Current Affairs 9th May 2024
Welcome to your one-stop shop for staying informed! In today’s edition of Current Affairs 9th May 2024, we’ll be diving into the latest news and developments from around the world.
NATIONAL AFFAIRS
1) DoP Secretary, Dr. Arunish Chawla launches the Meditech Stackathon 2024 in collaboration with CII at New Delhi
On May 7, 2024, Dr. Arunish Chawla, Secretary of the Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers (MoC&F), launched the Meditech Stackathon 2024 in New Delhi, Delhi, in conjunction with the Confederation of Indian Industry (CII).
This project seeks to transform India’s MedTech sector by conducting a full value chain study of certain medical equipment, encouraging innovation, and lowering import dependence in order to encourage medical innovation and self-reliance.
What is to be done under STACKATHON?
During the STACKATHON, participants will assess several product sectors, identify important players, and identify barriers to industry development such as import reliance, regulatory impediments, and technical gaps.
It is divided into eight focused groups: cancer therapy, imaging, critical care, assistive medical devices, body implants, surgical instruments and hospital equipment, consumables and disposables, and IVD (In Vitro Diagnostic) instruments and reagents.
Each group is assigned specialized tasks, such as segment-wise device identification, import-export dynamics study, and duty structure assessment.
Key Points:
- India’s MedTech business is expected to develop at a 28% annual rate, reaching USD 50 billion by 2030.
- India is ranked fourth in Asia and 20th globally in the medical device industry.
- Net imports in 2022-23 reached USD 4.1 billion, with an import coverage ratio of 0.45.
- Quality is critical for global competitiveness.
- In 2023, exports outpaced imports of consumables and disposables.
Click here to read from source
2) IA Western Command & IAF conducted Joint Ex- Gagan Strike-II in Punjab
On May 7, 2024, the Kharga Corps in Ambala, Haryana, under the Indian Army’s Western Command, and the Indian Air Force (IAF) completed Gagan Strike-II, a three-day joint exercise over different locations in Punjab.
Lieutenant General Manoj Kumar Katiyar, the Western Command’s General Officer Commanding-in-Chief, reviewed the exercise.
The exercise sought to improve protocols and justify the employment of attack helicopters in mechanized operations on developed terrain.
Key Points:
Gagan Strike-II included Apache and Advanced Light Helicopter-Weapon System Integrated (ALH-WSI), unarmed aerial vehicles, and Army Special Forces.
The drill aimed to validate assault helicopter deployment in support of mechanized operations.
We conducted live shooting exercises as part of the assault maneuvers. Additionally, we practiced attack helicopter operations in both centralized and decentralized configurations, employing additional force multipliers.
Ground force commanders used aerial assets, including drones, to improve situational awareness and target destruction.
The exercise permitted the seamless integration of ground and airborne forces for combined operations, resulting in the achievement of defined goals.
Click here to read from source
3) Infosys Receives ISO 42001:2023 Certification for Artificial Intelligence Management System
Infosys obtained ISO (International Organization for Standardization)/IEC (International Electrotechnical Commission)42001:2023 Certification for its Artificial Intelligence Management System (AIMS), becoming one of the world’s first IT services businesses to receive this accreditation.
TUV India (part of the TÜV Nord Group), a renowned provider of technical quality and safety services, has established the world’s first international standard for AI management systems.
Key Points:
Infosys used the AIMS framework as part of their Topaz Responsible AI Suite to ensure responsible AI practices and regulatory compliance.
The Infosys Topaz Responsible AI Suite seeks to monitor and protect AI models and systems while also encouraging responsible AI adoption across companies.
The accreditation demonstrates Infosys’ commitment to responsible AI projects and risk minimization.
ISO 42001:2023 certification provides a systematic approach to AI management, increasing efficiency and responsibility in AI activities.
About Infosys:
- Chief Executive Officer and Managing Director– Salil Parekh
- Headquarters– Bengaluru, Karnataka,
- Establishment– 1981
Click here to read from source
INTERNATIONAL AFFAIRS
4) World’s Wealthiest Cities Report 2024 by Henley & Partners: New York Tops
According to the 2024 World’s Wealthiest Cities Report issued by worldwide wealth mobility specialists Henley & Partners, New York City, New York, the United States of America (USA), has kept its title of the World’s Wealthiest City.
