Current Affairs 17th May 2024
Stay informed with our comprehensive breakdown of today’s news! This edition of Current Affairs 17th May 2024 brings you the latest developments from India and around the world. Dive into key topics like the Supreme Court’s ruling on the Enforcement Directorate’s powers, health concerns surrounding Covaxin, and the rising threat of West Nile Virus. We’ll also explore discussions on reservations in jobs and the ethical use of AI in drug development. Get the insights you need – right here, right now.
NATIONAL AFFAIRS
1) Unemployment Rate at 6.7% in Q4FY24: 22nd Quarterly PLFS by NSSO
On May 15, 2024, the National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation (MoSPI), issued its 22nd quarterly Periodic Labour Force Survey (PLFS) bulletin for January-March 2024 (Q4FY24).
According to it, India’s urban unemployment rate (UR) in Current Weekly Status (CWS) figures for those aged 15 and above fell by 10 basis points to 6.7% in Q4FY24, from 6.8% in Q4FY23.
Across India, the Labour Force Participation Rate (LFPR) in CWS grew to 50.2% from 48.5% in Q4FY23.
The Worker Population Ratio (WPR-in%) in CWS rose to 46.9% from 45.2% in Q4FY23.
About Ministry of Statistics and Programme Implementation (MoSPI):
- Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana)
- Headquarters- New Delhi, Delhi
Click here to read from source
BANKING & FINANCE
2) India Extends Budgetary Support of USD 50 Million to Maldives
The Government of India (GoI) has granted the Maldives with USD 50 million in budgetary support in the form of a rollover of Treasury Bills (T-Bills) for another year.
The State Bank of India (SBI) has subscribed for another year to the T-bill issued by the Maldives’ Ministry of Finance, after the maturity of the previous subscription.
India Sends USD 1 Million in Flood Relief Assistance to Kenya
The Indian government (GoI) has provided USD 1 million in humanitarian aid to the Kenyan government in response to the destruction caused by the floods.
About Maldives:
- President– Dr Mohamed Muizzu
- Capital– Malé
- Currency– Maldivian Rufiyaa
Click here to read from source
3) ReNew Signed MoU with Societe Generale for Energy Transition Projects of USD 1 Billion over Next 3 years
ReNew Energy Global PLC (ReNew) has signed a Memorandum of Understanding (MoU) with Societe Generale, a European bank, to assist the company’s energy transformation initiatives in India and throughout the world. This alliance will help India achieve its net zero ambitions.
Under this agreement, Societe Generale will give USD 1 billion in financial support over the next three years, mostly through debt financing and consulting services.
ReNew signed 5 PPAs for 2.2 GW, including 1 GW of FDRE.
It has signed five Power Purchase Agreements (PPAs) totaling 2.2 GigaWatt (GW) of renewable energy capacity.
ReNew has also secured Letters of Award (LOAs) for an additional 5.8 GW of renewable energy capacity.
About Societe Generale S.A.:
- Societe Generale is one of the leading financial services group in Europe.
- Chief Executive Officer (CEO)- Slawomir Krup
- Founded in 1864
- Headquarters– Paris, France
Click here to read from source
4) SBI General Insurance Introduced ‘Bima Central’ Platform to Transform Customer Experience with Innovation
State Bank of India (SBI) General Insurance Company Limited launched Bima Central, India’s first insurance portfolio management platform, to revolutionize the client experience via innovation.
It has partnered with Bima Central, which was created by CAMS Insurance Repository Services Limited.
Key Points about Bima Central Platform:
- The platform enables consumers to manage their insurance portfolios using an electronic-Insurance Account (eIA).
- SBI General Insurance policyholders with an eIA through the Bima Central platform may manage their insurance policies and access their insurance portfolio using both the SBI General Insurance mobile app and the Bima Central app.
- The website allows users to add beneficiaries, nominees, and family members.
- The platform provides eIA policyholders with a single, integrated view of their aggregated insurance benefits.
Note: Beginning April 2024, policyholders must hold new insurance policies in electronic format (e-Policy) in eIA.
About CAMS Insurance Repository Services Limited (CAMSRep):
It is a fully owned subsidiary of Computer Age Management Services Private Limited (CAMS) Group. It is the second-largest insurance repository in India.
