This post is also available in: हिन्दी (Hindi)
Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs november 2021 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs November 26 2021, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs November 26 2021 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,
Candidates can also download the Daily current affairs November 26 2021 in PDF format. The Current Affairs section plays a major role in determining your success in the examination. This section needs knowledge of the questions asked. So, Practice Daily current affairs today provided here on a daily basis. In the general awareness section, current affairs and static GK questions will be asked. Check out the daily current affairs november 2021 provided here with answers and explanations. Candidates should analyse the explanations provided along with answers. It helps them remember the news easily. Read the Daily current affairs November 26 2021 provided here topic-wise covering all the important news updates. Here we have analysed and classified the topics in Daily current affairs.
Comprehensive topics for Daily current affairs today are provided here. Candidates should make sure to learn all the topics provided here in Daily current affairs today consistently. Check your knowledge by attempting the daily and monthly current affairs quizzes. The key to remembering things easily is revising it regularly. We provide daily current affairs november 2021 covering all the days in this month. Learn the Daily current affairs November 26 2021 provided here. Candidates can also download the PDF and revise it frequently. Attempt and analyse the mocks regularly to score better in this section. We provide static GK pdfs on a monthly basis covering all the important static takeaways of that month. Cover the entire daily current affairs november 2021 and attempt monthly quizzes. We provide Daily current affairs November 26 2021 in English and Hindi. Candidates can prepare Daily current affairs November 26 2021 covering all the important topics. Ace the GA section, by revising Daily current affairs today adequately.
Daily Current Affairs PDF of 26th November 2021
Get More: Static GK Pdfs
CURRENT AFFAIRS: IMPORTANT DAYS
International Day for the Elimination of Violence against Women- Nov 25
- The United Nations General Assembly has designated November 25 as the International Day for the Elimination of Violence Against Women.
- To raise awareness of the fact that women around the world are subject to various forms of violence and true nature of the issue is often hidden.
- Theme for 2021 is “Orange the World: End Violence against Women Now!”.
- The day was officially designated by UNGA on December 17, 1999.
- Women’s rights activists have observed 25 November as a day against gender-based violence since 1981.
- This date was selected to honour the Mirabal sisters, three political activists from the Dominican Republic who were brutally murdered in 1960 by order of the country’s ruler, Rafael Trujillo (1930-1961).
CURRENT AFFAIRS: NATIONAL NEWS
Union Minister Prahlad Joshi inaugurates E-portal of accreditation scheme for minerals exploration
- On Nov 23, 2021, Coal and Mine Minister Prahlad Joshi Inaugurated E-portal of accreditation scheme for minerals exploration and handed over 52 mines block to 15 state government’s representatives including two northeast states in 5th National Conclave on Mines and Minerals at New Delhi.
- These blocks have been approved by the Geological Survey of India for minerals mining.
- The first ever national conclave on Mines and Minerals was held at Raipur in 2016.
- Subsequently similar conclaves have been held annually in Delhi and Indore.
- Further, Mr. Joshi facilitated 149 awards pertaining the last 3 years to the coal and mine sector for their 5-star rating performance and sustainable mining.
Note :
- Mines and Minerals (Development and Regulation) Amendment Act, 2015.
About Ministry of Mines :
- Minister of Mines : Pralhad Joshi
- Minister of State : Raosaheb Danve
List of Cabinet approvals
I) Cabinet approves extension of Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) for another four
months (December 2021-March 2022):
- The Union Cabinet has approved the extension for the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY-Phase V) for a period of another 4 months i.e. December 2021 till March 2022 @ 5 kg per person per month free of cost for all the beneficiaries covered under the National Food Security Act [Antodaya Anna Yojana & Priority Households] including those covered under Direct Benefit Transfer (DBT).
- The PMGKAY scheme for Phase V from December 2021 till March, 2022 would entail an estimated additional food subsidy of 53344.52 Crore
II) Cabinet approves Privatization of Electricity Distribution and Retail Supply Business in the Union Territory of Dadra & Nagar Haveli and Daman & Diu:
- The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the formation of Company to privatize the electricity distribution business in the Union Territory of Dadra & Nagar Haveli and Daman & Diu, sale of Equity Shares of the newly formed Company to highest bidder and formation of Trust(s) for serving employees’ liabilities.
