Current Affairs 8 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 8 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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INTERNATIONAL AFFAIRS

Nepal set to Introduce new Rs 100 Note Featuring Disputed TerritoriesNepal government is set to introduced the new Rs 100 currency note featuring a map which includes the controversial border territories of Lipulekh, Limpiyadhura and Kalapani of Uttarakhand in its strategic northwest trijunction between India, Nepal and China.
i.During the meeting held on 25th April 2024 and 2nd May 2024, The Nepal Cabinet approved to re-design the Rs 100 banknote and replace the old map printed in the background of the note.
ii.In 2020, Nepal updated its political map by incorporating 3 strategically important areas Lipulekh, Kalapani and Limpiyadhura areas by amending its Constitution.
iii.India called this a “unilateral act” and termed it as “untenable” the “artificial enlargement”of the territorial claims by Nepal and Nepal has claimed that these territories were illegitimately occupied by India after the 1962 border war with China.
Note: Nepal shares a border of over 1,850 km with 5 Indian states – Sikkim, West Bengal, Bihar, Uttar Pradesh and Uttarakhand.
Background:
Nepal has asserted its claim based on the Sugauli Treaty of 1816. According to the treaty all territories east of the Kali (Mahakali) river, including Limpiyadhura, Kalapani, and Lipulekh, belong to Nepal.

• The Treaty was signed between the East India Company and Guru Gajraj Mishra of Nepal following the Anglo-Nepalese War of 1814–16.
• India, however, has stated that the 1950 Treaty of Peace and Friendship between India and Nepal annulled the Sugauli Treaty.

BANKING & FINANCE

ADB & Citi Signed MRPA to Support SME & Boost Trade Through Supply Chain Financing Asian Development Bank(ADB) and Citigroup Inc. (Citi), an American multinational investment bank, have partnered to sign an Master Risk Participation Agreement (MRPA) to enhance access to supply chain financing for Small and Medium-Sized Enterprises (SMEs) and support over USD 100 million in additional annual trade across Asia-Pacific.

• The MRPA signed between ADB’s Trade and Supply Chain Finance Program (TSCFP) and Citibank North America will enable SME across Asia to access Citi’s supply-chain finance offerings via ADB’s TSCFP.

Key Points:
i.TSCFP, backed by ADB’s AAA credit rating, provides loans and guarantees to 200+ partner banks, boosting trade and fostering growth, supporting over USD 57 billion in trade since 2009.
ii.ADB and Citi partnership combines Citi’s network with ADB’s presence in Asia-Pacific, amplifying developmental impact in trade and supply-chain finance.

• Since 2009, ADB and Citi collaboration facilitated USD 6.2 billion in trade, enhancing SME access to finance and bolstering regional resilience.

What is MRPA?
It is a legal pact between a lender and a participant, outlining their roles and responsibilities. In this arrangement, the lender sells a portion of a loan to the participant, who gains benefits from the lending setup. This allows institutions to shift risk while retaining ties with the commercial entities involved.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Establishment– 1966
Members – 68 members (49 from the region)
About Citi Group (Citi):
Chief Executive Officer(CEO)– Jane Fraser
Headquarters– New York, The United States of America(USA)

India and Ghana Agrees to Operationalise UPI on GHIPSS in 6 monthsIndia and Ghana have agreed to operationalise the Unified Payment Interface (UPI) of National Payments Corporation of India (NPCI) on Ghana Interbank Payment and Settlement Systems (GHIPSS) within a period of 6 months.

• The linkage of India and Ghana payments system allows instant and low-cost fund transfers for users in both India and Ghana.

This was discussed during the 4th session of India-Ghana Joint Trade Committee (JTC) held from 2nd to 3rd May 2024 in Accra, Ghana.
Points to note:
i.The linking of Indian and Ghanaian instant payment systems will be the latest in India’s expansion of UPI operations, which is already available in France, the United Arab Emirates (UAE), Sri Lanka and Mauritius.
ii.India and Ghana has also discussed on the possibilities of a memorandum of understanding (MoU) on Digital Transformation Solutions, a Local Currency Settlement System(LCSS), and the opportunities provided by the African Continental Free Trade Agreement (AfCFTA).
iii.LCCS will allows cross-border transactions between India and Ghana in their local currencies, reducing reliance on 3rd party currency like the US dollar.
About 4th India-Ghana JTC:
i.The 4th India-Ghana JTC was co-chaired by Michael Okyere-Baafi, Deputy Minister for Trade and Industry, Republic of Ghana and Shri Amardeep Singh Bhatia, Additional Secretary, Department of Commerce,India.
ii.A seven-member delegation from India led by Amardeep Singh Bhatia, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India (GoI) was accompanied by business delegation led by Confederation of Indian Industry (CII).
iii.The Geological Survey of India (GSI), Export-Import Bank of India (EXIM Bank), and the Indian Pharmacopoeia Commission were among the representatives of the Indian delegation.
Note: India is the third-largest investor in Ghana.Bilateral trade between India and Ghana stood at USD 2.87 billion in 2022-23.
About Ghana
President – Nana Akufo-Addo
Capital – Accra
Currency – Ghanaian Cedi (GHS)

