Current Affairs 18 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 18 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

FICCI & IESA Signed MoU to Promote Electronics and Semiconductor Industry in India
Federation of Indian Chambers of Commerce and Industry (FICCI) signed a Memorandum of Understanding (MoU) with India Electronics and Semiconductor Association (IESA), to promote innovation, bolster the semiconductor and electronics industry and fortify supply chains.

• The main objective of this strategic alliance between FICCI and IESA is to set up Joint Task Force on semiconductors and future critical technologies and to conduct technology consultative roundtables, and to foster business partnerships.

BANKING & FINANCE

LIC Received Approval from SEBI for Additional 3 years to meet MPS normsLife Insurance Corporation of India (LIC) has received the approval from Securities and Exchange Board of India (SEBI) for additional 3 years to comply with the Minimum Public Shareholding (MPS) norms.

• SEBI granted this additional 3 years to LIC to achieve 10% Public shareholding under Rule 19(2) (b) (iv) of the Securities Contracts (Regulation) Rules, 1957 i.e. within a time period of 5 years from the date of listing.
• Now, the revised timeline for LIC to achieve is on or before 16th May, 2027.

Key Points:
i.As per SEBI Rules, it is mandatory for all listed companies to maintain 25% public float.
ii.For Newly-listed companies, SEBI has granted them 3 years time.
iii.Companies having over Rs 1 trillion of market capitalisation post-issue is required to achieve 25% MPS within 5 years.
Background:
i.Earlier, As per SBI norms, LIC was required to achieve 10% Public shareholding within 2 years of listing in capital market. LIC listed itself on market bourses on 17th May, 2022.
ii.In December 2023, Union Finance Ministry exempted LIC to comply with 25% MPS norms till 2032.
iii.In May 2022, Government of India (GoI) sold its 3.5% shares in LIC Initial Public Offering (IPO) worth Rs 21,000 crore.
Note: At present, GoI has 96.5% shareholding in LIC.
About Life Insurance Corporation of India (LIC):
Chairperson: Siddhartha Mohanty
Headquarters: Mumbai, Maharashtra
Established: 1956

PhonePe collaborates with LankaPay to promote UPI payments in Sri Lanka
Bengaluru(Karnataka) based PhonePe, Indian digital payments company, has partnered with Sri Lanka’s LankaPay, owned by the Central Bank of Sri Lanka, to facilitate Unified Payments Interface (UPI) transactions for its users in Sri Lanka.

• This allows PhonePe users to make payments in Indian Rupees (INR) across LankaPay’s merchant network, with currency exchange rates applied to transactions.

Recently, NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), has partnered with the Bank of Namibia to develop a UPI-like instant payment system in Namibia.

ECONOMY & BUSINESS

India’s 2024 Economic Growth Projection Revised upwards to 6.9%: UN-DESA’s WESP 2024The ‘World Economic Situation and Prospects (WESP) 2024 – Mid Year Update,’ published by the United Nations Department of Economic and Social Affairs (UN-DESA), India’s economy is estimated to expand by 6.9% in 2024. This is an upward revision from the 6.2% Gross domestic product (GDP) forecast made by the UN in January 2024.
i.India’s GDP Growth projection for 2025 remains unchanged at 6.6%.
ii.This growth is driven by strong public investment and resilient private consumption, despite subdued external demand impacting merchandise exports.
iii.The report also anticipates a deceleration of consumer price inflation in India from 5.6% in 2023 to 4.5% in 2024. This is in line with the Reserve Bank of India’s (RBI) 2% to 6% medium-term target range.
About United Nations Department of Economic & Social Affairs (UN-DESA):
Under-Secretary-General for Economic and Social Affairs– Li Junhua
Headquarters– New York, United States
Establishment– 1948
>> Read Full News

Retail inflation eases to 4.83% in April 2024, surge in Food Prices Continues
As per the data from Ministry of Statistics and Programme Implementation (MoSPI), The annual inflation rate based on all India Consumer Price Index (CPI) number is 4.83% (Provisional) in April 2024, slightly down from 4.85% in March 2024, despite a continued surge in food prices. This decrease is attributed mainly to lower fuel prices.