III) abinet approves Continuation of the umbrella scheme “Atmosphere’ & Climate Research-Modelling Observing Systems & Services (ACROSS)”:
- The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi gave its approval for continuation of the umbrella scheme “Atmosphere & Climate Research-Modelling Observing Systems & Services (ACROSS)” along with its eight sub-schemes to the next finance cycle of five years i.e. 2021-2026 at an estimated cost of 2,135 crore.
- The scheme is being implemented by the Ministry of Earth Sciences through its units namely India Meteorological Department (IMD), National Centre for Medium Range Weather Forecasting (NCMRWF); Indian Institute of Tropical Meteorology and Indian National Centre for Ocean Information Services (INCOIS).
IV) Cabinet approves continuation of the umbrella scheme “Ocean Services, Modelling, Application, Resources and Technology (O-SMART)”:
- The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi to gave its approval for continuation of the umbrella scheme “Ocean Services, Modelling, Application, Resources and Technology (O-SMART)” of Ministry of Earth Sciences, for implementation during the period from 2021-26 at an overall cost of 2177 crore.
V) Cabinet approves continuation of National Apprenticeship Training Scheme for next five years:
- The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi has accorded its approval for stipendiary support of Rs. 3,054 crores to apprentices who undergo apprenticeship training under National Apprenticeship Training Scheme (NATS) of Ministry of Education for the period from 2021-22 to 2025-26.
- NATS is a well-established scheme of Government of India which has demonstrated to enhance the employability of students who have successfully completed the apprenticeship training.
- The apprentices who have completed graduate and diploma programme in Engineering, Humanities, Science and Commerce will be given stipend of Rs.9,000/- and Rs.8,000/- per month respectively.
Union Minister of Chemicals and Fertilizers to inaugurate 2nd Global Chemicals & Petrochemicals Manufacturing Hub
- Mansukh Mandaviya, Union Minister for Health and Family Welfare, Chemicals &Fertilizersis scheduled to inaugurate the 2nd Global Chemicals & Petrochemicals Manufacturing Hub in the presence of Bhagwanth Khuba, Union Minister of State, Ministry of Chemicals & Fertilizers and Ministry of New & Renewable Energy.
- The event is being organised by the Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers, Government of India jointly with the Federation of Indian Chambers of Commerce and Industry (FICCI), in Phygital format and aims to transform India to a global chemical and Petro-chemical manufacturing hub.
- The event will be inaugurated by the union minister at New Delhi.
- Mekapati Goutham Reddy, Hon’ble Minister for Industries, Infrastructure and Commerce, Government of Andhra Pradesh and Thiru Thangam Thennarasu, Hon’ble Minister for Industries, Government of Tamil Nadu are also scheduled to attend the meet.
- Andhra Pradesh, Gujarat, Odisha, Rajasthan and Tamil Nadu are participating as Partner States in the Summit.
Minister of State for MNRE inaugurates 1st International Conference on Hydrogen Energy
- The 1st International Conference on Hydrogen Energy – Policies, Infrastructure Development and Challenges is being organized by Central Board of Irrigation and Power (CBIP) with the support of Ministry of New & Renewable Energy, Central Electricity Authority and NTPC on 24th -25th November 2021
- Shri Bhagwanth Khuba, Minister of State for New and Renewable Energy, Chemicals and Fertilizers inaugurated the event.
- The conference aims to move a step ahead towards achieving the following five-point agenda presented by the Hon’ble Prime Minister at COP-26 conference in Glasgow, Scotland, while delivering the ‘National Statement’ in the midst of this global brainstorming on climate change:
- to raise the non-fossil fuel-based energy capacity of the country to 500 GW by 2030
- by 2030, 50% of the country’s energy requirements would be met using renewable energy sources.
- The country will reduce the total projected carbon emission by one billion tonnes between now and the year 2030.
- The carbon intensity of the economy would be reduced to less than 45% by 2030,
- the country would become carbon neutral and achieve net zero emissions by the year 2070.
- About 200 participants from 60 organizations from India and three international experts from Germany; Japan and Sweden are going to participate in the Conference.
