Current Affairs 7 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 7 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

Mindgrove Launches India’s 1st Commercial SoC For IoT DevicesOn May 6 2024, Mindgrove Technologies Private Limited, a semiconductor startup backed by Indian Institute of Technology Madras (IITM) Pravartak Technologies Foundation and IIT Madras Incubation Cell, launched India’s first commercial System on Chip (SoC) named Secure Internet of Things (IoT).

• It will probably be 30% less expensive than existing chips in comparable categories and is intended for IoT devices.

About the Secure IoT
i.The Microcontroller Unit (MCU) chip has undergone the successful  Multi-Project Wafer (MPW) tape-out at the 28 nanometer (nm) node.
ii.The Secure IoT is a high-performance micro-controller clocked at 700 Megahertz (MHz).  
iii.The chip will enable domestic firms to integrate an Indian SoC into their products, thereby lowering the expenses of their devices while retaining top-tier features.
iv.It can control from smartwatches to smart city devices like connected electricity, water and gas metres to connected home devices like smart locks, fans, speakers, as well as Electric vehicle (EV) battery management systems and control systems.
v.Secure IoT provides an extensive array of features and is designed to be compatible with bare metal code or micro-controller Real-Time Operating System (RTOS), thus broadening its application scope to areas such as traffic control systems, autonomous vehicles, medical equipment etc.
Key Points
In addition to selling the chip, Mindgrove will offer design expertise to Indian firms to speed innovation and scale up production in India.
Note: India consumes over a billion chips a year, between 10 and 50 million of them can be replaced by Secure IoT.

Indian Army & Punit Balan Group Partnered to develop India’s 1st Constitution Park in Pune
India’s first Constitution Park, jointly developed by Indian Army and Punit Balan Group, was inaugurated by Lieutenant General Ajai Kumar Singh, General Officer-Commanding-in-Chief (GOC-in-C) of the Indian Army’s Southern Command, in Pune, Maharashtra.

• The Constitution Park was envisioned as an educational and recreational space. This aims to disseminate knowledge about the Constitution and instill a sense of pride in India’s democratic heritage.

INTERNATIONAL AFFAIRS

Overview of World Press Freedom Index 2024: India ranks 159th, Norway Topsi.According to the 22nd edition of the  World Press Freedom Index (WPFI 2024) released by Reporters Without Borders (RSF – Reporters sans frontières in French), India is ranked 159th out of 180 countries with a score of 31.28.

• Norway tops the 2024 index for the 8th consecutive year followed by Denmark (2nd) and Sweden (3rd).
•  The last 3 places are occupied by: Eritrea (180th); Syria (179th), and  Afghanistan (178th).

ii.On the occasion of World Press Freedom Day 2024 (3rd May 2024), The United Nations Educational, Scientific and Cultural Organization (UNESCO) released a report titled “Press and Planet in Danger:safety of environmental journalists; trends, challenges and recommendations”.
The report highlighted that a total of 44 journalists reporting on environmental issues were killed in 15 different countries between 2009 and 2023,
About the United Nations Educational, Scientific and Cultural Organization (UNESCO):
Director-General– Audrey Azoulay
Headquarters– Paris, France
Establishment– 1945 (came into force in 1946)
Members– 194 Members and 12 Associate Members
>> Read Full News

BANKING & FINANCE

RBI Allows Standalone Primary Dealers(SPDs) to Borrow in Foreign CurrencyThe Reserve Bank of India(RBI) in exercise of its power given under Section 45W of the RBI Act, 1934 issued a circular and has allowed Standalone Primary Dealers(SPDs) to borrow in foreign currency from their parent companies or authorized entities.

• These SPDs can now avail access to overdraft facilities in Nostro accounts only for operational purposes.

i.The Reserve Bank of India(RBI) has proposed stricter measures for project financing in infrastructure projects such as roads, transport and ports.

• As per the new norms, lenders will be required to set aside 5% of the money they lent as general provisions for all existing and new loans.

