Daily Current Affairs 17th May, 2024
Daily Current Affairs 17 May 2024 for Banking/Insurance/SSC and other related exams.
NATIONAL NEWS
Inter-Services Organisations (Command, Control & Discipline) Act notified through Gazette Notification
- The Inter-Services Organisations (Command, Control and Discipline) Act has been notified through a Gazette Notification to be enforced with effect from May 10, 2024.
- In order to bolster effective command, control and efficient functioning of Inter-Services Organisations (ISOs), the bill was passed by both the Houses of Parliament during the Monsoon Session of 2023. The Bill received the assent of the President on August 15, 2024.
- The Act empowers Commanders-in-Chief and Officers-in-Command of ISOs to exercise control over Service personnel, serving under them, for effective maintenance of discipline and administration, without disturbing the unique service conditions of each individual Service.
- With the notification, the Act will empower the Heads of ISOs and pave the way for expeditious disposal of cases, avoid multiple proceedings and will be a step towards greater integration & jointness among the Armed Forces personnel.
IDIOT Syndrome
- The internet has revolutionised information access, allowing us to research nearly any topic with a few clicks. This extends to healthcare, with many people turning to online resources to diagnose their ailments. However, a growing concern is the potential for this to backfire, leading to a phenomenon known as “IDIOT syndrome.”
- IDIOT, which stands for “Internet Derived Information Obstruction Treatment,” describes a situation where readily available online information hinders proper medical care.
- A study published in the National Institutes of Health’s journal Cureus highlights this issue. Patients with IDIOT often self-diagnose based on internet searches, leading them to either disregard prescribed treatments or self-medicate with potentially harmful consequences.
NSG holds joint anti-terror mock drills with US special forces
- National Security Guard (NSG) is conducting joint counter-terror mock drills with the US Special Operations Forces (SOF) at multiple locations in Kolkata, to enhance interoperability and coordination between the two special forces.
- The seventh edition of the annual Indo-US joint counter-terrorism exercise ‘Tarkash’ commenced on April 22 at the Kolkata hub of NSG and shall culminate on May 15. The three-week exercise encompassed intense training and mock drills in urban counter terrorism scenarios.
- The joint exercise also involved sharing of best practices, tactics, techniques and procedures over a wide spectrum of counter terror operations in an urban environment including close quarter battle, building intervention drills, hostage rescue operations, surveillance, long range sniping and planning complex operations involving multiple targets in multiple locations.
INTERNATIONAL NEWS
WHO Releases Global Guidelines to Prevent Bloodstream and Other Infections Caused by Catheters
- The World Health Organization (WHO) published the first global guidelines to prevent the occurrence of bloodstream and other infections caused by use of catheters placed in minor blood vessels during medical procedures.
- There is a high risk of introducing germs directly into the bloodstream due to poor practices being carried out in the insertion, maintenance, and removal of these catheters. Introducing these germs can lead to conditions like sepsis and complications in major organs like the brain and kidneys. Additionally, soft tissue infections at the insertion site can occur.
- A press release on the guidelines says that Up to 70% of all inpatients require the use of a catheter inserted into a peripheral vein or artery, also known as peripherally inserted catheters (PIVCs), at some point during their hospital stay.
- People who receive treatments through catheters often are particularly vulnerable to infections, as they might be seriously ill or have low immunity. WHO estimated that between 2000–2018, average mortality among patients affected by health care-associated sepsis was 24.4%, increasing to 52.3% among patients treated in intensive care units.
Times Young University Rankings: MGU tops among Indian varsities
- In a significant achievement, Mahatma Gandhi University in Kottayam has retained its first position among Indian universities in the Times Young University Rankings 2024. This accomplishment follows the university’s rise to the third place in the Times Asia University Rankings.
- As many as two Indian universities have ranked in the top 100 list. The Mahatma Gandhi University, Kerala ranked 81 while Anna University, Chennai is at 96th position. There is an increase in representation and a rise in the ranking positions of many institutions in Turkey, India and Iran.
