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Important Current Affairs for CLAT-28th March 2023

China spent $240 billion bailing out ‘Belt & Road’ countries: Study

China spent approximately $240 billion from 2008 to 2021 bailing out 22 developing countries that had difficulty repaying loans taken for Belt and Road infrastructure projects.

A recent study conducted by researchers from the World Bank, Harvard Kennedy School, AidData, and the Kiel Institute for the World Economy has revealed that China spent approximately $240 billion from 2008 to 2021 bailing out 22 developing countries that had difficulty repaying loans taken for Belt and Road infrastructure projects.

China: ‘Belt & Road’ Project:

A recently published study shows that from 2008 to 2021, China provided approximately $240 billion to bail out 22 developing nations that encountered challenges in paying back loans obtained for the Belt and Road infrastructure projects.

Pakistan, Argentina, and Mongolia: Main beneficiaries:

The report further reveals that around 80 per cent of this bailout money was spent from 2016 to 2021, with middle-income countries like Pakistan, Argentina, and Mongolia being the primary beneficiaries.

Argentina received the highest amount of $111.8 billion, followed by Pakistan with $48.5 billion and Egypt with $15.6 billion. The study also highlights that China’s spending on Belt and Road infrastructure projects has reduced since 2016 due to many projects’ underperformance.

Financing of ‘Belt & Road’ Project:

The bailout money of $240 billion was sourced from various channels, with approximately $170 billion coming from the People’s Bank of China (PBOC) swap lines that included countries such as Suriname, Sri Lanka, and Egypt.

Chinese state-owned banks also provided $70 billion in the form of bridge loans or balance of payments support, while the rollovers for both these types of loans amounted to $140 billion.

YES Bank issues first electronic bank guarantee with NeSL

YES Bank has collaborated with National E-Governance Services Limited (NeSL) to issue its first electronic Bank Guarantee (e-BG).

YES Bank has collaborated with National E-Governance Services Limited (NeSL) to issue its first electronic Bank Guarantee (e-BG). The integration of their digital document execution (DDE) platform has made it possible to completely digitize the previous paper-based process of issuing and maintaining Bank Guarantees. This includes the digital stamping and signing, which has significantly reduced the time it takes to issue Bank Guarantees.

According to a statement, the NeSL platform will handle the complete lifecycle of the bank guarantee, including its issuance, amendment, invocation, and cancellation. This will allow trade finance stakeholders to securely access the documents from a single repository. YES Bank’s collaboration with NeSL is consistent with its efforts to work with public digital utilities such as Central Bank Digital Currencies (CBDC), Open Network for Digital Commerce (ONDC), Account Aggregator (AA), and Government e-Marketplaces (GEM) to facilitate digitization and simplify business operations for small and medium-sized enterprises (MSME) and corporate customers. When an e-BG is issued through NeSL’s 24×7 platform, it becomes immediately accessible, and the beneficiary can access it by completing a simple, one-time registration process.

Humza Yousaf elected leader of Scottish National party

Humza Yousaf, a Pakistani-origin politician, has won the Scottish National Party (SNP) leadership contest and is set to become Scotland's First Minister, replacing Nicola Sturgeon.

Humza Yousaf, a Pakistani-origin politician, has won the Scottish National Party (SNP) leadership contest and is set to become Scotland‘s First Minister, replacing Nicola Sturgeon. Yousaf, who is the son of Asian immigrants, is poised to become the first person of colour to serve as Scotland’s first minister. He defeated Kate Forbes, the country’s finance minister, and Ash Regan, who resigned from the government in opposition to proposed changes to gender recognition.  Humza Yousaf won the Scottish National Party leadership contest with 52% of the final votes, and his campaign focused on achieving Scottish independence and addressing the cost-of-living crisis. This follows Rishi Sunak’s recent appointment as the first British Prime Minister of Indian origin. Yousaf will now take over as the leader of the SNP, succeeding Nicola Sturgeon who resigned last month after serving as the party leader for eight years.

About the Humza Yousaf

Humza Yousaf is a Scottish politician of Pakistani origin who was born on April 7, 1985, in Glasgow, Scotland. He is a member of the Scottish National Party (SNP) and has been serving as the Member of the Scottish Parliament (MSP) for Glasgow Pollok since 2016. Before that, he represented Glasgow on the regional list from 2011 to 2016.

Yousaf has held various ministerial positions in the Scottish Government, including Minister for External Affairs and International Development, Minister for Transport and the Islands, Minister for Europe and International Development, and Cabinet Secretary for Justice. He has been a vocal advocate for Scottish independence and has been involved in several campaigns and activities supporting the cause.

As a young politician, Yousaf has been recognized for his achievements and has received several awards, including the Young Scottish Muslim of the Year award in 2007 and the Young Asian Scot of the Year award in 2012. He is also known for being the first MSP to be sworn in under the oath of affirmation in 2016, which allows elected officials to pledge their allegiance to the Scottish Parliament without having to swear an oath to the Queen.

Amit Shah unveils the statues of Lord Basaveshwara and Nadaprabhu Kempegowda in Bengaluru

Union Home Minister and Minister of Cooperation Shri Amit Shah unveiled the statues of Lord Basaveshwara ji and Nadaprabhu Kempegowda ji at the State Assembly premises in Bengaluru, Karnataka.

Union Home Minister and Minister of Cooperation Shri Amit Shah unveiled the statues of Lord Basaveshwara ji and Nadaprabhu Kempegowda ji at the State Assembly premises in Bengaluru, Karnataka. Lord Basaveshwara and Nadaprabhu Kempegowda are two prominent historical figures from Karnataka, a state in southern India. These statues will continue to give Basavanna ji and Kempegowda ji’s message of social justice, democracy, good governance and development to those who get elected in the assembly.

