13-14.06.21 Daily [Telangana] TSPSC Current Affairs

Hit by Covid woes, Telanganas gross state domestic product (GSDP) dipped 1.29% (at constant price of 2011-12) to Rs 9.78 lakh crore during 2020-21. However, the share ofTelanganain the nationalGDPincreased by 26 basis points to 5% in 2020-21 as against 4.74% in 2019-20.

The Growth rate fell 1.26% at constant prices (2011-12) due to Covid pandemic but is significantly better than Indias projected GDP contraction at 8%, said IT and industries minister KT Rama Rao while launching the industries and commerce departments annual report.

He pointed out that in 2020-21, Telanganas economy benefited from <a href="https://exam.pscnotes.com/Agriculture-notes-for-state-psc-exams”>Agriculture and allied sectors, which grew by 21% as compared to 3% growth at the national level.

The Industrial Sector growth, including the mining sector, contracted by 5.6% in the state as against 8.2% contraction at national level and the <a href="https://exam.pscnotes.com/Services-sector”>services sector too contracted nearly 5% in 2020-21 as compared to a national contraction of 8.1%, the report said.

The central government has issued a report from an expert committee on the Roadmap for Ethanol Blending in India by 2025.

Highlights:

The roadmap proposes a phased rollout of ethanol-blended fuel to achieve E10 fuel supply by April 2022, followed by a phased rollout of E20 from April 2023 to April 2025.

The Indian government has moved the target for 20% ethanol blending in petrol (also known as E20) from 2030 to 2025.

It is produced naturally by yeast Fermentation of sugars or through petrochemical processes such as ethylene hydration.

The has approved a USD 500 million programme to assist in the Growth of India’s MSME sector. The programme is known as the Raising and Accelerating Micro, Small, and Medium Enterprise (MSME) Performance (RAMP) Program.

This is the World Bank’s second Investment in this sector. The USD 750 million MSME Emergency Response Program was the first intervention.

The programme aims to improve the performance of 5.5 lakh MSMEs.

It is expected to raise USD 15.5 billion in financing as part of the government’s USD 3.4 billion MSME Competitiveness A Post-COVID Resilience and Recovery Program (MCRRP).

BS Bank has been named with the aid of Forbes in their listing of Worlds Best Banks 2021. DBS was ranked at the position 1 out of 30 domestic and global banks in India for the 2nd consecutive year. This is the 0.33 version of the Worlds Best Banks listing by means of Forbes, carried out in PARTNERSHIP with market research company Statista.

DBS Bank India was regarded as Indias Best International Bank 2021 by means of Asiamoney. DBS was once named Safest Bank in Asia for the twelfth consecutive year via New York-based exchange publication Global Finance in 2020.

The published its June 2021 Global Economic Prospects. It predicts that India’s GDP will grow by 8.3 percent in 2021-22. The Indian economy is expected to grow at a rate of 7.5 percent in 2022-23 and 6.5 percent in 2023-24.

Highlights:

The global economy is expected to grow at a rate of 5.6 percent, the fastest rate of post-Recession Growth in eighty years.

However, global output will still be 2% lower than pre-pandemic projections by the end of the year.
Indias recovery has been hampered by the largest outbreak in any country since the pandemic began

The forecast for FY22 (8.3 percent) accounts for expected economic damage from a massive second Covid-19 wave and localised mobility restrictions beginning in March 2021.

Growth is expected to slow to 7.5 percent in 2022-23 as a result of the pandemic’s effects on the financial position of households, businesses, and banks.

New Zealand and Australian cities dominated the Global Liveability Index 2021 published by using the Economist Intelligence Unit (EIU). Auckland has been ranked the first-class on liveability rankings due to the capability of New Zealand city to comprise Covid-19 faster. Japanese cities of Osaka and Tokyo grabbed 2nd and fourth area and Adelaide, Australia spot 3rd area on EIUs Global Liveability Index 2021. dwelling prerequisites remained worst in the Syrian capital Damascus.

The BRICS Foreign Ministers recently issued a joint statement on multilateralism. The idea is to form a consensus among the BRICS countries. The process of organising relations between groups of three or more states is known as multilateralism.

Six Principles laid out by BRICS:

To make global Governance more inclusive, representative and participatory.
It should be based on inclusive negotiation and cooperation.
It should make multilateral organizations more action-oriented and solution-oriented.
It should employ creative solutions, such as digital and technological tools..
The capacity of individual countries and international organizations should be strengthened.
Promote people-oriented international cooperation as the core.