Current Affairs 22 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 22 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

DAHD & UNDP India signs MoU on Digitalization of Vaccine Cold Chain ManagementOn 20th May 2024, the Department of Animal Husbandry & Dairying (DAHD), Ministry of Fisheries, Animal Husbandry & Dairying (MoFAHD), signed a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) India to enhance the Digitalization of Vaccine Cold Chain Management, Capacity Building, and Communication Planning at UNDP Country office in New Delhi, Delhi.
Aim: To enhance animal health and husbandry practices leveraging UNDP’s expertise and DAHD’s mandate for a robust framework in India
Signatories: The MoU was signed by Alka Upadhyay, Secretary, DAHD, and Caitlin Wiesen, UNDP Resident Representative in India.
What will be done under the MoU?
i.Under this, UNDP will support India’s first animal vaccine supply chain management system in partnership with the DAHD.
ii.New technology and Artificial Intelligence (AI) based Animal vaccine Intelligence Network (AVIN) developed by UNDP will enable real-time monitoring of the vast cold chain infrastructure to ensure vaccines are managed and delivered nationwide at the right quantity, quality, time, and temperature.
iii.A One Health approach will be adopted focusing on digitalizing and remotely monitoring cold chains to ensure vaccines are stored at 2-8 degree Celsius, thereby improving immunization coverage, including the Foot and Mouth diseases (FMD) vaccination program targeting 50 crore large animals and 20 crore small animals with vaccines worth Rs. 900 crore. India with 142.86 Crore people, 53.57 Crore farm animals and 85.18 Crore poultry population.
iv.Technical assistance will be provided to Bengaluru, Karnataka based Centre of Excellence for Animal Husbandry (CEAH) to enhance its capabilities in animal husbandry practices.
v.The MoU will also support livestock insurance programs, improve communication plans for better outreach, extension services and skill development initiatives to boost capacities in the animal husbandry sector.
About Ministry of Fisheries, Animal Husbandry and Dairying(MoFAHD):
Union Minister– Parshottam Rupala(Rajya Sabha- Gujarat)
Minister of State (MoS)– Sanjeev Kumar Balyan (Constituency- Muzaffarnagar, Uttar Pradesh); L. Murugan (Rajya Sabha – Madhya Pradesh)
About United Nations Development Programme (UNDP) India:
Resident Representative in India– Caitlin Wiesen
Headquarters– New Delhi, Delhi

FIEO Projected India’s Merchandise to Grow USD 500 to 510 Billion in FY25According to the Federation of Indian Export Organisations (FIEO), the apex body for exporters in India, merchandise exports from India is expected to increase around 14% i.e. to USD 500-510 billion in FY25(2024-25).

• India’s merchandise export saw a contraction of 3% with USD 437 billion in FY24 (2023-24).
• Further, it also estimated that services exports will reach to USD 390-400 billion in FY25. Thereby, net worth of total exports from India will be around USD 890-910 billion.
• India’s total exports stood at USD 788 billion in FY24.

Key Points:
i.As per FIEO, traditional markets of India which are: United States of America (U.S.A.) and Europe, and Free Trade Agreements  (FTAs) of India with Australia, United Arab Emirates (UAE) and European Free Trade Association (EFTA) will give boost to exports sector of India.
ii.It highlighted some key sectors that can drive positive growth of exports such as: machinery, electrical and electronic, automobile, pharma, biotechnology, among others. These sectors will receive benefit from the Production-Linked Incentive(PLI) schemes.
iii.It mentioned that demand for credit has increased due to increase inflation, high commodity prices and significant increase in sea and freight prices.

• The sea freight prices has increased from USD 700 to USD 3,700 and the main reason for this increase is conflict in the Middle East region which prompted for longer voyage time on account of diversion of sea route from Red Sea to Cape of Good Hope.

iv.It underscored that US has imposed new tariffs on Chinese goods such as Electronic Vehicles (EVs), Batteries, and high-end technology products, among others. So, China needs new markets with lower tariffs.

• Thus, India need to seize this opportunity and fix the supply gap.

