Daily Current Affairs 8th May, 2024
Daily Current Affairs 8 May 2024 for Banking/Insurance/SSC and other related exams.
NATIONAL NEWS
Secretary, Department of Pharmaceuticals launches the MEDITECH STACKATHON 2024 in collaboration with CII at New Delhi
- Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers Dr Arunish Chawla, launched the MEDITECH STACKATHON 2024 in collaboration with CII in New Delhi.
- The MEDITECH STACKATHON is a groundbreaking initiative designed to catalyze transformative change within India’s burgeoning MedTech sector by undertaking a comprehensive value chain analysis of select medical devices.
- Through close consultation with industry leaders, policymakers, and experts, the STACKATHON aims to address critical challenges, foster domestic manufacturing, and reduce import dependence, thereby positioning India as a global leader in medical technology.
- Addressing the gathering, Dr Arunish Chawla said that India’s MedTech industry holds immense potential, with projections estimating a growth rate of 28% annually, reaching a size of USD 50 billion by 2030. He said that currently, India is the 4th largest market for medical devices in Asia and among the top 20 globally. Net imports for 2022-23 stands at USD 4101 Million with import coverage ratio of 0.45.
IAF takes delivery of second C295 transport aircraft
- The Indian Air Force (IAF) has taken the delivery of its second C-295 aircraft from Airbus in Spain, and the ₹21,935-crore project to modernise the IAF’s transport fleet is moving at the desired pace, officials aware of the matter said.
- IAF inducted its first C-295 transport aircraft at a ceremony attended by defence minister Rajnath Singh, IAF chief Air Chief Marshal VR Chaudhari and other top officials at the Hindan air base last September.
- The planes will boost the air force’s logistics capabilities to meet mission requirements in forward areas and replace its ageing fleet of Avro transport aircraft that entered service in the early 1960s.
- In September 2021, the defence ministry signed the ₹21,935-crore contract with Airbus for 56 planes to boost self-reliance in defence. Tata Advanced Systems Limited and Airbus are jointly executing the programme. The European plane maker will deliver 16 planes in flyaway condition, while the rest will be assembled in India at a Tata facility in Gujarat’s Vadodara city.
INTERNATIONAL NEWS
Nepal to introduce new Rs 100 currency note featuring disputed territories with India
- Nepal has announced the printing of a new Rs 100 currency note with a map that shows the controversial territories of Lipulekh, Limpiyadhura and Kalapani, already termed as “artificial enlargement” and “untenable” by India.
- The cabinet approved to re-design the banknote of Rs 100 and replace the old map printed in the background of the bank note during the cabinet meetings held on April 25 and May 2.
- On June 18, 2020, Nepal completed the process of updating the country’s political map by incorporating three strategically important areas Lipulekh, Kalapani and Limpiyadhura areas by amending its Constitution, something that India reacted sharply, calling it a “unilateral act” and terming as “untenable” the “artificial enlargement” of the territorial claims by Nepal.
Ukraine unveils AI-generated foreign ministry spokesperson
- Ukraine presented an AI-generated spokesperson called Victoria who will make official statements on behalf of its foreign ministry. The ministry said it would “for the first time in history” use a digital spokesperson to read its statements, which will still be written by humans.
- Dressed in a dark suit, the spokesperson introduced herself as Victoria Shi, a “digital person”, in a presentation posted on social media. The figure gesticulates with her hands and moves her head as she speaks. The spokesperson’s name is based on the word “victory” and the Ukrainian phrase for artificial intelligence: shtuchniy intelekt.
- The foreign ministry’s press service said that the statements given by Shi would not be generated by AI but written and verified by real people. It’s only the visual part that the AI helps us to generate.
Arabian Travel Mart 2024: Ministry Of Tourism Launches ‘Cool Summers Of India’ Campaign In Dubai
- In a bid to strengthen India’s presence in the Middle East tourism market, the Ministry of Tourism is participating in Arabian Travel Mart 2024, being held in Dubai from May 6 to 9, 2024. Aligning with it, ‘Incredible India’ pavilion was inaugurated aiming to capture the entirety of the UAE market. The campaign seeks to promote India as a holistic destination throughout the year.
- India’s participation in the Arabian Travel Mart 2024 holds immense potential for the tourism industry and the economy at large. The event provides a platform for Indian tourism players to exhibit their offerings, forge alliances within the industry, and attract visitors from the MENA region. This, in turn, is expected to bolster revenue generation and foster job creation within the tourism sector.
- The Indian delegation comprising tour operators, luxury hotels, wellness resorts, and the Indian Railway Catering and Tourism Corporation, India is poised to showcase itself as a 365-day destination.
