Daily Current Affairs
Moody’s upgrades India’s rating
Moody’s Investors Service raised the outlook on India’s sovereign rating to ‘stable’ from ‘negative’ in a revision after nearly two years, eliminating the chances of a downgrade to junk status. Rating agency Moody’s Investors Service has upgraded India’s sovereign rating outlook to ‘stable’ from ‘negative’, on October 05, 2021, following an improvement in the financial sector and faster-than-expected economic recovery across sectors. Moody’s expects real GDP growth to average around 6 per cent over the medium term, reflecting a rebound in activity to levels at potential as conditions normalise.
World Cotton Day
Daily Current Affairs
World Cotton Day (WCD) is observed annually on 7th October. The international day aims to celebrate the advantages of cotton, ranging from its qualities as a natural fibre to the benefits people obtain from its production, transformation, trade and consumption. World Cotton Day was initiated by the Group of Cotton-4 countries namely Benin, Burkina Faso, Chad and Mali .World Trade Organization Headquarters: Geneva, Switzerland.
World Trade Organization Founded: 1 January 1995.
World Trade Organization Director-General: Ngozi Okonjo-Iweala
Government has approved setting up of 7 Mega Integrated Textile Region and Apparel Parks
With a view to realise the vision of building an Aatmanirbhar Bharat and to position India strongly on the Global textiles map, the Government has approved the setting up of 7 PM MITRA (पीएम मित्र) parks as announced in Union Budget for 2021-22.
PM MITRA (पीएम मित्र) is inspired by the 5F vision of Prime Minister Modi. The ‘5F’ Formula encompasses – Farm to fibre; fibre to factory; factory to fashion; fashion to foreign. This integrated vision will help furthering the growth of textile sector in the economy. No other competing nation has a complete textile ecosystem like us. India is strong in all five Fs.
The 7 Mega Integrated Textile Region and Apparel Parks (PM MITRA) (पीएम मित्र) will be setup at Greenfield / Brownfield sites located in different willing States. Proposals of State Governments having ready availability of contiguous and encumbrance-free land parcel of 1,000+ acres along with other textiles related facilities & ecosystem are welcome.
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