply
chains are undergoing a restructuring.
About CII:
It has completed 125 years & has also launched the Taskforce on Enhancing Exports through integration into the

Global Value Chains (GVCs).
Corporate Office– New Delhi, India
President– Vikram Shreekant(S.) Kirloskar
Director General– Chandrajit Banerjee
About EXIM:
Head Office– Mumbai, Maharashtra
Managing Director(MD) & Chief Executive Officer(CEO)– David Rasquinha
About NASSCOM:
Headquarters: Noida, Uttar Pradesh
Chairman– UB Pravin Rao
President– Debjani Ghosh
Constituency:
Piyush Goyal– Rajya Sabha (Maharashtra)
NABARD grants Rs 1,050 crore to West Bengal during FY 21 for the benefit of farmers & poor people
On May 29, 2020, National Bank for Agriculture and Rural Development (NABARD), a development bank
focusing primarily on the rural sector of the country, has extended Rs 1,050 crore special liquidity facility (SLF)
to West Bengal (WB) so far in the current fiscal year (FY 21) for the welfare of farmers and poor people in the state.
Of the total amount, Rs 300 crore disbursed for MFIs (micro-finance institutions), Rs 700 crore sanctioned for state
cooperative banks and Rs 50 crore for regional rural banks (RRBs).
Special liquidity facility:
It aims to increase the resources of the Cooperative banks and RRBs to enable them to extend credit to farmers for
taking up pre-monsoon and kharif(summer sown crops) 2020 operations.
Key Points:
i.NABARD had already approved an amount of Rs 720 crore to the state cooperative banks and regional rural banks &
the disbursement to micro-finance institutions (MFIs) would start soon.
ii.The credit support to the rural areas of the state is extremely important to sustain agricultural operations as the
economy is hit by the outbreak of coronavirus (COVID-19).
About National Bank for Agriculture and Rural Development (NABARD):
Chairman– Govinda Rajulu Chintala
About West Bengal (WB):
Capital– Kolkata
Chief Minister– Mamata Banerjee
Governor– Jagdeep Dhankhar
State Bird– White-throated kingfisher
State Flower– Night-flowering jasmine
India’s GDP growth slows to a 11-year low of 4.2%, Q4 slumps to 3.1 in 2019-20%: NSO
On May 29, 2020 According to the Provisional Estimates of National Income for the financial year 2019-20 by
National Statistical Office(NSO), Ministry of Statistics and Programme Implementation(MoSPI) India’s Gross
Domestic Product(GDP) growth has slowed to an 11-year low of 4.2% in 2019-20 & in the final quarter(Q4- January
to March) the GDP’s growth rate fell to 3.1%, against 6.2% in the 2018-19, which reflects the impact of the first week
of the COVID-19 lockdown which began on March 25.
Estimation- GDP at Constant (2011-12) prices in Q4 of 2019-20 is estimated at Rs. 38.04 lakh crore, as against Rs
36.90 lakh crore in Q4 of 2018-19, which shows a growth of 3.1%, the slowest since a 0.2% rise in the fourth quarter
of FY09.
Revision of the quarterly GDP for earlier quarters: October- December period – to 4.1% from 4.7%; July-September
period- to 4.4% from 5.1%; April – June period – to 5.2% from 5.6%

Major Highlights
i.This is regarded as the lowest growth rate in the last 44 quarters, it is still higher than the 2.2% growth predicted by
most economists and rating analysts.
ii.RBI had pegged the GDP growth for 2019-20 at 5% as projected by the NSO in its first and second advance
estimates released earlier this year in January and February respectively
iii.The budget estimate for GDP growth in 2019-2020 fixed at 8.5%, the NSO’s previous estimates had pushed the
projection down to 5%.
iv.The nominal GDP growth rate, which accounts for inflation, is estimated to have grown at 7.2 % in 2019-20,
sharply lower than 11 % in the previous year.
Data relating to sectors
i.Manufacturing contracted by 1.4% in the fourth quarter as factories shut toward the end of March. Agriculture and
public administration grew 5.9% and 10.1%, respectively. Construction contracted 2.2% & the financial sector saw
only a 2.4% rise. Mining sector grew 5.2%.
ii.Cement output fell 86% while fertilisers and crude oil shrank 4.5% and 6.4%, respectively, in April. The decline in
electricity generation worsened sharply to 22.8% in April from 8.2% in March.
iii.The output of 8 infrastructure sectors contracted by 38.1 % in April against 5.2 % growth year-on-year. The eight
core industries comprise 40.27 % of the weight of items included in the Index of Industrial Production (IIP).
iv.Barring agriculture recorded a growth of 4 % in FY20 as against 2.4 % in the previous year
Key Points
Gross fixed capital formation (GFCF), an indicator of investment, shrank 6.4% on the year in the March quarter.
Private final consumption expenditure, which reflects consumption demand in the economy, slowed to 5.3 % in FY20
from 7.2 % in the previous financial year. Government expenditure continued to provide support to the GDP, growing
11.8 % in 2019-20, up from 10.1 % in the previous financial year.
Note– 5 years before the 2008 crisis, India had maintained an 8% GDP growth, so the capacity to endure and recover
was stronger. Currently it is facing a weaker economy and much weaker public finances and fiscal capacity.
Just about a month ago, the International Monetary Fund(IMF) had projected India’s GDP growth in the year to be
1.9%.
Fiscal deficit widens to 4.6% of GDP in 2019-20: CGA
According to the Controller General of Accounts(CGA) data, the fiscal deficit for 2019-20 which signifies the gap
between government revenue and expenditure has widened to 4.59%(~4.6%) of GDP, higher than the revised
estimate of 3.8 %.
Major Highlights
i.The revenue deficit was 3.27 % & The effective revenue deficit was 2.36 %, Finance Minister Nirmala Sitharaman in
the budget pegged the fiscal deficit for 2019-20 at 3.8 %, up from 3.3 % in the original budget estimate.
ii.The fiscal deficit for April reached 35.1% of the FY21 target of Rs 7.96 lakh crore due to lower revenue, which was
hit hard as economic activity came to halt after the lockdown was imposed to contain the spread of Covid-19.
iii.The government’s net tax revenue was Rs 21,412 crore in April, which reveals a 70% decline as against Rs 71,637
crore in April last year.
iv.The fiscal deficit, or the gap between the government’s revenue and expenditure, came in at Rs 9.35 lakh crore in
March, which was 22% higher than the targeted Rs 7.66 lakh crore.
Reason for increase in the fiscal deficit– It is mainly due to the shortfall in revenue collection during 2019-20, the
revenue receipts during the year was 90 % of the revised estimate.
Key Points
In absolute terms, total receipts of the government were Rs 17.5 lakh crore against the estimate of Rs 19.31 lakh
crore. The data showed the government’s total expenditure was Rs 26.86 lakh crore, lower than Rs 26.98 lakh crore
projected earlier.
For the previous financial year, the government’s total revenue was at Rs 17.5 lakh crore, about 10% short of the
budgeted Rs 19.31 lakh crore. The expenditure for the FY20 was at Rs 26.86 lakh crore or 99.5% of the target.
Static:
NSO– It is responsible for conducting large scale sample surveys in diverse fields on an All India basis.
Controller General of Accounts– Soma Roy Burman

FDI raised 18% to $73.46 billion in FY20: DPIIT
In accordance with the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), the
total foreign direct investment (FDI) increased by 18% to $73.46 billion in the FY2019-20. This hike was
the highest in the four years.
Out of the total FDI, equity inflows through the Foreign Investment Promotion Board (FIPB), Reserve Bank of India’s
(RBI’s) automatic route of acquisition rose 13% to around $49.98 billion.
Key Points:
-Total FDI has doubled from FY13-14 when it was only $36 billion.
-Investments by Foreign Institutional Investors (FII) was $247 million in FY19-20 which will spur job creation.
-Singapore again emerged as the largest equity FDI source, contributing to inflows of $14.67. However, this is a drop
from the $16.22 billion Singapore contributed in 2018-19.
-Total FDI inflows, which include investment through the equity, reinvested earnings and other capital, stood at $62
billion in April-March 2018-19.
About DPIIT
Parent organization– Ministry of Commerce and Industry
Minister of Commerce and Industry– Piyush Goyal
About FIPB:
In 2019, it was renamed as Foreign Investment Facilitation Portal (FIFP). This portal is being administered by the
Department for Promotion of Industry and Internal Trade (DPIIT).
It is the government of India’s portal for investors to facilitate FDI.
Director– Nikhil Kumar Kanodia
appointed).
SN Rajeshwari appointed as new CMD of Oriental Insurance

The Banks Board Bureau (BBB) appointed SN Rajeshwari as the new Chairman and Managing Director (CMD) of
Delhi-based Oriental Insurance Company (OIC). She will be the successor of AV Girija Kumar, 60 years old, who
retires on May 2020.
Key Points:
i.The BBB had conducted virtual interviews of five senior general managers of the public sector general insurance
company, with 2 years of residual services till May 2022, to select a new CMD of Oriental Insurance.
ii.B P Sharma heads a seven-member panel to select CMDs of PSU (Public Sector Undertakings) insurance companies
and banks.
About SN Rajeshwari:
i.She is a 1983 batch officer from United India Insurance (UII), who currently serves as the GM (General Manager)
and CFO (Chief Financial Officer) of New India Insurance, Mumbai.
ii.Rajeshwari will serve as the CMD of OIC till May 2022.
About OIC:
i.The Oriental Insurance Company Ltd. was incorporated at Mumbai on 12th September 1947. The Company was a
wholly owned subsidiary of The Oriental Government Security Life Assurance Company Ltd.
ii.It has 29 regional offices and more than 1800 active branches across the country.
Headquarters– New Delhi.

Banking, Finance & Economy Q&A: May 2020

1. The task force on National Infrastructure Pipeline (NIP), projects total infrastructure investment
of Rs 111 lakh crore during a 5-year span of FY 2019-20 to FY 2024-25. Name the person who heads
the task force.
1) Arun Goel
2) Rajiv Kumar
3) Atanu Chakraborty
4) Ajay Kumar
5) Subash Chandra
Answer-3) Atanu Chakraborty
Explanation:
The task force on National Infra Pipeline (NIP) chaired by economic affairs secretary Atanu Chakraborty
submitted its Final Report on NIP for FY 2019-25 to Finance Minister Nirmala Sitharaman, projecting total
infrastructure investment of Rs 111 lakh crore during a 5-year span of FY 2019-20 to FY 2024-25.
2. Indian has installed 7.3GW solar power in 2019 as per Mercom India Research’s ‘India Solar
Market Leaderboard 2020’ report. What is the India’s rank in largest solar market among the
world?
1) 2
2) 5
3) 4
4) 1
5) 3
Answer-5) 3
Explanation:
According to Mercom India Research’s ‘India Solar Market Leaderboard 2020’ report, India has installed 7.3
Giga Watt (GW) of solar power in Calendar Year(CY) 2019 which consolidates its position as the 3rd largest
solar market in the world.
3. What is the additional grant ($2.9Mn earlier) announced by United States Agency of International
Development(USAID) to India to fight covid-19 pandemic.
1) USD 5 million
2) USD 3 million
3) USD 1 million
4) USD 2 million
5) USD 10 million
Answer-2) USD 3 million
Explanation:
The United States Agency of International Development(USAID), one of the leading aid-agency of the
government of United States has announced an additional grant of 3 million USD in addition to the 2.9
million USD announced on 6th April 2020 to help India to fight against the COVID-19 pandemic.

4. India ranked 53rd in budget transparency and accountability as per 7th edition of ‘Open Budget
Survey 2019’ conducted by International Budget Partnership (IBP). Name the country which topped
the list.
1) Comoros
2) Venezuela
3) New Zealand
4) Sweden
5) South Africa
Answer-3) New Zealand
Explanation:
According to the 7th edition of ‘Open Budget Survey 2019’ conducted by International Budget Partnership
(IBP), India has been ranked at 53rd position among 117 nations in terms of budget transparency and
accountability with the score of 49 out of 100. While at the same time New Zealand has been topped the list
with a score of 87. The global average transparency score on this survey was 45.
Rank Country Name Score (Out of 100)
1 New Zealand 87
2 South Africa 87
53rd India 49
117 Yemen 0
5. The U.S. Commission on International Religious Freedom (USCIRF) in its Annual Report 2020 has
downgraded the Indian ranking by naming it into the list of “Country of Particular Concern (CPC),
Where is USCIRF HQ located?
1) San Francisco
2) Virginia
3) California
4) New York
5) Washington DC
Answer-5) Washington DC
Explanation:
The U.S. Commission on International Religious Freedom (USCIRF) in its Annual Report 2020 has
downgraded the Indian ranking by naming it into the list of “Country of Particular Concern (CPC)”i.e. Tier 1
from“Special Watch List i.e.“Tier-2” in 2019 report. This is the first time since 2004 that India has been
placed in this category for engaging in and tolerating systematic, and ongoing religious freedom violations,
as defined by the International Religious Freedom Act (IRFA), 1998.Headquarters– Washington, D.C., United
States.
6. What is the number of people (approx) displaced in India in the year 2019 as per Internal
Displacement Monitoring Centre (IDMC), titled ‘The Global Report on Internal Displacement (GRID
2020)?
1) 5 millon
2) 10 million
3) 15 million
4) 25 million
5) 20 million

