Current Affairs 24 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 24 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

IAF Chief Inaugurates First-Ever EMRS in Karnataka 
Air Chief Marshal Vivek Ram Chaudhari, the Chief of the Air Staff (CAS) of Indian Air Force (IAF) has inaugurated the first-ever Emergency Medical Response System (EMRS) at Command Hospital Air Force (CHAF) in Bengaluru, Karnataka.

• The EMRS is a 24/7 telephonic medical helpline for serving IAF personnel and their families across India.
• This system aims to provide timely response by a team of medical and paramedical professionals to the caller experiencing an emergency anywhere in India.
• This facility also represents the IAF’s dedication to using technology to provide high-quality healthcare in the event of an emergency.

INTERNATIONAL AFFAIRS

Oxford Economics’ Global Cities Index 2024: Delhi ranks 350th & tops among Indian City; New York Tops 2024 Indexi.According to the Oxford Economics’ Global Cities Index 2024, Delhi has ranked 350th among the world’s largest 1,000 cities and emerged as the highest-ranked Indian city.

• New York City, the United States of America(USA) has topped the 2024 Index followed by London, The United Kingdom(UK) and San Jose, USA at 2nd and 3rd rank.
• As per the index, 1000 largest cities in the world accounted for 60% of global Gross Domestic Product (GDP) in 2023.

ii.Delhi outperformed Mumbai in various metrics, including Economics, Human Capital, and Quality of Life.
iii.All Indian cities ranked at 380th position in the Governance category.
About Oxford Economics:
Oxford Economics is the world’s foremost independent economic advisory firm.
It was founded in Oxford, Oxfordshire, England in 1981 as a commercial venture with Oxford University’s business college.
Chief Executive Officer(CEO)– Adrian Cooper
>> Read Full News

Spain Becomes 99th Member of International Solar Alliance (ISA)Spain officially became the 99th member of the International Solar Alliance (ISA) which shows its commitment to promote solar energy in the energy sector.

• Jose Maria Ridao Domkinguez, Spain Ambassador to India handed over the ISA Instrument of Ratification to Abhishek Singh, Joint Secretary (Economic Diplomacy), Ministry of External Affairs (MEA), Government of India (GoI) during the meeting held in New Delhi, Delhi.
• At present, 119 countries have signed the ISA framework and 99 countries have signed as well as ratified ISA framework.

Note: In March 2024, Panama became the 98th country to ratify ISA framework.
International Solar Alliance (ISA):
i.It is an inter-governmental organisation jointly formed by India and France in 2015. It aims to mobilise efforts against climate change through the deployment of solar energy solutions.

• It is a coalition of solar-resource rich countries which lie either completely or partly between Tropic of Cancer and Tropic of Capricorn.

ii.It was launched by Prime Minister (PM) of India, Narendra Modi and the former President of France, Francois Hollande on 30th November, 2015 at 21st Conference of Parties (CoP21) to United Nations Framework Convention on Climate Change (UNFCCC) held in Paris, France.
Key Points:
i.Its purpose is to promote clean energy, a sustainable environment, public transport, climate, and deploying cost-effective and transformational solutions through solar energy, especially in the Least Developed Countries (LDCs) and the Small Island Developing States (SIDS).
ii.ISA’s “Towards 1000” strategy targets mobilizing USD 1 trillion investments in solar energy by 2030, providing clean energy access to 1 billion people, and installing 1 TeraWatt (TW) or 1000 GigaWatt (GW) of solar energy capacity.
Director General (DG): Ajay Mathur
Headquarters: Gurugram, Haryana
About Spain:
Capital: Madrid
Prime Minister: Pedro Sánchez
Currency: Euro (EUR)

BANKING & FINANCE

Inflation to reach Target in FY26: RBI’s State of the Economy Report i.On May 21, 2024, the Reserve Bank of India (RBI) recently published its ‘State of the Economy‘ report, authored by Deputy Governor Michael Debabrata Patra and others.

