Daily Current Affairs Quiz: March 04, 2021

Notes:
The Central Government has recently specified 5 million (50 lakh) registered users in India as the threshold for a social media intermediary to be defined a significant social media intermediary.
The term of ‘Significant Social Media intermediary’ is mentioned in the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021.

Notes:
India’s foreign minister S. Jaishankar and his Chinese counterpart Wang Yi recently had a phone conversation.
During the conversation, both the countries have agreed to set up a hotline, amidst various stand-offs. The foreign Ministers also acknowledged the disengagement of troops from the north and south banks of Pangong Tso lake.

Notes:
As per the second advanced estimates of GDP released by the Ministry of Statistics and Programme Implementation (MoSPI), the GDP for the financial year 2020-21 is recorded as -8 per cent.
NSO, MoSPI also released the quarterly estimates. After two consecutive quarters of contraction, India’s GDP for the October-December quarter (Q3) grew by 0.4 per cent. With this the country is said to have exited recession.

Notes:
British think-tank, the International Institute for Strategic Studies (IISS) said military spending touched USD 1.8 trillion in the year 2020.
Global military spending rose 3.9% compared to the last year. The U.S. remained the world’s largest defence spender in 2020, followed by China. The rapid military expansion of China is the reason for the rise in Asian spending.

Notes:
Michael Somare, who was the first Prime Minister of Papua New Guinea, recently passed away at the age of 84. He was also called the ‘Grand Chief and Father of the Nation’.
He was also the island nation’s longest-serving leader after it gained independence from Australia in 1975. Before independence, he served as the Chief minister of the Australian-administered territory of Papua New Guinea.