About Reserve Bank of India(RBI):
Governor: Shaktikanta Das
Headquarters: Mumbai, Maharashtra
Established: 1 April, 1935
>> Read Full News

IFSCA Permits Foreign Portfolio Investors(FPIs) to Issue Derivative Instruments with Indian SecuritiesThe International Financial Services Centres Authority (IFSCA) has permitted IFSC Banking Unit registered as Foreign Portfolio Investors(FPIs) with Security Exchange Board of India(SEBI), to issue derivative instruments with Indian securities as underlying assets in the Gujarat International Finance Tec-City- International Financial Services Centre (GIFT-IFSC).
Note: IFSC Authority issued the circular in exercise of powers given under Section12 of the IFSCA Act, 2019. Its main objective is to develop and regulate the financial products, financial services and Financial Institutions(FIs) in IFSC.
The offshore derivatives instruments (ODIs), popularly known as participatory notes (P-notes).
Key Points:
i.IFSC Authority permitted non-bank entities registered with SEBI as FPIs to issue Derivative Instruments(DIs) with Indian securities underlying assets in GIFT-IFSC.
ii.It is mandatory for the entity issuing DIs to comply with the requirements on issuance of Offshore Derivatives Instruments(ODIs) as prescribed by SEBI and IFSCA.
iii.The eligible entity is required to provide requisite information to the Clearing Corporation in GIFT-IFSC in the prescribed format by the 10th day of every month.
Background:
i.During the Union Budget speech(2023-24), Union Minister of Finance and Corporate Affairs Nirmala Sitharaman had announced that Offshore Derivatives Instruments(ODIs) issued in the GIFT-IFSC would be recognized as valid contracts.
ii.Government of India(GoI) made amendments in Section 18A of the Securities Contracts(Regulation) Act, 1956 to recognize contracts in derivatives, regulated by IFSCA and issued in IFSC by FPIs as legal and valid.
About International Financial Services Centres Authority (IFSCA):
It is the unified regulator for the development and regulation of financial products, financial services and financial institutions such as GIFT International Financial Services Centre in India. It was established under the International Financial Services Authority(IFSCA) Act, 2019.
Chairman: K. Rajaraman
Headquarters: GIFT City, Gandhinagar, Gujarat
Established: 2020

REC Limited Receives NOC from RBI to Establish Wholly-owned Subsidiary in IFSC, GIFT City
On 3rd May 2024, REC Limited(formerly Rural Electrification Corporation Limited), has received a No Objection Certificate (NOC) from the Reserve Bank of India (RBI) for establishing a wholly-owned subsidiary in the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat.

• The subsidiary will engage in permissible activities as a Finance Company within GIFT City.
• The subsidiary will facilitate REC Limited in expanding its global presence. It will serve as an offshore platform for securing competitive funding.
• The subsidiary will provide enhanced collaboration with international investors, offering REC increased access to innovative financing options.

Note: REC is a ‘Maharatna’ company under the Ministry of Power. It is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC).

APPOINTMENTS & RESIGNATIONS

Former Minister José Raúl Mulino Elected as President of the Republic of PanamaOn 5th May 2024, José Raúl Mulino (64 years old), former Minister of Public Security, was elected as the New President of the Republic of Panama. He won the 2024 Presidential election by securing 34% of the total votes.

• He will take office as the head of state and head of the government, for a single five-year term on 1st July 2024.
• He will succeed Laurentino Cortizo Cohen, who has been serving as the President of Panama since 2019.

Points to note:
i.He contested in the Presidential election on the ticket of the Achieving Goals and Alliance parties.
ii.The Supreme Court of Panama validated his bid to stand in for former President Ricardo Martinelli, who was barred from running due to a money laundering conviction.
iii.More than 77% of the 3 million eligible voters casted their votes in 2024 election.
About José Raúl Mulino
i.José Raúl Mulino has served as the Minister of Government and Justice from 2009 to 2010 and Minister of Public Security from 2010 to 2014 under the Presidency of Ricardo Martinelli.
ii.He has also served as Deputy Minister and Minister of Foreign Affairs.
About Panama:
Capital: Panama City
President elect: Jose Raul Mulino
Currency: Panamanian Balboa(PAB)

Rakesh Singh Appointed as CEO of Paytm Money
In April 2024, Bengaluru (Karnataka)-based Paytm Money Ltd, the wholly-owned subsidiary of One97 Communications Limited, has appointed Rakesh Singh as its new Chief Executive Officer (CEO). He was appointed following the resignation of Varun Sridhar, who has been serving as CEO of Paytm Money since 2020.