• Corresponding inflation rate for rural and urban is 5.43% and 4.11%, respectively.
• The Consumer Price Index (CPI) -based retail inflation was 4.7% in April 2023.

Key Points:
Retail Inflation: Eased to 4.83% in April 2024 from 4.85% in March 2024.
Food Inflation: Increased to 8.70% in April 2024, up from 8.52% in March 2024.
Cereals Inflation: Rose to 8.63%, compared to 8.37% in March 2024.
Pulses Inflation: Dropped to 16.84% from 17.71% in March 2024.
Vegetable Prices: Increased by 27.8% in April 2024.
Fuel and Power Prices: Fell by 4.24%, compared to a 3.24% decline in March.

AWARDS & RECOGNITIONS

Forbes’ World’s Highest-Paid Athletes 2024: Portuguese Soccer Player Ronaldo TopsOn May 16, 2024, Forbes’ released the list of World’s Highest-Paid Athletes 2024 featuring top 50 highest paid athletes. Soccer Player Cristiano Ronaldo (Portugal) topped the list with a total earnings of USD 260 million, which includes USD 200 million on the field earnings and USD 60 million off the field earnings.

• Spanish golfer Jon Rahm stands 2nd with a total earning of USD 218 million and Argentine Soccer player Lionel Messi stands 3rd with USD 135 million.

Note: The total earnings of the top 50 highest paid athletes in the past 12 months is USD 3.88 billion before taxes and agents’ fees. This marks a 13% increase compared to 2023 record mark of USD 3.44 billion.
Assessment:
i.For the 2024 list, Forbes tracked income from May 1, 2023, to May 1, 2024.
ii.On-field earnings include prize money, salaries, bonuses, and, for soccer, club-based image rights agreements.
iii.Off-field earnings include sponsorship deals, appearance fees, and memorabilia/licensing income.
Top 5 in The World’s Highest-Paid Athletes 2024:

Points to note:
i.According to Forbes, the world’s 10 highest-paid athletes collectively earned USD 1.38 billion before taxes and agents’ fees over the past 12 months, which is the highest total ever.
ii.USA’s footballer Lamar Jackson is the only National football League (NFL) player on the list in 10th place with USD 100.5 million.
iii.The NBA (National Basketball Association) has the most players on the list of any sport at 19, followed by NFL with 11 and soccer at 3rd with 8.
iv.The 2024 list does not features any women athletes. In 2023 Serena Williams was the only woman among the world’s highest-paid athletes, since she retired in 2023, she is no longer eligible. No women made the list from 2017 to 2019.

IN-SPACe honoured with Geospatial World Leadership Award at GWF 2024Indian National Space Promotion and Authorisation Centre (IN-SPACe), under the Department of Space (DOS), Government of India, has won the Geospatial World Leadership Award 2024 under “Enabling Public Policy” category.
i.Geospatial Leadership Awards was presented during the Geospatial World Forum (GWF) 2024 held in Rotterdam, The Netherlands on 14th May 2024.
ii.The award acknowledge the outstanding contributions made by IN-SPACe to the international Geospatial field which help in fostering the growth and development of space sector in India and also its support to Non-Government Entities(NGEs) in the space economy.
About Indian National Space Promotion and Authorization Center (IN-SPACe):
Chairman- Pawan Kumar Goenka
Headquarters- Ahmedabad, Gujarat
>> Read Full News

Sela Tunnel of Arunachal Pradesh Recognised as India’s Highest Tunnel by International Book of HonourArunachal Pradesh’s Sela Tunnel, an engineering marvel has been recognised as India’s Highest Tunnel by the International Book of Honour (IBH), England, United Kingdom (UK). This recognition underscores the achievement of the Border Road Organisation (BRO) in constructing the tunnel at an altitude of 13,000 feet through Project VARTAK with construction carried out by Patel Engineering Limited.

• Sela Tunnel is the world’s longest bi-lane tunnel constructed on the road connecting Tezpur, Assam to Tawang in the West Kameng district of Arunachal Pradesh.

