Current Affairs 9 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 9 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

DoP Secretary, Dr. Arunish Chawla launches the Meditech Stackathon 2024 in collaboration with CII at New DelhiOn May 7, 2024, Dr. Arunish Chawla, Secretary of the Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers (MoC&F), launched the Meditech Stackathon 2024 in New Delhi, Delhi, in collaboration with the Confederation of Indian Industry (CII).

• This initiative aims to revolutionize India’s MedTech sector through comprehensive value chain analysis of select medical devices, fostering innovation, and reducing import dependence in order to drive innovation and self-reliance in the medical sector.

What is to be done under STACKATHON?
Through the STACKATHON, participants will analyze diverse product segments; identify key stakeholders, and challenges hindering industry development like import dependence, regulatory hurdles, and technological gaps.

• It consists of 8 focused groups viz. Cancer Therapy, Imaging, Critical Care, Assistive Medical Devices, Body Implants, Surgical Instruments and Hospital Equipment, Consumables & Disposables, and IVD (In Vitro Diagnostic) Instruments and Reagents.
• Each group is tasked with specific objectives such as segment-wise device identification, import-export dynamics analysis, and examination of duty structures.

Key Points:
i.India’s MedTech industry is projected to grow at 28% annually, reaching USD 50 billion by 2030.
ii.India ranks 4th in Asia and top 20 globally in the medical devices market.

• Net imports for 2022-23 totaled USD 4.1 billion, with an import coverage ratio of 0.45.

iii.Quality focus is crucial for global competitiveness.
iv.Exports have surpassed imports in consumables and disposables in 2023.

IA Western Command & IAF conducted Joint Ex- Gagan Strike-II in Punjab On May 7, 2024, the Ambala, Haryana-based Kharga Corps, under the Indian Army (IA)’s Western Command, and the Indian Air Force (IAF) concluded Gagan Strike-II, a three-day Joint Exercise across multiple locations in Punjab.

• The exercise was reviewed by Lieutenant General (Lt Gen) Manoj Kumar Katiyar, General Officer Commanding-in-Chief of the Western Command.
• The exercise aimed to refine processes and validate the use of attack helicopters in mechanized operations in developed terrain.

Key Points:
i.Gagan Strike-II involved Apache and Advanced Light Helicopter-Weapon System Integrated (ALH-WSI), unarmed aerial vehicles, and Army Special Forces.
ii.The exercise focused on validating attack helicopter deployment in support of mechanized operations.

• Live firing exercises were conducted during offensive maneuvers.

iii.Centralized and decentralized attack helicopter missions were practiced, supported by other force multipliers.
iv.Ground force commanders utilized aerial assets, including drones, for enhanced situational awareness and target destruction.
v.The exercise facilitated seamless integration of ground and aerial assets for joint operations, achieving specified objectives.

Infosys Receives ISO 42001:2023 Certification for Artificial Intelligence Management SystemInfosys received ISO (the International Organization for Standardization)/ IEC (the International Electrotechnical Commission)42001:2023 Certification for its Artificial Intelligence Management System (AIMS), making it among the first IT services companies globally to earn this recognition.

• This certification is the world’s first international standard on AI management systems by TUV India (part of TÜV Nord Group), a leading provider of technical quality and safety services.

Key Points:
i.Infosys implemented the AIMS framework as part of its Topaz Responsible AI Suite, ensuring responsible AI practices and regulatory compliance.

• The Infosys Topaz Responsible AI Suite aims to monitor and safeguard AI models and systems while promoting responsible AI adoption across enterprises.

ii.The certification highlights Infosys’ commitment to accountable AI initiatives and risk mitigation.
iii.ISO 42001:2023 certification offers a structured approach to AI management, enhancing efficiency and accountability in AI endeavors
About Infosys:
Chief Executive Officer and Managing Director– Salil Parekh
Headquarters– Bengaluru, Karnataka,
Establishment– 1981

INTERNATIONAL AFFAIRS

World’s Wealthiest Cities Report 2024 by Henley & Partners: New York Tops According to the 2024 World’s Wealthiest Cities Report published by international wealth migration specialists Henley & Partners, New York City, New York, the United States of America (USA) has retained its title as the Wealthiest City in the World.