BANKING & FINANCE
ADB, Citi Sign Agreement to Support SMEs and Boost Trade Through Supply Chain Financing
- The Asian Development Bank (ADB) and Citi have partnered to sign a master risk participation agreement to enhance access to supply chain financing for small and medium-sized enterprises (SMEs) and support more than $100 million in additional annual trade across Asia and the Pacific.
- The agreement was signed between ADB’s Trade and Supply Chain Finance Program (TSCFP) and Citibank North America. Enabling more SMEs across developing Asia to access Citi’s supply chain finance offering though ADB’s TSCFP.
- This partnership harnesses Citi’s expansive network and origination capabilities alongside ADB’s extensive presence in the Asia Pacific region’s developing countries, amplifying the developmental impact of trade and supply chain finance.
97.76% of ₹2,000 bank notes already returned, says RBI
- The Reserve Bank of India (RBI) said 97.76 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,961 crore worth of the withdrawn notes are still with the public.
- The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of the high value banknotes was announced, has declined to Rs 7,961 crore at the close of business on April 30, 2024. The ₹2000 banknotes continue to be legal tender.
RBI lowers margin funding limits to 30% from 50%
- Following the reduction in trade settlement time from T+2 to T+1 and T+0 for select equities by stock exchanges, the Reserve Bank of India (RBI) has decreased the maximum risk for custodian banks issuing irrevocable payment commitments (IPCs) from 50% to 30%.
- This decision is based on the assumption of potential downward price movements of equities purchased by foreign institutional investors/mutual funds over two successive days from the trade date.
- The RBI’s decision is a result of the review of risk mitigation measures originally prescribed in a December 2011 circular, which were based on T+2 rolling settlement for equities. With the introduction of T+1 rolling settlement by stock exchanges, the guidelines on IPC issuance have been reassessed.
- Under the revised guidelines, the maximum intraday risk for banks issuing IPCs is determined as capital market exposure at 30% of the settlement amount, considering a 20% downward price movement of equities on T+1. An additional margin of 10% is added to account for further potential downward price movement.
GetVantage becomes first RBF start-up to get NBFC licence
- GetVantage, a start-up providing revenue-based finance (RBF) to emerging businesses, has secured a non-banking financial company (NBFC) license from the Reserve Bank of India (RBI), becoming the first RBF and alternative funding platform in the country to do so.
- GetGrowth Capital, the NBFC arm of GetVantage will manage the lending operations. GetVantage, which is backed by investors including Chiratae Ventures, Varanium, InCred, DMI, and Japanese Investors like Sony and DI, will capitalise the NBFC with Rs 50 crore and aims to raise a cumulative amount of Rs 200 crore to scale its lending operations.
- The company is on track to hit annual disbursements of over Rs 500 crore in short-term working capital finance and help over 1,000 emerging SMEs across India with funding in the next 18 months.
BUSINESS & ECONOMY
CCI approves acquisition of additional shares in Sikkim Urja Limited (formerly Teesta Urja Limited) by Greenko Energies Private Limited
- The Competition Commission of India (CCI) has approved the acquisition of additional shares in Sikkim Urja Limited (formerly Teesta Urja Limited) by Greenko Energies Private Limited.
- Sikkim Urja Ltd is a special purpose vehicle incorporated for the purpose of the implementation of the 1,200 megawatt hydropower project in North Sikkim.
- GEH is an investment holding company, having its investments in a portfolio of companies engaged in the power generation sector in India.
- The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Share of consumer spend on health, transport, eduction up by record 26.9%
- India’s private consumption patterns have seen a shift in the last fiscal year, with transport, health, and education contributing to 26.9% of total expenditure. This is the highest level since the new series in FY12.
- Vehicle purchases reached an 11-year high in FY23, with transport accounting for 17.3% of private consumption. Services have been accounting for a larger share of consumption as the country moves to higher per capita income.
SPORTS
Real Madrid wins its record-extending 36th Spanish league title
- Real Madrid clinches its 36th La Liga title after defeating Cadiz 3-0 and benefiting from Barcelona’s loss to Girona.
- With an unassailable lead of 13 points over nearest rival Girona, Real Madrid secures the championship with four games remaining in the season.Madrid now has a chance to add to its unequaled 14 European Cups.
- Madrid hosts Bayern with their Champions League semifinal evenly balanced after a 2-2 first-leg draw in Germany. Either Paris Saint-Germain or Borussia Dortmund will await the winner in the June 1 final.
Mumbai City FC clinch their 2nd ISL title after beating Mohun Bagan
- Mumbai City FC secured their second ISL title as they defeated Mohun Bagan SG 3-1 in the final played at the Salt Lake stadium in Kolkata .
