Current Affairs 19th|20th May 2024
This week, from May 19th to 20th, 2024, saw developments on a number of fronts. In this blog post, we’ll delve into the key happenings in the world of Current Affairs 19th | 20th May 2024. From international relations to sporting victories, get ready to catch up on the latest news!
NATIONAL AFFAIRS
1) DPIIT Organised “ONDC Startup Mahotsav” in Delhi; 12 unicorns, over 125 startups showed interest to join ONDC Network
The Department for Promotion of Industry and Internal Trade (DPIIT) of the Ministry of Commerce and Industry hosted the “ONDC Startup Mahotsav” on May 17, 2024, at Vanijya Bhawan in New Delhi.
Rajesh Kumar Singh, Secretary, DPIIT, spoke at the event on the Government of India’s (GoI) commitment to nurturing and promoting the ecosystem for startup growth and innovation.
Key Highlights:
- ONDC Startup Mahotsav is a unique partnership between the Startup India program and the Open Network for Digital Commerce (ONDC), both of which are DPIIT’s flagship activities.
- So far, the ONDC platform has over 5 lakh registered vendors, with more than 70% being small and medium-sized businesses.
- In April 2024, ONDC handled almost 7.2 million transactions.
The event hosted several panel discussions on topics such as “Building a Collaborative Future of Indian E-commerce,” “ONDC – Startup Success Story,” and “Driving Startup Growth through ONDC,” which covered mutual collaboration and the enormous potential for startups to expand the ONDC network.
Point to Note:
On January 16, 2016, the Government of India unveiled the “Startup India” project, which sought to help entrepreneurs and establish a vibrant startup ecosystem in India.
India is currently a prominent startup ecosystem, with over 13 lakh DPIIT-recognized firms functioning in more over 55 sectors.
More than 125 startups including 12 unicorns commit to onboarding ONDC:
- Over 5,000 startups, including 12 unicorns, participated in hybrid mode.
- During the event, more than 125 ecosystem players, including unicorns and startups, committed to joining the ONDC network.
- The following unicorns have signed a Letter of Intent (LOI) to join ONDC: EaseMyTrip, OfBusiness, Winzo, Livspace, GlobalBees, Pristyn Care, Cars24, Physics Wallah, PolicyBazaar, and Zerodha.
About Open Network for Digital Commerce (ONDC):
- It is a DPIIT, Government of India (GoI) project that was introduced in 2021. It is the first-of-its-kind protocol that intends to encourage open networks for all elements of products and services via digital or electronic networks.
- ONDC is currently fully operating across India, with its digital infrastructure completed.
Click here to read from source
INTERNATIONAL AFFAIRS
2) World Hydrogen 2024 Summit & Exhibition Held in Netherlands: India set up its Maiden Pavilion
The World Hydrogen 2024 Summit & Exhibition, the world’s largest dedicated hydrogen event, took place in Rotterdam Ahoy, the Netherlands, from May 13th to 15th, 2024.
The summit included the first India pavilion, built up by the Ministry of New and Renewable Energy (MNRE), government of India (GoI), to showcase the National Green Hydrogen Mission (NGHM).
About World Hydrogen Summit 2024:
- The Sustainable Energy Council (SEC) organized the summit in collaboration with the Dutch government, the province of Zuid-Holland, the city of Rotterdam, and the Port of Rotterdam.
- The Summit attracted around 15,000 delegates from throughout the world.
- India has established its own pavilion at the World Hydrogen Summit 2024, marking a first. The MNRE’s India pavilion provided a forum for India to display its development in the field of green hydrogen.
- The India Pavilion was launched by Bhupinder Singh Bhalla, Secretary, MNRE.
- The Indian delegation comprises members from the Ministry of New and Renewable Energy, the Department of Science and Technology, the Ministry of Railways, the Ministry of Petroleum and Natural Gas, and private sector firms.
India’s achievements in Green Hydrogen:
- In January 2023, India began its National Green Hydrogen Mission (NGHM), which has a budget of Rs 19,744 crores and aims to produce 5 MMT (Million Metric Tonnes) by 2030.
- The MNRE has granted tenders for 412,000 tons of green hydrogen production and 1,500 MW of electrolyzer manufacturing capacity.
