Current Affairs 5th|6th May 2024
Welcome to your one-stop shop for catching up on the latest happenings around the world! This blog post dives into the key news stories that unfolded between May 5th and 6th, 2024, keeping you informed on Current Affairs 5th|6th May 2024. From international relations to business and sports, we’ve got you covered. So, buckle up and get ready to explore the week’s headlines!
NATIONAL AFFAIRS
1) Flying Wedge Defence and Aerospace unveiled FWD-200B, India’s 1st Indigenous Bomber UAV
Flying Wedge Defence and Aerospace Technologies Private Limited, located in Bengaluru (Karnataka), has launched India’s first indigenous military-grade bomber drone, the Flying Wedge Defence 200B (FWD-200B).
This drone improves national military capabilities, decreases import dependency, and contributes to the Make in India effort.
Key Points:
- FWD-200B is a Medium-Altitude, Long-Endurance (MALE) unmanned aerial vehicle (UAV) built and manufactured wholly in India.
- It has a 12-20 hour endurance and can reach a top speed of 200 knots (kts)/370 kilometers per hour (kmph). It has a ground control station (GCS) range of 200 kilometers.
- The FWD-200B has a 100-kg cargo capacity and a maximum takeoff weight of 498 kg.
- The drone is equipped with optical surveillance payloads and precise air-strike missiles.
- FWD-200B will be offered for only Rs 25 crore. The FWD-200B costs substantially less than foreign drones such as the Predator from the United States (US). This makes it more accessible and affordable for India’s defense requirements.
Note:
- In 2023, the FWDA became India’s first entity to receive Directorate General of Civil Aviation (DGCA) type certification for indigenous Unmanned Aerial Vehicle (UAV).
- They have used drones to defend the Indian Prime Minister (PM) in cooperation with the Special Protection Group (SPG) and Larsen & Toubro (L&T).
Click here to read from source
2) Fship Logistics Partners with India Post for Last-mile E-commerce Delivery Services
Fship Logistics, a technology-driven logistics platform, has collaborated with India Post to improve last-mile delivery services for e-commerce items, helping Direct-to-Consumer (D2C) startups, small and medium companies (SMBs), and Micro, Small, and Medium Enterprises (MSMEs) across India.
Aim:
This collaboration intends to generate cost-effective delivery, particularly in rural regions with less developed logistical infrastructure.
Fship will also meet the growing logistical requirements.
Key Points:
Fship broadens its presence countrywide, including isolated places where India Post is the sole courier service.
Fship will easily connect its platform to provide full shipping solutions such as pick-up and delivery services, as well as real-time package tracking and alerts.
Market Trends:
The Indian logistics industry is projected to grow at a steady clip of 8.8% annually, reaching a staggering USD 484.43 billion by 2029. In tandem, the e-commerce market is on track to reach USD 18.81 trillion by 2029, fueled by a robust compound annual growth rate (CAGR) of 15.80%.
It’s worth noting that India Post, one of the world’s most widely dispersed postal services, is controlled by the Ministry of Communications
Click here to read from source
3) C-DAC developed Thermal Camera transferred to CP Plus; Meity launched ITS Booklet
CP Plus, a division of M/s Aditya Infotech Limited, acquired the Indigenous Technologies of Thermal Camera. This technology was previously designed and developed by the Centre for Development of Advanced Computing (C-DAC), Thiruvananthapuram, Kerala, under the Ministry of Electronics and Information Technology (MeitY) program.
This is consistent with the Innovation, Science, and Technology theme of Viksit Bharat @2047.
The thermal Smart camera has a Data Processing Unit (DPU) for running different artificial intelligence (AI)-based analytics. This focuses on applications in smart cities, industries, defense, and health.
MeitY debuted the Intelligent Transportation System (ITS) Technology/Product Booklet during the event.
The pamphlet gathers the technology, products, and solutions created for traffic control, public transit, road safety, and sensors for traffic applications as part of MeitY’s Intelligent Transportation Systems Endeavour (InTranSE) initiative.
