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 trillion trees around the world.


Highlights:

1t.org is a World Economic Forum (WEF) initiative, designed to support the trillion tree community.

• It is being set up with the initial financial support of Marc and Lynne Benioff.

Scheme endorsed by US President Donald Trump.

• Nature-based solutions will only be effective if undertaken in conjunction with other efforts to transform energy, heavy industry and finance sectors.

• Nature-based solutions – locking-up carbon in the world’s forests, grasslands and wetlands – can provide up to one-third of the emissions reductions required by 2030 to meet the Paris Agreement targets.

Mass-scale nature restoration is an essential part of the solution for tackling climate change while also delivering important biodiversity, livelihood and broader sustainable development benefits.

Source: The Hindu



PRADHAN MANTRI RASHTRIYA BAL PURASKAR

Part of GS- Award


Why in news?

  • The President of India, Shri Ram Nath Kovind, presented the Pradhan Mantri Rashtriya Bal Puraskar 2020 (January 22, 2020) at Rashtrapati Bhavan.


Highlights:

• The award scheme is administered by Ministry of Women & Child Development.

• Under this scheme, awards are given every year in two categories i.e. I. Bal Shakti Puruskar to individuals and II. Bal Kalyan Puraskar for institutions/individuals working for children.

• Bal Shakti Puraskar is given to recognize exceptional achievements of our children in various fields i.e., innovation, scholastic achievements, social service, arts & culture, sports and bravery.

• Bal Kalyan Puraskar is given to recognize the contribution of dedicated individuals and institutions for the welfare of children.

• President Kovind conferred the awards to 49 children in the age group of 5-18 years at a ceremony at Rashtrapati Bhawan here.

• The Bal Shakti Puraskar is given to children in the fields of innovation, social service, scholastic, sports, art and culture, and bravery and carries a medal, a cash prize of Rs 1 lakh, a certificate and a citation.

• The 49 awardees also included 12-year-old Darsh Malani, who has performed over 50 magic shows worldwide and 11-year-old Manoj Kumar Lohar has been awarded for his mastery in "tabla vadan".

• Gauri Mishra, who has the "Youngest pianist of India" record in her name and Korok Biswas, an exceptional dancer despite being diagnosed with down syndrome and 50 percent intellectual disability are also among the awardees in the Art and Culture category.

Source : PIB



NSE- WORLD’S LARGEST DERIVATIVES EXCHANGE

Part of GS-3 Economy


Why in news?

  • National Stock Exchange of India Ltd (NSE) has emerged as the world's largest derivatives exchange in 2019 by number of contracts traded, surpassing the CME Group, according to Futures Industry Association (FIA), a derivatives trade.


Highlights:

NSE is also ranked third in the world in the cash equities segment by number of trades as per the statistics published by the World Federation of Exchanges (WFE).

• It is indeed a matter of great pride for all of us and for our country that NSE has emerged as a global leader and has achieved this unique distinction of being the largest derivatives exchange in the world and the 3rd largest exchange in cash equities.

• Over the last five years, the cash equities segment on NSE has grown by more than 90%, from a daily average turnover of about ₹17,572 crores in CY 2015 to about Rs. 34,264 crores in CY 2019.

• During the same period, equity derivatives daily average turnover has increased by 70% from about ₹52,371 crores in CY15 to ₹88,772 crores in CY19.

Source: live Mint



VIGYAN SAMAGAM

Part of GS-3 S&T


Why in news?

  • The Union Minister of Atomic Energy and Space, Jitendra Singh inaugurated India’s first global Mega Science Exhibition “Vigyan Samagam” in Delhi.


Highlights:

Vigyan Samagam is a multi-venue mega-science exhibition that brings several collaborative mega-science projects under one roof.

• It aims to showcases India’s contribution to some of the biggest international collaborations on fundamental science and research, and provides a common interactive platform for mega-science activities, industry, academia and institutions.

• A first-of-its-kind exhibition, the exhibition being hosted in a caravan mode at four cities – Mumbai, Bengaluru, Kolkata and Delhi – from May 2019 to March 2020. Source: PIB



SAIL SERVICE SCHEME

Part of GS- 3 Economy


Why in news?

  • Steel Minister Dharmendra Pradhan on 22ed January, 2020, launched a voluntary service scheme of SAIL where the employees of the PSU would contribute in the areas of education, health, women empowerment and nutrition, among others.

Highlights:

• The scheme, SAIL Employees Rendering Volunteerism & Initiatives for Community Engagement (SERVICE), will be operational from January 24 which is the foundation day of the PSU.

Volunteers can register on the portal of the SERVICE scheme mentioning the areas in which they are willing to work.

• Under it the employees of the PSU would contribute in the areas of education, health, women empowerment and nutrition, among others.

• The scheme will be operational from January 24 which is the foundation day of the PSU.

Source: PIB



MERGER OF DADRA AND NAGAR HAVELI AND DAMAN AND DIU

Part of GS- 2 Polity and Governance


Why in news?

The Parliament on December 3 passed Dadra and Nagar Haveli and Daman and Diu (Merger of Union Territories) Bill, 2019 to merge the two Union Territories of Dadra and Nagar Haveli and Daman and Diu.


Highlights:

Daman will be the capital of newly carved out Union Territory of Dadra and Nagar Haveli and Daman and Diu.

• Cabinet also approved amendments, extension, repeal in Acts dealing with Goods and Services Tax, Value Added Tax and Excise Duty in view of the merger.

• These amendments will lead to "Minimum Government, Maximum Governance" by way of having common taxation authorities, better delivery of services to the citizens by reducing duplication of work and improving administrative efficiency.

Source: PIB

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