1.Economy

Moody’s Investors Service downgrades India’s sovereign rating to Baa3

India’s rating has been downgraded from Baa2 to Baa3 for the first time in over two decades

Baa3 is Moody’s lowest investment grade. It is just above the junk status

This is due to:

  1. Expected contraction of 4% in India’s real GDP in fiscal 2021
  2. Policy implementation challenges faced by India in reducing economic risks

Quick Fact: Moody’s Investors Service provides international financial research on bonds issued by commercial and government entities

2.Economy

India ranks 23rd in StartupBlink’s Ecosystem Ranking System

StartupBlink is a global innovation mapping and research company

It ranks the startup ecosystems of 100 countries based on the quality of their startups, business environment and quantity

US has topped the list while India is at rank 23.

Four cities have been placed in top 100, including Delhi, Mumbai, Bengaluru and Hyderabad

3.Miscellaneous

TULIP internship programme launched by MHUD and MHRD

This is a one year internship meant for engineering graduates

They shall get to work with 4,400 urban local bodies and 100 smart cities in the fields of urban planning, environmental engineering, etc.

This will also benefit Urban Local Bodies and smart cities with fresh innovative talent

4.International Affairs

World Economic Forum to hold a unique Twin Summit

WEF’s next summit in Davos has been named a Unique Twin Summit.

Its theme will be “The Great Reset”

The summit aims to connect thousands of young people globally with leaders through a powerful virtual hub

Quick Fact: The WEF headquarters are located in Cologny, Switzerland

5.India and the World

China and Pakistan sign agreement to implement Kohala Hydro Power Project in PoK

The HPP is to be built on Jhelum river, as part of China Pakistan Economic Corridor

It aims to provide 5 billion units of clean hydroelectric power to Pakistan and earn carbon credits from UNFCCC

India has protested projects on land illegally occupied by Pakistan

Quick Fact: Jhelum is a tributary of Indus river

6.Economy

Global Economic Prospects Report 2020 released by World Bank

The report focussed on the COVID-19 global impact.

As per the report:

  1. Emerging markets and developing economies are highly vulnerable and may face 3% to 8% output loss
  2. Nearly 60 million people may be pushed to extreme poverty this year
  3. There is a need for better policies on long term economy boosters like education, business environment and governance

7.Government Scheme

SWADES Initiative launched by GoI

SWADES stands for Skilled Workers Arrival Database for Employment Support.

This initiative under Vande Bharat Mission will map the skills of Indians returning from abroad and match them with requirements of foreign and Indian companies

The initiative will be conducted by Ministries of Civil Aviation, External Affairs, Skill Development and Entrepreneurship.

Quick Fact: Vande Bharat Mission is working to bring back Indians in need who are stranded in different places across the world

8.India and the World

India’s first ever virtual bilateral summit: Held with Australia

PM Modi held a virtual bilateral summit with the Australian PM Scott Morrison on June 4th

This was the first ever virtual bilateral summit held by India.

The leaders discussed a broad framework on Indo-Australian relations


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