- Other universities such as Bharathiar University, Coimbatore at 113, Indian Institute of Technology (IIT) Patna (117), Shoolini University of Biotechnology and Management Sciences, Solan (121), IIT Gandhinagar (151), International Institute of Information Technology, Hyderabad (151), Amrita Vishwa Vidyapeetham (163), Indian Institute of Science Education and Research, Pune (165), KIIT University, Bhubaneswar (168), VIT University, Vellore (173), Manipal Academy of Higher Education, Karnataka (175), Saveetha Institute of Medical and Technical Sciences, Chennai (194), Alagappa University, Tamil Nadu, Indian Institute of Science Education and Research Kolkata, Indian Institute of Technology Ropar, Punjab, Indraprastha Institute of Information Technology Delhi, Jamia Hamdard University, Delhi, Jaypee University of Information Technology, Noida, Shri Mata Vaishno Devi University, Jammu, Siksha ‘O’ Anusandhan, Odisha, UPES, Uttarakhand have ranked between 201-250.
- Meanwhile, Amity University, Noida, IIT Mandi, Jawaharlal Nehru Technological University Anantapur (JNTUA), Andhra Pradesh, JSS Academy of Higher Education and Research, Karnataka, Kalasalingam Academy of Research and Education, Karnataka, Lovely Professional University, Punjab, Pondicherry University have ranked between 251-300. Several more universities have achieved various positions.
- Nanyang Technological University, Singapore tops the league table for the second year in a row. Paris Sciences et Lettres – PSL Research University Paris and the Hong Kong University of Science and Technology secured second and third position respectively.
IIM Ahmedabad is India’s best-performing higher institution, check report
- The Center for World University Rankings (CWUR) issued a report that reveals that Indian universities degraded in terms of performance due to global competition from well-funded institutions.
- In the 2024 edition of the Global 2000 list, 64 Indian universities and institutions were featured and the Indian Institute of Management (IIM) Ahmedabad secured the top rank. This year, IIM Ahmedabad’s position improved a bit and it secured 410th rank, at the same time, Indian Institute of Science dropped 7 places and currently positioned itself at 501st position.
- This report disclosed that the improvement in research output is not translated to comparable success in higher education. It shows mixed insights from the ranking ladder where 33 institutions dropped their position, and 32 also improved their position at the same time.
According to the CWUR report, top 10 Indian institutes and their position in the list
- 410 – Indian Institute of Management Ahmedabad
- 501 – Indian Institute of Science
- 568 – Indian Institute of Technology Bombay
- 582 – Indian Institute of Technology Madras
- 606 – Tata Institute of Fundamental Research
- 616 – Indian Institute of Technology Delhi
- 622 – Delhi University
- 704 – Indian Institute of Technology Kharagpur
- 798 – Academy of Scientific & Innovative Research
- 823 – Punjab University
Top 10 Universities in the world – The report ranked 20,966 universities and the top Global 2000 list features higher education institutions from 94 countries.
- Harvard University (US)
- MIT (US)
- Stanford (US)
- Cambridge (UK)
- Oxford (UK)
- Princeton
- Columbia
- Pennsylvania
- Yale
- Caltech
BANKING & FINANCE
RBI’s gold holding increases by 27.46 metric tonnes in FY24, reaching 822.10 metric tonnes mark
- Reserve Bank of India’s gold holding increased by 27.46 metric tonnes in FY24 to 822.10 metric tonnes as at end-March 2024, according to its “Half Yearly Report on Management of Foreign Exchange Reserves”.
- In value terms (USD), the share of gold in the total foreign exchange reserves increased to about 8.15 per cent as at end-March 2024 from about 7.81 per cent as at end-March 2023.
- World Gold Council, in its latest report, noted that the multi-year trend of net central bank buying appears established, but some central banks may well be willing to wait on the sidelines in response to the recent price surge.
- Of RBI’s total gold holdings as at March-end 2024, 408.31 metric tonnes (301.10 metric tonnes as of March-end 2023) were held domestically. While 387.26 metric tonnes (437.22 metric tonnes) of gold were kept in safe custody with the Bank of England and the Bank for International Settlements (BIS), 26.53 metric tonnes (56.32 metric tonnes) were held in the form of gold deposits.
