Current Affairs

29 December, 2020


India becomes 6th Largest Economy in the world in 2020, slumps from 5th in 2019:CEBR’s WELT 2021 report

According to the 12th edition of World Economic League Table 2021 (WELT) an Annual Report released by Centre for Economics & Business Research Ltd (CEBR), India slumped 1 spot to 6th Largest Economy (out of 193 countries) in the world in 2020 from 5th in 2019 due to the impact of COVID19. The United States (US) topped the 2020 rankings followed by China & Japan.
i.India overtook the United Kingdom (UK) to become the 5th Largest economy in 2019 rankings.
ii.The report stated that India will become 5th Largest Economy by 2025 & 3rd Largest by 2030.
iii.CEBR has forecasted that Indian Economy will expand by 9% in 2021 & 7% in 2022.
iv.China will replace the US as the World’s Largest Economy by 2028.
League Table by 2020 Rankings:
Ranking Country
6 India
1 United States
2 China
3 Japan

About Centre for Economics & Business Research Ltd (CEBR):
Chairman – Bruce Warman
Location – London, United Kingdom


Centralised ‘Investment Clearance Cell’ set to become operational by April 2021

The Centralised ‘Investment Clearance Cell’ announced by Government of India as part of the Single Window System is set to become operational by April 15, 2021. The Main objective of the Cell is to act as a one-stop digital platformto obtain central and state clearances/approvals required to start business operations in India.
i.The cell will eliminate the need for investors to visit multiple platforms or offices physically for obtaining clearances & gathering information.
iii.The portal will integrate the existing clearance systems of different Central Ministries/Departments & State Governments without any disturbance to the existing portals.
iv.The cell will also provide information related to land banks.
Single Window System:
i.It is being developed by the Ministry of Commerce & Industry and was announced by Union Minister for Finance, Nirmala Sitharaman during Budget Announcement of 2020-21.
ii.The Main objective behind this system is to improve the Ease of doing Business in India.
About Ministry of Commerce & Industry:
Union Minister – Piyush Goyal
Minister of State – Hardeep Singh Puri, Som Parkash

India, Vietnam hold PASSEX Naval Exercise 2020 in South China Sea;INS Kiltan reaches NhaRong Port, Vietnam under Mission Sagar-III

Indian Navy & Vietnam People’s Navy undertook a Passage Exercise (PASSEX) 2020 in the South China Sea from December 26-27, 2020 to boost maritime cooperation between the two countries.
On December 25, 2020 Indian Navy Ship (INS) Kiltan carrying 15 tonnes of Humanitarian Assistance & Disaster Relief (HADR) reached NhaRong Port, Ho Chi Minh City as part of Mission Sagar-III. The relief materials are for the flood-affected people of Central Vietnam.
i.A PASSEX exercise is usually carried out between 2 navies to ensure that they are able tocommunicate & cooperate in times of war or humanitarian relief.
Mission Sagar-III to Vietnam:
i.The 15-tonnes of relief materials were handed over to Vietnam’s Central Steering Committee for national disaster prevention & control.
ii.Central Vietnam had faced severe floods during October-November, 2020, it had claimed the lives of 230 people.
About Vietnam:
Prime Minister– Nguyen Xuan Phuc
Capital– Hanoi
Currency– Vietnamese dong
About Indian Navy:
Chief of Naval Staff (CNS)– Admiral Karambir Singh
Integrated Headquarters of Ministry of Defence (Navy)– New Delhi

PM Modi launches Ayushman Bharat PM-JAY SEHAT – Health Insurance Scheme to cover all residents of J&K

