Current Affairs 17 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 17 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

Unemployment Rate at 6.7% in Q4FY24: 22nd Quarterly PLFS by NSSO i.On May 15, 2024, the National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation (MoSPI) released its 22nd quarterly Periodic Labour Force Survey (PLFS) bulletin for January-March 2024 (Q4FY24).
ii.As per it, India’s Urban Unemployment Rate (UR) in Current Weekly Status (CWS) terms for persons aged 15 years and above declined by 10 basis points to 6.7% in Q4FY24 from 6.8% in Q4FY23.
iii.At all India level, Labour Force Participation Rate (LFPR) in CWS increased to 50.2% from 48.5% in Q4FY23.
iv.Worker Population Ratio (WPR- in %) in CWS increased to 46.9% from 45.2% in Q4FY23.
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana)
Headquarters- New Delhi, Delhi
>> Read Full News

BANKING & FINANCE

India Extends Budgetary Support of USD 50 Million to MaldivesThe Government of India (GoI) has provided a Budgetary Support of USD 50 million, in the form of  a rollover of Treasury Bill (T-Bill), to the Maldives for another year.

• The State Bank of India (SBI) has subscribed for one more year to the T-bill issued by Ministry of Finance of Maldives, upon maturity of the previous subscription.

India Sends USD 1 Million Flood Relief Assistance to Kenya
The government of India(GoI) has announced humanitarian assistance worth USD 1 million to the government of Kenya to deal with the devastation caused by the floods in Kenya.
About Maldives:
President– Dr Mohamed Muizzu
Capital– Malé
Currency– Maldivian Rufiyaa
>> Read Full News

ReNew Signed MoU with Societe Generale for Energy Transition Projects of USD 1 Billion over Next 3 yearsReNew Energy Global PLC (ReNew) signed a Memorandum of Understanding (MoU) with European Bank, Societe Generale, to support the ReNew’s energy transition projects in India and globally. This partnership will contribute towards India’s net zero goals.

• Under this MoU, Societe Generale will provide financial support of USD 1 billion over the next 3 years, mainly through debt financing and advisory solutions.

ReNew Signed 5 PPAs of 2.2 GW, Including 1GW of FDRE
ReNew has signed 5 Power Purchase Agreements (PPAs) with combined Renewable Energy (RE) capacity of 2.2 GigaWatt(GW).

• ReNew has also received Letter of Awards (LoAs) for an additional 5.8 GW of RE capacity.

About Societe Generale S.A.:
Societe Generale is one of the leading financial services group in Europe.
Chief Executive Officer (CEO)- Slawomir Krup
Founded in 1864
Headquarters– Paris, France
>> Read Full News

SBI General Insurance Introduced ‘Bima Central’ Platform to Transform Customer Experience with InnovationState Bank of India (SBI) General Insurance Company Limited introduced Bima Central, India’s 1st insurance portfolio management platform to transform customer experience with innovation.

• It has collaborated with Bima Central which was developed by CAMS Insurance Repository Services Limited (CAMSRep).

Key Points about Bima Central Platform:
i.The platform allows customers to aggregate their insurance portfolio through an electronic-Insurance Account (eIA).
ii.Policyholders of SBI General Insurance with an eIA through Bima Central platform can manage their insurance policies and can access their insurance portfolio through SBI General Insurance mobile app as well as through Bima Central app.

• The platform enables users to add beneficiaries, nominees and family members.

iii.The platform offers eIA policyholders a single window, integrated access to their aggregated insurance benefits.
Note: It is compulsory for policyholders to hold new insurance policies in electronic format (e-Policy) in eIA, since April 2024.
About CAMS Insurance Repository Services Limited (CAMSRep):
It is a wholly-owned subsidiary of Computer Age Management Services Private Limited (CAMS) Group. It is 2nd largest insurance repository in India.
Chief Executive Officer (CEO): Vivek Bengani
Headquarters – Chennai, Tamil Nadu
Established: 2011
About SBI General Insurance Company Limited:
Managing Director (MD) and CEO: Kishore Kumar Poludasu
Headquarters: Mumbai, Maharashtra
Tagline: Suraksha Aur Bharosa Dono
Established: 2009

ADB Approves USD 148.5 Million Loan to Enhance Power Distribution System(PDS) of SikkimThe Asian Development Bank (ADB) approved USD 148.5 million loan which aimed to bolster, modernize and climate-proof distribution system to enhance reliability, quality and resilience of electricity supply in Sikkim, India.