RBI repurchases Rs 2,069 cr worth of bonds, against notified Rs 60,000 cr
- The Reserve Bank of India (RBI) repurchased Rs 2,069 crore worth of government bonds, against the notified amount of Rs 60,000 crore, as banks refused to sell the securities at a loss, said market participants.
- Most of the securities were bought during the COVID-19 pandemic at higher prices and the RBI was not ready to pay at those levels; that’s why they accepted the small amount.
- The securities scheduled for buyback were 6.18 per cent 2024, 9.15 per cent Government Securities (GS) 2024, and 6.89 per cent GS 2025, maturing on November 4, November 14, and January 16, respectively.
- This buyback follows a previous auction on May 9, where the RBI bought back securities worth Rs 10,512.993 crore, significantly less than the announced amount of Rs 40,000 crore.
Tata AIG launches first-of-its-kind satellite in-orbit third-party liability insurance
- Tata AIG General Insurance has introduced the country’s first `Satellite In-Orbit Third-Party Liability Insurance’, targeting the specific needs of satellite operators and manufacturers within the country’s rapidly growing space industry.
- This policy offers coverage for third-party injuries and property damage resulting from satellite operations, complying with global standards and practices.
- With the privatisation of space launches, India aims to quintuple its share in the global launch market, which is expected to reach $47.3bn (Rs3.95trn) by 2032. This anticipated surge in satellite launches underscores the need for risk management solutions within the sector.
SBI General unveils Bima Central: A Revolutionary Step in Customer Experience
- SBI General Insurance Company Limited, one of India’s top general insurance carriers, has partnered with Bima Central, built by CAMS Insurance Repository, to launch industry-first policyholder servicing platform, Bima Central.
- This platform enables consumers to aggregate their insurance portfolios via an electronic Insurance Account (eIA) and manage them effortlessly through a single digital portal, BIMA Central.
- For the first time in the market, SBI General Insurance customers with an eIA through CAMS Rep Bima Central will have immediate access to their insurance portfolio via the SBI General Insurance Mobile App. They can also access these services using the Bima Central app.
- SBI General Insurance has built two-way connectivity with Bima Central, giving policyholders a single, integrated view of aggregated insurance benefits for eIA holders. The software offers a comprehensive insurance protection and investment perspective, allowing users to visualise their assets.
Quant Mutual Fund gets RBI nod to hike stake in RBL Bank
- The Reserve Bank has allowed Quant Mutual Fund to hike its stake in RBL Bank to 9.98 per cent, according to a regulatory filing.
- The approval granted is subject to certain conditions and provisions under the Banking Regulation Act, 1949, among others.The shareholding has to be increased by May 12, 2025, it said.
ADB approves $148 mn loan to improve power supply in Sikkim
- Asian Development Bank (ADB) has approved a USD 148.5 million loan to help modernise and enhance the reliability, quality and resilience of electricity supply in Sikkim.
- This project fully supports Sikkim’s Power for All initiative, ensuring round-the-clock uninterrupted access to quality electricity for households, industries, businesses, and the public.
- The project will modernise Sikkim’s power distribution system by upgrading it with approximately 770 kilometres of climate-resilient medium-voltage underground and/or covered conductors.
BUSINESS & ECONOMY
India’s internet economy likely to reach $1 trillion by 2030: Experts
- India’s internet economy is estimated to reach $1 trillion by 2030, primarily due to e-commerce, which is expected to be worth $325 billion and rank third globally, according to industry experts.
- Last year marked a crucial turning point for India’s e-commerce sector, with notable changes in consumer trends, technology, and regulations. InGovern Research Services, a leading corporate governance advisory firm, hosted a virtual roundtable to deliberate on the notable developments in India’s e-commerce sector in 2023, with a particular focus on the essential role of customer trust in fueling its ongoing expansion.
