NATIONAL UPDATES:
1. Mines Ministry organizes Workshop on Granites and
Marble Mining: Ministry of Mines organized a workshop
on Granite and Marble mining in Bengaluru. V L Kantha Rao addressed the
inaugural session of workshop. Additional Chief Secretary & Development
Commissioner, Government of Karnataka, Dr. Shalini Rajneesh delivered the
keynote address on the occasion. This initiative, driven by data collected from
central agencies, aims to enhance transparency and efficiency in the mining
sector.
2. Sourav Ganguly became Chief Guest for Supply Chain
Conference 2024: Sourav
Ganguly, ex-BCCI President, has been named the Chief Guest for the International Procurement and Supply Chain
Conference in Mumbai, 2024. The conference will host 400+
delegates, focusing on “India Tomorrow: Economic Supremacy” to enhance India’s
economy. The prestigious IPSC Awards 2024 will be presented, recognizing
excellence in supply chain management.
3. Government raises Retirement & Death Gratuity
Limits to 25 Lakh: The maximum limit of retirement gratuity and
death gratuity has been revised by the government
from 20 lakh to 25 lakh rupees. Ministry of Personnel, Public Grievances
and Pensions has issued an official memorandum in this regard. The revised
limit will come into effect from 1st January 2024.
4. Shah Rukh Khan appoints brand ambassador of Muthoot
Pappachan Group: Muthoot
Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh Khan as its brand ambassador.
This strategic collaboration represents a significant milestone for MPG,
reinforcing its brand presence, and a new way of connecting with a diverse
audience across the country. Muthoot Pappachan Group is the promoter of leading
NBFCs including Muthoot FinCorp Limited (flagship Company of the Group),
Muthoot Microfin Limited, Muthoot Capital Services Limited and Muthoot Housing
Finance Company Limited. Chairman of the Muthoot Pappachan Group – Thomas John
5. IRDAI approves Sandeep Batra as ICICI Prudential Board
chairman: The Insurance Regulatory and Development
Authority of India (IRDAI) has approved the appointment of Sandeep Batra, as
Chairman of the Board of Directors of ICICI Prudential. The appointment of
Batra will be effective from June 30, 2024. Batra has been associated with
ICICI group since September 2000 and is currently an Executive Director on the
Board of ICICI Bank since July 2018, incharge of Corporate Centre. Batra has
also served as Executive Director, CFO at ICICI Prudential life and Group
Compliance officer at ICICI Bank.
INTERNATIONAL UPDATES:
1. NHAI launches initiative to attract the UAE’s
investments for India’s highway expansion: The National Highways Authority of India (NHAI) has
launched an initiative to monetize
its infrastructure, seeking investments from the UAE to sustain and
enhance India’s expanding national highway network. NHAI’s delegation is
conducting high-level meetings and roadshows in Dubai and Abu Dhabi to attract
foreign investment via NHAI Infrastructure Investment Trusts (InVITs). At a
Dubai roadshow with the Consulate General of India and SBICAPS UAE, Yadav
highlighted India’s highway expansion from 70,000 to 140,000 kilometres in a
decade, driven by significant government investment.
2. 31 May – World No-Tobacco Day: World No-Tobacco Day is
observed every year on 31 May.
Objective – To raise awareness about the dangers of tobacco use and advocate
for effective policies to reduce consumption. Theme 2024 – Protecting Children
from Tobacco Industry Interference In 1987, Member States of the World Health
Organization designated 31 May as World No Tobacco Day. This was done to draw
attention to the global tobacco epidemic, and the preventable death and disease
it causes.
OTHER UPDATES:
DEFENCE
1. Armed Forces Medical Services & IIT Hyderabad ink
MoU for Collaborative Research and Training: The
Armed Forces Medical Services (AFMS) has signed an MoU with
the Indian Institute of Technology (IIT) Hyderabad to collaborate on
research and training. The MoU aims to foster innovation and research in
developing novel medical devices and addressing health issues specific to
soldiers serving in varied terrains. IIT Hyderabad, with its departments of
Biotechnology, Biomedical Engineering, and Bioinformatics, will provide the
necessary technical expertise to tackle the diverse medical challenges faced by
the Armed Forces.
