Current Affairs - January, 2020

Current Affairs January, 2020 section comprises all the Current Affairs Updates published between January 1, 2020 and January 31, 2020 for competitive examinations in India including UPSC, IAS/PCS, Banking / IBPS, SSC, Railways, CLAT, NDA/CDS, UPPSC, RPSC, BPSC, MPPSC, TNPSC, MPSC, KPSC etc.

PDF Compilation of these updates can be downloaded from This Link

Myanmar-China sign 33 deals of BRI: Increases China’s ease of access of Indian Ocean

On January 18, 2020, China and Myanmar signed 33 new deals under BRI (Belt and Road Initiative) to implement China-Myanmar Economic Corridor. Also, a concession agreement was signed by he countries to implement the deep seaport project called Kyaukphyu Special Economic Zone.

Highlights

The agreements were signed to strengthen the collaboration in infrastructure sector that includes rail connectivity, roads and power interconnection projects. However, the controversial Myitsone dam project that is backed by China was not discussed.

India’s Concerns

The project allows China to have easy of access to Indian Ocean. This is because this route bypasses Strait of Malacca through which China imports most of its oil requirements. Strait of Malacca connects Andaman Sea and South China Sea. This route is on the international boundary and is far from India’s territories as compared to the Myanmar route. With China of Ease of access to Indian Ocean, India has to strengthen its Navy to safeguard its interests in the region. Also, Indian Navy is already witnessing increased Chinese presence in the IOR.

This will aid in China’s plans of String of Pearls.

Myitsone Dam

The project was proposed across Irawaddy river. It was suspended and the Chinese tried to revive it at an estimated cost of 3.6 billion USD. The project is controversial as it is located at a 60-mile distance from the Sagaing fault line.

Get these updates on Current Affairs Today Android App

World Gold Council report: RBI ranks 6th in buying gold abroad

The World Gold Council (WGC) recently released its report, “World Gold Outlook 2020”. The report says that gold has performed the best since 2010 in 2019. In 2019, the gold trade in USD has increased by 18.4% as compared to 2010.

Highlights: India

According to the WGC, RBI (Reserve Bank of India) currently holds 625.2 tonnes of gold. This is 6.6% of the country’s foreign exchange. With this, India ranks sixth in the world among other central banks.

The report says that higher taxes have exacerbated the local gold price consumption. the recently introduces new hallmarking reforms are expected to increase consumer trust, remove inefficiencies, promote growth and improve confidence.

Highlights: World

The other 5 countries that have bought more gold than India include China, Russia, Kazakhstan, Turkey and Poland. The Exchange Traded Funds (ETF) of institutional investors were the second largest buyers of gold in 2019. The report predicts that they will continue to buy more gold in 2020 as well.

In 2019, the largest gold sellers were Uzbekistan and Venezuela. They sold 16.6 tonnes and 30.3 tonnes respectively.

World Gold Council

The WGC is a market development organization. The headquarters of WGC is located in London. The offices of WGC are located in China, India, US and Singapore. The WGC office in India is located in Mumbai.

Get these updates on Current Affairs Today Android App

Advertisement