Prime Minister Narendra Modi launched the Ayushman Bharat Pradhan Mantri-Jan Arogya Yojana Social Endeavour for Health & Telemedicine (PM-JAY SEHAT) Health Insurance scheme for covering all the residents of Jammu & Kashmir (J&K).The scheme will operate on insurance mode in convergence with PM-JAY.
Union Ministers Amit Shah, Dr Harsh Vardhan, Dr Jitendra Singh and Lieutenant Governor of J&K, Manoj Sinha were present during the virtual event.
Gist of PM-JAY SEHAT introduced in J&K:
i.The main objective of PM-JAY SEHAT is to provide free of cost insurance cover to all citizens of J&K.
ii.Financial cover of upto INR 5 Lakhs per family per year on a floater basis to all residents. A family floater policy is a health insurance plan which covers the entire family on the payment of a single annual premium.
iii.All the hospitals (both private & public) enshrined under PM-JAY scheme will provide services under the scheme.
About Jammu & Kashmir:
Nickname – Switzerland of India
Hydro Projects – Ratle Hydroelectric project (River Chenab), Kiru hydro-electric project (River Chenab), Pakal Dul (Drangdhuran) Hydroelectric Project (River Marusudar)


BoB Launches Digital Lending Platform for Retail Loan Seekers to get Loans Digitally

i. Bank of Baroda(BoB) launched Digital Lending Platform(DLP), to allow retail loan seekers to get loans in a digital way through a paperless process.
ii.It provides ‘in-principle approval’ to the loan seekers in 30 minutes for home, car and personal loans without human intervention through multiple channels namely website, mobile banking, internet banking and social media.
iii.The bank also offers ‘Online Loan against Fixed Deposits(FD)’ through Digital Lending Platform. This allows FD customers to avail loan against their Online FD instantly through mobile banking and net banking facility.
About Bank of Baroda:
The Bank has sponsored 3 Regional Rural Banks(RRBs) namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Kshetriya Gramin Bank and Baroda Gujarat Gramin Bank.
HeadOffice– Vadodara(earlier known as Baroda), Gujarat
Managing Director(MD) and Chief Executive Officer(CEO)– Sanjiv Chadha
Established– 20 July 1908
Tagline– India’s International Bank


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ISRO releases Initial Data from Chandrayaan-2 Mission;ISRO Developing Green Propulsion for ‘Gaganyaan’

Indian Space Research Organisation (ISRO) released the initial data from Chandrayaan-2, India’s second Moon Mission to the general public through PRADAN portal hosted by ISSDC (Indian Space Science Data Centre).
i.At present, ISRO Science Data Archive (ISDA) has datasets acquired by Chandrayaan-2 payloads from 7 instruments. Data sets from Imaging Infra-Red Spectrometer (IIRS) payload will be added in the future.
ii.The Chandrayaan-2 was launched on July 22, 2019 from the Satish Dhawan Space Centre at Sriharikota in Andhra Pradesh.
iii.The data sets have been released to the public in the Planetary Data System-4 (PDS4) format.
iv.ISSDC is the main centre of data archive for the planetary missions of ISRO.
ISRO Developing Green Propulsion for ‘Gaganyaan’:
ISRO is in the process of developing Green Propellants for ‘Gaganyaan’ – India’s human space flight mission. The Green propellants will be used for every stage of a rocket.
About Indian Space Research Organisation (ISRO):
Chairman – K Sivan
Headquarters – Bengaluru, Karnataka
About Indian Space Science Data Centre (ISSDC):
Location – Bengaluru, Karnataka

Virat Kohli Wins Sir Garfield Sobers Award for ICC Male Cricketer of the Decade; MS Dhoni wins ICC Spirit of Cricket Award of the Decade

i.The winners of the International Cricket Council(ICC) Awards of the Decade(2010-2020) were announced. In this, Indian Cricketer Virat Kohli wins the Sir Garfield Sobers Award for ICC Male Cricketer of the Decade. He also won ICC Men’s ODI Cricketer of the Decade award.
ii.MS Dhoni(India) won the ICC Spirit of Cricket Award of the Decade for calling back former England batter Ian Bell after a disputable runout at Trent Bridge Cricket ground, Nottinghamshire, England in 2011.
iii.Ellyse Perry(Australia) wins the Rachael Heyhoe-Flint Award for ICC Female Cricketer of the Decade. She also won ICC Women’s ODI Cricketer of the Decade award and ICC Women’s T20I Cricketer of the Decade award.
About International Cricket Council(ICC):
CEO– Manu Sawhney
Headquarters– Dubai, United Arab Emirates(UAE)

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