• California’s The Bay Area (USA) is ranked 2nd followed by Tokyo(Japan); Singapore(Singapore) and London(The United Kingdom-UK) at 3rd, 4th and 5th position respectively.

Key Points:
i.Mumbai(Maharashtra) (24th) and Delhi (37th) were the only Indian cities featured among the top 50 of the 2024 World’s Wealthiest Cities Report.
ii.With 11 cities in the Top 50, the USA has emerged as the World’s richest country.iii.Among the Asian countries, China dominates the 2024 list. 5 cities in mainland China, along with Hong Kong (Special Administrative Region-SAR) and Taipei are featured among the top 50.
iv.Shenzhen (China) has emerged as the fastest-growing city in terms of number of millionaires and saw an increase of 140% in the last 10 years.
About Henley & Partners:
Chief Executive Officer(CEO)- Dr. Juerg Steffen
Headquarters- London, UK
>> Read Full News

India Received over USD 111 Billion in Remittances in 2022: UN’s International Organization for Migration(IOM)On 7th May 2024, United Nations(UN) agency, International Organization for Migration(IOM) released the report titled “World Migration Report 2024””. The report revealed that India received over USD111 billion in remittances in 2022. Thus, India becomes the 1st country to surpass the USD 100 billion mark.

• International remittances surged by 650%, from USD 128 billion to USD 831 billion between 2000 and 2022.

Key Highlights:
i.Top 5 countries which received highest remittances in 2022: India, Mexico, China, The Philippines, France.
ii.India(1st ), Pakistan(6th ) and Bangladesh(8th )are among the top 10 recipients of international remittances in the world.
iii.United States of America(U.S.A.) is the largest source of destination country for international mobile students.
About International Organization for Migration(IOM):
Director General: Amy Pope
Headquarters: Geneva, Switzerland
Established: 1951
Member states – 175 member states and 8 observers
>> Read Full News

World Bank Report: Annual Investments of USD 260 Billion Needed to Halve Agrifood Emissions by 2030; Achieve Net Zero by 2050According to the World Bank’s report titled “Recipe for a Livable Planet: Achieving Net Zero Emissions in the Agrifood System”, the annual investments has to increase by an estimated 18 times, to USD 260 billion a year to halve current agrifood emissions by 2030 and achieve the target of net zero emission by 2050.

• This is the 1st comprehensive global strategic framework for mitigating the agrifood system’s contribution to climate change.
• It also emphasises achievable actions to reduce greenhouse gas (GHG) emissions while sustaining global food production.

Note: Annually, twice as much money is spent on agricultural subsidies, many of which harm the environment.
Key Findings:
i.The global agrifood system holds immense potential to cut nearly one-third of global GHG emissions through accessible measures.
ii.These actions promise enhanced food security, resilience against climate change, and protection for vulnerable populations.
iii.Emissions from agrifood must reach net zero by 2050 to meet the 1.5°C target, underscoring its critical role in global climate goals.
iv.Estimates show that the benefits in health, economic, and environmental terms could be as much as USD 4.3 trillion in 2030, a 16-to-1 return on investment costs.
The Challenges:
i.Agrifood contributes significantly to climate change, accounting for almost one-third of global emissions, averaging around 16 gigatons annually.

• This is about one-sixth more than, all of the world’s heat and electricity emissions.

ii.Developing countries shoulder three-quarters of agrifood emissions, necessitating action across all income levels.

• A comprehensive approach to addressing emissions from value chains and land use change is essential.

