1.Government Schemes

Ministry of MSME launches CHAMPIONS Portal

1 2 Daily Current Affairs Update | 14 May 2020

CHAMPION stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. 

It has been envisioned as a one-stop-shop solution of the MSME Ministry which will utilise modern ICT tools to assist Indian MSMEs into becoming National and Global CHAMPIONS.

It is a technology driven Control Room-Cum-Management Information System.

Quick Fact: Nitin Jairam Gadkari is the Union Minister of Micro, Small and Medium Enterprises


Rs 20 Lakh crore Economic Package declared for Atma Nirbhar Bharat Abhiyan

2 2 Daily Current Affairs Update | 14 May 2020

15 different measures have been declared under this campaign:

  1. For MSMEs: Collateral free loans, relief to stressed MSMEs, change in definition of MSME, disallowing global tenders, strengthening of e-market linkages, etc.
  2. For EPF: Liquidity relief and decrease in statutory PF contribution to increase take-home salary
  3. For NBFCs: Injecting liquidity and Partial Guarantee Scheme 2.0
  4. For Discoms: Rs. 90000 crore injected
  5. For contractors: Contracts under Transport, Railway sectors, etc to be extended by 6 months. 
  6. For Real Estate (RERA Projects): Projection completion and registration dates to be extended

For Taxation: Decreased TCS and TDS rates, Extension of income tax returns date, immediate pending refunds to certain entities, Vivad Se Vishwas Scheme deadline postponed


Definition of MSMEs changed

3 2 Daily Current Affairs Update | 14 May 2020

MSME definitions have been changed in order to stimulate their growth and support them in availing benefits. Following are the revised limits which will define enterprise categories:

  1. Micro Enterprises:

For Manufacturing and Service: < Rs. 1 crore investment and < Rs. 5 crore turnover

  1. Small Enterprises:

For Manufacturing and Service: < Rs. 10 crore investment and < Rs. 50 crore turnover

  1. Medium Enterprises:

For Manufacturing and Service: < Rs. 20 crore investment and < Rs. 100 crore turnover


Bengaluru Airport voted as best regional airport in India & Central Asia

4 2 Daily Current Affairs Update | 14 May 2020

The Kempegowda International Airport, Bengaluru has won SKYTRAX Award 2020 for Best Regional Airport in India and Central Asia.

This is the third consecutive win for the airport at the World Airport Awards 

Quick Fact: World Airport Awards from Skytrax are coveted quality accolades for the airport industry, and a global benchmark of airport excellence


Israel names street after Rabindranath Tagore on his 159th anniversary

5 3 Daily Current Affairs Update | 14 May 2020

Israel has named a street in Tel Aviv ‘Tagore Street’ after Rabindranath Tagore.

The naming is a tribute to the poet on his 159th birth anniversary.

Rabindranath Tagore was the first Indian to receive a Nobel Prize. 

Quick Fact: Rabindranath Tagore won the Nobel Prize for Literature in 1913 for his collection Gitanjali


Para-athlete Deepa Malik announces retirement

6 2 Daily Current Affairs Update | 14 May 2020

Para-athlete Deepa Malik has announced her retirement from Paralympics games in order to fulfil eligibility to serve in the Paralympic Committee of India.

She is the first Indian woman to earn a medal at the Paralympic Games.

She has also won  Rajiv Gandhi Khel Ratna award for Para-Athletics, Padma Shri and Arjuna Award for Athletics.

7. Defence and Security

Shekatkar Committee: 9,304 posts in Military Engineering Service abolished

7 7 Daily Current Affairs Update | 14 May 2020

This step has been taken to make MES a more effective organisation with a leaner workforce.

It is in line with the Shekatkar Committee recommendations, which had recommended measures to enhance combat capability and rebalance defense expenditure of the Armed Forces.

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