- Chief Executive Officer (CEO): Vivek Bengani
- Headquarters – Chennai, Tamil Nadu
- Established: 2011
About SBI General Insurance Company Limited:
- Managing Director (MD) and CEO: Kishore Kumar Poludasu
- Headquarters: Mumbai, Maharashtra
- Tagline: Suraksha Aur Bharosa Dono
- Established: 2009
Click here to read from source
5) ADB Approves USD 148.5 Million Loan to Enhance Power Distribution System(PDS) of Sikkim
The Asian Development Bank (ADB) authorized a USD 148.5 million loan to strengthen, upgrade, and climate-proof the distribution system in Sikkim, India, with the goal of improving the dependability, quality, and resilience of power supplies.
The loan is in line with the Sikkim government’s Power for All project, which aims to assure continuous access to high-quality energy for homes, industries, and others.
Key Points about Loan used for Up gradation of Sikkim PDS:
The Project will update and modernize Sikkim’s Power Distribution System (PDS) by installing about 770 kilometers (km) of climate-resilient medium-voltage underground or covered conductors.
It will also replace 580 kilometers of old and low-capacity bare wires with new ones to boost distribution network capacity.
The project will improve 26 existing power substations, including the installation of a supervisory control and data acquisition system.
In addition, 1500 public street lighting units will be deployed in outlying places.
It will include electricity conservation and safety awareness activities in 28 communities.
Role of ADB:
The Asian Development Bank will assist in developing a financial sustainability strategy. It intends to establish PDS of Sikkim as an autonomous agency with the goal of improving financial sustainability in the power industry.
It will help PDS develop a power distribution master plan and integrate geographical information systems.
The goal is to set up a real-time monitoring control center to optimize power management and develop a gender and social inclusion plan.
Benefits:
- The project will enhance the livelihood of at least 1100 women, including Self Help Groups (SHGs) and Producer Groups, by installing tailored Renewable Energy (RE) systems and improving their vocational skills.
- It will install solar energy systems and energy-saving electrical equipment in 24 primary health care sub-centers. This will assist rural health care facilities expand their ability to provide in-patient treatments.
About Asian Development Bank(ADB):
- President: Masatsugu Asakawa(Japan)
- Headquarters: Mandaluyong City, Manila, The Philippines
- Members Nations: 68(49 members nations are from Asia-Pacific region)
- Established: 1966
Click here to read from source
6) TATA AIG Partnered with Aurm To Offer Safe Vaults For Insurance Coverage
Tata AIG General Insurance Company Limited has teamed with Aurm, a Bengaluru-based asset protection service, to offer insurance coverage for Aurm customers’ assets.
Under this agreement, Aurm’s vaults would be fully insured up to Rs 25 lakh.
The combination of Aurm’s security infrastructure and technology with Tata AIG’s insurance coverage for safe vault owners will provide them peace of mind while securing their high-value valuables.
Aurm works with banks and real estate companies to deliver cutting-edge safe deposit storage facilities that are completely automated and open 24 hours a day, 365 days a year.
Note:
- TATA AIG General Insurance Company Limited is a joint venture (JV) between the Tata Group and the American International Group.
- This year (2024), it celebrates 23 years of service in India, having started operations on January 22, 2001.
Click here to read from source
ECONOMY & BUSINESS
7) MSCI Announced Changes in MSCI Global Standard Index: 13 Indian Firms Added & 3 Removed
MSCI Inc. (previously Morgan Stanley Capital International Inc.) has announced revisions to the members of the MSCI Global Standard Indexes, effective May 31, 2024.
According to the May 2024 review, 13 securities will be added to the India Index, while three securities will be removed.
Following this, India will have 146 net stocks in the MSCI Global Standard Index.
Note:
The 13 Securities added to MSCI India Index are Bosch Limited; Canara Bank; Indus Towers Limited ; Jindal Stainless Limited ; JSW Energy Limited ; Mankind Pharma; NHPC Limited; PB Fintech Limited; Phoenix Mills Limited ; Solar Industries India Limited ;
Sundaram Finance Limited ; Thermax Limited and Torrent Power Limited.
