Today in History (May 25th, 1787)
On 25th May, 1787, U.S.A. Constitutional Convention opened in Philadelphia, which was participated by the 55 delegates to frame the Articles of Confederation. Later, these delegates drafted the Constitution of the United States of America.
Summary of Today’s News
International Booker Prize
Bulgarian writer Georgi Gospodinov and translator Angela Rodel won the International Booker Prize for Time Shelter, a darkly comic novel about the dangerous appeal of nostalgia. Time Shelter imagines a clinic that recreates the past, with each floor reproducing a different decade. Intended as a way to help people with dementia unlock their memories, it soon becomes a magnet for people eager to escape the modern world.
Foreign Portfolio Investors (FPI)
The Securities and Exchange Board of India (SEBI) has asked all foreign funds investing in India to identify their parent financial institution to help unravel opaque ownership structures. The move follows a regulatory investigation into suspected violations in overseas investments in the Adani group of companies. A panel appointed by the Supreme Court to oversee the investigation cited difficulties in obtaining information from offshore entities as one reason the regulator has struggled to reach any conclusion.
GDP growth to exceed 7% in FY22-23.
The Reserve Bank of India (RBI) Governor Shaktikanta Das said that India’s GDP growth in 2022-23 will surpass the 7% estimate, and retail inflation is likely to stay below the 4.7% mark in May, 2023. The GDP data for 2022-23 will be released by the National Statistics Office (NSO.) The RBI’s growth expectation of 6.5% for this year is higher than the 5.9% projected by the International Monetary Fund, is based on positive outlook for agriculture sector, a normal monsoon and a sustained uptick in the services sector, though geopolitical risks, slowing world trade and goods exports remain a risk.
Global Alliance of National Human Rights Institutions
For the second time in a decade, the UN-recognised Global Alliance of National Human Rights Institutions (GANHR) deferred the accreditation of the National Human Rights Commission of India citing objections such as political interference in appointments, involving the police in probes into human rights violations, and poor cooperation with civil society.