- Goals from Jorge Diaz, Bipin Singh and Jakub Vojtus completed the turnaround for Mumbai, who would silence the crowd in Kolkata to clinch the title.
- Mohun Bagan had taken the lead in the dying moments of the first half through Jason Cummings before Mumbai City FC turned the game on its head in the second 45 minutes. This forced Mohun Bagan to go on the offensive in the final moments of the game, which saw them concede late in the game as Vojtus made them pay.
Bangladesh gear up to host ICC Women’s T20 World Cup 2024
- Excitement is building as the International Cricket Council (ICC) unveiled the fixture schedule for the ninth ICC Women’s T20 World Cup, which will take place in Bangladesh from October 03 to 20, 2024.
- With 23 matches featuring the top 10 women’s teams, the tournament promises to be a thrilling spectacle for cricket fans worldwide. Prior to the main event, Bangladesh will participate in two warm-up matches in Savar, facing New Zealand on September 28th and India on September 30th.
- The opening match will see 2023 runners-up South Africa face England, setting the stage for 18 days of competitive cricket. Host nation Bangladesh will begin their campaign against Qualifier 2 on the opening day in Dhaka, aiming for a strong start in front of their home crowd.
Bajrang Punia handed provisional ban, wrestler alleges NADA officials brought ‘expired kit’ to take sample
- Wrestler Bajrang Punia was handed a provisional suspension for refusal to give his sample for dope test during recent trials.
- He was handed the provisional suspension on April 23 by the National Anti Doping Agency (NADA) and was asked to reply by May 7 to avoid further disciplinary action.
- The Wrestling Federation of India (WFI) alleging that NADA kept it “in dark” on the development, it is planning to write to World Anti-Doping Agency (WADA) on the matter.
- The trials to pick the men’s national team for the Asian Olympic Qualifiers in Bishkek were held in Sonepat on March 10 and Bajrang had walked off the venue without providing his urine sample after losing his bout.
Asha Sobhana becomes oldest Indian to make T20I debut; Harmanpreet Kaur plays 300th international game
- Indian cricket Asha Sobhana set an incredible record during the fourth T20I match against Bangladesh women’s cricket team. At the age of 33 years and 51 days, Sobhana made her T20I debut at the Sylhet International Cricket Stadium in Bangladesh. With this, she became the oldest Indian women’s cricketer to make her debut in T20I cricket.
- Sobhana surpassed the previous record held by Seema Pujare who had achieved the feat at the age of 32 years and 50 days against Australia in Sydney back in October 2008. Sobhana’s impressive series of performances in the Women’s Premier League (WPL) helped her in securing the maiden cap.
- Harmanpreet Kaur produced a Player of the Match performance on her 300th international appearance as India grabbed their fourth consecutive victory in the five-match T20I series in Bangladesh at the Sylhet International Cricket Stadium. Kaur, who made her India debut in March 2009, has become the second-ever Indian women’s player to feature in 300 International matches.
- The game marks Harmanpreet Kaur’s 300th International game as she joins Mithali Raj as the only two Indians to have played over 300 games. Former skipper Mithali was part of 333 matches across formats in her glittering 23-year career. Kaur is overall the fifth player to feature in over 300 matches in women’s cricket.
India wins four gold, two bronze in Asian Open Pickleball C’ship in Vietnam
- The Indian team ended its campaign in the Asian Open Pickleball Championship Vietnam 2024 with four gold and two bronze medals, the All-India Pickleball Association (AIPA) informed. With a strong contingent of 35 individuals, AIPA played a pivotal role in supporting and nurturing India’s talent on the international stage.
- In the highly competitive team event, which featured two men’s doubles, one mixed doubles and one women’s doubles, Team India showed exceptional skills and teamwork, securing the gold medal and cementing their dominance in the sport.
- In the 35+ and 35+ mixed doubles category, Sachin Pahwa and Priyanka Chhabra showed remarkable resilience and determination, clinching the gold medal after a thrilling battle against Ruben Hellberg and Chitlada Hemasee with a score of 11-9, 5-11, 11-9.
- Continuing their winning streak, Isha Lakhani and Pei Chuan Kao achieved victory in the women’s doubles open category, capturing the gold medal with an impressive performance against Dang Kim Ngan and Tyak K, recording a resounding victory with a score of 15- 7 and 15-3.
- In the men’s doubles, Aniket Patel and Rohit Patil showed exceptional grit and skill as they defeated Nik Alessandro Isagan and Lester Ga in a closely fought match to claim the gold medal.
