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29th April Current Affairs
1. India Ratings lowers GDP growth rate further to 1.9%
– India Ratings & Research, a Fitch group company has further slashed its estimate for India’s Gross Domestic Product (GDP) growth rate to 1.9 per cent for 2020-21.
– This will be the lowest after India recorded growth rate at 1.1 per cent in 1991-92.
– The agency revised its estimate from the March 30 announcement of 3.6 per cent GDP growth to 1.9 per cent.
– The agency’s estimate is at par with IMF (1.9 per cent) and close to the World Bank (1.5-2.8 per cent), but lower than ADB (4 percent).
2. ADB approves USD 1.5 bn loan to India to help fight coronavirus
– Asian Development Bank has approved 1.5 billion dollars loan to India to help fund its fight against coronavirus pandemic.
– The loan has been sanctioned with a view to support immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections.
– The quick-disbursing fund is part of a larger package of support that ADB will provide in close coordination with the government and other development partners.
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The Asian Development Bank is a regional development bank established on 19 December 1966, which is headquartered in the Manila, Philippines.
President: Masatsugu Asakawa
3. India third largest military spender in world, after US and China
– India has become the third largest military spender in the world, after the US and China, according to a Stockholm International Peace Research Institute (SIPRI) report.
– This is the first time that India and China are among the top three military spenders.
– India’s military spending grew by 6.8 percent to $71.1 billion in 2019, according to the SIPRO report on “Trends in World Military Expenditure, 2019”.
– This was the highest military spending in South Asia. Total global military expenditure rose to $1,917 billion in 2019.
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Stockholm International Peace Research Institute is an international institute based in Sweden, dedicated to research into conflict, armaments, arms control and disarmament.
4. Airtel inks $1 Billion Multi-year Deal with Nokia to enhance 5G Network capacity
– Bharti Airtel has inked a $1 billion (nearly Rs 7,636 crore), multi-year deal with Nokia to deploy the 5G-ready solutions across nine circles in the country.
-Nokia, which is the largest 4G vendor in the Airtel network, will help lay the foundation for providing 5G connectivity in the future by deploying 300,000 radio units across several spectrum bands in those circles expected to be completed by 2022.
Nokia’s SRAN solution helps operators manage their 2G, 3G and 4G networks from one platform reducing network complexity, increasing cost efficiencies and future-proofing investment.
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Bharti Airtel Limited, also known as Airtel, is an Indian global telecommunications services company based in New Delhi, India. It operates in 18 countries across South Asia and Africa, and also in the Channel Islands.
5. SC directs Centre to adopt ‘one nation, one ration card’ scheme
– Supreme Court in an order has asked the centre to consider the adoption of ‘one nation, one ration card’ scheme during the ongoing COVID-19 lockdown.
– The scheme will be beneficial for the migrant workers and economically weaker sections to get the benefit of subsidized food. The scheme was to be launched by the Central Government in June 2020.
– The direction from the Supreme Court will help the migrant workers and other beneficiaries who have been stranded in other states and cannot access basic facilities without the local identity cards.
6. US President Donald Trump nominates Indian-American as US envoy to OECD
– US President Donald Trump has nominated senior Indian-American diplomat Manisha Singh as America’s next envoy to the Organisation for Economic Cooperation and Development, OECD.
Manisha Singh is currently Assistant Secretary of State for Economic and Business Affairs at the State Department.
She previously served as the Acting under Secretary of Economic Growth, Energy and the Environment, and as a Deputy Assistant Secretary in the Bureau of Economic, Energy and Business Affairs.
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Headquartered in Paris, France, the OECD is an intergovernmental economic organisation with 36 member countries to stimulate economic progress and world trade.