Points to Note:
The 2.598 km-long Sela Tunnel on Tezpur-Tawang Road ensures year-long connectivity to the strategic Tawang Region.
Note: Tawang is located 448 km northwest of Itanagar (capital city of Arunachal Pradesh) and is close to the Chinese border in the northeast.
Key Features:
i.Constructed at a cost of Rs 825 crore, the tunnel ensures all-weather connectivity along the National Highway (NH)-13 road to Tawang via Sela Pass on the Balipara – Chariduar – Tawang Road.
ii.It bolsters the Armed Forces’ preparedness and fosters socio-economic development in the border region.
iii.It has been constructed using the Austrian Tunnelling Method and adheres to the highest safety standards.
iv.The project comprises 2 tunnels and an interconnecting road.

• Tunnel 1 is a 980-meter-long single-tube tunnel, while Tunnel 2 is a 1,555-meter-long twin-tube tunnel.

v.One tube in Tunnel 2 is designed for regular traffic, while the other is reserved for emergency use.
vi.The link road connecting these tunnels spans a distance of 1,200 meters.
Background:
Prime Minister (PM) Narendra Modi virtually inaugurated the Sela Tunnel project during the Viksit Bharat Viksit North East programme in Itanagar, Arunachal Pradesh on March 09, 2024.
International Book of Honour (IBH):
IBH established in England is a visionary movement dedicated to recognise outstanding achievements across diverse domains, highlighting exceptional individuals and communities globally.

APPOINTMENTS & RESIGNATIONS

Former Union Minister Kapil Sibal Elected as President of Supreme Court Bar AssociationKapil Sibal, senior advocate and former Union Minister of Law and Justice has been elected as the President of Supreme Court Bar Association (SCBA) for the fourth time.

• Kapil Sibal won the election by securing 1,066 votes, defeating Pradeep Kumar Rai, a senior advocate who secured 689 votes.
• Sibal would take over from the incumbent, senior advocate Adish C. Aggarwala

Other Appointments: Rachna Srivastava, senior advocate has been elected as the Vice President and Vikrant Yadav, advocate as Secretary of SCBA.
About Kapil Sibal
i.Kapil Sibal was born on 8th August in 1948 at Jalandhar, Punjab.
ii.Sibal, a senior leader in the Indian National Congress (INC) was designated as senior advocate in 1983.
iii.He formerly served in a number of ministries which includes the Ministry of Science and Technology, the Ministry of Human Resource Development, the Ministry of Communications and Information technology.
iv.He also served as the Additional Solicitor General of India from 1989 to1990.
v.He served as the President of the SCBA for three times (1995-96, 1997-98 and 2001-2002).
About Supreme Court Bar Association (SCBA)
i.The Supreme Court Bar Association has been in the vanguard of the movement for upholding, maintaining and consolidation of the constitutional values of democracy, rule of law and independence of Judiciary.
ii.In its meeting dated 4th May, 1951, the Executive Committee of the Bar Association consisting of legal luminaries like   M. C. Setalvad, C. K. Daphtary and K. M. Munshi spoke of their deep concern against the first amendment of the Constitution.

Andrej Plenkovic Appointed as PM-Designate of Croatia for 3rd TermOn 17th May 2024,  Andrej Plenkovic (54 years), incumbent Croatian Prime Minister(PM) and President of the Croatian Democratic Union (HDZ) party, has been appointed as PM-designate of the Republic of Croatia for 3rd consecutive term.

• He has been serving as the PM of Croatia since 19th October 2016.

2024 Election result:
i.HDZ party has won 61 seats while the Homeland Movement (DP) won 14 seats.
ii.A centre-left coalition led by the Social Democrats (SDP) came second with 42 seats.
iii.The coalition government has secured a majority of 78 seats in the new 151 seat parliament with the backing of DP as well as representatives of national minorities.
About Andrej Plenkovic:
i.Andrej Plenkovic started his career as Diplomat in Ministry of Foreign Affairs, Croatia in 1994.
ii.In 1995, He was appointed as the head of office of Deputy Minister for Foreign Affairs.
iii.He has also served as the Deputy Head of Croatia’s Mission to the European Union (EU) from 2002 to 2005 and as Deputy Ambassador to France from 2005-2010.
iv.He has served as the Member of the Croatian Parliament from 2011 to 2013 and as member of European Parliament from 2013 to 2016.
v.He has been serving as the President of HDZ since 17th July 2016 and led the party to three consecutive electoral victories in 2016, 2020 and 2024.
About Republic of Croatia :
President- Zoran Milanovic
Capital- Zagreb
Currency- Euro (EUR)

Junta Leader Mahamat Déby Elected as President of Republic of ChadMahamat Idriss Déby Itno has been elected as the President of the Republic of Chad. He has been serving as the head of the state of Chad since April 2021.