• The loan is in alignment with Power for All initiative led by Sikkim government which aims to ensure uninterrupted access to high-quality electricity for households, industries, among others.

Key Points about Loan used for Up gradation of Sikkim PDS:
i.The Project will upgrade and modernize Power Distribution System (PDS) of Sikkim, with installation of approximately 770 Kilometers(Kms) of climate-resilient medium –voltage underground or covered conductors.

• It will also replace 580 Kms of aging and low-capacity bare conductors with new conductors to increase distribution network capacity.

ii.It will upgrade 26 existing power substations which includes the installation of a supervisory control and data acquisition system.
iii.It also involves the deployment of 1500 units of Public Street Lighting in remote areas.

• It will cover electricity conservation and safety awareness programs across 28 villages.

Role of ADB:
i.ADB will help to frame a financial sustainability strategy. It plans to set up PDS of Sikkim as an autonomous body and aimed to improve financial sustainability of the electricity sector.
ii.It will assist PDS to formulate a power distribution master plan and to integrate geographic information systems.
iii.It aims to establish a real-time monitoring control center to improve power management and to devise a strategy for gender and social inclusion.
Benefits:
i.The project will improve the livelihood of minimum 1100 women including: Self Help Groups(SHGs), Producer Groups etc. through installation of customized Renewable Energy (RE) systems and also enhancing their vocational skills
ii.It will establish solar energy systems and energy-efficient electrical equipments in 24 primary health care sub-centers. This will help to increase the capacity of rural health care facilities to offer in-patients treatments.
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: 1966

TATA AIG Partnered with Aurm To Offer Safe Vaults For Insurance Coverage
Tata AIG General Insurance Company Limited has partnered with Aurm, a Bengaluru-based asset protection firm to provide insurance coverage to Aurm customers for their valuables.

• Under this partnership, Aurm’s vaults would have complete insurance coverage up to Rs 25 lakh.
• The collaboration of Aurm’s security infrastructure and technology, Tata AIG’s insurance coverage for safe vault owners, will provide them with ease of mind in protecting their high-value possessions.
• Aurm partners with banks and real estate firms to provide state-of-the-art safe deposit storage facilities that are fully automated and available 24 hours a day, 365 days a year.

Note:
i.TATA AIG General Insurance Company Limited is a joint venture (JV)  between TATA Group and American International Group (AIG).
ii.It commemorates 23 years of service this year (2024) since it commenced operations in India on January 22, 2001.

ECONOMY & BUSINESS

MSCI Announced Changes in MSCI Global Standard Index: 13 Indian Firms Added & 3 Removed MSCI Inc.(formerly known as Morgan Stanley Capital International Inc.) has announced changes in constituents for the MSCI Global Standard Indexes, which will take place as of close of 31st May 2024.

• As per the May 2024 review, 13 Securities will be added to and 3 Securities will be deleted from the India Index.
• Following this, the net stock count will be 146 for India in the MSCI Global Standard Index.