Answer-1) 5 millon
Explanation:
According to a recent report from the Internal Displacement Monitoring Centre(IDMC), titled ‘The Global
Report on Internal Displacement(GRID 2020)’, nearly 5 million(mn) people were displaced in India in 2019,
the highest in the world so far.
7. Name the Bank which has launched ‘Vikas Abhaya’ scheme to provide relief to MSME borrowers.
1) Assam Gramin Vikash Bank
2) Jharkhand Gramin Bank
3) Kerala Gramin Bank
4) Andhra Pradesh Grameena Vikas Bank
5) Karnataka Vikas Grameena Bank
Answer-5) Karnataka Vikas Grameena Bank
Explanation:
Karnataka Vikas Grameena Bank(KVGB), a regional rural bank’s chairman P Gopi Krishna has launched
‘Vikas Abhaya’ a loan scheme to provide some relief to Micro, Small and Medium Enterprise(MSME)
borrowers whose business activities are disrupted on account of the COVID-19 pandemic in Dharwad.
8. Reserve Bank of India (RBI) extended the regulatory benefits under the special liquidity facility
for mutual funds (SLF-MF) for banks recently. Where is the HQ of RBI located?
1) Bengaluru
2) New Delhi
3) Mumbai
4) Hyderabad
5) Kolkata
Answer-3) Mumbai
Explanation:
Mumbai Headquartered Reserve Bank of India (RBI) extended the regulatory benefits under the special
liquidity facility for mutual funds (SLF-MF) to all banks, irrespective of whether they avail funding from the
Reserve Bank or deploy their own resources under SLF-MF scheme. This decision has been taken on the
lines of request made by banks to RBI.
9. Name the Union MSME minster who launched ‘MSME Bank of Ideas, Innovation and Research’
portal recently.
1) Pralhad Singh Pated
2) Mansukh L. Mandaviya
3) Nitin Gadkari
4) Hardeep Singh Puri
5) Gajendra Singh Shekhawat
Answer-3) Nitin Gadkari
Explanation:
Union Minister of Road transport & Highways and MSME (Ministry of Micro Small & Medium Enterprises)
Shri Nitin Jairam Gadkari has launched ‘MSME Bank of Ideas, Innovation and Research’ portal
(http://ideas.msme.gov.in/) through Video Conference from Nagpur, Maharashtra.

10. Which Indian state has launched an “Agro-Entrepreneur Facilitation Desk” to help the
entrepreneurs of the state to get subsidies and incentives from Central government funding
agencies.
1) Arunachal Pradesh
2) Tripura
3) Assam
4) Sikkim
5) Meghalaya
Answer-2) Tripura
Explanation:
The Tripura government launched an “Agro-Entrepreneur Facilitation Desk” to help the entrepreneurs of
the state to get subsidies and incentives from Central government funding agencies. The state cabinet has
approved the setting up of the desk, which will operate from the Directorate of Horticulture and Soil
Conservation in the state capital, Agartala.
11. What will be the financial grant that was approved by world bank for multi-year financial
support to India to enhance and safeguard its coastal & marine resources (in USD)?
1) 300 million
2) 250 million
3) 400 million
4) 500 million
5) 350 million
Answer-3) 400 million
Explanation:
The World Bank ‘s Board of Executive Directors has approved a USD 400 million multi-year financial
support to help India enhance its coastal & marine resources, protect marine resources & coastal
populations from pollution, erosion, sea-level rise, and improve livelihood opportunities for coastal
communities over the next decade.
12. Which Indian state has presented Rs 2,11,761 crore state budget for 2020-21 recently (by state’s
finance minister and Deputy CM Sushil Kumar Modi)?
1) Odisha
2) Jharkhand
3) Haryana
4) Punjab
5) Bihar
Answer-5) Bihar
Explanation:
The government of Bihar led by Chief Minister (CM) Nitish Kumar presented Rs 2,11,761 crore state budget
for 2020-21 with a special emphasis on education, health and infrastructure. It was presented by the state’s
finance minister and Deputy CM Sushil Kumar Modi, which was his 11th Budget speech. The proposed
allocations were Rs 11,260.48 crore more than the FY 2019-20.

13. What is the total number of states integrated with ‘One nation One ration card’ plan as Minister
of Consumer Affairs, Food and Public Distribution Shri RamVilasPaswan approved the integration of
5 new state/UT recently?
1) 11
2) 13
3) 15
4) 17
5) 19
Answer-4) 17
Explanation:
Minister of Consumer Affairs, Food and Public Distribution Shri RamVilasPaswan approved the integration
of 5 more States and Union Territories under “One Nation One Ration Card” plan with the already 12
existing states taking a total number of states/UTs to 17.
14. Name the 1st Indian state which has announced to provide free and cashless insurance
protection to people.
1) Punjab
2) Maharashtra
3) Haryana
4) Odisha
5) Kerala
Answer-2) Maharashtra
Explanation:
The Health Minister of Maharashtra Rajesh Tope announced that Maharashtra will be the first state to
provide free and cashless insurance protection to the people and the covered under the state governments
health scheme and for the treatment of COVID-19 patients at the private hospitals in Pune and Mumbai the
government has signed a MoU with the General Insurance Public Sector Association(GIPSA).
15. Which Indian trade body/association is going to launch e-commerce marketplace

‘bharatmarket’ for retail traders in India?
1) Federation of Indian Chambers of Commerce & Industry (FICCI)
2) Confederation of All India Traders (CAIT)
3) The Association of Mutual Funds in India (AMFI)
4) Confederation of Indian Industry (CII)
5) Indian Merchants’ Chamber (IMC)
Answer-2) Confederation of All India Traders (CAIT)
Explanation:
Confederation of All India Traders (CAIT), the leading advocate for small traders and businesses in India, in
association with several technology partners, will soon launch a national e-commerce marketplace
‘bharatmarket’ (www.bharatemarket.in) for all retail traders in India, who have served Indian consumers
for years.
16. What is the rank of India in the scientific publication as on National Science Foundation (NSF)
database for the year 2018?
1) 5
2) 3

3) 8
4) 11
5) 2
Answer-2) 3
Explanation:
In 2018, India ranks 3rd globally in the scientific publication as National Science Foundation (NSF)
database. The first two ranks were occupied by the USA and China, respectively.
17. RBI has cancelled the license of 105yr old CKP Co-operative Bank Ltd under Section 5 (b) read
with Section 56 of the Banking Regulation Act, 1949. The Bank is located in which city?
1) Thiruvananthapuram
2) Chennai
3) Mumbai
4) Bengaluru
5) Kolkata
Answer-3) Mumbai
Explanation:
After the closure of Punjab and Maharashtra Co-operative (PMC) Bank, the Reserve Bank of India (RBI) has
cancelled the license granted to the 105-year-old CKP Co-operative Bank Ltd located in Mumbai
(Maharashtra) to conduct banking business which includes acceptance of deposits and repayment of
deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with
immediate effect. The order has come into effect after the working hours of 30 April, 2020 in order to save
investors’ decision.
18. Which IIT has collaborated with Hongkong based New Frontier Capital Management company to
create venture capital?
1) IIT Hyderabad
2) IIT Madras
3) IIT Delhi
4) IIT Bombay
5) IIT Ropar
Answer-1) IIT Hyderabad
Explanation:
The Indian Institute of Technology (IIT), Hyderabad, collaborated with New Frontier Capital Management, a
financial firm based in Hong Kong with offices in Tokyo & Singapore, to establish a global network of
ventures as well as to create a venture ecosystem.
19. Name the Indian state which has decided to launch ‘Mukhya Mantri Shahari Rojgar Guarantee
Yojna’ for urban employment (120 days of employment).
1) Himachal Pradesh
2) Chhattisgarh
3) Goa
4) Tamil Nadu
5) Bihar
Answer-1) Himachal Pradesh

Explanation:
In a bid to revive the economy of the state affected by the Coronavirus (COVID-19) epidemic, the Himachal
Pradesh (HP) state government has decided to launch employment guarantee scheme called “’Mukhya
Mantri Shahari Rojgar Guarantee Yojna” that will provide 120 days of employment to those living in urban
areas. The decision was taken during the cabinet meeting held under the chairmanship of Chief
Minister(CM) Jai Ram Thakur.
20. The Small Industries Development Bank of India (SIDBI) announced that it will launch digital
platform named ‘India SME Services Platform’ to educate stake holders in SME. Who is the present
Chairman of SIDBI?
1) Mohammad Mustafa
2) Ajay Tyagi
3) Aravind Subramaniam
4) Subash Chandra Khuntia
5) BP Kanungo
Answer-1) Mohammad Mustafa
Explanation:
The Small Industries Development Bank of India(SIDBI) informed that it will launch ‘India SME Services
Platform’, a digital platform to educate stakeholders in the small and medium enterprises(SME) ecosystem
and have information on coronavirus-related initiatives for the sector. SIDBI Chairman & Managing Director
(MD)– Mohammad Mustafa.
21. What is the revised GDP forecast of India for the FY 2020-2021 as per Singapore based DBS
bank?
1) 0.6%
2) 2%
3) 1.2%
4) 1.5%
5) 1%
Answer-5) 1%
Explanation:
The Singapore based DBS bank has trimmed the India’s Gross Domestic Product (GDP) forecast for FY
2020-2021 to 1% from 1.5% projected on April 9, 2020 due to two months lockdown.The Bank also
estimated that another Rs 1.5-3 lakh-crore needed to reach every poor.
22. Who among the following has been appointed as US representative to the International Bank for
Reconstruction and Development (IBRD), lending arm of World Bank?
1) Abhijit Banerjee
2) Venkatraman Ramakrishnan
3) Subramanyan Chandrasekhar
4) Vivek Hallegere Murthy
5) Ashok Michael Pinto
Answer-5) Ashok Michael Pinto
Explanation:
United States President Donald Trump nominated Indian-American lawyer Ashok Michael Pinto as a

representative to the International Bank for Reconstruction and Development (IBRD), the World Bank’s
lending arm. He was nominated as US Alternate Executive Director of IBRD for a period of 2 years.
23. Krishnan Ramachandran has been appointed as the MD&CEO of Max Bupa Health Insurance.
Where is the HQ of Max Bupa located at?
1) Chennai
2) Mumbai
3) New Delhi
4) Kolkata
5) Gurugram
Answer-3) New Delhi
Explanation:
Max Bupa Health Insurance appointed Krishnan Ramachandran as its new managing director(MD) and
Chief Executive Officer(CEO). He succeeds Ashish Mehrotra, after almost 5 years of service in its
company.Max Bupa Health Insurance: Headquarters– New Delhi, India.
24. Name the Indian state which has launched schemes named Birsa Harit Gram Yojana (BHGY),
NeelambarPitambar JAL Sammridhi Yojana (NPJSY) and Veer SahidPoto Ho Khel Vikas Scheme
(VSPHKVS) for rural job creation.
1) Jharkhand
2) Bihar
3) Odisha
4) West Bengal
5) Assam
Answer-1) Jharkhand
Explanation:
Jharkhand Chief Minister,HemantSoren launches three schemes, BirsaHarit Gram Yojana(BHGY),
NeelambarPitambar JAL SammridhiYojana(NPJSY) and Veer SahidPotoHoKhelVikas Scheme (VSPHKVS) to
prove wage employment for the workers in the rural area devised in convergence with the Mahatma Gandhi
National Rural Employment Guarantee Scheme (MGNREGS) in the presence of rural development minister
AlamgirAlam, water resources minister MithileshThankur and other administrative officials.
25. With which IIT the Punjab National Bank Housing Finance Limited has signed a MoU to develop
reusable PPE kits?
1) IIT Delhi
2) IIT Madras
3) IIT Hyderabad
4) IIT Ropar
5) IIT Bombay
Answer-1) IIT Delhi
Explanation:
Punjab National Bank Housing Finance Limited(PNBHFL) has signed a Memorandum of
Understanding(MoU) with Indian Institute of Technology(IIT) Delhi to support the research and
development of a unique prototype material to be used in the manufacture of washable and reusable
Personal Protective Equipment(PPE) surgical gowns and masks by using Jacquard knitting

technology(machine knitting with a jacquard attachment that makes patterns by the use of colored yarns).
26. Name the Indian PSU which signed MoU with NOCCA Robotics (the incubated start-up in IIT
Kanpur) to manufacture ventilators for COVID-19 treatment.
1) Garden Reach Shipbuilders & Engineers (GRSE)
2) Airports Authority of India (AAI)
3) Chennai Petroleum Corporation (CPCL)
4) Bharat Sanchar Nigam Limited (BSNL)
5) Bharat Dynamics Limited(BDL)
Answer-5) Bharat Dynamics Limited (BDL)
Explanation:
Bharat Dynamics Limited(BDL), a defence Public Sector Undertaking (PSU) has signed a Memorandum of
Understanding(MoU) with Indian Institute of Technology(IIT), Kanpur for the large-scale manufacture of
ventilators developed by NOCCA Robotics(incubated start-up of IIT Kanpur)Pune, Maharashtra to enhance
the development of affordable ventilators for COVID-19 treatment & is in line with ‘Make in India’.
27. Name the present Economic affairs secretary of India, who has been appointed as director on the
central board of the Reserve Bank of India (RBI) in May 2020.
1) Tarun Bajaj
2) Ajay Kumar Bhalla
3) Rajeev Singh Thakur
4) Atanu Chakraborty
5) Rajiv Kumar
Answer-1) Tarun Bajaj
Explanation:
The government appointed Economic Affairs Secretary Tarun Bajaj, a 1988 batch Indian Administration
Service(IAS) officer, as a director on the central board of the Reserve Bank of India(RBI). He replaces Atanu
Chakraborty, who retired on April 30.
28. What is the reduced energy density in 2018-19 in India against 2005 level, as perReport by PwC
titled “A Report on Impact of Energy Efficiency Measures” released by union power minister (MoS
I/C) Raj Kumar Singh.
1) 25%
2) 30%
3) 15%
4) 20%
5) 10%
Answer-4) 20%
Explanation:
Union Power Minister Raj Kumar Singh unveiled e-book titled “A Report on Impact of Energy Efficiency
Measures” for the year 2018-19 which has stated that energy efficiency initiatives by BEE (Bureau of
Energy Efficiency) led to savings worth Rs 89,122 crore in 2018-19against last year’s (2017-18) savings of
Rs 53,627 crore. India reduced energy intensity in 2018-19 by 20% as compared to 2005 level. India has set
a target to reduce the energy intensity by 33-35%by 2030 compared to 2005 level. The report was
prepared by an expert agency PricewaterhouseCoopers Private Limited (PWC Ltd), which was engaged by
Bureau of Energy efficiency (BEE).