• Prior to this appointment, Rakesh Singh was serving as the CEO of broking services at PayU-backed Fisdom, a discount brokerage firm, for over 5 years.
• He has also worked with financial services companies including Standard Chartered, HDFC Securities, and ICICI Bank.

Additional info:
i.Varun Sridhar has been appointed as the new CEO of Paytm Services Pvt Ltd (PSPL).
ii.Bhavesh Gupta, President and Chief Operating Officer(COO) of One 97 Communications Ltd has resigned from the role for personal reasons.

ACQUISITIONS & MERGERS

Carlyle Group Sells 2% Stake in Yes Bank for Rs 1,441 croreCarlyle Group Inc., through its affiliate CA Basque Investments, divested 2% stake in Mumbai(Maharashtra) based Yes Bank Limited for Rs 1,441 crore through an open market transaction. The shares were offloaded through a bulk deal on the National Stock Exchange (NSE).
Note:
i.Carlyle Group is a multinational private equity firm based in Washington, DC , the United States of America(USA).
ii.CA Basque Investments is a special-purpose vehicle incorporated in the Republic of Mauritius.
Key Points
 i.As per the data, CA Basque Investments sold 59.40 crore shares, equivalent to a 1.98 percent stake in Yes Bank.
ii.The shares were sold for an average price of Rs 24.27 per share.
iii.Following the completion of the transaction, the Carlyle Group’s shareholding in Yes Bank has declined to 7.13% from 9.11%.
Additional info
i.Goldman Sachs (Singapore) Private Limited-Offshore Derivative Instruments (ODI) purchased more than 36.92 crore shares, acquiring a 1.23% stake in Yes Bank .
ii.The shares were acquired at an average cost of Rs 24.26 apiece, taking the deal value to Rs 895.78 crore.
Previously, the Carlyle Group sold 1.3% stake to Yes Bank for approximately Rs 1,057 crore in February 2024.

SCIENCE & TECHNOLOGY

IAF Received 2nd C-295 Transport Aircraft from Airbus Defence and SpaceThe Indian Air Force (IAF) received its second C-295 transport aircraft from Airbus Defence and Space S.A., Spain. C-295 aircraft will replace Avro Hawker Siddeley HS-748 aircraft in IAF service since 1960.
Note: 1st C-295transport aircraft was formally inducted into IAF in September, 2023.
About C-295:
i.It has a capacity of lifting 9 tonnes and can transport up to 71 troopers or paratroopers and goes with a maximum speed of 480 km/hr.
ii.The rear ramp door of the aircraft can be used for quick reaction and para-dropping of troops and cargo.
iii.It can operate from Advanced Landing Grounds (ALGs) and even on unprepared runways.
iv.It has flight endurance of up to 11 hours , can carry out multi-role operations like: in disaster response and maritime patrol duties under all weather conditions.
v.It is also equipped with a radar warning receiver (RWR), Missile Approach Warning System (MAWS), and a laser warning system (LWS).
Background:
i.In September 2021, Ministry of Defence(MoD), Government of India(GoI) signed an agreement worth Rs 21,935 crore with Airbus Defence and Space S.A., Spain for the procurement of 56 C-295 transport aircrafts in order to replace IAF’s Avro fleet aircraft.
ii.As per the agreement, 16 aircrafts will be manufactured at the Airbus facility in Seville, Spain.
iii.Tata Advanced Systems Limited (TASL), strategic Aerospace and Defence arm of Tata Group in partnership with Airbus Defence and Space will manufacture remaining 40 C-295 aircrafts in the C-295 Fine Assembly Line(FAL) in Vadodara, Gujarat.

• The 1st aircraft manufactured in India will be rolled out in 2026.

