Moody’s Projects India’s GDP at -3.1% for Calendar Year 2020 and 6.9% in 2021
* Moody’s Investors Service has sharply revised its forecast for India’s annual GDP growth and has projected the Indian economy to shrink 3.1 percent in the Calendar year 2020, caused by the disruptions due to the coronavirus pandemic.
* Moody’s released its June update to Global Macro Outlook (2020-21) on 22 June 2020.
* In April 2020, it pegged India’s annual growth at 0.2 percent for 2020.
* However, Moody’s expects the economy to register 6.9 percent growth in 2021.
FPI Minister HarsimratKaur initiates Food Processing Edition of Exclusive Investment Forum Hosted by Invest India
* The Union Minister of Food Processing Industries (FPI) Harsimrat Kaur Badal has started off the Inaugural Session of Food Processing Sector Edition of the Exclusive Investment Forum that was hosted by Invest India.
* The main purpose of Forum is to make detailed interaction between leading global companies in the food processing sector and policy makers of the central and 6 State Governments that would have a 2nd series on 26th June, 2020.
P Ramesh Kumar chosen to be Andhra Pradesh chief information commissioner
* Former bureaucrat P Ramesh Kumar has been chosen as the Andhra Pradesh chief information commissioner (CIC).
* An IAS officer belonging to the West Bengal cadre from the 1986 batch, Peyyala Ramesh Kumar is currently holding the post of member of the West Bengal Administrative Tribunal after his retirement in 2017. He will serve as CIC, a post that is presently vacant, for two years.
GoI brings all cooperative banks under supervision of RBI
* Government of India will bring an ordinance to put all cooperative banks under the Reserve Bank of India supervision. This decision was announced by Union information and broadcasting minister Prakash Javadekar.
* Now 1,482 urban cooperative banks and 58 multi-state cooperative banks came under the supervisory powers of the Reserve Bang k of India. The RBI’s powers as they apply to the scheduled banks will also apply to cooperative banks. This decision will give an assurance to more than 86 million depositors in these banks that their money amounting to Rs 4.84 trillion will stay safe.
IIT-Bombay develops Indian receiver chip “Dhruva”
* IIT-Bombay has created Indian beneficiary chip “Dhruva”. This chip can be utilized in cell phones and route gadgets to discover locations and route inside the nation. Dhruva will get signals from India’s NAVIC group of navigation satellites just as the US Global Positioning System-based satellites to decide these precisely under every single climate condition.
* The radiofrequency collector chip was structured in the year and a half by understudies and specialists at IIT Bombay. It can receive in different frequency bands and handle weak signals.