Current Affairs 16th May 2024
Welcome to your daily dose of current affairs! Today, we’ll be diving into the news that made headlines on May 16th, 2024. From international developments to domestic issues, this blog will bring you up to speed on everything you need to know. So, buckle up and get ready to explore the day’s most talked-about stories in our “Current Affairs 16th May 2024” roundup.
NATIONAL AFFAIRS
1) Mazagon Dock Shipbuilders Ltd celebrates 250th Foundation Day
On May 14, 2024, Mazagon Dock Shipbuilders Limited (MDL) celebrated its 250th Foundation Day with a series of events in Mumbai, Maharashtra. The celebration, presided over by Secretary Giridhar Aramane from the Ministry of Defence (MoD).
Inaugurations
Following are the launches and inaugurates made MoD Secretary:
MPA Land: The inauguration of land obtained from the Mumbai Port Authority (MPA) for new vessel construction and repairs/refits.
Midget Submarine: The platform design and hull of the indigenous midget submarine ‘Arowana’ are unveiled as a proof of concept for future full-scale conventional submarines.
MDL is also working on the design of a full-scale conventional submarine for 2028.
Solar Electric Hybrid Boat: Commissioning a solar electric hybrid boat with a peak speed of 11 knots, greatly lowering operating and maintenance expenses as compared to diesel vessels.
Fuel Cell Electric Ferry: The launch of ‘SUCHI’, a 24-passenger fuel cell electric ferry with zero emissions and minimal acoustic characteristics.
Technical session and Commemorative Coin: The Giridhar will host a technical session on emerging shipbuilding technology and produce a Rs 250 commemorative coin in recognition of MDL’s 250-year history.
Note:
MDL, headquartered in Mumbai, began as a tiny dry dock in 1774 and incorporated in 1934. It was taken over by the Government of India (GoI) in 1960, under the Ministry of Defence. It received Mini-Ratna-I status in 2006.
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2) NSG holds 7th Joint Anti-Terror Mock Drills Exercise TARKASH with US’ SOF in Kolkata
The 7th iteration of the India-US joint counter-terrorism exercise ‘Tarkash’ was held in Kolkata, West Bengal (WB) from April 22 to May 15, 2024, by the National Security Guard (NSG) and the United States (US) Special Operations Forces.
This three-week exercise included intensive training and simulated drills in urban counterterrorism settings.
The sixth edition took held in Chennai, Tamil Nadu (TN), in January 2023.
Aim:
To enhance bilateral collaboration between India and the United States in countering terrorism in all its manifestations.
Key Points
- Mock counter-terrorism drills were held to improve interoperability and cooperation.
- The exercise involved exchanging best practices, tactics, strategies, and procedures for couter-terrorism operations in metropolitan areas.
- The training included close-quarters combat, building intrusion drills, hostage rescue operations, surveillance, long-range sniper, and planning complicated operations with many targets.
About National Security Guard (NSG):
The National Security Guard (NSG), sometimes known as Black Cats, is an Indian counter-terrorism organization under the ministry of home affairs.
- Director General– Nalin Prabhat
- Headquarters– New Delhi, Delhi
- Establishment– 1986
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INTERNATIONAL AFFAIRS
3) THE Young University Rankings 2024: Mahatma Gandhi University Tops among Indian Universities; Singapore’s NTU tops globally
According to the Times Higher Education (THE) Young University Rankings 2024, Mahatma Gandhi University (MGU) in Kottayam, Kerala, number 81 (globally), has emerged as India’s highest-ranked university.
Nanyang Technological University (NTU) in Singapore has topped the worldwide rankings for the second consecutive year.
Apart from MGU, Anna University in Chennai, Tamil Nadu (TN), placed 96th, is the only Indian university in the top 100 on the 2024 ranking.
Points to note:
- The 2024 ranking comprises 673 universities, an increase from 605 in 2023.
- In five years, the number of Asian colleges on the 2024 list has quadrupled, from 165 in 2020 to 327 by 2024.
