Daily Current Affairs : 8th August

Daily Current Affairs for UPSC CSE

Topics Covered

1. Environmental and Social Management Framework
2. Lending norms for Stressed NBFC
3. Vikram Sarabhai Journalism Award in Space Science, Technology and Research 
4. Facts for Prelims : National Handloom Day, Adjournment Sine die

1 . Environmental and Social Management Framework

Context : The Environment Ministry has unveiled a draft plan that will dictate how prospective infrastructure projects situated along the coast ought to be assessed before they can apply for clearance.

About Environmental and Social Management Framework

• The draft Environmental and Social Management Framework (ESMF) is part of a World Bank-funded project.
• The project seeks to assist the Government of India in enhancing coastal resource efficiency and resilience, by building collective capacity (including communities and decentralised governance) for adopting and implementing integrated coastal management approaches,” the introduction to the report notes. The document was prepared by the Society for Integrated Coastal Management, a Ministry-affiliated body.

About the Plan

• The document lays out guidelines out for coastal States to adopt when they approve and regulate projects in coastal zones.
• The plan describes how “environmental and social aspects” ought to be integrated into the planning, design, implementation of projects.
• “Projects should strive to avoid or minimise impacts on cultural properties and natural habitats, compensate any loss of livelihood or assets, adopt higher work safety standards, occupational and community health and safety

Proposed activities

• The key activities proposed for coastal zone development that consist of investments by States include: mangrove afforestation/shelter beds, habitat conservation activities such as restoration of sea-grass meadows, eco-restoration of sacred groves, development of hatcheries, rearing/rescue centres for turtles and other marine animals, creation of infrastructure for tourism, restoration and recharge of water bodies, beach cleaning and development, and other small infrastructure facilities.
• Livelihood improvement projects include demonstration of climate resilient or salinity resistant agriculture, water harvesting and recharge/storage, creation of infrastructure and facilities to support eco-tourism, community-based small-scale mariculture, seaweed cultivation, aquaponics, and value addition to other livelihood activities.

2 . Lending Norms for Stressed NBFC’s

Context : The Reserve Bank of India (RBI) on Wednesday unveiled more measures to enhance credit flow to the cash-starved non-banking financial companies (NBFC) sector.

Measures Announced by RBI

• The central bank has decided to raise a bank’s exposure limit to a single NBFC to 20 per cent of Tier-I capital of the bank as a step towards harmonisation of the counterparty exposure limit to single non-banking financial company with that of the general limit.The limit was 15 per cent earlier while other sectors enjoyed the 20 per cent limit.The hike will enable banks to increase the credit flow to big NBFCs.
• Allow bank lending to registered non-banking financial companies (other than micro-finance Institutions) for on-lending to agriculture (investment credit) up to Rs 10 lakh, micro and small enterprises up to Rs 20 lakh and housing up to Rs 20 lakh per borrower (up from Rs 10 lakh at present) to be classified as priority sector lending.
• The Reserve Bank of India has also reduced risk weight for consumer credit (except credit card receivables), including personal loans, to 100 per cent as against a risk weight of 125 per cent or higher, if warranted by the external rating of the counterparty.

3 . Vikram Sarabhai Journalism Award in Space Science, Technology and Research 

Context : ISRO announces Vikram Sarabhai Journalism Award in Space Science, Technology and Research 

About the Award

• Vikram Sarabhai Journalism Award in Space Science, Technology and Research is awarded to recognize and reward journalists who have actively contributed towards the field of space science, applications, and research.
• The nominations are open to all Indians who have a good experience in journalism.
• There are two categories of awards, wherein the first category holds a cash price of Rs 5,00,000, a medal and  citation and two journalists or freelancers of print media will be awarded. Nominated candidates will be judged on the basis of the articles or success stories published in Hindi, English, or Regional languages in popular Periodicals, Science magazines, or Journals in India during the year 2019 to 2020.
• The second category of the award holds 3 cash prizes of Rs 3,00,000, 2,00,000 and 1,00,000 and citation each for journalists or freelancers of print media. The articles or success stories published in Hindi, English, Regional languages in popular newspapers or news magazines in India during the one year as indicated in the proposal.

4 . Facts for Prelims

National Handloom Day

• The National Handloom Day is observed annually on 7^th August to honour the handloom weavers in the country and also highlight India’s handloom industry.
• National Handloom Day seeks to focus on the contribution of handloom to the socio economic development of the country and also increase the income of weavers.
• August 7 was chosen as the National Handloom Day to commemorate the Swadeshi Movement which was launched on this day in 1905 in Calcutta Town Hall to protest against the partition of Bengal by the British Government. The movement had aimed at reviving domestic products and production processes.

Adjournment sine die

• Termination of a sitting of the House without any definite date being fixed for the next sitting.