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Current Affairs for IAS Exams - 05 June 2020

::NATIONAL::

The Supreme Court on Thursday restrained the government from taking any “coercive action” against private employers unable to pay full wages to their workers during the COVID-19 lockdown.
The petitions, filed by the owners of small commercial establishments, industries, shops and factories, said the pandemic had already driven them to the brink of insolvency.
Paying workers full wages with no work done would irretrievably send them out of business. The economy would fall flat. They said the notification was ill-devised and arbitrary.
Senior advocate K.V. Vishwanathan, for some petitioner-employers, submitted that the global pandemic had affected all. “Let this not be considered a bonanza for some and ruin for others. Quash the March 29 notification and let parties start negotiations with a clean slate,” he said.
Justice Bhushan questioned the government’s authority to compel private employers to pay full wages to their workers. “When it comes to governmental authorities, you can give such directions, but how can you force private persons,” he asked.

Human Resources Development Minister Ramesh PokhriyalNishank and Urban Affairs Minister Hardeep Singh Puri today launched a joint initiative, TULIP aimed at providing internships to the engineering students in the country.
He said this unique and first of its kind opportunity ...................................................................................................

With debt servicing capacity of borrowers coming under strain as the country enters a period of possible economic recession, bad loans of Indian banks are expected rise sharply this fiscal, which could lead to yet another year of loss for public sector banks (PSBs), ratings agency ICRA said in a report.
ICRA estimated gross non-performing assets to rise to 11.3-11.6% by March 2021 from an estimated level of 8.6% for March 2020, with fresh gross slippage of 5-5.5% of standard advances in FY21.
The agency said uncertainty on the asset quality of banks remains high with almost 30-40% of the loan book across various banks under the repayment moratorium.
The Centre had expected PSBs to raise capital from the markets and hence possibly did not budget for any capital infusion for FY21.
Survey finds MSME’s to shed staff inorder to revive
Over 70% of MSMEs .................................................................................

India has pledged 15 million dollars to Gavi, the international vaccine alliance. Prime Minister NarendraModi announced this while addressing the virtual Global Vaccine Summit hosted by UK Prime Minister Boris Johnson yesterday. Over 50 countries - business leaders, UN agencies, civil society, government Ministers, and Heads of State participated in the Summit.
In his address, Prime Minister Modi said India stands in solidarity with the world in these challenging times. He said, India’s civilization teaches that the world is one family and that during this pandemic, the country had tried to live up to this teaching.
He said India shared the country’s available stocks of medicines with over 120 countries. He said this was done by forging a common response strategy in its immediate neighbourhood and by providing specific support to countries that sought it, while also protecting India’s own vast population.
He said the COVID19 pandemic, in some ways, has exposed the limitations of global cooperation and that for the first time in recent history, the human kind faces a clear common enemy.

Prime Minister NarendraModi has said that India is committed to expanding its relations with Australia in a comprehensive and quick manner. In his opening remarks at India Australia Virtual Summit, Mr Modi expressed happiness that bilateral relations are being upgraded to the Comprehensive Strategic Partnership level.
Prime Minister Modi said, the role of Comprehensive Strategic Partnership will be more important in this period of a global pandemic. The world needs a coordinated and collaborative approach to come out of the economic and social side effects of this pandemic.
He said his government has decided to view this crisis as an opportunity and a process of comprehensive reforms has been initiated in almost all spheres. He said it will soon see results at the ground level. The Prime Minister also expressed gratitude for the way Australia has taken care of the Indian community and especially the Indian students during this tough time.
He said India - Australia relations are important not only for the two countries but also for the Indo-Pacific region and the world. He said he is happy that various institutional dialogues are providing more substance to the bilateral relation.
He said trade and investment is increasing but the criteria for the pace of development in bilateral relations should also be ambitious.

The National Centre for Polar and Ocean Research .................................................................................

Less than two years after surprisingly becoming the World rapid champion, DaniilDubov firmly established his credentials as the next big speed-chess player by nailing Hikaru Nakamura 3-2 and winning the $150,000 Lindores Abbey Rapid Challenge chess title on Wednesday.
Dubov earned $45,000 and a place in the Grand Final in August. Nakamura, conqueror of Magnus Carlsen in the semifinals, received $27,000.