Note: The top 10 agrifood system emitters includes high-income countries (HIC) -Canada and the United States of America (USA); middle-income countries – China, Brazil, India, Indonesia, the Russian Federation, Pakistan, and Argentina; and low-income country (LIC) – the Democratic Republic of Congo
Financial Constraints:
i.Only 2.4% of total mitigation finance is allocated to reducing agrifood emissions.
ii.This sector lags behind others in receiving adequate funding for climate action.
India’s Contribution and Challenges
i.In India, 60% of agrifood emissions originate from the farm gate, with the livestock sector being a major contributor.
ii.Despite low emission intensity in rice production, India’s scale of production still results in considerable emissions.

BANKING & FINANCE

Canara HSBC Life Insurance Introduces Promise4Growth PlanOn May 6 2024, Canara HSBC Life Insurance Company Limited introduced Promise4Growth, a new Unit Linked Insurance Plan (ULIP), designed for customers embarking on a journey towards financial prosperity and security.

• The product offers 3 plan options: Promise4Wealth, Promise4Care, and Promise4Life, each aligned with different savings goals and life stages.

On May 6 2024, ICICI Prudential Life Insurance Company Limited, a leading private insurer in India, launched its first new ULIP called ICICI Pru Platinum. This aims to bridge the gap between the interests of distributors and policyholders by aligning distributor commissions with the customer’s fund value.
About Canara HSBC Life Insurance Company Limited
Managing Director and Chief Executive Officer (MD & CEO) – Anuj Mathur
Headquarters – Gurugram, Haryana
Established – 2008
>> Read Full News

Setu unveils Sesame, India’s 1st Domain-Specific LLM for BFSI sectorSetu, a division of the Pine Labs Group, launched Sesame, India’s first Large Language Model (LLM) for the Banking, Financial Services, and Insurance (BFSI) sector. It is developed in collaboration with Sarvam Artificial Intelligence (AI).

• The unveiling occurred at Adbhut India, organized by People+ai, with notable figures like Nandan Nilekani, co-founder of Infosys, and Shankar Maruwada.

Key Points:
i.Sesame is a domain- and region-specific LLM trained on custom BFSI data, aiming to enhance credit decision-making and provide hyper-personalized financial services.
ii.Sesame utilizes data for creditworthiness assessment, customer profiling, and enhancing financial processes such as credit underwriting and fraud detection.
iii.Setu and Sarvam AI ensure data and model sovereignty by storing and processing information locally.
About Sarvam.ai:
CoFounders– Dr. Vivek Raghavan and Dr. Pratyush Kumar
Headquarters– Bengaluru, Karnataka

FPSB India Signed MoU with IFSCA to Promote GIFT-IFSC as a “Global Finance Hub”
Financial Planning Standards Board(FPSB) India signed a Memorandum of Understanding(MoU) with the International Financial Services Centres Authority(IFSCA), to promote International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City- (GIFT City), Gandhinagar, Gujarat as a “Global Finance Hub”.

• It aims to improve the financial market ecosystem and nurture the skilled professionals to cater the needs of expanding financial workforce of GIFT City.
• The important features included in MoU are: talent pipeline support, ecosystem development, promotional activities  and research collaboration.

About Financial Planning Standards Board(FPSB)  India:
It is the leading planning body in India which establishes, upholds and promotes professional standards in financial planning across India.
Chief Executive Officer(CEO): Krishan Mishra
Headquarters: Mumbai, Maharashtra

ECONOMY & BUSINESS

Adani Green Energy Limited(AGEL) Signed a 20-year Agreement with Government of Sri Lanka for Wind Power Stations
The Government of Sri Lanka signed a Power Purchase Agreement(PPA) for 20 years with Adani Green Energy Limited(AGEL), part of Adani Group to develop wind power stations in Sri Lanka.
Key Points:
i.As per the agreement,  AGEL will be paid 8.26 cents per kilowatt-hours(kWh).
ii.Company will establish wind power stations in Mannar and Poonerin in Sri Lanka.
Point to Note:
i.Sri Lankan Government has constituted the negotiation committee to evaluate the wind power plant project proposed by Adani Green Energy
ii.In February 2023, Adani Green Energy received the approval to invest USD 442 million towards the development of 484 MegaWatts(MW) wind power plants in Northern Sri Lanka.
About Sri Lanka:
Capital: Sri Jayawardenepura Kotte(Legislative Capital), Colombo(Judicial and Executive Capital)
President: Ranil Wickremesinghe
Currency: Sri Lankan Rupee(LKR)

AWARDS & RECOGNITIONS

2024 Pulitzer Prizes in Journalism, Books, Drama and Music: ProPublica won Prize under Public ServiceOn 6th May 2024, The Pulitzer Board announced the winners of 108th Pulitzer Prize (2024) under the categories such as: Journalism, Books, Drama and Music, and Special Citations.

