DAILY DIGEST for 04-05-2020 - USEFUL FOR ALL COMPETITIVE EXAMS || PT's IAS Acedamy

SECTION 1 - TEN NEWS HEADLINES

1. Central health teams to monitor 20 districts with heavy case load – The total number of confirmed COVID-19 cases in India crossed 40,000, making it one among 16 countries that have crossed that figure. With 83 more deaths, a single-day high, the death toll nationwide has gone up to 1,306. India currently has 28,070 active cases and 10,886 patients have recovered, according to the latest numbers available on the Health Ministry website. Maharashtra, Gujarat and Delhi led with the maximum number of cases.
2. Colonel, Major among five personnel killed in J&K – Five security personnel, including a Colonel, a Major and a sub-inspector, and two militants were killed in an 18-hour operation in north Kashmir’s Handwara. Initial investigation suggested that one militant was a local and the other was a resident of Pakistan-Occupied Kashmir, identified as Hyder alias Iqbal.
3. Economic recovery may take over a year, says CII – The country’s high performing economic districts should be allowed to play by different rules in the third phase of the lockdown beginning, according to the Confederation of Indian Industry (CII). In a strategy paper submitted to the Centre, the CII called for changes in zone classification, saying that the 100-150 districts with the highest economic value — identified either through GDP contribution or density of industrial clusters — should be allowed to restart industrial activity, even in containment areas, if stringent rules are followed. It argued that the cost of 100% testing and aggressive health protocols is lower than continued shutdown in these areas.    
4. 126 lakh tonnes of food grains given to States: FCI – The Food Corporation of India (FCI) has supplied around 126 lakh tonnes of food grains, almost equivalent to two-and-a half months’ supply in normal situations, to States and Union Territories during COVID-19 lockdown. Between March 25 and April 30, States and union territories obtained 37.13 lakh tonnnes of wheat and 89 tonnes of rice, totalling 126.13 lakh tonnes. On an average, every month, the FCI issues around 50 lakh tonnes of food grains to States and union territories under the norms of the National Food Security Act (NFSA) and other schemes, according to D.V. Prasad, FCI Chairman and Managing Director. Of the five zones in the country, the northern zone was given the maximum of 39.95 lakh tonnnes; southern zone – 29.18 lakh tonnes, followed by the east – 28.33 lakh tonnes; west – 23.03 lakh tonnes and the northeast – 5.63 lakh tonnes.
5. Hard-hit Italy prepares to lift lockdown – European nations prepared for further cautious easing of COVID-19 restrictions following signs the pandemic may be slowing, with hard-hit Italy set to follow Spain in allowing people outside after weeks of confinement. More than 2,43,000 people have been killed and 3.4 million infected worldwide by the virus, which has left half of humanity under some form of lockdown and pushed the global economy towards its worst downturn since the Great Depression. With signs that the spread of the disease is coming under control, parts of Europe, Asia and the U.S. have begun to lift restrictions to try to inject life into economies crippled by weeks of closures and ease the pressure on populations weary of confinement.
6. South Korea will relax social distancing rules further from May 6 – South Korea will further relax social distancing rules from May 6, allowing a phased re-opening of businesses, as the nation has largely managed to bring the COVID-19 outbreak under control, Prime Minister Chung Sye-kyun said. Widespread testing, intensive contact tracing and tracking apps have enabled South Korea to limit the spread of the virus rather than rely on the lengthy lockdowns seen elsewhere.
7. Lockdown dries up cos’ cash flows – Cash flows, the lifeline of businesses, are drying up fast. An extended lockdown has left companies — micro, small and medium enterprises (MSMEs) in particular — staring at a bleak future. Some companies are struggling to pay salaries to employees, while some are looking at winding up operations rather than continue with an unprofitable enterprise. Companies use working capital for their day-to-day expenses. When finished products are sold, they get income. While the fixed expenses — such as salaries to employees — have remained constant even during the lockdown, there’s been no income or cash that has come for a non-essential manufacturer or service provider.
8. State govts face huge revenue shortfall – Uttar Pradesh government has spent over Rs 12,000 crore in paying salaries and pension for April, when its revenues were Rs 2,284 crore. It’s a similar story in Punjab, where wage and pension bill added up to Rs 3,000 crore in April and there was an equal amount spent on debt servicing, while total earnings were Rs 200-250 crore. Not a single bottle of alcohol was sold and there is virtually no petrol or diesel sales. Punjab earned around Rs 10 crore a day from stamp duty and registration, which is not there, and consumption being what it is, is leading to almost nil GST. But there are higher spending requirements from relief & rehabilitation and medical departments. While states have demanded that their borrowing limit be raised by allowing them to go past the prescribed fiscal deficit of 3% of GDP to up to 5% of GDP, they are awaiting clarity from the Centre to amend their laws.
9. Lockdown rules/exemptions from May 4 - The Ministry of Home Affairs clarified rules regarding opening of shops/services during lockdown. Barber shops and salons located in green and orange zones will be allowed to open. These are not allowed to open in red zones. In green and orange zones, sale of all items by e-commerce platforms permitted. In red zones, the e-commerce companies are allowed to sell only essential commodities. Liquor shops could open in all zones except containment areas. Sales allowed of the shop is a standalone one and is not located in markets or malls. Classifications of districts into ‘Red’, ‘Orange’ and ‘Green’ zones is done based on COVID-19 risk profiling.
10. Germany extends ban on Hezbollah – German police raided five sites linked to the Lebanese Shia group Hezbollah, as authorities announced that they were banning activities by its political wing in Germany. The raids, intended to prevent evidence about possible front organisations being destroyed, took place at mosques and community centres in Berlin, Bremen, Muenster, Recklinghausen and Dortmund.

