Current Affairs 24th May 2024
Welcome to your one-stop shop for catching up on the latest happenings around the world! Today, we’ll delve into the news from May 24th, 2024, highlighting key events from India and beyond. Buckle up as we cover everything from cybercrime trends to international sports triumphs, and even a new initiative to promote the upcoming Olympics!
NATIONAL AFFAIRS
1) IAF Chief Inaugurates First-Ever EMRS in Karnataka
Air Chief Marshal Vivek Ram Chaudhari, Chief of the Air Staff (CAS) of the Indian Air Force (IAF), has launched the first-ever Emergency Medical Response System (EMRS) at Command Hospital Air Force (CHAF) in Bengaluru, Karnataka.
The EMRS is a 24-hour telephone medical service that serves IAF troops and their families throughout India.
This system intends to give a prompt response from a team of medical and paramedical specialists to any caller suffering an emergency wherever in India.
This facility also demonstrates the IAF’s commitment to leveraging technology to deliver high-quality healthcare in the case of an emergency.
Click here to read from source
INTERNATIONAL AFFAIRS
2) Oxford Economics’ Global Cities Index 2024: Delhi ranks 350th & tops among Indian City; New York Tops 2024 Index
The Oxford Economics Global Cities Index 2024 ranks Delhi 350th among the world’s largest 1,000 cities, making it the highest-ranked Indian metropolis.
New York City, United States of America (USA) has led the 2024 Index, followed by London, United Kingdom (UK) and San Jose, USA in second and third place.
According to the ranking, the world’s 1000 biggest cities accounted for 60% of global GDP in 2023.
Delhi outpaced Mumbai across a variety of parameters, including economics, human capital, and quality of life.
All Indian cities are placed 380th in the Governance category.
About Oxford Economics:
Oxford Economics is the world’s leading independent economic advising firm.
It was created in Oxford, Oxfordshire, England, in 1981 as a commercial initiative with Oxford University’s business school.
- Chief Executive Officer(CEO)– Adrian Cooper
Click here to read from source
3) Spain Becomes 99th Member of International Solar Alliance (ISA)
Spain has officially become the 99th member of the International Solar Alliance (ISA), demonstrating its commitment to promoting solar energy in the energy sector.
During the meeting in New Delhi, Spain’s Ambassador to India, Jose Maria Ridao Domkinguez, handed over the ISA Instrument of Ratification to Abhishek Singh, Joint Secretary (Economic Diplomacy), Ministry of External Affairs (MEA), Government of India (GoI).
Currently, 119 nations have signed the ISA framework, with 99 countries signing and ratifying it.
In March 2024, Panama became the 98th country to ratify the ISA Framework.
International Solar Alliance (ISA):
In 2015, India and France co-founded an intergovernmental organization. It seeks to mobilize efforts to combat climate change through the use of solar energy alternatives.
It is a group of nations with abundant solar resources that are located entirely or partially between the Tropics of Cancer and Capricorn.
On November 30, 2015, Prime Minister Narendra Modi of India and former French President Francois Hollande introduced it during the 21st Conference of Parties (CoP21) to the United Nations Framework Convention on Climate Change (UNFCCC) in Paris, France.
Key Points:
Its mission is to promote clean energy, a sustainable environment, public transportation, climate change, and the deployment of cost-effective and transformative solar energy solutions, particularly in the Least Developed Countries (LDCs) and Small Island Developing States.
ISA’s “Towards 1000” plan aims to raise USD 1 trillion in solar energy investments by 2030, provide clean energy access to 1 billion people, and build 1 TeraWatt (TW) or 1000 GigaWatt (GW) of solar energy capacity.
- Director General (DG): Ajay Mathur
- Headquarters: Gurugram, Haryana
About Spain:
- Capital: Madrid
- Prime Minister: Pedro Sánchez
- Currency: Euro (EUR)
Click here to read from source
BANKING & FINANCE
4) Inflation to reach Target in FY26: RBI’s State of the Economy Report
- On May 21, 2024, the Reserve Bank of India (RBI) released its ‘State of the Economy’ report, which was prepared by Deputy Governor Michael Debabrata Patra and others.