- Green hydrogen usage guidelines have been established in the steel, transportation, and shipping industries.
- The Department of Science and Technology (DST), Ministry of Science and Technology (MoST), has established Hydrogen Valley Innovation Clusters to foster innovation and promote India’s green hydrogen ecosystem.
- A dedicated portal for the National Green Hydrogen Mission has been created to provide one-stop access to mission information and updates.
- Non-fossil fuel sources account for around 43% of India’s current installed electrical capacity, with forecasts of a 50% increase by 2030.
Click here to read from source
BANKING & FINANCE
3) HDFC Bank Secures USD 500Mn from IFC for Women-Focused Lending
On May 17, 2024, HDFC Bank obtained USD 500 million from the International Finance Corporation (IFC) to assist disadvantaged female borrowers. This grant seeks to empower women by encouraging financial inclusion, income production, and socioeconomic development.
Key Points:
- The money will be utilized to give microloans to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) under HDFC’s Sustainable Livelihoods Initiative.
- SLI is HDFC Bank’s business line dedicated to microfinance lending to women.
Non-banking financial companies, including microfinance institutions (MFIs) and small finance banks, play an important role in microfinance lending to women in India, accounting for 65.7% of total microfinance loans and a gross loan portfolio of USD 31.6 billion as of December 31, 2023, with approximately 47 million clients.
About International Finance Corporation (IFC):
- Managing Director– Makhtar Diop
- Parent organization– World Bank Group
- Headquarters– Washington, DC, United States (US)
- Establishment– 1956
Click here to read from source
4) SBI Mutual Fund Launches SBI Automotive Opportunities Fund
SBI Mutual Fund, India’s largest fund house, has established SBI Automotive Opportunities Fund, an open-ended equity plan with an automotive and related commercial activities focus.
This first-of-its-kind active mutual fund will invest in vehicle and related industries, both local and foreign.
The new fund offer (NFO) started for subscription on May 17, 2024, and will end on May 31, 2024.
About SBI Automotive Opportunities Fund:
- Investment Objective: To provide long-term capital appreciation to unit holders.
- The fund will be compared to the Nifty Auto Total Return Index (TRI).
- Tanmaya Desai and Pradeep Kesavan, the fund managers, will handle the plan.
- The Scheme offers two plans: the Regular plan and the Direct plan.
- The Regular Plan is for investors who want to route their investment through any distributor.
Direct Plan is only available to investors who acquire or subscribe to Units in a Scheme directly from the Mutual Fund or through a Registered Investment Advisor (RIA).
Investment Strategy:
- The fund will invest 80%-100% of its net assets in equities and equity-linked securities from the automotive and associated industries.
- The fund will invest 0-20% of its assets in stock and equity-related securities of other firms, as well as debt and debt-related products, money market instruments, and tri-party repos.
- 0-10% will be invested in units issued by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
Note: There is no guarantee that the investment goal will be met.
Investment Solutions:
- The fund provides systematic investing options such as Systematic investing Plan (SIP) and Systematic Withdrawal Plan (SWP) to help you establish a flexible investment strategy.
- The minimum application for lumpsum is Rs 5,000, while for SIP it is Rs 500.
- The minimum number of installments would be twelve.
Exit Load structure:
There is no entry load, but a 1% exit load occurs if units are redeemed within one year after allocation. This exit burden vanishes after a year.
About SBI Mutual Fund:
SBI Mutual Funds are managed by SBI Funds Management Ltd. (SBIFML), which is supported by the State Bank of India.
SBIFML is a joint venture (JV) between SBI and AMUNDI (France), one of the world’s top fund management firms.
- MD & CEO(SBIFML)– Shamsher Singh
- Headquarters– Mumbai, Maharashtra
- Established in– 1987
Click here to read from source
5) Yes Bank launches YES Grandeur for India’s Emerging Affluent Segment
Yes (Youth Enterprise Scheme) Bank has introduced YES Grandeur, a banking program for India’s developing affluent demographic that includes a savings account and a debit card.
This program is for customers having an Average Monthly Balance (AMB) of Rs 5 lakh or a Net Relationship Value (NRV) of Rs 20 lakh.
