Moody's Investors Service cut India's GDP growth forecast for 2019 calendar year to 6.2% from the previous estimation of 6.8%. For 2020 calendar year, it reduced the estimate by a similar measure to 6.7%.
ANZ slashed forecast for India’s GDP growth to 6.2% for 2019-20.
President Kovind inaugurated the first World Youth Conference on Kindness in New Delhi. It is organized with an aim to impart critical competencies in global youth & enable them to transform themselves & build long-lasting peace in their communities.
International Youth Day – August 12.
India and France signed an agreement on behalf of the Indian Space Research Organisation & Paris-based National Centre for Space Studies for the establishment of a joint maritime domain awareness mission to detect and tackle threats emanating from the sea.
Prime Minister of France - Edouard Philippe.
Government is planning to launch an e-commerce project called 'Bharatcraft' for micro small & medium enterprises, on the lines of platforms such as Alibaba. The proposed platform could generate a turnover of ₹ 10 trillion over the next few years.
MSME sector currently contributes 29% to the country's GDP.
New Delhi is the 10th fastest growing prime market in the world on Knight Frank's Prime Global Cities Index. Delhi saw a 4.4% rise in weighted average of capital values. Bengaluru (2.8%) & Mumbai (0.8%) were ranked 15th and 30th on the list, respectively.
Shishir Baijal is the CMD of Knight Frank India.
Union Minister Smriti Zubin Irani has launched a project named SU.RE (sustainable resolution) to move towards sustainable fashion that contributes to a clean environment. It involves 16 leading retail fashion brands, reflects the thought of Mahatma Gandhi.
Combined industry value of 16 signatories is around ₹ 30000 Cr.
Vishnu P R from Thiruvananthapuram is selected to participate in the first-ever Youth Climate Summit. It is a platform for young leaders to showcase their solutions for climate change on a global stage. He is one of the 100 participants in the summit.
He is the CEO of Change Can Change Climate Change (C5)Foundation
The department of defence production has set itself a target of producing equipment worth ₹ 90,000 Crore in the financial year 2019-20. Exports worth ₹ 15000 crore have been envisaged from the total quantity of equipment produced.
The production target set for FY20 is 12% higher than the FY 19.
Serbia became a non-regional member of the Asian Infrastructure Investment Bank. Serbia adopted the Law on Confirmation of the Founding Act of the AIIB, deposited the instrument of accession & paid the 1st installment of its share in the bank's capital.
AIIB began operation in January 2016 with 57 founding members.
Iranian President Hassan Rouhani has inducted a locally built air-defence system into the country's missile defence network named ‘Bavar-373’. It is the country's first domestically produced long-range missile defence system.
Capital of Iran is Tehran; Currency – Rial;
Billionaire David Koch, a major donor to the Republican party, has died aged 79. The former majority owner of Koch Industries was ranked by Forbes, jointly with brother Charles, as the 11th richest person in the world.
He ran for vice-president as a Libertarian in 1980.