The 3 companies removed from MSCI India Index are Berger Paints India Limited; Indraprastha Gas Limited (IGL) and Paytm (One97 Communications Limited)
MSCI Global Standard Indexes
A total of 42 securities will be added and 121 securities will be deleted from the MSCI Global Standard Indexes.
The 3 largest additions to the MSCI Emerging Markets Index measured by full company market capitalization are Chandra Asri Pacific (Indonesia), JSW Energy (India) and Canara Bank (India).
MSCI Global Small Cap Indexes:
- The MSCI Global Small Cap Indexes will gain 233 new stocks and lose 293 existing ones.
- MSCI India index has seen 29 additions and 15 removals.
- The net introduction of 14 stocks increases India’s overall stock count in this index to 497.
- 187 stocks will be added and 326 will be removed from the MSCI Global Investable.
Market Indexes:
- 113 stocks will be added, while 83 will be removed from the MSCI Global All Cap Indexes.
- The MSCI Frontier Markets Index will include nine additions and five exclusions.
Points to note:
With the aforementioned additions to the MSCI Global Standard/Emerging Market (EM) Index, India is likely to receive a net inflow of more than USD 2.5 billion in FII (Foreign Institutional Investor) passive funds.
India’s weight in the MSCI EM Index is expected to rise from 18.3% to around 19%, the largest gain in basis points among all developing countries in this review.
China has the most presence in the MSCI EM Index, with a weight of 25.7% and 703 members.
YES Bank, Zomato, Vedanta, AU Small Finance Bank, Macrotech Developers, Polycab India, Samvardhana Motherson, and Suzlon Energy have all seen their weights rise.
On the other side, the weights of Dabur, ICICI Lombard, Jubilant Foodworks, and PI Industries have declined.
Click here to read from source
AWARDS & RECOGNITIONS
8) Forbes 30 Under 30 Asia 2024 features 86 Indians; includes Akshit Bansal, Raghav Arora & Bhagya Shree Jain (Current Affairs 17th May 2024)
The ninth edition of the Forbes 30 Under 30 Asia list (2024) had 86 Indian entries, including Akshit Bansal (29) and Raghav Arora (28), co-founders of Statiq-India, and Bhagya Shree Jain (29), founder of The Disposal Company.
Forbes’ “30 Under 30 Asia” list recognizes young entrepreneurs, leaders, and trailblazers under 30 who are driving innovation and reshaping industries throughout the Asia-Pacific region.
The 2024 list includes 300 submissions from 21 nations and territories. India had the most submissions, followed by China and Japan (32 apiece), Singapore (27), Australia (26), and Indonesia (18).
Click here to read from source
APPOINTMENTS & RESIGNATIONS
9) Lawrence Wong Becomes the New Prime Minister of Singapore (Current Affairs 17th May 2024)
Lawrence Wong Shyun Tsai, a US-trained economist and career civil servant, was sworn in as Singapore’s fourth Prime Minister (PM) since independence.
On May 15, 2024, Singapore’s President Tharman Shanmugaratnam gave the oath to Wong.
Key Points
- Wong replaced Lee Hsien Loong, who left his office after 20 years (2004-2024).
- As Prime Minister and Finance Minister, he will lead the fourth generation of the People’s Action Party (PAP), or 4G administration.
- He will keep the office until the general election in November 2025.
About Lawrence Wong
- Lawrence Wong was first elected as a Member of Parliament (MP) in 2011.
- Before this assignment, he was the Deputy Prime Minister; he also worked in the Ministries of Culture, Community, and Youth, National Development, and Education.
- He also served as Deputy Chief Executive of the Energy Market Authority and Chairman of the Monetary Authority of Singapore.
- He also co-chaired the Multi-Ministerial Taskforce, which handled Singapore’s response to the COVID-19 epidemic.
About Singapore
- Prime Minister – Lawrence Wong Shyun Tsai
- President – Tharman Shanmugaratnam
- Capital – Singapore City
- Currency – Singapore Dollar (SGD)
Click here to read from source
Click here to read: Current Affairs 16th May 2024
10) R Lakshmi Kanth Rao Assumed Charge as Executive Director of RBI (Current Affairs 17th May 2024)
Lakshmi Kanth Rao began serving as the Reserve Bank of India’s (RBI) Executive Director (ED) on May 10, 2024. He formerly held the position of Chief General Manager-in-Charge of the RBI’s Department of Regulation.