- According to it, sustained alignment of headline retail inflation with the 4% objective may begin in the second part of FY25, perhaps reaching target levels by FY26.
- Headline inflation, as measured by year-on-year (Y-o-Y) fluctuations in the all-India Consumer Price Index (CPI), eased to 4.8% in April 2024 from 4.9% in March.
- According to the study, net foreign direct investment (FDI) into India fell by 62.17% to USD 10.58 billion in FY24, the lowest level since 2007, from USD 27.98 billion in FY23.
This reduction was mostly caused by rising capital repatriation and Indian investments overseas.
The ‘RBI Bulletin – May 2024’ comprises three speeches, four articles, and current data.
About Reserve Bank of India (RBI):
- Governor– Shaktikanta Das
- Deputy Governors– Swaminathan Jankiraman, Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar
- Headquarters– Mumbai, Maharashtra
- Establishment– April 1, 1935
Click here to read from source
5) RBI Board Approves Dividend of Rs 2,10,874 Crore to Central Government for FY24
On May 22, 2024, the Reserve Bank of India (RBI) authorized transferring a surplus of Rs 2,10,874 crore (~Rs 2.11 Lakh crore) to the Central government for FY2023-24. This is approximately 141% greater than the excess transferred in FY23 (Rs 87,416 crore).
- This exceeds the Rs 1.50 lakh crore earmarked for dividends and earnings in the Interim Budget for FY2025, which includes dividends from public sector undertakings (PSUs).
- This decision was made at the 608th meeting of the RBI’s Central Board of Directors, which was held in Mumbai, Maharashtra, and presided over by Shaktikanta Das, Governor of the RBI.
- Higher dividends help the Central Government meet its budget deficit goal of 5.1% of GDP for FY25.
About Reserve Bank of India (RBI):
It was created on April 1, 1935, under the terms of the Reserve Bank of India Act, 1934.
The Reserve Bank’s Central Office was initially located in Calcutta, but was permanently relocated to Mumbai in 1937.
The Reserve Bank was initially privately held, but since 1949, it has been wholly owned by the Government of India.
Thus, 2023 marked the 75th anniversary of the RBI’s public ownership and establishment as a national institution.
Click here to read from source
6) IFSCA Sets up Committee Chaired by Rajeev Kher to Position GIFT City as “Global Trading Hub”
The International Financial Services Centres Authority (IFSCA) has formed an expert group to position Gujarat International Finance Tec-City-International Financial Services Centre (GIFT-IFSC) in Gandhinagar, Gujarat, as a “Global Commodity Trading Hub”.
Rajeev Kher, former secretary of the Ministry of Commerce and Industry (MoCI), will lead the 21-member expert group.
Members:
- The expert committee consists of 21 members, including IFSCA representatives Pradeep Ramakrishnan, Executive Director, Ashutosh Sharma, Chief General Manager, and Ramakrishnan Padmanabhan, General Manager.
- Subhash Chandra Agarwal, Additional Director General, Directorate General of Foreign Trade (DGFT) Development Commissioner, GIFT City-SEZ
- Sanjay Kumar, Executive Director and Chief Marketing Officer, ONGC iv.R V N Vishweshwar, Executive Director (Corporate Finance and Treasury), Indian Oil Corporation Ltd. (IOCL) iv. Ramaneesh Goyal, Deputy General Manager, Department of Metals and Commodities, IFSCA
Key Functions:
The IFSCA has outlined the Terms of Reference (ToR) for the Expert Committee:
The committee will provide recommendations to establish GIFT-IFSC as a worldwide commodity trading hub by evaluating how significant global commodity trading centers work and identifying areas with high synergy for the GIFT-IFSC financial services industry.
It will also identify significant commodity groupings, such as metals, energy or hydrocarbons, and agricultural commodities, that should be prioritized in the development of the IFSC ecosystem.
- It will create legal, regulatory, and policy frameworks, as well as incentive structures, to help promote the GIFT-IFSC as a global commodity trading hub.
- It will examine the worldwide policies and initiatives of major countries in this area.