• Pulitzer Prize is highest national honor in United States of America (USA) in the field of journalism, literature, and music composition.

Key Highlights:
i.ProPublica won the 2024 Pulitzer Prize in Journalism under the Public Service category.
ii.Hannah Dreier of New York Times won 2024 Pulitzer Prize in Journalism under the Investigative Reporting category.
iii.David E. Hoffman of the Washington Post won 2024 Pulitzer Prize in Journalism under the Editorial Writing category.
iv.Photography Staff of Reuter won the 2024 Pulitzer Prize in Journalism under the Breaking News Photography
>> Read Full News

APPOINTMENTS & RESIGNATIONS

Scotland Parliament Elected John Swinney as its First Minister On May 7 2024, Scotland Parliament elected  John Ramsay Swinney, the leader of Scottish National Party (SNP) as the 7th First Minister of Scotland.

• He succeeds Humza Haroon Yousaf, who formally resigned from the role on May 7 2024.
• He will be formally appointed with a Royal Warrant from His Majesty King Charles III of the United Kingdom(UK).

Note: Scotland is a country within the United Kingdom (UK). UK is made up of four constituent states: England, Wales, Scotland, and Northern Ireland.
Background:
i.John Swinney was nominated as the first Minister of Scotland, following a vote in the Scottish Parliament
ii.Members of the Scottish Parliament (MSPs) voted 64 to 57 to select John Swinney as first Minister from a total of 4 nominees. There were seven abstentions.
About John Swinney
i.John Swinney (60), was born on 13th April 1964 in Edinburgh, Scotland and joined Scottish National Party (SNP)in 1979.
ii.He was elected as Westminster Member of Parliament (MP) for North Tayside in 1997 and became the MSP for Tayside North in 1999.
iii.He has served as deputy leader of the SNP from 1998 to 2000 and party leader from 2000 to 2004.
iv.He has also served as a Cabinet Secretary for Finance, Employment and Sustainable Growth from 2011 to 2014.
v.He served as Deputy First Minister from 2014 to 2023. He became the longest serving Deputy First Minister in the history of UK devolution.
vi.He has also served as Cabinet Secretary for Finance, Constitution and Economy from 2014 to 2016 and Cabinet Secretary for Education and Skills from 2016 to 2021 and Cabinet Secretary for Covid Recovery from 2021 to 2023.
About Scotland
First Minister – John Ramsay Swinney
Capital – Edinburgh
Currency – Pound Sterling

ACQUISITIONS & MERGERS

CCI Approves the Acquisition Of Additional Shares In Sikkim Urja Limited
On 7th May 2024, The Competition Commission of India (CCI) approved the acquisition of additional shares in Sikkim Urja Limited (formerly Teesta Urja Limited) by Greenko Energies Private Limited.

• Sikkim Urja, a special purpose vehicle was established with the intention of carrying out the 1200 MegaWatt (MW)(6 Units of 200 MW each) hydro power project in North Sikkim, India.
• The approval from CCI provides the opportunity for Greenko Energies to enhance its stake in Sikkim Urja, thereby strengthening its presence and influence in the renewable energy sector in India.

Note: Greenko Energies is a limited liability company which was incorporated in India. It is an indirectly wholly-owned subsidiary of Greenko Mauritius.

SPORTS

Coca-Cola India Announces First Ever Partnership with Hockey India for National Women’s Hockey League
Anandana, The Coca-Cola India Foundation, announced its first ever partnership with Hockey India, for the National Women’s Hockey League 2024-2025, the inaugural edition of the tournament.