SECTION 2 - DAILY CURRENT AFFAIRS

1. CONSTITUTION AND LAW (Prelims, GS Paper 2, Essay paper)

1.1 World Press Freedom Day celebrated on May 3  

• World Press Freedom Day celebrated on May 3 (every year) with its theme as ‘Journalism without Fear or Favour’.
• The day was proclaimed by the United Nations General Assembly in December 1993, following the recommendation of the United Nations Educational, Scientific and Cultural Organization (UNESCO) General Conference after that the anniversary of the Declaration (May 3) of Windhoek is celebrated worldwide as World Press Freedom Day.
• Netherlands to host 2020 World Press Freedom Conference in October.
• Colombian investigative journalist Jineth Bedoya Lima won 2020 UNESCO/Guillermo Cano World Press Freedom Prize.
• Norway first, India 142nd among 180 countries on World Press Freedom Index 2020 of Paris-based Reporters Without Borders.
• Theme for 2020: Journalism without Fear or Favour.
• UNESCO is launching a global campaign on media and social media channels, with a focus on this year’s theme in an increasingly complex media landscape. The sub-themes will be of Safety of Women and Men Journalists and Media Workers, Independent and Professional Journalism free from Political and Commercial Influence and Gender Equality in All Aspects of the Media.

1.2 Justice Ajay Kumar Tripathi, a judicial member of Lokpal of India, dies aged 63 in New Delhi
 

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2. ECONOMY (Prelims, GS Paper 3, Essay paper

 

2.1 According to Central Depository Services Limited (CDSL) data, the Foreign Portfolio Investors (FPIs) have significantly reduced the pace of outflows from the equity and debt market in April, 2020