EAM S Jaishankar has attended 20th meeting of SCO Council of Heads of Government
- The 20th Meeting of the SCO Council of Heads of Government will be held in Nur-Sultan in virtual format under the Chairmanship of Kazakhstan.
- External Affairs Minister Dr. S. Jaishankar will represent India in the meeting.
- The SCO Council of Heads of Government meeting is held annually and focuses on the trade and economic agenda of the Organization and to approve its annual budget.
- The Meeting will be attended by the Heads of Government of the SCO Member States, Observer States, Secretary General of the SCO, Executive Director of the SCO Regional Anti-Terrorist Structure RATS, Turkmenistan and other invited guests.
CURRENT AFFAIRS: INTERNATIONAL NEWS
India and US agree on a transitional approach on Equalisation Levy 2020
- India and United States joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the United Kingdom) in reaching agreement on the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy.
- On October 21, 2021, the United States AND Austria, France, Italy, Spain, and the United Kingdom reached an agreement on a transitional approach to existing Unilateral Measures while implementing Pillar.
- India and United States have agreed that the same terms that apply under the October 21 Joint Statement shall apply between the United States and India with respect to India’s charge of 2% equalisation levy on e-commerce supply of services and the United States’ trade action regarding the said Equalisation Levy.
- However, the interim period that will be applicable will be from 1st April 2022 till implementation of Pillar One or 31st March 2024, whichever is earlier.
- The final terms of the Agreement shall be finalised by 1st February 2022.
13th ASEM Summit to be held virtually
- The 13th ASEM Summit will be held virtually & the theme of the two-day summit is Strengthening Multilateralism for Shared Growth.
- Vice President Venkaiah Naidu will lead the Indian Delegation for the Summit, which is expected to see participation from all 51 member countries and ASEAN and European Union.
- This Summit will also mark the 25th anniversary of the ASEM process.
- The 13th Summit is being hosted by Cambodia as ASEM Chair.
- The ASEM Summit is a biennial event alternating between country in Asia and Europe and is the foremost event of ASEM process to set its priorities for dialogue and cooperation between Asia and Europe in the areas of political, economic, financial, social, cultural, and educational issues of common interest in a spirit of mutual respect and equal partnership.
- India joined ASEM process in 2006. The 7th ASEM Summit held in 2008 saw the first Summit level participation from India.
CURRENT AFFAIRS: BANKING AND ECONOMY
India, ADB sign $300 million loan to improve primary health care in India
- The Government of India and the Asian Development Bank (ADB) has signed a $300 million loan to strengthen and improve access to comprehensive primary health care in urban areas of 13 states that will benefit over 256 million urban dwellers including 51 million from slum areas.
- Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance, signed for the Government of India the agreement for Strengthening Comprehensive Primary Health Care and pandemic preparedness in Urban Areas Program while Mr. Takeo Konishi, Country Director of ADB’s India Resident Mission, signed for ADB.
- The programme will be implemented in urban areas across 13 states: Andhra Pradesh, Assam, Chhattisgarh, Gujarat, Haryana, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Telangana, and West Bengal.
- Beside the pandemic response, interventions through the program promote increased utilization of urban HWCs with provision of comprehensive primary health care packages including noncommunicable diseases and community outreach services such as awareness raising activities on health care options, particularly for women
- The programme is supported by a $2 million technical assistance grant from ADB’s Japan Fund for Poverty Reduction to provide support for programme implementation and coordination, capacity building, innovation, knowledge sharing and application of scalable best practices across the healthcare system.
CURRENT AFFAIRS: APPOINTMENTS AND RESIGNATION
Nicolae Ciuca as the New Prime Minister of România
- The President of Romania, Klaus Iohannis nominated former army general Nicolae Ciuca as the new Prime Minister of the country.
- Nicolae Ciuca is currently serving as caretaker Defence Minister.
- He served in the U.S.-led military campaigns in Iraq and Afghanistan.
- Nicolae will form a coalition government consisting of the National Liberal Party and the Social Democrat Party.
About Romania:
- President- Klaus Iohannis
- Capital- Bucharest
- Currency– Romanian leu
Sweden’s first female PM Magdalena Andersson quits
- Sweden’s first female prime minister, Magdalena Andersson, quit just hours after being elected because of the budget defeat in parliament and her coalition partner the Greens left the two-party minority government.
