Today in History (June 27th, 1871)
In 1871, under the New Currency Act of 1871, Yen was adopted as the official currency of Japan, replacing clan notes issued by feudal lords, circulating since the 16th century. It was first minted in 1869. It is the third most traded currency in the world, followed by the US dollar and Euro.
Summary of Today’s News
World at a critical point in inflation fight: BIS
The Bank for International Settlements (BIS), headquartered in Basel, Switzerland, has called for more increases in interests rate as inflation in many countries is still very high. An increase in borrowing costs triggered the collapse of the banking sector in Western countries. According to BIS, the longer the inflation stays elevated, the stronger the policy tightening is required.
S&P retains FY24 growth projection for India at 6%
The S&P Global Ratings retained India’s GDP growth forecast at 6% for FY 2023-24. As per the report, India, including Vietnam and the Philippines, will be the fastest-growing economy among the Asia-Pacific countries. The retail inflation will decrease to 5% from 6.7%. S&P has lowered the growth forecast for China to 5.2% from 5.5% for 2023. Strong growth momentum in Asian countries is expected to last through 2026.
ICC launches CWC trophy tour.
The International Cricket Council (ICC) Men’s ODI World Cup Trophy 2023 has been launched on a stratospheric scale, at 1,20,000 feet above the Earth, before landing at the Narendra Modi Cricket Stadium in Ahmedabad. The trophy will travel to 18 countries worldwide, including Kuwait, Bahrain, Malaysia, the USA, Nigeria, Uganda, France, Italy, the United States of America, and the host country, India.
Char Dham Yatra
As per the State Disaster Management Data of Uttarakhand, about 149 pilgrims have died in the first 65 days of the annual Char Dham Yatra. According to the Health Department, heart attack was the prominent reason for most deaths. Over 31.78 lakh people have visited the Badrinath, Kedarnath, Gangotri, and Yamunotri temples since April 2023. The economy of the Char Dham Yatra is estimated to be Rs. 7,500 crores, providing direct and indirect employment to 10 lakh people.
