Current Affairs 10th May 2024
Welcome to your one-stop shop for staying informed! Today’s digest, “Current Affairs 10th May 2024,” brings you a comprehensive look at what happened around the world on this specific date. We’ll delve into international news, policy decisions, and even a special day dedicated to a remarkable tree.
NATIONAL AFFAIRS
1) India’s 1st Commercial Utility-Scale BESS Project Received Regulatory Approval
The Delhi Electricity Regulatory Commission has approved India’s first commercial standalone battery energy storage system (BESS) project.
The project is being built by BSES Rajdhani Power Limited (BRPL) in collaboration with India Grid Trust (IndiGrid) and the Global Energy Alliance for People and Planet.
The project, a 20 megawatt (MW)/40 megawatt hour (MWh) BESS, will be erected at BRPL’s 33/11 kilovolt (kV) Kilokari substation in Delhi.
About the BESS Project:
The initiative is funded by GEAPP’s concessional loan of 70% of the overall project cost.
GEAPP intends to accomplish 1 Giga Watt (GW) of BESS commitments in India by 2026.
This aligns with India’s plan of deploying 47GW of BESS by 2032.
The project will begin operations within 18 to 20 months.
BESS project will use cutting-edge technology to provide a cleaner, more sustainable energy future.
The project is unique in its cost efficiency since it would charge an annual tariff of Rs 57.6 lakh per MW, which is 55% less than the previous benchmark of Rs 130 lakh per MW per year.
Significance:
It is critical for BESS project integration into the distribution grid since India’s Variable Renewable Energy (VRE) penetration surpasses 12% in some regions.
The initiative will play an important role in BRPL’s adoption of low-cost VRE.
The project provides a thorough Monitoring, Evaluation, and Learning (MEL) strategy and will share essential elements and lessons learned with other Indian Distribution Companies (DISCOMs), state regulators, and electricity sector stakeholders in India, Asia, Africa, Latin America, and the Caribbean.
The project will provide DISCOMs with a variety of benefits, including lower power purchase costs, increased grid stability, and improved resource adequacy.
The project’s Special Purpose Vehicle (SPV), Kilokari BESS Private Limited, owned by IndiGrid and Ampere-hour Energy, would be paid by BRPL using a fixed-capacity rate based on availability. This makes the project more appealing to investors.
Note:
GEAPP is a collaboration between philanthropists, governments in emerging and established countries, and technological, policy, and financial partners.
IndiGrid is the first Infrastructure Investment Trust (“InvIT”) in India’s electricity industry.
About BSES Rajdhani Power Limited (BRPL):
BRPL is a joint venture (JV) between Reliance Infrastructure Limited (51%), and the Government of the National Capital Territory of Delhi (49%).
- CEO– Vineet Sikka
- Headquarters– New Delhi, Delhi
Click here to read from source
2) ICG & JSP signed MoU to Enhance Indigenous Content in Shipbuilding
On May 7, 2024, the Indian Coast Guard (ICG) signed a Memorandum of Understanding (MoU) with Jindal Steel & Power Limited (JSPL), a subsidiary of the OP Jindal Group, to assure the supply of indigenous marine grade steel and increase indigenous content in shipbuilding.
The MoU specifies benefits such as quality, grades, and dimensions, as well as approved steel factories to manufacture the product, as a guarantee to shipbuilding yards that marine-grade steel will be supplied on schedule to the ICG.
The MoU emphasizes the need of public-private partnerships (PPP) in solving complex security concerns.
Inspector General (IG) HK Sharma, Deputy Director General (Materiel & Maintenance), ICG, and SK Pradhan, Chief Marketing Officer (CMO), JSPL, signed the MoU in New Delhi, Delhi.
About Indian Coast Guard(ICG):
- ICG came into being on 1st February 1977.
- Director-General: Rakesh Pal
- Headquarters: New Delhi, Delhi
Click here to read from source
3) Springer Nature & DAE signed Transformative Agreement to Drive Open Research
Springer Nature Group, a German-British academic publishing corporation, has signed a Transformative Agreement (TA) with the Department of Atomic Energy (DAE) of the Government of India (GoI) to promote open access principles and remove obstacles to scholarly research dissemination.
