Current Affairs 16 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 16 May 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Mazagon Dock Shipbuilders Ltd celebrates 250th Foundation DayOn May 14, 2024, Mazagon Dock Shipbuilders Limited (MDL) celebrated its 250th Foundation Day with a series of events in Mumbai, Maharashtra. The celebration, presided over by Secretary Giridhar Aramane from the Ministry of Defence (MoD).
Inaugurations
Following are the launches and inaugurates made MoD Secretary:
MPA Land: Inauguration of land acquired from Mumbai Port Authority (MPA) for new builds and repairs/refits of vessels.
Midget Submarine: Launch of platform design and hull of the indigenous midget submarine ‘Arowana‘ as a proof of concept for future full-scale conventional submarines.

• MDL is also working on the development of design of full-scale conventional submarine by 2028.

Solar Electric Hybrid Boat: Commissioning of a solar electric hybrid boat with a top speed of 11 knots, significantly reducing running and maintenance costs compared to diesel boats.
Fuel Cell Electric Ferry: Commissioning of ‘SUCHI’, a 24-passenger fuel cell electric ferry with zero emissions and low acoustic signatures.
Technical Seminar & Commemorative Coin: Inauguration of a technical seminar on emerging shipbuilding technologies and release of Rs 250 commemorative coin by the Giridhar to honor MDL’s 250-year legacy.
Note:
Based in Mumbai, MDL initiated as a small dry dock in 1774, and incorporated in 1934. It was taken over by the Government of India (GoI) in 1960 under the aegis of MoD. It gained Mini-Ratna-I status in 2006.

NSG holds 7th Joint Anti-Terror Mock Drills Exercise TARKASH with US’ SOF in KolkataThe 7th edition of the India-U.S. joint counter-terrorism exercise ‘Tarkash’ was held between the National Security Guard (NSG) and United States (US) Special Operations Forces (SOF) from April 22 to May 15, 2024 in Kolkata, West Bengal(WB).

• This three-week exercise involved intense training and mock drills in urban counter-terrorism scenarios.
• The 6th edition took place in Chennai, Tamil Nadu (TN), in January 2023.

Aim:
To improve bilateral cooperation between India and the U.S. in combating terrorism in all its forms
Key Points
i.Joint mock counter-terror drills were conducted to enhance interoperability and coordination.
ii.The exercise included sharing best practices, tactics, techniques, and procedures for counter-terror operations in urban environments.
iii.The training covered close-quarter battles, building intervention drills, hostage rescue operations, surveillance, long-range sniping, and planning complex operations involving multiple targets.
About National Security Guard (NSG):
NSG, commonly known as Black Cats, is a counter-terrorism unit of India under the Ministry of Home Affairs.
Director General– Nalin Prabhat
Headquarters– New Delhi, Delhi
Establishment– 1986

INTERNATIONAL AFFAIRS

THE Young University Rankings 2024: Mahatma Gandhi University Tops among Indian Universities; Singapore’s NTU tops globally According to the Times Higher Education (THE) Young University Rankings 2024, Mahatma Gandhi University (MGU) in Kottayam, Kerala, ranked 81(globally) has emerged as the highest-ranking Indian university.

• Nanyang Technological University(NTU), Singapore has topped the global ranking for the 2nd consecutive year.
• Apart from MGU, Anna University, Chennai, Tamil Nadu(TN) ranked 96th is the only Indian University featured among the top 100 on the 2024 ranking.

Points to note:
i.The 2024 ranking includes 673 universities, up from 605 in 2023.
ii.The number of Asian universities on the 2024 list has doubled in five years, from 165 in 2020 to 327 in 2024.
iii.India is represented by 55 institutions in the 2024 ranking, up from 45 in 2023 and 26 in 2020.
About Times Higher Education (THE):
First Issue– October, 1971
Headquarters – London, United Kingdom (UK)
>> Read Full News

BANKING & FINANCE

SEBI mandates NISM Certification Requirement for One Personnel of AIF Investment Manager TeamOn May 13, 2024, the Securities and Exchange Board of India (SEBI) mandated that the investment team of the manager of an Alternative Investment Fund (AIF) must include at least one key personnel with National Institute of Securities Market (NISM) Series-XIX-C certification. This requirement, effective from May 10, 2024, is a criterion for AIF registration.
i.SEBI relaxes KYC norms to Simplify Risk Management Framework
SEBI has also relaxed the provisions of Risk Management Framework at KRAs (KYC Registration Agencies) norms, where KYC stands for Know Your Customer (KYC).
About Securities Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment–1992
>> Read Full News

HDFC Bank Launched PIXEL – India’s First Virtual Credit Card On 14th May 2024, HDFC Bank Limited launched PIXEL, India’s first virtual credit card, which allows users to design their cards with personalised benefits and offers.

