 Turkish’s diplomat Volkan Bozkir has been elected president of the 75th session of the UN General Assembly. The 75th session of the UN General Assembly begins in September 2020. Bozkir won the unanimous support of the 178 UN members. He will take over from Tijjani Muhammad-Bande, the present General Assembly president. A General Assembly president has a one-year term. |
 India has been elected as the non-permanent member of the United Nations Security Council. India has won the election for a two-year term after winning 184 votes in the 193-member General Assembly. India won the non-permanent seat from the Asia-Pacific category for the 2021-22 term which will begin on 1st January 2021. Earlier India has been elected as a non-permanent member of the Council for the following years: 1950-1951, 1967-1968, 1972-1973, 1977-1978, 1984-1985, 1991-1992 and 2011-2012. Ireland, Mexico and Norway also won the Security Council elections along with India. The United Nations high-table comprises of five permanent members and 10 non-permanent members. |
 Fitch Ratings has retained India’s sovereign rating at the lowest investment grade of “BBB-“, while the rating agency has revised downward its rating outlook for India to negative from stable. Fitch has cited increasing risk to the India’s growth and debt outlook, as a reason for the above ratings. Fitch Ratings stated that the COVID-19 pandemic has significantly weakened India’s growth outlook for fiscal year 2021, simultaneously exposing the challenges associated with a high public-debt burden. Although, the rating agency expects India’s economic activity to contract by 5% in the fiscal year 2021 before rebounding by 9.5% in fiscal year 2022. |
 HDFC ERGO General insurance firm has partnered with UK based tech firm TropoGo Limited to launch India’s 1st ‘Pay as you Fly’ insurance for drone-owners in India. This policy, which can be offered on-demand to commercial drone owners and operators, give life assurance for Third Party Liability Claims. This insurance policy protects property damage and bodily injuries that maybe happened while conducting activities like survey, mapping, monitoring, disaster relief initiatives, civil administration services, use during festivals & events, property management and travel & tourism purposes among others. Members of this policy can claim an insurance cover of up to Rs 10 lakh on TropoGo mobile app & they will choose 4 hours, one-day, or a one-month cover to insure themselves against third-party liabilities. |
 The Asian Development Bank has projected Indian economy to contract by 4% in Fiscal Year 2021. Indian economy has been projected to contract, as businesses came to a standstill for more than two months due to the nationwide lockdown implemented to contain the COVID-19. The Asian Development Bank expects India’s economy to recover in Fiscal Year 2022 with growth rate of 5%, as economic activity will get to its normal state gradually. |
 World Economic Forum (WEF) has announced its 2020 cohort of Technology Pioneers. WEF has unveiled 100 new tech firms awardees which are leaders in carbon capture, alternative meat and circular economies, while some of them aims to address food security, financial access etc. The 20th cohort of Technology Pioneers comprised 2 Indian firms namely: ZestMoney and Stellapps. These firms which featured in the list, will be invited to participate at World Economic Forum workshops, events as well as high-level discussions throughout their two years in the community. ZestMoney is an Indian Artificial intelligence-based digital lending platform which disburses affordable credit to millions. Stellapps is India’s data-led, internet of things-based startup platform which is enagaged in digitization of the dairy supply chain. The WEF’s Technology Pioneer community was launched in 2000. It comprises of early to growth-stage companies from around the world. These companies are generally involved in the design, development and deployment of new technologies and innovations, and poised to make a significant impact on business as well as society. |
 “Garib Kalyan Rojgar Abhiyaan” will be launched by the Government of India from Village Telihar, Block Beldaur of Khagaria District of Bihar. It is a massive rural public works scheme that will empower and offer livelihood opportunities to the returnee migrant workers as well as rural citizens. The programme will be joined by the villages across 116 districts in the six States through the Common Service Centres and Krishi Vigyan Kendras. The six states are: Uttar Pradesh, Madhya Pradesh, Rajasthan, Odisha, Jharkhand and Bihar. |
| “Garib Kalyan Rojgar Abhiyaan” will be 125 days long campaign and work in mission mode. It will be a coordinated effort between 12 different Ministries/Departments such as Rural Development, Panchayati Raj, Environment, Railways, Petroleum & Natural Gas, Road Transport & Highways, Mines, Drinking Water & Sanitation, Telecom, Agriculture, New & Renewable Energy, and Border Roads. The campaign will involve focused implementation of 25 different types of works which will provide employment to the migrant workers along with creation of infrastructure in the rural regions of the country, with a resource envelope of Rs 50,000 crore. |
 Asian Infrastructure Investment Bank (AIIB) has affirmed a USD 750 million (around Rs 5,714 crore) loan to India to enable the legislature to fortify its fight against the antagonistic effect of COVID-19 on poor and vulnerable households. AIIB’s total sovereign advances to India that have just been affirmed add up to USD 3.06 billion, including an ongoing USD 500 million COVID-19 emergency response. The current credit will be the second for India under AIIB’s COVID-19 Crisis Recovery Facility (CRF). While AIIB doesn’t have a day by day instrument for strategy based financing, the Bank is extending such financing on an uncommon premise under the CRF to help its individuals through ventures cofinanced with the WorldBank or the Asian Development Bank. |
 India will send its Tri-Service contingent to take part in the 75th Victory Day Parade of World War II in Moscow, Russia. India will send its 75-member Tri-Service contingent as the Defence Minister of Russia has invited an Indian contingent to take part in the Victory Day Parade. Contingents of other countries are also expected to participate in the 75th Victory Day Parade of World War II in Moscow. Russia is conducting a military parade on 24th June 2020 in Moscow on the 75th anniversary of the victory in the Second World War. There will be a military parade to honour the heroism and sacrifices made by the Russian as well as other friendly people. |
 Maruti Suzuki India (MSI) has collaborated with Karur Vysya Bank to offer simpler and flexible financing plans for new clients. Through the association with the bank, the company is trying to offer imminent purchasers exceptional plan of up to 100 per cent on-road funding with six months holiday period on all models, except van EECO, loans for both salaried and self-employed customers and repayment period up to 84 months. Karur Vysya Bank offers customers in-principle loan sanction in 15 minutes and existing customer of the bank can get their credits dispensed around the same time with the whole procedure from application to payment of the advance being digitalised with no manual intercession. |
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