California’s Bay Area (USA) is placed second, followed by Tokyo (Japan), Singapore (Singapore), and London (The United Kingdom-UK) in third, fourth, and fifth places, respectively.
Key Points:
- The only Indian cities listed in the top 50 of the 2024 World’s Wealthiest Cities Report were Mumbai (Maharashtra) (24th) and Delhi (37th).
- With 11 cities in the Top 50, the United States has emerged as the world’s wealthiest nation.
- Among Asian countries, China tops the 2024 list. Five mainland Chinese cities, together with Hong Kong (Special Administrative Region-SAR) and Taipei, are in the top 50.
- Shenzhen (China) has emerged as the fastest-growing city in terms of millionaires, with a 140% rise over the previous decade.
About Henley & Partners:
- Chief Executive Officer(CEO)- Dr. Juerg Steffen
- Headquarters- London, UK
Click here to read from source
5) India Received over USD 111 Billion in Remittances in 2022: UN’s International Organization for Migration (IOM)
On May 7, 2024, the United Nations (UN) agency, International Organization for Migration (IOM), issued the study titled “World Migration Report 2024”. The research stated that India received more than USD111 billion in remittances in 2022. Thus, India becomes the first country to cross the USD 100 billion milestone.
Between 2000 and 2022, international remittances increased by 650%, from $128 billion to $831 billion.
Key Highlights:
- The top five nations for remittances in 2022 are India, Mexico, China, the Philippines, and France.
- India (first), Pakistan (sixth), and Bangladesh (eighth) are among the top ten beneficiaries of overseas remittances worldwide.
- The United States of America (USA) is the most common destination country for international mobile students.
About International Organization for Migration(IOM):
- Director General: Amy Pope
- Headquarters: Geneva, Switzerland
- Established: 1951
- Member states – 175 member states and 8 observers
Click here to read from source
6) World Bank Report: Annual Investments of USD 260 Billion Needed to Halve Agrifood Emissions by 2030; Achieve Net Zero by 2050
According to the World Bank’s report “Recipe for a Livable Planet: Achieving Net Zero Emissions in the Agrifood System,” annual investments must increase by an estimated 18 times, to USD 260 billion per year, to reduce current agrifood emissions by half by 2030 and achieve net zero emissions by 2050.
This is the first comprehensive worldwide strategy framework for reducing the agrifood system’s impact on climate change.
It also highlights actionable steps to reduce greenhouse gas (GHG) emissions while maintaining global food production.
Note: Every year, twice as much money is spent on agricultural subsidies, many of which hurt the environment.
Key Findings:
The global agrifood sector has enormous potential to reduce roughly one-third of global GHG emissions through easily implemented strategies.
These initiatives promise to improve food security, build resilience to climate change, and safeguard vulnerable people.
To fulfill the 1.5°C objective, agrifood emissions must be net zero by 2050, highlighting their essential role in global climate goals.
Estimates indicate that the advantages in terms of health, economics, and the environment might total USD 4.3 trillion by 2030, representing a 16-to-1 return on investment expenses.
The Challenges:
Agrifood contributes considerably to climate change, contributing for over one-third of global emissions, or around 16 gigatons per year.
This amounts to around one-sixth of all global heat and power emissions.
Developing nations account for three-quarters of agrifood emissions, demanding action at all income levels.
A comprehensive approach to reducing emissions from value chains and land use change is required.
Note: The top ten agrifood system emitters include high-income nations (HIC)—Canada and the United States of America (USA); middle-income countries—China, Brazil, India, Indonesia, the Russian Federation, Pakistan, and Argentina; and low-income countries (LIC)—the Democratic Republic of Congo.
Financial Constraints:
Reducing agrifood emissions accounts for just 2.4% of overall mitigation funding.
This industry receives less financing for climate action than others.
India’s Contributions and Challenges
- In India, 60% of agrifood emissions come from the farm gate, with the livestock industry playing a significant role.
