Current Affairs 22nd May 2024
Welcome to your one-stop shop for staying informed! In this blog post, we’ll delve into the most important Current Affairs for May 22nd, 2024. From global developments to local headlines, we’ll cover the news that matters to you. So, buckle up and get ready to dive into the day’s events!
NATIONAL AFFAIRS
1) DAHD & UNDP India signs MoU on Digitalization of Vaccine Cold Chain Management
On May 20, 2024, the Department of Animal Husbandry & Dairying (DAHD), Ministry of Fisheries, Animal Husbandry & Dairying (MoFAHD), signed a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) India to improve the digitalization of vaccine cold chain management, capacity building, and communication planning at the UNDP Country Office in New Delhi, Delhi.
Aim: To improve animal health and husbandry practices by using UNDP’s experience and DAHD’s mission for a strong framework in India.
The MoU was signed by Alka Upadhyay, Secretary of the DAHD, and Caitlin Wiesen, UNDP Resident Representative in India.
What will be done under the MoU?
Under this agreement, UNDP will work with the DAHD to establish India’s first animal vaccination supply chain management system.
UNDP’s new technology and Artificial Intelligence (AI)-based Animal Vaccine Intelligence Network (AVIN) will allow for real-time monitoring of the massive cold chain infrastructure to guarantee vaccinations are managed and supplied countrywide at the appropriate amount, quality, timing, and temperature.
A One Health approach will be implemented, with a focus on digitalizing and remotely monitoring cold chains to ensure vaccines are stored at 2-8°C, thereby increasing immunization coverage, including the Foot and Mouth Disease (FMD) vaccination program, which will target 50 crore large and 20 crore small animals with vaccines worth Rs. 900 crore.
The Bengaluru, Karnataka-based Centre of Excellence for Animal Husbandry (CEAH) will get technical help to improve its animal husbandry techniques.
The MoU will also assist livestock insurance programs, enhance communication strategies for greater outreach, extension services, and skill development measures to strengthen the animal husbandry industry.
About Ministry of Fisheries, Animal Husbandry and Dairying(MoFAHD):
- Union Minister– Parshottam Rupala(Rajya Sabha- Gujarat)
- Minister of State (MoS)– Sanjeev Kumar Balyan (Constituency- Muzaffarnagar, Uttar Pradesh); L. Murugan (Rajya Sabha – Madhya Pradesh)
About United Nations Development Programme (UNDP) India:
- Resident Representative in India– Caitlin Wiesen
- Headquarters– New Delhi, Delhi
Click here to read from source
2) FIEO Projected India’s Merchandise to Grow USD 500 to 510 Billion in FY25
According to the Federation of Indian Export Organisations (FIEO), India’s premier group for exporters, goods exports are predicted to expand by roughly 14%, reaching USD 500-510 billion in FY25 (2024-25).
India’s goods exports fell 3% to USD 437 billion in FY24 (2023-24).
Furthermore, it is predicted that service exports would total USD 390-400 billion in FY25.
As a result, the net worth of India’s total exports will be between USD 890 and 910 billion.
India’s overall exports were USD 788 billion in FY24.
Key Points:
According to FIEO, India’s traditional markets, the United States of America (U.S.A.) and Europe, as well as Free Trade Agreements (FTAs) with Australia, the United Arab Emirates (UAE), and the European Free Trade Association (EFTA), will benefit the country’s export industry.
- It identified important areas that can generate positive development in exports, including machinery, electrical and electronic, vehicle, pharmaceutical, and biotechnology.
- These sectors will benefit from the Production-Linked Incentive (PLI) schemes.
- It stated that demand for loans has surged as a result of rising inflation, high commodity prices, and large increases in sea and freight costs.
Maritime freight charges have risen from USD 700 to USD 37.00, with the major cause being the turmoil in the Middle East, which has resulted in lengthier trip times due to the diversion of maritime routes from the Red Sea to the Cape of Good Hope.
It stated that the United States has slapped fresh tariffs on Chinese commodities such as electronic vehicles (EVs), batteries, and high-end technological equipment, among others. China needs new markets with cheaper tariffs.
Thus, India must grasp this chance and close the supply deficit.
