UPSC Current Affairs – February 7, 2020

Here is the February 07, 2020 IASPOINT Essential Daily Current Affairs News Digest for Civil Services Aspirants as well as competitors in various examinations, ensuring you stay informed and exam-ready.

RBI’s direct incentive framework to boost credit growth

The Reserve Bank of India (RBI) introduced measures in its bi-monthly monetary policy to boost credit growth, keeping interest rates unchanged. It announced 1-3 year long-term repo operations of Rs 1 trillion at the policy repo rate for banks to borrow, exempted cash reserve ratio for banks on fresh loans to auto, housing and MSME sectors until July 2020, permitted one year extension for commercial real estate projects without downgrading asset classification, and mandated bank loans to medium enterprises to be linked to external benchmarks like repo rate from April 1, 2020. These steps aim to directly incentivize bank lending to productive sectors and the real estate sector facing a slowdown.

India to study air corridors with Central Asian countries

At the launch of the India Central Asia Business Council by FICCI to boost economic ties with Central Asian nations, External Affairs Minister Sushma Swaraj talked about setting up direct “air corridors” between India and these landlocked nations to help trade perishable goods and agricultural products. Currently most trade goes through Iran or China. This will complement India’s efforts to develop alternate connectivity routes like Chabahar Port and International North South Transport Corridor across Central Asia.

Genome India project to roll out soon

The Department of Biotechnology has cleared the Genome India Project, in line with the budget announcement to map India’s genetic landscape. It will involve 20 leading institutions sequencing samples from 10,000 persons across India to create a reference genome that charts variations across India’s diverse population. This genetic database will lay the foundation for personalized medicine and developing therapies tailored to treat diseases based on genetic makeup.

Government weaves tax net for internet’s global biggies

The Finance Bill, 2020 proposed changes to the Income Tax Act to tax incomes of overseas tech companies from India, including from advertising targeted at Indian IP addresses, sale of data of Indian users, or sale of goods/services involving Indian user data. This will impact foreign ecommerce firms and tech giants like Facebook and Google. The levy’s details will be based on OECD’s global digital tax framework under formulation.

Stricter origin norms compliance: Commerce department to examine FTAs

With the Finance Bill tightening compliance requirements for availing preferential tariffs under free trade agreements, the Commerce department will study existing FTAs to see how proposed Customs Act amendments on suspending concessions for insufficient information or non-verification of origin claims will apply. This aims to stop misuse of FTAs by falsely claiming goods are from FTA partner countries.

Marine Products Export Development Authority’s India International Seafood Show 2020

The Marine Products Export Development Authority (MPEDA) under the Ministry of Commerce and Industry is organizing the 22nd edition of the India International Seafood Show 2020 from February 7-9, 2020 in Kochi. MPEDA aims to promote India’s marine products industry with a focus on increasing exports. It does this through activities like market promotion, developing infrastructure for capture fisheries and aquaculture, value addition, quality control, and research and development.

RBI’s Digital Payments Index

The Reserve Bank of India proposed developing a Digital Payments Index to gauge the penetration and innovation in digital payments nationwide and enable stakeholders to benchmark India’s progress against global standards. The index will assess parameters like rural penetration, adoption of various modes of digital payments, infrastructure deployment, and trends in usage patterns to give holistic perspective on ecosystem.

34th Surajkund International Crafts Mela

Showcasing the richness of handicrafts, handlooms, and cultural heritage from different Indian states and countries, the annual Surajkund International Crafts Mela is considered the world’s largest craft fair. The 2020 fair is being held from February 1-17 at Surajkund, Haryana with Himachal Pradesh as the theme state and Uzbekistan as partner nation. Organized by Haryana Tourism and Surajkund Mela Authority, it attracts participation from countries across the globe.

Lucknow Declaration from India-Africa Defence Minister’s Conclave

The Lucknow Declaration was adopted at the first India–Africa Defence Ministers’ Conclave held alongside DefExpo 2020. It called for cooperation in maritime security, countering terrorism, UN mechanisms, and peacekeeping through enhanced information sharing. Over 50 African countries agreed to jointly work on issues like conflict prevention, securing sea routes, preventing maritime crimes, and promoting a culture of peace.

Production of Ka226T light utility helicopters in India

The joint venture between Hindustan Aeronautics Limited (HAL) and Russian Helicopters will begin assembling Russian light utility Ka226T helicopters in India, with a capacity to carry 1 ton payload. The over 3.5 ton helicopter will be used for reconnaissance, medical evacuation and other roles. India and Russia had set up the Indo-Russian Helicopters Limited company in 2017 to manufacture these helicopters locally under the Make in India initiative.

Christina Koch’s record for longest spaceflight by a woman

NASA astronaut Christina Koch returned to Earth after spending 328 days aboard the International Space Station, setting the record for the longest single spaceflight by a woman. Her time surpassed former record-holder Peggy Whitson’s 289 days. Koch’s extended mission provided researchers valuable data on effects of long-duration spaceflights, including impacts of microgravity and radiation on the female body, which will help NASA plan future missions to the Moon and Mars.

Declining human body temperature over last two centuries

New research analyzed body temperature records of Americans from the 19th century until today and found that the average human body temperature has declined by over 0.5°F per century to about 97.5°F currently. Earlier studies from the 1850s that set 98.6°F as the standard were too high. The reasons proposed are reduced metabolic rates and changes in the external environment like central heating that has lowered temperature set points. This indicates normal body temperature differs across time periods and populations.

National Human Rights Commission’s statutory full commission meetings

The National Human Rights Commission has started convening statutory full commission meetings, defined under the Protection of Human Rights Act, on a periodic basis. These meetings include participation from the NHRC leadership and heads of other national rights bodies. Focus areas are cooperation in promoting and protecting human rights by sharing best practices and exploring new areas like rights of minorities, scheduled castes, tribals, women, children and persons with disabilities.

National Means-cum-Merit Scholarship Scheme

The National Means-cum-Merit Scholarship Scheme aims to incentivize meritorious students from economically weaker sections to continue secondary education. One lakh merit-based scholarships are provided to selected Class 9 students yearly for study up to Class 12 in government schools, easing the drop-out problem due to financial reasons. An annual renewal examination is held for continuation of the scholarship.

Social and Infrastructure Development Fund projects

The Social and Infrastructure Development Fund created in 2008 has allocated Rs. 586.20 crore for infrastructure projects meeting special requirements of India’s border areas and states facing security concerns, prioritized by State Governments. 37 projects have been approved under SIDF covering areas like roads, hospitals, power transmission lines, water supply etc. with focus on remote border areas of Arunachal Pradesh and other North Eastern states.