Daily GK Update- 6th May, 2023

NATIONAL UPDATES:

 

1. INS Magar decommissioned after 36 years of service: Indian Naval Ship Magar, Landing Ship Tank (Large) amphibious assault ship of the Indian Navy has been decommissioned after 36 years of exceptional service to the nation. The decommissioning ceremony of the ship was held at Southern Naval Command, Kochi. It was indigenously built by Garden Reach Shipbuilders & Engineers Ltd, Kolkata and was launched on 16th November 1984 and commissioned into the Indian Navy on 18 July 1987 by Admiral R H Tahiliani.

 

2. MSDE to organize Pradhan Mantri National Apprenticeship Mela on 8th May: Ministry of Skill Development and Entrepreneurship (MSDE) will organize Pradhan Mantri National Apprenticeship Mela (PMNAM) on 8th May in 200 districts across the country PMNAM will witness the participation of many companies representing various sectors, providing relevant apprenticeship training opportunities to local youth Through this, participating organizations can connect with potential apprentices, while strengthening the livelihood opportunities of the youth.

 

3. 2,000-year-old 'modern society' unearthed in Bandhavgarh National Park: Archaeologists have uncovered several archaeological treasures from the Bandhavgarh National Park, Madhya Pradesh including 1,500-year-old rock painting, several man-made water bodies, which are believed to be no lesser than 1,800-2,000 years old. Bandhavgarh National Park It is located in the Umaria district of Madhya Pradesh. It was declared a national park in 1968 and Tiger Reserve in 1993. It is known for the Royal Bengal Tigers.

 

4. Haryana Govt to introduce a new feature on Haryana-eSamiksha portal: Haryana Govt will be introducing a new feature on the ‘Haryana-eSamiksha portal’ to enable Administrative Secretaries and Head of Departments to monitor the follow-up action taken on decisions made during their meetings and presentations It will provide updates on file number, meeting date, chairperson, meeting description, and other documents such as the minutes of meeting (MOM), which can be accessed by officers of the concerned departments.

 

5. Centre invokes Article 355 in Manipur for ensuring state security: The Central Government has recently promulgated Article 355 in Manipur to take charge of the security of the state. Article 355 of the Indian Constitution is a part of emergency provisions contained in Part XVIII of the Constitution of India, from Article 352 to 360. It encourages the centre to take all necessary steps to protect the state against internal disturbances and external aggression. It empowers the Centre to take necessary steps to protect a state.

 

6. Cyclonic Circulation likely over Southeast Bay of Bengal: India Meteorological Department (IMD) has indicated a cyclonic circulation to develop over the Southeast Bay of Bengal in a day.

Under its influence, low pressure will be formed over the same region around May 7 and is likely to concentrate into a depression over the Southeast Bay of Bengal on May 8. After that, it is likely to intensify into a cyclonic storm while moving nearly northwards towards the central Bay of Bengal.

 

7. National Manufacturing Innovation Survey 2021-22 released: A survey conducted by the government’s Department of Science and Technology in collaboration with the United Nations Industrial Development Organization (UNIDO) on the level of innovation in manufacturing in India has found that the state of Karnataka is not only the most innovative in its manufacturing sector but also has the highest number of companies in manufacturing that carry out innovations. The National Manufacturing Innovation Survey (NMIS) 2021-22, released earlier this month, also found that innovation in manufacturing is the lowest in the Northeastern states (excluding Assam), followed by Bihar. DST ranked Karnataka, followed by Telangana, Tamil Nadu, Maharashtra, and Haryana as high innovation states. Uttarakhand has the highest score among the hill states. While Dadra and Nagar Haveli and Daman and Diu have the highest score among the UTs. Apart from Northeastern states, low-performing states include Jharkhand, Odisha and Andhra Pradesh. Telangana, Karnataka, and Tamil Nadu had the highest share of innovative firms at 46.18 per cent, 39.10 per cent and 31.90 per cent, respectively, among the total manufacturing firms surveyed from the respective states, according to the report. Odisha, Bihar, and Jharkhand reported the least share of innovative firms at 12.78 per cent, 13.47 per cent and 13.71 per cent, respectively.