• FPI net outflow was a record high of Rs 1,18,203 crore in March 2020.
• FPIs sold a net of Rs 6,883 crore from the equities market and net holdings worth Rs 12,551 crore from the debt market in April but they invested a net of Rs 4,032 crore in debt Voluntary Retention Route (VRR) scheme.
• Outflows have continued due to uncertainty surrounding economic conditions caused by Covid-19 lockdown and investors are cautious but the pessimism also continues to grip the markets. A success on developing medicine and vaccines will lead to a V-shaped recovery in the economy and markets.
• Voluntary Retention Route (VRR) scheme - VRR scheme allows FPIs to participate in repo transactions and also invest in exchange traded funds that invest in debt instruments. The VRR scheme is aimed at attracting long-term and stable FPI investments into debt markets. Investments through the route will be free of the regulatory norms applicable to FPI investments in debt markets, provided investors maintain a minimum share of their investments for a fixed period. VRR Scheme has a minimum retention period of three years and investors need to maintain a minimum of 75% of their investments in India.  
• V-Shaped Recovery - A V-shaped recovery is characterized by a sharp economic decline followed by a quick and sustained recovery. The recession of 1953 is an example of a V-shaped recovery. A V-shaped recovery is different from an L-shaped recovery, in which the economy stays in a slump for a prolonged period of time.
• Foreign Portfolio Investment - Foreign portfolio investment (FPI) consists of securities and other financial assets passively held by foreign investors. It does not provide the investor with direct ownership of financial assets and is relatively liquid depending on the volatility of the market. FPI is part of a country’s capital account and is shown on its Balance of Payments (BOP). The BOP measures the amount of money flowing from one country to other countries over one monetary year. The investor does not actively manage the investments through FPIs, he does not have control over the securities or the business. The investor’s goal is to create a quick return on his money. 
• Difference between FDI and FPI - FPI is more liquid and less risky than Foreign Direct Investment (FDI). A Foreign Direct Investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. FDI lets an investor purchase a direct business interest in a foreign country. 
• Equity Market or Stock Market - In equity market shares are issued and traded, either through exchanges or over-the-counter markets (i.e directly). It is also known as the stock market.
• Debt Market - The debt market is the market where debt instruments are traded. Debt instruments are instruments that require a fixed payment to the holder, usually with interest. E.g. bonds (government or corporate) and mortgages.

2.1 Centre launched a project monitoring unit (PMU) to facilitate early operationalisation of coal blocks.

 

2.3 RBI extended regulatory benefits under SLF-MF (Special Liquidity Facility for Mutual Funds) scheme to all banks.

2.4 200 more mandis (wholesale markets) across 7 states added to electronic trading platform e-NAM (e-National Agriculture Market) for marketing of agriculture produce.

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3. ENVIRONMENT AND ECOLOGY (Prelims, GS Paper 3, Essay paper)

 

3.1 World Tuna Day observed on May 2

• Importance - A large number of countries depend on tuna food and nutrition. More than 80 countries have tuna fisheries with growing capacity. Two main products drive tuna production; traditional canned tuna and sashimi/sushi. In the canned market, light meat species – namely skipjack and yellowfin – are dominant, whereas in the sushi and sashimi market, the fatty tuna of bluefin and other red meat species like bigeye are preferred. Bluefin tuna is the top preference for the sushi and sashimi market with most of it going to Japan. Approximately 7 million tonnes of tuna and tuna-like species are harvested yearly. These migratory tuna species account for 20 per cent of the value of all marine capture fisheries and over 8 per cent of all globally traded seafood.
• Dangers for Tuna - Overfishing - Some types of tuna, such as the bluefin, are now endangered because of overfishing. Bluefin stocks in the Northern Pacific Ocean have declined by more than 96% in comparison to unfished levels. In its latest report from 2018, FAO registered that combined catches of tuna and tuna-like species levelled off at around 7.5 million tonnes in 2016 after an all-time maximum in 2014 (7.7 million tonnes). Even with that small reduction, there is still a need for effective management to restore the overfished stocks including tuna.
• The Road ahead: Sustainable Tuna Fishing - With so many countries around the world relying on, World Tuna Day, first observed on May 2, 2017, is an effort to stress the importance of a stable and healthy tuna population. The UN Legal Counsel emphasizes the critical importance of effectively implementing the international legal framework, as reflected in the UN Convention on the Law of the Sea, widely known as UNCLOS, which has been strengthened by the Code of Conduct for Sustainable Fishery. At present, over 96 countries are involved in the conservation and management of tuna that has an annual value of almost 10 billion USD, at landing, and some FAO relevant programmes have started giving positive results in reducing overfishing. Let's be optimistic about the tuna of tomorrow.

