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03 July 2021 Current Affairs | Today Current Affairs | Latest Current Affairs

In this post of ours Today Current Affairs, we will provide you 03 July 2021- Current Affairs in English! Which will be beneficial for all the competitive exams coming to you!

National Current Affairs

  • Uttarakhand Chief Minister Tirath Singh Rawat resigns from the post.
  • Prahlad Singh Patel chairs the 6th meeting of BRICS Culture Ministers via video conference.
  • Pregnant women in India are now eligible for COVID vaccination: NTAGI (National Technical Advisory Group on Immunization)
  • Indian Army inducts the first batch of 12 indigenously designed and developed Short Span Bridging Systems (10 meters)
  • Six technology innovation platforms launched in India to promote the development of technologies for globally competitive manufacturing.

Economic Current Affairs

  • India’s forex reserves increased by $5 billion to $609 billion in the week ended June 25.
  • The government announced to include retail and wholesale trade under MSMEs.
  • LIC chairman’s retirement age raised to 62 years.
  • Center approves 14 eligible applicants under PLI (Production Linked Incentive) scheme for IT Hardware.
  • India records the highest-ever merchandise exports of $95 billion during the April-June week ended.

International Current Affairs

  • India joins the G20-OECD tax framework deal that calls for a global minimum tax of at least 15% on the corporate profits of multinationals.
  • Afghanistan: US Army leaves Bagram airbase after nearly 20 years.

Sports Current Affairs

  • Mana Patel becomes the first Indian woman swimmer to qualify for Tokyo 2020 Olympics.
  • Indian Navy athlete M.P. Jabir qualifies for Tokyo Olympics in men’s 400m hurdles.
  • Waco India Kickboxing Federation gets official recognition as National Sports Federation.
  • Waco: World Association of Kickboxing Organizations.

1. Central Government approves 14 eligible applicants under PLI for IT Hardware

The Union Ministry of Electronics and IT has approved 14 applicants under the Production Linked Incentive (PLI) scheme for IT hardware products.

Main Point

The PLI scheme for IT Hardware provides an incentive of 4% to 2% on the net incremental sales in the base years of FY 2020.

  • The targeted sections under the PLI scheme are Laptops, Tablets, Personal Computers (PCs), and Servers.
  • The scheme proposes production-linked incentives to boost domestic manufacturing and attract large investments across the value chain of all these IT hardware products.

Applicant

  • Among these applicants were four globally selected companies including Dell, ICT (Wistron), Rising Stars Hi-Tech (Foxconn), and Flextronics.
  • Under the domestic company category, 10 companies approved like Lava International Ltd., Info power Technologies (JV of Sahasra and MiTAC), Dixon Technologies (India) Ltd., Bhagwati (Micromax) Neolink, Netweb, Optimus, VVDN, Smile Electronics, and Panache Digilife Gone.

Importance

The companies approved under the PLI scheme are expected to generate a total of over Rs 1.61 lakh crore in the next 4 years. Out of the total production, the companies approved under the category of IT Hardware companies have proposed a generation of Rs 84,746 crore. The scheme will bring in additional investment in IT hardware manufacturing to the tune of Rs 2,517 crore.

Production Linked Incentive Scheme

The scheme was launched in March 2020 to promote domestic manufacturing. Its aim is to cut imports. The scheme was launched with an objective to incentivize companies on incremental sales of homemade products. The scheme encourages local companies to set up or expand existing manufacturing units.

2. India joins G20-OECD tax framework deal

India and most members of the OECD and G20 Inclusive Framework on Base Erosion & Profit Shifting adopted a high-level statement that outlines a consensus solution to address the tax challenges arising from the digitization of the economy.

Main Point

This proposed solution includes two components:

  1. The first pillar is about reallocation of additional profit share across market jurisdictions
  2. The second column contains the minimum tax and tax rules.
  • However, some important issues such as share of profit allocation and the scope of tax rules remain open and need to be addressed.
  • The technical details of the proposal will be worked out soon and a consensus will be reached by October 2021.

How will this affect India?

The global minimum tax regime will ensure that countries like India get a massive market for MNEs without providing a tax safe harbor.

3. US military leaves Bagram airport in Afghanistan

The US military has left Afghanistan’s Bagram airfield after nearly two decades.

Main Point

  • Bagram airfield was the center of several military encounters in Afghanistan and the US war on terror in the backdrop of the 9/11 terror attacks.
  • The Bagram airfield has now been handed over to the Afghan National Security and Defense Forces.
  • The airbase has been the site of a US military war against the Taliban and al-Qaeda terrorist organizations.
  • It was performed by the employees of the 455th Air Expeditionary Wing of the US Army.
  • It is used by units of the US Army, Navy, and the Marine Corps which has also used the airfield as a base.