 

8. 10th Landport between India and Bangladesh inaugurated in Meghalaya: The 10th Landport between India and Bangladesh was inaugurated at Dawki in Meghalaya by State Minister for Home Affairs Nityanand Rai. The landport will boost trade and facilitate easier travel between the two countries. It will strengthen the bonds of friendship between the two countries and open up many new opportunities. Dawki landport provides facilities like passenger and cargo terminal buildings, warehouse, canteen, toilet blocks for export drivers, sewage treatment plant among others to facilitate movement of people and trade between the two countries. The Dawki landport is situated about 84 kilometers away from the Meghalaya capital Shillong. The Dawki landport will serve as an important economic and transportation hub between India and Bangladesh. Opening of the landport on the Indian side will substantially ease the movement of people and goods across the borders of the two countries.

 

9. ‘Youth-20 Consultation Programme’ conference concludes in Uttarakhand: A two-day ‘Youth-20 Consultation Programme’ conference organized under the aegis of G-20 under the Ministry of Youth Affairs and Sports, Government of India at All India Institute of Medical Sciences, Rishikesh, Uttarakhand. The theme of the conference was ‘Health Wellness and Sports’. The delegates discussed youth health, fitness and sports in the conference. About 250 delegates from India and abroad are participating in the conference.

 

10. SJVN secures 100 MW wind power project in Gujarat: State-owned SJVN Ltd has secured a 100 MW grid-connected wind power project in Gujarat. The project was awarded to SJVN Green Energy Limited, a wholly-owned subsidiary of SJVN, through a competitive bidding process followed by an e-reverse auction organized by Gujarat Urja Vikas Nigam Limited. The project, with an estimated cost of $108 million, will be developed by SGEL through an EPC contract and can be set up anywhere in India. In its first year, it is projected to generate 281 million units of electricity, with a 25-year total of 7,025 million units. The project will also help reduce carbon emissions by 344,255 tons. SJVN also emphasizes the importance of bolstering its green energy portfolio and advancing toward its 50,000 MW target by 2040.

 

INTERNATIONAL UPDATES:

 

1. PM Modi to be Guest of Honour at France’s Bastille Day Parade: Prime Minister Modi will be the guest of honour at France’s traditional military parade, which will be held during Bastille Day on 14th July. PM’s visit coincides with the 25th anniversary of the strategic partnership between France and India. Bastille Day is named after the fall of a fortress that symbolized the French revolution of 1789.

PM Modi

 

2. WHO declares end to Covid-19 Global Health Emergency: The World Health Organization (WHO) has declared that Covid-19 is no longer a global public health emergency. It represents a major step towards ending the pandemic & comes 3 years after it first declared its highest level of alert over the virus. WHO's emergency committee first declared that Covid represented its highest level of alert more than three years ago, on 30th January 2020. WHO's headquarters: Geneva, Switzerland.

 

3. Charles III crowned as the King of UK at historic ceremony in London: Charles III has taken his oath and been crowned King in a ceremony in London witnessed by over two thousand guests and dignitaries in Westminster Abbey. The Archbishop of Canterbury placed the St Edward's Crown on the King's head during a ceremony at Westminster Abbey and after the King was crowned, his wife Camilla was crowned as the Queen. King had taken the solemn oath to govern the United Kingdom people with justice and mercy.

 

4. Mark Nicholas to become next president of MCC: Former England cricketer and veteran commentator Mark Nicholas has been elected as the next president of the Marylebone Cricket Club (MCC). Nicholas will replace current president Stephen Fry and will assume responsibilities in October this year. His appointment was announced at the Club’s Annual General Meeting. Nicholas, who was elected as a Member of MCC in 1981, is one of the most recognizable figures in televised cricket, leading coverage at the very top of the game across the world. Mark scored over 25,000 runs – including an unbeaten hundred for MCC at Lord’s against the 1985 Australians – and took 173 wickets in a professional career spanning over two decades. He also captained Hampshire to four major trophies, three of which came in finals at Lord’s. He moved into the media following his retirement as a cricketer when he played as a top-order batter and medium-pace bowler for Hampshire and captained England A. Mark is a regular on ICC commentary teams for their global tournaments.

 

5. Wakefit signs Bollywood actor Ayushmann Khurrana as brand ambassador: Manufacturer of mattresses, Wakefit Innovations Private Limited, has signed actor Ayushmann Khurrana as Wakefit.co’s brand ambassador. Besides being the face of the brand and spearheading upcoming campaigns, the actor will also help the brand in spreading awareness about sleep health and its importance in the modern context. In 2022, the company also announced its offline retail expansion and has launched 22 physical stores across the country with plans to open up more than 100 stores.