Key Recommendations:
i.FIEO has suggested that Government of India (GoI) need to establish an export development fund in order to support Micro, Small and Medium Enterprises (MSMEs) in India, with budgetary allocation of 1% of previous year exports.
Target: It is  expected to increase Indian exports from USD 778 billion (2023-24) to USD 2000 billion by 2029-30.
ii.It emphasized that a sub-target for exports within overall target for the Priority Sector Lending  (PSL) is required.
About Federation of Indian Export Organisations (FIEO):
It is the apex trade promotion body in India set up by Ministry of Commerce and Industry.
President: Ashwini Kumar
Headquarters: New Delhi, Delhi
Established: 1965

INTERNATIONAL AFFAIRS

WB Report “Water for Shared Prosperity” Highlights Importance of Access to Safe Drinking Water

The global flagship report titled “Water for Shared Prosperity”, co-published by the World Bank and the Government of Indonesia, was released during the 10th World Water Forum held in Bali, Indonesia.

• The report emphasized the importance of access to safe drinking water and sanitation for both human and economic development.

About the 10th World Water Forum:
i.The 10th World Water Forum is being held from 18th to 25th May 2024 with the theme “Water for Shared Prosperity”.
ii.The forum offers a platform for the water community and decision-makers to collaborate and make long-term progress on global water challenges.
iii.World Water Forum is organized by World Water Council(Marseille, France)
About the report:
Significance:
The report aims to identify the water challenges and risks faced by the poorest and most marginalized populations and to inform policies that enhance water accessibility and climate resilience while alleviating poverty and boosting shared prosperity
Key Findings:
i.As per the report, 2.2 billion people lacked access to safe drinking water services and 3.5 billion are deprived of safely managed sanitation in 2022.

• The lack of access to safe drinking water and sanitation resulted in at least 1.4 million annual deaths and 50% of global malnutrition.

ii.The report outlined 4 main components of prosperity and is: education (human capital), jobs and income, peace and social cohesion (social capital) and the environment (natural capital).
iii.The report revealed that number of people who lacked safe drinking water and basic sanitation has increased by 197 million and 211 million respectively in last 2 decades.
iv.Climate Change is the main factor for increase in water-related risks; developing countries are most affected by climate shocks due to immense increase in global emissions.

• Developing countries experienced more severe droughts and longer-lasting floods than developed countries between 2000 and 2021.

v.The report showed that over 800 million people globally are at high risk of droughts, with twice as many live in flood-prone areas.
vi.The Democratic Republic of the Congo has more than half of Africa’s total water resources. Hotspots in the Sahel, Southeastern Africa, and South and Central Asia are the most water stressed.
Key Recommendations:
The report suggested a few recommendations to enhance water security in developing countries are:
i.Protecting depleting aquifers, improving nature-based solutions such as: reforestation and investing in water storage infrastructure.
ii.It also emphasized the need to upgrade housing and land use regulations to mitigate flood-risks.

• Early Warning Systems (EWS) and insurance can help households and farmers to tackle with extreme weather conditions.

iii.It also underscored the need to make significant reforms in water tariffs and subsidies to ensure fair allocation of water resources.

• Service providers also need to enhance their operations which will help to reduce water losses and can lower operating costs.

Additional Information:
1st World Water Forum was held in 1997 in Marrakesh, Morocco, to address the global water crisis challenge. The World Water Forum takes place after every 3 years.
About World Bank:
President- Ajay Banga
Headquarters- Washington, D.C., the United States of America (USA)
Established in 1944

