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DAILY CURRENT AFFAIRS – 11 June 2020 : GK UPDATES
1. Global economy to plunge into deepest recession since World War II: World Bank
– The Global Economy is predicted to shrink by 5.2 percent in 2020, which is the deepest plunge since the Second World War.
– According to World Bank’s June 2020 Global Economic Prospects, the largest fraction of economies will see a decline this year in their per capita output since 1870. Millions are expected to fall into extreme poverty this year.
– The severe contraction in the global economy is a result of the massive shutdown measures evoked across the world to contain the coronavirus pandemic.
– The economic blow is expected to hit the hardest in countries worst-affected by the COVID-19 pandemic.
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The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for Reconstruction and Development, and the International Development Association.
Headquarters: Washington, D.C., United States
2. S&P retains India’s sovereign rating at “BBB-” with stable outlook
– S&P retained India’s sovereign rating at “BBB-” with a stable outlook saying that while risks to growth are rising, the economy and fiscal position will stabilise and begin to recover from 2021 onwards.
– It said, the stable outlook reflects that India’s economy will recover following the containment of COVID-19 pandemic and the country will maintain its sound net external position.
– S&P also said the stable outlook also assumes that the government’s fiscal deficit will recede markedly following a multi-year high in fiscal year 2021.
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S&P Global Ratings is an American credit rating agency that publishes financial research and analysis on stocks, bonds, and commodities. S&P is considered the largest of the Big Three credit-rating agencies, which also include Moody’s Investors Service and Fitch Ratings.
Headquarters: New York, United States
3. Monsoon Session of Parliament may go virtual due to COVID-19
– Parliament House has been exploring the option of conducting its monsoon session in a virtual mode due to COVID-19.
– The virtual participation has been considered as the plans of holding sittings of Lok Sabha in Central hall and Rajya Sabha in Lower House Chamber can face difficulties due to logistical constraints.
– Venkaiah Naidu, the Vice President of India and Chairman of Rajya Sabha along with Lok Sabha Speaker Om Birla held a meeting with Secretary Generals of both houses to review the options available.
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The Rajya Sabha has the strength of 245 members while Lok Sabha has 545 members.
4. Govt allots Rs. 4000 crore to states under ‘Per Drop More Crop’
– Department of Agriculture Cooperation and Farmer’s Welfare has been implementing the ‘Per Drop More Crop’ component of Pradhan Mantri Krishi Sinchayee Yojana (PMKSY-PDMC).
– For the year 2020-21, the annual amount of Rs. 4000 crore has already been allocated and conveyed to the state governments by the centre under the ‘Per Drop More Crop’ component.
– While making the announcement, the Ministry of Agriculture and Farmers Welfare also informed about the creation of Micro Irrigation Fund Corpus of Rs. 5000 crore with NABARD for innovative and special projects.
5. ICC approves replacements in test cricket, bans use of saliva to shine ball
– International Cricket Council (ICC) has approved substitution in case a player shows symptoms of COVID-19 during a Test match besides ratifying the interim ban on using saliva to shine the ball.
– ICC has also re-introduced non-neutral umpires for bilateral series as part of its interim playing regulations to tackle the threat posed by the COVID-19 pandemic.
– In the five new regulations, recommended by the Anil Kumble-chaired Cricket Committee, and ratified by the Chief Executives Committee (CEC), the teams will also be allowed an additional DRS call as home umpires will now be officiating in bilateral Test series.