Key Points:
- Yes, the Grandeur Debit Card provides travel perks such as 0% cross-currency markup costs and access to airport lounges.
- The program provides specialized relationship managers, preferential rates, fee exemptions, and a unique three-in-one account that combines demat, trading, and savings.
Notably, according to Mumbai, Maharashtra-based People Research on India’s Consumer Economy (PRICE) ICE 360° pan-India primary surveys, the Indian middle class will nearly treble to 61% by 2046–47.
About Yes Bank:
- Managing Director & Chief Executive Officer– Prashant Kumar
- Headquarters– Mumbai, Maharashtra
- Tagline– Life Ko Banao Rich
- Incorporated in 2003, commenced in 2004.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
6) IndiaFirst Life Insurance Approved the Appointment of Rushabh Gandhi as its New MD and CEO (Current Affairs 19th|20th May 2024)
The Board of IndiaFirst Life Insurance Company Limited has accepted the nomination of Rushabh Gandhi as its new Managing Director (MD) and Chief Executive Officer (CEO) for a five-year term beginning July 1, 2024, or the date of regulatory clearance, whichever comes first.
The appointment would be effective only after final approval from the Insurance Regulatory and Development Authority of India (IRDAI), company shareholders, and legislative approvals.
Key Points:
- Rushabh Gandhi is now acting as Deputy CEO of IndiaFirst Life Insurance.
- He will succeed R.M. Vishakha, the present MD and CEO of the business.
- Her tenure will expire on June 30th, 2024.
- He has approximately 30 years of expertise in the financial services business.
Click here to read from source
SCIENCE & TECHNOLOGY
7) Pakistan Conducted Training Launch of ‘Fatah-II’, an Indigenous Rocket System (Current Affairs 19th|20th May 2024)
Pakistan successfully performed a training launch of its indigenously produced “Fatah-II” guided Multi-Launch Rocket System. It is being introduced into Pakistan Army Artillery Divisions for stand-off, precise engagement of deep targets.
This is a significant breakthrough in Pakistan’s long-range artillery capability.
About Fatah:
Range: The rocket system can engage targets with excellent accuracy up to a distance of 400 kilometers.
Key Features:
- It is outfitted with cutting-edge avionics, a complex navigation system, a distinct flight trajectory, and maneuverable characteristics.
- It employs cutting-edge flight control technology and a sophisticated pathfinding algorithm. It is an updated version of the Fatah rocket series.
- It is unique due to its sophisticated precision-targeting technology, which is compatible with any missile defense system. It uses a combination of satellite and inertial navigation systems.
- Its navigation technology permits precision-guided hits with a Circular Error Probable (CEP) of less than 10 meters, allowing it to hit targets with unprecedented accuracy.
Points to Note:
- In 2021, Pakistan successfully tested its indigenously built Fatah-I guided MLRS. Fatah has a maximum range of 140 kilometers.
- In December 2023, the Pakistani military successfully flew their indigenously built Fatah-II.
About Pakistan:
- President- Asif Ali Zardari
- Prime Minister(PM)– Shehbaz Sharif
- Capital- Islamabad
- Currency- Pakistani Rupee (PKR)
Click here to read from source
8) Researchers Discovered “Super fluffy” Exoplanet with Cotton candy-like Density (Current Affairs 19th|20th May 2024)
Researchers have identified a “super fluffy” exoplanet known as “WASP-193b”. The exoplanet is 50% bigger than Jupiter and weights just 1/7th of Jupiter. As a result, the density is similar to that of cotton candy. The exoplanet was first discovered by the Wide Angle Search for Planets (WASP).
Key Points:
- The exoplanet was discovered beyond our solar system, around 1200 light years distant from Earth.
- WASP-193b is now the second lightest exoplanet, behind “Kepler-51d,” which has a density similar to Neptune.
- The researchers thought that the exoplanet was primarily composed of hydrogen and helium gas.
Click here to read from source
Click here to read: Current Affairs 18th May 2024
SPORTS
9) Australia & Uzbekistan Confirmed as Host of AFC Women’s Asian Cup 2026 & 2029 (Current Affairs 19th|20th May 2024)
Australia and Uzbekistan will host the Asian Football Confederation (AFC) Women’s Asian Cup in 2026 and 2029, respectively.