- She handed in her resignation after the government’s own budget proposal was rejected and the one presented by the opposition that includes the right-wing populist Sweden Democrats was favoured
- The Greens Party quit the coalition citing that cannot accept a budget drawn by the far-right who are also considered anti-immigrant.
- Explaining her decision Andersson who has served as the finance minister for seven years, emphasised that in a coalition government once a party quits the government should resign.
- “I don’t want to lead a government whose legitimacy will be questioned,” said the 54-year-old Social Democrat leader in the report.
- Her appointment as the Prime Minister comes 100 years after Sweden extended voting rights to women. Andersson believes that she will be re-elected and this time as a single-party government leader.
About Sweden:
- Capital: Stockholm
- Currency: Swedish krona
CURRENT AFFAIRS: AWARDS AND HONOUR
49th International Emmy Awards held in New York City
- The International Academy of Television Arts & Sciences announced the winners of the 49th International Emmy Awards -2021 over the event organised at the Great Hall of Casa Cipriani in New York City, USA.
- The Israeli thriller “Tehran” produced by the Kan public broadcaster has won the International Emmy Award 2021 for Drama Series. Hayley Squires (UK) won the International Emmy award 2021 for Best Performance by an Actress for her role as British porn star Jolene Dollar in Adult Material.
- David Tennant won the Best Performance by an Actor for portraying serial killer Dennis Nilsen in Des.
- The International Emmy Awards 2021 was hosted by actress and comedian Yvonne Orji.
- 1 Special Award -Directorate Award 2021 and 11 Emmy statues were also presented during the event.
K Sohan Roy becomes the first Indian to be honoured with the Knighthood of Parte Guelfa
- S K Sohan Roy, the Chief Executive Officer and founder of Aries Group of Companies has become the first Indian to be honoured with the Knighthood of Parte Guelfa for his humanitarian and Environmental protection efforts in business and movies.
- He hails from Punalur, Kollam, The honorary title of “Knight of Parte Guelfa” has been conferred upon him during the conferring ceremony organised during the Investitures of Parte Guelfa of Annus Domini 2021, November 19 to 21.
- The event was held at the Basilica of Santa Croce and the Palagio di Parte Guelfa in Florence, Italy.
- Dr Sohan Roy, an Indian entrepreneur based in Sharjah, is a Naval Architect and Marine Engineer, an award-winning director and a poet.
- Forbes listed him among the top Indian leaders of the Arab World four times in a row between 2015 and 2019.
- Aries Punnamada Urukku Chundan, a steel snake boat developed by Sohan Roy’s Aries Marine, has been certified as the world’s largest canoe crew by Guinness World Records.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
CCI Approves FedEx India’s Minority Acquisition In Delhivery
- Competition Commission of India (CCI) has approved the acquisition of a minority stake in logistics services provider Delhivery Ltd by FedEx Express, a unit of American transportation giant FedEx Corp.
- It has also given nod to the acquisition of certain operating assets of FedEx India and TNT India by Delhivery.
- As part of the agreement, FedEx has agreed to invest $100 million in Delhivery.
- FedEx Express will enter into a long-term commercial pact with SoftBank-backed Delhivery.
- Under the proposed combination, FedEx India will acquire a minority stake in Delhivery on a fully diluted basis along with certain minority investor rights.
- Some customers and employees of FedEx India will also be transferred to Delhivery, subject to obtaining their consent.
- The proposed combination relates to the i) acquisition of minority stake in Delhivery by FedEx India and, ii) acquisition of operating assets of FedEx India and TNT by Delhivery.
- The parties also propose to enter into certain interconnected and ancillary transactions.
- TNT India is part of the FedEx group.
About CCI :
- Founded: 14 October 2003
- Headquarters: New Delhi
- Chairperson : Ashok Kumar Gupta
- First Chairman : Dhanendra Kumar
- Secretary : P K Singh
- The Competition Commission of India (CCI) is the chief national competition regulator in India.
- It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002.
About Delhivery :
- Founded: May 2011
- Headquarters: New Delhi, India
- Founders : Sahil Barua; Mohit Tandon; Bhavesh Manglani; Suraj Saharan; Kapil Bharati
- CEO : Sahil Barua
- Delhivery has been backed by SoftBank, Tiger Global, Times Internet, Carlyle Group, Steadview Capital, and Addition.