- It will investigate significant advantages that may be conveyed to the GIFT-IFSC financial ecosystem by establishing GIFT-IFSC as a Global Commodity Trading Hub.
About International Financial Services Centres Authority(IFSCA):
It is a legislative authority formed under the International Financial Services Authority (IFSCA) Act of 2019.
- Chairman- K. Rajaraman
- Headquarters- GIFT City, Gujarat
- Established in- 2020
Click here to read from source
7) Mahindra Finance Receives IRDAI Approval to Sell Insurance Products as Corporate Agent
Mahindra & Mahindra Financial Services Limited (MMFSL) has acquired a Certificate of Registration (Corporate Agency License) from the Insurance Regulatory and Development Authority (IRDAI), an insurance regulator, to serve as a ‘Corporate Agent (Composite)’ under the Insurance serve of 1938.
The license would allow Mahindra Finance to sell life and general insurance products supplied by a variety of insurers.
The registration is effective from May 21, 2024 to May 20, 2027 and allows the firm to pursue further business activities such as soliciting and procuring insurance business in the areas of life, health, and general insurance, both group and individual.
It would benefit clients by meeting both their financial and insurance needs through a single business.
Click here to read from source
8) NIMF Launches Industry First Sonic Identity: ‘The Sound of Freedom’
Nippon Life India Asset Management Limited (NAM India), the asset manager of Nippon India Mutual Fund (NIMF), has unveiled the musical identity ‘The Sound of independence’, a strong soundtrack that represents financial independence.
NIMF has been the first asset management firm (AMC) in India to introduce its own brand, sound.
This program illustrates the NIMF’s dedication to innovation and strengthening relationships with investors.
NIMF’s new musical logo, ‘MOGOSCAPE’, represents the organisation’s essential ideals, emotions, and identity.
Note:
- NAM India is one of India’s leading asset managers, managing assets (directly and indirectly) through mutual funds, including Exchange Traded Funds, portfolio management services, and alternative investment funds.
- It is based in Mumbai, India.
Click here to read from source
Click here to read: Current Affairs 23rd May 2024
APPOINTMENTS & RESIGNATIONS
10) WEF Founder Klaus Schwab To Step Back From Executive Role
Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), will stand down from his executive position and move to a non-executive post by January 2025.
He will move from Executive Chairman to Chairman of the Board of Trustees.
About Klaus Schwab:
Klaus Martin Schwab is a German mechanical engineer and economist who created the World Economic Forum (WEF) (previously known as the European Management Forum), a non-profit organization dedicated to improving the situation of the world, in 1971.
From 1972 until 2003, he taught business policy at the University of Geneva in Switzerland, and he has been an Honorary Professor there since 2003.
He was also a member of the United Nations (UN) High-Level Advisory Board on Sustainable Development from 1993 to 1995, and Vice-Chairman of the UN Committee for Development Planning from 1996 to 1998.
In 1998, Charles and his wife Hilde Schwab established the Schwab Foundation for Social Entrepreneurship to encourage social entrepreneurship and innovation.
He authored the book ‘Modern Management’ in 1970, which conceptualized stakeholder capitalism.
Additional info:
- WEF’s governance is evolving from founder-managed to one led by a president and a management board with full executive responsibilities.
- The WEF is now led by a Board of Trustees, which oversees the organization’s mission to promote global citizenship.
- The WEF’s Managing Board, led by President Børge Brende, serves as the executive body.
About World Economic Forum (WEF):
In 2015, the Swiss authorities recognized the World Economic Forum as an international organization for public-private partnership.
- Founder & Executive Chairman– Klaus Schwab
- Headquarters– Cologny, Switzerland
- Founded in– 1971
Click here to read from source
ENVIRONMENT
11) Ligdus Garvale: New Spider Species Identified in Karnataka
A team of naturalists discovered Ligdus Garvale, a new species of jumping spider located in Garvale hamlet, Kodagu district, Karnataka.
The finding was reported in the journal Zootaxa.
It is the second known case of the Ligdus genus in 129 years, the first being Ligdus Chelifer, which Thorell described from Myanmar in 1895.
