Daily GK Update 1 September 2020, Daily Current Affairs 2020
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National (Current Affairs)
♦CSIR-CMERI develops World’s Largest Solar Tree
- The CSIR’s Central Mechanical Engineering Research Institute (CMERI) has claimed to have developed the world’s largest ‘solar tree’ which is installed at its residential complex in Durgapur in West Bengal and created a model which can be customized for use in agricultural activities.
- “The installed capacity of the Solar Tree is above 11.5 kWp. It has the annual capacity to generate 12,000-14,000 units of Clean and Green Power”.
International (Current Affairs)
♦17th ASEAN-India Economic Ministers’ consultations held
- Minister of Commerce and Industry & Railways Piyush Goyal and Minister of Industry and Trade of Vietnam Tran Tuan Anh co-chaired the 17th ASEAN-India Economic Ministers Consultations held virtually on 29th August.
- The meeting was attended by the Trade Ministers of all the 10 ASEAN countries—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
- The Ministers reaffirmed their commitment to take collective actions in mitigating the economic impact of the pandemic and resolved to ensure macroeconomic and financial stability and resilient supply chain connectivity, particularly the unimpeded flow of essential goods and medicines in the region in compliance with the WTO rules.
Banking and Financial
♦European Investment Bank to invest 650 million euros into Kanpur city metro rail
- The European Investment Bank (EIB) has decided to invest 650 million euros into the construction of Kanpur’s first city metro line.
- The agreement to this effect was signed in the virtual presence of Ambassador of the European Union to India Ugo Astuto.
- The project aims at enabling some 3 million people in the city to benefit from green, safe, fast, and affordable public transport.
List of Loan approved by World Bank 2020
- $250 million-Tamil Nadu Housing Sector
- $500 million-To improve quality and governance of school education in six Indian states.
- Rs. 1,950 crore-W.Bengal Govt for tackling COVID situation
- $400 million-Improve coastal resources in India
- $82 million– For Himachal Pradesh State Roads Transformation Project.
- $80 million-Govt of Himachal Pradesh for improve water management practices
- $450 million-The World Bank-supported Atal Bhujal Yojana (ABHY)
- $88 Million-Help modernize Assam’s passenger ferry sector
- $210 Million-State of Maharashtra’s Agribusiness and Rural Transformation Project
- $400 Mn: support for rejuvenating Ganga
List of Loan approved by ADB 2020
- $177 million-To upgrade 450 kilometers (km) of state highways Maharashtra
- $346 million-Provide reliable power connection in rural areas of Maharashtra.
- $USD 1.5 billion-Help fund its fight against coronavirus pandemic.
- $60 million-Aavas Financiers Ltd, to improve access to housing finance for lower-income borrowers, particularly women.
- $1 billion- loan for construction of Delhi-Meerut RRTS
- $100 million-Indian infrastructure sector through the government-promoted NIIF.
- $750 million -Help the government strengthen its battle agains Covid-19
- $500 million-COVID-19 Emergency Response and Health Systems Preparedness Project”
- $145 million-Improve irrigation services in West Bengal
♦Real GDP likely to contract by 10.9 per cent in FY21: SBI
- After the country’s economy contracted by a record 23.9 per cent in April-June quarter, real GDP for FY21 is expected to shrink by (-) 10.9 per cent, according to State Bank of India’s research report – Ecowrap.
- It had earlier estimated real gross domestic product (GDP) at (-) 6.8 per cent for the FY21.
Note: India GDP projected F21
- India Ratings & Research-(-)5.3%
- World Bank: (-3.2%)
- ADB– (-)4%
- IMF- (-)4.5%
- OECD- (-)3.7%
- RBI- (-)1.5%
- SBI– (-)10%
- CIRIS: (-) 5%
- Fitch: (-) 5%
- S&P- (-) 5%
- Care Rating: (-)6.4%
- FICCI: (-)4.5%
♦Vedanta ties up with SBI for long-term syndicated loan of Rs 10,000 cr
- Vedanta Ltd on 31st August anncoued it has tied up with State Bank of India as facility agent and SBICAP Trustee Company limited(SBICTCL) for a long-term syndicated loan facility worth Rs 10,000 crore.
- A syndicated loan is offered by a group of lenders who work together to provide credit to a large borrower.
- This loan increases the average debt maturity profile of Vedanta limited and also improves the liquidity ratios as the near term maturities are replaced by a long term loan.
♦India’s GDP contracts by 23.9% in April-June quarter
- Data released by the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) for the April-June quarter (Q1) slipped by a sharp 23.9 per cent.
- The data released by NSO, which comes under the Ministry of Statistics and Programme Implementation (MoSPI), is vital as it will provide the first benchmark on the state of India’s economy after the pandemic.
- The June quarter GDP data is the worst contraction in the history of the Indian economy since Independence.
- According to the economists surveyed by Bloomberg, India’s GDP is estimated to have declined 18 per cent in the quarter ended June.
♦Hyderabad International Airport wins CII-GBC ‘National Energy Leader’ award
- The GMR led Rajiv Gandhi International Airport (Hyderabad International Airport) won the ‘National Energy Leader’ and ‘Excellent Energy Efficient Unit’ awards at the 21st National Awards for ‘Excellence in Energy Management’.
- It was organized by Confederation of Indian Industry (CII) and Godrej Green Business Centre (GBC), during the 19th edition of ‘Energy Efficiency Summit”, Virtual Conference and Exposition on Energy Efficiency held from August 6 – 28 2020.
♦Defence Ministry signs Rs 2,580 Cr deal to procure Pinaka rocket launchers
- In a big boost to the ‘Make in India’ initiative, the Defence Ministry has signed contracts worth Rs 2580 crores with Indian companies to supply six Army regiments with Pinaka missiles.
- The Acquisition Wing, Ministry of Defence signed contracts with Bharat Earth Movers Ltd (BEML), Tata Power Company Ltd (TPCL), and Larsen & Toubro (L & T) on August 31.
- These will be operationalised along the northern and eastern borders, and their induction is planned to be completed by 2024.
♦1st to 7th September: National Nutrition Week
- National Nutrition Week was launched by Food and Nutrition Board in 1982.
- National Nutrition Week is conducted every year from September 1 to September 7 to provide knowledge among people about the importance of nutrition for better health.
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