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GKToday Updates : 07 October 2020
1. India’s GDP expected to contract by 9.6 percent this fiscal: World Bank
- The World Bank said India’s GDP is expected to contract by 9.6 percent this fiscal which is reflective of the national wide lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic.
- However, the Bank said that India’s growth is estimated to rebound 5.4 percent in 2021-22.
- The Washington-based global lender, in its latest South Asia Economic Focus report forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020.
- South Asia’s growth is projected to rebound to 4.5 percent in 2021.
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The World Bank is an international financial institution that provides loans and grants to the governments of low and middle income countries for the purpose of pursuing capital projects.
Headquarters: Washington, D.C., United States
2. American poet Louise Glück wins 2020 Nobel Prize in Literature category
- American poet Louise Gluck has been awarded the 2020 Nobel Prize in Literature.
- Gluck, who is also a professor of English at Yale University, won the prize for her “unmistakable poetic voice that with austere beauty makes individual existence universal”.
- Gluck has become the first American woman in 27 years to win the prize after Toni Morrison.
- Gluck has previously won the Pulitzer Prize in 1993 for her collection The Wild Iris, and the National Book Award in 2014.
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Nobel Prize is also awarded under Literature, Peace, Physics, Physiology and Economic Sciences category.
3. Govt appoints M Rajeshwar Rao as new Deputy Governor of RBI
- The Centre govt appointed M Rajeshwar Rao as the new Deputy Governor of the Reserve Bank of India.
- Rao will succeed NS Vishwanathan as the fourth deputy governor.
- The Appointments Committee of the Cabinet cleared his name for this post.
- He is currently the executive director at the RBI.
- Rao has experience of working as the Banking Ombudsman in New Delhi and in the Reserve Bank’s regional offices at Ahmedabad, Hyderabad, Chennai and New Delhi.
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The Reserve Bank of India is India’s central bank, which controls the issue and supply of the Indian rupee. RBI is the regulator of the entire Banking in India.
Governor: Shaktikanta Das
4. Gujarat Government launches ‘Digital Seva Setu’ programme for rural areas
- The Gujarat government launched phase 1 of the ‘Digital Seva Setu’ programme for the rural areas.
- Under this, 3500 village Panchayats in the state have been connected by 100 Mbps optical fibre network which will further facilitate the online availability of public services.
- With this service, the villagers will be able to get various documents like duplicate ration cards, senior citizen certificate, income certificate, caste certificate at their doorstep.
- The service aims to provide fast and faceless services to people by removing corruption or the need for the middlemen.
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Gujarat Capital: Gandhinagar; Governor: Acharya Devvrat; Chief Minister: Vijay Rupani
5. Union Minister Ram Vilas Paswan passes away
- Union minister Ram Vilas Paswan passed away on 8th October in New Delhi after a prolonged illness. He was 74.
- The Lok Janshakti Party founder and Minister for Consumer Affairs, Food and Public Distribution had recently undergone a heart operation at a private hospital.
- He was elected to Lok Sabha eight times and also held the record of winning his constituency, Hajipur, with the highest margin for several years.
- President Ram Nath Kovind, Prime Minister Narendra Modi and a host of dignitaries have condoled his demise.
6. IMD to launch dynamic, impact-based cyclone warning system
- Mrutunjay Mohapatra, Director General of the Indian Meteorological Department (IMD) has informed that the department will release the dynamic and impact-based cyclonic warnings for the districts this season.
- The move will help in minimizing the economic losses and damages to the property due to the intense weather system.
- Under the cyclone warning system, district or location specified tailored warnings, which will factor in the infrastructure, local population, settlements, land use as well as other elements will be disseminated and prepared.