Mirae AMF Launched Nifty Mid Small-Cap 400 Momentum Quality 100 ETFOn 6th May 2024, Mirae Asset Mutual Fund(AMF) launched Mirae Asset Nifty MidSmallCap400 Momentum Quality 100  Exchange Traded Fund(ETF), India’s 1st mutual fund scheme with 50 Mid-Cap and 50 Small-Cap stocks.

• The New Fund Offer(NFO) of the scheme will be available for subscription from 6th May 2024 till 17th May, 2024..
• The scheme will re-open for continuous sale and repurchase from 23rd May, 2024.

About the Mirae Asset Nifty MidSmallCap400 Momentum Quality 100 ETF:
i.Type: An open ended scheme replicating/tracking Nifty Midsmallcap400 Momentum Quality 100 total return Index(TRI).
ii.Benchmark Index: Nifty Midsmallcap400 Momentum Quality 100 total return Index.
iii.Investment Objective: To generate returns, before expenses that are commensurate with the performance of the Nifty Mid Small-Cap 400 Momentum Quality 100 TRI,  subject to tracking error
iv.Minimum investment: Rs 5000 and in multiples of Re. 1 thereafter.
v.Fund Managers: Ekta Gala who has worked with ICICI Prudential Asset Management Company and Vishal Singh, who has worked with National Stock Exchange (NSE) Indices Limited.

• They will manage the scheme and invest 95-100% in securities and 0-5% in money market instruments/debt securities, instruments and/or units of debt/liquid schemes of domestic mutual funds.

vi.No exit load will be levied on redemptions made by large investors directly with the fund house. Also, it will be applicable for investors who made transactions on the exchange.
v.The scheme does not offer any plan/ option for investment. For the scheme, the creation unit size will be 2 lakh units.
About Mirae Asset Investment Managers India Private Limited:
Chief Executive Officer(CEO)- Swarup AnandMohanty
Headquarters– Mumbai, Maharashtra

Infibeam’s CCAvenue Partners with Shivalik SFB to Boost Merchant Access
CCAvenue, a flagship payment brand of Gandhinagar (Gujarat)- based fintech firm Infibeam Avenues Ltd (IAL) is set to partner with Shivalik Small Finance Bank (SFB) to empower merchants by granting them access to Shivalik SFB’s extensive customer base.

• This strategic partnership of Infibeam integrates Shivalik SFB’s Internet banking service with CCAvenue’s payment platform.
• Account holders of Shivalik SFB facilitate seamless payment capabilities on CCAvenue-powered websites, enriching their online shopping experience.

Note:
i.CCAvenue was India’s 1st payment gateway player to process Central Bank Digital Currency (CBDC) or Digital Rupee transactions for online retail merchants, among payment gateway players.
ii.Shivalik founded in 1998, became the 1st SFB in India to have transitioned from an Urban Co-operative bank.

ECONOMY & BUSINESS

Ind-Ra Raises India’s GDP Growth Forecast for FY25 to 7.1% from 6.5%On May 6 2024, The India Ratings and Research (Ind-Ra) Private Limited , a wholly owned subsidiary of Fitch group, raised India’s Gross Domestic Product (GDP) growth forecast for fiscal year 2024-2025 (FY25) to 7.1% from 6.5%.

• The new projection slightly exceeds the Reserve Bank of India’s (RBI) forecast of 7.0%.
• Ind-Ra’s forecast indicates higher growth than RBI’s for the first and fourth quarters of FY25 but lower for the second and third quarters.