• The card, currently on Visa Network, is available in 2 variants: PIXEL Play and PIXEL Go.
• This marks HDFC Bank’s debut in the end-to-end mobile app-based customisable credit card range.

Key Points:
i.This is a digital-first credit card that offers flexibility and customisation
ii.The customers can register for the PIXEL cards on the PayZapp, the mobile application of HDFC Bank.

• The app will provide features like card controls, rewards, EMI dashboard, notifications, statements, repayments, disputes, hotlisting, recent transactions.

iii.Mumbai(Maharashtra) based banking tech company Zeta is the technology provider for Pixel.
Key Features: 
i.Both variants of PIXEL offers up to 50 days of credit-free period.
ii.Users can customise the choice of online platforms to earn 3% cashback on Amazon, Flipkart, PayZapp and unlimited and 1% cashback on other spends.
About  PIXEL Play: 
PIXEL Play enables the users to select merchants to earn accelerated cashback, card colour, as well as billing date.
This targets users who wants to avail the benefits of both digital customisation and credit card.
About PIXEL Go: 
PIXEL Go targets new users entering the world of credit cards and building their credit scores with the flexibility of payments through pay-in-parts.
About HDFC Bank:
MD & CEO– Sashidhar Jagdishan
Headquarters– Mumbai, Maharashtra
Established in August 1994
Tagline– We Understand Your World

TATA AIG General Insurance unveils India’s 1st Satellite In-Orbit Third-Party Liability Insurance policyTATA AIG General Insurance Company Limited has introduced India’s first ‘Satellite In-Orbit Third-Party Liability Insurance’ policy which provides critical financial protection to meet the needs of satellite manufacturers and operators in the Indian space sector.

• With this, TATA AIG General Insurance becomes the first private insurer in India to offer a Satellite Insurance cover.

Background:
i.For private enterprises in the satellite space, 3rd-party liability insurance is a key requirement.
ii.In April 2024, the Government of India amended the Foreign Exchange Management (Non-Debt Instruments) Rules 2019 to allow 100% FDI in the space sector.
About Satellite In-Orbit Third-Party Liability Insurance
i.TATA AIG’s Satellite In-Orbit Third-Party Liability Insurance offers comprehensive coverage for Third-Party Bodily Injury and Third-Party Property Damage that involves incidents involving a satellite in orbit conforming to international standards and best practices.
ii.In-orbit covers cater to the needs of satellite manufacturers and operators in the Indian Space Sector in the wake of solar storms, underscoring the potential hazards faced by orbiting spacecraft.
iii.This will also protect the satellite owner from legal claims arising from  3rd party bodily injury and property damage involving the satellite in orbit.
In-orbit covers vs. launch covers:
In-orbit covers are different from launch covers. The launch covers focus on the success or failure of the launch vehicle in injecting the satellites into orbit. they do not cover the operations of the satellite which are typically owned by a third-party.
Additional info: India targets to increase its global launch market share by fivefold, projected to reach USD 47.3 billion by 2032, with the privatisation of space launches.
About TATA AIG General Insurance Company Limited
TATA AIG General Insurance is a joint venture between the Tata Group and the American International Group (AIG).
Managing Director(MD) & Chief Executive Officer(CEO)– Neelesh Garg
Headquarters– Mumbai Maharashtra
Established in January 2001
Tagline– With You Always

ECONOMY & BUSINESS

India’s GDP is Projected to Grow at 6.6% in FY25: Moody’s RatingsOn 14th May 2024, Moody’s Ratings has projected that India’ Gross Domestic Product (GDP) to grow at 6.6% in FY25 (2024-25) and 6.2% in FY26 (2025-26). It also mentioned that strong credit demand fuelled by robust economic growth will give boost to the profitability of Non-Banking Financial Companies (NBFCs).

• It also estimated that India’s GDP growth 8% in FY24(2023-24).

Key Findings related to NBFCs- specific:
i.Moody’s Ratings highlighted that Aggregate Year-On-Year (Y-O-Y) loan growth at NBFCs increased from 10.8% (2022) to 20.8% (2023).

