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:
- Expected contraction of 4% in India’s real GDP in fiscal 2021
- 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
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
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
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
Global Economic Prospects Report 2020 released by World Bank
The report focussed on the COVID-19 global impact.
As per the report:
- Emerging markets and developing economies are highly vulnerable and may face 3% to 8% output loss
- Nearly 60 million people may be pushed to extreme poverty this year
- There is a need for better policies on long term economy boosters like education, business environment and governance
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