 

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4. FOREIGN AFFAIRS (Prelims, GS Paper 2, Essay paper)

 

4.1 The International Energy Agency (IEA) has released a report namely, Global Energy Review : 2020 which also includes the impact of the Covid-19 crisis on global energy demand and CO2 emissions.

 

• The imposition of lockdown in several countries has largely restricted transportation such as road and air travel. In turn, the drastic reduction in the global energy demands has been observed.
• The countries in full lockdown are experiencing an average decline of 25% in energy demand per week, while in those with a partial lockdown, the fall in energy demand is about 18% per week.
• Global energy demand declined by 3.8% in the first quarter of 2020 compared to the first quarter of 2019. It is expected that the impact of Covid‑19 on energy demand in 2020 would be more than seven times larger than the impact of the 2008 financial crisis on global energy demand.
• Coal Demand: It has been declined by 8% compared with the first quarter of 2019. The reasons for such decline include, China – a coal-based economy – was the country hardest hit by Covid‑19.
• Oil Demand: It has declined by 5% in the first quarter, majorly due to curtailment in mobility and aviation, which account for nearly 60% of global oil demand.  
• Gas Demand: The impact of the pandemic on gas demand has been moderate, at around 2%, as gas-based economies were not strongly affected in the first quarter of 2020. 
• Renewables Energy Resources Demand: It is the only source that has registered a growth in demand, driven by larger installed capacity. 
• Electricity Demand: It has been declined by 20% during periods of full lockdown in several countries but the residential demand is outweighed by reductions in commercial and industrial operations.
• Covid-19 and CO2 Emissions - Overall, the emissions decline in 2020 could be 8% lower than in 2019, which would be the lowest level of emissions since 2010. It is also the largest level of emission reduction — six times larger than witnessed during the 2009 financial crisis, and twice as large as the combined total of all reductions witnessed since World War II.
• India’s Energy Demands – India has experienced a reduction in its energy demands by 30% as a result of the nation-wide lockdown. 
• International Energy Agency - The International Energy Agency (IEA) is an autonomous organisation which works to ensure reliable, affordable and clean energy. It was established in the wake of 1973. It is headquartered in Paris, France. India became an associate member of the International Energy Agency in 2017. Mexico officially became the International Energy Agency’s 30th member country in February 2018, and its first member in Latin America.

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5. GOVERNMENT SCHEMES (Prelims, GS Paper 2, GS Paper 3)

5.1 Himachal Pradesh government to launch Mukhya Mantri Shahari Rojgar Guarantee Yojna guaranteeing at least 120 days’ employment to the those living in urban areas.

 

6. MISCELLANEOUS (Prelims, Various GS Papers)

 

6.1 Not Available Today

 

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7. POLITY (Prelims, GS Paper 2)

 

7.1 First “Shramik Special” train arrives in Patna from Jaipur carrying 1,187 stranded migrant labourers.

 

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8. SOCIAL ISSUES (Prelims, GS Paper 1, GS Paper 2)

 

8.1 International Labour Day, also known as International Worker’s Day or May Day, observed on May 1


 

• This day is celebrated in different parts of the world to commemorate the contributions of workers and the historic labour movements. It is a day when the International Labour Organisation (ILO), nations, employers and workers from all over the world commit themselves towards the collective efforts of promoting decent work for all. 
• First Labour day was celebrated as International Workes’ Day in 1889 by the Second International (an organisation created by socialist and labour parties).
• On this day in 1904 the International Socialist Congress at Amsterdam, the Netherlands called for the legal establishment of the 8-hour day for the class demands of the proletariat.
• Celebration of Labour day in different countries – 

1. The USA celebrates Labor day on the first Monday of September, every year. The USA recognised the day as a federal holiday in 1894. Canada also celebrates the Labour day on the same day as the US.
2. The Soviet Union and the Eastern bloc nations started celebrating the Labor day after the Russian Revolution, 1917. It became a national holiday during the Cold War.
3. In India, Labor day was first celebrated in 1923, after the Labour Kisan Party of Hindustan initiated the celebrations and Comrade Singaravelar (Singaravelu Chettiar) continued the celebrations.

