India’s GDP falls 23.9% in first quarter: NSO data
As per National Statistical Office (NSO), April-June 2020-21 Quarter GDP growth at constant prices (Real GDP) is -23.9%.
It was measured from the same quarter previous year 2019-20.
All the sectors have shown negative growth except agriculture where the growth was 3.4%.
India will face negative growth in the present quarter (July to Sept) also measured from July-Sept 2019-20.
As we all know that the Demand of GDP in the economy comes from four sectors: Household (Consumption – C), Private Sector (Investment – I), Government (Consumption + Investment represented by G), Export – Import (X-M)
In the Present Scenario, recession has been triggered because due to Lockdown, production was stopped then people lost jobs and their (consumer) demand decreased.
Then, the businessmen reduced production and their demand for capital goods/raw material/ intermediate goods decreased.
Once a country faces two consecutive quarters of negative real growth (measured from the same quarter previous year), then it is declared recession.
India is also expected to see a full year contraction in real GDP in the present year by around 5%.
India till now has faced recession four times in 1957-58 (-1.2% – drought), 1965-66 (-3.66% – drought), 1972-73 (-0.32% – Oil crisis) and 1979-80 (-5.2% – oil crisis/drought).
Rare Renati Chola era inscription unearthed
A rare inscription dating back to the Renati Chola era has been unearthed.
Location: Remote village of Kadapa district, Andhra Pradesh.
It was found engraved on a dolomite slab and shale.
It was written in archaic Telugu, which was readable in 25 lines
It was assigned to the 8th Century A.D., when the region was under the rule of the Chola Maharaja of Renadu.
The Telugu Cholas of Renadu (also called as Renati Cholas) ruled over Renadu region, the present day Cuddapah district.
They were originally independent, later forced to the suzerainty of the Eastern Chalukyas.
They had the unique honour of using the Telugu language in their inscriptions belonging to the 6th and 8th centuries.
The inscriptions at Gandikota at Jammulamadugu and Proddatur are proof of this fact.
Suzerainty is a relationship in which one state controls the foreign policy and relations of a tributary state, while allowing the tributary state to have internal autonomy.
U.S.-Israeli delegation lands in Abu Dhabi on historic visit
A U.S.-Israeli delegation arrived recently in Abu Dhabi on the historic first commercial flight from Tel Aviv, Israel.
The visit marked the normalization of ties between Israel and the UAE.
Objective of the visit: To boost cooperation in areas including aviation, tourism, trade, health, energy and security.
Israel’s Health Ministry updated its list of “green countries” with low COVID-19 infection rates to include the UAE and eight other countries.
This means that Israeli officials and journalists travelling to Abu Dhabi would be exempted from 14-day quarantine upon return.
The UAE repealed a 1972 law which earlier boycotted Israel.
Now, it will be permissible to enter, exchange or possess Israeli goods and products of all kinds in the UAE and trade in them.
The UAE is the first Gulf country and only the third Arab nation to establish relations with Israel.
Egypt made peace with its former battlefield enemy in 1979.
Jordan followed in 1994.
The UAE has never fought a war with Israel.
Atal Bimit Vyakti Kalyan Yojana extended
The Employees’ State Insurance Corporation (ESIC) has extended the Atal Bimit Vyakti Kalyan Yojana by one year to 30th June 2021.
The ESIC has also relaxed eligibility criteria and enhanced the payment of the unemployment benefit under the Yojana.
Atal Bimit Vyakti Kalyan Yojana
It was introduced from 1st July 2018.
Under it, unemployment benefit is paid to the workers covered under the Employees’ State Insurance (ESI) scheme.
The benefit is paid in the form of cash compensation upto 90 days, once in a lifetime.
It can be claimed after three months (90 days) in one or more intervals for being unemployed.
INS Viraat will be scrapped at a ship breaking yard at Alang in Gujarat soon.
INS Viraat holds the Guinness World Record for being the longest serving warship of the world.
It is a Centaur class aircraft carrier.
It played a major role in Operation Jupiter in 1989 during the Sri Lankan Peacekeeping operation.
It also saw action during Operation Parakram in 2001-2002, post the terrorist attack on Parliament.
The indigenous Advance Light Helicopters ‘Dhruv’ and the Russian twin rotor Kamov-31 have also operated from the ship.
It was decommissioned in March 2017.
India has announced its withdrawal from multilateral Military Exercise Kavkaz 2020.
It is to be held in Astrakhan region in southern Russia from 15th to 26th September.
Both China and Pakistan are going to be a part of the multinational exercise.
China’s participation in the exercise was also a reason for India to pull out of the multilateral tri-services military exercise.
India is locked in a military conflict with the Chinese in eastern Ladakh and on high alert all along the 4,000 kilometer Line of Actual Control (LAC).