The AFC Women’s Football Committee’s suggestion was accepted at the third AFC Executive Committee meeting in Bangkok, Thailand. The meeting occurred on the eve of the 34th AFC Congress.
- Australia, co-host of the FIFA (Fédération Internationale De Football Association) Women’s World Cup 2023, will host the AFC Women’s Asian Cup for the second time.
- Australia hosted the AFC Women’s Asian Cup in 2006.
- Uzbekistan will be the first Central Asian nation to host the AFC Women’s Asian Cup.
- Uzbekistan hosted the AFC Under 20 (U20) Women’s Asian Cup 2024, which took place from March 2 to March 16, 2024.
Click here to read from source
10) PUMA India signed with AFI to Become Official Kit Sponsor of Indian Athletes (Current Affairs 19th|20th May 2024)
PUMA India has struck a multi-year agreement to become the Athletics Federation of India’s (AFI) official kit sponsor, with the goal of improving athlete performance and fostering excellence in India’s athletic community.
Under this cooperation, Puma will offer performance kits, speed suits, and travel gear to all AFI athletes representing India in track and field, jumps, throws, cross country running, and marathons in both local and international championships.
- For the first time, Indian athletes would have access to the speed suits that PUMA offers to other competitors around the world.
- Puma will provide nearly 400 athletes with clothing, footwear, and accessories.
- PUMA’s gear will benefit international athletes such as Neeraj Chopra (javelin throw), Kishore Kumar Jena (javelin throw), Parul Chaudhary (steeplechase), Subha Venkatesan (4x 400 meter relay), Murali Sreeshankar (long jump), Jyothi Yarraji (hurdle), Priyanka Goswami (race walk), and Jeswin Aldrin (long jump).
- The Olympics, Asian Games, and Commonwealth Games are not part of this collaboration.
- AFI, founded in 1946, is the top body for running and governing athletics in India. It is associated with World Athletics, the Asian Athletics Association (AAA), and the Indian Olympic Association.
Click here to read from source
OBITUARY
11) Padma Awardee and Former Chairman of ICICI Bank, Narayanan Vaghul passed away (Current Affairs 19th|20th May 2024)
Narayanan Vaghul, a renowned Indian banker and former Chairman of ICICI Bank, died at the age of 88 in Chennai, Tamil Nadu (TN).
Awards:
- In 2010, he received the Padma Bhushan, India’s third highest civilian honor, in the Trade and Industry category.
- In 2006, he received the Economics Times Lifetime Achievement Award for his outstanding contributions to India’s banking industry.
- He was named Businessman of the Year by Business India in 1992.
About Narayanan Vaghul:
- He began his banking career as an officer with State Bank of India (SBI).
- He was appointed Executive Director of the Central Bank of India in 1978.
- In 1981, he became the youngest chairman of the Bank of India (BOI).
- He also served as Director of the National Institute of Bank Management (NIBM) at Pune, Maharashtra.
- He served as Chairman of ICICI (formerly known as ICICI Limited) from September 1985 to April 2009.
- He was appointed Chairman of ICICI Bank in 2002, following the merger of ICICI and the Bank.
- He was the founder and chairman of CRISIL Limited (previously Credit Rating Information Services of India Limited), India’s first credit rating agency.
- His Notable Works: In 2023, Union Minister of Finance Nirmala Sitharaman issued his biography “Reflections” (published by Piramal Enterprises Limited), which detailed his experiences in India’s financial industry over several decades.
Click here to read from source
IMPORTANT DAYS
12) International Day Against Homophobia, Transphobia, and Biphobia 2024 – May 17 (Current Affairs 19th|20th May 2024)
Every year on May 17, the world commemorates the International Day Against Homophobia, Transphobia, and Biphobia. This day marks a pivotal moment in history – the day the World Health Organization (WHO), in a decisive move, voted to declassify homosexuality as a mental illness.
The day raises awareness of the violence and prejudice experienced by lesbian, gay, bisexual, transgender, queer, intersex, and asexual (LGBTQIA+) people, as well as individuals with varied sexual orientations and gender identities.
