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Today GK Updates : 11th May Daily Current Affairs
1. Moody’s slashes India’s GDP growth to `zero’ in current FY
– Global rating agency Moody’s slashed India’s GDP growth rate at Zero for the current fiscal 2020-21.
– However, it has forecast India’s GDP growth rate to bounce back to 6.6 per cent in 2021-22. Its previous estimate was 2.6 per cent.
– Indian economy registered the last contraction in 1979-80 with (-) 5.2 per cent growth rate.
– However, prolonged financial stress among rural households, weak job creation and, more recently, a credit crunch among non-bank financial institutions (NBFIs) have increased the probability of a more entrenched weakening.
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Moody’s Headquarters: New York, United States; CEO: Raymond W. McDaniel Jr.
Founder: John Moody
2. ICMR, Bharat Biotech tie up to develop a fully indigenous COVID vaccine
– The Indian Council of Medical Research (ICMR) has partnered with Bharat Biotech International Limited to develop India’s first fully indigenous coronavirus vaccine.
– The Indian coronavirus vaccine will be developed using the virus strain, which has been isolated at ICMR’s National Institute of Virology (NIV), Pune. The details of the virus strain have been successfully transferred from NIV to Bharat Biotech.
– Both ICMR and Bharat Biotech will seek fast-track approvals to speeden up the process of vaccine development and subsequent animal studies and clinical evaluation of the vaccine.
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Bharat Biotech is a Hyderabad-based leading Vaccine manufacturing company.
3. India, AIIB sign agreement for USD 500 million COVID-19 support
– The Asian Infrastructure Investment Bank (AIIB) has signed an agreement with the Indian government to provide funds worth USD 500 million to support India’s “COVID-19 Emergency Response and Health Systems Preparedness Project”.
– The project will help India scale up its response to the COVID-19 pandemic and strengthen the nation’s public health preparedness.
– This is the first health sector support from the Asian Infrastructure Investment Bank to India. The support will cover all States and Union Territories across India.
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The Asian Infrastructure Investment Bank is a multilateral development bank that aims to support the building of infrastructure in the Indo-Pacific region. The bank currently has 78 members as well as 24 prospective members from around the world.
Headquarters: Beijing, China
4. National Technology Day to be celebrated today
– National Technology Day will be celebrated today focusing on rebooting the economy through Science and Technology.
– The conference will bring together Scientists, Technocrats, Diplomats, WHO officials and dignitaries from national and international Industry, Research Institutions and Academic Institutions.
– Science and Technology Ministry said, in the COVID 19 crisis, technology has been at the forefront of the battle against the pandemic.
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Every year on 11th of May National Technology Day is celebrated to commemorate achievements of innovations and technological excellence in the country.
5. Railways announces gradual restart of passenger train operations from May 12
– Indian Railways has announced gradual restart of passenger train operations from 12th of this month. Initially 15 pairs of trains will run with passengers onboard.
– These trains will be run as special trains from New Delhi Station connecting Dibrugarh, Agartala, Howrah, Patna, Bilaspur, Ranchi, Bhubaneswar, Secunderabad, Bengaluru, Chennai, Thiruvananthapuram, Madgaon, Mumbai Central, Ahmedabad and Jammu Tawi.
– Booking for reservation in these trains will start at 4 pm on 11th May and will be available only on the IRCTC website. Ticket booking counters at the railway stations shall remain closed and counter tickets will not be issued.
6. India’s fuel consumption dips 46% in April
– India’s fuel consumption fell almost 46 per cent in April as all petroleum products, except LPG. It massively erased demand following the nationwide lockdown that halted economic activity and travel.
– India’s fuel consumption fell 45.8 per cent to 9.929 million tonnes in April, down from 18.32 million tonnes of fuel consumed in the same month a year back. Fuel consumption during March, when travel restrictions began to be imposed to curb the spread of coronavirus, stood at 16.08 million tonnes.
– Petrol sales were down 60.43 per cent to 9,73,000 tonnes in April. The demand for the fuel had fallen 64 per cent in the first half of the month, but there was some pickup in sales after reopening of some offices brought a few more vehicles back on road.