With its nature as a high canopy jumper, it typically goes unnoticed and builds a double-layered web for escape, similar to Pseudoscorpions.
Note: Over 600 spider species have been recorded in Karnataka, with a rise in jumping spider occurrences.
About Jumping Spiders
- Salticidae, the biggest spider family, with around 6,380 species.
- Its characteristics include vivid colors, diurnal behavior, four pairs of eyes, and sizes ranging from 2 to 22 mm.
Click here to read from source
OBITUARY
12) Oscar-award-winning American Film Producer Fred Roos Passed Away
Fred Roos, an Academy Award-winning American film producer and casting director, died at the age of 89 in Beverly Hills, California, USA. He was born on May 22, 1934, in Santa Monica, CA.
About Fred Roos:
- Fred Roos began his career in television as a casting director for ‘The Andy Griffith Show’. He made his cinematic debut with Five Easy Pieces in 1970.
- In 1972, he worked with American producer and director Francis Ford Coppola on the film The Godfather.
- He began producing Coppola’s films, which included The Conversation and The Godfather Part II (1974), Apocalypse Now (1979), and The Outsiders (1983).
- He also worked with Coppola as an executive producer on the science fiction (sci-fi) film ‘Megalopolis’ (2024).
- Megalopolis debuted in competition at the 77th Cannes Film Festival, which takes place in France from May 14 to 25, 2024.
Awards/Honours:
- Fred Roos (co-producer) won the Academy Award (Oscar) for Best Picture at the 47th Academy Awards in 1975 for producing “The Godfather Part II”.
- He split the prize with Francis Ford Coppola, Producer, and Gray Frederickson, Co-Producer.
- In 1988, he received the Casting Society of America’s (CSA) Artios Lifetime Achievement Award for his remarkable contributions to the entertainment business and casting process.
- He was also recognized at the 31st Telluride Film Festival in 2004.
Click here to read from source
13) Oscar-winning Polish Music Composer Jan A.P. Kaczmarek Passed Away
Jan Andrzej Paweł Kaczmarek, an Oscar-winning Polish music composer, died at the age of 71 in Krakow, southern Poland. He was born on April 29, 1953 in Konin, Poland.
During the 77th Academy Awards (2005), Kaczmarek received an Oscar for best original musical score for the film ‘Finding Neverland’.
About Jan A.P. Kaczmarek
Kaczmarek’s debut album, ‘Music for the End (1982)’, was released by American label Flying Fish Records.
He composed music for almost 70 feature films and documentaries. He has created music for European and Hollywood films. His noteworthy works include ‘Total Eclipse (1995)’, ‘Bliss (1997)’, ‘Aimee and Jaguar (1999)’, ‘Unfaithful (2002)’, ‘The Visitor (2007)’, and ‘Get Low (2009)’.
Jan Andrzej Paweł Kaczmarek was the sole musician known to play a unique instrument, a self-revamped Fischer’s fidola (a sort of zither).
He has been a member of the American Academy of Motion Picture Arts and Sciences, the European Film Academy, and the Polish Film Academy.
He was also the President of the Jury at the 25th Warsaw Film Festival 2009 (International Competition).
Awards & Honours
- In 1992, Kaczmarek received a Drama Desk Award for his music for the New York Shakespeare Festival’s off-Broadway revival of “Tis Pity She’s a Whore”.
- In 2023, he got the Polish Film Academy’s Lifetime Achievement Award for his contributions to Polish film.
- He also received the National Board of Review Award for Best Score of the Year for the film ‘Finding Neverland’.
Click here to read from source
IMPORTANT DAYS
14) International Day to End Obstetric Fistula 2024 – May 23
Every year on May 23rd, the United Nations observes the International Day to End Obstetric Fistula, aiming to raise awareness about obstetric fistula, one of the most devastating and catastrophic childbirth injuries that can harm both mother and child.
The topic for the 2024 International Day to End Obstetric Fistula is “Breaking the Cycle: Preventing Fistulas Worldwide”.