Factors :
The increase in GDP forecast is led by various factors like:
i.Sustained government capital expenditure (capex)
ii.Deleverage corporate and banking sector balance sheets and
iii.Emerging private corporate capital expenditure cycle.
Key Points
i.The Indian economy faces challenges such as uneven consumption demand and in the export sector due to global headwinds.
ii.Ind-Ra expects private final consumption expenditure (PFCE) to grow by 7.0% year-on-year in FY25, marking a three-year high.
iii.The capital expenditure continues to support investment demand, with Gross Fixed Capital Formation (GFCF) forecast to increase by 8.5% year on year in FY25.
iv.Ind-Ra expects goods and services exports to expand by 6.6% year on year and imports to grow by 8.8% year on year in FY25, up from 1.5% and 10.9%, respectively, in FY24.
v.The services sector, industrial sector, agricultural sector is expected to grow by 7.8%, 7.0%,3.6% respectively.
vi.Ind-Ra expects average retail and wholesale inflation at 4.6% and 2.9%, respectively, in FY25.
vii.Ind-Ra predicts the Indian rupee to average 85.10/USD in FY25, with a depreciation of 2.8% including potential risks from global commodity prices and supply chain disruptions.

TSSEZL & Hygenco Signed MoU to Set up Green Ammonia & Green Hydrogen Project in Odisha
Tata Steel Special Economic Zone Limited (TSSEZL) and HHP Five Private Limited (Hygenco) signed a Memorandum of Understanding (MoU) to establish a green hydrogen and green ammonia project at TSSEZL’s Gopalpur Industrial Park (GIP) in Odisha’s Ganjam district.

• Under the MoU, Hygenco will acquire land in Ganjam district to establish its green hydrogen, green ammonia, and derivatives unit.
• Hygenco aims to produce 1 million tonnes per annum (MTPA) of green hydrogen in different phases, with the initial phase scheduled for commissioning by December 2026.
• The green ammonia produced will be exported through the existing Gopalpur port facility, with the utility corridor development, expected to enhance logistics and pipeline connectivity for the project.
• This agreement is part of the development of a local market for clean fuel by Hygenco, which is investing USD 2.5 billion over three years.

APPOINTMENTS & RESIGNATIONS

UNICEF India appoints Kareena Kapoor Khan as its National Ambassador; Appoints its first-4 Youth Advocatesi.On May 4, 2024, UNICEF (United Nations Children’s Fund) India named Bollywood Actress Kareena Kapoor Khan as its National celebrity Ambassador. In this role, she will advocate for children’s rights to early development, health, education, and gender equality.
ii.UNICEF India also announced Gauranshi Sharma, Nahid, Vinisha, Kartik as new youth advocates for rights of children.
About UNICEF (United Nations Children’s Fund) India:
UNICEF Representative to India– Cynthia McCaffrey
Headquarters– New Delhi, Delhi
>> Read Full News

SCIENCE & TECHNOLOGY

ISRO Successfully Conducted 1st Ignition Test on Semi-Cryogenic PITA at MahendragiriOn May 2, 2024, the Indian Space Research Organisation (ISRO) successfully conducted the first ignition test on the Semi Cryogenic Pre-Burner Ignition Test Article (PITA) at Semi Cryo Integrated Engine Test Facility (SIET) at ISRO Propulsion Complex (IPRC) in Mahendragiri, Tamil Nadu (TN).

• Its successful ignition marks a major milestone in ISRO’s semi-cryogenic propulsion system development.

Background:
i.ISRO is developing a 2,000 kN (kilonewton) thrust semi-cryogenic engine utilizing a LOX (Liquid Oxygen)Kerosene propellant combination to enhance the payload capability of Launch Vehicle Mark 3 (LVM3) rocket and future launch vehicles including the Next Generation Launch Vehicle (NGLV).
ii.The PITA, the full complement of the engine power head system excluding the turbopumps, was realised as a part of the engine development.
iii.The Liquid Propulsion Systems Centre (LPSC) leads the development of semi-cryogenic propulsion systems with support from other ISRO launch vehicle centers.
iv.The assembly and testing of the propulsion modules are done at the IPRC, Mahendragiri.
About Test:
i.The semi-cryogenic engine ignition is achieved using a Start Fuel Ampule, which utilizes a combination of Triethyle Alumnide and Triethyle Boron developed by the Vikram Sarabhai Space Centre (VSSC).

