Daily Current Affairs for UPSC Civil Services Exam – 23 July 2020

Daily Current Affairs for UPSC Civil Services Exam – 23 July 2020

In Today’s News:

  1. ED launches probes into gold smuggling case.
  2. Hon’ble PM Shri. Narendra Modi invites US firms to invest in India.

1. ED launches probe into gold smuggling case

News Summary

The Enforcement Directorate has initiated a money-laundering probe into the illegal large-scale smuggling of gold through air cargo shipments addressed to the United Arab Emirates (UAE) consulate in Kerala.

Prelims GS – Economic Development

Enforcement Directorate:

Refer to the prelims content of ED on 11th June 2020.

Mini Insights

Mains GS3 – Economic Development

Functions of ED:

Refer to the Mains content of ED on 11th June 2020.

2. Hon’ble PM Shri. Narendra Modi invites US firms to invest in India

News Summary

Prime Minister Narendra Modi has invited U.S. companies to invest in India’s healthcare, infrastructure, defence, energy, farm, and insurance sectors, saying the country offers openness and opportunities.

Mini Insights

Mains GS2 – International Relations

PM’s address at US-India Business Council:
  • As said by Hon’ble PM, India offers a perfect combination of openness, opportunities, and options.
  • India celebrates openness in people and in governance.
  • The reforms made in the last six years have made the Indian economy more open and reform-oriented.
  • Reforms have ensured increased competitiveness, transparency, digitization, innovation, and policy stability.
Significance of US Investments in India:
  • More jobs will be created when new investments are made in India.
  • Infrastructure will be developed in different sectors of the economy.
  • The health sector will be enhanced with the latest and advanced technologies of the US.
  • Defence will be strengthened through the US advanced defence equipment and capabilities.
  • It will be a counter to China’s expansionist policy.

 

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