Daily Gk update: 31st March 2020, Daily Current Affairs

Daily GK Update: 31 March 2020, Daily Current Affairs 2020:

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International (Current Affairs)

♦World economy will go into recession with likely exception of India, China: United Nations

• The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the Covid-19 pandemic, spelling serious trouble for developing countries with the likely exception of India and China, according to a latest UN trade report.
• With two-thirds of the world’s population living in developing countries facing unprecedented economic damage from the coronavirus crisis, the UN is calling for a USD 2.5 trillion rescue package for these nation.

Note: About UN

• Headquarters: New York, United States
• Founded: 24 October 1945
• Secretary general: António Guterres

♦Tata Power JV commissions 178 mw-hydropower project in Georgia

• Tata Power Company’s joint venture with Norway’s Clean Energy Invest (CEI), and International Financial Corporation (IFC) has started commercial operation of a 178 megawatt hydropower project in Georgia.
• The joint venture company, Adjaristsqali Georgia LLC, is setting up one of the largest projects in Georgia at an overall project cost of approximately $ 500 million. After the 178 mw-Shuakhevi Hydro Power Project, the JV will comission a 9 mw units, namely Skhalta Hydro Power project.

Banking and Financial

♦Ind-Ra trims India’s GDP forecast to 3.6% from 5.5% for FY21

• India Ratings and Research (Ind-Ra) recently slashed its gross domestic product (GDP) growth estimate for India for fiscal 2020-21 to 3.6 per cent from 5.5 per cent. The reasons cited are the COVID-19 outbreak and the nationwide lockdown till April 14.

Note: India’s GDP Forecast FY2020-21

• ADB-6.5%
• World Bank-5.8%
• IMF-6.5%
• FICCI-5.5%
• UN-5.8%

♦Fitch Solutions cuts India GDP growth forecast to 4.6% for FY21

• Fitch Solutions on 30^th March slashed its estimate for India’s GDP growth in the fiscal starting April 1 to 4.6 per cent due to weaker private consumption and contraction in investment amid coronavirus outbreak, costing economies around the globe.
• The growth estimate for 2020-21 fiscal (April 2020 to March 2021) compares with a 9 per cent forecast in the current 2019-20.

♦ADB to invest $100 million in Indian infrastructure sector via NIIF

• Asian Development Bank (ADB) on 30^th March announced a USD 100 million funding for the Indian infrastructure sector through the government-promoted NIIF. The ADB will be investing in the National Investment and Infrastructure Fund’s (NIIF) “fund of funds” which will ensure that the actual money invested will be a few times more than the USD 100 million.
• The investment announcement comes at a critical time for India, as the already sagging economic growth is feared to be taking a heavy hit due to the coronavirus pandemic.

Note: About ADB

• Headquarters: Manila, Philippines
• President: Masatsugu Asakawa
• Membership: 68 countries
• Founded: 19 December 1966

Obituary

♦Veteran Japanese comedian Ken Shimura passes away at 70 from coronavirus

• Veteran Japanese comic Ken Shimura, who tested positive for the novel coronavirus last week, has died at the age of 70. According to The Hollywood Reporter, the actor was hospitalised in Tokyo on March 20 after developing a fever and being diagnosed with severe pneumonia. Shimura tested positive for COVID-19 on March 23.
• The actor was set to star in his first feature film “God of Cinema”, directed by Yoji Yamada.

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