• Mahamat Idriss Déby Itno, son of Late President of Chad Idriss Déby, ran as the candidate of the Patriotic Salvation Movement Party(MPS).
• He won the 2024 presidential election of  Chad with 61% of the total votes.

Background:
Presidential elections of Chad was held on 6 May 2024. This followed a constitutional referendum held on 17 December 2023, following the death of President Idriss Déby in 2021.
About Mahamat Idriss Déby:
i.In April 2021. Lt Gen Mahamat Idriss Déby Itno has been named as the new leader of Chad, after his father Idriss Déby was killed by rebels.
ii.He has served as the Chairman of the Transitional Military Council of Chad (de facto President).
iii.In October 2022, He was named the transition president of Chad for a non-renewable 2 years transition period until elections.
About the Republic of Chad
Prime Minister – Succès Masra
Capital –  N’Djamena
Currency –  Central African CFA franc

ACQUISITIONS & MERGERS

Warburg Pincus Acquires Shriram Housing Finance for Rs 4,630 CroreChennai, Tamil Nadu-based Shriram Finance Ltd (SFL) has approved the sale of its housing-finance subsidiary, Shriram Housing Finance Ltd (SHFL), to New York, United States (US)-based equity firm Warburg Pincus, for Rs 4,630 crore.

• The acquisition includes equity and convertible instruments of SHFL and is subject to regulatory approvals.
• As part of the transaction, Valiant Partners LP, Mauritius, a minority shareholder in SHFL, and SFL will fully sell its equity stake to Warburg Pincus.
• Warburg Pincus will acquire the stake through its affiliate Mango Crest Investment, and will infuse Rs 1,000 crore in equity.

Key Points:
i.This deal marks the largest Mergers and acquisitions (M&A)transaction in the housing finance sector and Warburg’s biggest acquisition in India.
ii.The existing management team of SHFL, led by Managing Director and Chief Executive Officer (CEO) Ravi Subramanian, will continue to lead the business, and SHFL will operate as a standalone entity.
iii.SFL holds a controlling stake of 84.82% in SHFL, while the rest is held by Valiant Partners LP, Mauritius.
Click Here for Official Notification

SPORTS

Neeraj Chopra Wins Gold Medal in 27th National Federation Senior Athletics Competition 2024
2020 Tokyo Olympics Gold medalist Neeraj Chopra won the Gold medal in the men’s Javelin with 82.27 meter(m) throw in 27th National Federation Senior Athletics Competition 2024. The tournament held at Kalinga Stadium in Bhubaneswar, Odisha.

• This was the first time for Neeraj Chopra from Haryana to participate in an event in India in three years. Last time, he competed at the Federation Cup in 2021 and won a gold medal with an 87.80 m throw.
• DP Manu from Karnataka won the Silver medal with 82.06m throw and Uttam Balasaheb Patil from Maharashtra won the Bronze medal with 78.39m.

OBITUARY

Former Gujarat Governor & Veteran Congress Leader Kamla Beniwal Passed AwayA veteran Congress leader and former Gujarat Governor Dr Kamla Beniwal has passed away at the age of 97 at a private hospital in Jaipur, Rajasthan. She was born on 12th January 1927 in Jhunjhunu, Rajasthan.
About Kamla Beniwal:
i.At the age of 15, she joined the Indian National Congress (INC) and participated in the Quit India Movement (1942).
ii.She began her political career in 1954 and was elected as Member of the Legislative Assembly (MLA) seven times.
iii.At the age of 27, she became the first woman minister in Rajasthan.
iv.She served as a member in the All India Congress Committee (AICC), Joint Secretary of the Pradesh Congress Committee (PCC) and President of the Rajasthan Mahila Congress.
v.She served as the Governor of Tripura from October 2009 to November 2009. She became the first female governor of any state in Northeast India.
vi.She has also served as the Governor of Gujarat (2009 to 2014) and Mizoram (July 2014 to August 2014) and as Deputy Chief minister of Rajasthan.
vii.Beniwal was awarded the ‘Tamra Patra Award’ by then Prime Minister of India, Indira Gandhi.