- India has 55 institutions in the 2024 ranking, up from 45 in 2023 and 26 in 2020.
About Times Higher Education (THE):
- First Issue– October, 1971
- Headquarters – London, United Kingdom (UK)
Click here to read from source
BANKING & FINANCE
4) SEBI mandates NISM Certification Requirement for One Personnel of AIF Investment Manager Team
On May 13, 2024, the Securities and Exchange Board of India (SEBI) ordered that the investment team of an Alternative Investment Fund (AIF) management contain at least one important worker who holds National Institute of Securities Market (NISM) Series-XIX-C certification. This condition, beginning May 10, 2024, is a prerequisite for AIF registration.
SEBI reduces KYC standards to simplify the risk management framework.
SEBI has also reduced the Risk Management Framework at KRAs (KYC Registration Agencies) rules. KYC stands for Know Your Customer.
About Securities Exchange Board of India (SEBI):
- Chairperson– Madhabi Puri Buch
- Headquarters– Mumbai, Maharashtra
- Establishment–1992
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5) HDFC Bank Launched PIXEL – India’s First Virtual Credit Card
On May 14, 2024, HDFC Bank Limited released PIXEL, India’s first virtual credit card, allowing consumers to customize their cards with personalized advantages and incentives.
The card is now available on the Visa Network in two variants: PIXEL Play and PIXEL Go.
HDFC Bank has made its debut in the end-to-end mobile app-based customizable credit card line.
Key Points:
- This is a digital-first credit card that provides flexibility and personalization.
- Customers can register for PIXEL cards using HDFC Bank’s mobile application, PayZapp.
- The app will include card management, rewards, an EMI dashboard, alerts, statements, repayments, disputes, hotlisting, and a summary of recent transactions.
- Zeta, a financial technology business situated in Mumbai (Maharashtra), provides technology for Pixel.
Key Features:Â
- Both PIXEL variations provide up to 50 days of credit-free period.
- Users may select their preferred online platforms to receive 3% cashback on Amazon, Flipkart, and PayZapp, as well as unlimited 1% cashback on other purchases.
About PIXEL Play:Â
PIXEL Play allows customers to pick retailers for accelerated reward, card color, and billing date.
This is aimed for consumers who wish to benefit from both digital customization and credit cards.
About Pixel Go:
PIXEL Go aims to attract new credit card customers and help them develop their credit ratings by offering payment flexibility through pay-in-parts.
About HDFC Bank:
- MD & CEO– Sashidhar Jagdishan
- Headquarters– Mumbai, Maharashtra
- Established in August 1994
- Tagline– We Understand Your World
Click here to read from source
6) TATA AIG General Insurance unveils India’s 1st Satellite In-Orbit Third-Party Liability Insurance policy
TATA AIG General Insurance Company Limited has launched India’s first ‘Satellite In-Orbit Third-Party Liability Insurance’ coverage, which offers vital financial protection to satellite producers and operators in the Indian space sector.
TATA AIG General Insurance becomes the first private insurer in India to provide Satellite Insurance coverage.
Background:
- Private firms in the satellite space must have third-party liability insurance.
- In April 2024, the Government of India revised the Foreign Exchange Management (Non-Debt Instruments) Rules 2019 to permit 100% FDI in the space industry.
About Satellite In-Orbit Third-Party Liability Insurance
- TATA AIG’s Satellite In-Orbit Third-Party Liability Insurance provides comprehensive coverage for Third-Party Bodily Injury and Third-Party Property Damage resulting from accidents involving a satellite in orbit that adhere to international standards and best practices.
- In response to the recent solar storm, which has underscored the potential dangers faced by orbiting spacecraft, the Indian space sector is witnessing a surge in the development of in-orbit coverings.
- These coverings are being meticulously designed to directly address the demands of satellite producers and operators.
- This will also insulate the satellite owner from legal claims resulting from third-party physical harm and property damage involving the satellite in orbit.