29. Name the Indian state/UT which has highest unemployment rateof 75.8% as on end of April
2020 as per Centre for Monitoring Indian Economy (CMIE) data.
1) Puducherry
2) Goa
3) Tamil Nadu
4) Bihar
5) Jharkhand
Answer-1) Puducherry
Explanation:
According to the Centre for Monitoring Indian Economy(CMIE) the country’s unemployment rate rose to
27.11% for the week ended May 3 due to the COVID-19 crisis, up from the under 7% level before the start of
the pandemic in mid-March. The unemployment rate stood at 21.05% in the previous week (ending April
26), up from 26.19% in the week before.In Accordance with the CMIE’s data, the monthly unemployment
rate in April stands at 23.52%, up from March’s 8.74%. As of the end of April the rates are: Puducherry in
South India has the highest number of unemployment at 75.8%, followed by Tamil Nadu at 49.8%,
Jharkhand at 47.1% and Bihar at 46.6%.
30. According to the ‘Digital in India’ report by the Internet & Mobile Association of India (IAMAI) &
Nielsen for the 1st time has more internet users in rural areas (227Mn) than urban (205Mn). Where
is HQ of IAMAI located?
1) Pune
2) Mumbai
3) Gurugram
4) Lucknow
5) Indore
Answer-2) Mumbai
Explanation:
According to ‘Digital in India’ report by the Internet & Mobile Association of India(IAMAI) & Nielsen shows
that for the 1st time has more internet users in rural areas than urban, where rural India had 227 million
active internet users, 10% more than urban India’s about 205 million, as of November 2019.Headquarters–
Mumbai, Maharashtra.
31. What is the energy demand fall in India during 40days lockdown as per report titled “Global
Energy Review 2020” released by International Energy Agency (IEA)?
1) 20%
2) 30%
3) 15%
4) 25%
5) 35%
Answer-2) 30%
Explanation:
In accordance with the Paris-based International Energy Agency (IEA), “Global Energy Review 2020-The
impacts of the COVID-19 crisis on global energy demand and CO2 emissions” India’s energy demand has
faced a 30% decrease due to 40 days lockdown to contain COVID-19.In India, energy demand would decline
for the first time, following on from low demand growth in 2019.

32. Where is the HQ of International Energy Agency (IEA) located?
1) Geneva
2) Paris
3) Vienna
4) Hague
5) Bonn
Answer-2) Paris
Explanation:
The International Energy Agency (IAE) is a Paris (France)-based autonomous intergovernmental
organization, which works to accelerate the global energy transition, providing research, statistics, in–depth
analysis & policy recommendations. It was established in the framework of the Organisation for Economic
Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.
33. Name the Indian state which has launched the National Scholarship online portal under
‘Mukhyamantri Yuba Yogayog Yojana’.
1) Sikkim
2) Meghalaya
3) Nagaland
4) Assam
5) Tripura
Answer-5) Tripura
Explanation:
Tripura, Chief Minister(CM) Biplab Kumar Deb launched a National Scholarship online portal
website(https:/ /scholarships.gov.in/) under ‘Mukhyamantri Yuba Yogayog Yojana’, an incentive scheme at
the state secretariat so that students can apply for this scheme for the Academic Year 2019-20.
34. Co-operative banks comes under Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest (SARFAESI) Act recently, as per Supreme court order. When was
SARFAESI act enacted?
1) 2002
2) 2000
3) 2006
4) 2004
5) 2005
Answer-1) 2002
Explanation:
A five judge Constitution Bench of the Supreme Court passed a ruling that cooperative banks established
under a State law or multi-State level societies come under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest (SARFAESI) Act of 2002. The judgement has been
passed by a constitution bench headed by Justice Arun Mishra which also included justices Indira Banerjee,
Vineet Saran, Mukesh kumar Rasikbhai Shah and Aniruddha Bose.

35. The Asian Infrastructure Investment Bank (AIIB) has approved a loan worth $500 million for
India’s ‘COVID-19 Emergency Response and Health Systems Preparedness Project’. Where is the HQ
of AIIB located?
1) Beijing
2) Tokyo
3) Shanghai
4) Manila
5) Moscow
Answer-1) Beijing
Explanation:
Asian Infrastructure Investment Bank (AIIB), a multilateral development bank, has approved a loan worth
of $500 million for India’s ‘COVID-19 Emergency Response and Health Systems Preparedness Project’ to
assist nation’s efforts to stop, detect, and respond to the risk posed by coronavirus (Covid-19). ADB
Headquarters– Beijing, China.
36. The NABARD has disbursed Rs 12,767 crore to State Co-operative Banks & Regional Rural Banks
to extend credit to farmers. Who is the present chairman of NABARD?
1) Ajay Tyagi
2) Harsh Kumar Bhanwala
3) Yaduvendra Mathur
4) Mohammad Mustafa
5) Subhash Chandra Khuntia
Answer-2) Harsh Kumar Bhanwala
Explanation:
The National Bank for Agriculture and Rural Developmen(NABARD) disburses Rs 12,767 crore to State Co-
operative(Co-op) Banks & Regional Rural Banks(RRBs) across the country to increase their resources for
extending credit to farmers during the lockdown due to the outbreak of COVID-19 pandemic. NABARD
Chairman– Harsh Kumar Bhanwala.
37. Moody has revised India’s GDP growth rate for FY21 to 0%. What is India’s GDP growth for FY22
as per Moody?
1) 5.2%
2) 5%
3) 6%
4) 6.6%
5) 5.9%
Answer-4) 6.6%
Explanation:
Moody’s slashed down India’s Gross Domestic Product(GDP) growth to zero for the current fiscal 2020-21
from its earlier forecast of 2.6%. In 2021-22 India’s GDP growth rate will bounce back to 6.6%.
38. Name the person who has been appointed as the chief risk officer of YES bank for 3 years in May
2020.
1) NeerajDhawan
2) AshishAgarwal
3) Prasanth Kumar

4) Ravi Kumar
5) Pinaki Ghose
Answer-1) Neeraj Dhawan
Explanation:
The Yes Bank appointed NeerajDhawan, as Chief Risk Officer(CRO) for a period of three years with
immediate effect, replacing AshishAgarwal, the current Chief Risk Officer.
39. What is the percent stake of Reliance’s Jio platforms was bought by Vista Equity Partners for Rs
11,367 crore?
1) 1.81%
2) 3.35%
3) 2.32%
4) 4.12%
5) 0.86%
Answer-3) 2.32%
Explanation:
As per the Reliance Industries Limited’s statement, the US-based private equity firm Vista Equity Partners
to buy 2.32% stake in Reliance’s Jio Platforms, for Rs 11,367 crore which will make Vista the largest
investor in Jio Platforms after Reliance Industries and Facebook. After this investment, Jio platforms will
have an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
40. Assam has presented Rs 1,03,762 crore state Budget for FY 2020-2021 recently. Who is the chief
minister of Assam?
1) Neiphiu Rio
2) Pu Zoramthanga
3) Sarbananda Sonowal
4) Conrad Kongkal Sangma
5) N. Biren Singh
Answer-3) Sarbananda Sonowal
Explanation:
Assam finance minister Himanta Biswa Sarma presented Budget for Assam for the financial year 2020-
21.Total expenditure: For 2020-21 it is estimated to be Rs 1,03,762 crore. The CM of Assam is Sarbananda
Sonowal.
41. Central Board of Direct Taxes (CBDT) has amended Rule 44G of Income-tax Rules, 1962 recently.
Who is the chairman of CBDT?
1) M Ajit Kumar
2) Rajnish Kumar
3) P C Mody
4) Rahul Chaudhry
5) Sanjay Dutt
Answer-3) P C Mody
Explanation:
The Central Board of Direct Taxes(CBDT) amended Rule 44G of Income-tax Rules, 1962 for making an
application to invoke the mutual agreement procedure in Form no.34F which will be called Income-tax (8th
Amendment) Rules, 2020.About CBDT: Chairman– Pramod Chandra Mody.

42. The central government has raised the estimated gross market borrowing crore for FY 21 as per
the Budget Estimates from 7.80 Lakh crores to _______.
1) 12 lakh crores
2) 10 lakh crores
3) 9 lakh crores
4) 8 lakh crores
5) 15 lakh crores
Answer-1) 12 lakh crores
Explanation:
The Finance Ministry has informed that Government has hiked its estimated gross market borrowing to Rs
12 lakh crore(additional Rs 4.2 lakh crore) from Rs 7.80 lakh crore for Financial Year(FY) 2020-21 as per
the Budget Estimates(BE) so as to tackle the expected shortfall in revenue due to the impact of COVID-19
crisis on the economy.
43. The union finance minister Nirmala Sitharaman launched Rupee – _______ futures and options
contracts on 2 international exchanges namely India INX (BSE) and NSE-IFSC (NSE).
1) Dollar
2) Pound
3) Toman
4) Rial
5) Dinar
Answer-1) Dollar
Explanation:
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman launched INR-USD (Rupee-Dollar)
Futures and Options contracts on two international exchanges namely BSE’s India INX and NSE’s NSE-IFSC
at the International Financial Services Center (IFSC) of Gujarat International Finance Tec-City (GIFT City) in
Gandhinagar through a video conference.
44. What is the revised India’s GDP estimate for FY21 as per US based Goldman Sachs group.
1) -0.4%
2) -4.1%
3) -0.8%
4) -2.6%
5) -1.8%
Answer-1) -0.4%
Explanation:
American multinational financial services company Goldman Sachs Group, Inc. has predicted India’s GDP
(Gross domestic product) growth for 2020-21 (FY21) at -0.4% following the expansion of the lockdown.
While the Japanese brokerage firm Nomura Holdings, Inc. has also lowered India’s FY21 GDP growth
forecast to –5.2% from -0.4% predicted earlier.
45. The US based Carlyle group has acquired 74% stake in which among the following Indian animal
health care company for Rs. 1587 crore recently?
1) Cargill India Pvt. Limited
2) Ashish Life Science Pvt. Limited
3) Delacon Biotechnik GmbH. DSM Nutritional Products Limited

4) SeQuent Scientific Limited
5) Bayer Animal Health. Boehringer Ingelheim India Limited
Answer-4) SeQuent Scientific Limited
Explanation:
The Carlyle Group, an United States(US) based private equity firm acquired 74% stake in SeQuent Scientific
Limited, the largest animal healthcare company from India for Rs.1,587 crore($210 million) for Rs.86
apiece.
46. Sikkim government has passed the budget comprises of Rs. 9100 for fiscal year 2020-21. Who is
the chief minister of Sikkim?
1) Prem Singh Tamang
2) Pema Khandu
3) Hemant Soren
4) Neiphiu Rio
5) Biplab Kumar Deb
Answer-1) Prem Singh Tamang
Explanation:
The Sikkim Legislative Assembly with a 32-member state legislature passed the budget of Rs 9,100 crores
for the fiscal 2020-21 comprising Rs. 7343.60 as revenue expenditure, and Rs. 1756.40 as capital
expenditure in the 2nd Session of 10th Assembly (Budget Session 2020-21) on March 24. SikkimChief
Minister (CM)– Prem Singh Tamang (Golay).
47. Name the Chief Minister of Nagaland who has presented a state budget of Rs. 21049.87 crore for
the fiscal 2020-21.
1) Prem Singh Tamang
2) Pema Khandu
3) Hemant Soren
4) Neiphiu Rio
5) Biplab Kumar Deb
Answer-4) Neiphiu Rio
Explanation:
Nagaland Chief Minister Neiphiu Rio, who also holds the charge of the finance portfolio, presented a state
budget of Rs. 21049.87 crore for the fiscal 2020-21.
48. Name the Indian state which has highest number of Infant Mortality Rate (IMR) as per Sample
Registration System (SRS) bulletin based on data collected for 2018 by Registrar General of India
(Note: National average of IMR is 32).
1) Maharashtra
2) Madhya Pradesh
3) Chhattisgarh
4) Bihar
5) Kerala
Answer-2) Madhya Pradesh
Explanation:
Registrar General of India has released its Sample Registration System (SRS) bulletin based on data
collected for 2018 (reference year) which has presented the estimates of Birth Rate, Death Rate, and Infant