• As per it, durable alignment of headline retail inflation with the 4% target may begin in the second half of FY25, potentially reaching target levels by FY26.

ii.Headline inflation, measured by Year-on-Year (Y-o-Y) changes in the all-India Consumer Price Index (CPI), moderated to 4.8% in April 2024 from 4.9% in March.
iii.As per the report, Net Foreign Direct Investment (FDI) into India dropped by 62.17% to USD 10.58 billion in FY24, the lowest since 2007, from USD 27.98 billion In FY23. This decline was primarily due to increased capital repatriation and Indian investments abroad.
Note: The State of the Economy is a part of the ‘RBI Bulletin – May 2024‘ which includes three speeches, four articles, and current statistics.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Deputy Governors– Swaminathan Jankiraman, Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar
Headquarters– Mumbai, Maharashtra
Establishment– April 1, 1935
>> Read Full News

RBI Board Approves Dividend of Rs 2,10,874 Crore to Central Government for FY24i.On 22nd May 2024, the Central Board of Directors of Reserve Bank of India (RBI) approved the transfer of  Rs 2,10,874 crore (~Rs 2.11 Lakh crore) as surplus to the Central government for the fiscal year 2023-24 (FY24). This is around 141% higher than surplus transferred in FY23 (Rs 87,416 crore.).
ii.This is above the budgeted figure of Rs 1.50 lakh crore in the Interim Budget for FY2025 under dividends and profits, which includes dividends from Public Sector Undertaking (PSUs).
iii.This decision was taken during the 608th meeting of the Central Board of Directors of RBI held at Mumbai, Maharashtra under the Chairmanship of Shaktikanta Das, Governor of RBI.
iv.Higher dividend aids Central Government in achieving fiscal deficit target of 5.1% of Gross Domestic Product (GDP) for FY25
About Reserve Bank of India (RBI):
i.It was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
iv.Thus, 2023 marked the 75th year of public ownership of RBI and its emergence as a national institution.
>> Read Full News

IFSCA Sets up Committee Chaired by Rajeev Kher to Position GIFT City as “Global Trading Hub”The International Financial Services Centres Authority (IFSCA) has constituted an expert committee to position Gujarat International Finance Tec-City- International Financial Services Centre (GIFT-IFSC) in Gandhinagar, Gujarat as “Global Commodity Trading Hub”.

• The 21-member expert committee will be chaired by Rajeev Kher, Former Secretary, Ministry of Commerce and Industry(MoCI).

Members:
The 21 members of the expert committee includes,
i.Representatives from IFSCA -Pradeep Ramakrishnan, Executive Director; Ashutosh Sharma, Chief General Manager; and Ramakrishnan Padmanabhan, General Manager.
ii.Subhash Chandra Agarwal, Additional Director General, Directorate General of Foreign Trade (DGFT) Development Commissioner, GIFT City – SEZ
iii.Sanjay Kumar, Executive Director and Chief Marketing Officer, Oil and Natural Gas Corporation Ltd. (ONGC)
iv.R V N Vishweshwar, Executive Director (Corporate Finance and Treasury), Indian Oil Corporation Ltd. (IOCL)
Member Secretary- Ramaneesh Goyal, Deputy General Manager, Department of Metals and Commodities, IFSCA
Click here for the complete list of members
Key Functions:
The IFSCA has laid out Terms of Reference (ToR) for Expert Committee:
i.The committee will recommend steps to promote GIFT-IFSC as a Global Commodity Trading Hub by analyzing how key global commodity trading centres operate and also to identify areas with strong synergies for GIFT-IFSC financial services industry.
ii.It will also identify key groups of commodities such as metals, energy or hydrocarbons, agricultural commodities, among others that should be given high preference in developing the IFSC ecosystem.
iii.It will develop legal, regulatory and policy frameworks and incentive structures that will help to promote GIFT-IFSC as a Global Commodity Trading Hub.
iv.It will review global policies, programs of leading jurisdictions in this regard.
v.It will explore key benefits that could be transferred to GIFT-IFSC financial ecosystem by positioning GIFT-IFSC as a Global Commodity Trading Hub.
About International Financial Services Centres Authority(IFSCA):
It is a statutory body, established under the International Financial Services Authority(IFSCA) Act, 2019.
Chairman- K. Rajaraman
Headquarters- GIFT City, Gujarat
Established in- 2020

Mahindra Finance Receives IRDAI Approval to Sell Insurance Products as Corporate Agent
Mahindra & Mahindra Financial Services Limited (MMFSL) has received the Certificate of Registration (Corporate Agency License) from Insurance Regulatory and Development Authority (IRDAI), an insurance regulator to act as a ‘Corporate Agent (Composite)’ under the Insurance Act, 1938.