- It has cumulatively raised around $1.37 billion in funding.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
NASA Selects New Mission to Study Storms, Impacts on Climate Models
- NASA selected Investigation of Convective Updrafts (INCUS) through the agency’s Earth Venture Mission-3 (EVM-3).
Purpose :
- To study the behavior of tropical storms and thunderstorms, including their impacts on weather and climate models.
- The mission will be a collection of three SmallSats, flying in tight coordination and is expected to launch in 2027 as part of NASA’s Earth Venture Program.
- NASA received 12 proposals for EVM-3 missions in March 2021.
- The investigation stems from the 2017 Earth Science Decadal Survey by the National Academies of Sciences, Engineering, and Medicine,
- The principal investigator for INCUS is Susan van den Heever at Colorado State University in Fort Collins.
- The mission will be supported by several NASA centers including the Jet Propulsion Laboratory in Southern California, Goddard Space Flight Center in Greenbelt, Maryland, Marshall Space Flight Center in Huntsville, Alabama, with key satellite system components to be provided by Blue Canyon Technologies, and Tendeg LLC, both in Colorado.
- The mission will cost approximately $177 million, not including launch costs.
China launches Gaofen 11-03 high resolution satellite
- The China Aerospace Science and Technology Corp. (CASC) announced China launches its third Gaofen-11 reconnaissance satellite from the Taiyuan Satellite Launch Center in northern China
- The Satellite was launched by a Long March 4B rocket inserting the Gaofen-11 (03) satellite into a 247 by 694-kilometer altitude orbit inclined by 97.5 degrees.
- The launch was China’s 44th of 2021 and the 387th mission of the Long March series carrier rockets.
- The satellite would be “mainly used for land surveys, city planning, land rights confirmation, road network design, crop yield estimation and disaster prevention and mitigation.
- According to the Xi’an Branch of China Academy of Space Technology (CAST) under CASC, the three Gaofen-11 satellites will be networked together.
Note :
- The first in the series of Gaofen 11 namely Gaofen 11 (01) was launched in July 2016 followed by Gaofen 11 (02) in September 2020.
- Gaofen-11 has the capability to return optical imagery at a resolution of around 10 centimeters.
About Gaofen satellites :
- Gaofen satellites are Chinese high-resolution Earth Observation Satellites.
- The Gaofen-1 was launched in 2013 on a Long-March-2D rocket from the Jiuquan Satellite Launch Center in a sun-synchronous orbit.
- Thereafter, more than 12 Gaofen satellites were launched in the Gaofen series.
- The Gaofen satellites form the civilian China High-resolution Earth Observation System (CHEOS) which consists of optical, multispectral, hyperspectral and synthetic aperture radar satellites.
About China :
- President: Xi Jinping
- Currency: Renminbi
- Capital: Beijing
NASA launches world’s first planetary defence system – DART
- The US-based National Aeronautics and Space Administration (NASA)‘s launched the world’s first planetary defense system called DART spacecraft from the Vandenberg US Space Force Base in California, United States.
- It was carried aboard SpaceX’s Falcon 9 rocket.
Goal of NASA’s DART spacecraft :
- To slightly alter the trajectory of Dimorphos, a “moonlet” around 525 feet (160 metres, or two Statues of Liberty) wide that circles a much larger binary asteroid system named 65803 Didymos (2,500 feet in diameter).
- The DART spacecraft was built by the Johns Hopkins Applied Physics Laboratory in Maryland at the direction of NASA’s Planetary Defense Coordination Office.
- DART will continue to travel just outside of Earth’s orbit around the Sun for the next 10 months until Didymos and Dimorphos will be a relatively close 6.8 million miles (11 million kilometres) from Earth.
- There are around 10,000 known asteroids that are 460 feet or greater in size near Earth, but none has a significant chance to hit in the next 100 years.
DART’s Mission Objectives are:
- Demonstrate a kinetic impact with Dimorphos.
- Change the binary orbital period of Dimorphos.
- Use ground-based telescope observations to measure Dimorphos’ period change before and after impact.
- Measure the effects of the impact and resulting ejecta on Dimorphos.