- Despite low emission intensity in rice cultivation, India’s size of production nonetheless generates significant emissions.
Click here to read from source
BANKING & FINANCE
7) Canara HSBC Life Insurance Introduces Promise4Growth Plan
On May 6, 2024, Canara HSBC Life Insurance Company Limited released Promise4Growth, a new Unit Linked Insurance Plan (ULIP) for consumers seeking financial prosperity and stability.
The program provides three plan options: Promise4Wealth, Promise4Care, and Promise4Life, each tailored to distinct financial objectives and life phases.
On May 6, 2024, ICICI Prudential Life Insurance Company Limited, a large private insurer in India, announced its first new ULIP, ICICI Pru Platinum. This tries to close the gap between distributors’ and policyholders’ interests by matching distributor commissions to the value of the customer’s fund.
About Canara HSBC Life Insurance Company Limited
- Managing Director and Chief Executive Officer (MD & CEO) – Anuj Mathur
- Headquarters – Gurugram, Haryana
- Established – 2008
Click here to read from source
8) Setu unveils Sesame, India’s 1st Domain-Specific LLM for BFSI sector
Setu, a part of the Pine Labs Group, has introduced Sesame, India’s first Large Language Model (LLM) for the Banking, Financial Services, and Insurance (BFSI) industry. It was created in partnership with Sarvam Artificial Intelligence (AI).
The launch took place at Adbhut India, organized by People+ai, and featured significant personalities such as Nandan Nilekani, co-founder of Infosys, and Shankar Maruwada.
Key Points:
Sesame, developed in partnership with Sarvam AI, is a domain- and region-specific LLM trained on proprietary BFSI data with the goal of improving credit decision-making and providing tailored financial services.
Setu aspires to provide BFSI consumers with more informed credit choices and hyper-personalized financial services.
Sesame uses data to assess creditworthiness, profile customers, and improve financial operations like credit underwriting and fraud detection.
Setu and Sarvam AI maintain data and model sovereignty by storing and processing information locally.
About Sarvam.ai:
- CoFounders– Dr. Vivek Raghavan and Dr. Pratyush Kumar
- Headquarters– Bengaluru, Karnataka
Click here to read from source
9) FPSB India Signed MoU with IFSCA to Promote GIFT-IFSC as a “Global Finance Hub” (Current Affairs 9th May 2024)
The Financial Planning Standards Board (FPSB) of India has signed a Memorandum of Understanding (MoU) with the International Financial Services Centres Authority (IFSCA) to promote the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat as a “Global Finance Hub”.
It intends to develop the financial market environment and train competent people to meet the demands of GIFT City’s rising financial workforce.
The MoU includes crucial aspects such as talent pipeline support, ecosystem development, promotional efforts, and research collaboration.
About Financial Planning Standards Board(FPSB) India:
It is India’s primary planning authority, responsible for establishing, upholding, and promoting professional standards in financial planning throughout India.
- Chief Executive Officer(CEO): Krishan Mishra
- Headquarters: Mumbai, Maharashtra
Click here to read from source
Click here to read: Current Affairs 8th May 2024
ECONOMY & BUSINESS
10) Adani Green Energy Limited(AGEL) Signed a 20-year Agreement with Government of Sri Lanka for Wind Power Stations (Current Affairs 9th May 2024)
The Sri Lankan government has signed a 20-year Power Purchase Agreement (PPA) with Adani Green Energy Limited (AGEL), a subsidiary of the Adani Group, to build wind power installations in Sri Lanka.
Key Points:
According to the agreement, AGEL will be paid 8.26 cents per kilowatt-hour (kWh).
The company will build wind power plants in Mannar and Poonerin, Sri Lanka.
Point to Consider:
- The Sri Lankan government has formed a negotiation committee to review the wind power plant proposal submitted by Adani Green Energy.
- In February 2023, Adani Green Energy gained clearance to invest USD 442 million in the building of 484 MegaWatt (MW) wind power projects in Northern Sri Lanka.