- Shriram Subramanian, Founder and MD of InGovern Research Services, said as India becomes a $5 trillion economy, e-commerce will continue to annually grow at about 25 per cent per annum from $60 billion in FY23.
UN revises India’s 2024 growth forecast to 6.9%
- The United Nations has revised India’s growth projections for 2024, and has projected the economy to expand by close to 7 per cent this year. The agency’s World Economic Situation and Prospects (WESP) report as of mid-2024, released, stated that India’s economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025.
- Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly.
- The UN in January had projected a growth rate of 6.2 per cent, which has now been revised upwards. The projection for 2025 at 6.6 per cent remains unchanged.
China’s April industrial output rises 6.7% as manufacturing gathers pace
- China’s industrial output grew 6.7 per cent year-on–year in April, accelerating from the 4.5 per cent pace seen in March, as the recovery in the manufacturing sector gathered pace. The official data released by the National Bureau of Statistics (NBS) came above a 5.5 per cent increase in a Reuters poll of analysts.
- However, retail sales, a gauge of consumption, rose 2.3 per cent in April, slowing from a 3.1 per cent increase in March. Analysts had expected retail sales to grow 3.8 per cent.
- Fixed asset investment expanded 4.2 per cent in the first four months of 2024 from the same period a year earlier, versus expectations for a 4.6 per cent rise. It grew 4.5 per cent in first three months.
FIEO pegs FY25 goods exports at $500-510 billion
- Merchandise exports from India may grow to $500-510 billion in the current financial year (FY25) after witnessing a 3 per cent contraction in the last financial year (FY24), Federation of Indian Export Organisations (FIEO), the apex body for exporters.
- Services exports could be worth $390-400 billion, pushing the country’s total exports to around $890-910 billion, FIEO President Ashwani Kumar told reporters.
- This will be driven by sectors such as engineering, and advertising services, among others. Expansion of the global capability centre and their businesses are expected to further push exports. India’s total exports stood at $778 billion in FY24.
- India’s traditional export markets such as the United States (US) and Europe will drive the growth. Demand for technology-driven sectors like electronics, machinery, high and medium technology, pharmaceuticals, medical and diagnostic equipment, among others, are expected to be robust.
ReNew inks MoU with Societe Generale for USD 1 billion finance support
- ReNew has signed a memorandum of understanding (MoU) with Societe Generale, to support the financing and development of the company’s various strategic energy transition projects both in India and globally.
- Under the MoU, which references up to USD1 billion of support over the next three years, primarily including debt financing and advisory solutions, both parties will leverage their respective expertise to strengthen the collaboration on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage and solar modules manufacturing.
SPORTS
Toulouse Spoil PSG Title Celebrations, Monaco Clinch Champions League Spot
- Paris St Germain were left stunned after they were beaten 3-1 by Toulouse, with the newly-crowned champions slumping to only their second Ligue 1 defeat this season.
- Luis Enrique’s side struggled for form after their midweek Champions League semi-final loss to Borussia Dortmund and remain on 70 points from 32 games, six clear of second-placed AS Monaco with two games remaining.
- Kylian Mbappe, who confirmed that he will leave PSG at the end of the season, opened the scoring after eight minutes with a fine finish into an open goal following a pinpoint clearance from goalkeeper Arnau Tenas.
APPOINTMENTS
Lawrence Wong sworn In as Singapore’s New Prime Minister in 20 Years
- Lawrence Wong has been sworn in as Singapore’s first new prime minister in 20 years and only its fourth leader since independence, capping a carefully calibrated power transfer aimed at ensuring continuity in the wealthy city-state.
- Wong, 51, comes from a crop of so-called “4G” leaders, a new generation of politicians handpicked by the long-ruling People’s Action Party (PAP) to take over the reins of the key Asian trade and financial centre.
- Wong is the first Singaporean leader born after its independence in 1965. He will retain his current position as finance minister and takes charge of a country led for 20 years by Lee Hsien Loong, the 72-year-old son of Lee Kuan Yew, the founder of modern Singapore, who stayed in politics until his death in 2015.