Key Recommendations:
- FIEO has advised that the Government of India (GoI) establish an export development fund to help Micro, Small, and Medium Enterprises (MSMEs) in India, with a budget allocation of 1% of previous year exports.
Target: Indian exports are predicted to rise from USD 778 billion in 2023-24 to USD 2000 billion in 2029-30.
- It stressed the need of including an export sub-goal inside the overall Priority Sector Lending (PSL) aim.
About Federation of Indian Export Organisations (FIEO):
It is India’s leading trade promotion body, established by the Ministry of Commerce and Industry.
- President: Ashwini Kumar
- Headquarters: New Delhi, Delhi
- Established: 1965
Click here to read from source
INTERNATIONAL AFFAIRS
3) WB Report “Water for Shared Prosperity” Highlights Importance of Access to Safe Drinking Water
The World Bank and the Indonesian government jointly issued the worldwide flagship study “Water for Shared Prosperity” during the 10th World Water Forum in Bali, Indonesia.
The study stressed the significance of access to safe drinking water and sanitation for both human and economic growth.
About the 10th World Water Forum:
- The 10th World Water Forum will be held from May 18th to 25th, 2024, with the subject “Water for Shared Prosperity”.
- The forum provides an opportunity for the water community and decision-makers to interact and create long-term progress on global water concerns.
About the report:
Significance: The study seeks to highlight the water difficulties and dangers faced by the poorest and most marginalized groups, and to inspire policies that promote water accessibility and climate resilience while reducing poverty and increasing shared prosperity.
Key Findings:
According to the research, 2.2 billion people would lack access to clean drinking water and 3.5 billion will be deprived of adequately managed sanitation by 2022.
Without access to safe drinking water and sanitation, at least 1.4 million people die each year, and 50% of the world’s population is malnourished.
The report identified four major components of prosperity: education (human capital), employment and income, peace and social cohesion (social capital), and the environment (natural capital).
According to the research, the number of people without access to clean drinking water and basic sanitation has grown by 197 million and 211 million, respectively, during the previous two decades.
Climate change is the primary cause of increased water-related hazards; poor nations are the most vulnerable to climate shocks as a result of massive increases in global emissions.
Between 2000 and 2021, developing nations had more severe droughts and prolonged flooding than developed ones.
The survey found that over 800 million people worldwide are at high danger of drought, with twice as many living in flood-prone areas.
Key Recommendations:
The paper recommends enhancing water security in poor nations by protecting dwindling aquifers, strengthening nature-based solutions like reforestation, and investing in water storage infrastructure.
It also underlined the need to improve housing and land use rules in order to reduce flood hazards.
Early Warning Systems (EWS) and insurance can assist homeowners and farmers deal with harsh weather events.
It also emphasized the necessity for major adjustments in water rates and subsidies to achieve equitable allocation of water resources.
Service providers could also improve their operations in order to decrease water losses and cut operating expenses.
Additional Information:
The first World Water Forum was convened in 1997 in Marrakesh, Morocco, to address the worldwide water shortage dilemma. The World Water Forum takes place every three years.
About World Bank:
- President- Ajay Banga
- Headquarters- Washington, D.C., the United States of America (USA)
- Established in 1944
Click here to read from source
BANKING & FINANCE
4) SIDBI & Airbus Helicopters Signed MoU for Helicopter Financing in India
The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with Airbus Helicopters to finance the acquisition of Airbus helicopters in India.
Signatories: The MoU was signed by Rahul Priyadarshi, Chief General Manager (CGM) of SIDBI, and Sunny Guglani, Head of Airbus Helicopters in India and South Asia.
Airbus Helicopters is a helicopter manufacturing subsidiary of Airbus, a European multinational aerospace firm.
Significance:
- The MoU will increase India’s helicopter industry, particularly in the health, infrastructure, and tourist sectors.
- This strategic agreement will provide SIDBI with a major competitive advantage in helicopter finance, as well as help satisfy the development demands of India’s rapidly increasing rotary wing sector.
Key Points:
- The MoU would allow Airbus Helicopters and SIDBI to identify potential civil helicopter operators in India who are looking for financing options to acquire helicopters.
- According to the MoU, Airbus Helicopters will provide SIDBI with technical and helicopter industry-related information.
- SIDBI will analyze and fund these opportunities only for Airbus.