About Sri Lanka:
- Capital: Sri Jayawardenepura Kotte(Legislative Capital), Colombo(Judicial and Executive Capital)
- President: Ranil Wickremesinghe
- Currency: Sri Lankan Rupee(LKR)
Click here to read from source
AWARDS & RECOGNITIONS
11) 2024 Pulitzer Prizes in Journalism, Books, Drama and Music: ProPublica won Prize under Public Service (Current Affairs 9th May 2024)
The Pulitzer Board revealed the winners of the 108th Pulitzer Prize (2024) on May 6, 2024, in categories including journalism, books, drama and music, and special citations.
The Pulitzer Prize is the highest national accolade in the United States (USA) for journalism, literature, and music creation.
Key Highlights:
- ProPublica received the 2024 Pulitzer Prize in Journalism in the Public Service category.
- Hannah Dreier of the New York Times received the 2024 Pulitzer Prize in Journalism in the Investigative Reporting category.
- David E. Hoffman of the Washington Post received the 2024 Pulitzer Prize in Journalism in the Editorial Writing category.
- Photography Staff of Reuter received the 2024 Pulitzer Prize in Journalism under the Breaking News category.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
12) Scotland Parliament Elected John Swinney as its First Minister (Current Affairs 9th May 2024)
On May 7, 2024, the Scottish Parliament chose John Ramsay Swinney, the leader of the Scottish National Party (SNP), as the 7th First Minister of Scotland.
He replaces Humza Haroon Yousaf, who resigned from the position on May 7, 2024.
He will be formally appointed with a Royal Warrant by His Majesty King Charles III of the United Kingdom (UK).
Scotland is a nation in the United Kingdom (UK). The United Kingdom is made up of four component states: England, Wales, Scotland, and Northern Ireland.
Background:
John Swinney was nominated as Scotland’s first Minister after a vote in the Scottish Parliament.
MSPs voted 64-57 to pick Swinney from four nominations. There were seven abstentions.
About John Swinney
- John Swinney (60) was born on April 13, 1964, in Edinburgh, Scotland, and joined the Scottish National Party (SNP) in 1979.
- In 1997, he was elected as the Westminster Member of Parliament (MP) for North Tayside and then became the MSP for Tayside North in 1999.
- From 1998 to 2000, he was the SNP’s deputy leader, and from 2000 to 2004, he led the party.
- From 2011 to 2014, he served as Cabinet Secretary for Finance, Employment, and Sustainable Growth.
- He was Deputy First Minister from 2014 until 2023. He became the longest-serving Deputy First Minister in the history of British devolution.
- He also served as Cabinet Secretary for Finance, Constitution, and the Economy from 2014 to 2016, Cabinet Secretary for Education and Skills from 2016 to 2021, and Cabinet Secretary for Covid Recovery from 2021 and 2023.
About Scotland
- First Minister – John Ramsay Swinney
- Capital – Edinburgh
- Currency – Pound Sterling
Click here to read from source
ACQUISITIONS & MERGERS
13) CCI Approves the Acquisition Of Additional Shares In Sikkim Urja Limited (Current Affairs 9th May 2024)
On May 7, 2024, the Competition Commission of India (CCI) authorized Greenko Energies Private Limited’s acquisition of additional shares in Sikkim Urja Limited (previously Teesta Urja Limited).
In order to carry out the 1200 MegaWatt (MW) hydropower project in North Sikkim, India (comprised of six 200 MW units), a special purpose entity known as Sikkim Urja was formed.
The CCI license allows Greenko Energies to increase its interest in Sikkim Urja, boosting its footprint and influence in India’s renewable energy industry.
Established in India, Greenko Energies, a limited liability business, operates as an indirect wholly-owned subsidiary of Greenko Mauritius.
Click here to read from source
SPORTS
14) Coca-Cola India Announces First Ever Partnership with Hockey India for National Women’s Hockey League (Current Affairs 9th May 2024)
Anandana, The Coca-Cola India Foundation, has announced its first collaboration with Hockey India for the National Women’s Hockey League 2024-2025, the tournament’s debut season.
Objective: To enhance women’s hockey by addressing critical components such as providing specialized coaching, training equipment, nutritional assistance, and organizing camps and contests to promote progress.