• Events of inspiration for the day – 

1. Russian Revolution of 1917 - New ideologies such as Marxism and Socialism inspired many socialist and communist groups and they attracted peasants and workers to make them an integral part of national movement.
2. Haymarket affair of 1886 in Chicago - Labor day was designated as a day in support of workers by trade unions and socialist groups in the memory of the Haymarket affair of 1886 in Chicago, USA. Haymarket Affair was a peaceful rally in support of workers which led to a violent clash with the police, leading to severe casualties. Those who died were hailed as “Haymarket Martyrs”.

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9. SCIENCE AND TECHNOLOGY (Prelims, GS Paper 3)
 

9.1 Scientists at the Indian Institute of Geomagnetism (IIG) have developed a generalized one-dimensional fluid simulation code capable of studying a wide spectrum of coherent electric field structures in near-earth plasma environments or earth’s magnetosphere.

 

• The developed simulation code is expected to help in planning of future space missions.
• Earth’s Magnetosphere - Sun is the major source of plasma deposition in space around the Earth. Thus, the Sun forces some of its plasma towards the earth in the form of the solar wind. The speed of solar wind varies between 300 to 1500 km/s, which carries with it a solar magnetic field, called the Interplanetary Magnetic Field (IMF). The interaction of the IMF with the earth’s magnetic field creates the magnetosphere of the earth.
• Benefits of Magnetosphere for life on earth - The magnetosphere shields our home planet from solar and cosmic particle radiation, as well as erosion of the atmosphere by the solar wind - the constant flow of charged particles streaming off the sun.
• Regions of the Earth’s Magnetosphere - The schematic diagram of Earth’s magnetosphere shown consists of different regions namely,

1. Bow shock : It occurs when the magnetosphere of an Earth interacts with the nearby flowing ambient plasma such as the solar wind.
2. Magnetosheath: It is the region of space between the magnetopause and the bow shock of a planet's magnetosphere.
3. Magnetopause : It is the boundary between the planet's magnetic field and the solar wind.
4. Northern tail lobe : The magnetosphere of the earth contains two lobes, referred to as the northern and southern tail lobes. Magnetic field lines in the northern tail lobe point towards the earth.
5. Southern tail lobe: The magnetic field lines in the southern tail lobes point away from the earth. Usually, the tail lobes are almost empty, with few charged particles opposing the flow of the solar wind.
6. Plasmasphere : The plasmasphere, or inner magnetosphere, is a region of the Earth's magnetosphere consisting of low energy (cool) plasma.
7. Solar winds: It is a stream of charged particles released from the upper atmosphere of the Sun, called the corona.

• Importance of Study of Plasma Processes - The plasma processes have the ability to hamper the working of a number of satellites that have been placed in orbit in the magnetospheric region but the morphology of these plasma processes changes over space and time. The study will help advance the knowledge of plasma waves, instabilities, and coherent effects associated with wave-particle interactions that are useful in planning future space missions.
• Indian Institute of Geomagnetism, Panvel, Navi Mumbai- Indian Institute of Geomagnetism (IIG) is an autonomous institution functioning under the Department of Science and Technology. It conducts basic and applied research in Geomagnetism (study of dynamics of earth’s magnetic field) and allied fields like Solid Earth Geomagnetism/Geophysics, Magnetosphere, Space and Atmospheric Sciences.

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10. FACTS, CHARTS, RANKINGS and EDITORIALS (Prelims + GS Mains)

 

10.1 Reports/ Rankings – Not Available Today 

10.2 Daily dose of  FIVE Facts -

• Franklin Templeton Mutual Fund in April 2020 shut down six debt schemes.
• Minimum permissible investment in Sovereign Gold Bonds (SGBs) is 1 gram.
• Stirling Moss died at the age of 90 in London recently. He was well-known Formula One racer.
• The interest for Sukanya Samriddhi Account Scheme for April-June 2020 is 7.6%.
• ATMP units are Assembly, Testing, Marking and Packaging units.

10.3 Today's best editorials to read

• We offer you 7 excellent editorials from across 10 newspapers we have scanned. 

CLICK HERE TO OPEN AND READ!

Source & Credit: PTeducation.com

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