IIFL Securities appoints Nemkumar as managing director
- Financial Services firm IIFL Securities Ltd said that it has appointed Nemkumar H as managing director for five years. He would replace R Venkataraman, currently the chairman and managing director, from May 15, 2024.
- R. Venkataraman is currently the Chairman and Managing Director of the company. His tenure as Managing Director is due to expire on May 14, 2024. Venkataraman has decided not to seek renewal of his term as Managing Director. However, Venkataraman shall continue as the Chairman & Non-Executive Director on the Board of the Company.
- Nemkumar, a rank holder Chartered Accountant, is a founding member of IIFL’s Institutional Equities business. He joined IIFL in 2007 to scale up the Institutional Equities business and under his leadership, IIFL has emerged as one of the leaders in the segment.
UNDP Administrator Appoints Alain W. Noudéhou as the new Executive Director of the UN Multi– Partner Trust Fund Office (MPTFO)
- United Nations Development Programme Administrator Achim Steiner announced the appointment of of Alain Noudéhou of Benin as the new Executive Director of the UN Multi – Partner Trust Fund Office (MPTFO). Mr. Noudéhou succeeds Jennifer Topping of Canada, who will complete her assignment by the end of May 2024.
- Mr. Noudéhou brings to the position extensive experience in international development and humanitarian affairs. Most recently, he has been serving as Deputy Special Representative of the UN Secretary General in the United Nations Multidimensional Integrated Stabilization Mission in Mali (MINUSMA) and UN Resident Coordinator and Humanitarian Coordinator in Mali.
- Before that, he was the Deputy Special Representative of the UN Secretary General in the United Nations Mission in South Sudan (UNMISS), and Resident Coordinator and Humanitarian Coordinator in South Sudan.
AWARDS
Ruskin Bond awarded Sahitya Akademi Fellowship
- Eminent author Ruskin Bond has been awarded the Sahitya Akademi Fellowship, the highest honour given by the literary organisation.
- Due to Bond’s ill health, the prestigious award was presented to him at his Mussoorie home by Sahitya Akademi President Madhav Kaushik and Secretary K. Sreenivasarao, in the presence of his son.
- Ruskin Bond’s literary contributions have transcended boundaries, with adaptations of his stories airing on Doordarshan as the TV serial Ek Tha Rusty.
- Bond’s literary prowess has been recognized with numerous accolades, including the Padma Shri in 1999 and the Padma Bhushan in 2019. He was also honoured with the Sahitya Akademi Bal Sahitya Puraskar in 2012 for his contributions to children’s literature.
Forbes 30 Under 30 Asia: Indian entrepreneurs shine among 300 trailblazers
- Forbes released its ninth edition of the “30 Under 30 Asia” list celebrating 300 young entrepreneurs, leaders, and trailblazers under 30 who are driving innovation and transforming industries across the Asia-Pacific region.
Here’s a list of Indians who made it to the Forbes list:
Consumer Tech
1) Oshi Kumari, Deyvant Bhardwaj, and Arth Chowdhary – InsideFPV
2) George Francis – Conzumex Industries
3)Kush Jain – ORama AI
4) Harshit Jain and Abhik Saha – OnePlay
Industry, Manufacturing & Energy
1)Akshit Bansal and Raghav Arora – Statiq
2) Gautham Maheswaran and Arun Sreyas – RACE Energy
Finance and Venture Capital
1)Aniket Damle – Blackstone
2)Yeshu Agarwal – Transak
3)Srinivas Sarkar and Kushagra Manglik – Coupl
- Other notable individuals featured in the 2024 list include K-pop girl band Ive, Singaporean track and field athlete Veronica Shanti Pereira, Japan’s youngest mayor Ryosuke Takashima of Ashiya City, and many others.
- This year’s list represents a diverse group from 21 countries and territories across the Asia-Pacific region, with India leading with 86 entries, followed by China and Japan with 32 each, Singapore with 27, Australia with 26, and Indonesia with 18.