• Tamra Patra is a bronze plaque given by the Indian government  to the living freedom fighters to honor their contributions to the India’s freedom struggle.

IMPORTANT DAYS

World Telecommunication and Information Society Day 2024 – May 17 The United Nations (UN) World Telecommunication and Information Society Day (WTISD) is annually observed across the globe on 17 May to raise awareness of the benefits of the Internet and other information and communication technologies (ICT).

• WTISD 2024 was observed under the theme: “Digital Innovation for Sustainable Development.”

Background:
i.World Telecommunication Day has been celebrated annually on 17 May since 1969.
ii.In November 2005, the World Summit on the Information Society (WSIS) urged the UN General Assembly (UNGA) to declare 17 May as World Information Society Day.
iii.The UNGA adopted Resolution A/RES/60/252 in March 2006 to celebrate World Information Society Day annually on 17 May.
iv.In November 2006, the ITU Plenipotentiary Conference in Antalya, Türkiye, decided to celebrate both events on 17 May as WTISD.
About International Telecommunication Union (ITU):
Secretary-General– ​Doreen Bogdan-Martin
Established in– 1865
>> Read Full News

World Hypertension Day 2024 – May 17 The World Health Organization (WHO) annually observes the World Hypertension Day (WHD) on 17 May to increase awareness of Hypertension, also known as high blood pressure (BP), and stimulate global action to combat high blood pressure.

• The 2024 theme of WHD is, “Measure Your Blood Pressure Accurately, Control It, Live Longer.”
• On WHD 2024, the WHL recognised the WHL 2024 Excellence Award Winners for their contributions to global hypertension prevention and control.

Background:
i.WHD, a significant global activity was started by the World Hypertension League (WHL), a non-profit, non-governmental organization (NGO) dedicated to the prevention and control of hypertension globally.
ii.WHL observed the 1st WHD on 14 May 2005. Since 2006, the WHL has  dedicated May 17 of every year as ‘World Hypertension Day’.
>> Read Full News

Endangered Species Day 2024 – May 17 Endangered Species Day (ESD) is annually observed across the globe on the 3rd Friday in May, to raise awareness about the endangered species, an animal or plant that is considered at risk of extinction.

• ESD 2024 was observed on 17th May 2024. This marks the 19th annual observance of the day.
• ESD 2023 was observed on 19 May 2023 and ESD 2025 will be observed on 16 May 2025.

The theme of ESD 2024 is “Celebrate Saving Species”.
Background:
i.Endangered Species Day, the global day of action was founded by David Robinson and the Endangered Species Coalition in 2006.
ii.The Endangered Species Day was first created by the United States Senate in 2006.
iii.The first ESD was celebrated on 11th May 2006.
Significance:
ESD 2024 follows a year-long commemoration of the 50th anniversary of the Endangered Species Act (ESA) of 1973, the United States (US) Federal law which protectes at-risk animals and plants from extinction.
About Endangered Species:
i.Endangered species are organisms(plants or animals), that are at risk of becoming extinct due to factors like habitat loss, pollution, climate change, overhunting, or competition from invasive species.
ii.The International Union for Conservation of Nature (IUCN) declares animals’ endangered status.
iii.A species is classified as Endangered (EN) when it meets any of the criteria A to E, indicating a very high risk of extinction in the wild.
Key Facts:
i.Currently, there are more than 157,100 species on the IUCN Red List. More than 44,000 species are threatened with extinction. That is still 28% of all assessed species.
ii.In India, the Wildlife (Protection) Act of 1972 was passed by the Indian Parliament to protect India’s wildlife, including wild animals, birds, and plants, from destruction.
iii.Some endangered Species in India Bengal Tiger, Asiatic Lion, Snow Leopard, One-horned Rhinoceros, Amentotaxus assamica (Plant), Actinodaphne lawsonii Gamble (Plant), etc.

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