BANKING & FINANCE

SIDBI & Airbus Helicopters Signed MoU for Helicopter Financing in IndiaThe Small Industries Development Bank of India (SIDBI) signed a Memorandum of Understanding (MoU) with Airbus Helicopters for financing the purchase of Airbus helicopters in India.
Signatories: The MoU was signed by Rahul Priyadarshi, Chief General Manager(CGM), SIDBI and Sunny Guglani, Head of Airbus Helicopters, India and South Asia.
Note: Airbus Helicopters is a helicopter manufacturing division of Airbus, a European multinational aerospace corporation.
Significance:
i.The MoU will give boost to the helicopter market especially in health, infrastructure and tourism sectors in India.
ii.This strategic alliance will give a significant edge to SIDBI into helicopter financing and will also help to meet the development needs of India’s fast-growing rotary wing sector.
Key Points:
i.The MoU will enable both Airbus Helicopters and SIDBI to identify potential civil helicopter operators in India who are interested in financing solutions for the purchase of helicopters.
ii.According to the MoU, Airbus Helicopters will facilitate the technical and helicopter industry related knowledge to SIDBI.
iii.SIDBI will evaluate these prospects and finance them exclusively for Airbus.
About Small Industries Development Bank of India (SIDBI):
SIDBI is a Principal Financial Institution for the Promotion, Financing and Development of Micro, Small and Medium Enterprise (MSME). It is under the jurisdiction of the Ministry of Finance.
Chairman and Managing Director (CMD)- Sivasubramanian Ramann
Headquarters- Lucknow, Uttar Pradesh(UP)
Established in April 1990

TReDS Platform RXIL Crosses Rs 1 lakh crore in MSME Invoice Financing
India’s 1st Trade Receivables electronic Discounting System (TReDS) exchange platform, Receivables Exchange of India Limited (RXIL), has financed over 50 lakh Micro, Small, and Medium Enterprises (MSME) invoices totaling Rs 1 lakh crore.

• RXIL has over 25,000 registered MSMEs. It has strategic partnerships with state governments for timely and competitive payments.
• It provides working capital solutions for MSMEs through invoice financing.

Note:
i.RXIL is a joint venture (JV) promoted by the Small Industries Development Bank of India (SIDBI), NSE India (National Stock Exchange of India Ltd), State Bank of India (SBI), ICICI Bank, and YES Bank Limited.
ii.RXIL is the 1st entity to receive the Reserve Bank of India(RBI)’s approval to launch TReDS Exchange Platform in 2016.
iii.In FY24, RXIL’s monthly invoice financing volumes exceeded Rs 6,000 crore. The platform aims to finance Rs 75,000 crore worth of invoices in FY25.

ECONOMY & BUSINESS

ICRA: India’s GDP Growth to Dip to Four-quarter low of 6.7% in Q4 of FY24Rating agency ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) has projected India’s Gross Domestic Product (GDP) growth to moderate to a four-quarter low of 6.7% in 4th Quarter (Q4) of FY2024 from 8.4% in Q3 of FY24.

• For FY24 (full fiscal year), ICRA has expects GDP and Gross Value Added (GVA) growth of 7.8% and 7.0% respectively.

Key Points:
i.The growth in GVA is estimated to ease from 6.5% in Q3 of FY24 to 5.7% in Q4 FY24. This is due to lower industrial and services growth. The agricultural GVA is set to contract for the 2nd straight quarter by 0.5%, amid weak trends in the rabi output and concerns around yields.
ii.ICRA expects the gap between GDP and GVA growth to moderate from 185 basis points (bps) in Q3 FY24 to 100 bps in Q4 FY24.

• This is due to lower expansion in the net indirect taxes in Q4 FY24 which is because of decrease in subsidy outgo i.e. -53.6% in Q3FY24, -22.8% in January –February, 2024.

iii.ICRA estimates industrial GVA growth to moderate to 7.9% in Q4 from 10.4% in Q3.

• This is led by all four sub-sectors: manufacturing (to +8.0% from +11.6%), electricity (to +7.5% from +9.0%), construction (to +8.5% from +9.5%), and mining and quarrying (to +5.5% from +7.5%).

iv.The domestic retail tractor bounced back to a Year-On-Year (Y-O-Y) expansion of 7.7% in Q4 FY24, from 4% in Q3 FY24.
v.It has projected that services GVA to be moderate to 6.2% in Q4FY24 from 7.0% in Q3FY24.

• The Y-O-Y growth in services exports of India decreased from 5.2%  in Q3FY24 to 4.2% in Q4FY24.

What is GVA?
Gross Value Added (GVA) is the value of goods and services produced by an industry, sector, manufacturer, area or region in an economy. It is the total value of output produced, without including the intermediary costs that went into producing them.
About ICRA Limited:
Managing Director (MD) and Group Chief Executive Officer (CEO)- Ramanth Krishnan
Headquarters- Gurugram, Haryana
Established- 1991

RITES signs pact with Bangladesh Railway to Supply 200 BG Passenger CoachesOn 20th May 2024, RITES Limited, export arm of Indian Railways, signed a USD 111.26 million (approximately Rs 915 crore) contract agreement to supply 200 Broad-Gauge (BG) passenger carriages to Bangladesh Railways.