Springer Nature is the first to sign a TA with the DAE, a government-funded department in India, to facilitate and improve interdisciplinary research.
This will allow over 50 DAE-affiliated centers to read and publish Gold Open Access (OA).
An open-access paper will be available for everyone to download and reuse as soon as it is published in one of Springer Nature’s 2,000+ hybrid journals across all fields.
Gold OA will increase the exposure and impact of Indian research. Note: TAs allow participating institutions to combine journal subscription and open access publication charges (APCs).
Click here to read from source
INTERNATIONAL AFFAIRS
4) India Overtakes Japan To Become World’s 3rd Largest Solar Power Generator
According to the study “Global Electricity Review 2024” by the international energy analytics firm Ember, in 2023, India overcame Japan to become the world’s third-largest producer of solar power, generating 113 Terawatt-hour (TWh) compared to Japan’s 110.
This was a substantial improvement from India’s ninth-place ranking in solar energy deployment in 2015.
India’s solar generation has grown 17 times, from 0.5% in 2015 to 5.8% in 2023. Wind generation in India rose modestly, from 2.5% to 4.2% in 2023.
Highlights:
In 2023, India had the world’s fourth-largest increase in solar output, with 18 terawatt hours (TWh), trailing only China (+156 TWh), the United States (+33 TWh), and Brazil (+22 TWh).
In terms of installed electricity capacity, India placed fifth in the world with 73 gigawatts (GW), whereas Japan was third with 83 GW.
China topped worldwide solar production in 2023, producing 584 Terawatt-hours (TWh), more than the combined output of the United States, Japan, Germany, and India.
Solar power accounted for a record 5.5% of worldwide electricity in 2023, while wind power accounted for a larger amount, 7.8%.
Solar was the world’s fastest-growing power source for the 19th consecutive year, surpassing coal. Globally, solar power (+307 TWh, +23%) exceeded wind (+206 TWh, +9.8%).
The disparity between installed capacity and actual power output reveals swings in demand and local conditions.
In May 2024, solar power accounted for 18% of India’s installed electrical capacity (442 GW), but just 6.66% of production.
Renewable energy accounted for 30% of worldwide electricity output in 2023, with solar and wind power making major contributions, led notably by China, which accounted for 51% of extra global solar generation and 60% of new global wind generation.
In 2023, India generated 78% (1,536 TWh) of its power from fossil fuels, above the global average of 61% and the regional average of 68% in Asia.
In addition, India was the world’s third largest power sector emitter, producing 1,404 million tonnes of CO2 from electricity generation, trailing only China (5,491 MtCO2) and the United States (1,570 MtCO2).
India is one of the few countries that intends to treble renewable capacity by 2030, aiming for 509 GW.
Click here to read from source
5) Climeworks Opened World’s Largest DAC + S Plant ‘Mammoth’ in Iceland
On May 8, 2024, Swiss firm Climeworks AG inaugurated the “Mammoth” facility in Iceland, the world’s biggest operating Direct Air Capture and Storage (DAC + S) plant. It will take carbon dioxide (CO2) from the air and deposit it underground as rock.
The facility has the potential to capture up to 36, 000 tons of CO2 each year.
About Mammoth:
Mammoth is Climeworks’ second DAC + S plant and is ten times larger than Orca (the world’s first DAC + S plant, which debuted in Iceland in 2021).
We are constructing the project using a modular design, with an expected completion date by the end of 2024.
The project encompasses 72 collection containers, 12 of which are currently being deployed on-site.
Additionally, the cost of CO2 removal technology is predicted to decrease to USD 400-600 per ton by 2030 and further down to USD 200-350 by 2040.
Mechanism:
The air capture process, which requires low-temperature heat, makes use of a sustainable energy source, namely geothermal energy.
After the filters release the captured CO2, it embarks on a subterranean journey. There, it encounters basaltic rocks and undergoes a natural transformation, ultimately becoming stone itself.