Mortality Rate (IMR) for the year 2018 for India and its States/UTs.Infant Mortality Rate (IMR): It is the
number of deaths per 1,000 live births of children under one year of age.In 2009-2018 it has declined from
50 to 32. The present figure of 32 is about one-fourth as compared to 1971 (129). Madhya Pradesh is the
state which has highest IMR with 48.
49. Name the world organization which in partnership with International Council of Nurses (ICN)
and Nursing Now has released the first “The State of the World’s Nursing 2020” report.
1) Amnesty International
2) United Nations Children’s Fund (UNICEF)
3) Commonwealth of Nations
4) World Health Organisation (WHO)
5) World Economic Forum (WEF)
Answer-4) World Health Organisation (WHO)
Explanation:
World Health Organization (WHO) in partnership with the International Council of Nurses (ICN) and
Nursing Now has released the first “The State of the World’s Nursing 2020” report amid COVID19
pandemic. In accordance with the report there are 28 million nurses worldwide but still there is global
shortfall of 5.9 million.
50. What is the value of fund raised by United Nations (UN) and its partner agencies for essentials
within vulnerable countries?
1) $ 5.1 Billion
2) $ 3.2 Billion
3) $ 7.8 Billion
4) $ 5.7 Billion
5) $ 6.7 Billion
Answer-5) $ 6.7 Billion
Explanation:
In the fight against the Coronavirus (COVID-19) epidemic, the United Nations (UN) and its partner agencies
have appealed to governments, companies and billionaires to donate $ 6.7 billion in funds for essentials
within vulnerable countries.
51. Name the former RBI governor who has headed the 24-member high-level committee of Tamil
Nadu governmentto assess the immediate and medium-term impact of the COVID-19 on State’s
economy.
1) S Krishnan
2) Padmaja Chunduru
3) A Vellayan
4) C Rangarajan
5) N Srinivasan
Answer-4) C Rangarajan
Explanation:
Tamil Nadu(TN) constituted a 24 member high-level committee headed by C Rangarajan, ex-governor of
Reserve Bank of India(RBI) to assess the immediate and medium-term impact of the COVID-19 pandemic on
various sectors of the State’s economy, examine fiscal challenge & suggest ways to improve its fiscal

position including increasing the tax-Gross Domestic Product(GDP) ratio and diversifying revenue sources
and re-prioritising expenditure.
52. Name the Indian state which has highest number of under-five and neonatal deaths in 2017 as
per “Subnational mapping of under-5 and neonatal mortality trends in India: the Global Burden of
Disease Study 2000–17”.
1) Bihar
2) Haryana
3) Uttar Pradesh
4) Odisha
5) Madhya Pradesh
Answer-3) Uttar Pradesh
Explanation:
“Subnational mapping of under-5 and neonatal mortality trends in India: the GlobalIn accordance with the
two papers on child survival published by India State-Level Disease Burden Initiative titled “Subnational
mapping of under-5 and neonatal mortality trends in India: the Global Burden of Disease Study 2000–17”,
child and maternal malnutrition was the predominant risk factorin India as it attributed to 68•2% of under-
5 deathswhile low birth weight and short gestation led to 83•0% of neonatal deaths in 2017. On the other
hand, 10•8% of under-5 deaths could be attributed to unsafe water and sanitation and 8•8% to air
pollution. In Uttar Pradesh, 48% of the districts fell in the highest priority category of high NMR and low
rate of reduction for the nationwide distribution of the district-level rates. The highest number of under-
five deaths in 2017 was reported in Uttar Pradesh at 312,800, which included 165,800 neonatal deaths.
53. What is the value (equivalent to 10% GDP) of package that was announced by PM Modi to revive
the Indian economy (May 2020) under “Atmanirbhar Bharat Abhiyaan” (self-reliant India)?
1) 10 Lakh Crores
2) 15 Lakh Crores
3) 5 Lakh Crores
4) 20 Lakh Crores
5) 25 Lakh Crores
Answer-4) 20 Lakh Crores
Explanation:
While addressing the nation on May 12, 2020, Prime Minister (PM) Narendra Modi announced Rs 20-lakh-
crore stimulus package, equivalent to about 10% of India’s GDP.This package is an effort to revive the
Indian economy which is facing adownward trend amid lockdown imposed to contain COVID-19. He also
announced Lockdown 4.0 whose details will be disclosed before May 18, 2020.The details of the plan are
dubbed as “Atmanirbhar Bharat Abhiyaan” (self-reliant India) which is to be provided by Nirmala
Sitharaman on the eve of May 13, 2020.
54. What is the rank of India in World Economic Forum (WEF)’s global Energy Transition Index
(ETI) 2020 which was topped by Sweden?
1) 79
2) 66
3) 59
4) 71
5) 74

Answer-5) 74
Explanation:
According to the World Economic Forum (WEF)’s global Energy Transition Index (ETI) 2020, India has
moved up two places from rank 76th (2019) to 74th with a score of 51.5%, Sweden (74.2%) topped for the
3rd consecutive time followed by Switzerland (73.4%) and Finland (72.4%). The index is a composite score
of 40 indicators, benchmarks 115 countries on the current performance of their energy system, and
readiness for transition to a secure, sustainable, affordable, and inclusive future energy system.
Rank Country
India 74
Sweden 1
Switzerland 2
Finland
55. What is the grant that was provided by Shanghai based BRICS’ New Development Bank as loan to
India to fight COVID-19 (May 2020)?
1) USD 5 Billion
2) USD 3 Billion
3) USD 2 Billion
4) USD 1 Billion
5) USD 10 Billion
Answer-4) USD 1 Billion
Explanation:
In order to provide a financial aid to Indian economy which is facing human, social and economic losses due
to COVID-19 pandemic and lockdown, the New Development Bank of the BRICS (Brazil, Russia, India, China
and South Africa) countries has fully disbursed USD 1 billion emergency assistance loan to India.
56. The Centers for Disease Control and Prevention (CDC) of which country has promised USD 3.6
million to India to combat against the COVID-19?
1) United States
2) Germany
3) Spain
4) Italy
5) Cuba
Answer-1) United States
Explanation:
The Centers for Disease Control and Prevention(CDC) of the United States of America has promised 3.6
million(around 27 crores) to the government of India, the first tranche of funding to help in strengthen the
India to combat against the COVID-19 pandemic and to increase the laboratory capacity of SARS-COV-2
testing and to help molecular diagnostics and serology.
57. Name the Indian state which has launched ‘HOPE’ portal to help unemployed youth of the state?
1) Uttarakhand
2) Jharkhand
3) Bihar
4) Punjab
5) Uttar Pradesh

Answer-1) Uttarakhand
Explanation:
The Chief Minister of Uttarakhand Trivendra Singh Rawat launched ‘HOPE’- Helping Out People
Everywhere a portal to create employment opportunities for the youths in their expertise and to provide
skill development opportunities.
58. What is the amount that was allocated from PM CARES Fund Trust to fight COVID-19 pandemic?
1) Rs. 1500 Crore
2) Rs. 3100 Crore
3) Rs. 2000 Crore
4) Rs. 2500 Crore
5) Rs. 2700 Crore
Answer-2) Rs. 3100 Crore
Explanation:
PM CARES (Prime Minister’s Citizen Assistance and Relief in Emergency Situations) Fund Trust has
allocated Rs 3100 crores to fight against COVID-19 pandemic. Out of the total amount around Rs 2000
crores will be allocated for the purchase of ventilators, Rs 1000 crores to care migrant labourers and Rs 100
crores to support vaccine development.
59. Finance Minister Nirmala Sitharaman has announced how much amount of collateral-free
emergency credit lineto MSME?
1) 3 Lakh crore
2) 2 Lakh crore
3) 1 Lakh crore
4) 5 Lakh crore
5) 10 Lakh crore
Answer-1) 3 Lakh crore
Explanation:
The Government of India is providing Additional working capital finance of 20% of the outstanding credit as
on 29 February 2020, in the form of a Term Loan at a concessional rate of interest will be provided. In this
regard, 100% guaranteed collateral-free emergency credit line of Rs 3 lakh crore to the micro, small and
medium enterprises (MSMEs) with upto Rs 25 crore outstanding and Rs 100 crore turnover, benefitting 45
lakh MSME units. The scheme can be availed till 31st October 2020. Credit line tenor: 4 years Moratorium:
12 months on principal repayment.
60. As per the latest report of United Nations World Tourism Organization (UNWTO), what will be
the decline % (approx) in international tourism compared to 2019?
1) 30-60%
2) 80-90%
3) 10-15%
4) 40-50%
5) 60-80%
Answer-5) 60-80%
Explanation:
According to the latest data of the United Nations World Tourism Organization(UNWTO) the international
tourism could decline by 60-80% in 2020 when compared with 2019 figures, due to COVID-19 pandemic

outbreakwhich will result in loss of USD 910 billion to USD 1.2 trillion and places millions of livelihoods at
risk and threatens to curtail the progress made in advancing the Sustainable Development Goals(SDGs).
61. According to World Health Organization (WHO)’s Global Nutrition Report 2020, India is one
among 88 countries to miss global nutrition targets set by ______.
1) 2024
2) 2021
3) 2022
4) 2023
5) 2025
Answer-5) 2025
Explanation:
According to World Health Organization(WHO)’s Global Nutrition Report 2020, India is one among 88
countries to miss global nutrition targets by 2025 & is with highest rates of domestic inequalities in
malnutrition. India along with Nigeria & Indonesia are worst in disparities in stunting & the levels varied
four-fold across communities.
62. Reserve Bank of India has extended the interest subsidy period for exporters under ‘Interest
Equalisation Scheme for pre and post shipment Rupee Export Credit’ to which date?
1) March 31, 2021
2) December 31, 2020
3) January 1, 2021
4) April 1, 2021
5) June 30, 2020
Answer-1) March 31, 2021
Explanation:
In a bid to provide a considerable relief to the exporters, India’s central bank, the Reserve Bank of India
(RBI) has extended the interest subsidy period by one year to 31 March 2021 on export credit received
before and after shipment of goods to exporters. Exporters get the subsidy under the ‘Interest Equalisation
Scheme for pre and post shipment Rupee Export Credit’, which was ended on March 31, 2020.
63. Name the private sector bank which has partnered with MoneyGram Payment System for direct-
to-bank deposits in India.
1) IndusInd Bank
2) UCO Bank
3) Federal Bank
4) Axis Bank
5) ICICI Bank
Answer-3) Federal Bank
Explanation:
MoneyGram Payment System, a subsidiary of MoneyGram International, global leader in P2P payments tied
up with Federal Bank Limited, a private bank in India to provide the customers a cost-effective way to
receive deposits directly in their bank accounts in India.

64. What is the United Nations’ estimation of India’s economic growth for Calendar Year 2020?
1) 3.2%
2) 0.6%
3) 0.5%
4) 1.2%
5) 1.1%
Answer-4) 1.2%
Explanation:
In the United Nations(UN) World Economic Situation and Prospects(WESP) mid -year report forecast that
the COVID-19 pandemic situation will shrink the world economy by 3.2% in 2020 this is the sharpest
contraction since the 1930’s Great Depression and India’s economy to grow at 1.2% in 2020.
65. For which sector the central government has introduced new scheme of providing interest
subvention of 2% per annum for working capital loans (in May 2020)?
1) Pharmaceutical sector
2) Tourism sector
3) Mining sector
4) Dairy sector
5) Education sector
Answer-4) Dairy sector
Explanation:
Ministry of Fisheries, Animal Husbandry and Dairying has introduced a new scheme “Interest subvention
on Working Capital Loans for Dairy sector” for supporting Dairy Cooperatives and Farmer Producer
Organizations (SDC&FPO) engaged in dairy activities. A budgetary provision of Rs 100 Crore earmarked for
this and will be implemented during 2020-21.The scheme has made provisions for providing interest
subvention of 2% per annum, with an additional incentive of 2% per annum interest subvention to be given
in case of prompt and timely repayment/interest servicing.The scheme will be implemented through
National Dairy Development Board (NDDB), Anand, Gujarat.
66. The Union Commerce and Industry Minister Piyush Goyal participated in trade and investment
ministers conference of which organisation (in May 2020)?
1) Commonwealth
2) G7
3) ASEAN
4) SAARC
5) G20
Answer-5) G20
Explanation:
Union Commerce and Industry Minister Piyush Goyal participated in a video conference of trade and
investment ministers of G20 countries following the G20 trade ministers meet on March 30, 2020 to discuss
on COVID-19 situation.This meeting was called upon by India to discuss and ensure that the use the Trade
Related Intellectual Property Rights (TRIPs) of flexibilities under a World Trade Organisation(WTO) pact to
enable the access of medicine, treatment and vaccines at affordable price among the G20 nations.