Background:
On December 20, 2012, the United Nations General Assembly (UNGA) passed Resolution A/RES/67/147, recognizing May 23 as the International Day to End Fistula.
The world observed the inaugural International Day to End Fistula on May 23, 2013.
About United Nations Population Fund (UNFPA):
It is the United Nations sexual and reproductive health organization, founded in 1969 as the United Nations Fund for Population Activities (UNFPA).
Consequently, in 1987, the organization underwent a name change to the United Nations Population Fund, while deliberately retaining the established UNFPA acronym.
- Executive Director– Dr. Natalia Kanem
- Headquarters– New York, United States of America (USA)
Click here to read from source
15) World Turtle Day 2024 – May 23
Every year, on May 23rd, we come together to celebrate and conserve turtles and tortoises, two of the world’s oldest species. This day serves as a critical reminder of the need to protect their dwindling habitats across the globe.
World Turtle Day 2024 bursts forth with “Let’s Party!” as Bunkl, Spinner, and Evil awaken from hibernation.
Background:
- American Tortoise Rescue (ATR), a nonprofit organization located in Malibu, California, USA, founded World Turtle Day in 2000.
- Since the year 2000, May 23rd has been transformed into World Turtle Day, a day dedicated to honoring these shelled wonders.
- In 1990, the pair Susan Tellem and Marshall Thompson launched ATR and World Turtle Day to conserve all tortoise and turtle species.
Click here to read from source
16) International Day of Vesak or Buddha Purnima 2024 – May 23
Every year, coinciding with the Full Moon of May, the United Nations observes International Day of Vesak, also known in India as Buddha Purnima or Buddha Jayanti. Millions of Buddhists throughout the world see it as their most sacred day.
On May 23, 2024, the world commemorated International Vesak Day, also known as Buddha Purnima.
This day commemorates the birth of Prince Siddharta Gautama, who became known as the Buddha and created Buddhism.
Buddha Purnima 2024 commemorates Gautam Buddha’s 2586th birth anniversary.
Background:
- The UN General Assembly recognized the Day of Vesak, the May Full Moon, through resolution A/RES/54/115 on December 15, 1999.
- The first UN-recognized International Day of Vesak was held in 2000.
- The 2024 event commemorated the 25th anniversary of the UNGA decision that officially recognized Vesak Day.
Click here to read from source
STATE NEWS
17) GoI Appoints Sheel Nagu as ACJ of Madhya Pradesh High Court; R Mahadevan as ACJ of Madras HC
On May 22, 2024, the Government of India (GoI) nominated Justice Sheel Nagu as the Acting Chief Justice (ACJ) of the Madhya Pradesh (MP) High Court (HC) in Jabalpur, MP.
He will follow Justice Ravi Vijay Kumar Malimath, CJ of the MP HC, who is slated to retire on May 23, 2024.
About Sheel Nagu:
- Sheel Nagu began practicing at the High Court of MP in 1987.
- In 2011, he became an Additional Judge of the High Court of MP, then in 2013 a Permanent Judge.
- In 2021, he was appointed Executive Chairman of Madhya Pradesh State Legal Services Authority (MPSLSA) in Jabalpur.
On December 27, 2023, the Supreme Court (SC) collegium proposed Justice Sheel Nagu as CJ of the Punjab and Haryana High Court following the retirement of CJ Ravi Shanker Jha in October 2023. The recommendation is awaiting the approval of the GoI.
Justice R Mahadevan appointed as ACJ of Madras HC:
Justice R Mahadevan, Madras HC’s senior puisne judge, becomes Acting Chief Justice.
He replaces Justice Sanjay V. Gangapurwala, Chief Justice of the Madras High Court, who retired on May 23, 2024.
Mahadevan will serve as ACJ from May 24, 2024, till the next CJ is appointed.
About R Mahadevan:
R Mahadevan donned multiple hats: Additional Government Pleader (Taxes) for Tamil Nadu and Central Government Standing Counsel/Senior Panel Counsel at Madras High Court.
He was appointed as a Judge of the Madras High Court in 2013.
Note: President Murmu exercised her power under Article 223 to make these appointments.
Click here to read from source
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