• It is used for the first time in ISRO in the 2000 kN semi-cryogenic engine.

ii.The Injector Elemental Level Ignition Tests were also conducted at the Propulsion Research Laboratory Division (PRLD) facility of VSSC for characterization.
Additional info:
i.This will be followed by development tests on the engine powerhead test article and fully integrated engine.
ii.A semi-cryo stage with 120 tons of propellant loading is also under development process.
About LVM3:
i.LVM3, also known as the Geosynchronous Satellite Launch Vehicle Mark 3 (GSLV Mk III), is a three-stage launch vehicle developed by ISRO with a lift-off mass of 640 tonnes.
ii.It’s capable of launching 4000 kg spacecraft to Geosynchronous Transfer Orbit (GTO) cost-effectively.
iii.Its powerful cryogenic stage facilitates heavy payload placement into Low Earth Orbits (LEO) at 600 km altitude.
About Indian Space Research Organisation (ISRO):
Chairman– Sreedhara Panicker Somanath
Headquarters– Bengaluru, Karnataka
Established in 1969

Indian Army & IAF to Jointly Deploy MQ-9B Predator Drones at Gorakhpur & Sarsawa Air Bases in UPThe Indian Air Force (IAF) and the Indian Army plan to jointly deploy MQ-9B Predator drones made by the United States of America (USA) at air bases in Gorakhpur and Sarsawa, Uttar Pradesh (UP), for upgrading surveillance capabilities along the Line of Actual Control (LAC) with China from Ladakh to Arunachal Pradesh.
About MQ-9B Predator drone:
i.MQ-9B, manufactured by the USA-based General Atomics Aeronautical, has 2 variants – Sky Guardian and Sea Guardian.
ii.It is a Remotely Piloted Aircraft System (RPAS) used for offensive missions, reconnaissance, surveillance and intelligence operations.
Tri-Services Deal with the U.S.:
i.The drone deal, valued at approximately USD 4 billion, is negotiated at the tri-services level, with the Indian Navy leading discussions with the American side.
ii.31 MQ-9B drones are being acquired, with 15 designated for maritime zone coverage by the Indian Navy.
iii.8 drones each will be allocated to the IAF and the Army, covering critical areas of interest along the LAC with support from existing assets.
iv.Transfer of technology of some equipment to Indian entities under the deal.
Deployment Strategy and Capabilities:
i.MQ-9B drones require substantial runway length for takeoff and landing, available with the IAF.
ii.These fighter-sized drones boast a flight time of over 36 hours, heights of over 40,000 feet, and can be armed with Hellfire air-to-ground missiles and smart bombs.
iii.These drones have been extensively employed in monitoring anti-piracy operations.
Surveillance Range:

• Operating from the Naval Headquarters (NHQ), they offer a clear insight into actions up to 3,000 km from Indian shores.

SPORTS

Lando Norris marks his first victory in F1 career after winning Miami Grand Prix 2024McLaren’s Lando Norris won the first Formula One race of his career after defeating the world champion Max Verstappen in the Miami Grand Prix (GP) 2024 held on May 5, 2024 in Miami International Autodrome circuit, Miami, United States.

• This was a long-awaited win for the champion who held the record for most podiums without a win (15) and having finished runner-up for eight times in 110 grand prix (as of May 5, 2024).

Key Highlights:
i.Red Bull’s Max Verstappen finished 2nd in the race, followed by Ferrari’s Charles Leclerc in 3rd.
ii.Norris is the first driver since Carlos Sainz Jr. to beat Verstappen in 2024 season (Australian GP).
About Lando Norris:
i.Lando Norris, representing the United Kingdom, is currently competing in Formula One with McLaren.
ii.He was announced as a McLaren driver in 2018 making his Formula One debut in 2019.
iii.He achieved his first podium in Formula One at the 2020 Austrian Grand Prix, and his first win at the 2024 Miami Grand Prix.
Results:

About Miami Grand Prix 2024:
i.The 2024 Miami Grand Prix (officially known as Formula 1 Crypto.com Miami Grand Prix) is a Formula One motor race held on May 5, 2024, at the Miami International Autodrome in Miami Gardens, Florida.
ii.It was the sixth round of the 2024 Formula One World Championship.
iii.The Formula 1 Crypto.com Miami Grand Prix was held for the first time during the 2022 season.

OBITUARY

Frank A. Shrontz, chairman emeritus & Former CEO of Boeing Co. Passed Away
Frank Anderson Shrontz, Chairman Emeritus of The Boeing Company, the global aerospace manufacturers based in the United States of America(USA), passed away at the age of 92. He was Born in 1931 and raised in Boise, Idaho, USA.