• The licence will enable Mahindra Finance to sell life and general insurance policies offered by various insurers.
• The registration shall be valid from May 21, 2024 to May 20, 2027 and it enables the company to undertake further business activity of soliciting and procuring insurance business in the areas of life, health and general insurance – both group and individual.
• It would help the customers with their financial and insurance needs being met by a single entity.

NIMF Launches Industry First Sonic Identity: ‘The Sound of Freedom’
Nippon Life India Asset Management Limited (NAM India), the asset manager of Nippon India Mutual Fund (NIMF), has announced the launch of the sonic identity ‘The Sound of Freedom’, a powerful soundscape symbolising financial freedom.

• NIMF has became the first asset management company (AMC) in India to launch its own brand sound.
• This initiative demonstrates the NIMF’s commitment to innovation and building stronger connections with investors.
• The new musical logo of NIMF  ‘MOGOSCAPE’, captures the core values, emotions, and persona of the organisation.

Note: 
i.NAM India is one of the largest asset managers in India, managing (directly & indirectly) assets across mutual funds, including Exchange Traded Funds, including portfolio management services, alternative investments funds.
ii.It is headquartered in Mumbai, India.

APPOINTMENTS & RESIGNATIONS

WEF Founder Klaus Schwab To Step Back From Executive RoleKlaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), will be stepping down from executive role and transition to non-executive role by January 2025.

• He will transition from Executive Chairman to Chairman of the Board of Trustees.

About Klaus Schwab:
i.Klaus Martin Schwab is a German mechanical engineer and economist who founded World Economic Forum (WEF)(formerly known as European Management Forum), non-profit organisation which aims to improve the states of the world, in 1971.
ii.He served as a Professor of Business Policy at the University of Geneva, Switzerland from 1972 to 2003 and has been a Honorary Professor, University of Geneva since 2003.
iii.He has also served as a member of the United Nations (UN) High-Level Advisory Board on Sustainable Development from 1993 to 1995 and Vice-Chairman of the UN Committee for Development Planning from 1996-1998.
iv.In 1998, he co-founded the Schwab Foundation for Social Entrepreneurship with his wife Hilde Schwab to promote social entrepreneurship and innovation.
v.In 1970, he wrote the book ‘Modern Management’, conceptualizing stakeholder capitalism.
Additional info:
i.WEF is undergoing a governance evolution from a founder-managed organisation to one led by a president and the managing board to take full executive responsibility.
ii.At present, WEF is guided by a Board of Trustees, who oversees the WEF’s work in promoting global citizenship.
iii.The Managing Board of WEF, chaired by Børge Brende, President of WEF, acts as its executive body.
About World Economic Forum (WEF):
WEF, received the status of an international organization for public-private cooperation from the Swiss authorities in 2015.
Founder & Executive Chairman– Klaus Schwab
Headquarters– Cologny, Switzerland
Founded in– 1971

ENVIRONMENT

Ligdus Garvale: New Spider Species Identified in Karnataka 
A team of naturalists have discovered Ligdus Garvale, a new species of jumping spider which was found in Garvale village of the Kodagu district, Karnataka.

• The discovery has been published in the journal Zootaxa.
• It marks the second recorded instance of the Ligdus genus in 129 years whereas the first, Ligdus Chelifer, was reported from Myanmar by Thorell in 1895.
• Having the nature as a high canopy jumper, it often goes unnoticed and constructs a double-layered web for retreat, resembling Pseudoscorpions.

