CURRENT AFFAIRS


10th Sep, 2020

 

Turkey- Russia Military Drill in Eastern Mediterranean announced

Recently, Turkey has announced that Russia will hold live-fire naval exercises in the eastern Mediterranean. 

Already there has been escalating tensions between Turkey and its coastal neighbors Greece and Cyprus over the rights to search for energy resources in the region.

Turkey and Russia will also coordinate closely on their military presence in Syria.

Turkey has also purchased Russia’s advanced S-400 missiles and has agreed to go with a Russian-built nuclear power plant on its southern coast.

Russian exercises will take place during September 8-22 and September 17-25.

Turkish seismic research vessels are already operating in the Mediterranean region.

Recently, the U.S. had said that it was partially lifting a 33-year-old arms embargo against ethnically divided Cyprus.


G-20 Foreign Ministers’ Meet held

 

Recently, Saudi Arabia hosted the G-20 foreign ministers’ meeting. 

Focus: Cross-border movement amid the Covid-19 pandemic.

The foreign ministers acknowledged the importance of opening borders, and promoting measures to allow the economy to thrive in light of the protective measures for the Covid-19 pandemic.

India updated the G-20 foreign ministers about steps taken by India including Vande Bharat Mission and creation of travel bubbles for the welfare and protection of foreign citizens stranded in India as well as its own citizens abroad.

 

G-20

It is an informal group of 19 countries and the European Union.

Representatives of the International Monetary Fund and the World Bank are also part of G-20.

It represents about 2/3rd of the world’s population, 85% of global GDP, 80% of global investment and over 75% of global trade.

It does not have any permanent secretariat or headquarters.

Currently, Saudi Arabia holds the presidency of G-20. 

It is the first Arab nation to take over the G20 Presidency.


Indo-China Defence Ministerial Meet held

 

The Indo-China Defence Minister level meet recently took place on the sidelines of the Shanghai Cooperation Organisation (SCO) Defence Ministers’ meeting in Moscow, Russia.

India stressed upon a peaceful, stable and secure region of SCO member states.

India also expressed concern at the security situation in Afghanistan

India called upon the Gulf countries to resolve differences between them by “dialogue based on mutual respect.

India unequivocally condemned terrorism in all forms and manifestations.

It also asserted the need to build institutional capacity to deal with both traditional and non-traditional threats.

 

Shanghai Cooperation Organization (SCO)

Formation: 2001

Type: Mutual security, political, economic organisation

 

Headquarters: Beijing, China.

It is a major Eurasian organization that represents half of the world’s population.

It is a permanent intergovernmental international organisation.

India joined SCO in 2017.

The organisation has two permanent bodies — the SCO Secretariat (Beijing, China) and the Executive Committee of the Regional Anti-Terrorist Structure (RATS) (Tashkent, Uzbekistan).

Significance: It has the capacity to counterbalance the North Atlantic Treaty Organization.


Revised Priority Sector Lending Guidelines

 

Recently, the RBI released revised Priority Sector Lending (PSL) guidelines.

The guidelines align with emerging national priorities and also bring sharper focus on inclusive development.

 

New additions to Priority Sector Lending (PSL) sectors

Bank finance to start-ups up to Rs. 50 crore. 

Loans to farmers for installation of solar power plants for solarisation of grid connected agriculture pumps and loans for setting up Compressed BioGas plants.

Higher credit limit for Farmers Producers Organisations (FPOs) undertaking farming with assured marketing of their produce at a predetermined price.

The credit limits for renewable energy, health infrastructure, including the projects under ‘Ayushman Bharat’, have been doubled.

It seeks to address the issues concerning regional disparities in the flow of priority sector credit at district level which includes:

Ranking districts on the basis of per capita credit flow to the priority sector.

Building an incentive framework for districts with comparatively low flow of credit and a dis-incentive framework for districts with comparatively high flow of priority sector credit.

Higher weightage has been assigned to priority sector credit in ‘identified districts’ where priority sector credit flow is comparatively low

 

Priority Sector Lending

The RBI mandates banks to lend a certain portion of their funds to specified sectors, like agriculture, Micro, Small and Medium Enterprises (MSMEs), export credit, education, housing, social infrastructure, renewable energy among others.

All scheduled commercial banks and foreign banks (with a sizable presence in India) are mandated to set aside 40% of their Adjusted Net Bank Credit (ANDC) for lending to these sectors.

Regional rural banks, co-operative banks and small finance banks have to allocate 75% of ANDC to PSL.

The idea behind this is to ensure that adequate institutional credit reaches some of the vulnerable sectors of the economy, which otherwise may not be attractive for banks from the profitability point of view.


Kisan Rail

 

Inaugural run of South India’s 1st and country’s 2nd Kisan Rail between Anantapur and New Delhi was flagged off recently.

Inaugurated by: Union Minister of Agriculture & Farmer Welfare.

The first Kisan Rail was flagged off between Devlali (Maharashtra) and Danapur (Bihar) as a weekly service.

Objective of Kisan Rail: To provide priority to the farming sector and facilitate transportation of perishable agricultural products to various market places across the country.

Anantapur is fast becoming the Fruit Bowl of Andhra Pradesh.

The train service between Anantapur – New Delhi will cover a distance of 2150 kms in 40 hours.


 






ARCHIVE