67. The central government has declared the ‘One Nation, One Ration Card’ system completely to
roll out in all UTs and states from _________.
1) June 2020
2) August 2020
3) March 2021
4) January 2021
5) July 2021
Answer-3) March 2021
Explanation:
The Centre has declared that the technology driven ‘One Nation, One Ration Card’ system will be fully rolled
out in all states and Union Territories (UTs) by March 2021. Currently, 20 states have implemented this
inter-state ration card portability.
68. What is the grant approved for India ‘s COVID-19 social protection program by world bank (in
May 2020)?
1) USD 1 billion
2) USD 500 million
3) USD 2 billion
4) USD 750 million
5) USD 5 billion
Answer-1) USD 1 billion
Explanation:
World Bank approves Rs 7500 crore (1 billion USD) to increase India’s COVID-19 Social Protection response
Program to help the nation’s efforts in providing assistance for the poor and needy who are affected by the
pandemic.
69. As per a report titled “Updated Assessment of the Potential Economic Impact of COVID-19”,
global economy is expected to lose between $ 5.8 trillion to $ 8.8 trillion. Name the organisation
which released the report.
1) New Development Bank
2) Work Bank
3) International Monetary Fund
4) Asian Development Bank
5) SAARC Bank
Answer-4) Asian Development Bank
Explanation:
According to a report “Updated Assessment of the Potential Economic Impact of COVID-19” released by
Asian Development Bank (ADB), global economy is expected to lose between $ 5.8 trillion to $ 8.8 trillion
(equal to 6.4 % to 9.7 % of global gross domestic product (GDP)) due to the outbreak of the novel
Coronavirus (COVID-19).
70. Roberto Azevedo has announced step down (resignation) from the director-general of which
world organisation?
1) UNEP
2) UNO
3) OECD

4) WHO
5) WTO
Answer-5) WTO
Explanation:
At the World Trade Organisation(WTO) members virtual meeting, the 6th Director-General Roberto
Azevedo(62-year-old), a former Brazilian diplomat & 1st Latin American director announced that he will
step down from the 7-year tenure(since 2013) on 31st August on personal grounds, cutting his second term
in office short by exactly one year.
71. Gujarat government has launched ‘Atmanirbhar Gujarat Sahay Yojna’ to provide loans to small
businessmen. Who is the CM of Gujarat?
1) Ashok Gehlot
2) Kamal Nath
3) Hemant Soren
4) Vijay Rupani
5) Mamata Banerjee
Answer-4) Vijay Rupani
Explanation:
In a bid to help people start a normal life which has been affected due to the coronavirus (Covid-19)
lockdown , the Gujarat state government has launched a ‘Atmanirbhar Gujarat Sahay Yojna (AGSY)’ under
which small businessmen and a cross- section of people falling under the lower middle-income group can
take a guarantee-free loan of Rs 1 lakh from banks at a 2 % annual interest rate for a period of 3 years. Vijay
Rupani is the CM of Gujarat.
72. What is the cost of Defence Testing Infrastructure Scheme (DTIS) which was approved by
Defence minister Rajnath Singh to create testing infrastructure for the defence sector recently?
1) 100 Crore
2) 500 Crore
3) 1000 Crore
4) 400 Crore
5) 700 Crore
Answer-4) 400 Crore
Explanation:
Union Defence minister Rajnath Singh has approved the launch of Defence Testing Infrastructure
Scheme(DTIS) with a cost of Rs 400 crores to create testing infrastructure for the defence sector so as to
boost domestic defence and aerospace manufacturing.
73. The central government has allocated ______ to fund Agriculture Infrastructure Projects at farm-
gate & aggregation points.The fundwill be financed and managed by NABARD.
1) 5 Lakh Crore
2) 50,000 Crore
3) 25,000 Crore
4) 1 Lakh Crore
5) 75,000 Crore
Answer-4) 1 Lakh Crore

Explanation:
The Central government has allocated Rs 1 lakh crore to fund Agriculture Infrastructure Projects at farm-
gate & aggregation points (Primary Agricultural Cooperative Societies, Farmers Producer Organizations,
Agriculture entrepreneurs, Start-ups, etc.). This fund will be financed and managed by National Bank for
Agriculture & Rural Development (NABARD). This fund will be used for setting up cold chains and post-
harvest management infrastructure.
74. Bhadla Solar Park is located in which state?

1) Rajasthan
2) Haryana
3) Punjab
4) Madhya Pradesh
5) Uttar Pradesh
Answer-1) Rajasthan
Explanation:
The Bhadla Solar Park in Rajasthan is the world’s largest such installation to date, covering more than
14,000 acres with total capacity of 2,245 megawatts (MW).
75. The central government along with which state government has inked 2 loan agreements of
$145 million each with World Bank and Asian Infrastructure Investment Bank for irrigation and
flood management project worth $413.8 million?
1) Gujarat
2) Himachal Pradesh
3) West Bengal
4) Maharashtra
5) Goa
Answer-3) West Bengal
Explanation:
The Government of India and West Bengal Government have inked two loan agreements for the “West
Bengal Major Irrigation and Flood Management Project” to improve irrigation services and flood
management in the Damodar Valley Command Area (DVCA) of West Bengal.One agreement is inked with
the World Bank (WB) for a loan of $145 million.The other agreement was inked with Asian Infrastructure
Investment Bank (AIIB) for $145million.The Government of West Bengal has infused $123.8 million for this
project. The total worth of the project is $413.8 million.
76. To which Indian state NABARD has sanctioned Rs. 1500 crores to ensure continuous credit flow
to farmers, through state cooperative banks?
1) Punjab
2) Haryana
3) Chhattisgarh
4) Goa
5) Maharashtra
Answer-1) Punjab
Explanation:
The National Bank for Agriculture and Rural Development(NABARD) has sanctioned Rs 1,500 crores for
Punjab to ensure continuous credit flow to farmers, through state cooperative banks, amidst the COVID-19

pandemic. Out of the total amount Rs 1,000 crores is sanctioned to Punjab State Cooperative Bank and Rs
500 crores to Punjab Gramin Bank.
77. The Rajesh Kumar Chibber is re-appointed as the chairman of J&K bank for 3 years. Name the
person who has been appointed as the MD of J&K bank?
1) Rana Kapoor
2) Aditya Puri
3) Shikha Sharma
4) Polali Jayarama Bhat
5) Zubair Iqbal
Answer-5) Zubair Iqbal
Explanation:
The Jammu and Kashmir (J&K) administration approved the appointment of senior vice president (SVP) of
HDFC bank Zubair Iqbal as the new Managing Director (MD) of Jammu and Kashmir Bank, for a period of 3
years. In another order, Rajesh Kumar Chibber, who is currently MD and Chairman of J&K bank, has been
reappointed as the Chairman for the period of 3 years.
78. Central government has announced to raise the Foreign Direct Investment (FDI) limit in defence
manufacturing under automatic route from 49% to _______%.
1) 100
2) 65
3) 51
4) 74
5) 81
Answer-4) 74
Explanation:
Centre will notify a list of weapons/platforms for ban on import with year wise timelines for boosting
defence production in India, as a part of Make in India initiative. There will be indigenisation of imported
spares, and separate budget provisioning for domestic capital procurement. This will help reduce huge
Defence import bill. Foreign Direct Investment limit in defence manufacturing under automatic route is
being raised from 49% to 74%. Corporatisation of Ordnance factory board (OFB) was also announced. To
ensure time-bound defence procurement, centre will set up a Project Management Unit (PMU) to support
contract management.
79. What is the additional fund allocated for MGNREGA to provide employment boost in the country?
1) 30,000 cr
2) 40,000 cr
3) 10,000 cr
4) 25,000 cr
5) 50,000 cr
Answer-2) 40,000 cr
Explanation:
Under the MGNREGA scheme, an additional Rs 40,000 crore will be allocated for employment generation in
the rural parts of the country. This will help to generate nearly 300 crore person days to provide relief to
the migrant workers.

80. The Canara bank has launched a special business vertical dedicated for gold loans to meet the
financial needs of its customers recently. Who is the MD&CEO of Canara bank?
1) T.N. Manoharan
2) L.V. Prabhakar
3) S. S. Mallikarjuna Rao
4) Padmaja Chunduru
5) Rajnish Kumar
Answer-2) L.V. Prabhakar
Explanation:
Canara Bank has launched a special business vertical dedicated for gold loans to meet the financial needs of
its customers as they are in need of immediate credit support to meet their emergency needs due to the
COVID-19 pandemic. Canara bank Managing Director & Chief Executive Officer(CEO)– L.V. Prabhakar.
81. How many cities has got 5-star rating in star rating of garbage free cities list 2019-20 released by
Ministry of Housing and Urban Affairs?
1) 10
2) 6
3) 12
4) 2
5) 18
Answer-2) 6
Explanation:
Hardeep Singh(S) Puri, Minister of State (Independent/Charge) of Ministry Of Housing and Urban
Affairs(MOHUA) announced the results of the Star Rating of Garbage Free Cities, for the assessment year
2019-2020, where 6 Cities(Ambikapur, Rajkot, Surat, Mysuru, Indore and Navi Mumbai) were rated 5 Star,
65 Cities rated 3 Star and 70 Cities rated 1 Star out of 141 cities & also launched the revised protocol for the
Star Rating of Garbage Free Cities.
82. What is the grant that was provided by India to the United Nations Relief and Works Agency
(UNRWA) to support the Palestinian refugees (May 2020)?
1) $ 3 million
2) $ 4 million
3) $ 2 million
4) $ 1 million
5) $ 5 million
Answer-3) $ 2 million
Explanation:
India provides 2 million USD (Rs 15 crore) to support the United Nations Relief and Works Agency
(UNRWA) to support the Palestinian refugees for its programme and services like education and healthcare
in the COVID-19 situation.
83. What is the amount that was extended by NABARD to co-operative banks and regional rural
banks as special liquidity facility recently?
1) 20,000 cr
2) 20,500 cr
3) 25,500 cr

4) 25,000 cr
5) 27,500 cr
Answer-2) 20,500 cr
Explanation:
The National Bank for Agriculture and Rural Development(NABARD) has informed that it has extended Rs
20,500 crores special liquidity facility to co-operative banks(co-op– Rs 15,200 crores) and Regional Rural
Banks(RRB’s– Rs 5,300 crores) in various States. This is against the Rs 5,000 crores lent during the 1st
quarter of 2019.
84. As per US based Goldman Sachs, what is the % contract in Indian economy in FY21?
1) 5%
2) 3%
3) 4%
4) 3.5%
5) 4.5%
Answer-1) 5%
Explanation:
American brokerage Goldman Sachs expects the Indian economy to contract by 5% in FY21, which will be
the deepest compared to all recessions India has ever experienced since 1979. It is against its earlier
forecast of 0.4% contraction before revising it down to a level it shares with Japanese brokerage Nomura.
85. Uttar Pradesh government has presented the largest ever budget of Rs 5.12 lakh crores in state
assembly recently. Who is the CM of UP?
1) Vijay Rupani
2) Shivraj Singh Chouhan
3) Manohar Lal Khattar
4) Yogi Adityanath
5) Kamal Nath
Answer-4) Yogi Adityanath
Explanation:
Finance Minister Suresh Kumar Khanna presented the Uttar Pradesh(UP) government’s largest ever budget
of Rs 5,12,860.72 crores for FY 2020-21 which estimates total receipts of 5,00,558 crores(Rs 4,22,567
crores- revenue and Rs 77,990 crores-capital receipts) & a deficit of Rs 12,302 crores. Yogi Adityanath is the
CM of UP.
86. As per National Rural Infrastructure Development Agency (NRIDA), “Coir Geo textiles “has been
got nod for rural road construction under Pradhan Mantri Gram Sadak Yojana ph III.
NRIDAfunctions under which ministry?
1) Rural Development ministry
2) Home Affairs ministry
3) Animal Husbandry, Dairying and Fisheries ministry
4) Commerce and Industry ministry
5) Road Transport and Highways ministry
Answer-1) Rural Development ministry
Explanation:
According to the National Rural Infrastructure Development Agency under Union Ministry of Rural

Development, Coir Geo textiles has been finally gets nod as a good material for rural road construction
under the third phase of Pradhan Mantri Gram Sadak Yojana, (PMGSY-III).
87. Name the 1st bank in India to introduce video-KYC facility for Savings Account customers.
1) Axis Bank
2) YES Bank
3) Kotak Mahindra Bank
4) IndusInd Bank
5) ICICI Bank
Answer-3) Kotak Mahindra Bank
Explanation:
In view of the ongoing lockdown in the country due to Coronavirus (COVID-19), Kotak Mahindra Bank has
become the 1st bank in India to allow video Know your customer (KYC) facility for its customers opening
savings account (SA) on Kotak 811 platform.
88. Name the e-commerce company which has partnered with Bajaj Allianz General Insurance for
digital motor insurance policy.
1) Walmart
2) JD.com
3) Brainbee
4) Amazon
5) Flipkart
Answer-5) Flipkart
Explanation:
Flipkart partnered with Bajaj Allianz General Insurance Company to offer digital motor insurance policy to
customers of e-commerce major. This enables consumers to purchase the motor-insurance policy using the
Flipkart mobile application.
89. Name the person who has been appointed as the chairman of NABARD recently till July 2022.
1) P.V.S Suryakumar
2) Govinda Rajulu Chintala
3) Shaji K V
5) Ajay Tyagi
Answer-2) Govinda Rajulu Chintala
Explanation:
The appointments committee of the union cabinet appointed Govinda Rajulu Chintala as Chairman of
National Bank for Agriculture and Rural Development (NABARD). He was the successor of Harsh Kumar
Bhanwala. Shaji K V and P.V.S Suryakumar have been appointed as Deputy Managing Directors (DMD) of
NABARD.
90. Where is the HQ of Kotak Mahindra Bank located?

1) Kolkata
2) New Delhi
3) Gurugram

4) Patna
5) Mumbai
Answer-5) Mumbai
Explanation:
The HQ of Kotak Mahindra bank is located at Mumbai, Maharashtra.
91. What is the currency of Lesotho?