The 2024 International Day Against Homophobia, Transphobia, and Biphobia declares “No One Left Behind: equality, freedom, and justice for all” as its central theme.
Background:
- In 2004, French professor, LGBT rights activist, and anti-racist activist Louis-Georges Tin spearheaded the founding of the International Day Against Homophobia, Transphobia, and Biphobia.
Click here to read from source
13) International Museum Day 2024 – May 18 (Current Affairs 19th|20th May 2024)
International Museum Day (IMD) is annually observed across the globe on 18 May, to increase public awareness of the role of museums in the development of society and recognise their role in education, and heritage preservation.
The 2024 theme of IMD is, “Museums for Education and Research.”
Background:
- The International Council of Museums (ICOM) officially established International Museum Day in 1977 by adopting a resolution during the ICOM General Assembly in Moscow, Russia.
- Every year since 1977, ICOM has organised IMD, representing a unique moment for the international museum community.
About International Council of Museums (ICOM):
- President– Emma Nardi (Italy)
- Director General (interim)- Medea Ekner
- Headquarters– Paris, France
- Established in– 1946
Click here to read from source
14) World AIDS Vaccine Day 2024 – May 18 (Current Affairs 19th|20th May 2024)
Each year, on May 18th, the world commemorates World AIDS Vaccine Day (WAVD), also known as HIV Vaccine Awareness Day (HVAD). This day serves to raise awareness about the importance of preventing Human Immunodeficiency Virus (HIV) infections in order to avoid Acquired Immunodeficiency Syndrome (AIDS).
WAVD recognizes the collaboration of community people, health professionals, and scientists in developing an HIV vaccine.
The 27th annual HIV Vaccine Awareness Day (HVAD) takes place on May 18, 2024.
The red ribbon represents worldwide awareness and support for persons living with HIV.
Background:
- The 18th of May commemorates the anniversary of then-President of the United States of America (USA) Bill Clinton’s 1997 address urging for the development of an AIDS vaccine.
- Marking the anniversary of Clinton’s address, the organizers held the first WAVD on May 18, 1998.
Click here to read from source
STATE NEWS
15) Assam Launched DRIMS For Reporting Damages During Disasters (Current Affairs 19th|20th May 2024)
Assam has created the catastrophe Reporting and Information Management System (DRIMS), a computerized platform for accurately reporting and assessing catastrophe damage.
About DRIMS:
The Assam State Disaster Management Authority (ASDMA), under the leadership of Chief Secretary Ravi Kota, launched a cutting-edge project at the Assam Administrative Staff College (AASC) in Khanapara, Guwahati, Assam.
The digital platform, built in conjunction with the United Nations Children’s Fund (UNICEF), gathers crucial impact indicators of catastrophe damages and aids in the provision of relief and rehabilitation funding to affected beneficiaries.
It also monitors livestock losses, crop damage, and other damages, which speeds up the post-disaster recovery process.
Other Inaugurations:
- As a result, the National Institute of Disaster Management’s State Level Training Programme on Incident Response System (IRS) for Responders officially commenced with Ravi Kota delivering the opening remarks.
- He also published a manual on financial aid during disasters, empowering individuals, particularly women and children, to understand their rights during and after disasters.
About Assam:
- Chief Minister (CM) – Himanta Biswa Sarma
- Governor – Gulab Chand Kataria
- Capital – Dispur
- Wildlife Sanctuaries – Pobitora Wildlife Sanctuary, Sonai Rupai Wildlife Sanctuary
- Tiger reserves – Manas Tiger Reserve, Nameri Tiger Reserve.
Click here to read from source
Ready to Join the Planet E Family?
We are located conveniently,
Address: 104, 1st Floor, Civic Centre, MMGS Marg, Dasturwadi, Opp. Sunshine Plaza, Near Kailash Lassiwala, Dadar East, Mumbai 400014
Address: Office no 3, 1st Floor, Siddharth Tower, Gokhale Road, Ambedkar Chowk, Jambli naka, Next to Thane Station, Thane West, Thane, Maharashtra 400601
Take that first step towards your dream – Contact us today!
