Goaltide Daily Current Affairs 2023

Jan 18, 2023

Current Affair 1:
First Global Partnership for Financial Inclusion- G 20



The first G20 Global Partnership for Financial Inclusion (GPFI) meeting under G20 India was held in Kolkata.

 The Finance Track is at the core of the G20 process and provides an effective forum for global economic discourse and policy coordination. It discusses global macroeconomic issues through its meetings of Finance Ministers and Central Bank Governors, their Deputies and various working group meetings.

Some of the key issues dealt by the Finance Track are global economic outlook and monitoring of global economic risks; reforms for a more stable and resilient global financial architecture; international taxation; financing quality infrastructure; sustainable finance; financial inclusion; financial sector reforms and financing for future health emergencies and investments in pandemic prevention, preparedness, and response.

 India’s G20 Presidency is grounded in the theme of “Vasudhaiva Kutumbakam” or “One Earth One Family One Future”, which underlines the message of equitable growth and shared future for all. Rising challenges in global economic scenario in the post-COVID-19 period demand a refocusing of worldwide discourse on people-centric issues.

Financial inclusion is thus crucial to achieving the goals of poverty alleviation and economic empowerment of vulnerable segments as it positively impacts sustainable and inclusive economic growth.

Current Affair 2:
First India Stack Developer Conference



Read this:

The objective of the conference is to increase access and adoption of India Stack-for countries that are keen to adopt and integrate it as per their requirements and to create a robust ecosystem of startups, developers and system integrators working around it on next-generation innovation.

The mission is to offer India Stack or the part of the stack to those enterprises & countries across the world who want to innovate and further integrate, execute, and implement digital transformation.

Current Affair 3:
What do the latest GDP estimates for 2022-23 tell us about the health of the Indian economy?


India’s Gross Domestic Product (GDP) is estimated to grow at 7 per cent for financial year 2022-23, as compared to 8.7 per cent in the previous year, according to the first advance estimates (FAE) of GDP released by the National Statistical Office (NSO). The first advance estimates are significant as they serve as essential inputs for the budget for the next financial year.

The NSO has already estimated India’s GDP to have grown by 9.7 per cent in the first half of 2022-23.

Domestic consumption demand recovering but uneven

Private final consumption expenditure (PFCE) is estimated to grow by 7.7 per cent in 2022-23. Its share in GDP is estimated to rise to 57.2 per cent as compared to 56.9 per cent in the previous year. However, high-frequency indicators are showing mixed signals.


Investment showing encouraging signals

Investment measured by Gross Fixed Capital Formation (GFCF) recorded a growth of 11.5 per cent in 2022-23. While government capex has been the prime driver of investment, private sector investment is also showing initial signs of a pick-up. According to a survey by Federation of Indian Chambers of Commerce and Industry (FICCI), the average capacity utilisation in the manufacturing sector is above 70 per cent, which signals sustained economic activity in the sector.

Manufacturing sector shows subdued growth

Manufacturing sector is estimated to register a weak growth of 1.6 per cent in 2022-23 as against a growth of 9.9 per cent in the previous year. The sector suffered on account of high raw material prices and weak external demand. In fact, in the first half of the current year, the manufacturing sector grew by a meagre 0.1 per cent.


One of the key proxies for the manufacturing sector performance is the IIP. The IIP has shown a reasonable growth of 5 per cent during April-November of the current year.

Current Affair 4:
Researchers discover new species of microalgae



In the water from a home aquarium, a brand-new species of microalgae was discovered. While analyzing DNA samples taken from the algae, researchers from the University of Tokyo discovered Medakamo hakoo, whose DNA sequence didn’t match any on record.

This new species is the smallest known freshwater green algae, with inherent qualities which enable it to be cultured stably at high density, meaning it could be effectively used to produce useful products for food and industry.

Microalgae are an ultrasmall type of algae which are invisible to the human eye, but a vital part of the Earth’s ecosystem, forming the basis for all aquatic food chains. They have attracted particular attention from researchers and businesses for their ability to capture carbon dioxide, their use as a biofuel, as an alternative source of protein, and more. There are tens of thousands of types of microalgae, which continue to thrive in unexpected places.

Microalgae are made up of relatively few genes, and this uncomplicated form makes them useful for researchers trying to identify what roles different genes play and how they could be used. Of the tens of thousands of known microalgae, many remain uncharacterized. Thanks to this latest study, we now know that not only is this a new species, but it also has the smallest known genome of any freshwater algae, as well as other useful qualities.

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