Current Affairs Quiz - January, 2021

Notes:
The World Bank recently released its flagship Global Economic Prospects (GEP) report. As per the report, the global economic output is projected to grow by 4% in 2021.
World Bank also estimated that Indian economy would grow at 5.4% in fiscal year 2021-22 and by 5.2% in the following year 2022-23. Earlier, the World Bank had forecasted a contraction of 9.6% in fiscal 2020-21.

Notes:
The Insurance Regulatory and Development Authority of India (IRDAI) is set to introduce a standard home insurance policy.
Named the ‘Bharat Griha Raksha’, the policy aims to cover the risk of fire and some allied dangers. Natural Catastrophes, Riot, Strike, theft among others. Along with the home building, the policy also covers ‘General Home Contents’ automatically.

Notes:
Uttar Pradesh-based Shivalik Mercantile Co-operative Bank (SMCB) has received a license from the Reserve Bank of India (RBI) as a Small Finance Bank (SFB).
With this, SMCB became the first Urban Cooperative Bank (UCB) in the country to make a transition to a Small Finance Bank, under the voluntary transition scheme. The Shivalik Small Finance Bank is set to commence business by April 2021.

Notes:
The Government of India has decided to form a committee to protect the language, culture and land of Ladakh.
The Committee will be headed by the Minister of State for Home G Kishan Reddy. It will also include elected representatives from Ladakh, Ladakh Autonomous Hill Development Council, central government, and the Ladakh administration.

Notes:
As per the notification from the Department of Telecommunications (DoT), the Government will start bidding for the next round of spectrum auction from March 1.
During the auction, airwaves of the 4G spectrum in seven bands ranging from 700 MHz to 2500 MHz, worth Rs 3.92 lakh crore will be auctioned. Leading Telecom companies including Reliance Jio and Airtel are expected to take part.

Notes:
As per the first advanced estimates of the national income released by the National Statistical Office (NSO), India’s real Gross Domestic Product (GDP) in FY 2020-21 is estimated to contract by 7.7%.
This is against the growth rate of 4.2% in the fiscal year 2019-20. There is an estimated contraction in all sectors except the agriculture in the current fiscal. While manufacturing sector is likely contract by 9.4%, Agriculture sector is estimated to grow by 3.4% compared to the last year.

Notes:
India has been asked to chair three important committees in the UN Security Council. India has just begun its two-year tenure as non-permanent member of the powerful 15-nation Council.
The Taliban Sanctions Committee (also known as the 1988 Sanctions Committee), the Libya Sanctions Committee (also called the 1970 Sanctions Committee) and the Counter-Terrorism Committee are the crucial committees.

Notes:
A one-member commission was created under the Labour Ministry’s Central Advisory Contract Labour Board (CACLB), to prepare an action plan for the welfare and development of guest and contract workers during the COVID-19 pandemic.
Veteran IAS officer C V Ananda Bose, who was in-charge of the commission, has recommended payment of a basic living wage in the event of employment loss. He also sought to establish Labour Authority of India as a nodal body.

Notes:
The Pioneers Program was started by US space agency NASA in 2020, which aims to research on astrophysics science using smaller hardware.
Recently, NASA has approved four small-scale astrophysics missions as a part of the Pioneers Program. The concepts include small satellites named Aspera, Pandora and StarBurst and a balloon mission named PUEO. These missions will help study about cosmic phenomena.

Notes:
The National Internet Exchange of India, NIXI is a leading not-for-profit organization. It has been working to provide improved internet services, since 2003.
Recently NIXI has announced that it would provide a free Internationalized Domain Name (IDN) in any of the 22 official Indian language. Along with every IN domain booked, the applicant Applicant will also get a free email in local language.