About Small Industries Development Bank of India (SIDBI):
SIDBI is a Principal Financial Institution that promotes, finances, and develops Micro, Small, and Medium Enterprises (MSME). It is under the control of the Ministry of Finance.
- Chairman and Managing Director (CMD)- Sivasubramanian Ramann
- Headquarters- Lucknow, Uttar Pradesh(UP)
- Established in April 1990
Click here to read from source
5) TReDS Platform RXIL Crosses Rs 1 lakh crore in MSME Invoice Financing
Receivables Exchange of India Limited (RXIL), India’s first Trade Receivables electronic Discounting System (TReDS) exchange platform, has funded more than 50 lakh Micro, Small, and Medium Enterprises (MSME) bills worth Rs 1 lakh crore.
RXIL has more than 25,000 registered MSMEs. It has strong agreements with state governments to provide timely and competitive payments.
It offers working capital solutions to MSMEs through invoice finance.
Note:
- RXIL is a joint venture (JV) of the Small Industries Development Bank of India (SIDBI), NSE Investments Limited, State Bank of India (SBI), ICICI Bank, and YES Bank Limited.
- RXIL was the first firm to get the Reserve Bank of India (RBI) clearance to establish the TReDS Exchange Platform in 2016.
- In FY24, RXIL’s monthly invoice financing volume crossed Rs 6,000 crore. The platform intends to fund bills worth Rs 75,000 crore in FY25.
Click here to read from source
ECONOMY & BUSINESS
6) ICRA: India’s GDP Growth to Dip to Four-quarter low of 6.7% in Q4 of FY24 (Current Affairs 22nd May 2024)
ICRA Limited (previously Investment Information and Credit Rating Agency of India Limited) expects India’s Gross Domestic Product (GDP) growth to slow to a four-quarter low of 6.7% in the fourth quarter of FY2024, down from 8.4% in the third quarter of FY24.
ICRA anticipates GDP and Gross Value Added (GVA) growth of 7.8% and 7.0%, respectively, in FY24 (the entire fiscal year).
Key Points:
GVA growth is expected to slow from 6.5% in the third quarter of fiscal year 24 to 5.7% in the fourth quarter. This is attributed to slower industrial and service growth.
The agricultural GVA is expected to fall 0.5% for the second quarter in a row, owing to weak rabi output trends and yield worries.
The ICRA anticipates the gap between GDP and GVA growth to narrow from 185 basis points (bps) in Q3 FY24 to 100 bps in Q4 FY24.
This is owing to a smaller expansion in net indirect taxes in Q4 FY24 as a result of a drop in subsidy outgo, which was -53.6% in Q3FY24 and -22.8% in January-February 2024.
ICRA expects industrial GVA growth to slow to 7.9% in Q4 from 10.4% in Q3.
Manufacturing (up 8.0% from 11.6%), electrical (up 7.5% from 9.0%), building (up 8.5% from 9.5%), and mining and quarrying (up 5.5% from 7.5%) are leading the way.
- The domestic retail tractor expanded by 7.7% year on year in Q4 FY24, up from 4% in Q3 FY24.
- The GVA of services is expected to decrease to 6.2% in Q4FY24, down from 7.0% in Q3FY24.
- India’s year-on-year increase in services exports declined from 5.2% in Q3FY24 to 4.2% in Q4FY24.
What is GVA?
Gross Value Added (GVA) is the total value of products and services generated by an industry, sector, manufacturer, area, or region in an economy. It is the overall value of product generated, excluding the intermediate expenses incurred in creating it.
About ICRA Limited:
- Managing Director (MD) and Group Chief Executive Officer (CEO)- Ramanth Krishnan
- Headquarters- Gurugram, Haryana
- Established in 1991
Click here to read from source
7) RITES signs pact with Bangladesh Railway to Supply 200 BG Passenger Coaches (Current Affairs 22nd May 2024)
On May 20, 2024, RITES Limited, the export arm of Indian Railways, inked a deal for USD 111.26 million (about Rs 915 crore) to provide 200 Broad-Gauge (BG) passenger carriages to Bangladesh Railway.
The contract is supported by the European Investment Bank (EIB), which is situated in Luxembourg.
RITES obtained this contract via a global competitive bidding procedure.