• This positive growth is attributed mainly by demand for retail loans, including financing for housing and automobiles.

ii.It estimated that loans at NBFCs to grow about 15% in the next 12 to 18 months. This is due to the various types of lending’s such as: infrastructure financing by large Government-owned NBFCs and loans to small and medium-sized enterprises.
iii.According to Moody’s Ratings, growth in unsecured retail loans will slow as the Reserve Bank of India (RBI) raised the risk weight of such credit asset for both banks and NBFCs by 25% points in December 2023.
iv.It mentioned that NBFCs will continue to play a pivotal role to meet the increasing demands of credit among individuals and businesses in India’s vast economy.
v.As per the Moody’s Ratings, Currently, there are 20 largest NBFCs in India which have strong dominance in market.

• They have an extensive history of providing different types of loans such as: financing for housing and commercial vehicles.
• Most of these are owned by Government or large corporate groups. It is expected to providing stability to their funding during stressful times.

About Moody’s Ratings:
Moody’s Ratings publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities.
President- Michael West
Headquarters- New York, the United States of America (USA)

AWARDS & RECOGNITIONS

Renowned English Author Ruskin Bond Received Sahitya Akademi Fellowship
The renowned English Author Ruskin Bond received the Sahitya Akademi Fellowship.

• Madhav Kaushik, President of Sahitya Akademi and Dr. K. Sreenivasarao, Secretary of Sahitya Akademi handed over the plaque to Bond at his home (Mussoorie, Uttarakhand).

Note: Ruskin Bond was named a recipient of Akademi’s highest honour in September 2021. Due to his illness, he was unable to receive the honour in person.
About Ruskin Bond
i.Bond has written more than 50 books for children as well as over 500 short stories, essays and novellas.
ii.He published his first novel, The Room on the Roof in 1956 , which was also awarded the John Llewellyn Rhys Prize in 1957.
iii.His notable works: ‘Vagrants in the Valley’, ‘Once Upon a Monsoon Time’, ‘Angry River’, ‘Strangers in the Night’, ‘All Roads Lead to Ganga’, ‘Tales of Fosterganj’, ‘Leopard on the Mountain’ and ‘Too Much Trouble’.
Awards: 
i.Bond received the Sahitya Akademi Award (1992) for his story collection “Our Trees Still Grow in Dehra”.
ii.He also received Padma Shri (1999), Padma Bhushan (2019), Sahitya Akademi’s Bal Sahitya Puraskar (2012).

APPOINTMENTS & RESIGNATIONS

UNDP Appoints Alain Noudéhou as the new Executive Director of the UN– MPTFOThe United Nations Development Programme has appointed Alain Noudéhou of Benin as the new Executive Director of the UN Multi – Partner Trust Fund Office (MPTFO).

• He will succeed Jennifer Topping of Canada, who will complete her tenure by the end of May 2024.

About Alain Noudéhou:
i. Noudéhou has a vast knowledge in international development and humanitarian affairs.
ii.Lately, he has been serving as Deputy Special Representative of the UN Secretary General in the United Nations Multidimensional Integrated Stabilization Mission in Mali (MINUSMA) and UN Resident Coordinator and Humanitarian Coordinator in Mali.
iii. Before that, he served as Deputy Special Representative of the UN Secretary General in the United Nations Mission in South Sudan (UNMISS), and Resident Coordinator and Humanitarian Coordinator in South Sudan. 
iv.Besides, he also worked as the Chief of Staff of the United Nations Development Programme (UNDP) in New York (United States), Resident Coordinator and UNDP Resident Representative in the People’s Republic of China and Resident Coordinator, Humanitarian Coordinator and UNDP Resident Representative in Zimbabwe.
v. Noudéhou also worked as a Country Director from 1996 to 2000for CHF International in South Africa.
About United Nations Development Programme
UNDP was established in 1966 by the General Assembly of the United Nations. It works in 170 countries and territories to eradicate poverty and reduce inequality.
Administrator – Achim Steiner
Headquarters– New York, United States

Vice Admiral Sanjay Bhalla assumes charge as Chief of Personnel of Indian Navy
On May 10, 2024, Vice Admiral Sanjay Bhalla, assumed charge as the Chief of Personnel of the Indian Navy(IN). He will succeed Vice Admiral Krishna Swaminathan who assumed charge as Vice Chief of The Naval Staff.
Career/Achievement of Vice Admiral Sanjay Bhalla:

• He is awardee of Nao Sena Medal (NM) and  Ati Vishisht Seva Medal (AVSM)
• Commissioned in IN on 1 January 1989, his 35-year career with various specialist, staff, and operational roles, both afloat and ashore.
• Commanded INS (Indian Naval Ship) Nishank, INS Taragiri, INS Beas, and served as Flag Officer Commanding Eastern Fleet (FOCEF).
• Led the President’s Fleet Review (PFR – 22) and the Sea Phase of the multinational exercise MILAN – 22.

