DAILY CURRENT AFFAIRS 25 JUNE 2020

DAILY CURRENT AFFAIRS 25 JUNE 2020

1. LARGEST ECONOMY ON PPP BASIS FOR 2017

·        In accordance with the World Bank Data under the International Comparison Program (ICP), revealed by India’s National Statistical Office (NSO) of Ministry of Statistics & Programme Implementation (MoSPI), India has retained its position as the third-largest economy in terms of purchasing power parity (PPP) for 2017 as it accounted for 6.7% or $8,051 billion out of world total of $119,547 billion of global Gross Domestic Product (GDP).

·        India has followed China (16.4%) and the United States-US (16.3%) which ranked 1st and 2nd respectively.

·        It states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.

·        For example- How much milk that Rs 75 can purchase in India and One Dollar can purchase in the US. On this basis (PPP) the GDP of India is measured.

2. COVID-19 TO PUSH ADDITIONAL 120 MILLION CHILDREN INTO POVERTY IN SOUTH ASIA

·        The United Nations Children’s Fund (UNICEF) released its first report titled “Lives Upended How COVID-19 threatens the futures of 600 million South Asian children” focusing on the South Asian region on the impacts of COVID-19 on children states that around 240 million children are classified as poor and the current COVID-19 situation will affect an additional 120 million children, a total of 360 million children will be pushed into poverty and food insecurity in the next 6 months.

3. US GOVT SECURITIES WITH HOLDINGS

·        In accordance with the data from the United States (US) Treasury Department, India became the 12th largest holder of US government securities at the end of April, 2020 with holdings of worth $157.4 billion, which has increased marginally by $0.9 billion in comparison to March month’s $156.5 billion.

·        Notably, the holding touched a record high of $177.5 billion in February, 2020 which was drastically reduced in March.

Rank	Country	US Govt Securities Holdings US$
1	Japan	1.266 trillion
2	China	1.073 trillion
3	UK	368.5 billion

·        The US dollar/ Treasury Securities (Bills, Notes, Bonds, Inflation-Protected Securities) backed by the US treasury department are one of the safest asset class for any central bank with regards to investment, despite getting the lowest returns.

4. WORLD’S FIRST GOLD-BACKED US DIGITAL GOLD CURRENCY LAUNCHED IN INDIA

·        IBMC Financial Professionals Group in partnership with US Gold Currency Inc and Blockfills introduced the world’s first monetary gold-backed US Gold digital currency in India, Gulf Cooperation Council (GCC), Middle East and Africa.

·        Each US Gold digital currency is backed by a US American Eagle one ounce (33.931 gram) gold coin, minted by the US Federal Agency, US Mint. 

·        The holders of the currency can redeem their digital assets as physical gold coin or in US dollars anywhere in the world.

·        US Gold Currency, Inc. provides the American Gold Eagle coin in a Digital Blockchain Receipt – the “US Gold Token”, each one fully collateralized 1:1 with a 1oz American Gold Eagle coin. Referred to as “USG” – for the US Gold Dollar.

5. YUKTI 2.0 FOR HIGHER EDUCATION INSTITUTES

·        Ramesh Pokhriyal ‘Nishank’, The Union Minister of Human Resource Development, launched “YUKTI  2.0” –  (Young India combating COVID with Knowledge, Technology and Innovation 2.0) , a platform to support the startups incubated in the institutes of higher education over the virtual platform.

·        YUKTI 2.0 is a logical extension of YUKTI, which will help in fostering the innovation and entrepreneurship culture in the academic institutions.

·        This will support the “Atmanirbhar Bharat” mission.

6. HOLLYWOOD DIRECTOR JOEL SCHUMACHER PASSED AWAY

·        Costume designer cum Film Director Joel Schumacher who suffered from cancer for the past one year passed away at the age of 80 in New York, United States of America(USA). 

·        His most well known directed movies are St Elmo”s Fire”, “Falling Down” as well as two “Batman” movies

7. GOVERNMENT OF HARYANA SIGNED MOU RELIANCE JIO TV

·        Kanwar Pal, Education Minister of Haryana announced that The Government of Haryana under the Chief Minister’s Distance Education Programme signed an agreement with Reliance Jio TV to benefit around 52 lakh rural students during the COVID-19 pandemic.

·        The four channels of EDUSAT can be accessed through television, Laptop, desktop, tablets and smartphones for free of cost which will be available on the Jio platform.This will also provide materials for the students preparing for competitive exams like JEE (Joint Entrance Examination) and NEET (National Eligibility cum Entrance Test).