The contract is for a 36-month supply and commissioning term, followed by a 24-month warranty period.
The contract was signed in the presence of Md. Zillul Hakim, Minister of Railways of Bangladesh; Sanjay Kumar Pankaj, Additional Member, Production Units (PU), Ministry of Railways; and high-ranking officials from RITES and Bangladesh Railways in Dhaka, Bangladesh.
Key Points:
- RITES will provide design assistance, spare parts support, and training to Bangladesh Railways.
- The new coaches will have enhanced design and safety standards.
- This deal demonstrates RITES’ commitment to exporting indigenously manufactured railway stock in line with the ‘Make in India, for the World’ agenda.
- RITES has a long-standing relationship with Bangladesh Railways, having previously provided 120 BG Passenger Coaches (LHB type), 36 BG locomotives, and 10 Meter Gauge locomotives.
About RITES Limited:
RITES Limited, previously known as Rail India Technical and Economic Service Limited, is a Navratna and Schedule ‘A’ Central Public Sector Enterprise (CPSE) under the Ministry of Railways.
- Chairman & Managing Director(CMD)– Rahul Mithal
- Incorporated in April 1974.
- Headquarters– Gurugram, Haryana
About Bangladesh:
- Prime Minister– Sheikh Hasina
- Capital– Dhaka
- Currency– Bangladeshi Taka
Click here to read from source
8) IOCL Exports 1st consignment of India’s 1st Premium Fuel “XP100” to Sri Lanka (Current Affairs 22nd May 2024)
Indian Oil Corporation Limited (IOCL), India’s premier energy business, exported its first package of XP100, India’s first superior 100-octane premium gasoline, from Jawaharlal Nehru Port Trust (JNPT), Nava Sheva, Navi Mumbai, Maharashtra, to Lanka IOC, an IOCL subsidiary in Sri Lanka.
The XP100, produced locally, makes use of IndianOil’s own Octamax Technology, which is tailored for high-end automobiles. It is known by its outstanding anti-knock capabilities.
Features:
- XP100 minimizes engine deposits and pollutants in high compression ratio engines, improving vehicle performance and lifetime while requiring less maintenance.
- Designed for high-end automobiles, the XP100 provides higher engine performance, quicker acceleration, smoother drivability, and better fuel economy.
- XP100 exceeds IS-2796 criteria and is an environmentally friendly gasoline with considerably lower exhaust emissions.
It is worth noting that Lanka IOC is Sri Lanka’s sole private oil firm that manages retail shops.
Click here to read from source
Click here to read: Current Affairs 22nd May 2024
9) Tata Steel signs Grid Agreement with UK’s ESO for Green Steel Project at Port Talbot (Current Affairs 22nd May 2024)
Tata Steel Limited has inked a grid agreement with National Grid Plc’s Electricity System Operator (ESO) to construct the electricity infrastructure needed to convert its Port Talbot location in Wales, UK, to a green steel project.
The National Grid Plc ESO will build a new electrical framework to power Tata Steel’s 3.2 million-ton electric arc furnace by the end of 2027, replacing old blast furnaces.
- Tata Steel anticipates this plan to affect 2,500 jobs during the next 18 months.
- National Grid Plc ESO manages the energy network in England and Wales.
Tata Steel’s electric arc furnace intends to reduce emissions by 30% by 2030 and achieve net zero by 2045.
National Grid plc is a British multinational electric and gas utility corporation based in London, England.
Click here to read from source
AWARDS & RECOGNITIONS
10) Bloomberg Billionaires Index May 2024: Mukesh Ambani & Gautam Adani among top 15 (Current Affairs 22nd May 2024)
According to the Bloomberg Billionaires Index (daily ranking index as of May 20, 2024), Mukesh Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited (RIL), and Gautam Adani, Founder and Chairman of the Adani Group, are among the world’s top 15 richest persons.
Mukesh Ambani is rated 12th with a net worth of USD 110 billion, while Gautam Adani is placed 14th with a net worth of $100 billion.
Bernard Arnault, creator and CEO of LVMH Moët Hennessy Louis Vuitton, is the world’s richest person with a net worth of USD 220 billion.
Note: For the first time, everyone of the world’s top 15 superrich has a net worth of at least USD 100 billion.
