Current Affairs for BANK, IBPS Exams - 01 February 2022

::National::

Calls to reopen Delhi schools get louder, groups write to L-G Baijal

A body representing over 120 private schools in Delhi has urged Delhi lieutenant governor Anil Baijal to immediately reopen schools, stressing that there was no justification in keeping them closed when all other activities have been allowed to resume.
The prolonged closure of schools due to the Covid-19 pandemic has taken a toll on the mental and physical health of children, besides hampering learning, the National Progressive School Conference (NPSC), an organisation of 122 private schools in the city, wrote in a letter to Baijal.
NPSC’s letter comes a day after the Action Committee of Unaided Private Schools, another large group of private schools in Delhi, wrote to Baijal on Sunday, asking him to reopen schools.
“Unfortunately, Delhi schools have had pandemic driven closures for about a colossal span of two years and this has taken a massive toll on the mental and physical health of children of all age groups,” the letter signed by NPSC chairperson Sudha Acharya said. “The present scenario is creating huge learning gaps leading to a generational catastrophe which will unfailingly have a long term and deep-rooted repercussion.”
Schools were first shut in March 2020 when a stringent nationwide lockdown was imposed to curb the spread of Covid-19. It reopened for classes 10 and 12 for practicals and board preparation in January 2021, and for classes 9 and 11 in February.
The Directorate of Education allowed schools to restart in-person classes for classes 6 and above from December 18 after a go-ahead from the Commission for Air Quality Management, but closed them again on December 28.
Last week, following a meeting with a delegation of parents seeking urgent reopening of schools, deputy chief minister Manish Sisodia said the government would recommend the reopening of schools in the Delhi Disaster Management Authority meeting. However, the meeting held last Thursday deferred the decision on reopening.
The Directorate of Education allowed schools to restart in-person classes for classes 6 and above from December 18 after a go-ahead from the Commission for Air Quality Management, but closed them again on December 28.
Last week, following a meeting with a delegation of parents seeking urgent reopening of schools, deputy chief minister Manish Sisodia said the government would recommend the reopening of schools in the Delhi Disaster Management Authority meeting. However, the meeting held last Thursday deferred the decision on reopening.

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::International::

US holds up approval for Pakistan’s ambassador designate Masood Khan

The US has held up approval for the appointment of Masood Khan as the new Pakistani ambassador to Washington, apparently due to concerns related to his stint as president of Pakistan-occupied Kashmir.
People familiar with the matter confirmed on Monday that the US side is yet to sign off on the approval. They said the matter was apparently linked to Khan’s stint as president of Azad Jammu and Kashmir, the name used by Pakistan for PoK, during 2016-21.
Coinciding with this development, Scott Perry, a Republican member of the US Congress, has written a letter to President Joe Biden, demanding that the US administration should “reject any democratic credentials” presented by Khan in view of his background as a “bona fide terrorist sympathizer working to undermine” American interests in the region and the “security of our Indian allies”.
Perry contended that Khan has “praised both terrorists and foreign terrorist organizations – including Hizbul Mujahideen – in stark and unsettling terms” and “encouraged young men to emulate jihadists like Burhan Wani, a former commander of Hizbul Mujahideen who dedicated his life to a holy war against India”.
He further wrote that Khan “lashed out” at the US in 2017 for designating the leader of Hizbul Mujahideen for sanctions, and willingly appeared alongside Harkat-ul-Mujahideen founder Fazlur Rehman Khalil, a specially designated global terrorist, in 2019. Perry referred to the US treasury department’s assertion that Khalil had a close relationship with al-Qaeda and its slain founder, Osama bin Laden.
“A litany of examples accompanies Mr Khan’s perverse attachment to Islamic terrorism, which makes it exceedingly obvious that Pakistan has embraced its identity as a super terrorist state,” Perry wrote.
“While I am encouraged that the State Department has reportedly put a pause on approving Masood Khan as the new Ambassador from Pakistan, a pause is not enough. I urge you to reject any diplomatic credentials presented to you by Masood Khan and reject any effort by the Government of Pakistan to install this jihadist as Pakistan’s Ambassador to the United States,” he added.

