Current Affairs 27th January

AMU buries ‘time capsule’ to mark its centenary year #GS1 #History

A 1.5-ton ‘time capsule’, encapsulating the history of Aligarh Muslim University spanning over a century, was buried 30 feet deep in the park opposite the Victoria Gate to mark the Republic Day celebrations and the eventful centenary year of the university.

The historic cache of information built with high-tempered steel for the communication with future generations included a copy of Sir Syed Album (by Khaliq Ahmad Nizami); essays and speeches relating to the Mohammadan Anglo-Oriental College, Aligarh from 1875 to 1919 (compiled by Nawab Mohsin ul Mulk) and History of MAO College, Aligarh (by Theodore Morrison). It also included the speech of Prime Minister Narendra Modi in the Centenary celebrations on December 22, 2020.

This time capsule is for the benefit of future generations and it includes the salient features of the glorious history of AMU. He said most modern methods of preservation of the documents have been used. Emphasising the need of keeping the records of the past for future, Prof. Mansoor pointed out that the line of demarcation between prehistoric and historical times is crossed when people cease to live only in the present, and become consciously interested both in their past and future.

Meanwhile, he also informed that a committee has been constituted to sort out the modalities for excavating a capsule buried on January 8, 1877, by Lord Lytton (the then Viceroy and Governor-General of India) during the foundation stone ceremony of the MAO College.

Benefits of the News– About Time Capsule

In the footsteps of the legendary Muktijoddhas #GS2 #IR

As New Delhi and Dhaka celebrate the 50th anniversary of the 1971 Liberation War, a 122-member tri-service contingent of Bangladesh marched on Rajpath at the Republic Day parade. It had soldiers drawn from the units of that year.

The contingent, led by Lt. Col. Abu Mohammed Shahnoor Shawon and his deputies, Lieutenant Farhan Ishraq and Flight Lieutenant Sibat Rahman, carried with it the legacy of legendary Muktijoddhas of Bangladesh, their forefathers who fought against oppression, mass atrocities by tyrannical forces and for the freedom of Bangladesh.

The Bangladesh Navy had successfully conducted “Operation Jackpot” during the war, destroying 26 enemy ships in sea ports and river ports. The Bangladesh Air Force conducted 50 successful strikes on the enemy targets as part of “Kilo Flight” from the base in Dimapur, India.

The contingent arrived in Delhi on an Indian Air Force (IAF) aircraft on January 12 and was quarantined till January 19, after which they began practising for the parade. The contingent is scheduled to visit places of historic significance in Agra and Ajmer on January 28 and 29 before their departure on January 30

Coinciding with the diamond jubilee of the 1971 war and also 50 years of the establishment of ties, New Delhi and Dhaka have agreed to hold a series of commemorative events throughout the year. It is these fraternal ties between the two countries that make the relations transcend even a strategic partnership.

Benefits of the News– About 1971 Bangladesh liberation

‘Inclusive reforms must for UNSC to be effective’ #GS2 #IR

India has said that the UN Security Council is finding itself unable to act effectively to address increasingly complex issues of international peace and security as it lacked inclusivity of those who need to be members of the powerful organ of the world body.

India, along with Brazil, Japan and Germany are pressing for urgent reform of the UN Security Council and for a permanent seat in the reformed 15-member top organ of the world body.

The Security Council is being called upon to address increasingly complex issues of global security. Yet, it finds itself unable to act effectively, for it is lacking inclusivity of those who need to be there, and therefore lacking legitimacy and credibility.

Benefits of the News– About India stands for UN Permanent seat

India set to grow 11.5% in 2021: IMF #GS3 #Economy

The IMF projected an 11.5% growth rate for India in 2021, making the country the only major economy to register double-digit growth this year amidst the COVID-19 pandemic.

The International Monetary Fund’s growth projections for India reflected a rebound in the economy, which is estimated to have contracted by 8% in 2020 due to the pandemic.

China is next with 8.1% growth in 2021 followed by Spain (5.9%) and France (5.5%). The IMF said that in 2020 China is the only major country which registered a positive growth rate of 2.3%. India’s economy, the IMF said, is projected to grow 6.8% in 2022 and that of China by 5.6%.

Earlier this month, IMF MD Kristalina Georgieva had said India “actually has taken very decisive action, very decisive steps to deal with the pandemic and to deal with the economic consequences of it”.

Benefits of the News– Can quote as introduction for GDP based question

GDP to contract 8% in FY21, FICCI survey shows #GS3 #Economy

India’s GDP is expected to contract by 8% in 2020-21, according to the latest round of FICCI’s Economic Outlook Survey. The annual median growth forecast by the industry body is based on responses from leading economists representing industry, banking and financial services sectors. The survey was conducted in January.

The median growth forecast for agriculture and allied activities has been pegged at 3.5% for 2020-21.

Agriculture sector has exhibited significant resilience in the face of the pandemic. Higher rabi acreage, good monsoons, higher reservoir levels and strong growth in tractor sales indicate continued buoyancy in the sector.

However, industry and services sector, which were most severely hit due to the pandemic induced economic fallout, are expected to contract by 10% and 9.2% respectively during 2020-21. The industrial recovery is gaining traction, but the growth is still not broad based.

The consumption activity did spur during the festive season as a result of pent-up demand built during the lockdown but sustaining it is important going ahead, the survey said.

Besides, it observed that some of the contact intensive service sectors like tourism, hospitality, entertainment, education, and health sector are yet to see normalcy.

The quarterly median forecasts indicate GDP growth to contract by 1.3% in the third quarter of 2020-21. The growth is expected to be in the positive terrain by the fourth quarter with a projection of 0.5% growth.

Benefits of the News– Can quote as introduction for GDP based question

Budget may set higher agri credit target at Rs. 19 lakh crore #GS3 #Economy

With the aim of doubling farmers’ income by 2022, the government is likely to raise farm credit target to about Rs. 19 lakh crore in Budget 2021-22 to be presented on February 1, according to sources. For the current fiscal, the government has set a farm credit target of Rs. 15 lakh crore.

The government has been raising credit target for the farm sector every year and this time too, the target is likely to be increased to around Rs. 19 lakh crore for 2021-22, sources said.

Non-banking finance companies (NBFCs) and co-operatives are active in the agriculture credit space. The Nabard refinance scheme will be further expanded. Agriculture credit target for the year 2020-21 has been set up at Rs 19 lakh crore.

The agricultural credit flow has increased consistently over the years, exceeding the target set for each fiscal. For instance, credit worth Rs. 11.68 lakh crore was given to farmers in 2017-18, higher than the Rs. 10 lakh crore target set for that year, they added. Similarly, crop loans worth Rs. 10.66 lakh crore were disbursed in 2016-17, higher than the credit target of Rs. 9 lakh crore.

Credit is a critical input in achieving higher farm output. Institutional credit will also help delink farmers from non-institutional sources where they are compelled to borrow at usurious rates of interest.

Benefits of the News– About Agricultural credit target

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