About the Lord Basaveshwara ji:

Lord Basaveshwara was a philosopher and social reformer who lived in the 12th century. He is considered the founder of the Lingayat religion, which is a major religious group in Karnataka. Basaveshwara worked to promote social justice and equality, particularly for women and lower castes. He emphasized the importance of individual devotion over caste-based rituals and was an early advocate for a democratic society.

About the Nadaprabhu Kempegowda ji:

Nadaprabhu Kempegowda was a feudal ruler who founded the city of Bangalore in the early 16th century. He is considered the founder of modern Bangalore and is revered as a hero in Karnataka. Kempegowda built numerous temples, tanks, and other infrastructure in and around Bangalore, and is known for his administrative skills and governance. His legacy is still celebrated in the city, particularly during the Kempegowda festival.

Former Brazilian President Dilma Rousseff named new President of BRICS New Development Bank

The New Development Bank (NDB), which is also known as the BRICS bank and is a multilateral financial institution created by Brazil, Russia, India, China, and South Africa, has announced that former B

The New Development Bank (NDB), which is also known as the BRICS bank and is a multilateral financial institution created by Brazil, Russia, India, China, and South Africa, has announced that former Brazilian President Dilma Vana Rousseff has been elected as its new President. She replaces Marcus Troyjo in the position. Dilma Rousseff is an economist who served as the President of the Federative Republic of Brazil for two consecutive terms, from January 2011 to August 2016.

Who is Dilma Vana Rousseff?

Dilma Vana Rousseff is a Brazilian economist and politician who served as the 36th President of Brazil from 2011 to 2016. She was the first woman to hold the office of President in Brazil. Prior to her presidency, Rousseff served as the Chief of Staff to President Luiz Inácio Lula da Silva from 2005 to 2010. She was also the Minister of Mines and Energy from 2003 to 2005. Rousseff was impeached and removed from office in 2016 on charges of breaking budgetary laws. Before her political career, Rousseff was a guerrilla fighter during the dictatorship period in Brazil, and she was imprisoned and tortured for several years.

Dilma Rousseff previously served as Brazil’s Minister of Mines and Energy and as Minister Chief of Staff during the first two governments of President Luiz Inácio Lula da Silva until 2010. During her presidency, Rousseff focused on creating economic stability and jobs while also implementing social programs to reduce poverty. Her efforts led to Brazil being removed from the UN’s Hunger Map due to successful poverty reduction. Rousseff promoted multilateralism, sustainable development, human rights, and peace on the international stage, while also respecting the sovereignty of all nations. She played an active role in international discussions on climate and environmental protection, culminating in Brazil’s key role in achieving the Paris Agreement. Rousseff also expanded Brazil’s cooperation with other countries in various regions, including the creation of the New Development Bank and the Contingent Reserve Arrangement with BRICS countries in July 2014. As President of NDB, Rousseff’s leadership was instrumental in the success of these initiatives.

PM Modi inaugurated Whitefield (Kadugodi) for Krishnarajapura Metro Line

The Whitefield (Kadugodi) to Krishnarajapura Metro Line was inaugurated by Prime Minister Narendra Modi, who expressed his happiness in a tweet.

The Whitefield (Kadugodi) to Krishnarajapura Metro Line was inaugurated by Prime Minister Narendra Modi, who expressed his happiness in a tweet. He mentioned that this new metro line will enhance the ‘Ease of Living’ for the people of Bengaluru, by improving transportation and connectivity in the region.

More About The Whitefield (Kadugodi) for Krishnarajapura Metro Line:

The Prime Minister launched the 13.71 km extension project of Reach-1 under Bangalore Metro Phase 2, which runs up to Krishnarajapura Metro Line. The project was completed at an estimated cost of around Rs 4250 crores.

Significance of The Whitefield (Kadugodi) for Krishnarajapura Metro Line:

The inauguration of the Whitefield (Kadugodi) to Krishnarajapura Metro Line is expected to significantly improve connectivity and transportation in Bengaluru, which is a major metropolitan city in India.

With the new metro line in place, people living and working in Whitefield, Kadugodi, and Krishnarajapura areas will be able to travel more easily and quickly across the city, avoiding traffic congestion and saving time.

This will not only improve the quality of life for residents but also contribute to the economic growth of the region.

S&P keeps India’s economic growth forecast unchanged at 6% for FY24

S&P Global Ratings has maintained its earlier projection for India's economic growth rate at 6% in the fiscal year starting from April 1, with a further increase to 6.9% in the following year.

S&P Global Ratings has maintained its earlier projection for India’s economic growth rate at 6% in the fiscal year starting from April 1, with a further increase to 6.9% in the following year. In its latest quarterly economic update for Asia-Pacific, S&P predicted that the inflation rate would decline to 5% during the 2023-24 fiscal year, down from the current financial year’s 6.8%.

S&P: India’s gross domestic product (GDP) growth:

The report stated that India’s gross domestic product (GDP) is likely to grow by 7% in the present financial year, which ends on March 31, 2023, before slowing down to 6% in the subsequent fiscal year 2023-24.

The report also highlighted that India is leading with an average growth rate of 7% during 2024-2026.

S&P: India’s Steady Growth Rate, Exports and more:

The rating agency has projected that GDP will increase to 6.9% in the next two financial years, 2024-25 and 2025-26, with a further rise to 7.1% in 2026-27.

The report stated that India’s economy has traditionally been driven by domestic demand, but has become more responsive to the global economic cycle in recent times, partly due to the increased exports of commodities.

As a result, the year-on-year GDP growth rate slowed to 4.4% during the fourth quarter (October-December 2022), according to the rating agency.

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