Background

US President Joe Biden promised a complete withdrawal of US troops from Afghanistan by September 11. The current withdrawal of 2,500-3,500 US troops from Bagram Airbase is a sign of follow-up on that promise. Now, the US shelters about 6,500 troops in Afghanistan to protect the US embassy in Kabul.

Bagram Airfield

It is also known as Bagram Air Base and is located near the ancient city of Bagram. It was the largest US military base in Afghanistan. Its distance from Parwan province is 11 kilometers. It has a single runway that is capable of handling large military aircraft including the Lockheed Martin C-5 Galaxy and the Antonov A-225.

4. Mana Patel became the first Indian woman swimmer to qualify for the Tokyo 2020 Olympics

Mana Patel has become the first woman from India and only the third swimmer to qualify for the Tokyo Olympics 2021.

Main Point

  • Apart from Mana Patel Olympics, Srihari Natraj and Sajan Prakash have also qualified for the Olympics.
  • She is a 21-year-old backstroke swimmer from Ahmedabad who has won gold medals in the 50m backstroke and 200m backstrokes at the National Games.
  • He also won a gold medal in the 100m backstrokes at the 60th National School Games (2015) and broke the national record in the backstroke.
  • He was selected for the Olympic Gold Quest in 2015.
  • In 2018, he won three gold medals at the 72nd Senior National Aquatic Championships.

Maana Patel

He was born on 18 March 2000. She is a backstroke swimmer from Ahmedabad, Gujarat. At the age of 13, she clocked 2:23.41 in the 200m backstrokes at the 40th Junior National Aquatics Championships in Hyderabad. In 2019, he won six medals (1 Gold, 4 Silver, 1 Bronze) at the 10th Asian Age-Group Championships, Bangalore.

2020 Summer or Tokyo Olympics

The event will be held in Tokyo, Japan from July 23 to August 8, 2021. It was originally scheduled from 24 July to 9 August 2020. But it was postponed and rescheduled for the first time amid the Kovid-19 pandemic. Tokyo has become the first city in Asia to host the Summer Games twice.

5. Waco India Kickboxing Federation gets official recognition

The Sports Ministry has decided to recognize WAKO India Kickboxing Federation as National Sports Federation (NSF) to promote and develop the sport in India.

Main Point

  • WAKO India Kickboxing Federation is affiliated with the World Association of Kickboxing Organizations (WAKO), a world body for kickboxing.
  • from November 30, 2020; Waco is a provisionally recognized member of the International Olympic Committee (IOC).
  • The recommendation to approve WAKO as a fully recognized member of the Olympic family was taken by the IOC in June 2020.
  • The Executive Board of the International Olympic Committee (IOC) has approved the recommendation for WAKO to become a fully recognized member of the Olympic Games on June 10, 2021.
  • A decision on full recognition of WAKO will be finally taken at the July 2021 IOC session in Tokyo.

Indian Association of Kickboxing Organisation – IAKO

IAKO is the national federation of kickboxing in India. It was established in 1993 to regulate and promote kickboxing activities in India. It promotes amateur kickboxing and professional kickboxing in states, union territories and special armed forces. IAKO is the first martial arts federation to be recognized by the School Games Federation of India.

World Association of Kickboxing Organizations (WACO)

WAKO is an international organization of kickboxing. It certifies the governing body of amateur kickboxing to develop and organize world championship events. WAKO is the only organization worldwide recognized by GAISF (Global Association of Sports Federations) and IOC (International Olympic Committee).

6. Central government announced to include retail and wholesale trade under MSMEs

MSME Minister, Nitin Gadkari on July 2, 2021, announced the revised guidelines for MSMEs, including retail and wholesale trade under Micro, Small and Medium (MSME) enterprises.

Main Point

  • The inclusion of retail and wholesale trade means that retail and wholesale traders will be able to avail benefits such as priority sector lending under the RBI guidelines.
  • According to the MSME Minister, the revised guidelines will benefit 5 crore retail and wholesale traders. It will also allow them to register on the Udyam portal.

Importance

  • This will enable traders to gain access to capital which has been hit hard amid the COVID-19 pandemic.
  • With this inclusion, several measures of the MSME sector announced in the last year will now be applicable to retail and wholesale traders as well.
  • It will thus enable small retailers and traders to take advantage of the resolution framework announced by the Reserve Bank of India for COVID-19 related stress.
  • It enables small retailers with a turnover of up to Rs 250 crore to get instant finance through schemes announced under Atmanirbhar Bharat.
  • According to CAIT, this decision will enable traders to get necessary finance from banks and financial institutions even under priority sector lending.

RBI announcement

RBI had announced that MSMEs with aggregate exposure of up to Rs 25 crore and classified as standard can avail of this restructuring scheme without downgrading to the second category of assets by March 31, 2021.

Confederation of Indian Industry – CII

CII is a non-governmental trade association and advocacy group headquartered in New Delhi. It was established in 1895. It engages business, academic, political and other leaders of society in shaping regional, global and industry agendas. CII is a membership-based organization.

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