Daily Current Affairs : 27-Mar-2020
EXTRAORDINARY VIRTUAL G20 SUMMIT
Why in news?
An Extraordinary Virtual G20 Leaders’ Summit was convened on 26 March 2020 to discuss the challenges posed by the outbreak of the COVID-19 pandemic and to forge a global coordinated response.
Highlights:
The extraordinary G20 Summit was a culmination of the Finance Ministers and Central Bank Governors Meeting and G20 Sherpas Meeting on the COVID-19 pandemic.
At the meeting, G20 Leaders agreed to take all necessary measures to contain the pandemic and protect people. They also supported strengthening of the WHO’s mandate in the fight against pandemics, including delivery of medical supplies, diagnostic tools, treatments, medicines and vaccines.
Leaders also committed to use all available policy tools to minimize the economic and social cost of the pandemic and to restore global growth, market stability and strengthening resilience.
G20 countries committed to inject over USD 5 trillion into the global economy to counter the social and economic impact of COVID-19.
Leaders also agreed to contribute to the WHO led COVID-19 Solidarity Response Fund on a voluntary basis.
Source : PIB
PRADHAN MANTRI GARIB KALYAN YOJANA
Why in news?
Finance Minister announced Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus.
Highlights:
Reliefs given under PMGKY:
Insurance cover of Rs 50 Lakh per health worker fighting COVID-19 to be provided under Insurance Scheme
80 crore poor people will to get 5 kg wheat or rice and 1 kg of preferred pulses for free every month for the next three months
20 crore women Jan Dhan account holders to get Rs 500 per month for next three months
Increase in MNREGA wage to Rs 202 a day from Rs 182 to benefit 13.62 crore families
An ex-gratia of Rs 1,000 to 3 crore poor senior citizen, poor widows and poor disabled
Government to front-load Rs 2,000 paid to farmers in first week of April under existing PM Kisan Yojana to benefit 8.7 crore farmers
Central Government has given orders to State Governments to use Building and Construction Workers Welfare Fund to provide relief to Construction Workers
Source : PIB
CURRENT STATUS AND ACTIONS FOR MANAGEMENT OF COVID-19
Why in news?
Union Minister of Health & Family Welfare, Dr. Harsh Vardhan held a meeting to review actions and preparedness for COVID-19 management through video conferencing with Health Ministers, Chief Secretaries of States and UTs and other related officers of the Health Departments.
Highlights:
Dr. Harsh Vardhan stressed on the importance of social distancing for effective containment of the disease.
He asked all the states to be more vigilant and implement all possible containment strategies to break the chain of the transmission of the disease in India.
He urged the States/UTs for ensuring strict implementation of the Lockdown and ensure the availability of essential services and commodities.
Dr Harsh Vardhan also stressed on the treatment of confirmed cases as per protocol, to ensure contact tracing in all cases and their follow up. He advised the States/UTs for effective community surveillance with specific focus on international travellers to India since last one month.
In addition, he also advised them for random verification of home quarantine and action against defaulters.
Dr Harsh Vardhan advised the States/ UTs to explore and request retired Doctors to volunteer themselves for COVID-19 work proactively. In addition, States were advised to ensure training of ambulance drivers, Call Centre personnel and EMR team members and also to update district-wise Ambulance details on the COVID-19 portal.
Source : PIB
FINANCIAL EMERGENCY
Why in news?
A public interest litigation has been filed in Supreme Court on Thursday seeking declaration of financial emergency in light of nationwide lockdown amidst rising cases of COVID-19.
Highlights:
The PIL by Centre for Accountability and Systemic Change (CASC) filed against Ministry of Home Affairs and seeks the imposition of financial emergency under Article 360 of the Constitution of India as it submits that unified commands by the Centre and state can address this issue more efficiently.
The petitioner claim that difference in the order imposed by various states and the centre is creating confusion and state of lawlessness in an already difficult situation.
CASC has also sought directions from the apex court for government to provide necessary directions for suspension of collection of utility bills (electricity, water, gas, telephone, internet) and EMI payments liable to be paid during lockdown.
Article 360 –
The president can proclaim a financial emergency when satisfied that a situation has arisen whereby the financial stability or credit of India or of any part of the territory thereof is threatened
It can be revoked with another proclamation.
It has to be laid before each House of Parliament.
It will cease to operate at the expiration of two months unless before the expiration of that period it has been approved by resolutions of both Houses of Parliament
During Financial emergency, the executive authority of the Union shall extend to the giving of directions to any State to observe such canons of financial propriety as may be specified in the directions, and to the giving of such other directions as the President may deem necessary and adequate for the purpose.
Source : Livemint
MOODY’S SLASHES INDIA GDP GROWTH IN 2020 TO 2.5%
Why in news?
Moody’s Investors Service has slashed its estimate of India’s GDP growth during 2020 calendar year to 2.5 per cent, from an earlier estimate of 5.3 per cent and said the coronavirus pandemic will cause unprecedented shock to the global economy.
Highlights:
In its Global Macro Outlook 2020-21, Moody’s said India is likely to see a sharp fall in incomes at the estimated 2.5 per cent growth rate, further weighing on domestic demand and the pace of recovery in 2021.
In India, credit flow to the economy already remains severely hampered because of severe liquidity constraints in the bank and non-bank financial sectors
Moody’s said the global economy will contract in 2020, followed by a pickup in 2021.
Moody’s now expects real GDP in the global economy to contract by 0.5 per cent in 2020, followed by a pickup to 3.2 per cent in 2021.
Over the next few months, job losses will likely rise across countries
Source : Business Line