About NASA :
- Headquarters: Washington, D.C., United States
- Founder: Dwight D. Eisenhower
- Motto : For the Benefit of All
- Administrator : Bill Nelson
- Deputy Administrator : Pamela Melroy
CURRENT AFFAIRS : SPORTS NEWS
Zverev beats Medvedev to win second ATP Finals title
- On Nov 21, 2021, Germany’s Alexander Zverev defeated World No.2 Russia’s Daniil Medvedev 6-4, 6-4, in the men’s single finals to clinch the 2021 ATP Finals title held at Turin in Italy.
- Alexander Zverev became the winner of this tournament for the second time & earlier, he had won the ATP Finals trophy in 2018.
- This is Zverev’s sixth trophy this season.
- He won the gold medal in the Tokyo Olympics.
- Pierre-Hugues Herbert and Nicolas Mahut of France clinched the men’s double title by defeating Rajeev Ram of US and Joe Salisbury of UK.
About Alexander Zverev :
- Alexander Zverev born on 20 April 1997, Hamburg, Germany.
- He has been ranked by the Association of Tennis Professionals (ATP) as high as world No. 3.
- Zverev’s career highlights include titles at the 2018 and the 2021 ATP Finals and 2020 Tokyo Olympics.
- He is the only active player outside of the Big Four with five ATP Masters 1000 titles.
- Zverev has won 19 ATP titles in singles and two in doubles.
About 2021 ATP Finals :
- The 2021 ATP Finals also known as the 2021 Nitto ATP Finals was a men’s tennis tournament played on indoor hard courts at the Pala Alpitour in Turin, Italy, from 14 to 21 November 2021.
- This was the 52nd edition of the tournament (47th in doubles), & the first time Turin hosted the ATP Tour year-end championships.
UNION GOVERNMENT SCHEME
NIRVIK SCHEME
The NIRVIK Scheme (also known as Niryat Rin Vikas Yojana) is a scheme implemented under the
administrative control of Export Credit Guarantee Corporation of India (ECGC) with a target of easy
lending of loans and enhancing credit availability to small-scale exporters.
Launched on: –
The scheme was announced by the finance minister Nirmala Sitharaman during the union budget 2020-
2021 i.e., 1 st February 2021.
Ministry involved: –
ECGC Ltd. (Formerly known as Export Credit Guarantee Corporation of India Ltd.) wholly owned by
Government of India, was set up in 1957 with the objective of promoting exports from he country by
providing credit risk insurance and related services for exports.
As ECGC is under the Ministry Of Commerce And Industry, The implementation of NIRVIK scheme
is also under the Ministry Of Commerce And Industry
Minister of commerce and industry – Piyush Goyal
Objectives :
To improve the accessibility and affordability of credit for exporters making Indian
exports more competitive.
To dispense with the usual red-tape and other procedural Problems in order to become
exporter friendly.
To extend insurance cover which can result in decrease in the cost of credit with factors
such as capital relief, better liquidity and quick settlement of claims in play.
MSME’s (Micro, Small and Medium Enterprises) will stand to benefit as well due to
improvement in the ease of business and making ECG procedures much more simplistic.
Eligibility: –
To get the benefit of the scheme, the business must be owned by an Indian citizen.
According to the details of the scheme, the lower premium rate will be applicable only to the
exporter whose bank account limits do not cross Rs. 80 crore mark.
Target group: –
As scheme aims to achieve higher export credit disbursement to provide high insurance cover, reduction
in premium for small exporters and simplified procedures for claim settlements, the beneficiaries of the
scheme are exporters.
Benefits: –
At the time of announcement of the scheme, Indian exporting sectors suffered a sharp decline with
respect to outbound shipment in 2019.
The development of the NIRVIK Scheme came as relief to exporters as they were concerned about credit
availability.
Features of the NIRVIK Scheme
The scheme will provide Insurance coverage up to 90% of the principal amount and interest
The scheme ensures extension in coverage will make sure that foreign export credit interest rates
are below 4%. The rupee export credit interest rates will be restricted to 8%.
The scheme will cover both pre and post-shipment credit.
as the loss ratio is high for borrowers from the gems, jewellery and diamond with a limit of over
Rs 80 crore, it will have a higher premium rate as compared to those from other sectors.