SCIENCE & TECHNOLOGY
NASA plans to build first railway station system on moon
- The American space agency National Aeronautics and Space Administration (NASA) has announced that it plans to build a robot train on the moon, for which it will be sending its astronauts to the Earth’s only natural satellite.
- The space agency proposed the details of its project named Flexible Levitation on a Track (FLOAT), which would provide reliable, autonomous and efficient transportation on the moon.
- NASA said that the transportation would be critical to the daily operations of a sustainable lunar base in the 2030s, like the Robotic Lunar Surface Operations 2 (RLSO2).
- NASA said that it would use unpowered magnetic robots which would levitate a three-layer flexible film track to prevent abrasion from lunar surface’s dust.
Japan introduces world’s first 6G prototype device
- The first high-speed 6G prototype gadget in the world has been unveiled by a Japanese consortium. It is capable of sending data over 300 feet at a speed of 100 gigabits per second (Gbps). That outperforms the existing 5G technology by 20 times.
- Leading telecom businesses in Japan, including DOCOMO, NTT Corporation, NEC Corporation, and Fujitsu, collaborated to create the prototype gadget.
- The prototype device can attain speeds of 100 Gbps indoors using the 100 gigahertz (GHz) band and outdoors using the 300 GHz band. The consortium reported the successful test findings on April 11.
OBITUARIES
Hindi writer Malti Joshi passes away
- Renowned Hindi writer Malti Joshi passed away at her residence in New Delhi. She was 90 and battling esophagus cancer.
- She was a prolific writer who wrote in Hindi and Marathi. However, she is best known for her Hindi literature works. In the early stages of her writing, Malti Joshi wrote poems, and in college she was famous as Meera of Malwa. She was awarded Padam Shri in 2018.
- She has also written novels and auto-memoirs. Patakshep, Sahcharini, Shobha Yatra, Raga Virag, etc., are prominent among the novels. At the same time, she also wrote a song collection, Mera Chhota Sa Apnapan. She also wrote a memoir autobiography called Is Pyaar Ko Kya Naam doon.
Veteran filmmaker Roger Corman, king of B movies, passes away
- Roger Corman, who is also known as the ‘King of the Bs’, and gave many of Hollywood’s most famous actors and directors early breaks, died at 98.
- Starting in 1955, Corman helped create hundreds of B-movies as a producer and director, among them “Black Scorpion,” “Bucket of Blood” and “Bloody Mama.”
- A remarkable judge of talent, he hired such aspiring filmmakers as Francis Ford Coppola, Ron Howard, James Cameron and Martin Scorsese. In 2009, Corman received an honorary Academy Award.
Assam activist Birubala Rabha passes away
- Assam-based social activist Birubala Rabha, who campaigned against witch hunting in the state, died in Guwahati after battling with cancer.
- She was honoured with the Padma Shri award by the central government in 2021 and nominated for the Nobel Peace Prize in 2005. She played an important role in the passing of the Prevention of and Protection from Witch Hunting Act in 2015
- Her crusade against witch hunting began when her son became a victim of it and died. Locals isolated the family for three years after which she began her fight and saved more than 50 people across Assam.
- Her projects including ‘1000 Women’ and ‘Mission Rabha’ also received popularity in the country and social activists from across the nation.
BOOKS & AUTHORS
At The Wheel of Research: An Exclusive Biography of Dr Soumya Swaminathan
- The book titled ‘At The Wheel of Research: An Exclusive Biography of Dr Soumya Swaminathan’ written by Anuradha Mascarenhas has been released recently.
- The book chronicles Dr Swaminathan’s journey from an aspiring scientist to a global trailblazer. As described in the book, she had won the All-India Science Talent Competition in high school. Working on a project at a genetic lab at Calcutta, she encountered her Eureka moment when she looked under a microscope to find a chromosomal abnormality in the blood of a girl with delayed puberty, getting her interested in research.
- The biography also highlights the role Dr Swaminathan played at WHO, where she first worked as Deputy Director General for Programmes and later as the first Chief Scientist during a period which coincided with the Covid-19 pandemic.