Note:
i.The 13 Securities added to MSCI India Index are Bosch Limited; Canara Bank; Indus Towers Limited ; Jindal Stainless Limited ; JSW Energy Limited ; Mankind Pharma; NHPC Limited; PB Fintech Limited; Phoenix Mills Limited ; Solar Industries India Limited ; Sundaram Finance Limited ; Thermax Limited and Torrent Power Limited.
ii.The 3 companies removed from MSCI India Index are Berger Paints India Limited; Indraprastha Gas Limited (IGL) and Paytm (One97 Communications Limited)
MSCI Global Standard Indexes
i.A total of 42 securities will be added and 121 securities will be deleted from the MSCI Global Standard Indexes.
ii.The 3 largest additions to the MSCI Emerging Markets Index measured by full company market capitalization are Chandra Asri Pacific (Indonesia), JSW Energy (India) and Canara Bank (India).
MSCI Global Small Cap Indexes:
i.233 securities will be added and 293 will be deleted from the MSCI Global Small Cap Indexes.
ii.MSCI India index: 29 added and 15 removed. The net inclusion of 14 stocks brings India’s total stock count in this index to 497.
Highlights MSCI Equity Indexes May 2024 Index Review
i.187 securities will be added and 326 will be deleted from the MSCI Global Investable Market Indexes:
ii.113 securities will be added and 83 will be deleted from the MSCI Global All Cap Indexes
iii.There will be 9 additions to and 5 deletions from the MSCI Frontier Markets Index.
Points to note:
i.With the above additions to the MSCI Global Standard/Emerging Market (EM) Index, India is expected to see a net inflow of over USD 2.5 billion in FII (Foreign Institutional Investor) passive flows.

• India’s weight in the MSCI EM Index is set to increase from 18.3% to approximately 19%, marking the highest increase in basis points among all emerging markets in this review.
• China has the highest representation in the MSCI EM Index, with a weight of 25.7% and 703 members.

ii.YES Bank, Zomato, Vedanta, AU Small Finance Bank, Macrotech Developers, Polycab India, Samvardhana Motherson, and Suzlon Energy have seen their weights increase.

• On the other hand, the weights of Dabur, ICICI Lombard, Jubilant Foodworks, and PI Industries have decreased.

AWARDS & RECOGNITIONS

Forbes 30 Under 30 Asia 2024 features 86 Indians; includes Akshit Bansal, Raghav Arora & Bhagya Shree Jain The 9th edition of the Forbes 30 Under 30 Asia list (2024) featured 86 entries from India which includes Akshit Bansal (29) and Raghav Arora (28), co-founders of Statiq-India and Bhagya Shree Jain (29), founder of The Disposal Company.
i.The “30 Under 30 Asia” list by Forbes showcases young entrepreneurs, leaders, and trailblazers under 30 who are driving innovation and transforming industries across the Asia-Pacific region.
ii.The 2024 list features 300 entries from 21 countries and territories. India had the most entries followed by China and Japan (32 each), Singapore (27), Australia (26) and Indonesia (18).
>> Read Full News

APPOINTMENTS & RESIGNATIONS

Lawrence Wong Becomes the New Prime Minister of Singapore Lawrence Wong Shyun Tsai, a United States (US) trained economist and a former civil servant, was sworn in as the fourth Prime Minister (PM) of Singapore since independence.

• The President of Singapore, Tharman Shanmugaratnam, administered the oath to Wong on May 15, 2024.

Key Points
i.Wong succeeded Lee Hsien Loong who relinquished his position after 20 years (2004-2024).
ii.He will be leading the fourth generation People’s Action Party (PAP) or 4G government as the Prime Minister and the Finance Minister.
iii.He is set to hold the post until the general election which is set to be held by November 2025. 
About Lawrence Wong
i.Lawrence Wong was first elected as a Member of Parliament (MP) in 2011.
ii.Prior to this appointment, he was the deputy PM; he also served in the Ministry of Culture, Community, and Youth; the Ministry of National Development; and the Ministry of Education.
iii.He also served as the Deputy Chief Executive in the Energy Market Authority and Chairman of the Monetary Authority of Singapore.
iv.He also co-chaired the Multi- Ministry Taskforce, which oversaw the Singapore Government’s response to the COVID-19 pandemic.
About Singapore
Prime Minister – Lawrence Wong Shyun Tsai
President – Tharman Shanmugaratnam
Capital – Singapore City
Currency –  Singapore Dollar (SGD)

R Lakshmi Kanth Rao Assumed Charge as Executive Director of RBI
Lakshmi Kanth Rao assumed charge as Executive Director (ED) of the Reserve Bank of India (RBI) with effect from 10th May 2024. Before this, he served as Chief General Manager-in-Charge in the Department of Regulation, RBI.