Note: Over 600 spider species have been identified in Karnataka, including an increase in jumping spider sightings.
About Jumping Spiders
i. Jumping Spiders are the largest family of spiders, with more than 6,380 species belonging to the family Salticidae.
ii.Its features includes: brightly coloured, diurnal, four pairs of eyes, range in size from 2 to 22 mm.

OBITUARY

Oscar-award-winning American Film Producer Fred Roos Passed Away Fred Roos, Oscar-winning American Film Producer and Casting Director, passed away at 89 in Beverly Hills, California, the United States of America (USA). He was born on 22 May 1934, in Santa Monica, California.
About Fred Roos:
i.Fred Roos started his career in television as a casting director for ‘The Andy Griffith Show’. He moved into film with Five Easy Pieces (1970).
ii.In 1972, he collaborated with American Producer and Director Francis Ford Coppola for the movie, The Godfather.
iii.He started producing Coppola’s films including The Conversation and The Godfather Part II (1974); Apocalypse Now (1979); The Outsiders (1983).
iv.He has also collaborated with Coppola as an executive producer in the science fiction (sci-fi) movie ‘Megalopolis’ (2024).

• Megalopolis premiered in a competition during the 77th Cannes Film Festival which is being held in France from 14 to 25 May 2024.

Awards/Honours:
i.Fred Roos(co-producer) received the Academy Award (Oscar) for Best Picture at the  47th Academy Award in 1975 for producing the film “The Godfather Part II”.

• He shared the award with Francis Ford Coppola, Producer; and Gray Frederickson, Co-Producer.

ii.In 1988, he was honoured with the Lifetime Achievement Award at the Artios Awards presented by the Casting Society of America (CSA) for his outstanding contribution to the entertainment industry and the casting process.
iii.He was also honoured at the 31st Telluride Film Festival in 2004.

Oscar-winning Polish Music Composer Jan A.P. Kaczmarek Passed AwayJan Andrzej Paweł Kaczmarek, the Oscar-winning Polish music composer passed away at the age of 71 in Krakow in southern Poland. He was born on 29th April 1953 in Konin, Poland.

• Kaczmarek won the Academy Awards (Oscar) for the best original musical score for the movie ‘Finding Neverland’ during the 77th Academy Awards (2005).

About Jan A.P. Kaczmarek
i.Kaczmarek has recorded his first album ‘Music for the End (1982)’ for the American company Flying Fish Records.
ii.He wrote scores for more than 70 feature films and documentaries. He has composed music for both European and Hollywood films. Some of his notable works includes ‘Total Eclipse (1995)’; ‘Bliss (1997)’; ‘Aimee and Jaguar (1999)’; ‘Unfaithful (2002)’; ‘The Visitor (2007)’; and ‘Get Low (2009)’.
iii.He was the only musician known for using an unusual instrument which is actually a self-revamped Fischer’s fidola (a type of zither).
iv.He has served as a member of the American Academy of Motion Picture Arts and Sciences, European Film Academy and Polish Film Academy.
v.He has also served as the President of the Jury of 25th Warsaw Film Festival-2009 (International Competition).
Awards & Honours
i.In 1992, Kaczmarek won the Drama Desk Award for his music for the New York Shakespeare Festival’s 1992 off-Broadway revival of “Tis Pity She’s a Whore”.
ii.In 2023, he received a Lifetime Achievement from the Polish Film Academy for his contribution to Polish cinema.
iii.He has also won the National Board of Review Award for best score of the year for the movie ‘Finding Neverland’.

IMPORTANT DAYS

International Day to End Obstetric Fistula 2024 – May 23 The United Nations (UN) International Day to End Obstetric Fistula is annually observed across the globe on 23 May to raise awareness about obstetric fistula, one of the most serious and tragic childbirth injuries that can affect both the mother and the child.

• The 2024 theme of International Day to End Obstetric Fistula is “Breaking the Cycle: Preventing Fistula Worldwide”.