 

6. 5 May – International Day of the Midwife : International Day of the Midwife is observed every year on 5 May. This day is observed to honor midwives’ work and promote awareness about their importance in providing crucial care to mothers and their newborns. Theme 2023 – Together Again: From Evidence to Reality The concept of a day to commemorate and acknowledge midwives arose from a conference held by the International Confederation of Midwives in the Netherlands in 1987. The United Nations Population Fund (UNFPA), the International Confederation of Midwives (ICM), the World Health Organization (WHO), and Novametrics collaborated on the report, which demonstrates growth since the first edition in 2011 and outlines obstacles and challenges to future progress.

 

OTHER UPDATES:

 

SPORTS

 

1. Neeraj Chopra got first position in 2023 Doha Diamond League: Olympic champion javelin thrower Neeraj Chopra won the Diamond League season-opener in Doha with an impressive World-leading 88.67m after defeating Grenada’s World champion Anderson Peters (winner of 2022 Doha Diamond League). Czech Republic’s Jakub Vadlejch was second in position with 88.63, while Peters was third with 85.88. Commonwealth Games triple jump champion, Eldhose Paul had a disappointing Diamond League debut, finishing 10th with a wind-assisted 15.84m.

 

2. Pakistan’s Babar Azam becomes fastest player to reach 5000 runs: Pakistan skipper Babar Azam has become the fastest player to reach 5000 runs in the ODI He crossed the 5000 run-mark in 97 innings. Babar broke Hashim Amla’s record of scoring 5000 runs in 101 innings. After Babar managed to edge past Amla’s record, the former West Indian legend Viv Richards moved to third position as he had scored 5000 runs in 114 innings. India’s star batter Virat Kohli had made 5000 runs in 114 innings, while Australia’s left-handed batter David Warner crossed the 5000 runs in 115 innings.

 

BANKING AND FINANCE

 

1. SEBI launches LEI system: The Securities and Exchange Board of India (SEBI) has introduced the Legal Entity Identifier (LEI) system for issuers that have listed or are planning to list non-convertible securities, securitized debt instruments, and security receipts. The LEI is a unique global identifier for legal entities participating in financial transactions. Its purpose is to create a global reference data system that uniquely identifies every legal entity that is a party to a financial transaction. The LEI code is a 20-character code to identify legally distinct entities that engage in financial transactions. The LEI system will enable greater transparency and better risk management in the financial markets. The LEI system will also help prevent fraud and financial crimes by properly identifying and verifying legal entities participating in financial transactions.

The Reserve Bank of India (RBI) mandates non-individual borrowers having an aggregate exposure of above Rs 25 crore to obtain the LEI code.

 

2. Axis Bank partnered with India Shelter Finance for co-lending small loans: Axis Bank and India Shelter Finance Corporation Ltd (India Shelter) have signed a strategic partnership under the co-lending model to offer secured MSME loans to middle and low-income borrowers in semi-urban areas. This partnership will leverage the deep financial expertise of Axis Bank and the strong loan processing technology of India Shelter to assess the borrower’s credit profile and offer them loans at an optimal interest rate, ensuring a seamless banking experience. The partnership will empower Axis Bank and India Shelter to reach out to potential customers in the informal segment who are new to credit and are underserved by larger institutions.

Daily GK Update- 5th May, 2023

NATIONAL UPDATES:

 

1. The National Manufacturing Innovation Survey 2021-22 released: According to a National Manufacturing Innovation Survey (NMIS) 2021-22, conducted by the Department of Science and Technology and UNIDO, Karnataka has topped the ranking of the most innovative state in manufacturing, followed by Telangana, Tamil Nadu, Maharashtra, and Haryana. The survey also highlighted that Karnataka has the highest number of companies in manufacturing that carry out innovations. Bottom: Northeastern states (excluding Assam), followed by Bihar.

 

2. India to launch its own heat index next year: India will launch its own heat index in 2024 to quantify the impact of heat on its population and generate impact-based heatwave alerts for specific locations. IMD started issuing an experimental heat index for different parts of the country. It includes various parameters like wind, temperature, humidity, duration of exposure, etc. Impact of Heat waves: It has an immense impact on human health, causing cramps, exhaustion, stress, and heat stroke.