For the accounts having limits below Rs. 80 crore, the premium rates will be 0.60 per annum. For
those whose limits are beyond Rs. 80 Crore, the rates will be 0.72 per annum.
In the event that there will be losses exceeding Rs. 10 Crores, the exporter will be subjected to
inspection by the ECGC Banks shall pay a premium to the ECGC on a monthly basis as the
principal and interest are covered for both outstandings.
About ECGC:-
The ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd) is a government
owned export credit provider.
ECGC was setup in 1957
Chairman – M. Senthilnathan
Daily CA On Nov 26 :
- The United Nations General Assembly has designated November 25 as the International Day for the Elimination of Violence Against Women.
- On Nov 23, 2021, Coal and Mine Minister Prahlad Joshi Inaugurated E-portal of accreditation scheme for minerals exploration and handed over 52 mines block to 15 state government’s representatives including two northeast states in 5th National Conclave on Mines and Minerals at New Delhi.
- Cabinet approves extension of Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) for another four months (December 2021-March 2022).
- Cabinet approves Privatization of Electricity Distribution and Retail Supply Business in the Union Territory of Dadra & Nagar Haveli and Daman & Diu.
- Cabinet approves Continuation of the umbrella scheme “Atmosphere’ & Climate Research-Modelling Observing Systems & Services (ACROSS)”.
- Cabinet approves continuation of the umbrella scheme “Ocean Services, Modelling, Application, Resources and Technology (O-SMART)”.
- Cabinet approves continuation of National Apprenticeship Training Scheme for next five years
- Mansukh Mandaviya, Union Minister for Health and Family Welfare, Chemicals &Fertilizers is scheduled to inaugurate the 2nd Global Chemicals & Petrochemicals Manufacturing Hub in the presence of Bhagwanth Khuba, Union Minister of State, Ministry of Chemicals & Fertilizers and Ministry of New & Renewable Energy.
- The 1st International Conference on Hydrogen Energy – Policies, Infrastructure Development and Challenges is being organized by Central Board of Irrigation and Power (CBIP) with the support of Ministry of New & Renewable Energy, Central Electricity Authority and NTPC on 24th -25th November 2021
- The 20th Meeting of the SCO Council of Heads of Government will be held in Nur-Sultan in virtual format under the Chairmanship of Kazakhstan.
- India and United States joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the United Kingdom) in reaching agreement on the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy.
- The 13th ASEM Summit will be held virtually & the theme of the two-day summit is Strengthening Multilateralism for Shared Growth.
- The Government of India and the Asian Development Bank (ADB) has signed a $300 million loan to strengthen and improve access to comprehensive primary health care in urban areas of 13 states that will benefit over 256 million urban dwellers including 51 million from slum areas.
- The President of Romania, Klaus Iohannis nominated former army general Nicolae Ciuca as the new Prime Minister of the country.
- Sweden’s first female prime minister, Magdalena Andersson, quit just hours after being elected because of the budget defeat in parliament and her coalition partner the Greens left the two-party minority government.
- The International Academy of Television Arts & Sciences announced the winners of the 49th International Emmy Awards -2021 over the event organised at the Great Hall of Casa Cipriani in New York City, USA.
- S K Sohan Roy, the Chief Executive Officer and founder of Aries Group of Companies has become the first Indian to be honoured with the Knighthood of Parte Guelfa for his humanitarian and Environmental protection efforts in business and movies.
- Competition Commission of India (CCI) has approved the acquisition of a minority stake in logistics services provider Delhivery Ltd by FedEx Express, a unit of American transportation giant FedEx Corp.
- NASA selected Investigation of Convective Updrafts (INCUS) through the agency’s Earth Venture Mission-3 (EVM-3).
- The China Aerospace Science and Technology Corp. (CASC) announced China launches its third Gaofen-11 reconnaissance satellite from the Taiyuan Satellite Launch Center in northern China
- The US-based National Aeronautics and Space Administration (NASA)‘s launched the world’s first planetary defense system called DART spacecraft from the Vandenberg US Space Force Base in California, United States.
- On Nov 21, 2021, Germany’s Alexander Zverev defeated World No.2 Russia’s Daniil Medvedev 6-4, 6-4, in the men’s single finals to clinch the 2021 ATP Finals title held at Turin in Italy.
