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DAILY CURRENT AFFAIRS – 25 June 2020 : GK UPDATES
1. Centre forms IN-SPACE to guide private sector in space activities
– The Union Minister of State for Atomic Energy and Space, Jitendra Singh announced that a new institution- Indian National Space Promotion and Authorisation Centre (IN-SPACE) has been formed.
– The institution will guide the private industries in the space activities with the help of encouraging policies in a friendly regulatory environment.
– The Union Minister informed that Indian National Space, Promotion & Authorisation Centre is not a new institution but now its role has been extended into the Indian Space Research Organisation (ISRO).
– The reform will not only result in the accelerated growth of the space sector but it will also enable the Indian industry to be an important player in the global space economy.
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Director: Kailasavadivoo Sivan; Headquarters: Bengaluru
Founder: Vikram Sarabhai
2. CCEA approves establishment of Animal Husbandry Infrastructure Development Fund
– The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved setting up of Animal Husbandry Infrastructure Development Fund (AHIDF) worth Rs 15000 crore.
– The fund is a part of the Atma Nirbhar Bharat Abhiyan stimulus package that was announced by Finance Minister Nirmala Sitharaman to revive economic growth.
– The Animal Husbandry Infrastructure Development Fund would facilitate much-needed incentivisation of investments for dairy and meat processing and value addition infrastructure and establishment of animal feed plant in the private sector.
– The centre will provide 3 percent interest subvention to the eligible beneficiaries. They will also be given 2 years moratorium period for principal loan amount and 6 years repayment period thereafter.
3. Moody’s projects India GDP to shrink 3.1% in 2020
– Moody’s Investors Service projected the Indian economy to shrink 3.1 per cent in 2020.
– While it pegged India’s annual growth at 0.2 per cent in April, the forecast has been sharply revised after taking into consideration the disruptions due to the coronavirus pandemic.
– However, Moody’s expects the economy to register 6.9 per cent growth in 2021.
– Moody’s has forecast that China would be the only G-20 country to post growth this year.
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Moody’s CEO: Raymond W. McDaniel Jr.
Headquarters: New York, United States
4. CBDT extends last date for filing income tax return for 2019-20 till 30th November
– Central Board of Direct Taxes (CBDT) has extended time limit for filing of original as well as revised income-tax returns for 2018-19 till 31st July, this year.
– It has also extended the due date for filing income tax return for 2019-20 till 30th November of this year.
– The decision has been taken considering the difficulties faced by applicants due to the COVID pandemic. In order to provide relief to small and middle class taxpayers, CBDT has extended the due date for payment of self assessment tax upto the limit of 1 lakh rupees, till 30th November of this year.
– The due-date for making various investments and payments for claiming deduction under section 80C of the Income Tax Act has been extended till 31st of July for the financial year 2019-20.
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CBDT has also extended the date for linking of Aadhaar with PAN till 31 March next year.
5. HRD Minister Ramesh Pokhriyal Nishank virtually launches ‘YUKTI 2.0’
– Union Minister of Human Resource Development, Shri Ramesh Pokhriyal Nishank launched an initiative ‘YUKTI 2.0’ to help systematically assimilate technologies having commercial potential and information related to incubated startups in our higher education institutions.
– The portal intends to cover the different dimensions of COVID-19 challenges in a very holistic and comprehensive way.
– Through this portal, the Ministry of Human Resource Development will endeavour to ensure that students, teachers and researchers in higher educational institutions are getting appropriate support to meet the requirements needed to advance their technologies and innovations.
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Earlier, the Minister had launched the YUKTI (Young India combating COVID with Knowledge, Technology and Innovation) web portal on 11 April, 2020 in view of Coronavirus.
6. India’s per capita income to drop by 5.4% in FY21: SBI Report
– According to the latest report by the economic wing of State Bank of India (SBI), COVID-19 pandemic is likely to bring down India’s per capita income (PCI) by 5.4 per cent in the financial year 2020-21 (FY21).
– It will be decreased to Rs 1.43 lakh from Rs 1.52 lakh in FY20. This decline in PCI is higher than the nominal GDP decline of 3.8 per cent.
– Among states, Delhi, Chandigarh, and Gujarat will be the worst hit with PCI falling 15.4 per cent, 13.9 percent and 11.6 per cent, respectively in FY21.
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SBI Chairperson: Rajnish Kumar; Headquarters: Mumbai
Founded: 1st July 1955