- Vijay Menon showcased his prowess in the men’s singles 35+ category, securing a bronze medal by defeating Yu Hsuan Cher, while Priyanka Chhabra added to her accolades by winning bronze in the women’s singles 35+ category, beating Marissa Phongsirikul.
APPOINTMENTS
Gurgaon admin ropes in cricketer Chahal, singers MD Desi Rockstar and Naveen Punia to boost voter turnout
- Amid poll boycotts and apprehension over low voting rates among urban voters, the Gurgaon administration has announced cricketer Yuzvendra Chahal as its brand ambassador for the election.
- Officials said the popular bowler will appeal to voters to exercise their rights. Haryanvi singers MD Desi Rockstar and Naveen Punia have also been picked as brand ambassadors.
- Haryana will vote in the sixth phase of the 2024 Lok Sabha elections on May 2.
Vladimir Putin Sworn In For New Six-Year Term As Russia’s President
- Vladimir Putin was sworn in for a new six-year term as Russia’s President at a ceremony inside the Grand Kremlin Palace in Moscow.
- Already in office for nearly a quarter-century and the longest-serving Kremlin leader since Josef Stalin, Putin’s new term doesn’t expire until 2030, when he will be constitutionally eligible to run again.
- Putin in March this year had won a landslide victory in a tightly controlled election. Since succeeding President Boris Yeltsin in the waning hours of 1999, Putin has transformed Russia from a country emerging from economic collapse to a major player in the global stage.
AWARDS
The Hindu wins three awards at 6th International Newspaper Design Competition
- The Hindu’s explainer page on Neeraj Chopra’s craft and success, “The science behind Neeraj’s skills”, published on September 3, 2023, has won three awards at the 6th International Newspaper Design Competition organised by newspaperdesign.in.
- The Hindu won the ‘Best of show’ award; ‘Gold’ in the ‘Best of Sports Page’ category; and an award of excellence in the ‘Best of Double Spread’ category.
- The judges noted that the “standout sports page of the competition was layered with information organised on a simple grid around world-class illustrations” and every part of this page informs and engages readers.
Ajrakh from Kutch gets GI tag
- Ajrakh, one of the most popular traditional fabric printing techniques, has been granted the GI (Geographical Indication) Tag. Ajrakh is a famous textile craft from Gujarat, whose origins can be traced back to the Indus Valley Civilization.
- This remarkable achievement celebrates the intricate textile craft that has been deeply rooted in the vibrant region of Kutch for centuries.
- Ajrakh is a textile craft that holds a revered place in the cultural tapestry of Gujarat, particularly in the regions of Sindh, Barmer, and Kutch, where its legacy spans millennia. The art of Ajrakh involves a meticulous process of hand-block printing on treated cotton cloth, culminating in intricate designs infused with rich symbolism and history.
- The creation of Ajrakh textiles involves a laborious process where the fabric undergoes a washing cycle eight times. The fabrics are treated with vegetable and mineral colors, ensuring their vibrant hues and longevity.
OBITUARIES
Frank Shrontz, former CEO and chairman of Boeing, passes away
- Frank Anderson Shrontz, the former chief executive officer and chairman of planemaker Boeing and part owner of the Seattle Mariners baseball team, has died. He was 92.
- Shrontz served in the Department of Defense in the Richard Nixon and Gerald Ford administrations during his brief tenure outside company, including as assistant secretary of the Air Force, before rejoining the planemaker in 1977.
- During his tenure at Boeing, Shrontz oversaw an era of great innovation and growth for the aviation giant. Though he was not an engineer by training, he encouraged the development of new aircraft like the breakthrough Boeing 777 long-range jet and upgrades to the company’s famous 747 jumbo jet and 737 models.
IMPORTANT DAYS
BRO celebrates 65th Raising Day, to soon commence construction of Shinkun La Tunnel
- The Border Roads Organisation (BRO) celebrated its 65th Raising Day on May 7, with Defence Secretary Giridhar Aramane emphasizing the need for the organization to adopt the latest technology and techniques for faster project completion.
- The defence ministry in a statement said the BRO will soon commence the construction on 4.10-km long Shinkun La Tunnel. Once completed, this tunnel will become the world’s highest tunnel at 15,800 ft bypassing Mila Tunnel in China at 15,590 ft.
- The event also witnessed the unveiling of a compendium on Sela Tunnel as well as some books, including, ‘Oonchin Sadaken’, ‘Path Pradarshak’ and ‘Path Vikas’ by the defence secretary, the ministry said.
- Defence Secretary Giridhar Aramane, gave away ‘Excellence Awards’ to the BRO personnel for the year 2023-24 and felicitated the women achievers of the organisation. The casual paid labourers, who worked in various projects such as Sela Tunnel as well as during Sikkim floods were also felicitated.