Daily Current Affairs 19 July 2023 for Banking/Insurance/SSC and other related exams.
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NATIONAL NEWS
135 million Indians move out of multidimensional poverty in five years: NITI Aayog report
Around 135 million Indians exited ‘multidimensional poverty’, a measure of deprivation beyond money, between 2015-16 and 2019-21, the Niti Aayog says. The basis of calculation is the National Family Health Survey (NFHS).
- Uttar Pradesh has seen the most reduction in poverty, followed by Bihar, Madhya Pradesh, Odisha and Rajasthan, it found. In UP, 3.45 million people were freed from multidimensional poverty, according to National Multidimensional Poverty Index: A Progress Review 2023 released.
- In India, 14.96 per cent of people were multidimensionally poor in 2019-2021, down from 24.85 per cent in 2015-16 — a significant decline of 9.89 percentage points.Poverty in urban areas declined to 5.27 per cent from 8.65 per cent during this period, while poverty in rural areas declined at the fastest rate, to 19.28 per cent from 32.59 per cent. Â
BANKING & FINANCE
US International Development Finance Corp provides $50 million loan to IIFL Home Finance
IIFL Home Finance Ltd (IIFLHFL), a digital first home finance company, has secured a $50 million loan from US International Development Finance Corporation (DFC). The proceeds of the loan will be used to finance affordable home loans with a special focus on sustainable housing.
- IIFLHFL caters to the diverse financial needs of the economically weaker sections (EWS) and lower income groups (LIG) through its pan India distribution network across Tier 1, 2, 3 and 4 cities and towns.Â
- As of March 31, 2023, it has fulfilled the home ownership dream of nearly 1 lakh customers in the informal income segment and has served over 213,700 first time homeowners.Â
Centre opens portal to refund 4-cr Sahara Cooperatives’ depositors
After launching the CRCS-Sahara Refund Portal, Cooperation Minister Amit Shah said that depositors will get the refund in 45 days after registering on the portal — https://mocrefund.crcs.gov.in.
- The portal, which can also be accessed through the Cooperation Ministry website, will ensure transfer of the claimed amount directly to the depositor’s Aadhaar-linked bank account within 45 days of online claim submission and uploading of documents, after verification of claims.
- The government has asked genuine depositors of Sahara Credit Cooperative Society, Saharayan Universal Multipurpose Society, Hamara India Credit Cooperative Society and Stars Multipurpose Cooperative Society (all managed by the Sahara Group), to submit their claims through the portal.
India needs to grow at 7.6% a year for 25 years to be a developed nation
The Reserve Bank, in its monthly bulletin, said India’s real GDP will needs to grow at 7.6% annually over the next 25 years to achieve the per capita income level to become a developed economy.Â
- India’s per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country.
- The report further said “To achieve this target, the required real GDP compounded annual growth rate (CAGR) for India works out to be 7.6% during 2023-24 to 2047-48.
BUSINESS & ECONOMY
DBS revises India’s inflation forecast upwards to 5.2% from 4.8% earlier on food price rise
DBS Research has revised India’s inflation forecast for FY24 to 5.2%, up from the previous estimate of 4.8%, citing concerns in specific sectors, including perishables like vegetables, pulses, and foodgrains.
- According to government data released, India’s annual retail inflation accelerated in June, breaking a four-month easing trend, primarily due to soaring vegetable prices.
- In June, retail inflation surged to 4.81%, surpassing the revised 4.31% for the previous month and the 4.58% predicted by a poll of 55 economists.
ADB retains India’s growth forecast at 6.4% for current fiscal
The Asian Development Bank (ADB), retained India’s economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent for the next, saying robust domestic demand will continue to support the region’s recovery.
- In an update to its Asian Development Outlook, the ADB said inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline.Â
- It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024. The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended March 2023.
DGFT implements the Advance Authorisation Scheme
Directorate General of Foreign Trade (DGFT) implements the Advance Authorisation Scheme under the Foreign Trade Policy, which allows duty-free import of inputs for export purposes. The eligibility of inputs is determined by Sector-specific Norms Committees based on input-output norms.
- To make the norms fixation process more efficient, the DGFT has created a user-friendly and searchable database of Ad-hoc Norms fixed in the previous years. These norms can be used by any exporter without requiring a Norms Committee review as outlined in the Foreign Trade Policy 2023.Â
- The database is hosted on the DGFT Website (https://dgft.gov.in) and allows users to search using Export or Import Item Description, Technical Characteristics, or Indian Tariff Classification ITC (HS) codes.
SPORTS
ICC announces equal prize money for men and women at its global events
The International Cricket Council (ICC) announced equal prize money for men’s and women’s teams at ICC events. The decision was taken at the ICC Annual Conference in Durban, South Africa and ensures the ICC Board fulfilled its commitment to reaching prize money equity by 2030 well ahead of schedule.
- This historic announcement was made during the ICC Annual Conference that was held in Durban, South Africa. Moreover, it also marks a significant feat in ICC’s history to create equal pay for by 2030.
Indian Shuttler Satwiksairaj Rankireddy sets Guinness world record for fastest badminton shot
Star Indian Shuttler Satwiksairaj Rankireddy has set the Guinness world record for the fastest shot by a male player in badminton, recording a mindboggling 565 kilometres per hour with his smash during the game.Â
- Satwik, who along with his partner Chirag Shetty won the Indonesia Open recently, broke a decade-long record set in May 2013 by Malaysian Tan Boon Heong, who had produced a speed of 493 kilometres per hour with his smash.
- Malaysia’s Tan Pearly set the Guinness world record for the fastest female badminton hits with a remarkable speed of 438 kilometres per hour.
APPOINTMENTS
Chola MS Insurance appointed lead insurer for BengalÂ
Non-life insurer Cholamandalam MS Insurance has been appointed lead insurer for West Bengal by the Insurance Regulatory and Development Authority of India (IRDAI).Â
- In this role, it will focus on various aspects of health protection, coverage against natural calamities, increasing employment opportunities for locals, and protecting MSME businesses through comprehensive insurance offerings.Â
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