In-orbit covers vs. launch covers:
In-orbit coverings differ from launch covers. The launch coverage focuses on the launch vehicle’s success or failure to insert satellites into orbit. While privatization of space launches is underway, the activities of the satellite itself, typically owned by a third party, are not included in this coverage.
India, however, sees this privatization as an opportunity to increase its global launch market share more than fivefold, with the market expected to reach USD 47.3 billion by 2032.
About TATA AIG General Insurance Company Limited
TATA AIG General Insurance is a joint venture of the Tata Group and American International Group (AIG).
- Managing Director(MD) & Chief Executive Officer(CEO)– Neelesh Garg
- Headquarters– Mumbai Maharashtra
- Established in January 2001
- Tagline– With You Always
Click here to read from source
ECONOMY & BUSINESS
7) India’s GDP is Projected to Grow at 6.6% in FY25: Moody’s Ratings
On May 14, 2024, Moody’s Ratings forecast India’s Gross Domestic Product (GDP) to expand at 6.6% in FY25 (2024-25) and 6.2% in FY26 (2025-26). It also stated that increasing loan demand, driven by sustained economic development, will increase the profitability of Non-Banking Financial Companies (NBFCs).
It also projected that India’s GDP will expand by 8% in FY24 (2023-24).
Key Findings related to NBFCs- specific:
- Moody’s Ratings said that NBFCs’ aggregate year-on-year (Y-O-Y) loan growth climbed from 10.8% in 2022 to 20.8% in 2023.
- This favorable trend is mostly due to increased demand for retail loans, which include financing for homes and autos.
- It is expected that loans at NBFCs would expand by 15% over the next 12 to 18 months. This is attributable to a variety of lending activities, including infrastructure finance by major government-owned NBFCs and loans to small and medium-sized businesses.
- According to Moody’s Ratings, unsecured retail loan growth would decrease after the Reserve Bank of India (RBI) increased the risk weight of such credit assets for both banks and NBFCs by 25% in December 2023.
- It stated that NBFCs would continue to play an important role in meeting the growing credit demands of consumers and companies in India’s large economy.
According to Moody’s Ratings, there are now 20 major NBFCs in India that hold a dominant market position.
They have a long history of offering many forms of loans, including financing for residential and business cars.
The majority of these are held by the government or major corporations. It is supposed to provide consistency to their finances during tough periods.
About Moody’s Ratings:
Moody’s Ratings releases credit ratings and offers assessment services for a wide range of financial obligations, programs, and facilities.
- President- Michael West
- Headquarters- New York, the United States of America (USA)
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AWARDS & RECOGNITIONS
8) Renowned English Author Ruskin Bond Received Sahitya Akademi Fellowship (Current Affairs 16th May 2024)
Ruskin Bond, a well-known English author, won the Sahitya Akademi Fellowship.
Madhav Kaushik, President of the Sahitya Akademi, and Dr. K. Sreenivasarao, Secretary of the Sahitya Akademi, presented the plaque to Bond at his house in Mussoorie, Uttarakhand.
Ruskin Bond was declared a recipient of Akademi’s highest honor in September 2021. Due to his sickness, he was unable to accept the honor personally.
About Ruskin Bond
- Bond has published over 50 children’s books and over 500 short stories, essays, and novellas.
- He released his debut novel, The Room on the Roof, in 1956, and it won the John Llewellyn Rhys Prize in 1957.
- Notable works include ‘Vagrants in the Valley’, ‘Once Upon a Monsoon Time’, ‘Angry River’, ‘Strangers in the Night’, ‘All Roads Lead to Ganga’, ‘Tales of Fosterganj’, ‘Leopard on the Mountain’, and ‘Too Much Trouble.
Awards:Â
- Bond earned the Sahitya Akademi Award (1992) for his tale collection “Our Trees Still Grow in Dehra”.
- He also won the Padma Shri (1999), Padma Bhushan (2019), and Sahitya Akademi’s Bal Sahitya Puraskar (2012).