About Climeworks AG:
- Co-Chief Executive Officer(CEO) and Co-Founders: Jan Wurzbacher, Christoph Gebald
- Headquarters: Zurich, Switzerland
Iceland:
- Capital: Reykjavik
- Prime Minister (PM): Bjarni Benediktsson
- Currency: Icelandic Krona (IKR)
Click here to read from source
BANKING & FINANCE
6) YES BANK Partnered with EBANX to Empower Cross-Border Commerce in India
YES Bank Ltd (Youth Enterprise Scheme Bank), a renowned private sector bank in India, has teamed with EBANX to facilitate payment processing in India for the global digital economy.
This collaboration seeks to expedite cross-border payment processing and expand global commerce options for both international merchants and Indian clients in India.
Note: EBANX is a worldwide fintech business that specializes in cross-border e-commerce payments, including payments from India.
About the Partnership:
Streamlining Cross-Border Payments:
- The alliance will take use of EBANX’s global experience in cross-border payments and YES BANK’s digital capabilities.
- It will offer worldwide merchants easy access to scalable payment solutions that comply with the most recent regulatory criteria.
Innovative Solutions:
It supports a wide range of local payment methods, including the Unified Payments Interface (UPI) and cards on all locally accessible networks.
Efficient Navigation:
Merchants can successfully traverse India’s rapidly expanding digital payments ecosystem by utilizing sophisticated recurring payment transactions and mandate management.
Strategic Partnership Impact:
The YES BANK and EBANX collaboration uses technical innovation and regulatory compliance to catalyze change that benefits merchants, customers, and the larger digital ecosystem in India and beyond.
Key Points:
India is the world’s second-largest online retail market, with 350 million people.
According to the most recent Beyond Borders research, 109 million people will join the global consumer class, with India accounting for one-third of that increase.
Despite India’s significance, cross-border payments in digital commerce account for just 9% of total transactions (Policy Claims Management International).
About YES Bank Ltd (Youth Enterprise Scheme Bank):
- MD and CEO– Prashant Kumar
- Headquarters– Mumbai, Maharashtra
- Established in– 2004
- Tagline– Life Ko Banao Rich
Click here to read from source
7) NPCI issues Guidelines for Merchant Acquisition on BHIM Aadhar Pay
The National Payments Corporation of India (NPCI) has announced rules that move the obligation of validating merchant information to acquiring banks for Bharat Interface for Money (BHIM) Aadhaar Pay (BAP), in which merchants accept digital payments using Aadhaar Authentication.
Key Guidelines for Banks:
- Acquiring banks must check merchant information, whether directly onboarded or through partners.
- Banks shall issue an appropriate Merchant Category Code (MCC) based on the type of the company or service as specified by the International Organization for Standards (ISO).
We recommend ensuring that MCCs 6010, 6011, and 6012 (used by default for cash-related services) and MCCs in the miscellaneous category are not assigned to merchants approved for BAP. Banks must guarantee that cash withdrawal transactions are not allowed at BAP service merchants, and that such merchants are subject to bank control.
Acquiring banks are in charge of monitoring merchant activities, which includes onboarding, transaction monitoring, and training.
The bank shall implement a merchant acquisition policy that has been authorized by the board.
The merchants must conduct reviews or audits of the third-party vendors they hire.
Merchants linked with any acquiring bank on BAP can receive payments from any bank’s clients using biometric authentication.
Payments banks, small finance banks, cooperative banks, regional rural banks, and mainstream commercial banks are among those that have participated.
About National Payments Corporation of India (NPCI):
- Managing Director (MD) & Chief Executive Officer (CEO)– Dilip Asbe
- Headquarters– Mumbai, Maharashtra
- Incorporated in 2008
Click here to read from source
8) India contributes USD 500,000 to U.N. Trust Fund for Counter-Terrorism
On May 7, 2024, India’s Permanent Representative to the United Nations (UN), Ambassador Ruchira Kamboj, made a voluntary financial contribution of USD 500,000 to the UN Trust Fund for Counter-Terrorism and handed it over to Under Secretary General of the United Nations Office of Counter-Terrorism (UNOCT), Vladimir Voronkov.
In order to actively emphasize its support, this gift is directly assisting UNOCT’s global efforts, particularly in Countering Financing of Terrorism (CFT) and Countering Terrorist Travel Programme (CTTP).
Key Points:
With this recent donation, India’s total financial assistance for the trust fund has reached USD 2.55 million.
