Current Affair 1:

National Milk Day: Learn important points.

 

India ranks first among the world’s milk producing Nations since 1998 and has the largest bovine population in the World.

Let us look at milk production ad per capita availability.

 

The per capita availability of milk in the country which was 130 gram per day during 1950-51 has increased to 398 gram per day in 2018-19 as against the world estimated average consumption of 294 grams per day during 2017. This represents sustained growth in the availability of milk and milk products for our growing population.

When talking about, we can’t forget:

National Gokul Mission

It is very important to read introduction of any scheme.

See objective:

Current Affair 2:

The National Bank for Financing Infrastructure and Development (NaBFID)

 

The National Bank for Financing Infrastructure and Development (NaBFID) is likely to begin its lending operations with about 190-200 big infrastructure projects in the railways, roads and energy sector.

 

About National Bank for Financing Infrastructure and Development (NBFID)

The National Bank for Financing Infrastructure and Development Bill, 2021 was introduced in Lok Sabha on March 22, 2021.  The Bill seeks to establish the National Bank for Financing Infrastructure and Development (NBFID) as the principal development financial institution (DFIs) for infrastructure financing.

NBFID will be set up as a corporate body with authorised share capital of one lakh crore rupees. 

Shares of NBFID may be held by: (i) central government, (ii) multilateral institutions, (iii) sovereign wealth funds, (iv) pension funds, (v) insurers, (vi) financial institutions, (vii) banks, and (viii) any other institution prescribed by the central government. Initially, the central government will own 100% shares of the institution which may subsequently be reduced up to 26%.

Functions of NBFID:

NBFID will have both financial as well as developmental objectives. 

1. Financial objectives will be to directly or indirectly lend, invest, or attract investments for infrastructure projects located entirely or partly in India. 
2. Central government will prescribe the sectors to be covered under the infrastructure domain. 
3. Developmental objectives include facilitating the development of the market for bonds, loans, and derivatives for infrastructure financing. 

Functions of NBFID include: (i) extending loans and advances for infrastructure projects, (ii) taking over or refinancing such existing loans, (iii) attracting investment from private sector investors and institutional investors for infrastructure projects, (iv) organising and facilitating foreign participation in infrastructure projects, (v) facilitating negotiations with various government authorities for dispute resolution in the field of infrastructure financing, and (vi) providing consultancy services in infrastructure financing. 

 Source of funds: NBFID may raise money in the form of loans or otherwise both in Indian rupees and foreign currencies, or secure money by the issue and sale of various financial instruments including bonds and debentures. 

NBFID may borrow money from: (i) central government, (ii) Reserve Bank of India (RBI), (iii) scheduled commercial banks, (iii) mutual funds, and (iv) multilateral institutions such as World Bank and Asian Development Bank.

 

Management of NBFID:  NBFID will be governed by a Board of Directors.  The members of the Board include: (i) the Chairperson appointed by the central government in consultation with RBI.

 Prior sanction for investigation and prosecution: No investigation can be initiated against employees of NBFID without the prior sanction of: (i) the central government in case of the chairperson or other directors, and (ii) the managing director in case of other employees.  Courts will also require prior sanction for taking cognisance of offences in matters involving employees of NBFID.

Current Affair 3:

OPEC and OPEC+

 

 

Name of members:

Now, a bit understanding about OPEC+

OPEC plus refers to OPEC’s cooperation with non-OPEC oil producers to effect production cuts. Basically, the non-OPEC countries which export crude oil are termed as OPEC plus countries.

OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.

Why OPEC+?

In an attempt to cut production and raise oil prices, OPEC came together and agreed on a production cut where each member country would cut production by a small amount, a couple percent in most cases. In addition to including OPEC countries in this production cut, OPEC invited non-OPEC nations, mainly Russia and former U.S.S.R states like Azerbaijan that are still heavily influenced by Russia. OPEC was able to reach a consensus for production cuts not just between OPEC members but also for a handful of non-OPEC nations just increasing the total amount of oil production being cut and presumably making their efforts more effective.

Current Affair 4:

Wage Rate Index

Source Link

 

 

No need to go in detail.

Wage Rate Index (WRI) is a vital economic indicator that measures changes in the wage level in selected industries. The new series base year is 2016 and includes 37 industries in the organized sector. It does not include Agriculture and Services.

This WRI will be used to set/determine Minimum Wages and National Floor Wages.

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