 

3. Govt sets foodgrain production target of 332 MT for 2023-24: Union Agriculture Minister, Narendra Singh Tomar inaugurated National Conference on Agriculture for Kharif Campaign 2023-24. During the conference, he announced that the Ministry of Agriculture has set a target of a record 3,320 lakh tonnes (332 million tonnes) production of foodgrains for the year 2023-24. In 2022-23, 3,235 lakh tonnes were produced. The target for the production of Pulses is fixed at 292.5 lakh and for oilseeds at 440 lakh tonnes in 2023-24.

 

4. UGC launches ‘CU-Chayan’ portal for faculty recruitment: The University Grants Commission has launched a unified recruitment portal, CU-Chayan, for the recruitment of faculty in central universities. The portal will provide a single platform for candidates seeking jobs in central universities. They will register themselves on the portal and create a personalized dashboard for themselves. They will be able to track their applications in real-time, also can keep updating their application and transfer that to any CU which has advertised faculty positions. Registered applicants will also get an auto email informing them about the new vacancies advertised by any CU. The platform also enables universities to track applications in real time. The portal will also provide real-time analysis and insights into the application process. The screening committee of the university concerned can view details of the applicants, and check the uploaded document against each entry. It is a completely user-friendly portal and caters to the needs of all the stakeholders in the recruitment process. UGC Chairman – M Jagadesh Kumar

 

5. 5 May 2023 – Buddha Purnima: Buddha Purnima, also known as Buddha Jayanti, is being celebrated on 5 May 2023. The day marks the birth anniversary of Lord Gautam Buddha, revered as the founding figure of Buddhism. The day is celebrated in a grand manner by Buddhists around the world, who organise charitable activities, and processions and visit temples on the occasion. Buddha Purnima is marked on a full moon day in the month of Vaisakh. This year, it falls on May 5. The date coincides with Penumbral Lunar Eclipse. While the precise dates of Buddha’s birth and death are unknown, historians typically estimate his lifespan to be between 563-483 BC. This year marks the 2585th birth anniversary of Gautam Buddha. Buddha was born in Lumbini, Nepal. He attained Nirvana at the age of 35.

 

INTERNATIONAL UPDATES:

 

1. UAE govt launches ‘Machines Can See 2023’ Summit: The UAE government has launched the ‘Machines Can See 2023’ Summit, taking place at the Museum of the Future in Dubai. It is one of the international conferences in Artificial Intelligence (AI) in the whole region. It is organized in partnership between Artificial Intelligence, Digital Economy, Remote Work Applications Office and the ‘Machines Can See’ company. Aim: To bring together experts from around the world to discuss the future of AI and its potential

 

2. USFDA approves world's first RSV vaccine for older adults: The United States Food and Drug Administration (USFDA) has approved the world's first Respiratory Syncytial Virus (RSV) vaccine for older adults. However, this vaccine still needs approval from the US Centers for Disease Control and Prevention, before its launch in Public. The vaccine was approved for people aged 60 and older. RSV is a common respiratory virus that usually causes mild, cold-like symptoms. It can be serious, especially for infants and older adults.

 

3. India, Israel sign MoU to further collaboration in high technology areas: India and Israel have signed an MoU on Industrial Research and Development Cooperation. Aim: To collaborate in high technology areas such as Artificial Intelligence, Quantum, and semiconductors, synthetic biology, etc., The MoU was signed between CSIR and the DDR&D, Ministry of Defense of Israel. It enables cooperation in the industrial R&D programs in mutually agreeable industrial technology fields through the implementation of specific projects.

 

4. Microsoft Launches Two New Initiatives to Support Indian SMBs: Microsoft India has introduced two new initiatives namely an SMB-focused website and a dedicated helpline. The SMB-focused website – Microsoft for Small and Medium Businesses, aims at bringing together business owners and entrepreneurs in India to network with peers, enhance their skills and achieve holistic growth. While the Digital Transformation helpline offers dedicated support to help SMBs navigate their technological adoption and deployment journey.

 

5. 5 May – World Portuguese Language Day: World Portuguese Language Day is celebrated every year on May 5. It is dedicated to highlighting the Portuguese language. It plays a role in bringing the Portuguese people together and in preserving their culture and identity Portuguese is one of the most widespread languages in the world. It has more than 265 million speakers across the globe and is the most widely spoken language in the Southern Hemisphere. This makes the Portuguese language the sixth most spoken language in the world. The language evolved over time, and around the 14th century, Portuguese emerged as its descendant. People who speak Portuguese are referred to as Lusophones. The preponderance of Lusophones currently resides in Brazil.