Qatar leads the UN Trust Fund for Counter-Terrorism with USD 139,530,303.
Since 2018, India has aggressively sponsored counter-terrorism activities.
With this, India confirms its commitment to international cooperation in counter-terrorism.
About The United Nations Trust Fund for Counter-Terrorism:
Subsequently, the Fund was transferred to UNOCT in 2017 in accordance with General Assembly Resolution 71/291.
As of March 31, 2024, there are 42 financing partners. The Organization of American States (OAS) will be the new financing partner in 2024. .
About United Nations Office of Counter-Terrorism:
- Secretary General – Vladimir Voronkov
- Established – 2017
- Headquarters – New York, United States
Click here to read from source
9) SEBI Mandates Standardized Periodic Reporting for Investment Advisers
On May 7, 2024, the Securities Exchange Board of India (SEBI) directed Investment Advisers (IAs) to file semi-annual reports for the fiscal years ending September 30 and March 31.
These reports include a variety of facts, such as ownership patterns, Investment Adviser Administration and Supervisory Body (IAASB) membership numbers, SEBI registration numbers, complaints made against the IA, and social media handles, among others.
SEBI provides this information in virtue of its authorities given under Section 11(1) of the SEBI Act, 1992, read with Regulation 14 and Regulation 15 (12) of the IA Regulations, to safeguard investors’ interests in the securities market and to promote its growth.
Key Points:
In addition, they shall provide social media handles, bank accounts, National Institute of Securities Markets (NISM) accreditation, and the date of the most recent inspection in their quarterly reports.
Previously, the IAASB requested these reports on an ad hoc basis, prompting the decision to establish a uniform framework for periodic reporting.
SEBI has now created a standardized periodic format for investment advisers to provide information in accordance with Industry Standards Forum (ISF) guidelines.
For the half-year period ending March 31, 2024, investment advisers shall submit the periodic report within 15 days after the IAASB’s circular release.
Subsequently, investment advisers shall provide monthly reports within seven working days of the conclusion of the corresponding half-year term.
SEBI extends Settlement Scheme period till Jun 10 in stock option cases
SEBI has extended the settlement scheme term till June 10, 2024 for businesses that participated in reverse trades in the stock options section on the BSE between 2014 and 2015.
The plan, which was originally intended to conclude on May 10, 2024, allows firms facing adjudication processes to settle.
Key Points:
- The ISO Settlement Scheme 2024 focuses on firms that participated in trade reversals on the BSE (previously Bombay Stock Exchange) between April 1, 2014, and September 30, 2015, and have outstanding adjudication processes.
- After the scheme time expires, proceedings under securities laws will continue against firms that do not participate in settlement.
- Using the system helps entities by expediting processes, minimizing delays, and lowering legal costs.
Click here to read from source
Click here to read: Current Affairs 8th April 2024
10) South Indian Bank signed MoU with Northern Arc Capital to Set New Benchmarks in the Financial Sector
South Indian Bank Limited, a Kerala-based private bank, has signed a Memorandum of Understanding (MoU) with Northern Arc Capital Limited, a non-banking finance company (NBFC), to explore and maximize commercial opportunities by combining efforts in loan origination, underwriting, disbursement, collection, and reconciliation procedures.
Under this MoU, both companies want to investigate pioneering creative solutions and establish new benchmarks in the financial industry.
This will concentrate on co-lending and partnership lending operations, allowing for smooth loan transfers between banks and originators.
This collaboration will enable South Indian Bank to interface with a large number of originators for loan origination, underwriting, disbursement, and reconciliation using nPOS, Northern Arc’s proprietary technology platform.
Click here to read from source
SCIENCE & TECHNOLOGY
11) Google Launched Google Wallet for Android Users in India
Google has introduced Google Wallet, a safe and private digital wallet that allows all Android users in India to store cards, passes, tickets, keys, and IDs.
It provides customers with a single, structured area for quick and easy access to digital documents that have been integrated with QR codes.
In India, Google Wallet will not allow payment functionalities. Google Pay, Google’s mobile payment software, will continue to meet consumers’ financial demands in India.
Google Wallet:
The Google Wallet app was initially released in 2011. Android Pay was introduced in 2015 to replace Google Wallet.
