1) World Sports Journalists Day 2020: 2nd July
•World Sports Journalists Day is observed globally on 2nd July every year. The day aims to acknowledge the work of sports journalists & to encourage them to do better at their work. The day was established in 1994 to mark the 70th anniversary of the International Sports Press Association (AIPS). This year 2020 marks the 96th anniversary of AIPS.
2) World Bank Approves $750 Million Emergency Response Program for MSME
•The World Bank has approved a $750 million MSME Emergency Response program for MSMEs in India. The MSME Emergency Response program aims to support increased flow of finance in Micro, Small, and Medium Enterprises (MSMEs) which have been severely impacted by the COVID-19 crisis. MSMEs are presently burdened with cancelled orders, loss of customers including the supply chain disruptions, resulting in a sharp fall in revenues. This has led to cash flow shortage and potentially leading to solvency problems.
•Through its MSME Emergency Response program, World Bank will address the present liquidity and credit needs of about 1.5 million viable MSMEs. The program is expected to help these MSMEs withstand the impact of the sudden shock. The World Bank Group will address the above issues along with its private sector arm, the International Finance Corporation (IFC) by supporting the government’s initiatives in order to protect the MSME sector by unlocking liquidity, strengthening Non-Banking Financial Company (NBFCs) and Small Finance Bank (SFBs), and Enabling financial innovations.
3) GoI approves Special liquidity scheme for NBFCs/HFCs
•The Government of India has approved the Special liquidity scheme of Rs 30,000 crore for Non-Banking Financial Company (NBFCs)/ Housing Finance Companies (HFCs). The Special liquidity scheme has been launched with a prime objective of improving the liquidity position of NBFCs/HFCs via a Special Purpose Vehicle (SPV). Reserve Bank of India (RBI) will offer funds for the Scheme by subscribing to government guaranteed special securities issued by the Trust. An unconditional and irrevocable guarantee would be provided by the Government of India, to the special securities issued by the Trust.
4) GoI declares entire Nagaland as “disturbed area” for 6 months
•The Government of India has declared the entire Nagaland as “disturbed area”. The declaration has been made for a further period of six months i.e. till end December. Supporting the declaration, Ministry of Home Affairs mentioned in its notification that the area comprising the whole Nagaland is in a disturbed and dangerous condition and hence the use of armed forces for “the maintenance of public order” is necessary.
•Nagaland has been placed under the coverage of the Armed Forces (Special Powers) Act (AFSPA) for almost six decades. The Armed Forces (Special Powers) Act (AFSPA) empowers the armed forces to search and arrest, and to open fire if it seems necessary for “the maintenance of public order”.
5) French Prime Minister Edouard Philippe resigns
•French Prime Minister Edouard Philippe has resigned from his post ahead of a government reshuffle by President Emmanuel Macron. As per the announcement made by the French Presidency, Edouard Philippe will handle the government affairs until a new cabinet would be named.
•This is a part of the President Emmanuel Macron plans to strengthen his green credentials and refashion his centrist government ahead of a possible re-election bid. He is planning to boost the two remaining years of his term by focusing on efforts to relaunch the French economy post the COVID-19 crisis.
6) Siddhartha Mukherjee & Raj Chetty honored as ‘Great Immigrants 2020’
•Indian Americans Pulitzer Prize-winning physician author, Siddhartha Mukherjee and Harvard economist Raj Chetty figure among 38 naturalized US citizens on Carnegie Corporation of New York’s 2020 list of ‘Great Immigrants’ for their role in combating COVID-19 pandemic.
7) India-Bangladesh forms LPG joint venture
•India and Bangladesh has signed an agreement for the formation of a 50:50 Joint Venture Company (JVC). This 50:50 Joint Venture Company has been formed for LPG business in Bangladesh. The agreement was signed between the RR Holdings Ltd., Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh, and IOC Middle East FZE, Dubai, a wholly-owned subsidiary of Indian Oil Corporation (IOC).
•The Joint Venture Company (JVC) will help in reducing the import cost of LPG and provide it to the people of Bangladesh at an affordable price. It also aims to expand into other linked businesses such as LNG, Petrochemicals, including the LPG export through pipeline to the North East India.
8) A book titled “The Future of Higher Education” released by M Venkaiah Naidu
•Vice President of India, M Venkaiah Naidu has virtually released a book titled “Future of Higher Education – Nine Mega Trends“. The book is authored by CA V Pattabhi Ram. The Virtual event was hosted by ICT Academy.
9) Veteran choreographer Saroj Khan passes away
•Veteran Bollywood choreographer, Saroj Khan passed away. She was popularly known as Saroj Khan but her real name is Nirmala Nagpal. She joined the Indian film industry as a child artiste, playing the younger Shyama in Nazarana. She eventually became a background dancer in 1950s films like Bimal Roy’s “Madhumati” under the guidance of dance director B. Sohanlal.
