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Important Current Affairs 11th August 2020

National

PM releases financing facility of Rs. 17,000 crores for farmers

• Prime Minister on August 9 launched a financing facility of Rs. 1 lakh crores under the Agriculture Infrastructure Fund for agri-startups, entrepreneurs, farmer groups, agri-tech players for the post-harvest management and nurturing farm assets.

• Under the government launched PM Kisan Samman Nidhi Yojana, Prime Minister transferred Rs. 17,000 crores into the bank accounts of 8.5 crores farmers. It was also informed that the amount went straight to farmers without any middlemen and commission.

• The new Agriculture Infrastructure Fund was launched via a video conference by PM Modi. Agriculture Minister  Narendra Singh Tomar and other senior ministry officials were also present at the occasion. 

• Under the scheme, around Rs. 1 lakh crores will be sanctioned under the financing facility in partnership with the multiple lending institutions as loans to farmer groups, primary agri-credit societies, agri-entrepreneurs, farmer producer organisations (FPOs), agri-tech players and startups.

NPCI launches omni-channel loyalty platform ‘nth Rewards’

• The National Payment Corporation of India (NPCI) has launched a loyalty platform named ‘nth Rewards’. Here nth represents “infinite possibilities”.

• It is an analytics-enabled omni-channel multi-branded loyalty platform. It allows users to earn “nth” (infinite) loyalty points through various bank transactions. These rewards point can be redeemed for various purposes including online shopping.

• Customers will earn loyalty points on almost every transaction made digitally, especially while using the credit and debit cards. ‘nth Rewards’ platform has a smart dashboard for users where they can see their points accumulation.

Andhra Pradesh launches state Industrial Development Policy 2020-23

• The Andhra Pradesh government launched state Industrial Development Policy 2020-23 on August 10, 2020. The State Industries Minister Gautam Reddy unveiled the much-awaited policy.

• While speaking at the launch, Reddy said that the state Industrial Development Policy 2020-23 envisages all-round and holistic development with the idea of empowerment being crucial.

• It will also enable the development of specific industrial parks as per local needs. The Industrial zoning will be a key focus area to ensure planned Industrial development.

• The policy will further aim to provide a ‘risk-free’ investment-friendly environment for industries in the state. It will also ensure minimised impact on the environment.

Gujarat launches Industrial Policy 2020

• Gujarat Industrial Policy 2020 has been unveiled by the state that aims to provide an estimated Rs 40000 crores as subsidies to the industries within the next five years.

• The aim of this policy is to lease out government land to industrialists, provide incentives to private industrial parks and also provide relocation incentives to units intending to relocate in wake of C-19.

International

Walter Roger Martos Ruiz Becomes New Prime Minister of Peru

• President of Peru(Republic of Peru) Martin Vizcarra appointed Walter Roger Martos Ruiz, the former defense minister and retired army general, as the country’s new Prime Minister.

•  He succeeds Pedro Álvaro Cateriano Bellido . The swearing-in ceremony took place at the Government Palace in Lima. The president also appointed attorney Luis Inchishategui as head of the Ministry of Energy and Mines.

Banking and Economy

Centre Constitutes Panel to fix ceiling rates under Remission of Duties and Taxes on Export Products (RoDTEP) scheme

• The Central Board of Indirect Taxes and Customs (CBIC) has constituted a three-member committee to determine the ceiling rates for reimbursement of taxes and duties to exporters under the Remission of Duties and Taxes on Export Products (RoDTEP) scheme.

• The committee would comprise of former Home Secretary G K Pillai as Chairman. The committee shall interact with the administrative ministries, export promotion councils, commodity boards, trade bodies and other stakeholders so as to take their views on the ceiling rates under RoDTEP scheme.

• The Remission of Duties and Taxes on Export Products (RoDTEP) scheme for reimbursement of taxes was announced by the government to replace Merchandise Exports from India Scheme (MEIS) and make Indian products competitive in global markets..

• The RoDTEP scheme aims to reimburse the taxes and duties incurred by exporters such as duty on power charges, VAT on fuel in transportation, farm sector, captive power generation, mandi tax, stamp duty and central excise duty on fuel used in transportation, which are not exempted or refunded under any other existing scheme.

Obituary

Wrestling legend 'Kamala' passes away

• Wrestling legend James 'Kamala' Harris passed away at the age of 70 on August 9, 2020. The news was confirmed by WWE.

• The WWE released an official statement saying that it was "saddened" to learn about the death of the former wrestler. He was 70.

• James Harris, known popularly as Kamala in WWE, made his pro wrestling debut in 1978,. He was best known for his appearances with WWE (formerly named WWF) from 1984 to 2006.

Former Congress leader and eight-time MP, Nandi Yellaiah, passes away

• A senior Congress leader and eight-time Member of Parliament from Telangana, Nandi Yellaiah has passed away due to C-19. He was 78.

• Yellaiah was the vice-president of the Telangana Pradesh Congress Committee. (TPCC).He was a six-term member of LokSabha and two-time Rajya Sabha member.

Sports

Max Verstappen wins 70th Anniversary Grand Prix

• Red Bull's Max Verstappen took a sensational surprise victory in the 70th Anniversary Grand Prix to bring Mercedes' domination to an end. This race was officially called as Emirates Formula 1 70th Anniversary Grand Prix 2020.

• The race was the fifth round of the rescheduled 2020 Formula One World Championship. Lewis Hamilton finished second and Valtteri Bottas finished third.

• Max Emilian Verstappen from Netherland had won at the Silverstone Circuit, Silverstone, United Kingdom and became the first non-Mercedes driver to win a race in the 2020.

Ranking

Mukesh Ambani now Fourth-Richest Person in the World

• According to Bloomberg Billionaires Index, Mukesh Ambani, the Chairman of Reliance Industries, has become the fourth wealthiest person in the world.

• Ambani is now worth $ 80.6 billion after adding $22 billion in 2020.