As an executive director, he is in charge of the Deposit Insurance and Credit Guarantee Corporation, the Right to Information Act (FAA), and the Department of Communication.
With more than three decades of experience in the RBI, he has held notable positions such as Banking Ombudsman at RBI Chennai (Tamil Nadu) and Regional Director of Uttar Pradesh at Lucknow.
Click here to read from source
ACQUISITIONS & MERGERS
11) Quant Money Managers Receives RBI Nod to Acquire Stake Up to 9.98% in RBL Bank (Current Affairs 17th May 2024)
Quant Money Managers Limited has got clearance from the Reserve Bank of India (RBI) to buy up to 9.98% of RBL Bank Limited’s paid-up share capital or voting rights by May 12, 2025, subject to certain requirements and regulations under the Banking Regulation Act of 1949.
As of May 10, 2024, Quant Mutual Fund (MF), an arm of Quant Money Managers, owns approximately 4.68% of RBL Bank.
Quant MF manages assets of Rs 77,358 crore as of April 2024 and offers about 27 mutual fund products.
Click here to read from source
SCIENCE & TECHNOLOGY
12) NASA Plans to Build ‘FLOAT’, the 1st Railway System on Moon (Current Affairs 17th May 2024)
The National Aeronautics and Space Administration (NASA) has revealed plans to establish the first railway system on the Moon, known as “Flexible Levitation on a Track (FLOAT)”. This railway system is part of NASA’s Moon to Mars program, called Robotic Lunar Surface Operations 2 (RLSO2).
It will play an important part in the everyday operations of a sustainable lunar station planned for the 2030s.
The FLOAT system will be developed by NASA’s Jet Propulsion Laboratory (JPL) in California, United States of America (USA).
Key Features of FLOAT system:
- Unpowered robots will levitate a three-layer flexible film track to reduce dust abrasion on the lunar surface.
- The names of the three strata are:
- A graphite layer that allows robots to float over rails utilizing diamagnetic levitation passively.
- A Flex-Circuit Layer provides electromagnetic propulsion, which allows robots to move along rails with more control.
- When exposed to sunlight, the optional thin-film solar panel layer creates electricity for the base.
- Carts will be attached on these robots and will travel at a speed of 1.61 km/h.
- The system is designed to transfer around 100 tons of stuff each day to and from NASA’s eventual lunar outpost.
- The FLOAT technology will be included into NASA’s Artemis program. It seeks to put astronauts on the moon and return them to Earth.
About National Aeronautics and Space Administration (NASA):
- Administrator: Bill Nelson
- Headquarters: Washington D.C., United States of America (U.S.A.)
- Established: 1958
Click here to read from source
OBITUARY
13) Renowned Author, Storyteller & Padma Shri Awardee Malti Joshi Passed Away (Current Affairs 17th May 2024)
Padma Shri Awardee Malti Joshi, a renowned novelist and storyteller, passed away at the age of 90.
Joshi was awarded the coveted ‘Padma Shri’ in 2018 for her services to literature and education.
She also earned Shikhar Samman (2006), Dushyant Kumar Sahitya Samman (2011), Ojaswini Samman (2011), Rashtriya Maithalisharan Gupt Samman (2013-2014), Kamleshwar Smruti Puraskar (2016), and Hindi Sevi Samman (2018).
About Malti Joshi
- Malti Joshi was born on June 4, 1934, in Aurangabad, Maharashtra. Starting in her teens, she began writing stories.
- Her work gained recognition in 1969 when it won an award and was subsequently published in ‘Parag’, a Hindi magazine for children.
- Continuing her literary journey, her debut tale was published in 1971 in Dharmayug, a famous Hindi literature journal issued by the Times Group. This publication solidified her reputation as “Malwa ki Meera”
- Her works include ‘Madhayantar’, ‘Pataakshep’, ‘Parajay’, ‘Ek Ghar Sapno Ka’, ‘Woh Tera Ghar, Ye Mera Ghar’, and ‘Aurat Ek Raat Hai’.
