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Daily Current Affairs : 06-Feb-2020

Major Topics Covered :


  1. GLOBAL MISERY INDEX (GMI)

  2. IOC SIGNS PACT TO BUY RUSSIAN CRUDE OIL

  3. SHRI RAM JANMBHOOMI TEERTH KSHETRA TRUST FOR CONSTRUCTION OF RAM TEMPLE

  4. MAJOR PORT IN MAHARASHTRA

  5. KARIMNAGAR GRANITE INDUSTRY

  6. DROPOUT RATES HIGHEST IN ASSAM

  7. KUMBHABISHEGAM

  8. INTERNATIONAL SEAFOOD SHOW IN KOCHI

  9. INDIA BECOMES SECOND LARGEST STEEL PRODUCER OF CRUDE STEEL

  10. SOIL HEALTH CARD SCHEME


GLOBAL MISERY INDEX (GMI)

Why in news?

  • The Congress party claimed that the Indian economy should be measured in terms of the Global Misery Index (GMI).


Highlights:

  • American economist Steve Hanke of Johns Hopkins University, an applied economist has popularised the GMI concept. He has ranked India a measly 44 out of 95 countries on GMI.

  • The benchmark index measures people’s “misery score” instead of the conventional gross domestic product (GDP).

  • It is based on the three parameters namely unemployment rate, inflation rate and lending rate.

  • To calculate misery index, the annualised growth of GDP is subtracted from the sum total of these three rates.

  • That gives a score which really defines how miserable people living in a particular geography are.


Source: The Hindu



IOC SIGNS PACT TO BUY RUSSIAN CRUDE OIL

Why in news?

  • Indian Oil Corp has signed a deal with Russia's Rosneft for the annual purchase of 2 million metric tonnes of crude oil, the Oil Ministry said in a statement.



Highlights:

  • Both leaders also witnessed the signing of the first-ever Term Contract between IOCL and Rosneft for importing 2 Million Metric Tonnes of Urals grade crude oil during the year 2020 to India.

  • Sourcing of Russian crude oil through long term contracts is a part of India’s strategy for diversifying the country’s crude oil supplies from non-OPEC countries, and a part of the five-year roadmap for bilateral cooperation in the hydrocarbons sector that was signed during Hon’ble Prime Minister Shri Narendra Modi’s visit to Vladivostok last September, 2019.

  • The crude oil, being sourced under the contract, will be loaded in Suezmax vessels at Novorossiysk port of Russia and will come to India, bypassing Straits of Hormuz.

  • This is the first ever annual oil purchase deal between India and Russia.


Source: PIB



SHRI RAM JANMBHOOMI TEERTH KSHETRA TRUST FOR CONSTRUCTION OF RAM TEMPLE

Why in news?

  • Centre Government has issued gazette notification over setting up of Shri Ram Janmbhoomi Teerth Kshetra Trust for the construction of Ram Temple in Uttar Pradesh's Ayodhya.


Highlights:

  • The trust will have office in Delhi's Greater Kailash.

  • Shri Ram Janmabhoomi Teerth Kshetra Trust will have 15 trustees, out of which one trustee will always be from Dalit community.

  • This trust will be completely free to take every decision related to the temple and 67 acres of land will be transferred to the trust.