Highlights:
- Bernard Arnault is followed by Jeff Bezos at USD 207 billion in second place, and Elon Musk at USD 190 billion in third.
- Francoise Bettencourt Meyers, the Chairwoman of L’Oreal, is rated 15th with a net worth of USD 98.9 billion. She became the first woman to reach the $100 billion club.
- Carlos Slim of Mexico appears on the list, ranked 13th with USD 106 billion, becoming him the wealthiest person in South America.
List of Top 5 super rich in the world as of May 20, 2024:
|
Rank |
Person | Net Worth (USD in Billion) | Country |
|
1 |
Bernard Arnault | 220 | France |
|
2 |
Jeff Bezos | 207 | (USA) |
|
3 |
Elon Musk | 190 |
USA |
| 4 | Mark Zuckerberg | 168 |
USA |
| 5 | Larry Page | 156 |
USA |
| 12 | Mukesh Ambani | 110 |
India |
|
14 |
Gautam Adani | 100 |
India |
Note: The Bloomberg Billionaires Index rates the world’s wealthiest people every day.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
11) Luis Abinader Re-elected as President of Dominican Republic for 2nd Term (Current Affairs 22nd May 2024)
Luis Rodolfo Abinader Corona has been re-elected as President of the Dominican Republic for a second four-year term, running from 2024 to 2028. He became President of the Dominican Republic in 2020.
Abinader won the presidential election by receiving 58.85% of the votes. Former President Leonel Fernandez finished in second place with 27.29% of the vote.
About Luis Rodolfo Abinader Corona:
- Luis Rodolfo Abinader Corona is a Dominican economist, businessman, and politician.
- He is the Executive President of the ABICOR Group, which has created and overseen significant tourist initiatives in the Dominican Republic.
Political Career:
- In 2005, he ran as a pre-candidate for senator from Santo Domingo province.
- During the 2012 presidential elections, he ran for vice president of the Republic with the Dominican Revolutionary Party.
- In 2014, he created the Modern Revolutionary Party, which sprang from a split in the Dominican Revolutionary Party.
- He was elected as a presidential candidate at the Modern Revolutionary Party’s (PRM) conference on April 26th, 2015.
- In 2020, he was elected as the 54th President of the Dominican Republic for the period 2020–2024.
About the Dominican Republic:
- President- Luis Rodolfo Abinader Corona
- Capital- Santo Domingo
- Currency- Dominican Peso
Click here to read from source
SCIENCE & TECHNOLOGY
12) GalaxEye Tests SAR Technology on NAL’s High Altitude Pseudo-Satellite (Current Affairs 22nd May 2024)
GalaxEye Space Solutions Pvt Ltd successfully tested its Synthetic Aperture Radar (SAR) technology on a subscale High Altitude Pseudo-Satellite (HAPS) designed by the Council of Scientific and Industrial Research (CSIR) – National Aerospace Laboratories (NAL).
With this, GalaxEye becomes the world’s first private organization to undertake SAR experiments on the HAPS platform.
About the HAPS Test:
- On May 13, 2024, the CSIR-NAL tested the HAPS platform from a height of 25,000 feet (7.62 kilometers).
- The demonstration was held at the Aeronautical Test Range (ATR) in Chitradurga (Karnataka) and was assisted by the Defence Research and Development Organisation.
- SAR was tested at 1 km altitude and will be gradually scaled up for 7 km testing.
- NAL focuses on optimizing SAR with low SWaP (Size, Weight, and Power) characteristics in order to investigate the unique phenomenology.
- Weighing about 5 kilograms (kg), the mounted SAR on HAPS reached an altitude of 3.5 kilometers and remained stable for 2.5 hours.
Strategic Partnership:
GalaxEye and NAL have signed a Memorandum of Understanding (MoU) to continue developing, integrating, and testing SAR payloads for HAPS, therefore strengthening India’s technological capabilities.
HAPS systems:
- HAPS systems operate in the stratosphere, much like high-flying drones.
- Solar energy and innovative battery technologies enable HAPS to conduct airborne surveillance for extended periods of time.
- The HAPS platform can now fly at altitudes of approximately 8 km and will be able to fly at 18 km for extended periods of time.
- This inexpensive monitoring system can stay aloft for 20 hours to 7 days.