Note: Prime Minister(PM) Narendra Modi laid the foundation stone of C-295 FAL in Gujarat on 30th October, 2022.
Airbus Defence and Space S.A.:
Chief Executive Officer(CEO): Michael Schoellhorn
Established: 2014
About Indian Air Force(IAF):
Chief of the Air Staff(CAS): Vivek Ram Chaudhari
Headquarters: New Delhi, Delhi
Founded: 1932

SPORTS

China defeats Indonesia to win BWF Thomas and Uber Cup 2024 FinalsThe People’s Republic of China’s men’s team won the 33rd edition of Badminton World Federation (BWF) Thomas Cup 2024 after defeating Indonesia men team 3-1. It is China’s 11th Thomas cup title. The BWF 2024 Championship was held in Chengdu, China from 29th April to 5th May 2024.

• China’s women’s team has clinched the 30th edition of Badminton World Federation (BWF) Uber Cup 2024 after defeating Indonesia by 3-0.

About the Badminton World Federation (BWF):
President – Poul-Erik Høyer Larsen
Headquarters – Kuala Lumpur, Malaysia
Established – 1934
>> Read Full News

IMPORTANT DAYS

World Laughter Day 2024 – May 5 World Laughter Day (WLD) is annually observed across the globe on the 1st Sunday of May to raise awareness about the significance of laughter, a universal language transcending barriers, and its various health benefits.

• The Day aims to promote world peace and global unity through laughter.

World Laughter Day 2024 falls on 5 May 2024.

• World Laughter Day 2023 was observed on 7 May 2023;
• World Laughter Day 2025 will be observed on 4 May 2025

The theme for World Laughter Day 2024 is “Laughter Unites Us All.”
>> Read Full News

International Day of the Midwife 2024 – May 5 International Day of the Midwife (IDM) is annually observed across the globe on 5 May to recognise and acknowledge the contribution of midwives, the healthcare professionals worldwide.

• IDM also celebrates the role of midwives, highlighting the significance of educating, training, regulating, and licensing midwives to improve the quality of care and reduce maternal and newborn mortality.
• The 2024 theme of International Day of the Midwife is, “Midwives: A Vital Climate Solution.”

Background:
i.The idea of celebrating the International Day of the Midwife came out of the 1987 ICM conference in the Netherlands.
ii.International Day of the Midwives was 1st celebrated on 5 May 1991 and has since been observed in over 50 nations globally.
About International Confederation of Midwives (ICM):
President– Sandra Oyarzo Torres
Headquarters– The Hague, The Netherlands
>> Read Full News

World Hand Hygiene Day 2024 – May 5 World Hand Hygiene Day (WHHD) is annually observed across the globe on 5 May to spread awareness about the importance of knowledge and learning about hand hygiene at the right times to prevent a range of infectious diseases.

• The annual observance of WHHD is led by the World Health Organisation (WHO).

i.The theme of WHHD 2024 is “Promoting knowledge and capacity building of health and care workers through innovative and impactful training and education, on infection prevention and control, including hand hygiene.”
ii.The slogan of WHHD 2024 is “Why is sharing knowledge about hand hygiene still so important? Because it helps stop the spread of harmful germs in healthcare.”
>> Read Full News

STATE NEWS

MHA grants NoC to Rename 8 Railway Stations in UP
The Ministry of Home Affairs (MHA) has granted No Objection Certificate (NoC) to change the names of eight railway stations in Amethi, Uttar Pradesh (UP). The renaming of railway stations were proposed by the government of UP.

i.The proposed name changes are as follows

• Fursatganj railway station to Tapeshwarnath Dham
• Kasimpur Halt to Jais City
• Jais to Guru Gorakhnath Dham
• Bani to Swami Paramhans
• Misrauli as Maa Kalikan Dham
• Nihalgarh to Maharaja Bijli Pasi
• Akbarganj to Maa Ahorwa Bhawani Dham
• Warisganj to Amar Shaheed Bhale Sultan

ii.The renamed railway stations will soon be updated by the Railway CRIS (Centre for Railway Information Systems).

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