::Economy::

Economic survey pegs FY23 growth at 8-8.5%

The Indian economy is estimated to have become bigger than its pre-pandemic size, according to the Economic Survey for 2021-22 presented in Parliament on Monday. It is projected to expand by 8-8.5% in 2022-23, the annual report card on the economy said, detailing what it termed India’s barbell strategy in successfully dealing with the Covid-19 pandemic.
The growth projection in the survey was more conservative than those made by other agencies, chief economic advisor V Anantha Nageswaran said at a media briefing. The International Monetary Fund on January 25 predicted that the Indian economy will expand by 9% in 2022-23.
India’s gross domestic product in 2021-22 is estimated to be 1.3% higher than what it was in 2019-20, principal economic advisor Sanjeev Sanyal said.
More importantly, the Economic Survey expressed confidence that the government has adequate fiscal headroom to provide support to economic activity, steering clear of the actual fiscal trajectory for the next financial year starting in April, which is the budget’s prerogative. The survey is presented a day before the Union budget.
The survey also stuck to the National Statistical Office’s estimate of 9.2% GDP growth for 2021-22.
With just a one-volume, sector-wise assessment of the economy (a second volume focuses exclusively on the statistical highlights), the survey’s central message is that India will continue to be the fastest growing economy in the world without jeopardising its macroeconomic stability.
The survey acknowledged the risk of inflation, but pointed to the fact that retail inflation, as measured by the Consumer price Index, has fallen to 5.2% in April-December 2021 from 6.6% in the corresponding period of the previous year.

India may again become the world’s fastest growing economy: Economic Survey

India has the fiscal legroom to boost spending to achieve record growth, likely wresting the title of the world’s fasted growing economy from China, according to the Budget-eve Economic Survey presented in the Parliament by finance minister Nirmala Sitharaman.
The economy will expand 8%-8.5% in the year starting April after likely growing 9.2% in the current fiscal year, going by the annual economic document.
The document, which was unveiled a day ahead of the presentation of the Union Budget, said the government had the fiscal legroom to boost investment and spending. Growth will be propelled by “widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending.”
For the second year running, Asia’s third-largest economy has been hit by the Covid-19 pandemic, as disruptions and uncertainty caused by repeated waves have impacted private consumption, consumer behaviour, and supply chains. The pandemic has also accelerated shifts towards online technologies.
This, the Survey said, implied that overall economic activity had recovered past the pre-pandemic levels. “Almost all indicators show that the economic impact of the ‘second wave’ in Q1 was much smaller than that experienced during the full lockdown phase in 2020-21 even though the health impact was more severe,” the economy’s report card said.
According to the Survey, Agriculture and allied sectors were “least impacted” by the pandemic. The farm sector, which is critical because it employs half of all Indians, is expected to grow by 3.9% in 2021-22 after growing 3.6% in the previous year.
The Survey pointed to a strong revival in revenues. Revenue receipts were up over 67% year on year in April-November 2021. “(This) means that the Government has fiscal space to provide additional support if necessary.”
“The projection is based on the assumption that there will be no further debilitating pandemic related economic disruption, monsoon will be normal, withdrawal of global liquidity by major central banks will be orderly,” the Survey said.

::Sport::

Rafael Nadal beats Daniil Medvedev to win record 21st Grand Slam title

Rafa Nadal edged Daniil Medvedev in a classic Australian Open final on Sunday, roaring back from two sets down to claim a record 21st Grand Slam title only months after fearing his glorious career might be over due to injury.
With Novak Djokovic forced out by deportation and Roger Federer recovering from knee surgery, the Spanish great is now one major title clear of his ‘Big Three’ rivals after surviving the 2-6 6-7(5) 6-4 6-4 7-5 thriller at Rod Laver Arena.
Riding a wave of raucous support from the crowd, a vintage Nadal pulled off one of his finest performances to deny Medvedev again, less than three years after leaving the Russian heartbroken in five sets at the 2019 U.S. Open final. In a match steeped in drama, Nadal was two points from the title but was broken as he served for the match at 5-4.He held firm to break Medvedev again and served out the match to love, rushing in to deliver a backhand volley as a stunning coup de grace.