Click here to read from source
APPOINTMENTS & RESIGNATIONS
9) UNDP Appoints Alain Noudéhou as the new Executive Director of the UN– MPTFO (Current Affairs 16th May 2024)
The United Nations Development Programme has named Alain Noudéhou of Benin as the next Executive Director of the UN Multi-Partner Trust Fund Office (MPTFO).
He will succeed Jennifer Topping of Canada, who will finish her term at the end of May 2024.
About Alain Noudéhou:
- Noudéhou has extensive understanding of international development and humanitarian problems.
- He is now working as the UN Secretary General’s Deputy Special Representative in the United Nations Multidimensional Integrated Stabilization Mission in Mali (MINUSMA), as well as the UN Resident Coordinator and Humanitarian Coordinator in Mali.
- Prior to that, he was the UN Secretary General’s Deputy Special Representative in the United Nations Mission in South Sudan (UNMISS), as well as the Resident and Humanitarian Coordinator in South Sudan.
- In addition, he served as Chief of Staff for the United Nations Development Programme (UNDP) in New York (United States), Resident Coordinator and UNDP Resident Representative in the People’s Republic of China, and Resident Coordinator, Humanitarian Coordinator, and UNDP Resident Representative in Zimbabwe.
- Noudéhou also served as Country Director for CHF International in South Africa from 1996 to 2000.
About United Nations Development Programme
The General Assembly of the United Nations established the United Nations Development Programme in 1966. It works in 170 nations and territories to alleviate poverty and injustice.
- Administrator – Achim Steiner
- Headquarters– New York, United States
Click here to read from source
Click here to read: Current Affairs 15th May 2024
10) Vice Admiral Sanjay Bhalla assumes charge as Chief of Personnel of Indian Navy (Current Affairs 16th May 2024)
On May 10, 2024, Vice Admiral Sanjay Bhalla took over as Chief of Personnel of the Indian Navy (IN). He will follow Vice Admiral Krishna Swaminathan, who took over as Vice Chief of the Naval Staff.
Career/Achievement of Vice Admiral Sanjay Bhalla:
He has received the Nao Sena Medal (NM) and the Ati Vishisht Seva Medal (AVSM). He began his 35-year career in IN on January 1, 1989, and has worked in a variety of jobs, both afloat and onshore.
I commanded INS (Indian Naval Ship) Nishank, INS Taragiri, and INS Beas while also serving as Flag Officer Commanding Eastern Fleet (FOCEF).
Led the President’s Fleet Review (PFR-22) and the Sea Phase of the international exercise MILAN-22.
Click here to read from source
SCIENCE & TECHNOLOGY
11) IAF Conducts Maiden Airdrop Test of BHISHM, World’s 1st Air-Lifted Portable Hospital in Agra (Current Affairs 16th May 2024)
On May 14, 2024, the Indian Air Force (IAF) performed the first airdrop test of BHISHM portable cubes, the world’s first air-lifted portable hospital, at Agra, Uttar Pradesh.
Key Points:
- BHISHM portable cubes are part of a larger program called “Project BHISHM- Bharat Health Initiative for Sahyog, Hita, and Maitri”.
- This project is especially developed to treat up to 200 causalities while stressing speedy response and thorough care.
- The Indian Army revealed its latest creation, the “Hexacopter Drone” equipped with a machine gun. Sirin Hexadrones were created by Ikran Aerospace and Technologies Private Limited (IAATPL).
About Indian Air Force(IAF):
- Chief of Air Staff: Vivek Ram Chaudhari
- Headquarters: New Delhi, Delhi
- Established: 8th October, 1932
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12) Japan Launches World’s First 6G Device, 20 Times Faster Than 5G (Current Affairs 16th May 2024)
Japan has developed the world’s first high-speed 6G prototype device, capable of transmitting data at a rate of 100 gigabits per second (Gbps), which is 20 times faster than Gold Standard 5G technology.
