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Important Current Affairs 7th October 2021

INTERNATIONAL

Moody's upgrades India's ratings outlook after nearly two years to Stable from Negative

•Rating agency Moody’s Investors Service has upgraded India’s sovereign rating outlook to ‘stable’ from ‘negative’, on October 05, 2021, following an improvement in the financial sector and faster-than-expected economic recovery across sectors. Moody’s expects real GDP growth to average around 6 per cent over the medium term, reflecting a rebound in activity to levels at potential as conditions normalise

•While it retained India’s rating at Baa3, reflecting the lowest investment grade rating, Moody’s said it expects real GDP to surpass pre-pandemic levels of 2019-20 this year itself, as the ongoing economic recovery is picking up steam with activity upticks broadening across sectors. It expects 2021-22 to record 9.3% growth in GDP, followed by 7.9% next year.

5 billion people could face difficulty accessing water in 2050: WMO

•More than five billion people globally are expected to face a shortage of water by 2050, a United Nations (UN) agency report has warned.

•The World Meteorological Organization (WMO), said that climate change increases the global risk of water-related hazards like floods and droughts, and the number of people affected by water scarcity is also expected to soar.

•"According to figures cited in the report, 3.6 billion people had inadequate access to water at least one month per year in 2018. By 2050, this is expected to rise to more than five billion.

Ghana to host first-ever African Paralympic Games in 2023

•Ghana will host the first-ever African Paralympic Games in 2023, the President of National Paralympic Committee of Ghana (NPC-Ghana) Samson Deen said on Tuesday.

•According to Deen, about 50 African countries were expected to participate in the continental showpiece.

•He said Ghana had begun preparations for the Games with support from the Ministry of Youth and Sports.

•"The government has been committed to offering the necessary support and logistics that will make hosting of the African Paralympic Games in 2023 possible.

NATIONAL

Y.S. Jagan Mohan Reddy launched ‘Swechha’ programme

•Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has launched the ‘Swechha’ program to tackle the stigma attached to menstruation, prioritize female personal hygiene, and encourage a healthy dialogue of information. ‘Swechha’ (meaning freedom) is intended to ensure affordable access to health and menstrual hygiene in adolescent girls and women.

•The state government will provide good quality branded sanitary napkins to female students at government educational institutions free of cost.

•Ten sanitary napkins will be given every month to about 10 lakh adolescent girls studying from 7th-12th grades in all government schools and intermediate colleges across the state at a financial outlay of INR 32 crores.

•A total of 120 napkins per year is allotted to every female student, even during summer vacations, the students will be supplied with their quota before they leave school.

Telangana Develops India's First Smartphone-Based E-Voting Solution

•Telangana on Wednesday said it has developed the country's first smartphone-based e-voting solution, in the face of the C-19 pandemic that has rushed the world into all-digital operations.

•The solution has been successfully developed and tested while a dry run, in the form of a dummy election, is being conducted in Khammam district, with registration on the application open from October 8-18.

•The initiative has been driven by the Telangana State Election Commission (TSEC) with the implementation support of the Emerging Technologies Wing of the state's IT Department, and the Centre for Development of Advanced Computing (CDAC), it said.

OBITUARY 

Veteran television actor Arvind Trivedi, passed away

•Veteran television actor Arvind Trivedi, who is famously known for his iconic role of demon-king Raavan in Ramanand Sagar’s TV serial Ramayan, has passed away. He was 82.

•He was also part of the political field, as an MP from Sabarkatha constituency in Gujarat, and had served the Parliament from 1991-96. He served as the acting chairman of the Central Board of Film Certification (CBFC) from 2002 to 2003.

IMPORTANT DAYS

World Cotton Day 2021: 07th October

•World Cotton Day (WCD) is observed globally on 7th October. The international day aims to celebrate the advantages of cotton, ranging from its qualities as a natural fibre to the benefits people obtain from its production, transformation, trade and consumption. WCD Day was initiated by the Group of Cotton-4 countries namely Benin, Burkina Faso, Chad and Mali to reflect the importance of cotton as a global commodity.

•The initiative of World Cotton Day was born in 2019, when four cotton producers in sub-Saharan Africa– Benin, Burkina Faso, Chad and Mali, known as the Cotton Four -proposed the World Trade Organization a World Cotton Day celebration on October 7.

BANKING AND ECONOMIC

Kotak Mahindra Bank becomes 1st scheduled private sector bank to collect direct, indirect taxes

•Kotak Mahindra Bank Ltd (KMBL) has received approval from the government for the collection of direct & indirect taxes, such as income tax, Goods and Services Tax (GST) etc, through its banking network. With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by Finance Minister Nirmala Sitharaman allowing all banks to participate in the government-related business.

•After technical integration, KMBL customers will be able to pay their direct and indirect taxes straight from KMBL’s mobile banking or net banking platforms as well as through KMBL’s branch banking network, resulting in immense ease and convenience for customers.

Reserve Bank of India grants licence to NARCL under Sarfaesi Act

•The Reserve Bank of India (RBI) has granted the National Asset Reconstruction Company (NARCL) the licence to register as an asset reconstruction company (ARC). The Licence is given under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.

•As per Section 3 of the SARFAESI Act, a company can carry the business of asset reconstruction only after obtaining a certificate of registration from RBI and, having the owned fund of not less than Rs 2 crore or such other amount not exceeding 15% of total financial assets acquired or to be acquired by the securitisation company or reconstruction company. The NARCL has been incorporated under the Companies Act, and public sector banks will hold 51 per cent in NARCL.

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