Click here to read from source
4) IFFCO Receives FCO Approval for Nano Zinc Liquid, Nano Copper Liquid Fertilisers
The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has acquired FCO (Fertiliser Control Order) certification to launch its IFFCO Nano Zinc (Liquid) and IFFCO Nano Copper (Liquid) fertilisers, which would address zinc and copper shortages in agricultural crops and increase production.
The Government of India has notified IFFCO Nano Zinc (Liquid) and IFFCO Nano Copper (Liquid) for three years.
Zinc and copper are essential micronutrients for the enzyme activity in plants. Zinc promotes plant growth and development, whereas copper aids chlorophyll and seed synthesis.
These will assist to alleviate zinc and copper deficits in crops, improve agricultural output and quality, and address the issue of hunger.
With this introduction, IFFCO’s five liquid fertilizer solutions based on nanotechnology will now be offered to farmers. The remaining three are: IFFCO Nano Urea, Nano Di-Ammonia Phosphate (DAP), and Nano Urea Plus.
Click here to read from source
BANKING & FINANCE
5) RBI Revises banks’ Capital Market Exposure norms for T+1 settlement
- On May 3, 2024, the Reserve Bank of India (RBI) updated the guidelines for custodian banks to issue Irrevocable Payment Commitments (IPCs), in light of the T+1 settlement regime for equities.
- The maximum intraday risk for custodian banks issuing IPCs will be 30% of the settlement amount, known as capital market exposure (CME).
- On May 2, 2024, the RBI relaxed limitations on Bajaj Finance Limited’s Insta EMI Card and its e-commerce platform, eCOM.
About Reserve Bank of India (RBI):
- Governor – Shaktikanta Das
- Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
- Establishment– 1st April 1935
- Headquarters– Mumbai, Maharashtra
Click here to read from source
6) SEBI introduces Framework for Stock Exchanges to supervise RAs & Ias
On May 2, 2024, the Securities and Exchange Board of India (SEBI) will introduce a framework for the administration and supervision of Research Analysts and Investment Advisers, as the stock exchange will be recognized as RAASB (Research Analyst Administration and Supervisory Body) and IAASB (Investment Adviser Administration and Supervisory Body) for the administration and supervision of Research Analysts (RAs) and Investment Advisers (IAs).
This framework will be implemented on April 26, 2024, in accordance with the ‘Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2024′, of which Regulation 38A allows recognized stock exchanges to carry out administration and supervision activities subject to certain terms and conditions.
It will go implemented on July 25, 2024.
SEBI provides this information in execution of its authorities given by Section 11(1) of the SEBI Act of 1992, read with Regulation 14 of the RA Regulations and the IA Regulations, to safeguard investors’ interests and promote the growth of the securities markets.
Key Points:
- Stock exchanges are designated as RAASB and IAASB under Regulation 14 of the ‘RA Regulations’ and ‘IA Regulations’.
- For efficiency and economies of scale, the RAASB and IAASB should be the same stock exchange.
Requirements for recognition:
- Operational for at least 15 years.
- Net worth of at least Rs 200 crore.
- Nationwide terminals and investor service centers in 20 cities.
- Provide a grievance redressal mechanism, including online dispute resolution.
About Securities Exchange Board of India (SEBI):
- Chairperson– Madhabi Puri Buch
- Headquarters– Mumbai, Maharashtra
- Establishment–1992
Click here to read from source
7) ADB Agreed to Replenish USD 5 billion for ADF 14 & TASF 8 (Current Affairs 5th|6th May 2024)
The Asian Development Bank (ADB) and donors have agreed to refill USD 5 billion in the Asian Development Fund (ADF) 14 and Technical Assistance Special Fund (TASF) 8.
The decision was taken at its 57th Annual Meeting in Georgia, the United States of America (USA).
Points to note:
- ADF 14, the 13th replenishment of ADF, will sustain grant operations from 2025-2028.
- TASF 8 will give funding to aid with project preparation, capacity building, and technical or policy advice.
About the Asian Development Fund (ADF):
The ADF, created in 1974, is the ADB’s biggest source of funds for operations in the poorest and most vulnerable developing member nations. It is refreshed once every four years.
Objective: To eliminate poverty and improve the quality of life in Asia-Pacific’s poorest and most vulnerable countries.