1) Loti
2) Pound
3) Euro
4) Toman
5) Peso
Answer-1) Loti
Explanation:
The Capital and currency of Lesotho is Maseru &Lesotho loti respectively.
92. Name the bank which has been appointed as advisor to assist in monetising assets of 6 Wind-up
Schemes of Franklin Templeton.
1) UCO bank
2) Kotak Mahindra bank
3) City Union bank
4) RBL bank
5) Ujjivan SFB
Answer-2) Kotak Mahindra bank
Explanation:
Franklin Templeton Trustee Services Pvt. Ltd. has appointed an independent advisor Kotak Mahindra Bank
to work together with Franklin Templeton Asset Management (India) Pvt. Ltd (the AMC), to assist the
Trustees in monetizing portfolios of the 6 schemes that are being wound up & make payouts to the affected
investors.
93. Which multinational company has partnered with banking & insurance products company
Intellect Design Arena to launch iTurmericFinCloud platform?
1) IBM
2) Google
3) TCS
4) CTS
5) Infosys
Answer-1) IBM
Explanation:
IBM (International Business Machines) ties up with the Intellect Design Arena Limited, a full spectrum
banking and insurance products company, has launched iTurmericFinCloud platform through IBM public
cloud targeting financial institutions which are looking to switch to the latest tools and technologies.
94. What is the revised growthrate of India in FY21 as per ICRA Limited?
1) -1%
2) -3%

3) -4%
4) -5%
5) -7%
Answer-4) -5%
Explanation:
ICRA Limited (formerly Investment Information and Credit Rating Agency) has sharply reduced the India’s
FY21 (Fiscal Year 2020-21) growth forecast to minus 5 % from 1%-2% growth predicted earlier, due to the
multiple extension of lockdown and labour mismatches results in further delays in supply chain
resumption.
95. The central board of direct taxes (CBDT) has exempted companies with a turnover of over ₹50
crore and involved in only B2B transactions from the requirement of accepting payments only by
electronic modes like ________.
1) RuPay
2) BHIM-UPI
3) Master card
4) Both 1) and 2)
5) Both 2) and 3)
Answer-4) Both 1) and 2)
Explanation:
Central Board of Direct Taxes (CBDT), a statutory authority functioning under the Department of Revenue
in the Ministry of Finance, has exempted firms engaged in business-to-business (B2B) transactions, from
the requirement of accepting payments only by e-payments facilities using debit cards powered by RuPay
or BHIM-UPI (Bharat Interface for Money- Unified Payments Interface).
96. As per Federation of Indian Export Organisations (FIEO), what is the expected fall in exports in
India in the current fiscal year?
1) 25%
2) 10%
3) 15%
4) 20%
5) 30%
Answer-4) 20%
Explanation:
The Federation of Indian Export Organisations(FIEO), apex body of exporters informed that Indian exports
are expected to fall by 20% in the current fiscal, in value terms it will be around USD 50 to 60 billion & also
imports due to COVID-19 pandemic.
97. With which country India has signed the 2nd Addendum to the Protocol on Inland Water Transit
and Trade (adds 5 ports of call and 2 routes) recently?
1) Sri Lanka
2) China
3) Nepal
4) Bangladesh
5) Afghanistan

Answer-4) Bangladesh
Explanation:
India & Bangladesh signed the 2nd Addendum to the Protocol on Inland Water Transit and Trade in Dhaka.
Under this pact- Increased 5 more ports of call from earlier 6(Total- 11) & extended 2 ports of call in each
country; 2 new Indo Bangladesh Protocol(IBP) routes(from 8 to 10) & new locations are also added to the
existing routes to facilitate the trade between two countries.
98. Name the world organisation which joined hands with Airtel Africa to extend e-learning support
to students.
1) International Monetary Fund (IMF)
2) United Nations Industrial Development Organization (UNIDO)
3) United Nations Children’s Fund (UNICEF)
4) Food and Agriculture Organization (FAO)
5) United Nations Educational, Scientific and Cultural Organization (UNESCO)
Answer-3) United Nations Children’s Fund (UNICEF)
Explanation:
United Nations Children’s Fund (UNICEF) partnered with Bharti Airtel’s Africa Arm to support the school
children in the coronavirus affected areas and provide them access to remote learning and financial
assistance to their families through mobile cash transfer.
99. Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) has marked 1 crore
treatments recently. What is the nodal agency for the implementation of AB-PMJAY?
1) Central Drugs Laboratory
2) Rural Health Training Centre
3) National Centre for Disease Control
4) National Health Authority
5) Central Health Education Bureau
Answer- 4) National Health Authority
Explanation:
Union Minister of Health and Family Welfare, Harsh Vardhan to mark 1 crore treatmentsof the Ayushman
Bharat Pradhan Mantri Jan Arogya Yojana(AB-PMJAY), the flagship health assurance scheme of government
since September 2018 has inaugurated the 1st edition of Arogya Dhara, a series of webinars titled
“Ayushman Bharat: 1 crore treatments and beyond” which is created as an open platform for discussion on
topical issues of public health and launched ‘Ask Ayushman’ a chatbot on WhatsApp & “Hospital Ranking
Dashboard”.The National Health Authority(NHA) is responsible for implementing the scheme.
100. Government has notified the amendments to the General Financial Rules, 2017 to ensure that
goods and services valued less than _______ crores are procured from domestic firms.
1) 100
2) 50
3) 200
4) 150
5) 250
Answer-3) 200
Explanation:
Government has notified the amendments to the General Financial Rules(GFR) 2017 to ensure that goods

and services valued less than Rs 200 crores are procured from domestic firms, which states that the global
tenders will be banned for government procurement upto 200 crores as announced in the
AatmanirbharBharat Package. This move will boost domestic suppliers, particularly Micro, Small and
Medium Enterprises(MSMEs).
101. The union cabinet has approved the extension of senior citizens pension scheme named
‘Pradhan Mantri Vaya Vandana Yojana’ till which year?
1) 2021
2) 2023
3) 2024
4) 2022
5) 2025
Answer-2) 2023
Explanation:
Union Cabinet has approved the extension of the Pradhan Mantri Vaya Vandana Yojana (PMVVY) for further
3 years till March 31, 2023 from March 31, 2020. The assured rate of return for fiscal 2020-21 has been
pegged at 7.4% per annum. Earlier, the scheme offered an assured return of 8%. The expected financial
liability will range from an estimated expenditure of Rs 829 crore in the 2023-24 fiscal to Rs 264 crore in
last FY 2032-33.
102. How many crores has been approved as Special Liquidity Scheme for NBFCs/HFCs to address
their Liquidity Stress by Union cabinet?
1) 30,000
2) 25,000
3) 15,000
4) 50,000
5) 20,000
Answer-1) 30,000
Explanation:
A Special Liquidity Scheme for NBFCs and HFCs was announced in AtmaNirbhar Bharat Package by the
Ministry of Finance has received a Union Cabinet post facto approval. The outlay of the scheme is Rs 30,000
crore and will be administered by the Department of Financial Services, Ministry of Finance.
103. What is the revised Statutory Liquidity Ratio (SLR) as per RBI monetary policy committee?
1) 18%
2) 18.25%
3) 18.50%
4) 18.75%
5) 20%
Answer-1) 18%
Explanation:The Reserve Bank of India (RBI) has released its Monetary Policy Statement 2020-21 in
Mumbai, Maharashtra. The three-day (May 20 to 22,2020) Monetary Policy Committee (MPC) virtual
meeting by the 6 members was headed by RBI Governor Shaktikanta Das with the members Dr.PamiDua,
Dr. Ravindra H. Dholakia, Dr.Janak Raj, Dr. Michael Debabrata Patra and Dr. Chetan Ghate.
Policy rate New Rate Previous Rate Change in Basis points (bps)
Policy Repo Rate 4.00% 4.40 % 40

Reverse Repo Rate 3.35% 3.75% 40
Marginal Standing Facility Rate 4.25% 4.65% 40
Bank Rate 4.25% 4.65% 40
Cash reserve Ratio (CRR) 3% 3% No change
Statutory Liquidity Ratio (SLR) 18.00% 18.25% 25
104. To which bank RBI has infused Rs. 15,000 crores as line of credit (loan for 90 days to swap
USD)?
1) SBI
2) EXIM bank
3) PNB
4) ECGC Bank
5) IOB
Answer-2) EXIM bank
Explanation:
The Reserve Bank extended loan of Rs 15,000 crore to the Export-Import Bank of India (EXIM Bank), which
will be given this loan for 90 days to swap US (United States) dollars.This will help deal with the economic
challenges faced by Coronavirus.
105. What is the Industrial production decrease in India as per RBI in March 2020?
1) 19%
2) 23%
3) 17%
4) 15%
5) 25%
Answer-3) 17%
Explanation:
According to the RBI Governor Shaktikanta Das, there has been a 17 % decrease in industrial production in
March 2020 with the output of 8 core industries (coal, crude oil, natural gas, refinery products, fertiliser,
steel, cement and electricity) has decreased by 6.5 % and manufacturing has fallen by 21 %.
106. What is the grant that was announced for emergency operations by World Bank for 100
developing countries (in USD)?
1) 160 billion
2) 180 billion
3) 220 billion
4) 200 billion
5) 140 billion
Answer-1) 160 billion
Explanation:
The World Bank announced emergency operations worth USD (United States Dollar) 160 billion to 100
developing countries over a 15-month period to fight the deadly Coronavirus. The coronavirus pandemic
and shutdown is expected to put over 60 million into extreme poverty globally.

107. Insurance Regulatory and Development Authority of India (IRDAI) has approved the proposal
of which public sector bank to continue with 30% holding in India First Life Insurance?
1) Canara Bank
2) Indian Bank
3) Punjab National Bank
4) State Bank of India
5) Union Bank of India
Answer-5) Union Bank of India
Explanation:
Insurance Regulatory and Development Authority of India(IRDAI) has approved the proposal of the state-
owned lender Union Bank of India-UBI(which holds 25.1% stake in Star Union Dai-Chi Life) to continue
with its 30% holding in IndiaFirst Life Insurance.
108. Where is the HQ of Union Bank of India located?

1) Mumbai
2) Gurugram
3) Kolkata
4) Hyderabad
5) Chennai
Answer-1) Mumbai
Explanation:
The HQ of Union Bank of India is located at Mumbai, Maharashtra.
109. Name the company which has partnered with Cholamandalam Investment and Finance
Company Limited (CIFCL) to launch ‘Buy Now Pay Later’ financing scheme.
1) Maruti Suzuki India
2) BMW India
3) Honda Motors
4) TVS Motors
5) Mahindra India
Answer-1) Maruti Suzuki India
Explanation:
Maruti Suzuki India Limited has joined hands with the Cholamandalam Investment and Finance Company
Limited (CIFCL) to launch ‘Buy Now Pay Later’ financing scheme to make the purchase of its cars even more
convenient.
110. Edelweiss General Insurance company launched ‘Edelweiss SWITCH’, an app-based motor
insurance OD floater policy recently. What is the abbreviation of OD?
1) On Demand
2) On destiny
3) Out of Damage
4) Out Dated
5) Own Damage
Answer-5) Own Damage
Explanation:
Edelweiss General Insurance launched ‘Edelweiss SWITCH’, an app-based motor insurance own damage

(OD) floater policy under IRDAI’s sandbox regulations. This driver-based motor insurance allows the
owners of the vehicles to cover multiple vehicles in a single policy.
111. ICICI bank has introduced a special fixed deposit (FD) scheme for senior citizens called ‘ICICI
Bank Golden Years FD’ recently. Who is the MD&CEO of ICICI bank?
1) Girish Chandra Chaturvedi
2) Sandeep Bakhshi
3) Rana Kapoor
4) Aditya Puri
5) Pradeep Kumar
Answer-2) Sandeep Bakhshi
Explanation:
The Private sector ICICI bank has introduced a special fixed deposit (FD) scheme for senior citizens called
‘ICICI Bank Golden Years FD’ which offers an interest rate of 6.55% per annum(p.a) for deposits up to Rs 2
crores with a tenure of more than 5 years to 10 years. It is applicable for resident Indians & is available
from May 20 to September 30, 2020.Sandeep Bakhshi is the MD and CEO of ICICI.
112. Name the person who headed the 9-member panel formed by IRDAI which recommends
increase in indemnity provided to the policyholders under Trade Credit Insurance (TCI) from
existing 85% to 90%.
1) Atul Sahai
2) Subash Chandra
3) Uday Kotak
4) Ajay Tyagi
5) Tapan Roy
Answer-1) Atul Sahai
Explanation:
Insurance Regulatory and Development Authority of India (IRDAI) formulated nine-member expert panel
headed by New India Assurance (NIA) Chairman & Managing Director (CMD) Atul Sahai has recommended
an increase in indemnity (protection against finances) being provided to the policyholders under Trade
Credit Insurance (TCI) from existing 85% of the trade receivables from each buyer to 90%.
113. Name the Indian economist who has been appointed to a key position on Climate change and
disaster management in South Asia by the World Bank.
1) Kaushik Basu
2) Jagdish Bhagwati
3) Abhas Jha
4) Arvind Subramanian
5) Jayati Ghosh
Answer-3) Abhas Jha
Explanation:
Abhas Jha, Indian economist was appointed to a key position on Climate change and disaster management
in South Asia by the World Bank. Previously He served as the Practice Manager for Urban Development and
Disaster Risk Management in East Asia and Pacific region.