• As an ED, he oversees the Deposit Insurance and Credit Guarantee Corporation, the Right to Information Act (FAA), and the Department of Communication.
• With over 3 decades of experience in the RBI, he held noteworthy roles including a Banking Ombudsman at RBI Chennai (Tamil Nadu) and Regional Director of Uttar Pradesh at Lucknow.

ACQUISITIONS & MERGERS

Quant Money Managers Receives RBI Nod to Acquire Stake Up to 9.98% in RBL Bank  
Quant Money Managers Limited has received Reserve Bank of India (RBI) approval to acquire its stake up to 9.98% of the paid-up share capital or voting rights in RBL Bank Limited by May 12, 2025, subject to certain conditions and provisions under the Banking Regulation Act, 1949.

• As of May 10 2024, Quant Mutual Fund (MF), an arm of Quant Money Managers, holds around 4.68% stake in RBL Bank.
• Quant MF manages assets worth Rs 77,358 crore as on April 2024 and has around 27 mutual fund schemes.

SCIENCE & TECHNOLOGY

NASA Plans to Build ‘FLOAT’, the 1st Railway System on MoonNational Aeronautics and Space Administration (NASA) has announced its plan to build 1st Railway System on Moon, and named as “Flexible Levitation on a Track (FLOAT)”. This Railway system is part of NASA’s Moon to Mars mission i.e. Robotic Lunar Surface Operations 2 (RLSO2).

• It will play a vital role in the daily operations of a sustainable lunar base envisioned for 2030s.
• The FLOAT system will be developed by NASA’s Jet Propulsion Laboratory (JPL) in California, United States of America(U.S.A.)

Key Features of FLOAT system:
i.It will use unpowered robots which would levitate a 3-layer flexible film track to prevent abrasion from dust on lunar surface.
ii.Name of these 3-layers are:

• A Graphite Layer that enables robots to float over tracks using diamagnetic levitation passively.
• A Flex-Circuit Layer generates electromagnetic thrust to controllably propel robots along tracks.
• An Optional thin-film solar panel Layer generates power for the base when in sunlight.

iii.Carts will be mounted on these robots and will move at the speed of 1.61 kilometer per hour (Km/hr).
iv.The system aims to transport approximately 100 tons of material per day to and from NASA’s future lunar base.
Note: The FLOAT system will be integrated with NASA’s Artemis program. It aims to land astronauts on moon and bring them back on earth.
About National Aeronautics and Space Administration (NASA):
Administrator: Bill Nelson
Headquarters: Washington D.C., United States of America (U.S.A.)
Established: 1958

OBITUARY

Renowned Author, Storyteller & Padma Shri Awardee Malti Joshi Passed AwayPadma Shri awardee Malti Joshi, a renowned author, storyteller passed away at the age of 90.

• Joshi was awarded the prestigious ‘Padma Shri’ in 2018, recognising her contributions to literature and education.
• She also received Shikhar Samman (2006), Dushyant Kumar Sahitya Samman (2011), Ojaswini Samman (2011), Rashtriya Maithalisharan Gupt Samman for (2013-2014), Kamleshwar Smruti Puraskar (2016), Hindi Sevi Samman (2018).

About Malti Joshi 
i.Malti Joshi was born on 4th June, 1934 in Aurangabad, Maharashtra. She was Popularly known as ‘Malwa ki Meera’.
ii.She began writing stories from her teenage years and in 1969 her story won a prize and was published in ‘Parag’, Hindi magazine for children.
iii.In 1971, Her first story was published in Dharmayug, prestigious Hindi literature magazine, which was then produced by the Times group.
iv.Some of her works includes: ‘Madhayantar’, ‘Pataakshep’, ‘Parajay’, ‘Ek Ghar Sapno Ka’, ‘Woh Tera Ghar, Ye Mera Ghar’, and her novel ‘Aurat Ek Raat Hai’.
v.Joshi’s stories and novels have been published in all leading publications like Saptahik Hindustan, Manorama, Kadambini, and Sarika.
vi.Many of her stories have been presented on radio/ Television which includes ‘Saat Phere’, ‘Kirdar’, ‘Bhavna’.
vii.She started the practice of ‘Kathakathan’ (oral recitation), performing her stories to the audience.