SCIENCE & TECHNOLOGY

IAF Conducts Maiden Airdrop Test of BHISHM, World’s 1st Air-Lifted Portable Hospital in AgraOn 14th May 2024, The Indian Air Force (IAF) conducted maiden air drop test of BHISHM portable cubes, World’s 1st air-lifted portable hospital in Agra, Uttar Pradesh.
Key Points:
i.BHISHM portable cubes are part of broader initiative named “Project BHISHM- Bharat health initiative for Sahyog, Hita and Maitri”.
ii.This initiative is specifically designed to treat up to 200 causalities, emphasizing rapid response and comprehensive care.
iii.Indian Army introduced its latest innovation named “Hexacopter Drone” mounted by Machine Gun. Sirin Hexadrones were developed by Ikran Aerospace and Technologies Private Limited (IAATPL).
About Indian Air Force(IAF):
Chief of Air Staff: Vivek Ram Chaudhari
Headquarters: New Delhi, Delhi
Established: 8th October, 1932
>> Read Full News

Japan Launches World’s First 6G Device, 20 Times Faster Than 5G
Japan has launched the world’s first high-speed 6G prototype device, with data transmission rate of 100 gigabits per second (Gbps), 20 times faster than the Gold Standard 5G technology.
i.The 6G device offers services covering an impressive range of 300 feet, showcasing the potential for a significant advancement in internet technology.
ii.This was developed by the joint effort by Japan’s leading telecom companies, including NTT DOCOMO, Nippon Telegraph and Telephone (NTT) Corporation, NEC Corporation India Private Limited, and Fujitsu.
iii.The 6G technology has the potential to provide real-time holographic communication as well as immersive virtual and mixed reality experiences.

SPORTS

P.Shyam Nikhil Becomes India’s 85th Chess Grand Master (GM)Indian Chess Player P.Shyam Nikhil (31 year old) has become India’s 85th Grand Master (GM). He achieved this feat after earning 3rd norm which is required for GM title at Dubai Police Masters 2024 which held from 3rd May to 13th May 2024 in Dubai, United Arab Emirates (UAE).

• He drew with GM Bai Jinshi (China)in the final round.

About P.Shyam Nikhil:
i.P.Shyam Nikhil hails from Tamil Nadu state, he earned his 1st GM-norm at 4th Mumbai Mayer’s Cup Open (Maharashtra) in September, 2011.
ii.Then again in September 2011, he earned his 2nd GM-norm at  46th National Premier in Aurangabad, Maharashtra.
iii.In May 2012,he crossed 2500 points and got published rating of 2502 points Federation International des Echecs or International Chess Federation (FIDE) ratings.
Note: To become a GM, a player has to secure 3 GM norms and cross the live rating of 2500 Elo points.
Awards:
i.He won the Gold medal at Commonwealth Chess Championship which held in Sri Lanka in 2022.
ii.P.Shyam Nikhil won the 18th Tamil Nadu IM-norm Closed Circuit Tournament 2024 which held in Pollachi, Tamil Nadu (T.N.).
About Federation International des Echecs or International Chess Federation(FIDE):
President: Arkady Dvorkovich
Deputy President: Vishwanathan Anand
Headquarters: Lausanne, Switzerland
Established: 1924

OBITUARY

Canadian Author & Nobel Laureate in Literature Alice Munro Passed AwayCanadian writer Alice Laidlaw Munro, who won the Nobel Prize in Literature passed away at 92 in Port Hope, Ontario, Canada. She was born on 10 July 1931 in Wingham, Ontario.
Awards/Honours:
i.She was awarded the Governor General’s Literary Award (Canada’s highest literary honour) for fiction thrice:

• The first for her debut collection titled “Dance of the Happy Shades” (1968); Who Do You Think You Are (1978); and The Progress of Love (1986).

ii.She won the Scotiabank Giller Prize, Canada’s most high-profile literary award twice for “The Love of a Good Woman” in 1998; and for “Runaway” in 2004.
iii.In 2009, Alice Munro received the Man Booker International award at Trinity College Dublin, in Dublin, Ireland.
iv.In 2013, she was awarded The Nobel Prize in Literature as a “Master of the contemporary short story.”
v.She was also a Knight of the Order of Arts and Letters in France and was featured on a silver coin from the Royal Canadian Mint and a postage stamp in Canada.
About Alice Munro:
i.Alice Munro has published 13 collections of stories, 1 novel (Lives of Girls and Women, 1971), and 2 volumes of selected stories.
ii.In the 1950s and 1960s, her stories were broadcast on the Canadian Broadcasting Corporation (CBC) and published in several Canadian periodicals.
iii.In 1977, The New Yorker magazine published one of her stories Royal Beatings and she has published over a dozen collections of short stories.
iv.She was the 2nd Canadian-born writer to win the Nobel Prize in Literature but the 1st with a distinctly Canadian identity.

