Weekly Current Affairs 1st May-8th May 2021

FINANCE AND BANKING

• RBI to strengthen risk-based supervision of banks, NBFCs
  • The Reserve Bank of India has decided to review and strengthen the Risk Based Supervision (RBS) of the banking sector with a view to enable financial sector players to address the emerging challenges.

• RBI joins network for ‘greening the financial system’
  • The Reserve Bank of India (RBI) has joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as a Member.

• RBI sets up advisory group to assist regulatory review authority
  • RBI has constituted an advisory group to assist the second Regulatory Review Authority (RRA 2.0).
  • Headed by SBI Managing Director S Janakiraman, the advisory group will assist the RRA by identifying regulations, guidelines, and returns that can be rationalised.

ECONOMY

• Goldman Sachs lowers GDP growth forecast for India in FY22 to 11.1%
  • Goldman Sachs has lowered its estimate for India's economic growth to 11.1 per cent in fiscal year to March 31, 2022, as a number of cities and states announced lockdowns of varying intensities to check spread of coronavirus infections.

• IHS Markit sees India's FY22 GDP growth at 9.6% amid rising Covid cases
  • On-going lockdown and mobility curbs coupled with fears of an extension – time wise and across more Indian cities – have led to economists tweak their gross domestic growth (GDP) projections for fiscal 2021-22 (FY22).

• Government slashes IGST on oxygen concentrators for personal use to 12%
  • The government has slashed Integrated GST rate on oxygen concentrators for personal use to 12 per cent, from 28 per cent earlier, for two months till June 30.

NATIONAL

• India and Russia to Establish "2+2" Dialogue to Boost Partnership
  • With a focus on increasing engagement, India and Russia announced the establishment of a "2+2 Ministerial Dialogue" between Foreign and Defence Ministers level between the two countries.

• Indian Navy launches ‘Operation Samudra Setu-II’
  • The Indian Navy has launched ‘Operation Samudra Setu-II’ to meet the country’s oxygen requirement amid the surge in COVID-19 cases and the acute shortage of liquid medical oxygen (LMO).

• Indian Army inaugurates first solar energy harnessing plant of 56 KVA in North Sikkim
  • The Indian Army established its first green solar energy plant, which has a capacity of 56 KVA (kilowatt-ampere), at an altitude of 16,000 feet in northern Sikkim.

INTERNATIONAL

• UK government approves self-driving cars on motorways
  • The UK government became the first country to announce that it will regulate the use of self-driving vehicles at slow speeds on motorways, with the first such cars possibly appearing on public roads as soon as this year.

• World’s longest pedestrian suspension bridge opens in Portugal
  • The world’s longest pedestrian suspension bridge named “516 Arouca bridge” has been completed near Arouca in northern Portugal. The UNESCO-recognised bridge is 516 meters (1,700 feet) and hangs 175 meters above the River Paiva.

STATES

• Mamata Banerjee took oath as West Bengal Chief Minister
  • Trinamool Congress (TMC) chief Mamata Banerjee took oath as the chief minister of West Bengal.
  • She became the CM of the state for her third consecutive term.

• MK Stalin took oath as Tamil Nadu Chief Minister
  • Dravida Munnetra Kazhagam chief MK Stalin took oath as Chief Minister of Tamil Nadu for the first time.
  • Stalin, a former deputy chief minister of Tamil Nadu, will become its eighth chief minister of the state. He is the son of former five-term chief minister, the late M Karunanidhi.

• Odisha Declares Journalists as Frontline COVID Warriors
  • Odisha Chief Minister Naveen Patnaik declared working journalists of the state as frontline COVID warriors.

REPORTS AND INDEXES

• Global Methane Assessment 2021
  • Climate and Clean Air Coalition (CCAC) & United Nations Environment Programme (UNEP) have jointly published the '2021 Global Methane Assessment: Benefits and Costs of Mitigating Methane Emissions' report.

• UNDESA releases Global Forests Goals Report
  • United Nations Department of Economic and Social Affairs (UN DESA) has released the Global Forests Goals Report 2021.

• Global EV Outlook 2021: IEA Report
  • The International Energy Agency (IEA) has published 'Global EV Outlook 2021' report.
  • The report stated that the sale of Electric Vehicles (EVs) will be more than 30% in new vehicle sales in India by 2030.

SCIENCE AND TECHNOLOGY

• Stratolaunch, the World's Largest Airplane, Successfully Completes Second Test Flight
  • The world’s biggest airplane completed its second test flight from Mojave Air and Space Port in California.
  • Built by Stratolaunch, the plane named Roc – with a wingspan of 117 meters and powered by 6 Boeing 747 engines – is being groomed to carry and launch supersonic vehicles high up in the sky.

AGRICULTURE AND RURAL DEVELOPMENT

• TRIFED signs MoU with The LINK Fund for Empowerment of Tribals
  • TRIFED (Tribal Cooperative Marketing Development Federation of India), the commercial wing of the Ministry of Tribal Affairs has signed a Memorandum of Understanding (MoU) with The Link Fund, a Philanthropic operational foundation for empowerment of tribals.

• Scientists Develop New High-yielding, Pest-resistant Soybean Variety ‘MACS 1407’ for Farmers
  • Scientists in India have developed a high-yielding & pest-resistant variety of soybean ‘MACS 1407’. This new variety is suitable for cultivation in Jharkhand, Chhattisgarh, West Bengal Assam and North-eastern states.

• NDDB and EESL Sign MoU to Create Energy-Efficient Solutions for Dairy Sector
  • National Dairy Development Board (NDDB) signed an agreement with Energy Efficiency Services Ltd (EESL).
  • The objective is to promote efficient renewable technologies in the dairy sector.

EVENTS

• Patel Virtually Participates In G20 Tourism Ministers' Meeting
  • Union Minister of State for Tourism & Culture (I/c) Prahlad Singh Patel participated in G20 Tourism Ministers' Meeting held in Italy.
  • The Tourism Ministers' Meeting is one of the ministerial meetings organized as part of the G20 Leaders' Summit 2021, which will be hosted by Italy in October 2021.

AWARDS AND REWARDS

• Order of the Rising Sun, Gold and Silver Rays
  • Bengaluru teacher Shyamala Ganesh, the former director of the Japanese Language School, will be conferred the Order of the Rising Sun, Gold and Silver Rays.
  • She is being awarded for her contribution to the spread of the Japanese language and culture in Karnataka.

• Billboard Music Awards Icon Award 2021
  • Singer Pink will be honoured with the Icon Award at the 2021 Billboard Music Awards (BBMAs).
  • The award aims to recognise artistes who have achieved success on the Billboard charts and left an indelible impact on music.

• UNESCO/Guillermo Cano World Press Freedom Prize 2021
  • The UNESCO has awarded its annual UNESCO/Guillermo Cano World Press Freedom Prize to the Filipino journalist Maria Ressa whose reporting has made her a target of her country’s judiciary and online hate campaigns.

SPORTS

• Hamilton won Portuguese Grand Prix
  • Seven-time world champion Lewis Hamilton won the Portuguese Grand Prix for Mercedes.
  • The victory was a record-extending 97th of Hamilton's career and second of the year.

• Sri Lanka all-rounder Thisara Perera announces retirement from international cricket
  • Sri Lanka all-rounder Thisara Perera announced his retirement from international cricket.

• Sindhu, Michelle Li appointed ambassadors for IOC's 'Believe in Sport' campaign
  • The Badminton World Federation announced that India shuttler PV Sindhu and Canada's Michelle Li have been nominated as athlete ambassadors for the International Olympic Committee's (IOC) 'Believe in Sport' campaign’.