 

6. 5 May – World Hand Hygiene Day: World Hand Hygiene Day is observed on the 5th of May every year. Objective – To promote the importance of hand hygiene in preventing the spread of infection and promoting good health. Theme 2023 – Together, we can accelerate action to prevent infections and antimicrobial resistance in health care and build a culture of safety and quality in which hand hygiene improvement is given high priority. The focus this year is to cultivate actions towards hygiene that will further reduce risk of infections, etc. The history of World Hand Hygiene Day can be traced back to the year 2009 when the World Health Organization (WHO) launched the first Global Patient Safety Challenge, which called for a worldwide commitment to improving the safety of healthcare workers and patients.

 

OTHER UPDATES:

 

SPORTS

 

1. Dubai to host the inaugural edition of the Global Chess League: Dubai (UAE) will host the inaugural edition of the Global Chess League (GCL) from June 21 to July 2, 2023. The chess league will be held in association with Dubai Sports Council, the hosting partner of the league. It will feature six teams with six players each, including a minimum of two female players and one icon player per team. The six teams will compete in a round-robin format where each team will play 10 matches. GCL is a joint venture of FIDE and Tech Mahindra

 

2. Anurag Thakur launches logo, mascot of Khelo India University Games 2022: Union Minister of Youth Affairs and Sports Anurag Thakur has launched the Logo, jersey, mascot, torch, and anthem of the Khelo India University Games 2022 (KIUG 2022) in Lucknow, UP. The 3rd edition of the Khelo India University Games will take place from May 23 to June 3. The opening ceremony is scheduled for May 25 at the Babu Banarasi Das University in Lucknow. The upcoming edition of the KIUG is expected to have participation of more than 4700 athletes from more than 200 universities across the country, with total participation reaching to over 7000.

 

3. Luca Brecel wins World Snooker Championship: Belgium’s Luca Brecel became the first player from continental Europe to win World Snooker Championship. He beat four-time champion Mark Selby 18-15. The 28-year-old, who had never won a match at the World Championship before this year’s edition. The World Snooker Championship is the longest-running and most prestigious tournament in professional snooker. First held in 1927, it is now one of the three tournaments that make up snooker’s Triple Crown Series.

4. South Africa fast bowler Shabnim Ismail announced her retirement: South African fast bowler Shabnim Ismail has announced her retirement from international cricket. Ismail, the quickest bowler in the women’s game, played a total of 241 international matches and took 317 wickets across all formats. Ismail (34) claimed 191 wickets in ODIs which is second only to India’s Jhulan Goswami (255) on the all-time list. Ismail played in 241 international matches across one-day Internationals, Twenty20s and tests, and last appeared in February’s World Cup final loss to Australia at Newlands.

 

BANKING AND FINANCE

 

1. RBI, BIS launch global technology competition ‘G20 TechSprint’: RBI and the Bank for International Settlements (BIS) have jointly launched the fourth edition of the G20 TechSprint, a global technology competition. Focus: On developing innovative technology solutions for cross-border payments Shortlisted teams will be invited to develop their solutions over a six-week period and each team will be eligible for a stipend of eight lakh rupees. The winners for each problem statement will receive an award of forty lakh rupees.

 

2. RBI updates KYC instructions on wire transfers for banks, institutions: RBI has updated instructions in the Master Direction on KYC related to wire transfers and aligned the same with the relevant recommendation of the FATF. The Banks and other financial institutions ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. Wire Transfer: It is an electronic transfer of funds via a network that is administered by banks and transfer service agencies around the world

 

3. RBI announces 6.97% interest rate on Floating Rate Bond 2024: RBI has announced the interest rate of 6.97% on the Floating Rate Bond 2024, for the half year from May 7 to November 6, 2023. Floating Rate Bonds are securities that do not have a fixed coupon rate. They have a variable coupon rate which is re-set at preannounced intervals The FRB bonds carry a coupon with a base rate equivalent to a weighted average yield of the last three auctions of 182-day Treasury Bills (T-Bill) plus a fixed spread decided by way of auction

 

4. Axis Bank, India Shelter Finance partner for co-lending small loans: Axis Bank and India Shelter Finance Corporation Ltd (IndiaShelter) have signed a strategic partnership under the co-lending model to offer secured MSME loans to middle and low-income borrowers in semi-urban areas