Significance of ADF 14:
- ADF 14 is about 22% more than the USD 4.1 billion offered in ADF 13, and it will deliver the largest-ever amount of ADF awards to qualified ADB members.
- Donor contributions will cover about 51% of the replenishment (roughly USD 2.5 billion), including two additional countries: Armenia and Georgia.
- ADB’s net income transfer to ADF will grow by 35%, from USD 1.2 billion (ADF 13) to USD 1.6 billion (ADF 14).
- ADB intends to give USD 16.7 billion in concessional loans (with low interest rates and lengthy payback terms) throughout the ADF 14 period.
Additional info:
- ADF14 would focus specific support to small island developing nations that are susceptible to climate change, as well as those in unstable or conflict-affected circumstances.
- It will continue to play an important role in promoting climate change adaptation and catastrophe risk reduction.
ADF 14 donors include Armenia, Australia, Austria, Canada, Denmark, Finland, France, Georgia, Germany, Hong Kong, China, India, Indonesia, Ireland, Italy, Japan, Luxembourg, Malaysia, the Netherlands, New Zealand, Norway, the People’s Republic of China, the Philippines, Portugal, the Republic of Korea, Spain, Sweden, Switzerland, Taiwan, China, Turkey, the United Kingdom, and the United States.
About Technical Assistance Special Fund(TASF):
- TASF provides technical assistance grants to borrowing members to help prepare projects and undertake technical or policy studies.
- All ADB developing member countries are eligible to receive support from the fund.
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 in 1966
Click here to read from source
APPOINTMENTS & RESIGNATIONS
8) Atanu Chakraborty Reappointed as Part-Time Chairman & Independent Director of HDFC Bank (Current Affairs 5th|6th May 2024)
The Reserve Bank of India (RBI) has confirmed Atanu Chakraborty’s reappointment as Part-Time Chairman of HDFC Bank Limited for three years, effective May 5, 2024 to May 4, 2027.
Following this, the Board of Directors of HDFC Bank confirmed Atanu Chakraborty’s reappointment as Part-Time Chairman and Independent Director for a three-year term.
He has been serving as HDFC Bank Limited’s Part-time Chairman and Independent Director since 2021.
About Atanu Chakraborty:
Atanu Chakraborty, a 1985 batch Indian Administrative Service (IAS) officer from the Gujarat cadre, retired as Secretary of the Department of Economic Affairs, Ministry of Finance, in April 2020.
Atanu Chakraborty has also worked as Secretary of the Department of Investment and Public Asset Management (DIPAM) and Joint Secretary of the Department of Expenditure in the Ministry of Finance.
He has also served as the World Bank’s alternative Governor and on the RBI’s Central Board of Directors.
Chakraborty also chaired the National Infrastructure Investment Fund (NIIF).
He was the CEO and Managing Director of the Gujarat State Petroleum Corporation Limited (GSPC) group of firms, as well as Gujarat State Fertilizers and Chemicals Limited.
About HDFC Bank Ltd:
- MD and CEO– Sashidhar Jagdishan
- Headquarters– Mumbai, Maharashtra
- Incorporated in August 1994
- Tagline– We Understand Your World
Click here to read from source
Click here to read: Current Affairs 4th May 2024
9) RBI Approves Appointment of Sanjeev Nautiyal as Next MD & CEO of Ujjivan SFB (Current Affairs 5th|6th May 2024)
The Reserve Bank of India (RBI) has accepted Sanjeev Nautiyal’s appointment as the Managing Director (MD) and Chief Executive Officer (CEO) of Ujjivan Small Finance Bank Limited (Ujjivan SFB) for three years, beginning July 1, 2024. He will join the bank before taking over as MD and CEO, and will serve as President in the interim.
About Sanjeev Nautiyal:
- He has had a renowned career in banking for almost three decades.
- Previously, he was Deputy MD (Financial Inclusion & Micro Markets) at State Bank of India (SBI), as well as MD and CEO of SBI Life Insurance.
- He is presently an Independent Director of the Life Insurance Corporation of India (LIC) and an advisor to several organisations.