114. Name the Indian state which has launched ‘ReStart’ programme to support MSME sector in the
state?
1) Telangana
2) Gujarat
3) Andhra Pradesh
4) Odisha
5) Maharashtra
Answer-3) Andhra Pradesh
Explanation:
Andhra Pradesh(AP)’s Chief Minister(CM) Y.S. Jagan Mohan Reddy has launched Rs 1,110 crores ‘ReStart’ a
new programme to support & boost the Micro, Small and Medium Enterprises (MSME) sector in the State.
115. Who has been appointed as the new chief economist and vice president of world bank group
with effect from June 15, 2020?
1) Carmen Reinhart
2) Makhtar Diop
3) Alison Evans
4) Gita Gopinath
5) Akihiko Nishio
Answer-1) Carmen Reinhart
Explanation:
The World Bank named former Bear Stearns executive Carmen Reinhart as its new Vice President (VP) and
chief economist, tapping an expert on financial crises who also serves on the advisory board of the New
York Federal Reserve. Reinhart’s appointment is effective on June 15, 2020.
116. The Baltic countries have opened their borders to each other, creating ‘travel bubble’ to boost
economy recently. Which among the following are Baltic Countries?
1) Latvia
2) Estonia
3) Lithuania
4) Both 1) and 2)
5) All the 1), 2) and 3)
Answer-5) All the 1), 2) and 3)
Explanation:
The Baltic countries of Estonia, Latvia, and Lithuania on Friday started what is being referred to as a ‘travel
bubble’ to help put their economies back on track post-Covid lockdowns. With the pandemic throwing both
international and domestic trade and travel out of gear since earlier this year, such ‘travel bubbles’ are now
being recommended to keep at least parts of the global economy afloat.
117. Where is the HQ of Aditya Birla sun life Mutual Fund located?
1) Pune
2) New Delhi
3) Mumbai
4) Gurugram
5) Lucknow

Answer-3) Mumbai
Explanation:
The Mumbai based Aditya Birla Sun Life Mutual Fund has temporarily suspended fresh inflows into two of
its credit risk and medium term funds from recently. The two schemes are Aditya Birla Sun Life Medium
Term Plan (ABMTP) and Aditya Birla Sun Life Credit Risk Fund (ACRF).
118. The 1st meeting of the 15th Finance Commission’s committee on Fiscal Consolidation Roadmap
was held recently. The committee estimated India’s GDP growth to -6% to 1% in FY21. Name the
person who heads the committee.
1) Antony Cyriac
2) Ravi Kota
3) N.K.Singh
4) Arvind Mehta
5) None of these
Answer-3) N.K.Singh
Explanation:
The first meeting of the 15th Finance Commission’s (XVFC) committee on Fiscal Consolidation Roadmap
was held through video conferencing (VC). The committee headed by Nand Kishore (NK) Singh has
recommended the judgement of Reserve Bank of India (RBI) on monetisation of fiscal deficit, as RBI is
government’s principal debt manager.The Committee also estimated India’s GDP growth to -6% to 1% in
the financial year 2020-21.The nominal GDP will accelerate to 4-5% in FY2021-22.
119. As per World Steel Association (WSA), India’s crude steel output declined by 65.2% to 3.137 MT
during April 2020. Where is the HQ of WSA located?
1) New York
2) Copenhagen
3) Vienna
4) Geneva
5) Brussels
Answer-5) Brussels
Explanation:
In accordance with the World Steel Association (worldsteel) monthly crude steel report for April 2020,
India’s crude steel output declined by 65.2% to 3.137 million tonnes (MT) during April, 2020 in comparison
to the 9.021 MT of crude steel production in April 2019. The key reason behind this decrease is the
nationwide lockdown imposed on March 25, 2020 to contain the COVID-19 spread.World Steel
AssociationHeadquarters– Brussels, Belgium.
120. Name the fintech start-up which partnered with payments tech company ‘visa’ to launch
innovative payment solutions for Small and Medium Enterprises and startups.
1) PhoenPe
2) ETMoney
3) Zaggle
4) PayU
5) LendingKart
Answer-3) Zaggle

Explanation:
Fintech startup Zaggle informed that it has partnered with payments technology major Visa to launch
innovative payment solutions for Small and Medium Enterprises(SMEs) and startups.
121. ‘Everybody will get employment’ scheme was launched in which Indian state in May 2020?
1) Uttar Pradesh
2) Himachal Pradesh
3) Andhra Pradesh
5) Madhya Pradesh
Answer-5) Madhya Pradesh
Explanation:
Madhya Pradesh(MP) Chief Minister(CM) Shivraj Singh Chouhan will inaugurate the ‘Everybody will get
employment’(SabkoMilega Rozgar) scheme through video conferencing. Under this scheme, Mahatma
Gandhi National Rural Employment Guarantee Act, 2005(MNREGA) job cards will be distributed to the
laborers.
122. How many crores has been allotted for beekeeping by Central government under
AtmaNirbharBharat Abhiyan?
1) 1000
2) 500
3) 250
4) 100
5) 50
Answer-2) 500
Explanation:
Govt allocates Rs 500 crore towards beekeeping under AtmaNirbhar Abhiyan. Government is promoting
beekeeping as part of its aim to double farmers’ income and it has allocated 500 crore rupees towards
beekeeping under the AtmaNirbhar Bharat Abhiyan.
123. Jack Ma, the co-founder of Alibaba has resigned from the board of director post of which bank?
Answer-2) Softbank
Explanation:
Alibaba co-founder, e-commerce billionaire Jack Ma is set to resign from SoftBank’s board of directors after
13 years, which is effective from June 25, 2020. SoftBank ‘s board will propose three new appointments,
including Lip-Bu Tan,Yoshimoto Goto, Yuko Kawamoto at its annual general meeting on June. The SoftBank
Group is a Multinational conglomerate company in Minato city, Tokyo, Japan.
124. Name the company which has launched the modified PM Vaya Vandana Yojana (PMVVY)
pension scheme recently.
1) Oriental Insurance Company Limited
2) New India Assurance Company Limited
3) Life Insurance Corporation of India
4) United India Insurance Company Limited
5) National Insurance Company Limited

Answer-3) Life Insurance Corporation of India
Explanation:
Life Insurance Corporation of India(LIC) announced the launch of the Pradhan Mantri Vaya Vandana
Yojana-PMVVY (Modified- 2020) Scheme for those over and above 60 years. The sale will be available from
May 26 for 3 financial years(up to March 31, 2023). This scheme can be purchased offline as well as online
from LIC website.
125. Name the private sector bank which has partnered with Maruti Suzuki to offer retail financing
schemes to its customers.
1) ICICI Bank
2) HDFC Bank
3) CUB Bank
4) YES Bank
5) Axis Bank
Answer-1) ICICI Bank
Explanation:
Maruti Suzuki India Limited (MSIL) announced its partnership with ICICI Bank to offer retail financing
schemes to its customers. ICICI bank offers a flexible EMI scheme allowing the customers to pay minimum
EMI initially to support them in the liquidity stress during COVID-19 situation.
126. What is the estimated GDP of India in last quarter (Q4) of FY20 as per SBI Ecowrap report?
1) 1.6%
2) 1.4%
3) 1.0%
4) 1.1%
5) 1.2%
Answer-5) 1.2%
Explanation:
According to the State Bank of India’s(SBI) Ecowrap report India’s Gross Domestic Product(GDP) is
estimated to grow at 1.2% in the last quarter(Q4) of FY20 as economic activity came to a halt since last
week of March due to the nationwide lockdown.
127. Uttarakhand Chief Minister Trivendra Singh Rawat presented the surplus annual budget of Rs
53,526.97 crore for FY20-21.It aims to achieve ____ public welfare goals under the state
government’s Vision 2020.
1) 25
2) 20
3) 15
4) 10
5) 30
Answer-1) 25
Explanation:
Uttarakhand Chief Minister Trivendra Singh Rawat presented the surplus annual budget of Rs 53,526.97
crore for FY20-21. The budget is described as the document reflecting the hopes and aspirations of the
people of the state. It aims to achieve 25 public welfare goals under the state government’s Vision 2020.

128. Who is the chairman of SBI?
1) M Ajit Kumar
2) Rajnish Kumar
3) P C Mody
4) Rahul Chaudhry
5) Sanjay Dutt
Answer-2) Rajnish Kumar
Explanation:
Rajnish Kumar is the present chairman of State Bank of India (SBI).
129. Where is the HQ of LIC located?

1) Gurugram
2) Lucknow
3) New Delhi
4) Pune
5) Mumbai
Answer-5) Mumbai
Explanation:
Life Insurance Corporation, popularly known as LIC is Indian state-owned insurance group and investment
company. The HQ of LIC located at Mumbai, Maharashtra.
130. Name the plan which was part of Pradhan Mantri Matsya Sampada Yojana (PMMSY), to
modernize the fisheries sector.
1) Mitra Sagar
2) Swath Sagar
3) Suman Sagar
4) Sea Environment
5) Swachh Sagar
Answer-2) Swath Sagar
Explanation:
As a part of PMMSY, there will be ‘Swath Sagar’ plan, which is envisaged with modernizing of the fisheries
sector including promotion of Bio-toilets, Insurance coverage for fishing vessels, Fisheries Management
Plans, E-Trading/Marketing, Fishers and resources survey and creation of National IT-based databases. -
Also, Government will register “Sagar Mitra” and encourage formation of Fish Farmers Producer
Organizations (FFPOs) to help achieve the PMMSY goals by enhancing domestic fish consumption with
corresponding health benefits.
131. What is the fish production target of India by 2024-25 as per the Fisheries ministry (in Lakh
Metric Tons)?
1) 100
2) 150
3) 250
4) 220
5) 190
Answer-4) 220

Explanation:
Union Minister for Fisheries, Animal Husbandry and Dairying, Giriraj Singh detailed the Pradhan Mantri
Matsya Sampada Yojana (PMMSY) during a press conference. PMMSY was announced as a part of the Rs 20
Lakh crore economic stimulus package in response to COVID-19 and received the Union Cabinet approval
on May 20, 2020. It will be implemented for a period of 5 years (FY 2020-21 to FY 2024-25) in all states and
UTs.TheObjective of scheme: To enhance fish production to 220 lakh metric tons by 2024-25 from 137.58
lakh metric tons in 2018-19 at an average annual growth rate of about 9%. It also aims to double incomes of
fishers and export earnings by 2024-25.
132. Which organisation under power ministry has signed an agreement with Narmada Basin
Projects Company limited of Government of Madhya Pradesh to fund Rs. 22,000 crores for
hydropower projects?
1) Power Finance Corporation (PFC)
2) Bharat Electronics Limited (BEL)
3) Indian Renewable Energy Development Agency Limited (IREDA)
4) NBCC (India) Limited
5) National Hydroelectric Power Corporation (NHPC)
Answer-1) Power Finance Corporation (PFC)
Explanation:
The Power Finance Corporation (PFC), under the Ministry of Power signed an agreement to fund Rs. 22,000
crores with Narmada Basin Projects Company limited (NBPCL) of Government of Madhya Pradesh for the
225 MW hydro-electric projects and multipurpose projects in the state. The MoU was signed by Rajeev
Sharma, CMD, PFC and I.C.P Keshari, MD NBPCL on a virtual platform.
133. Find the payments bank which has partnered with Mastercard to develop a special type of
payment solutions such as contact less payments (NFC technology) for farmers, SMEs.
1) Airtel Payments Bank
2) India Post Payments Bank
3) Paytm Payments Bank
4) Fino Payments Bank
5) Jio Payments Bank
Answer-1) Airtel Payments Bank
Explanation:
Airtel Payments Bank Limited (APBL) has joined hands with Mastercard to develop a special type of
payment solutions such as contact less payments via NFC (Near Field Communication), credit facility and
other neighbourhood banking services for Indian farmers and small and medium enterprises (SMEs).
134. How many MoUs were signed by Tamil Nadu government to attract investment worth ₹15,128
crore in May 2020?
1) 17
2) 18
3) 19
4) 20
5) 21
Answer-1) 17

Explanation:
Industry and the economy are being hit by the increasing coronavirus (COVID-19) impact in Tamil Nadu
(TN) & in the meantime, the state Government is taking various measures to restore the industry which has
been hit by the virus. As part of this, the state government has inked 17 memorandum of understandings
(MOUs) worth ₹15,128 crore with various companies based in Germany, Finland, Taiwan, China, France,
South Korea, Japan, USA, Australia, England and Netherlands, with the aim to provide employment
opportunities to 47,150 people.
135. What is the rank of India among the largest fish exporting nation in the world?
1) 2
2) 4
3) 8
4) 15
5) 6
Answer-2) 4
Explanation:
Current status of India in fisheries sector: India is the 2nd largest aquaculture and 4th largest fish exporting
nation in the world.
136. The National Company Law Tribunal (NCLT) has approved to sell 50% stake in Infrastructure
Leasing and Financial Services (IL&FS) to which state government?
1) West Bengal
2) Uttar Pradesh
3) Gujarat
4) Odisha
5) Karnataka
Answer-3) Gujarat
Explanation:
The principal bench of National Company Law Tribunal (NCLT) has given its nod to sell 50% stake in
Gujarat International Finance Tec-City Co Ltd (GIFTCL) held by crisis hit Infrastructure Leasing and
Financial Services (IL&FS) to the Gujarat state government.
137. Where is the HQ of Airtel payments bank located?