Axis Bank will bring deep financial expertise, while IndiaShelter will provide loan processing technology to assess borrowers' credit profiles This partnership will strengthen the mortgage segment and help the bank augment its priority sector lending portfolio

 

 

 

 

OBITUARIES

 

1. Three-time Olympic medalist Tori Bowie passed away: Former 100m world champion sprinter from the United States of America, Tori Bowie passed away at 32 in Orlando, Florida. She was crowned world champion in 2017 and won three Olympic medals at the Rio Games in 2016. She won the Olympic Gold with the USA relay team at the Rio Olympics in 2016. She was born and raised in Mississippi. She played basketball before her talent on the track became apparent.

 

2. Tamil actor Manobala passes away: Popular Tamil actor, comedian, director, and producer Manobala passed away at the age of 69. Starting his career working under legendary filmmaker Bharathirajaa, Manobala had eventually made his directorial debut with Agaya Gangai in 1982. Over the years he would go on to make movies with top stars including Rajinikanth, Vijayakanth and Sathyaraj. He had also played supporting roles in a slew of Tamil-language films.

Daily GK Update- 4th May, 2023

NATIONAL UPDATES:

 

1. PM Prasad to be next Coal India chief: Polavarapu Mallikharjuna Prasad has been appointed as the chairman and managing director of Coal India Limited. He is currently posted as CMD of Central Coalfields Ltd (CCL), Ranchi. In 2015, he joined NTPC as Executive Director (Coal Mining) and Northern Coalfields Limited (NCL) in 2018 as Director of Technical (P&P). In 2019, he was also appointed as CMD of BCCL. The Union coal ministry has set a target for Coal India Limited to produce 1012 MT of coal by 2023-24

 

2. India's domestic coal production rises by over 22 % during last five years: India's domestic coal production has increased by over 22% during the last five years. The overall coal production has seen a quantum jump to 893.08 Million tonnes in 2022-23 from 728.72 Million tonnes in 2018-2019 with a growth of about 22.6%. The govt aims to enhance domestic coal production to reduce the dependence on substitutable coal imports Several measures have been taken to ramp up domestic coal production to ensure adequate coal stocks at thermal Power Plants

 

3. Ex Buland Bharat conducted at High Altitude Artillery Ranges: An integrated surveillance and firepower training Exercise BULAND BHARAT was conducted at the Highest Altitude Artillery Ranges of Eastern Theatre. It involves the synergized application of surveillance and firepower capabilities of the Artillery and the Infantry in close coordination with Special Forces, Aviation, and CAPF deployed in West Kameng and Tawang districts of Arunachal Pradesh. Uninterrupted communication on multiple media was also tested at long distances.

 

4. REC Limited lists its Green Bonds of USD 750 Million at GIFT IFSC: A Maharatna power finance company, REC Limited has exclusively listed its recently issued Green bonds worth $750 million at GIFT IFSC Stock Exchanges, under its Global Medium Term Programme of $7 billion. The Green bond issuance by REC Limited reinforces its status as one of the most accomplished and frequent issuers in the international capital markets. International Financial Services Centres Authority Chairman Injeti Srinivas attended the ceremony as chief guest.

 

5. UGC launches 'CU-Chayan' portal for faculty recruitment: UGC Chairman M Jagadesh Kumar has launched the Central University Faculty recruitment portal CU-Chayan. It is a completely user-friendly portal and caters to the needs of all the stakeholders in the recruitment process. Aim: To create an enabling environment for both, universities and the applicants with universities driving all the stages of the recruitment independently It has been developed after consultations with all the Vice Chancellors of Central Universities.

 

6. India’s unemployment rate at a four-month high in April 2023: According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate of India has surged to a four-month high of 8.11% in April, compared to 7.8% in March 2023. Urban unemployment climbed to 9.81% from 8.51% in the same period and rural unemployment fell marginally to 7.34% in April from 7.47% a month ago. The rise in the unemployment rate came on the back of higher labor participation, which has risen to 41.9% from 39.7% in March.

 

7. 4 May – Coal Miners Day: Coal Miners Day is celebrated every year on May 4. Objective -To raise awareness about the importance of mine safety and the need to ensure safe working conditions for miners. Coal mining has a long history dating back to the 16th century when George Bruce of Carnock, Scotland, opened the first coal mine in 1575. Since then, coal mining has played a vital role in the growth and development of economies worldwide.