Background:
i.On 20th December 2012, the United Nations General Assembly (UNGA) adopted a resolution A/RES/67/147, designating 23 May as the International Day to End Fistula.
ii.The first-ever International Day to End Fistula was marked on 23 May 2013.
About United Nations Population Fund (UNFPA):
i.It is the UN sexual and reproductive health agency which began operations in 1969 as the United Nations Fund for Population Activities (UNFPA).
ii.It was later renamed in 1987 as United Nations Population Fund while retaining the UNFPA abbreviation.
Executive Director– Dr. Natalia Kanem
Headquarters– New York, United States of America (USA)
>> Read Full News

World Turtle Day 2024 – May 23 World Turtle Day is annually observed across the globe on 23 May to celebrate and protect turtles and tortoises, one of the world’s oldest creatures, and their disappearing habitats worldwide.
The theme of World Turtle Day 2024 is “Let’s Party” with rescue favourites Bunkl, Spinner, and Evil waking up from hibernation.
Background:
i.World Turtle Day was launched in 2000 by American Tortoise Rescue (ATR), a nonprofit organization based in Malibu, California, the United States of America (USA).
ii.World Turtle Day has been celebrated on 23rd May since 2000.
iii.ATR and World Turtle Day were established by the couple Susan Tellem and Marshall Thompson in 1990 for the protection of all species of tortoise and turtle.
>> Read Full News

International Day of Vesak or Buddha Purnima 2024 – May 23 The United Nations (UN) International Day of Vesak, (also known as Buddha Purnima or Buddha Jayanti in India) is annually observed across the globe on the Day of the Full Moon in May. It is the most sacred day for millions of Buddhists globally.

• In 2024, the International Vesak Day, or Buddha Purnima was observed on 23 May 2024.
• This Day acknowledges the birth of Prince Siddharta Gautama, who later became known as the Buddha and founded Buddhism.
• Buddha Purnima 2024 marks the 2586th birth anniversary of Gautam Buddha.

Background:
i.On 15 December 1999, the UN General Assembly (UNGA) adopted the resolution A/RES/54/115, recognising the Day of Vesak, the Day of the Full Moon in May each year.
ii.The first-ever UN-recognized International Day of Vesak Day was observed in 2000.

• The 2024 event marked the 25th anniversary of the UNGA resolution, which internationally recognised Vesak Day.

>> Read Full News

STATE NEWS

GoI Appoints Sheel Nagu as ACJ of Madhya Pradesh High Court; R Mahadevan as ACJ of Madras HCOn 22nd May 2024, the Government of India (GoI) appointed Justice Sheel Nagu as the Acting Chief Justice (ACJ) of Madhya Pradesh (MP) High Court (HC) in Jabalpur, MP.

• He will succeed Justice Ravi Vijay Kumar Malimath, CJ of MP HC, who is set to retire on 23rd May 2024.

About Sheel Nagu:
i.Sheel Nagu started practising in the High Court of MP in 1987.
ii.He was appointed as an Additional Judge of the High Court of MP in 2011 and as a Permanent Judge in 2013.
iii.In 2021, he was appointed as Executive Chairman of Madhya Pradesh State Legal Services Authority (MPSLSA), Jabalpur.
iv.On 27th December 2023, the Supreme Court (SC) collegium recommended Justice Sheel Nagu as CJ of Punjab and Haryana HC after retirement of CJ Ravi Shanker Jha in October 2023. The recommendation is pending the approval of GoI.
Justice R Mahadevan appointed as ACJ of Madras HC:
GoI has appointed Justice R Mahadevan, the senior-most puisne judge of the Madras HC, as the ACJ of Madras HC in Chennai, Tamil Nadu.

• He succeeds Justice Sanjay V. Gangapurwala, CJ of Madras HC, who retired from service on 23rd May 2024.
• Mahadevan will serve as ACJ from 24th May 2024 til the appointment of the next CJ.

About R Mahadevan:
i.R Mahadevan served as an Additional Government Pleader (Taxes) for government of TN, Additional Central Government Standing Counsel, and Senior Panel Counsel for the GoI at Madras HC.
ii.He was appointed as a Judge of the Madras HC in 2013.
Note:These appointments were made by the President of India, Droupadi Murmu, in exercise of the power conferred by Article 223 of the Constitution of India.

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