The 6G gadget provides services with an outstanding range of 300 feet, demonstrating the potential for substantial advancements in internet technology.
Japan’s leading telecommunication corporations, including NTT DOCOMO, Nippon Telegraph and Telephone (NTT) Corporation, NEC Corporation India Private Limited, and Fujitsu, joined forces to create this.
6G technology has the potential to provide real-time holographic communication, as well as immersive virtual and mixed reality experiences.
Click here to read from source
SPORTS
13) P.Shyam Nikhil Becomes India’s 85th Chess Grand Master (GM) (Current Affairs 16th May 2024)
Indian chess player P.Shyam Nikhil (31 years old) has been named India’s 85th Grand Master (GM). He accomplished this achievement by obtaining the third norm necessary for the GM title at the Dubai Police Masters 2024, which took place from May 3rd to May 13th, 2024 in Dubai, United Arab Emirates (UAE).
He drew with GM Bai Jinshi (China) in the last round.
About P.Shyam Nikhil:
- Shyam Nikhil is from Tamil Nadu and obtained his first GM-norm at the 4th Mumbai Mayer’s Cup Open (Maharashtra) in September 2011.
- Then, in September 2011, he received his second GM norm at the 46th National Premier in Aurangabad, Maharashtra.
- In May 2012, he reached 2500 points and received a published rating of 2502 points from the Federation International des Echecs, also known as the International Chess Federation.
- To become a GM, a player must secure three GM norms and have a live rating of 2500 Elo points.
Awards:
- He won the gold medal at the 2022 Commonwealth Chess Championship, which was held in Sri Lanka.
- Shyam Nikhil won the 18th Tamil Nadu IM-norm Closed Circuit Tournament 2024, which took place in Pollachi, Tamil Nadu (TN).
About Federation International des Echecs or International Chess Federation(FIDE):
- President: Arkady Dvorkovich
- Deputy President: Vishwanathan Anand
- Headquarters: Lausanne, Switzerland
- Established: 1924
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OBITUARY
14) Canadian Author & Nobel Laureate in Literature Alice Munro Passed Away (Current Affairs 16th May 2024)
Alice Laidlaw Munro, a Canadian novelist and Nobel Prize winner, died at the age of 92 in Port Hope, Ontario. She was born on July 10, 1931, in Wingham, Ontario.
Awards/Honours:
- She received the Governor General’s Literary Award (Canada’s top literary honor) for fiction three times: for her first book “Dance of the Happy Shades” in 1968, Who Do You Think You Are in 1978, and The Progress of Love in 1986.
- She received the Scotiabank Giller Prize, Canada’s most prestigious literary prize, twice: for “The Love of a Good Woman” in 1998 and for “Runaway” in 2004.
- In 2009, Alice Munro received the Man Booker International Award at Trinity College Dublin in Dublin, Ireland.
- In 2013, she received the Nobel Prize in Literature as a “Master of the Contemporary Short Story.”
- She was also a Knight of the Order of Arts and Letters in France, and her image appears on a Royal Canadian Mint silver coin and a Canadian postage stamp.
About Alice Munro:
Alice Munro has produced 13 story collections, one book (Lives of Girls and Women, 1971), and two volumes of collected tales.
In the 1950s and 1960s, her stories were broadcast by the Canadian Broadcasting Corporation (CBC) and published in various Canadian journals.
In 1977, The New Yorker magazine published one of her pieces, Royal Beatings, and she has published over a dozen short story collections.
Though Canadian-born, Saul Bellow was awarded the Nobel Prize in Literature in 1976 for his analysis of contemporary culture, making him a celebrated American writer. However, it was Alice Munro who became the first Canadian-born writer to truly embody a unique Canadian identity when she was awarded the prestigious prize.