• The contract is funded by Luxembourg-based European Investment Bank (EIB).
• RITES, has won this contract through a global competitive bidding process.
• The contract includes a supply with 36-months commissioning period, followed by a 24-months warranty period.

Key People: The contract was signed in the presence of Md. Zillul Hakim, Minister of Railways, Bangladesh; Sanjay Kumar Pankaj, Additional Member, Production Units (PU), Ministry of Railways; and high ranking official from RITES, and Bangladesh Railways in Dhaka, Bangladesh.
Key Points:
i.RITES will provide design expertise, spare parts support, and training to the Bangladesh Railways.
ii.The new coaches will also feature advanced design and safety standards.
iii.This contract underscores RITES’ commitment to exporting indigenously developed railway stock, aligning with the ‘Make in India, for the World’ vision.
iv.RITES  has a longstanding partnership with Bangladesh Railways, having previously supplied 120 BG Passenger Coaches (LHB type), 36 BG locomotives and 10 Meter Gauge locomotives.
About RITES Limited:
RITES Limited, formerly known as Rail India Technical and Economic Service Limited, is a Navratna and Schedule ‘A’ Central Public Sector Enterprise (CPSE) under the Ministry of Railways.
Chairman & Managing Director(CMD)– Rahul Mithal
Incorporated- April 1974.
Headquarters– Gurugram, Haryana
About Bangladesh:
Prime Minister– Sheikh Hasina
Capital– Dhaka
Currency– Bangladeshi Taka

IOCL Exports 1st consignment of India’s 1st Premium Fuel “XP100” to Sri Lanka
Indian Oil Corporation Limited (IOCL), a leading energy company in India, exported its first-ever parcel of XP100, India’s 1st superior 100-octane premium fuel, from Jawaharlal Nehru Port Trust (JNPT), Nava Sheva, Navi Mumbai, Maharashtra to Lanka IOC, a subsidiary of IOCL in Sri Lanka.

• The domestically developed XP100, leverages IndianOil’s indigenous Octamax Technology, designed for high-end vehicles. It is distinguished by its exceptional anti-knock properties.
• This was the third time the Company was taking a product offshore.

Features:
i.XP100 reduces engine deposits and emissions in high compression ratio engines, optimizing vehicle performance and longevity while minimizing maintenance.
ii.Tailored for high-end vehicles, XP100 offers superior engine performance, faster acceleration, smoother drivability, and improved fuel economy.
iii.Exceeding IS-2796 specifications, XP100 is also an eco-friendly fuel with significantly reduced tailpipe emissions.
Note: Lanka IOC is the only private oil company managing retail outlets in Sri Lanka.

Tata Steel signs Grid Agreement with UK’s ESO for Green Steel Project at Port Talbot
Tata Steel Limited has signed a grid agreement with National Grid Plc‘s Electricity System Operator (ESO) to build the power infrastructure required to switch its Port Talbot site in Wales, the United Kingdom(UK), to a green steel project.

• The National Grid Plc’s ESO will construct a new electrical framework to power Tata Steel’s 3.2 million-ton electric arc furnace by the end of 2027, replacing the aging blast furnaces.
• Tata Steel expects this move to impact 2,500 roles within the next 18 months.
• National Grid Plc ESO manages electricity network in England and Wales.
• Tata Steel’s electric arc furnace aims to cut emissions 30% by 2030 and reach net zero by 2045.

Note: National Grid plc is a British multinational electricity and gas utility company headquartered in London, England.

AWARDS & RECOGNITIONS

Bloomberg Billionaires Index May 2024: Mukesh Ambani & Gautam Adani among top 15According to the Bloomberg Billionaires Index (daily ranking index as of 20th May 2024), Mukesh Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited (RIL); and Gautam Adani, Founder and Chairman of the Adani Group, are featured among the top 15 of world’s richest people.