• Frank Shrontz served as the Chief Executive Officer (CEO) of Boeing Co. from 1986 to 1996. He also became chairman of the board in January 1988.  After his retirement, he became the Chairman emeritus of the Boeing Co. on 1st February 1997.
• He is also the co-owner of Seattle Mariners baseball team, a Major League Baseball team.

Award: Shrontz was awarded the Oxford Cup, Beta Theta Pi’s highest award for professional achievement, in 1999

IMPORTANT DAYS

World Portuguese Language Day 2024 – May 5World Portuguese Language Day is annually observed across the globe on 5 May to raise awareness of the Portuguese language, one of the most widely used languages of the Indo-European family, and its role in and contribution to the preservation and dissemination of human civilization and culture.
Background:
i.On 20th July 2009, the Community of Portuguese-Speaking Countries (CPLP – Comunidade dos Países de Língua Portuguesa) Council of Ministers adopted a resolution officially establishing 5th May of every year as the Day of the Portuguese Language and Culture.
ii.In 2019, the 40th session of UNESCO’s General Conference proclaimed 5th May of each year as “World Portuguese Language Day”.
iii.UNESCO celebrated the 1st World Portuguese Language Day on 5th May 2020.
About United Nations Educational, Scientific and Cultural Organisation (UNESCO):
Director-General– Audrey Azoulay
Headquarters– Paris, France
UNESCO’s Constitution was adopted in London (United Kingdom) in 1945, it entered into force in 1946.
>> Read Full News

African World Heritage Day 2024 – May 5 African World Heritage Day (AWHD) is annually observed across the globe on 5 May to celebrate African culture and heritage by raising awareness of the benefits of its promotion and preservation and the related challenges faced by the African continent.

• 5th May 2024 marks the observance of the 9th edition of African World Heritage Day.

i.The theme of AWHD 2024 is “Safeguarding Africa’s Heritage through Education”.
ii.The observance of AWHD is led by the United Nations Educational, Scientific and Cultural Organization (UNESCO) in collaboration with the African World Heritage Fund (AWHF) and its partners.
Background:
i.During the 38th Session of the General Conference of UNESCO held from 3rd to 19th November 2015, UNESCO adopted a resolution proclaiming 5th May of every year as African World Heritage Day.
ii.The 1st African World Heritage Day was observed on 5th May 2016.
>> Read Full News

International No Diet Day 2024 – May 6International No Diet Day (INDD) is annually observed across the globe on 6th May to promote body positivity, self-acceptance, and the acceptance of all body shapes and sizes, as well as raise awareness about the dangers of extreme dieting.

• The symbol of International No Diet Day is a light blue ribbon.
• The theme of INDD 2024 is “Embrace Yourself: Reject Diet Culture, Love You”

Background:
i.Mary Evans Young, a British feminist and director of Diet Breakers, established the International No Diet Day in 1992.
ii.The first No Diet Day on 5th May 1992, in Hyde Park, London, the United Kingdom (UK).
iii.However, the date was subsequently changed to May 6 in 1993 to avoid conflicts with Cinco de Mayo celebrations.
>> Read Full News

World Cartoonist Day 2024 – May 5World Cartoonist Day is annually observed across the globe on 5 May to celebrate and honour cartoonists worldwide and recognise their contributions to society.

• The Day also aims to promote and support the cartoon industry and acknowledges the profound influence of cartoons on culture, humor, and social commentary.

History:
i.American comic strip author Richard Felton Outcault (1863-1928) created Hogan’s Alley, the first commercially successful newspaper comic strip.
ii.It featured Mickey Dugan, better known as the Yellow Kid, and Outcault drew this character for the New York World from 5 May 1895 to 4 October 1896.

• The Yellow Kid a bald, snaggle-toothed boy in an oversized yellow nightshirt was an Irish tenement hooligan.

Background:
World Cartoonist Day was established by the National Cartoonist Society (NCS) in 1990, to highlight the significance of cartooning in society.
Formation of the NCS:
i.During World War II in 1943, cartoonists like Gus Edson, Otto Soglow, Clarence D. Russell, and Bob Dunn entertained the troops by performing small cartoon shows in hospitals.
ii.The group’s performances were well-received, so they expanded their efforts to include military bases.
iii.In 1946, a group of  professional cartoonists met at the Berkshire Hotel’s Barbary Room in midtown Manhattan, New York (United States of America (USA)) and organized NCS (then called “The Cartoonists Society”).
About National Cartoonist Society (NCS):
President– Karen Evans
Headquarters– Florida, USA

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