About Ittira Davis:
Ittira Davis, the current MD and CEO of Ujjivan SFB, has been reappointed for a two-year term beginning January 14, 2023.
He served as MD and CEO of Ujjivan SFB from July 2018 to March 2021, and was reappointed for a one-year term in January 2022.
Ittira Davis is scheduled to be freed before his initial term expires.
About Ujjivan Small Finance Bank Limited (Ujjivan SFB):
- Part-Time Chairman– Banavar Anantharamaiah Prabhakar
- Headquarters– Bengaluru, Karnataka
- Established in– 2017
- Tagline– Build a Better life
Click here to read from source
10) Mallika Nadda Appointed as Chairperson of Special Olympics Asia-Pacific Advisory Council (Current Affairs 5th|6th May 2024)
Dr. Mallika Nadda, President of Special Olympics (SO) Bharat (India), has been chosen Chairperson of the Special Olympics Asia-Pacific Advisory Council (APAC) for three years, beginning May 1, 2024 and ending March 31, 2027.
Roles and Responsibilities:
- As chairwoman of APAC, Mallika Nadda will represent the whole Special Olympics Asia Pacific (SOAP) area, which comprises 34 nations.
- She will be SO Bharat’s representative in APAC. SO Bharat is a permanent member of the APAC.
About Dr.Mallika Nadda:
- Mallika Nadda has served as President of SO Bharat (India) since 2021. She is linked with Himachal Pradesh University in Shimla.
- She is a well-known social activist who has fought tirelessly for the rights of the disabled, the disadvantaged, and women for over 30 years.
- She founded Chetna Sanstha in Bilaspur, Himachal Pradesh, and Viklang Seva Bharti in Jabalpur, Madhya Pradesh.
- She organized the first-of-its-kind National Health Festival for Divyangjan on April 7, 2022 (World Health Day), at 139 venues throughout India.
SO Olympics Bharat has the Guinness World Record for the most people running in place at the same time (various sites).
Awards/Accolades:
- The Ministry of Women and Child Development (MoWCD) honored her with the Rajiv Gandhi Manav Seva Award in 2010 for her contributions to child development.
- In 2011, she received the Derozio Award for Education and Human Enrichment.
- Dipak Natali is SO Olympics’ Regional President and Managing Director for the Asia-Pacific area.
About Special Olympics Bharat:
It is a National Sports Federation that was formed under the Indian Trust Act of 1882 in 2001 and is certified by Special Olympics International to provide Special Olympics programs in India.
The Special Olympics, founded in 1968, is a global organization that supports athletes with intellectual disability.
- Founder– Air Marshal Denzil Keelor
- President– Dr. Mallika Nadda
- Headquarters– New Delhi, Delhi.
Click here to read from source
11) Dr. Subhransu Sekhar Acharya Assumed Charge as CMD of NSIC (Current Affairs 5th|6th May 2024)
On May 2, 2024, Dr. Subhransu Sekhar Acharya took over as Chairman-cum-Managing Director (CMD) of the National Small Industries Corporation Limited (NSIC), a Mini Ratna (category-II) Government of India Enterprise under the Ministry of Micro, Small, and Medium Enterprises (MoMSME).
He succeeded Vipul Goel, Joint Secretary of the MoMSME, who had been acting as CMD (extra charge) from July 2023.
Subhransu Sekhar Acharya had been the Chief General Manager of the Small Industries Development Bank of India (SIDBI), New Delhi (Delhi), since 2022.
About Dr. Subhransu Sekhar Acharya:
He has over three decades of expertise in MSME financing and development, covering credit, risk management, SME rating, business planning, and so on.
Dr. Subhransu played a key role in founding SMERA Ratings Private Limited, India’s first SMEs rating agency.
In addition, he went on to lead India SME Technology Services Ltd (ISTSL) as its CEO. ISTSL itself was established by SIDBI in collaboration with four other commercial banks.
Dr. Subhransu was a Director on the boards of India SME Technology Services Ltd., National Backward Classes Finance & Development Corporation, and Delhi Finance Corporation.
About National Small Industries Corporation Ltd. (NSIC):
It is a Government of India Enterprise with ISO 9001-2008 certification under the Ministry of MSME.
