Questions of the Day :-
Consider the following statements with respect to ‘National Investigation Agency’
- It is under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions.
- It is established under The Delhi Special Police Establishment (DSPE) Act, 1946.
Select the correct statements
a) 1 Only
b) 2 Only
2)Consider the following statements with respect to ‘National Pharmaceutical Pricing Authority (NPPA)’
- It is under the aegis of the Ministry of Health and Family Welfare.
- It implements and enforces the provisions of the Drugs (Prices Control) Order in accordance with the powers delegated to it.
Select the correct statements
a) 1 Only
b) 2 Only
3)NASA’s ‘OSIRIS-Rex’ Mission is associated with
1)Worst single day fall for Sensex:– The benchmark Sensex on Monday witnessed its biggest single day fall in absolute terms amid a global sell off in equities. This came on the back of rising concerns over the economic impact of the COVID-19 outbreak and a plunge in crude prices that further fuelled worries about a global slowdown.
About SENSEX CALCULATION :-
The BSE SENSEX (also known as the S&P Bombay Stock Exchange Sensitive Index or simply the SENSEX) is a free-float market-weighted stock market index of 30 well-established and financially sound companies listed on Bombay Stock Exchange.
The base value of the SENSEX was taken as 100on 1 April 1979 and its base year as 1978–79. On 25 July 2001 BSE launched DOLLEX-30, a dollar-linked version of the SENSEX.
How to calculate Sensex :-
SENSEX = Total Free float market cap (FFMC) of 30 companies today divided by Total (FFMC) of 30 companies on 1st April 1979
“Free float Market capitalization” =
Number of shares held by general public multiplied with Value of Each share on the given date in Bombay Stock Exchange (BSE)
Ex.suppose 70000 shares of Infosys are held by Public and value of each share is 150 Rs. Thus
FFMC at present i.e todays prices = 150 × 70000 = 10500000 (105 lakhs)
This is FFMC for infosys, similarly we will calculate FFMC for all the 30 companies and add them
Thus suppose for all 30 companies total FFMC at present todays prices = 15 crore
But since base year is 1979 therefore we will calculate FFMC of these 30 companies at 1st april 1979 prices as well and add them , suppose we get FFMC at 1979 prices = 10 Lakh
Now SENSEX = Total Free float market cap (FFMC) of 30 companies today divided by Total (FFMC) of 30 companies on 1st April 1979
=(15 crores / 10 lakh) x 100
2)What is Underemployment :-
Underemployment is the underuse of a worker because a job does not use the worker’s skills, is part-time, or leaves the worker idle.
Examples include holding a part-time job despite desiring full-time work, and over-qualification, in which the employee has education, experience, or skills beyond the requirements of the job.
3)Madras HC dismisses M.P.’s plea on GI tag for basmati rice: M.P made a plea that basmati is grown in 13 districts of madhya pradesh and thus be included for G.I Tag of Basmati Rice.
G.I Tag for Basmati Rice :- Geographical Indications Registry (GIR) had already issued GI tag certifies to APEDA
by accepting its claim that basmati rice was grown only in the States of Punjab, Haryana, Himachal Pradesh, Delhi and Uttarakhand apart from 26 districts in Uttar Pradesh besides Jammu as well as Kathua.
ABOUT GI Tag:- Approved by the Geneva-headquartered World Trade Organization, a GI tag recognises the place of origin of a product and the specific qualities or means of production associated with it. Acting as a certification, it is a way of ensuring that similar products from elsewhere cannot be sold under this name. The tag is valid for a decade, after which it can be renewed for another 10 years.
Under Articles 1 (2) and 10 of the Paris Convention for the Protection of Industrial Property, geographical indications are covered as an element of IPRs. They are also covered under Articles 22 to 24 of the Trade Related Aspects of Intellectual Property Rights (TRIPS) Agreement, which was part of the Agreements concluding the Uruguay Round of GATT negotiations.
India, as a member of the World Trade Organization (WTO), enacted the Geographical Indications of Goods (Registration & Protection)Act, 1999 has come into force with effect from 15th September 2003.
The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act passed by the Parliament in December, 1985. The Act (2 of 1986) came into effect from 13th February, 1986.
A Chairman, appointed by the Central Government.
4)EDITORIAL OF THE DAY :-
Why the Prices of Oil Fell :- Earlier we saw a reduction in the Demand of Oil due to Covid-19, then OPEC countries represented by SAUDI ARABIA and RUSSIA met, SAUDI suggested to cut the supplies in order to keep the prices stable. Since if Supply would have been decreased then Prices would not have fallen.
Russia ( part of OPEC+) denied the cut in supplies.
This made Saudi Pissed and thus instead of cutting the Supplies it ramped up the supplies and thus we saw the biggest fall in Oil Prices after Gulf Wars of 1991.
INDIA AND THIS OIL PRICES FALL :– For India though, the sharp dip in oil prices is good news, for now. This will reduce the oil import bill at a time when merchandise exports are likely to suffer due to the freeze in the developed economies. This will keep the current account deficit balanced. The fall in fuel prices will also drag down headline inflation giving the Reserve Bank of India elbow room to cut rates.
But the oil price fall may be bad news for the Centre’s disinvestment programme as the sale of Bharat Petroleum Corporation Limited (BPCL) could run into headwinds.
5) Problems of Schools :-
6)Oil plunges as producers begin price war:- Oil prices crashed on Monday, suffering their biggest daily rout since the 1991 Gulf War, after the collapse of an OPEC+ supply agreement that now threatens to overwhelm the world with oil, inciting panic throughout the energy sector.
After failing to come to an agreement to cut supply, Saudi Arabia and Russia over the weekend pledged instead
to ramp up production, which could quickly flood global markets with oil at a time when demand has already weakened substantially.
Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus.
About OPEC :-
The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 13 nations, founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.
Russia is not a member of OPEC but it is the biggest crude producer allied to the cartel.
Earlier it had 15 members. Latest Qatar and Ecuador ledt OPEC.