- Joshi’s tales and novels have appeared in all major periodicals, including Saptahik Hindustan, Manorama, Kadambini, and Sarika.
- Many of her stories have been broadcast on radio and television, including ‘Saat there’, ‘Kirdar’, and ‘Bhavna’.
- She began the practice of ‘Kathakathan’ (oral recitation), when she performed her stories in front of an audience.
Click here to read from source
BOOKS & AUTHORS
14) Anuradha Mascarenhas’s new book “At The Wheel of Research”, biography of former WHO Chief Scientist Soumya (Current Affairs 17th May 2024)
Anuradha Mascarenhas, Senior Assistant Editor at The Indian Express, has written a new book called “At the Wheel of Research: An Exclusive Biography of Dr. Soumya Swaminathan”. Bloomsbury Publishing India Pvt. Ltd. released the book.
This book chronicles the biography of Dr. Soumya Swaminathan, the World Health Organization’s (WHO) first Chief Scientist (2019–2022) and former Director General (DG) of the Indian Council of Medical Research (ICMR) (2015–2017).
She is an Indian doctor and the Chairperson of the M S Swaminathan Research Foundation (MSSRF).
She is the daughter of Dr. Monkumbu Sambasivan (MS) Swaminathan, the agricultural scientist dubbed the “Father of the Green Revolution in India”.
About Author:
Anuradha Mascarenhas is a seasoned journalist who has received several honors, including the Press Council of India National Award for Excellence in Journalism for Gender-Based Reporting in 2019.
Click here to read from source
IMPORTANT DAYS
15) International Day of Living Together in Peace 2024 – May 16 (Current Affairs 17th May 2024)
Every year on May 16th, the United Nations mobilizes the efforts of worldwide communities to promote peace, tolerance, inclusion, understanding, and solidarity through its International Day of Living Together in Peace.
Background:
- On December 8, 2017, the UN General Assembly (UNGA) approved Resolution A/RES/72/130, designating May 16 as the International Day of Living Together in Peace.
- The United Nations marked the inaugural International Day of Living Together in Peace on May 16, 2018.
About United Nations (UN):
- Secretary-General– António Guterres
- Headquarters– New York, United States of America (USA)
- Established in– 1945
Click here to read from source
16) International Day of Light 2024 – May 16 (Current Affairs 17th May 2024)
Every year on May 16th, the world unites to celebrate the International Day of Light (IDL). This global initiative aims to recognize the critical role of light. It shines a light on, quite literally, the importance of light in science, culture, art, education, and sustainable development. Furthermore, its influence extends to a wide range of sectors, including medicine, communications, and energy.
The 7th iteration of UNESCO’s International Day of Light will take place on May 16, 2024.
Why May 16?
The 16th of May celebrates the anniversary of the first successful laser operation in 1960 by American scientist and engineer Theodore Harold Maiman.
Background:
On November 7, 2017, the UNESCO General Conference adopted a resolution (39 C/Resolution 16) designating May 16th of each year as International Day of Light.
The inaugural International Day of Light was held on May 16, 2018.
About United Nations Educational, Scientific and Cultural Organization (UNESCO):
- Director-General– Audrey Azoulay
- Headquarters– Paris, France
Click here to read from source
17) National Dengue Day 2024 – May 16 (Current Affairs 17th May 2024)
Every year on May 16th, India actively marks National Dengue Day to raise public awareness about Dengue, a mosquito-borne viral illness. This awareness campaign simultaneously encourages the public to adopt preventative measures in order to combat the spread of Dengue.
The Ministry of Health and Family Welfare (MoH&FW) organizes the annual National Dengue Day event.
The 2024 theme for National Dengue Day is “Connect with Community, Control Dengue.”
Background:
- The Ministry of Health and Family Welfare, Government of India (GoI) has observed National Dengue Day on May 16th to kick off pre-monsoon activities and community sensitization.
- In order to raise community awareness about the need for mosquito-free homes and surroundings, July is designated as Anti-Dengue Month, a time to actively promote preventive measures.
About National Centre for Vector Borne Diseases Control (NCVBDC):
- Director– Dr. Tanu Jain
- Headquarters– Delhi
Click here to read from source
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