 

INTERNATIONAL UPDATES:

 

1. Cristiano Ronaldo becomes Forbes' highest-paid athlete for 2023: According to Forbes, Soccer player Cristiano Ronaldo (Portugal) has become the highest-paid athlete in the world for 2023, after moving to Saudi Arabia's Al-Nassr. He has signed a £175 million-a-year contract with Al-Nassr, which will expire in 2025. He has earned $136m (£108.7m) over the past 12 months. Lionel Messi (Argentina) ranked second with an earning of $130 million, followed by Kylian Mbappé, LeBron James, and Canelo Álvarez.

 

2. Ajay Banga appointed as president of World Bank for 5 years: The World Bank's 25-member executive board has confirmed the appointment of Indian-American Ajay Banga as the new president of the World Bank, effective June 2, 2023. He was nominated by US President Joe Biden in February 2023. Presently, he is serving as the vice chairman at US investment firm General Atlantic LP. Before that, he worked as president and CEO of Mastercard. In 2016, he was awarded the fourth-highest civilian award, Padma Shri.

 

3. APAC to overtake US, become world’s top fintech market by 2030: According to a report by Boston Consulting Group (BCG) and QED Investors, Asia-Pacific (APAC) region is set to overtake the United States as the world's largest financial technology (fintech) market by 2030. Report title: Global Fintech 2023: Reimagining the Future of Finance It has been predicted that APAC will have a CAGR of 27%, surpassing North America's CAGR of 17%. The growth will be driven by emerging APAC countries such as China, India, and Indonesia.

 

4. India, Israel sign MoU on Industrial R&D Cooperation: India has signed an MoU with Israel on Industrial Research and Development Cooperation with focus on several key technology areas.

These are aerospace, Electronics Instrumentation, Civil, Infrastructure and Engineering, Environment, Mining, Chemicals, and Petrochemicals and Agriculture. The Multi-Sectoral Agreement was signed between Council of Scientific and Industrial Research, CSIR and Directorate of Defense Research and Development, Ministry of Defense of Israel in New Delhi. This agreement will open a new phase in tIndia-Israel partnership in areas like Innovation, Technology, and startup.

 

5. Sri Lanka’s Dialog Axiata and Bharti Airtel sign binding term sheet: Sri Lanka’s top mobile telecommunication firm, largest telecommunications provider Dialog Axiata and India’s Bharti Airtel have signed a binding term sheet for the merger of their Sri Lankan subsidiaries. With this merger, Bharti Airtel will get access to a large customer base in the island nation. Airtel would be issued new shares in Dialog upon completion of the transaction. The proposed transaction is subject to signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals.

 

6. 60th Foundation Day of Indian Institute of Foreign Trade: Indian Institute of Foreign Trade (IIFT), New Delhi has celebrated its Diamond Jubilee on its 60th Foundation Day on 3 May. On the occasion, Vice-Chancellor of IIFT Prof. Satinder Bhatia released the commemorative issue of Foreign Trade Review (FTR) Journal. In the journey of 60 years, IIFT has consistently achieved better rankings among top business schools by earning AACSB accreditation for offering an impressive range of innovative MDP/EDP offered by the institute. The Indian Institute of Foreign Trade (IIFT) was established in 1963 as an autonomous body under the Union Ministry of Commerce & Industry to contribute in the skill building for the external trade sector of India.

It is one of the top business schools of India with a special focus on Trade and Finance.

 

7. Foreign Ministers meeting of SCO member countries begins in Goa: A two-day meeting of foreign ministers of the Shanghai Cooperation Organization (SCO) begins in This crucial meeting will set the stage for the SCO Leaders’ Summit to be held in July in New Delhi. The theme of India’s Chairmanship of SCO in 2023 is ‘SECURE-SCO’. India attaches special importance to SCO in promoting multilateral, political, security, economic and people-to-people interactions in the region. India, since becoming a member in 2017, has persistently pushed for the strengthening of collaboration on issues pertaining to regional security, defence, and combating terrorism, among others. India, which took over the chairmanship of the SCO grouping in September 2022, is the host in 2023. The SCO has Russia, India, China, Pakistan, and four central Asian countries – Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, as its members.