• Mukesh Ambani is ranked 12th with a total net worth of USD 110 billion and Gautam Adani is ranked 14th with a net worth of USD 100 billion.
• Bernard Arnault, the founder and Chief Executive Officer (CEO) of LVMH Moët Hennessy Louis Vuitton, tops the world’s richest list with a net worth of USD 220 billion.

Note: For the first time, each person in the top 15 super rich in the world has a net worth of USD 100 billion or more.
Highlights:
i.Bernard Arnault is followed by Jeff Bezos at USD 207 billion at 2nd position and Elon Musk at USD 190 billion at 3rd rank.
ii.Francoise Bettencourt Meyers, Chairwoman of L’Oreal is ranked 15th with a net worth of USD 98.9 Billion. She became the first woman to join the USD 100 billion club.
iii.Carlos Slim of Mexico debuts on the list, ranking 13th with USD 106 billion, becoming the wealthiest person in South America.
List of Top 5 super rich in the world as of May 20, 2024:

Note: The Bloomberg Billionaires Index ranks the world’s wealthiest individuals daily.

APPOINTMENTS & RESIGNATIONS

Luis Abinader Re-elected as President of Dominican Republic for 2nd TermLuis Rodolfo Abinader Corona has been re-elected as the President of the Dominican Republic for 2nd four-year term from 2024 to 2028. He has been serving as the President of the Dominican Republic since 2020.

• Abinader won the presidential election by securing 58.85% of the vote. Leonel Fernandez, former President, finished 2nd with 27.29% of the votes.

About Luis Rodolfo Abinader Corona:
i.Luis Rodolfo Abinader Corona is a Dominican economist, businessman, and politician.
ii.He is the Executive President of the ABICOR Group, which has developed and operated important tourism projects in the Dominican Republic.
Political Career:
i.He was also pre-candidate for senator from the province of Santo Domingo in 2005.
ii.In the 2012 presidential elections, he was a candidate for the vice presidency of the Republic for the Dominican Revolutionary Party.
iii.In 2014, He founded the Modern Revolutionary Party, which emerged after a division in the Dominican Revolutionary Party.
iii.He has been elected as a presidential candidate at the Modern Revolutionary Party (PRM) convention held on 26th April 2015.
iv.In 2020, he has been elected as the 54th President of Dominican Republic for the period 2020-2024.
About the Dominican Republic:
President- Luis Rodolfo Abinader Corona
Capital- Santo Domingo
Currency- Dominican Peso

SCIENCE & TECHNOLOGY

GalaxEye Tests SAR Technology on NAL’s High Altitude Pseudo-Satellite 
GalaxEye Space Solutions Pvt Ltd, has successfully tested its Synthetic Aperture Radar (SAR) technology on a subscale High Altitude Pseudo-Satellite (HAPS) developed by the Council of Scientific and Industrial Research (CSIR) – National Aerospace Laboratories (NAL).

• With this, GalaxEye becomes the world’s 1st private entity to conduct SAR trials on the HAPS platform.
• GalaxEye is pioneering the world’s first multi-sensor earth observation satellite which is expected to be launched next year.

About the HAPS Test:
i.The HAPS platform was tested at a height of 25,000 feet (7.62 kilometer (km)) by the CSIR-NAL on 13th May 2024.
ii.The demonstration was conducted at the Aeronautical Test Range (ATR) near Chitradurga (Karnataka) and was facilitated by the Defence Research and Development Organisation (DRDO).
iii.SAR was tested at an altitude of 1 km and is planned to be scaled up for tests at 7 km gradually.
iv.NAL focused on optimising SAR with low SWaP (Size, Weight, and Power) characteristics to explore the unique phenomenology.
v.Weighing about 5 kilograms (kg), the mounted SAR on HAPS achieved an altitude of 3.5 km, maintaining stability for 2.5 hours.
Strategic Partnership:
GalaxEye and NAL have signed a Memorandum of Understanding (MoU) to further develop, integrate, and test SAR payloads for HAPS, enhancing India’s technological capabilities.
HAPS systems:
i.HAPS systems operate from the stratosphere like high-flying drones.
ii.HAPS are enabled for prolonged periods of aerial surveillance by solar energy and advanced battery systems.
iii.The HAPS platform can currently fly at an altitude of nearly 8 km and will be capable of flying at an altitude of 18 km for long durations.
iv.This cost-effective surveillance solution remains aloft for 20 hours to 7 days.
SAR:
i.SAR comes with the advantage of all-weather, all-time imaging capabilities. This can address the challenges posed by cloud cover making it technology superior to the ones used in traditional electro-optical cameras.
ii.SAR can also be used for environmental monitoring and disaster management.
Additional info:
In 2023, GalaxEye accomplished radar imaging through Unmanned Aerial Vehicles(UAV), as part of a collaboration with organisations including the Indian Space Research Organisation(ISRO) and the DRDO.
About GalaxEye:
GalaxEye is a Space-Tech startup pioneering the world’s first multi-sensor earth observation satellite.
Chief Executive Officer (CEO) & Co-founder– Suyash Singh
Incorporated in 2021
Headquarters– Bengaluru, Karnataka