1) Hyderabad
2) Pune
3) Gurugram
4) Mumbai
5) New Delhi
Answer-5) New Delhi
Explanation:
The Headquarters of Airtel Payments Bank is in New Delhi, India.
138. What is the interest rate of savings bonds scheme (RBI Bonds or GOI bonds) that was
withdrawn by government due to declining interest rates?
1) 8%
2) 8.15%

3) 6.90%
4) 7.75%
5) 7.40%
Answer-4) 7.75%
Explanation:
Government has ceased the 7.75% Savings (Taxable) Bonds scheme commonly known as RBI (Reserve
Bank of India) Bonds or GOI (Government of India) bonds for subscription due to the declining interest
rates as RBI has lowered the short-term lending (repo) rate which is currently at 4%. It should be noted
that these bonds offered a higher interest rate as compared to bank fixed deposits and other financial
investment instruments offering equal degree of safety.
139. According to the reporttitled “Children in monetary poor households and COVID-19: Technical
Note” released by UNICEF & Save the children, how many children will be trapped in to poverty by
the end of 2020?
1) 212 million
2) 578 million
3) 672 million
4) 426 million
5) 714 million
Answer-3) 672 million
Explanation:
According to the report “Children in monetary poor households and COVID-19: Technical Note” released
jointly by the UNICEF (United Nations Children’s Fund) & Save the Children, a United Kingdom (UK) based
non-profit organization which works for child rights, the economic crisis caused by the coronavirus (COVID-
19) epidemic may increase the number of children living in poor households in low- and middle-income
countries by 86 million (or an increase of 15%) to reach 672 million by the end of 2020.
140. The Asian Development Bank and Government of India has signed loan agreement of $177
million to upgrade roads in which state?
1) West Bengal
3) Maharashtra
4) Gujarat
5) Karnataka
Answer-3) Maharashtra
Explanation:
The Asian Development Bank(ADB) and the Government of India signed a USD 177 million loan to upgrade
11 state highways & 2 major district roads with a combined length of 450 km, to 2-lane standard across
seven districts of Maharashtra.
141. RBI to raise 80,000 crores through CMBs. CMB is abbreviated as Cash ________ Bills.
1) Market
2) Money
3) Management
4) Mutual
5) Medium

Answer-3) Management
Explanation:
The Reserve Bank of India will raise Rs 80,000 crore by selling Cash Management Bills (CMBs) or shorter
duration sovereign debt instruments as the government would be requiring money to meet immediate debt
obligations amid coronavirus outbreak. Those securities will mature in the next 84 days on August 20,
2020.
142. What will be the contraction in India’s GDP rate in FY21 as per estimation of Fitch ratings?
1) 5%
2) 4%
3) 3%
4) 2%
5) 1%
Answer-1) 5%
Explanation:
S&P Global Ratings (previously Standard & Poor’s) has projected India’s GDP (Gross Domestic Product)
growth for the current fiscal year FY 21( 2020-21) to contract by 5 % from 1.8 % growth projected in April
2020, due to the lockdown imposed for the prevention of the coronavirus (COVID-19) pandemic, which
severely affected economic activity in the country.Earlier this week, rating agency Fitch &Crisil also forecast
a negative growth of 5 % in the Indian economy.
143. Name the company which entered into partnership with LIC to distribute the micro insurance
products.
1) BTI Payments Limited
2) Hitachi Limited
3) Indicash Limited
4) Vakrangee Limited
5) Communications solutions Limited
Answer-4) Vakrangee Limited
Explanation:
Tech firm Vakrangee Limited (VL) has entered into the Corporate Agency (Registration Code CA0249)
partnership with Life Insurance Corporation of India (LIC) to distribute latter’s micro insurance products in
unserved and underserved areas through its Nextgen Vakrangee Kendra network spread across India.
144. HIL (India) to supply 25 tons of pesticides to which country to control locust attack?
1) Malaysia
2) Bangladesh
3) Pakistan
4) Afghanistan
5) Iran
Answer-5) Iran
Explanation:
HIL, (India) Limited (Formerly- Hindustan Insecticides Limited) a Public sector undertakings(PSU) under
Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers is in process to produce
& supply 25 tonnes Malathion Technical to Iran for the Locust Control Program under government
arrangements.

145. Anil Kishora has been appointed as the vice president of New Development Bank (NDB)
recently. Who was appointed as the new president of NDB replacing KV Kamath?
1) Prado Troyjo
2) Paulo Guedes
3) Anton Siluanov
4) Xiao Jie
5) Tito Mboweni
Answer-1) Prado Troyjo
Explanation:
The New Development Bank of the BRICS countries has designated Brazil’s Marcos Prado Troyjo as its
President. He will succeed eminent Indian banker KundapurVaman Kamath who took over as the first
president of the bank in 2015. The decision regarding appointment was taken during the special virtual
meeting of the Board of Governors. The Board also appointed Anil Kishora of the State Bank of India (SBI),
as the vice president of the NDB to assist the emerging economies in infrastructure development loans.
146. Where is the HQ of New Development Bank located?

1) Shanghai
2) Moscow
3) New Delhi
4) Rio
5) Johannesburg
Answer-1) Shanghai
Explanation:
The New Development bank (NDB) is headquartered in Shanghai, China.
147. Finance minister Nirmala Sitharaman has launched the instant allotment facility of PAN
through Aadhaar based e-KYC recently. PAN contains how many digits?
1) 12
2) 8
3) 13
4) 10
5) 16
Answer-4) 10
Explanation:
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman launched the Instant Permanent
Account Number (PAN) facility of Income Tax (IT) Department through Aadhaar based e-KYC (Electronic
Know your Customer) to provide further ease to taxpayers, from New Delhi. This launch has been made on
the lines of the para 129 of the FY20-21 Budget stating a simplified allotment process of PAN.PAN is a 10-
digit unique alphanumeric number issued by the Income Tax Department.
148. The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) to reduce the annual
listing fee by _____% for SMEs.
1) 25
2) 20
3) 10

4) 15
5) 30
Answer-1) 25
Explanation:
The Bombay Stock Exchange(BSE) and National Stock Exchange(NSE) announced that they will reduce the
annual listing fee by 25% for Small and Medium Enterprises(SMEs) companies, it is as a part of their
attempts to lower the compliance costs for companies during the ongoing COVID-19 pandemic. These steps
will help to revive the SMEs & encourage thousands of SMEs to go for listing.
149. What will be the contraction in India’s GDP growth in fiscal 2021 as per the forecast of CRISIL?
1) 5.6%
2) 4.6%
3) 3.8%
4) 5%
5) 2%
Answer-4) 5%
Explanation:
The latest report by CRISIL predicted that the gross domestic product (GDP) of Indian economy will
contract by 5% in fiscal 2021. This estimate followed the April 28, 2020 forecast of 1.8% growth, from its
earlier forecast of 3.5% growth.
150. Which organisation has deposited Rs 30,000 each as out of pocket allowance (OPA) in accounts
of 2,749 Khelo India athletes recently.
1) All India Boxing Association (AIBA)
2) Badminton Association of India (BAI)
3) Sports Authority of India (SAI)
4) Board of Control for Cricket in India (BCCI)
5) All India Tennis Association (AITA)
Answer-3) Sports Authority of India (SAI)
Explanation:
The Sports Authority of India (SAI) has deposited Rs 30,000 each as out of pocket allowance (OPA) in
accounts of 2,749 Khelo India athletes, a total of Rs. 8.25 crores. The allowance is for the first quarter of
2020-21.
151. The 22nd meeting of Financial Stability and Development Council (FSDC) held via video
conferencing recently. Who heads FSDC?
1) Home Minister
2) Defence Minister
3) Finance Minister
4) External Affairs Minister
5) Prime Minister
Answer-3) Finance Minister
Explanation:
Finance Minister Nirmala Sitharaman chaired the 22nd Meeting of the Financial Stability and Development
Council (FSDC) via video conferencing, which was the first meet since the coronavirus outbreak. The meet
was held to review the various measures to maintain financial stability in the context of COVID-19.The

economy is expected to contract by 5% by some estimates amid the virus crisis.The FSDC is the apex body
of sectoral regulators, headed by the finance minister. The idea to create this regulatory body was mooted
by the Raghuram Rajan (ex RBI Governor) Committee in 2008.
152. Where is the HQ of National Stock Exchange (NSE) located?

1) Mumbai
2) New Delhi
3) Guwahati
4) Ahmedabad
5) Bengaluru
Answer-1) Mumbai
Explanation:
The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in
Mumbai.
153. NABARD has extended Rs. 1,050 crores special liquidity facility (SLF) to which state recently for
FY21?
1) Karnataka
2) Uttar Pradesh
3) Tamil Nadu
4) Madhya Pradesh
5) West Bengal
Answer-5) West Bengal
Explanation:
National Bank for Agriculture and Rural Development (NABARD) has extended Rs 1,050 crore special
liquidity facility (SLF) to West Bengal (WB) so far in the current fiscal year (FY 21) for the welfare of
farmers and poor people in the state.
154. What is the GDP growth of India in 2019-20 as per the data of National Statistical Office (NSO)?
1) 5%
2) 4.6%
3) 4.8%
4) 4.2%
5) 4.4%
Answer-4) 4.2%
Explanation:
According to the Provisional Estimates of National Income for the financial year 2019-20 by National
Statistical Office(NSO), Ministry of Statistics and Programme Implementation (MoSPI) India’s Gross
Domestic Product(GDP) growth has slowed to an 11-year low of 4.2% in 2019-20 & in the final quarter(Q4-
January to March) the GDP’s growth rate fell to 3.1%, against 6.2% in the 2018-19, which reflects the impact
of the first week of the COVID-19 lockdown which began on March 25.
155. According to the Controller General of Accounts(CGA -Soma Roy Burman) data, fiscal deficit is
____% of GDP in 2019-20.
1) 4.0%
2) 4.4%

3) 3.8%
4) 4.2%
5) 4.6%
Answer-5) 4.6%
Explanation:
According to the Controller General of Accounts(CGA) data, the fiscal deficit for 2019-20 which signifies the
gap between government revenue and expenditure has widened to 4.59%(~4.6%) of GDP, higher than the
revised estimate of 3.8 %.
156. What is the increase in total FDI of India in FY2019-20 as per Department for Promotion of
Industry and Internal Trade (DPIIT)?
1) 16%
2) 18%
3) 20%
4) 24%
5) 22%
Answer-2) 18%
Explanation:
In accordance with the data released by the Department for Promotion of Industry and Internal Trade
(DPIIT), the total foreign direct investment (FDI) increased by 18% to $73.46 billion in the FY2019-20. This
hike was the highest in the four years.
157. Who has been appointed as the new CMD of oriental insurance company by Banks Board
Bureau?
1) AV Girija Kumar
2) ChintalaGovindaRajulu
3) Rajeev Kumar
4) SN Rajeshwari
5) BhanuPratap Sharma
Answer-4) SN Rajeshwari
Explanation:
The Banks Board Bureau (BBB) appointed SN Rajeshwari as the new Chairman and Managing Director
(CMD) of Delhi-based Oriental Insurance Company (OIC). She will be the successor of AV Girija Kumar, 60
years old, who retires on May 2020.
158. Commerce and Industry minister Piyushgoyal attended the Digital Summit on Exports recently.
Who organized the event (Institutional partner – EXIM bank)?
1) Tribal Cooperative Marketing Development Federation of India (TRIFED)
2) Indian Farmers Fertiliser Cooperative (IFFCO)
3) Confederation of Indian Industry (CII)
4) Agricultural and Processed Food Products Export Development Authority (APEDA)
5) Federation of Indian Chambers of Commerce and Industry (FICCI)
Answer-3) Confederation of Indian Industry (CII)
Explanation:
Union Minister for Commerce & Industry and Railways, PiyushGoyal participated in the Digital Summit on

Exports organized by the Confederation of Indian Industry(CII) through a Video Conference. The
institutional partner for the summit is Export-Import(EXIM) Bank.
159. Where is the HQ of EXIM bank located?

1) Kolkata
2) Chennai
3) Ahmedabad
4) New Delhi
5) Mumbai
Answer-5) Mumbai
Explanation:
The HQ of Export-Import Bank of India (EXIM Bank) is located at Mumbai, Maharashtra.
160. Who is the present chairman of Mumbai based NABARD?

1) P.V.S Suryakumar
2) Govinda Rajulu Chintala
3) Shaji K V
5) Ajay Tyagi
Answer-2) Govinda Rajulu Chintala
Explanation:
The appointments committee of the union cabinet appointed GovindaRajuluChintala as Chairman of
National Bank for Agriculture and Rural Development (NABARD) recently. He was the successor of Harsh
Kumar Bhanwala. Shaji K V and P.V.S Suryakumar have been appointed as Deputy Managing Directors
(DMD) of NABARD.

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Tripura government launches agro entrepreneur facilitation desk to boost economy

USD 400 million multi-year financial support to India: World Bank

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Reserve bank cancels Mumbai’s 105-year-old CKP co-op bank license

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Jharkhand launches three schemes for rural job creation

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AIIB grants $500 mn loan to India to deal with coronavirus disaster

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Moody’s slashes India’s GDP growth to zero in FY 21 from 2.6%

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Yes Bank appoints Neeraj Dhawan as chief risk officer

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Himanta Biswa Sarma presented Rs 1,03,762 cr Assam Budget for FY 2020-2021

Central Board of Direct Taxes amends 44G of Income-tax Rules 1962

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74% stake of SeQuent bought by Carlyle for Rs 1,587 crore

Sikkim Assembly passes a budget of Rs 9,100 crores for FY21

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Maximum IMR Madhya Pradesh (MP)- 48

Minimum IMR Nagaland (4)

State with largest decline of IMR Mizoram (from 15 to 5)

Best performer among larger states Kerala (7)

Best performer among smaller states Nagaland (4)

Best Performer among UTs Andaman and Nicobar islands (9)

Madhya Pradesh with the rural IMR at 51while the urban

Highest Death Rate Chhattisgarh (8.0)

Banking & Economy PDF - May 2020 by AffairsCloud

Banking & Economy PDF - May 2020 by AffairsCloud