It also operates a B2B (business-to-business) e-commerce marketing platform MSME Global Mart for MSME.
- CMD– Dr. Subhransu Sekhar Acharya
- Established in 1955
- Headquarters– New Delhi, Delhi
Click here to read from source
12) Vice-Admiral Krishna Swaminathan Assumed Charge as Vice-Chief of Naval Staff (Current Affairs 5th|6th May 2024)
On May 1, 2024, Vice Admiral Krishna Swaminathan took over as Vice Chief of Naval Staff. He formerly worked as the Chief of Personnel at Naval Headquarters (NHQ) in New Delhi, Delhi. He succeeded Admiral Dinesh K Tripathi, who took over as Chief of Naval Staff.
About Vice Admiral Krishna Swaminathan:
- He was commissioned into the Indian Navy on July 1, 1987, and specializes in communication and electronic warfare.
- He received both the Ati Vishisht Seva Medal (2021) and the Vishisht Seva Medal.
- He also served as Chief of Staff for the Western Naval Command and Controller of Personnel Services at NHQ.
- First, he took command of the Western Fleet as Flag Officer.
- Subsequently, he was appointed Flag Officer of the Offshore Defence Advisory Group and Advisor to the Indian Government on Offshore Security and Defence.
Click here to read from source
SCIENCE & TECHNOLOGY
13) German Company HyImpulse Launched Candle Wax-Powered Rocket on a Test Flight into Space (Current Affairs 5th|6th May 2024)
On May 3, 2024, the German private space business HyImpulse successfully test launched a candle wax-powered rocket “SR75” from a launch site near Koonibba, South Australia.
For the first time, a rocket carrying commercial satellites has taken a test suborbital voyage into space.
Key Features of Rocket:
- The test rocket is 12 metres long and weighs approximately 2.5 tonnes as a single stage rocket.
- The rocket is capable of lifting satellites weighing up to 250 kg to altitudes of up to 250 kilometers.
- Leveraging its economic advantage, the engine burns paraffin, the very same wax found in candles, alongside liquid oxygen.
- This combination slashes transportation costs by half, while simultaneously introducing a safer alternative fuel for rockets.
Note:
- It also plans to launch “SL-1,” a heavier multi-stage rocket capable of transporting satellites weighing up to 600 kg and placing them into Low Earth Orbit (LEO), by the end of 2025.
- The HyImpulse firm seeks to increase demand for commercial satellites and attain annual sales of 700 million euros by 2032.
Click here to read from source
IMPORTANT DAYS
14) International Firefighters’ Day 2024 – May 4 (Current Affairs 5th|6th May 2024)
Every year on May 4th, the world comes together to celebrate International Firefighters’ Day. This day serves not only to recognize firefighters’ tireless efforts in keeping communities and the environment safe, but also to acknowledge their unwavering devotion to this critical mission.
IFFD pays tribute to those who have died in the line of duty and thanks firefighting professionals for their continued service.
May 4 is also St Florian’s Day, which honors St Florian (250-304 AD), the patron saint of firemen and a high-ranking Roman Army officer.
Background:
- International firemen’ Day (IFFD) was established to commemorate the deaths of five firemen in a wildfire that occurred in Linton, Australia in 1998.
- The five firemen from Geelong West, Australia, were Garry Vredeveldt, Chris Evans, Stuart Davidson, Jason Thomas, and Matthew Armstrong.
- On January 4, 1999, JJ Edmondson, an Australian volunteer Lieutenant and fireman, made a proposal to highlight the necessity for IFFD on May 4.
- The first IFFD was observed on May 4, 1999.
Click here to read from source
15) International Leopard Day 2024- May 3
International Leopard Day, held annually on May 3rd, raises awareness about the conservation and protection of leopards, the most adaptable of the big cats, and their habitats across the world.
- The International Union for the Conservation of Nature (IUCN) classifies leopards as “vulnerable” on its Red List of Threatened Species, while several subspecies find themselves in a critically endangered state.
- India has 13,874 leopards, the most of which live in Madhya Pradesh (3,907), followed by Maharashtra, Karnataka, and Tamil Nadu.
Click here to read from source
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