SAR:
- SAR has the benefit of being able to image in any weather and at any time.
- This can overcome the problems caused by cloud cover, making it a better technology to those employed in classic electro-optical cameras.
- SAR is also useful for environmental monitoring and disaster management.
Additional info:
GalaxEye completed radar imaging using Unmanned Aerial Vehicles (UAV) in 2023, as part of a partnership with institutions like as the Indian Space Research Organisation (ISRO) and the Defence Research and Development Organisation.
About GalaxEye:
GalaxEye is a space-tech firm developing the world’s first multi-sensor earth observation satellite.
- Chief Executive Officer (CEO) & Co-founder– Suyash Singh
- Incorporated in 2021
- Headquarters– Bengaluru, Karnataka
Click here to read from source
13) Microsoft introduces ‘Copilot+ PCs’ featuring advance AI (Current Affairs 22nd May 2024)
Microsoft unveiled “Copilot+ PCs” on May 20, 2024, a new type of personal computers (PCs) with artificial intelligence (AI) capabilities. Copilot+ PCs are the quickest and most intelligent Windows PCs ever created.
Major manufacturers, including Acer and ASUSTek Computer, have teamed up to create a new generation of computers that can handle AI tasks directly on the device. This shift towards local processing reduces reliance on cloud data centers.
Key Points
- Copilot+ PCs will be available for purchase starting June 18, 2024, at a price of USD 1,000.
- These PCs include powerful new silicon capable of over 40 TOPS (trillion operations per second) and an all-day battery life.
- Microsoft Azure Cloud links these to provide more functionality, furthermore, the Microsoft Pluton Security processor is activated by default for added security.
Click here to read from source
IMPORTANT DAYS
14) World Day for Cultural Diversity for Dialogue and Development 2024 – May 21 (Current Affairs 22nd May 2024)
Every year on May 21st, the world comes together to celebrate the World Day for Cultural Diversity for Dialogue and Development, an initiative spearheaded by the United Nations. This day highlights the immense value of diversity and serves as a vibrant celebration of the rich tapestry of cultures that graces our world.
UNESCO leads the yearly commemoration of the day.
Background:
In December 2002, the United Nations General Assembly (UNGA) enacted Resolution A/RES/57/249, designating May 21 as the World Day for Cultural Diversity for Dialogue and Development.
- The United Nations General Assembly resolution is based on UNESCO’s 2001 Universal Declaration on Cultural Diversity.
- Following the adoption of the Universal Declaration on Cultural Diversity by UNESCO in 2001, the world came together to commemorate the first ever World Day for Cultural Diversity for Dialogue and Development on May 21, 2003
Click here to read from source
15) International Tea Day 2024 – May 21 (Current Affairs 22nd May 2024)
The United Nations (UN) celebrates International Tea Day (ITD) on May 21st each year to encourage sustainable tea production and consumption while also highlighting the significance of tea cultivation in battling hunger and poverty.
The fifth International Day of the Dead is observed on May 21, 2024.
The Food and Agriculture Organization of the United Nations (FAO) observes ITD.
Background:
- Since 2005, tea-producing nations such as Bangladesh, Sri Lanka, Nepal, Vietnam, Indonesia, Kenya, Malawi, Malaysia, Uganda, India, and Tanzania have commemorated International Tea Day on December 15th.
- On December 19, 2019, the UN General Assembly (UNGA) approved resolution A/RES/74/241 proclaiming May 21st as International Tea Day.
- The first UN-recognized International Tea Day was commemorated on May 21, 2020.
Note: The 2024 ITD focuses on women and their roles in the tea business.
Click here to read from source
16) National Anti-Terrorism Day 2024 – May 21 (Current Affairs 22nd May 2024)
India commemorates National Anti-Terrorism Day yearly on May 21, coinciding with the death anniversary of former Prime Minister (PM) Rajiv Gandhi. Gandhi was assassinated in 1991 in Sriperumbudur, a hamlet near Chennai, Tamil Nadu.
The 33rd death anniversary of Rajiv Gandhi, India’s sixth Prime Minister (1984-1989), is on May 21, 2024.
Background:
In 1992, the Government of India (GoI) declared May 21 as National Anti-Terrorism Day to honor Rajiv Gandhi’s memory.
Click here to read from source
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