Microsoft introduces ‘Copilot+ PCs’ featuring advance AI
On May 20, 2024, Microsoft introduced “Copilot+ PCs”, a new category of personal computers (PCs) designed for Artificial Intelligence (AI) capabilities. Copilot+ PCs are the fastest, most intelligent Windows PCs ever built.
This was developed in collaboration with manufacturers like Acer and ASUSTek Computer. These are designed to manage a AI tasks locally, reducing reliance on cloud data centres.
Key Points
i.Copilot+ PCs will be available for purchase from 18th June 2024, priced at USD 1,000.
ii.These PCs has powerful new silicon capable of an incredible 40+ TOPS (trillion operations per second) and all-day battery life.
iii.These are connected to Microsoft’s Azure Cloud for enhanced functionality, and featured the Microsoft Pluton Security processor enabled by default for enhanced security.

IMPORTANT DAYS

World Day for Cultural Diversity for Dialogue and Development 2024 – May 21 The United Nations (UN)’s World Day for Cultural Diversity for Dialogue and Development is annually observed across the globe on 21st May to celebrate the richness of the world’s culture and underscore the importance of its diversity.

• The annual celebration of the day is led by the United Nations Educational, Scientific and Cultural Organisation (UNESCO).

Background:
i.In December 2002, the United Nations General Assembly (UNGA) adopted a resolution A/RES/57/249 proclaiming the 21 May of every year as the World Day for Cultural Diversity for Dialogue and Development.
ii.The UNGA resolution follows the Universal Declaration on Cultural Diversity adopted by UNESCO in 2001.
iii.The 1st ever World Day for Cultural Diversity for Dialogue and Development was observed on 21st May 2003.
>> Read Full News

International Tea Day 2024 – May 21 The United Nations (UN)’s International Tea Day (ITD) is annually observed across the globe on 21st May to promote sustainable production and consumption of tea and highlight the role of tea cultivation in combating hunger and poverty.

• 21st May 2024 marks the observance of the 5th ITD.
• ITD is observed by the Food and Agriculture Organization(FAO) of the United Nations.

Background:
i.ITD has been celebrated since 2005 on 15th December in tea-producing countries like Bangladesh, Sri Lanka, Nepal, Vietnam, Indonesia, Kenya, Malawi, Malaysia, Uganda, India and Tanzania.
ii.On 19 December 2019, the UN General Assembly (UNGA) adopted the resolution A/RES/74/241 designating the 21st May of every year as International Tea Day.
iii.The 1st UN-recognised International Tea Day was observed on 21 May 2020.
Note: The 2024 ITD highlights women and their role in the tea sector.
>> Read Full News

National Anti-Terrorism Day 2024 – May 21 National Anti-Terrorism Day is annually observed across India on 21 May to mark the death anniversary of former Prime Minister (PM) Rajiv Gandhi, who was assassinated in 1991 at Sriperumbudur, a village near Chennai, Tamil Nadu.
21 May 2024 marks the 33rd death anniversary of the 6th PM of India, Rajiv Gandhi (1984 to 1989).
Background:
In 1992, the Government of India (GoI) decided to observe 21 May as National Anti-Terrorism Day to honour the memory of Rajiv Gandhi.
>> Read Full News

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