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15) Former Bihar Deputy CM Sushil Kumar Modi Passed Away (Current Affairs 16th May 2024)
Senior Bharatiya Janata Party (BJP) politician and former Bihar Deputy Chief Minister (CM) Sushil Kumar Modi died at the age of 72 in New Delhi, Delhi. He was born on January 5, 1952 in Patna, Bihar.
He was among the leaders elected to the Rajya Sabha, Lok Sabha, and both chambers of the Bihar Legislative Council and Bihar Legislative Assembly.
About Sushil Kumar Modi:
- Sushil Kumar. Modi was first elected to the Legislative Assembly (MLA) in 1990 from the Patna Central seat (now known as Kumhrar).
- He was an MLA for three terms, from 1990 to 1995, 1995 to 2000, and 2000 to 2004.
- He was the BJP’s Secretary from 1995 to 1996, and the Leader of Opposition in the Bihar Legislative Assembly from 1996 to 2004.
- He served as Bihar’s Minister of Parliamentary Affairs in 2000.
- He was elected to the 14th Lok Sabha from the Bhagalpur seat in 2004.
- He then served on the Bihar Legislative Council from 2006 to 2012, 2012-2018, and 2018-2020.
- He also served as Bihar’s finance minister from 2005 to 2013 and 2017 to 2020, as well as Deputy Chief Minister of Bihar for almost 11 years in two terms, the first from 2005 to 2013, and the second from 2017 to 2020.
- He was also a member of the GST Council from 2017 to 2020.
- In 2020, he was elected to the Rajya Sabha representing Bihar. In April 2024, he retired from the Rajya Sabha.
He has served as a member of the Committee on Urban Development (2020-2021), the Committee on Rules (from 2021 onwards), and the Consultative Committee for the Ministry of Cooperation (2023 onwards).
He also served as a member of the National Tiger Conservation Authority (from 2022 onwards) and the National Khadi and Village Industries Board.
Click here to read from source
IMPORTANT DAYS
16) International Day of Families 2024 – May 15 (Current Affairs 16th May 2024)
Each year on May 15th, the United Nations (UN) actively marks International Day of Families across the world. This day serves to promote awareness and highlight family concerns, while simultaneously enhancing knowledge of the social, economic, and demographic factors that influence families.
The International Day of Families 2024 takes place on May 15, 2024.
2024 celebrates the 30th anniversary of the International Year of the Family (1994).
The topic for International Day of Families 2024 is “Families and Climate Change”.
Background:
- In 1989, the United Nations General Assembly (UNGA) approved a resolution designating 1994 as the International Year of the Family.
- The United Nations General Assembly took action in 1993 by passing resolution A/RES/47/237. This resolution declared May 15th as International Day of Families, an annual event to be honored starting in 1994.
- Consequently, the first-ever International Day of Families was commemorated with great significance on May 15, 1994.
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STATE NEWS
17) SAIL-Bhilai To Install a 15 MW Floating Solar Plant in Chhattisgarh (Current Affairs 16th May 2024)
Bhilai Steel Plant (BSP), the flagship facility of Steel Authority of India Limited (SAIL), has opted to develop the first 15-megawatt (MW) floating solar project in its Maroda-1 reservoir in Durg district, Chhattisgarh, to reduce its carbon footprint.
NTPC-SAIL Power Supply Company Limited (NSPCL), a joint venture formed in equal partnership (50:50) by National Thermal Power Corporation (NTPC) and Steel Authority of India (SAIL), is undertaking this project. While NTPC Limited (formerly National Thermal Power Corporation) is acting as a consultant for the project, launched in January 2024, with an expected completion date of 2025.
This initiative is expected to generate a significant amount of clean electricity, reaching approximately 34.26 million units annually. Furthermore, the project is poised to make a substantial positive impact on the environment by reducing Steel Authority of India’s (BSP) carbon dioxide (CO2) emissions by an estimated 28,330 tons per year.
Note: On May 9, 2024, NSPCL and BSP signed a Power Purchase Agreement (PPA) to build a 15 MW floating solar plant in Maroda-1 reservoir.
Click here to read from source
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