NO PROOF FROM U.S. ON WUHAN LAB CLAIMS
Why in news? The World Health Organization said on 4th May that Washington had provided no evidence to support “speculative” claims by the U.S. president that COVID-19 originated in a Chinese lab. Existing Zoonotic theory, and other ideas Scientists believe the killer virus jumped from animals to humans, emerging in China late 2019, possibly from a […]
EU FORECASTS RECESSION OF HISTORIC PROPORTIONS
Focus: GS-III Disaster Management Why in news? The European Union predicted 6th May “a recession of historic proportions this year” due to the impact of the coronavirus. Details The 27-nation EU economy is predicted to contract by 7.5 per cent this year, before growing by about 6 per cent in 2021. With the spread slowing in […]
CENTRE AND STATES ABSORB CRUDE OIL PRICE DROP BENEFITS
Why in news? The Centre’s steep tax hike on petrol and diesel may net it a huge Rs 1.7 lakh crore in additional tax revenue this fiscal year. Since March, tax-starved states such as Delhi, Tamil Nadu, Maharashtra, Goa, Karnataka, West Bengal, Assam, Punjab and Haryana have sharply hiked Value Added Taxes (VAT) on fuel […]
GOVT FAST-TRACKS NEW DEFINITION OF MSMES
Why in news? The government is fast-tracking the move to amend the definition of micro, small and medium enterprises (MSMEs) to allow these entities to grow in size. This plan to redefine MSMEs has been on the works for months and is likely a part of the stimulus package that will be announced in the […]
POOR FIND ACCESS TO ACCOUNTS HARD
Why in news? A survey of rural households in Six States cautioned that difficulty in accessing bank accounts meant that the impact of the benefits extended by the Central Government is more limited for the rural poor. The Benefits that Arrived Finance Ministry data showed that ₹34,800 crore has been transferred so far, from the […]
MADHYA PRADESH CAUGHT BETWEEN PANDEMIC AND PENURY
Why in news? The stringent lockdown imposed to curb the COVID-19 outbreak has had a crippling impact on the economy of Madhya Pradesh, where tax collection — SGST and IGST put together — dropped by close to 85% in April. Details Regarding GST arrears, the Centre has settled only part of the pendency for December […]
3 INDIAN PHOTOGRAPHERS WIN PULITZER PRIZE
Why in news? The 2020 Pulitzer Prize winners were announced virtually on 4th May owing to the COVID-19 outbreak. Indians who won: The Associated Press was awarded the feature photography prize for images showing life in Kashmir as India revoked its semi-autonomous status. Three photographers — Mukhtar Khan, Yasin Dar and Channi Anand —were named for the […]
IRAN APPROVES NEW CURRENCY- TOMAN
Why in news? The Iran’s parliament has passed a bill allowing the government to slash four zeros from the Iranian ‘rial’. Iran’s national currency will be changed from the Iranian rial to the ‘Toman’, which is equal to 10,000 rials, under the bill. Why did they need a new currency? There was a sharp fall in the […]
CHINA LAUNCHES NEW ROCKET AND PROTOTYPE SPACECRAFT
Why in news? China on 5th May 2020 successfully launched a new rocket and prototype spacecraft, in a major test of the country’s ambitions to operate a permanent space station and send astronauts to the Moon. Details ‘The Long March 5B’ rocket took off from the Wenchang launch site in the southern island of Hainan and […]
HUMAN TRIAL BEGINS FOR COVID-19 VACCINE IN US
Why in news? The American pharmaceutical giant Pfizer along with German biotech company BioNTech has begun human trials of a potential COVID-19 vaccine in the US. What is being tested? The candidate is known as an mRNA vaccine, and it is meant to contain the instructions for making viral proteins that can trigger an immune […]