India’s GDP to contract 6% in FY21: DBS
* Singaporean brokerage firm DBS Bank Ltd has estimated that the Indian economy will contract by 6 percent in FY21 (2020-21).
In its previous forecast,, DBS had estimated – 4.8 percent growth for FY21.
* The reason for this downward revision is the prolonged sub-normal reopening as the country is yet to stabilize the infection curve and the pandemic is going to take a deeper economic bite.
NFRA constitutes technical advisory committee under the chairmanship of Prof. R Narayanaswamy
* Professor R Narayanaswamy, faculty of the Finance & Accounting discipline at the Indian Institute of Management (IIM), Bangalore, has been appointed as the Chair of the Technical Advisory Committee of the National Financial Reporting Authority (NFRA), the independent accounting and auditing regulator set up by the central government.
* The Technical Advisory Committee (TAC) comprises seven members.
Rahul Bajaj steps down as Chairman of Bajaj Finance, son Sanjiv to take over
* Renowned business tycoon Rahul Bajaj, the current Chairman of Bajaj Finance Ltd, has decided to step down from his position and hand over the reins to his son Sanjiv Bajaj, as part of succession planning at the non-banking financial company.
* Mr Bajaj will be demitting the office as chairman with effect from close of business hours on 31 July 2020.
* His son Sanjiv Bajaj will be new non-executive chairman of Bajaj Finance from 01 August 2020. Presently he is the vice chairman of the company.
Actor Sonu Sood Launches ‘Pravasi Rojgar’ app to help migrants find job opportunities across India
* In order to help the migrant workers find right job opportunities in various sectors across the country, a new ‘Pravasi Rojgar’ app has been launched.
* This online platform is the brainchild of Bollywood actor Sonu Sood, who launched the free online platform on 23 July 2020 in Mumbai.
* The initiative will be supported by community outreach in the villages to find the right employment opportunities for migrant workers in different parts of the country.
* The app features job opportunities from over 500 reputed companies related to construction, apparel, healthcare, engineering, BPOs, security, automobile, e-commerce and logistics sectors.
* Support centres, with a 24-hour helpline, have been set up in seven cities including Delhi, Mumbai, Bangalore, Hyderabad, Coimbatore, Ahmedabad and Thiruvananthapuram.
DRDO sets-up COVID-19 Testing Facility at DIHAR, Leh
* A COVID-19 testing facility has been established by the Defence Research and Development Organisation (DRDO) at the Leh based laboratory Defence Institute of High Altitude Research (DIHAR). The testing facility has been launched to improve the rate of testing to determine the Corona cases in the Union Territory of Ladakh. The testing facility having capability of screening 50 samples per day will also help in keeping close watch of the infected persons.
* The COVID-19 testing facility would also provide support in training manpower for COVID testing and will also address future bio-threats and carry out R&D activities pertinent to agro-animals diseases. Defence Institute of High Altitude Research (DIHAR) is a life science laboratory of DRDO which works on cold arid agro-animal technologies. It screens and identifies the medicinal and aromatic plants to exploit them for use for defence purposes.
Alok Misra becomes new CEO & Director of MFIN
* Microfinance Institutions Network (MFIN) has appointed Alok Misra as its new Chief Executive Officer & Director. The appointment will be effective from 1st August 2020. Dr Misra takes over from the present CEO, Harsh Shrivastava, who has put down his papers after spending over 2 years at MFIN.