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Important Current Affairs 25th June 2020

National

MSME Minister Nitin Gadkari launches CGSSD

•  The Micro, Small and Medium Enterprises Minister Nitin Gadkari on 4June 24, 2020 launched the Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD).

•  Under the scheme, a guarantee cover worth Rs 20,000 crore will be provided to the promoters who can take debt from the banks to further invest in their stressed MSMEs as equity.

•  The scheme aims to extend support to the promoters of the operational MSMEs that are stressed and have become NPA as on April 30, 2020.

•  Under the scheme, Promoters of the MSMEs will be given credit equal to 15 percent of their stake or 75 lakh rupees whichever is lower. There will be a moratorium of 7 years on payment of principal whereas maximum tenure for repayment will be 10 years.

India to give USD 10 million to UNRWA for Palestine Refugees

• India has pledged to contribute USD 10 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). The amount would be contributed over the coming two years.

• The contribution of USD 10 million would be an additional amount over and above USD 5 million contribution announced for year 2020.

• The announcement was made by the Minister of State for External Affairs V Muraleedharan while addressing the Extraordinary Virtual Ministerial Pledging Conference for UNRWA.

CCEA approves establishment of Animal Husbandry Infrastructure Development Fund

• The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved setting up of Animal Husbandry Infrastructure Development Fund (AHIDF) worth Rs 15000 crore.

• The fund is a part of the AtmaNirbhar Bharat Abhiyan stimulus package that was announced by Finance Minister Nirmala Sitharam to revive economic growth.The Animal Husbandry Infrastructure Development Fund would facilitate much-needed incentivisation of investments for dairy and meat processing and value addition infrastructure and establishment of animal feed plant in the private sector.

• The Indian Government would also set up a Credit Guarantee Fund worth Rs 750 crore to be managed by NABARD.

Govt forms IN-SPACe to guide private sector in space activities

• The Union Minister of State for Atomic Energy and Space, Jitendra Singh announced that a new institution- Indian National Space Promotion and Authorisation Centre (IN-SPACe) has been formed. The institution will guide the private industries in the space activities with the help of encouraging policies in a friendly regulatory environment.

• The Union Minister informed that Indian National Space, Promotion & Authorisation Centre is not a new institution but now its role has been extended into the Indian Space Research Organisation (ISRO).

International

World's first yoga University outside India launched in LA

• The world's first yoga university outside India has been launched in Los Angeles, United States as a part of the 6th International Yoga Day commemorations.

• The Vivekananda Yoga University (VaYU) will offer programmes that combine scientific principles and modern research approaches to the ancient Indian practice of yoga.The university combines best of the East, which is yoga and its applications and best of the West, which is modern scientific research.

Banking and Economy

GoI brings all cooperative banks under supervision of RBI

• The Union government on June 24 has decided to bring 1,482 urban cooperative banks and 58 multi-state cooperative banks under the Reserve Bank of India (RBI). The news was announced by I&B Minister, Prakash Javadekar after the Union Cabinet’s meeting.

• The Union minister informed that RBI’s power as they apply to the scheduled banks will now also apply to the cooperative banks. He added that the government has decided to introduce an ordinance that will put cooperative banks under RBI’s supervision.

• This decision will give an assurance to more than 86 million depositors in these banks that their money amounting to Rs 4.84 trillion will stay safe.

India retains its position as 3rd Largest Economy on PPP basis for 2017: World Bank Report

• The World Bank has released the new purchasing power parity (PPP) for the reference year 2017, under the International Comparison Program (ICP), that adjust for differences in the cost of living across economies of the world. Globally, 176 economies participated in 2017 cycle of ICP.

• India has retained its position as the third-largest economy in the world in terms of purchasing power parity (PPP) for 2017, as per the World Bank data. India was 3rd largest in 2011 round of World Bank’s International Comparison Program (ICP) also.