In 2018, Google announced a combination of Google Wallet with the Android Pay application, resulting in Google Pay.
Google Wallet app is accessible on the Google Play Store.
Note: Google Tez, now known as Google Pay, was released in India on September 18, 2017.
Utility of Google Wallet:
Google Wallet now provides access to digital documents from 20 Indian firms, including e-commerce platform Flipkart, airline companies such as Air India and Indigo, movie multiplex networks PVR and INOX, MakeMyTrip (MMT), and others.
Public transportation: Google has collaborated with Kochi Metro, Hyderabad Metro, VRL Travels, and Abhibus to give transit tickets to passengers utilizing these services.
Corporate Badge: Users may save and access corporate badges in the app, making workplace access easier.
Other utilities include saving movie/event tickets and mobile boarding permits; accessing loyalty points and gift cards; and creating fresh passes in wallets by taking a photo of any document with a barcode or QR code.
Additional info:
- The app accessible in India differs somewhat from its international versions.
- In India, Google Wallet only works on Android phones and is not compatible with smartwatches or wearables, unlike in other countries.
Click here to read from source
ENVIRONMENT
12) Batillipes Chandrayaani: New Tardigrade Species Discovered from Coast of TN; Named After Chandrayaan-3 Mission
Researchers from the Department of Marine Biology at Cochin University of Science and Technology (CUSAT) in Kochi, Kerala, discovered a new species of marine tardigrade called “Batillipes Chandrayaani,” named after the Chandrayaan-3, in the intertidal beach sediments of Mandapam Coast, Ramanathapuram, Tamil Nadu (TN).
The discovery was reported in the peer-reviewed scientific journal “Zootaxa”.
Vishnu Dattan N.K. (research scholar) and Dr. S Bijoy Nandan (Senior Professor) from CUSAT’s Department of Marine Biology, Microbiology, and Biochemistry.
About Batillipes Chandrayaani:
Batillipes Chandrayaani is the 39th species described in the Batillipes genus, and it belongs to the tardigrade phylum.
It expands to be 0.15 mm long and 0.04 mm wide.
It has a trapezoid-shaped head and four pairs of legs equipped with sharp-tipped sensory spines.
This is the third marine tardigrade species discovered in Indian seas, and the second on the East Coast.
Note: Stygarctus keralensis, a tardigrade species from Kerala (southwest coast), and Batillipes kalami from Tamil Nadu (south east coast), were found in 2021 and 2023, respectively.
What are Tardigrades?
- Tardigrades, often known as ‘water bears’ or’moss piglets’, are tiny, multicellular creatures found in all seas.
- Marine tardigrades represent 17% of all known tardigrade species.
- These are among of the strongest species, having survived huge extinctions with remarkable survival skills.
- They can withstand harsh physiochemical circumstances through the mechanism of cryptobiosis (extreme inactivity in response to bad environmental conditions).
Chandrayaan-3:
- The Chandrayaan-3 project is the third in a series of lunar exploration missions designed by the Indian Space Research Organisation (ISRO).
- On August 23, 2023, this spacecraft became the first to land at the Moon’s south pole.
Click here to read from source
13) Peucetia chhaparajnirvin: New Green Lynx Spider Discovered from Rajasthan
Atul Bodkhe, a Daryapur-based arachnologist, has discovered a new green lynx spider species called Peucetia chhaparajnirvin at Tal Chhapar Wildlife Sanctuary in Churu District, Rajasthan.Nirmala Kumari and Vinod Kumari found the new species, which they called “chhaparajnirvin” after the Tal Chhapar.
Inspecting the green leaves of the Babul Tree (Vachellia nilotica), researchers thereupon discovered a new species.. The spider is nocturnal and eats tiny insects.
The Spider Research Lab (SR-Lab) of J.D. discovered and characterized the specimens, which are now stored in the entomology lab of the University of Rajasthan in Jaipur, Rajasthan. Patil Sangludkar Mahavidyalaya Daryapur in Amravati district, Maharashtra.
Click here to read from source
SPORTS
14) Indian Boxers clinch 43 Medals at the ASBC Asian U-22 and Youth Boxing Championships 2024
The Indian boxing team won a total of 43 medals in the Asian Boxing Confederation (ASBC) Asian U-22 and Youth Boxing Championships 2024, which took place in Astana, Kazakhstan, from April 25 to May 8.
