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We are posting Todays 9pm Current Affair Brief
About 9pm Current Affair Brief – This initiative provides a brief of all the relevant articles of day in a clear, concise and easily consumable format. Students don’t need to look anywhere more for your daily news bytes. It will help students in their prelims and mains preparation.
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News: Economists have been comparing the current crisis with the Great Depression of 1929.
- The Great Depression was a major economic crisis that began in the United States in 1929 and went to have a worldwide impact until 1939.
- Reasons: a) U.S Stock Market Crash of 1929 b) Bank Failures c) Reduction in Purchasing Across the Board d) United States Economic Policy with Europe and e) Drought Conditions.
- Impact: a) Increase in Unemployment b) Extreme Human Suffering c) Deflation d) Political upheavals such as rise of fascism in Europe among others.
- Impact on India: a) Drastic fall in agricultural prices and a severe credit contraction which led to peasants protest b) Launch of Civil Disobedience movement c) No Rent campaigns in many parts of the country d) Landslide victory of the Indian National Congress in the 1936-37 provincial election among others.
Centre for Augmenting WAR with COVID-19 Health Crisis(CAWACH)
News:Department of Science & Technology(DST) has decided to set up a Centre for Augmenting WAR with COVID-19 Health Crisis(CAWACH).
- Aim:To evaluate and support the innovations and start-ups that address COVID-19 challenges.
- Implementation:The Society for Innovation and Entrepreneurship (SINE), a technology business incubator at IIT Bombay supported by DST.
- Mandate:It will extend to startups by way of the requisite financial assistance and fund deployment targeting innovations that are deployable in the market within the next 6 months.
CARUNA Initiative:Caruna stands for Civil Services Associations Reach to Support in Natural Disasters.It represents a collaborative platform on which civil servants, industry leaders among others have come together to support the government’s efforts in fighting coronavirus.
Explained:What is Round Tripping?
News:Supreme Court has rejected the Income Tax department notice against a News Channel alleging round tripping of money.
- Round tripping refers to money that leaves the country through various channels and makes its way back into the country often as foreign investment.
- Reasons:There are various reasons that promote round tripping.Mainly, Tax concessions allowed in the foreign country encourages individuals to park money there and then reroute it.
- Ways: Round Tripping money could be invested in offshore funds that in turn invest in Indian assets.Participatory Notes(P-Notes) is one of the routes that have been used in the past.
Participatory notes(P-notes): These are issued by registered foreign portfolio investors(FPIs) to overseas investors who wish to be a part of the Indian stock market without registering themselves with the market regulator(Securities and Exchange Board of India).