• Admin

Daily Current Affairs : 23-Jan-2020

Major Topics Covered :

  1. HFL- WILL BE SHUT DOWN

  2. WESO 2020: ILO

  3. 1t.org-WEF

  4. PRADHAN MANTRI RASHTRIYA BAL PURASKAR

  5. NSE- WORLD’S LARGEST DERIVATIVES EXCHANGE

  6. VIGYAN SAMAGAM

  7. SAIL SERVICE SCHEME

  8. MERGER OF DADRA AND NAGAR HAVELI AND DAMAN AND DIU


HFL- WILL BE SHUT DOWN

Part of GS- 3 Environment


Why in news?

PSU Hindustan Fluorocarbons Limited (HFL) will be shut down soon after the Union Cabinet's approval.


Highlights:

• Union Minister Prakash Javadekar said the Cabinet Committee on Economic Affairs (CCEA) has approved HFL's closure. HFL is a Central Public Sector Enterprise (CPSE) under Department of Chemicals & Petrochemicals.

• Hindustan Fluorocarbons Limited (HFL) is a subsidiary company of Hindustan Organic Chemicals Ltd. (HOCL), a Central Public Sector Enterprise (CPSE) under the administrative control of the Department of Chemicals and Petrochemicals.

• The Cabinet has also approved the Revised Cost Estimates (RCE) for establishment of permanent campuses of new National Institutes of Technology (NITs) at a total cost of ₹4371.90 crore for the period till 2021-22.

• HFL is engaged in the manufacture of Poly Tetra Fluoro Ethylene (PTFF) and Chloro Di Fluoro Methane (HCFC-22 or CFM-22).

HFL also uses HCFC-22 for conversion to PTFE.

• Under the provisions of Montreal Protocol on phasing out of ozone depleting substances, HFL's HCFC-22 non-feedstock production quota is only about 392 MT per calendar year.

• Due to uneconomic plant capacity, conversion of HCFC-22 to PTFE is not financially viable and the company is constrained to sell higher quantity of HCFC- 22 directly as refrigerant gas.

• The company has been making losses since 2013-14 and was also registered with the erstwhile Board for Industrial and Financial Construction (BIFR) as a sick company. Source : LiveMint



WESO 2020: ILO

Part of GS- 3 Economy


Why in news?

  • The World Employment and Social Outlook: Trends 2020 (WESO) report, released on 20thJanuary,2020, states that global unemployment has been roughly stable for the last nine years but slowing global economic growth means that, as the global labour force increases, not enough new jobs are being generated to absorb new entrants to the labour market.


Highlights:

• The ILO is a UN agency whose mandate is to advance social justice and promote decent work by setting international labour standards.

• The International Labour Organization (ILO) forecasts that unemployment will rise by about 2.5 million this year.

• Currently working poverty (defined as earning less than USD 3.20 per day in purchasing power parity terms) affects more than 630 million workers, or one in five of the global working population.

• The ILO report said that moderate or extreme working poverty is expected to edge up in 2020-21 in developing countries, increasing the obstacles to achieving Sustainable Development Goal 1 on eradicating poverty everywhere by 2030.

Inequalities related to gender, age and geographical location continue to plague the job market, with the report showing that these factors limit both individual opportunity and economic growth.

Some 267 million young people aged 15-24 are not in employment, education or training, and many more endure substandard working condition.

• The rise in trade restrictions and protectionism, which could have a significant impact on employment, is seen as a potentially worrying trend, as is the significant drop in the share of national income in the form of wages, compared to other forms of production.

Source: The Hindu



1t.org-WEF

Part of GS- 3 Environment


Why in news?

  • World Economic Forum and partners launch 1t.org, a multi-stakeholder effort to support efforts to grow, restore and conserve 1 trillio