BOOKS & AUTHORS

Anuradha Mascarenhas’s new book “At The Wheel of Research”, biography of former WHO Chief Scientist Soumya
Anuradha Mascarenhas, Senior Assistant Editor, The Indian Express, has penned a new book titled “At The Wheel of Research: An Exclusive Biography of Dr. Soumya Swaminathan”.  The book is published by Bloomsbury Publishing India Pvt. Ltd.

• This book outlines the life journey of Dr. Soumya Swaminathan, the inaugural Chief Scientist at the World Health Organisation (WHO) (2019 to 2022) and the former Director General(DG) of the Indian Council of Medical Research (ICMR) (2015 to 2017).
• She is an Indian pediatrician and Chairperson of M S Swaminathan Research Foundation (MSSRF).
• She is the daughter of Dr. Monkumbu Sambasivan (MS) Swaminathan, the agricultural scientist  popularly known as the “Father of the Green Revolution in India”.

About Author: Anuradha Mascarenhas is a seasoned journalist who has won awards including the Press Council of India National Awards for Excellence in Journalism for Gender-Based Reporting in 2019.

IMPORTANT DAYS

International Day of Living Together in Peace 2024 – May 16 The United Nations (UN) International Day of Living Together in Peace is annually observed across the globe on 16 May to mobilise the efforts of global communities to promote peace, tolerance, inclusion, understanding, and solidarity.
Background:
i.On 8 December 2017, the UN General Assembly (UNGA) adopted a resolution A/RES/72/130 and declared 16 May of every year as the International Day of Living Together in Peace.
ii.The first-ever International Day of Living Together in Peace was observed on 16 May 2018.
About United Nations (UN):
Secretary-General– António Guterres
Headquarters– New York, United States of America (USA)
Established in– 1945
>> Read Full News

International Day of Light 2024 – May 16 The International Day of Light (IDL) is a global initiative annually observed across the globe on 16 May to acknowledge the pivotal role of light in science, culture, art, education, and sustainable development and impact diverse fields including medicine, communications, and energy.

• 16th May 2024 marks the 7th edition of the UNESCO’s International Day of Light.

Why May 16?
16th May commemorates the anniversary of the first successful laser operation in 1960 by American physicist and engineer, Theodore Harold Maiman.
Background:
i.On 7th November 2017, the UNESCO General Conference adopted a resolution (39 C/Resolution 16) officially proclaimed the 16th May of each year as International Day of Light.
ii.The first-ever International Day of Light was observed on 16 May 2018.
About United Nations Educational, Scientific and Cultural Organization (UNESCO):
Director-General– Audrey Azoulay
Headquarters– Paris, France
>> Read Full News

National Dengue Day 2024 – May 16 National Dengue Day is annually observed across India on 16 May to spread awareness about Dengue, a mosquito-borne viral infectious disease, and to promote preventive measures to combat Dengue.

• The annual observance of National Dengue Day is led by the Ministry of Health and Family Welfare (MoH&FW).

The 2024 theme of the National Dengue Day is, “Connect with Community, Control Dengue.”
Background:
i.The MoH&FW, Government of India (GoI) has been observing National Dengue Day on 16th May to initiate pre-monsoon activities and community sensitisation.
ii.Anti Dengue Month is observed in July for community awareness to keep the houses and surroundings free from mosquito breeding.
About National Centre for Vector Borne Diseases Control (NCVBDC):
Director– Dr. Tanu Jain
Headquarters– Delhi
>> Read Full News

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