• Objective: To improve women’s hockey by addressing essential elements such as offering specialised coaching, training equipment, nutritional support, and the organisation of camps and competitions to foster growth.
• The partnership also aligns with the Coca-Cola India’s #SheTheDifference campaign, an initiative to celebrate, uplift, and support women.

About National Women’s Hockey League 2024-2025:
i.The first phase of the tournament commenced on 30th April 2024, and it will conclude on 9th May 2024, in Ranchi, Jharkhand.
ii.It features the 8 teams: Haryana, Maharashtra, Jharkhand, Madhya Pradesh, Bengal, Mizoram, Manipur, and Odisha, which secured top-eight positions in the 14th Hockey India Senior Women National Championship 2024, held from  13th – 23rd March 2024 in Pune, Maharashtra.

IMPORTANT DAYS

World Asthma Day 2024 – May 7World Asthma Day (WAD) is annually observed across the globe on the 1st Tuesday of May to raise awareness of Asthma, one of the most common chronic non-communicable diseases (NCD), affecting both children and adults.

• World Asthma Day 2024 was observed on 7th May 2024.
• The annual observance of WAD is led by Global Initiative for Asthma (GINA).
• The theme of WAD 2024 is “Asthma Education Empowers”.

Background:
i.The 1st World Asthma Day was observed by GINA in 1998.
ii.The day was observed in conjunction with the first World Asthma Meeting in Barcelona, Spain which witnessed the participation of over 35 countries.
About Global Initiative for Asthma (GINA):
GINA was launched in 1993 in collaboration with the National Heart, Lung, and Blood Institute, National Institutes of Health, United States of America (USA), and WHO.
MD and Chair– Arzu Yorgancioglu (Türkiye)
Headquarters– Wisconsin, The United States of America(USA)
>> Read Full News

65th Border Roads Organisation Raising Day – 7 May 2024The Border Roads Organisation (BRO) annually celebrates its Raising Day on 7 May to commemorate the establishment of the BRO in 1960. The Day aims to recognise the organisations’ personnel and invite all ranks to continue to excel in constructing and maintaining roads and bridges in the border area.

• 7th May 2024 marks the observance of the 65th Raising Day of BRO.

Background:
i.BRO was established on 7th May 1960 to secure India’s borders and develop infrastructure in remote areas of the north and northeast Indian states.
ii.On 14th March 1960, the Union Cabinet decided to constitute the BorderRoads Development Board (BRDB), under the chairmanship of the Prime Minister.
iii.The BRDB was constituted to coordinate and implement road projects for development and to meet the Defence needs.

• The BRDB was re-constituted in 1985 with the Defence Minister as the chairman.

About Border Roads Organisation (BRO):
Director-General– Lt Gen Raghu Srinivasan
Headquarters– New Delhi, Delhi
Motto– Shramena Sarvam Sadhyam (Everything is achievable through hard work)
>> Read Full News

World Athletics Day 2024 – May 7World Athletics Day is annually celebrated across the globe on 7th May to promote the participation of youths in athletics.  The day aims to raise awareness about the benefits of physical activity and encourage young and school children to take up athletics.

• The annual observance is led by the World Athletics. 
• The theme for World Athletics Day 2024 is “World Mile Challenge”. 

Background:
i.The IAAF, the world governing body for the sport of track and field athletics, introduced World Athletics Day as a social responsibility titled “Athletics for a Better World.”
ii.The 1st ever World Athletics Day was observed on 15th May 1996.
Kids’ Athletics Day 2024 – 7th May 
Kids’ Athletics Day is annually observed across the globe on 7th May to encourage children and young people to play sports, especially athletics.
Kids’ Athletics Day is an important feature of the World Athletics’ Kids’ Athletics programme,
About World Athletics: 
World Athletics (or IAAF) was established on 17 July 1912, in Stockholm, Sweden, following the Olympic Games closing ceremony.
President – Sebastian COE
Headquarters– Monaco
>> Read Full News

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