SCIENCE AND TECHNOLOGY
1. South Korea launches its First Space Agency: The Asian Development Bank (ADB) has sanctioned $6 billion in
sovereign lending to India in the calendar year 2023. The loan sanctioned by
ADB in 2023 will be used to finance urban development projects, promote the
power sector, support industrial corridor development, support horticulture,
enhance connectivity and build India’s climate resilience. Sovereign means
supreme power, and in India the government of India is sovereign. Thus, a
sovereign loan means a loan given to the government of India. It includes a
loan the ADB gives for a project in a particular state.
2. Agnikul launches Agnibaan with India’s first
3D-printed rocket engine: India’s private space industry, Agnikul Cosmos successfully
launched its SOrTeD mission, a single-stage launch vehicle demonstration
powered by a semi-cryogenic 3D-printed engine. The mission, which lasted
approximately two minutes, marked a major achievement for the company and the
country in the development of indigenous space technology. The mission featured
a 6.2-meter-tall single-stage launch vehicle with an elliptical nose cone and
was equipped with advanced avionics architecture and autopilot software
developed in-house. The Agnilet engine, the world’s first single-piece
3D-printed semi-cryogenic rocket engine, powered the vehicle.
BANKING AND FINANCE
1. RBI imposes Rs 36.38 lakh penalty on HSBC for
violating Fema regulations: The Reserve
Bank has imposed a fine of Rs 36.38 lakh on foreign lender HSBC for
Foreign Exchange Management Act (FEMA) violations. The central bank said
reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999
were not followed by HSBC.
2. ADB approves $2.6 billion in Sovereign lending to
India in 2023: The Asian Development
Bank (ADB) has sanctioned $6 billion in sovereign lending to India in the
calendar year 2023. The loan sanctioned by ADB in 2023 will be used to finance
urban development projects, promote the power sector, support industrial
corridor development, support horticulture, enhance connectivity and build
India’s climate resilience. Sovereign means supreme power, and in India the
government of India is sovereign. Thus, a sovereign loan means a loan given to
the government of India. It includes a loan the ADB gives for a project in a
particular state.
3. Capital Small Finance Bank, ICICI Lombard enter into
bancassurance tie-up: Capital Small Finance Bank (CSFB) has forged a bancassurance
tie-up with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a
private general insurer. Through this collaboration, CSFB will leverage its
network and customer base to distribute ICICI Lombard’s suite of general
insurance products, including health, motor, home, travel and rural insurance. This
partnership will empower the bank’s customers to be adequately risk covered and
access our wide suite of innovative and tech-driven insurance solutions. Currently,
CSFB has 177 branches spread over 5 States and 1 Union Territory.
4. RBI projects 7% Real GDP growth in current financial
year: The Reserve Bank of
India has projected a 7 percent GDP growth in the current financial
year. In its annual report, RBI said the real GDP growth for 2024-25 is
projected to grow at 7 per cent with risks evenly balanced.
The
Indian economy expanded at a robust pace in fiscal 2024, with real GDP growth
accelerating to 7.6 percent from 7 percent in previous year. On May 22, the
RBI’s Central Board of Directors approved the transfer of Rs 2.11 lakh crore as
surplus to the government for FY 2023-2024.
AWARDS AND HONOURS
1. PFC receives CSR Champion Award
2024: Power Finance Corporation Limited (PFC) has been honoured with
the Corporate Social Responsibility award in the Non-Fossil Fuel (NF) business
category at the Outlook Planet Sustainability Summit & Awards
2024 held in Goa. PFC’s Chairperson & Managing Director (CMD)
Parminder Chopra received the award from the Department of Administrative
Reforms and Public Grievances’ Secretary V Srinivas in presence of officials
from Department of Public Enterprises, IIT Goa and Outlook. The Outlook Planet
Sustainability Summit & Awards 2024 brought together senior government
policymakers and top management of Central Public Sector Enterprises (CPSEs) to
discuss and showcase exemplary initiatives in sustainability.
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