• Canadian-American writer Saul Bellow was awarded the Nobel Prize in Literature in 1976 “for the human understanding and subtle analysis of contemporary culture that are combined in his work,”

v.Her notable works include:

• The Moons of Jupiter (1978); Hateship, Friendship, Courtship, Loveship, Marriage (2001); The View From Castle Rock (2006); and Dear Life (2012), among others.

Former Bihar Deputy CM Sushil Kumar Modi Passed Away Senior Bharatiya Janata Party (BJP) leader and former Bihar Deputy Chief Minister (CM) Sushil Kumar Modi passed away at the age of 72 in New Delhi, Delhi. He was born on 5th January 1952 in Patna, Bihar.

• He became one of the leaders who became a member of the Rajya Sabha, Lok Sabha and both houses of legislature – Bihar Legislative Council and the Bihar Legislative Assembly.

About Sushil Kumar Modi:
i.Sushil Kumar Modi became a Member of Legislative Assembly(MLA) for the first time in 1990 from the Patna Central constituency(presently Kumhrar).

• He served as MLA for 3 terms – 1990-95, 1995-2000, and 2000-2004.

ii.From 1995 to 1996, he served as Secretary of the BJP and from 1996 to 2004, he was the Leader of Opposition at the Bihar Legislative Assembly.
iii.He served as the Minister of Parliamentary Affairs of Bihar in 2000.
iv.He was elected to the 14th Lok Sabha representing Bhagalpur constituency in 2004.
v.He was later served as a Member of the Bihar Legislative Council from 2006-2012; 2012-2018, and 2018-2020.
vi.He also served as finance minister of Bihar from 2005-2013 and 2017-2020 and as Deputy CM of Bihar for over 11 years across 2 stints, the 1st from 2005 to 2013, and then from 2017 to 2020.
vii.He has also served as the Member of the Goods and Services Tax (GST) Council from 2017 to 2020.
viii.In 2020, he was elected to the Rajya Sabha from Bihar. He retired from Rajya Sabha in April 2024.

• He has served as a Member of the Committee on Urban Development (2020-2021); Committee on Rules(2021 onwards) and Consultative Committee for the Ministry of Cooperation(2023 onwards)
• He also served as a Member of National Tiger Conservation Authority(2022 onwards) and National Khadi and Village Industries Board (2022 onwards).

IMPORTANT DAYS

International Day of Families 2024 – May 15 The United Nations (UN)’s International Day of Families is annually observed across the globe on 15th May to raise awareness and highlight issues relating to families and to increase the knowledge of the social, economic, and demographic processes affecting families.

• 15th May 2024 marks the observance of the International Day of Families 2024.
• The year 2024 marks the 30th anniversary of the International Year of the Family (1994).

The theme of International Day of Families 2024 is “Families and Climate Change”.
Background:
i.The United Nations General Assembly (UNGA) adopted a resolution in 1989 and proclaimed the year 1994 as the International Year of the Family.
ii.In 1993, the UNGA adopted the resolution (A/RES/47/237) deciding that, beginning in 1994, 15 May of every year shall be observed as the International Day of Families.
iii.The 1st ever International Day of Families was observed on 15 May 1994.
>> Read Full News

STATE NEWS

SAIL-Bhilai To Install a 15 MW Floating Solar Plant in Chhattisgarh
Bhilai Steel Plant (BSP), the flagship unit of Steel Authority of India Limited (SAIL), has decided to install the first 15-megawatt (MW) floating solar project in its Maroda-1 reservoir located in Durg district, Chhattisgarh to improve its carbon footprint.

• The project is being implemented through NTPC-SAIL Power Supply (NSPCL), a 50:50 joint venture (JV) between National Thermal Power Corporation (NTPC) and SAIL.
• NTPC Limited (formerly known as National Thermal Power Corporation) is the consultant for the project, floated the tender for the project in January 2024 and it is scheduled to be completed by 2025.
• The total green power generation estimated from this plant is likely to be about 34.26 million units annually.
• The project is expected to reduce the carbon dioxide (CO2) emission of BSP by 28,330 tonnes annually.

Note: On 9th May 2024, Power Purchase Agreement (PPA) was signed between NSPCL and BSP to install the 15 MW capacity floating Solar Plant in Maroda-1 reservoir.

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