The cooperation also complements Coca-Cola India’s #SheTheDifference campaign, which celebrates, uplifts, and supports women.
About National Women’s Hockey League 2024-2025:
The first part of the competition began on April 30, 2024, and will end on May 9, 2024, in Ranchi, Jharkhand.
It includes eight teams: Haryana, Maharashtra, Jharkhand, Madhya Pradesh, Bengal, Mizoram, Manipur, and Odisha, who finished in the top eight in the 14th Hockey India Senior Women National Championship 2024, which took place in Pune, Maharashtra, from March 13th to March 23rd, 2024.
Click here to read from source
IMPORTANT DAYS
15) World Asthma Day 2024 – May 7 (Current Affairs 9th May 2024)
World Asthma Day (WAD) commemorates asthma, one of the most prevalent chronic noncommunicable diseases (NCD) that affects both children and adults, every year on the first Tuesday of May.
This year, World Asthma Day was marked on May 7, 2024 to raise awareness of this condition.
The Global Initiative for Asthma (GINA) organizes the yearly WAD observance.
The topic for WAD 2024 is “Asthma Education Empowers”.
Background:
- GINA commemorated the first World Asthma Day in 1998.
- The day coincided with the inaugural World Asthma Meeting, which was held in Barcelona, Spain, and attended by over 35 nations.
About Global Initiative for Asthma (GINA):
GINA was established in 1993 in conjunction with the National Heart, Lung, and Blood Institute, the National Institutes of Health, the United States of America (USA), and WHO.
- MD and Chair– Arzu Yorgancioglu (Türkiye)
- Headquarters– Wisconsin, The United States of America(USA)
Click here to read from source
16) 65th Border Roads Organisation Raising Day – 7 May 2024 (Current Affairs 9th May 2024)
The Border Roads Organisation (BRO) commemorates Raising Day on May 7 each year to commemorate the BRO’s foundation in 1960. The purpose of the Day is to recognize the organization’s people and to encourage all ranks to continue excelling in the construction and maintenance of roads and bridges along borders.
The 65th Raising Day of BRO is observed on May 7, 2024.
Background:
- On May 7, 1960, the Border Roads Organisation (BRO) was founded with the dual mission of safeguarding India’s borders and building infrastructure in remote parts of the north and northeast Indian states.
- On March 14, 1960, the Union Cabinet resolved to establish the BorderRoads Development Board (BRDB), chaired by the Prime Minister.
- Originally established to organize and conduct road projects for development purposes, the BRDB was later reconstituted in 1985 with the Defence Minister assuming the chairmanship, in order to also satisfy defense requirements.
About Border Roads Organisation (BRO):
- Director-General– Lt Gen Raghu Srinivasan
- Headquarters– New Delhi, Delhi
- Motto– Shramena Sarvam Sadhyam (Everything is achievable through hard work)
Click here to read from source
17) World Athletics Day 2024 – May 7 (Current Affairs 9th May 2024)
Every year on May 7th, the world celebrates World Athletics Day, an initiative that actively seeks to encourage young people to get involved in athletics.
The day’s goal is to increase awareness about the health advantages of physical activity and to encourage young and school-aged children to participate in sports.
The World Athletics Federation leads the yearly commemoration.
The theme for World Athletics Day 2024 is the “World Mile Challenge”.
Background:
The IAAF, the international governing organization for the sport of track and field athletics, established international Athletics Day as a social responsibility initiative called “Athletics for a Better World.”
Commemorated on May 15, 1996, the first World Athletics Day
Kids’ Athletics Day 2024 – 7th May
Every year on May 7th, the world celebrates Kids’ Athletics Day to encourage children and young people to participate in sports, particularly athletics.
Kids’ Athletics Day is a key component of the World Athletics Kids’ Athletics program.
About World Athletics:
The Olympic Games in Stockholm, Sweden concluded on July 17, 1912, with its closing ceremony. Immediately afterwards, World Athletics (or IAAF) was founded.
- President – Sebastian COE
- Headquarters– Monaco
Click here to read from source
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