World Bank forecasts FY21 India growth at 1.5-2.8 percent
Context :
The World Bank in its “South Asia Economic Focus report” said that India’s economy is expected to grow 1.5% to 2.8% in the 2020-21 fiscal year which started on 1 April 2020. It stated that India might record its worst growth performance since the 1991 liberalization in the current fiscal year 2020-21 due to the coronavirus outbreak which severely disrupted the economy
Report Highlights :
- The report estimated India will grow 4.8% to 5% in 2019-20 fiscal that ended on 31 March.
- COVID-19 pandemic will further slow down the Indian economy which was already slowing due to persistent financial sector weaknesses.
- It also stated that growth is expected to rebound to 5% in the Fiscal year 2022 (FY 2021-22) when the impact of COVID-19 dissipates.
Other forecasts :
Other forecasts include the Asian Development Bank (ADB) which said that India’s economic growth is slipping to 4% in the current fiscal. S&P Global Ratings slashed India’s GDP growth forecast for the country to 3.5% from a previous downgrade of 5.2%. Fitch Ratings has estimated India’s growth at 2% and India Ratings & Research has revised its FY21 forecast to 3.6% from 5.5% earlier.
Release Prisoners Due to Covid-19
Context :
Recently, the Supreme Court passed orders in a suo motu hearing on measures taken to decongest prisons, correction homes and detention centres due to the Covid-19 outbreak.
Key Points :
- Earlier, the Bench had ordered the States and the Union Territories to set up special committees to examine the cases of prisoners and shortlist those who could be granted bail or parole.
- The SC ordered not to release prisoners on interim bail or parole who test positive for Covid-19.
- The court ordered to release prisoners or detenus who have been under detention for two years in the foreigners’ detention centres in Assam on account of the Coronavirus pandemic.
- The court modified its May 2019 order to allow these detenus to furnish a bond of Rs. 5,000 instead of Rs. 1 lakh. The Court also asked them to furnish two Indian citizens as sureties.
- The central government objected to their release on the grounds that they will mix with the local population again
- The Court ordered that appropriate tests for Covid-19 should be conducted on prisoners scheduled for release.
- In case a prisoner who has been released is suffering from coronavirus after the release, he/she shall be put in an appropriate quarantine facility by the concerned authorities.
- The court directed that transportation of prisoners would be done in full compliance of the rules and norms of social distancing.
Centre to pass ordinance to give states flexibility to raise work hours of employees
Context :
The Centre is to pass an ordinance which will allow the state governments the flexibility to increase the work hours of employees across establishments to 12 hours per day from eight hours. The move is aimed to address the issue of labour shortage and facilitate companies to maintain social distancing.
Ordinance Provisions :
- The ordinance will enforce the Code on Occupational Safety, Health and Working Conditions (OSH&WC) that empowers states or ‘appropriate authority’ to notify work hours. The ordinance is yet to be passed.
- The earlier Act prescribed 8 hours a day or 48 hours a week.
- The ordinance will help address labour shortage. It will help companies adhere to social distancing norms.
- As per the Ordinance, the workers will work in extended shifts.
Background :
The labour ministry has introduced the bill in parliament in 2019. The Bill was then sent to the standing committee. The standing committee’s report on the bill was tabled in the budget session and the bill was sent back, but it could not be taken up due to paucity of time as the session was terminated early due to COVID-19.
World Chagas Disease Day
Context :
On April 14, 2020, World Chagas Disease Day is being observed for the first time. The day is observed to spread awareness about this “silent and silenced disease”. The 72nd World Health Assembly approved the designation of Chagas Disease Day on May 24, 2019.
Why it is called the “silent and silenced disease”?
The Chagas disease is called silent because it progresses slowly, and silenced because it mainly affects the poor people who often lack political voice and proper health care.
About the disease:
The disease got its name from Dr Carlos Ribeiro Justiniano Chagas, who diagnosed the first patient with the disease in Brazil on April 14, 1909.
It is classified as a neglected tropical disease (NTD), meaning it affects the low-income populations in developing countries across the globe.
Also called the American trypanosomiasis, this vector-borne disease hits the most poverty-stricken communities, especially in Latin America.
How is it transmitted?
- A parasitic protozoan called Trypanosoma cruzi that causes this vector-borne disease is usually transmitted by faeces and urine of triatomine bugs or kissing bugs, which belongs to the family of assassin bugs.
- The disease can also be transmitted by contaminated food, organ transplantations, blood or blood products transfusion, and infected mothers to newborn.
- Lack of awareness and neglecting the symptoms, especially among poor households, results in much severe symptoms and even death.
The symptoms of the disease come in two phases:
Symptoms include fever, muscle pain, headache, difficulty in breathing, abdominal or chest pain and enlarged lymph glands.
source : pib
First remote health monitoring system has been set up in Rishikesh, Uttarakhand
Context :
It has been set up in India by All India Institute of Medical Sciences (AIIMS) in Rishikesh along with Bharat Heavy Electronics Limited (BHEL), a Government of India Navratna company in the defense sector. The system is expected to be used in Uttarakhand state to monitor COVID-19 patients.
First remote health monitoring system :
- The digital medical system has been developed so that the doctor sitting in AIIMS can monitor the patient’s body temperature and the amount of oxygen in the blood and the speed of his breath while at home.
- The therapeutic system will not unnecessarily hospitalize the patient. For this purpose, a website and mobile application have been created.
- Using the system, the vital parameters of the patient will be displayed in the AIIMS command & control center.
- The patients can inform the doctors about their illness and the doctors will give proper counseling after seeing the symptoms stated by the patient.
- If the patient is suspicious of the corona infection, then he will be provided with a monitoring kit from the institute. The patient can sit at his home and consult the doctor.
- The kit will issue alert if the patient needs to be admitted to the hospital.
- The system will also show in which parts of the state the disease is spreading in a serious way.
Sovereign Gold Bond Scheme
Context :
Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds.
About the Sovereign Gold Bond Scheme:
- The sovereign gold bond was introduced by the Government in 2015.
- Government introduced these bonds to help reduce India’s over dependence on gold imports.
- The move was also aimed at changing the habits of Indians from saving in physical form of gold to a paper form with Sovereign backing.
Key facts:
Eligibility: The bonds will be restricted for sale to resident Indian entities, including individuals, HUFs, trusts, universities and charitable institutions.
Denomination and tenor: The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor will be for a period of 8 years with exit option from the 5th year to be exercised on the interest payment dates.
Minimum and Maximum limit: The minimum permissible investment limit will be 1 gram of gold, while the maximum limit will be 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal (April-March) notified by the government from time to time.
Joint Holder: In case of joint holding, the investment limit of 4 kg will be applied to the first applicant only.
Collateral: Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
source : pib