Key Points:
- The Indian boxers earned 12 gold, 14 silver, and 17 bronze medals in both the young and U-22 divisions, finishing second in terms of medal count behind the host Kazakhstan, who won 48 in total.
- The Asian Boxing Federation organized the 2024 Asian U-22 and Youth Boxing Championships.
- Brijesh won India’s first gold medal in the young division, defeating Tajikistan’s Muminov Muinkhodzha in the men’s 48kg final. Olympic boxer Preeti (54kg) won gold in the U-22 division by defeating Kazakhstan’s Bazarova Elina.
Click here to read from source
OBITUARY
15) Sahitya Akademi Award-winning Urdu litterateur Salam Bin Razzaq Passed Away
Shaikh Abdussalam Abdurrazzaq, a renowned Urdu litterateur and Sahitya Akademi Award laureate (2004), well known by his pen name Salam Bin Razzaq, died at the age of 83. He was born in 1941 in Panvel, Raigad District, Maharashtra.
About Shaikh Abdussalam Abdurrazzaq:
Shaikh Abdussalam Abdurrazzaq wrote his debut short tale in the literary journal Shaa’ir in 1962.
He also published three collections of short stories, two in Urdu and one in Hindi, and he translated Marathi literature into Urdu.
Over four dozen of his stories have been broadcast on All India Radio (AIR), and more than a dozen are part of the curriculum for school, college, and university students.
Some of his literary works are ‘Nangi Dopahar Ka Sipahi’ (1977), ‘Muabbir’ (1987), and ‘Zindagi Afsana Nahin’ (2012).
Awards
- In 2004, he received the Sahitya Akademi Award for his collection of Urdu short stories ‘Shikasta Buton Ke Darmiyan’.
- He also received the Ghalib Award and the Maharashtra Urdu Sahitya Akademi Award.
Click here to read from source
IMPORTANT DAYS
16) World Red Cross and Red Crescent Day 2024 – May 8
Every year on May 8th, the world comes together to celebrate World Red Cross and Red Crescent Day. This day serves not only to honor the dedicated volunteers and personnel of the International Red Cross and Red Crescent Movement, but also to express our deepest appreciation for their tireless efforts.
The day also honors the values of the International Red Cross and Red Crescent Movement.
The theme for World Red Cross and Red Crescent Day 2024 is “Keeping Humanity Alive”.
Background:
- During the 14th International Conference of the Red Cross, held in London, England in 1938, the participants resolved to mark International Red Cross Day on May 8th each year.
- The first ‘International Red Cross Day’ was held on May 8, 1948.
- The day’s official title altered throughout time, eventually becoming ‘World Red Cross and Red Crescent Day’ in 1984.
About the International Federation of Red Cross and Red Crescent Societies (IFRC):
- President– Kate Forbes
- Headquarters– Geneva, Switzerland
Click here to read from source
17) World Thalassaemia Day 2024 – May 8
Every year on May 8th, we commemorate International Thalassaemia Day (also known as World Thalassaemia Day) by actively promoting awareness of Thalassaemia, a genetic blood illness that causes the body to produce less hemoglobin than usual. This day simultaneously honors the worldwide thalassaemia community and pushes for a change – demanding equal healthcare access to diagnosis and treatment for those living with the disease.
The Thalassaemia International Federation (ΤIF) leads the observance.
The theme for International Thalassaemia Day 2024 is “Empowering Lives, Embracing Progress: Equitable and Accessible Thalassaemia Treatment for All”.
Background:
- The Thalassaemia International Federation (TIF) declared May 8th as International Thalassaemia Day (ITD) in 1994.
- Panos Englezos, president and founder of the Thalassemia International Federation (TIF), launched the first World Thalassemia Day on May 8, 1994.
- The day was founded in remembrance of Panos Englezos’ son, George Englezos, who died from Thalassemia.
About Thalassaemia International Federation (TIF):
TIF is a non-profit, non-governmental organisation established in 1986.
- President– Panos Englezos
- Headquarters– Strovolos, Nicosia, Cyprus
Click here to read from source
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