News in Short

• India will chair the crucial Taliban and Libya sanctions committees and the Counter-Terrorism Committee of the UN Security Council during its tenure as non-permanent member of the powerful UN body.
• India, which has been at the forefront of the years-long efforts to reform the UNSC, began its two-year tenure at the Council.
• The three committees are highly significant subsidiary bodies of the UNSC and India chairing them is a ringing endorsement of the country’s leadership to steer the panels.
• India is a leading voice at the UN in the fight against the global scourge of terrorism, particularly the threat posed by cross-border terrorism emanating from Pakistan.
• India has underscored that the fight against terrorism will be a key priority for it as it sits at the UN high-table for the 2021-22 term.

• Intel has launched a new facial recognition camera system aimed at bringing safe Face ID biometric system to ATMs, kiosks, and smart locks.
• RealSense ID provides on-device solution combining active depth sensor with a specialised neural network designed to deliver secure, accurate, and user-aware facial authentication.
• RealSense offers depth and tracking technologies used in autonomous drones, robots, AR/VR, and smart home devices.
• RealSense ID adapts to users over time as they change physical features, such as facial hair and glasses. Real Sense ID system works in different lighting conditions for people with a wide range of heights or complexions.
• It has built the system with an anti-spoofing technology to prevent false entry attempts using photographs, videos or masks. The tech firm assures that the system processes all facial images locally and encrypts all user data.

• Elon Musk has overtaken Amazon’s Jeff Bezos to become the world’s richest person, after shares in the electric car company soared.
• A 4.8% rise in Tesla’s share price was enough to push Musk into the top spot according to the Bloomberg billionaires index, which tracks the daily changes in the fortunes of the world’s 500 wealthiest people.
• Tesla’s share price has risen by more than sevenfold this year as demand for electric cars soared and governments announced further measures to wean the world off internal combustion engines.
• Tesla’s value was buoyed by the Democratic victories in Georgia to take control of the US Senate, as it meant the US would probably introduce tax credits for electric vehicles and join the green agenda already set by many European countries.

• India’s real GDP (Gross Domestic Product)is estimated to contract by 7.7% in 2020-21, compared to a growth rate of 4.2% in 2019-20, as per advance estimates released by the National Statistical Office (NSO).
• India’s economy had grown at 4.2% in 2019-20, but entered a recessionary phase with two successive quarters of sharp contraction triggered by the COVID-19 national lockdowns beginning March 2020.
• Following a 23.9% collapse in the economy between April to June 2020 period, the GDP fell by 7.5% in the second quarter – leading to a real GDP contraction of 15.7% in the first half of 2020-21.
• Just two sectors are estimated to record positive growth in GVA this year, with Agriculture continuing its strong run through the first half of year to the second half (3.4%) and Electricity, Gas, Water Supply & Other Utility services (2.7%).

• The United States announced that it will modify the selection process for H-1B visa, giving priority to salary and skills instead of the current lottery procedures.
• The final rule is aimed to protect the economic interests of US workers and better ensure the most highly skilled foreign workers benefit from the temporary employment programme.
• The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations that require theoretical or technical expertise.
• The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
• Modifying the H-1B cap selection process will incentivise employers to offer higher salaries, and/or petition for higher-skilled positions, and establish a more certain path for businesses to achieve personnel needs and remain globally competitive.