 

8. 4 May – International Firefighters’ Day: International Firefighters’ Day (IFFD) is observed every year on 4 May. Objective – To honour and pay tribute to the great work done by the firefighters while protecting the life and property of people. This day is an opportunity to show appreciation to those who serve their communities with selflessness and bravery, putting themselves in harm’s way to protect others. Firefighters exemplify bravery, resilience, and selflessness, rushing into burning buildings and battling wildfires. Every year on May 4, the day recognizes their dedication, sacrifice, their tireless efforts in keeping us safe. International Firefighters Day was established in 1999 to honour the sacrifices and bravery of firefighters worldwide.

OTHER UPDATES:

 

SPORTS

 

1. Vantika becomes 11th women to achieve International Master title: Vantika Agrawal is the new India Women No.3 in Chess and the 11th Indian women to achieve the International Master title. Agrawal has played 4 International tournaments previously where she has increased her FIDE rating by 61 points. She has also won a bronze medal in the National Women’s Championship held in Kohlapur in January 2023 and a gold medal for the Airport Authority of India in February 2023 She played on Board 1 for India 2 Team at the 44th Chess Olympiad in 2022 and was the only Indian player to achieve the IM norm. She was honored with the President’s Award by former Indian President Pranab Mukherjee for her excellence in sports.

 

BANKING AND FINANCE

 

1. Pine Labs, ICICI Bank partners to enable Digital Rupee on PoS terminals: Merchant commerce platform, Pine Labs has partnered with the ICICI Bank for the acceptance of the digital Rupee on its PoS terminals. The technology integration between the two entities will now support Digital Rupee acceptance at Pine Labs’ point-of-sale terminals across key retail outlets in Mumbai and Bengaluru. Pine Labs’ execution of the Digital Rupee payment process is completely digital via dynamic QR (quick response) built within its smart Android PoS terminals.

 

2. Cashfree, YES Bank partners to offer international payment collection: Cashfree Payments has partnered with the YES Bank to offer ‘Global Collections’, an international collection service for exporters. Under this partnership, the bank’s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service. The funds so received can then be converted into rupee and settled into their local bank account in India within one business day.

 

3. Report on Currency and Finance (RCF) for the year 2021-22: RBI has released a report titled, 'Currency and Finance 2022-23' with a theme of 'Towards A Greener Cleaner India'. This report covers four major dimensions of climate change to assess future challenges to sustainable high growth in India. Areas: Unprecedented scale and pace of climate change; its macroeconomic effects; implications for financial stability; and policy options to mitigate climate risks. The country's goal of achieving the net zero target by 2070.

 

4. SEBI introduces the Legal Entity Identifier (LEI) System: Capital markets regulator SEBI has introduced Legal Entity Identifier (LEI) system. Reason: For issuers that have listed or planning to list non-convertible securities, securitized debt instruments, and security receipts It is a unique global identifier for legal entities participating in financial transactions.

It is designed to create a global reference data system that uniquely identifies every legal entity, that is party to a financial transaction.

 

AWARDS AND HONOURS

 

1. Three Imprisoned Iranian female journalists win top UN prize: Three imprisoned Iranian female journalists have been named as the winners of the United Nations premier prize for press freedom. The three winners, Niloufar Hamedi, Elaheh Mohammadi, and Narges Mohammadi were recognized for their work in reporting on human rights abuses in Iran and their commitment to truth and accountability. The winners are Niloufar Hamedi who broke the news that 22-year-old Mahsa Amini died last September while being held by the morality police for wearing her headscarf too loosely, and Elaheh Mohammadi who wrote about her funeral. Amini’s death touched off months-long protests in dozens of cities across Iran. The demonstrations posed one of the most serious challenges to the Islamic Republic since the 2009 Green Movement protests drew millions to the streets. The third winner is Narges Mohammadi, who has worked for many years as a journalist and is one of Iran’s most prominent activists.

 

2. UNESCO World Press Freedom Prize: This award was started in 1997. The award was established at the initiative of the Executive Board of UNESCO. The award is given to a person, organization or institution who, at the risk of life, has made an outstanding contribution to the defense and, or promotion of freedom of the press, anywhere in the world. The award is named in honor of Guillermo Cano Isaza, a Colombian journalist who was assassinated on 17 December 1986 in front of the office of his newspaper El Espectador in Bogotá, Colombia.

 

OBITUARIES

 

1. Actor-filmmaker Manobala passes away: An actor - Filmmaker Manobala, who is known for his comedic roles, passed away at 69, due to liver-related ailments. In 1979, he started his film career as an assistant director with Bharathiraja’s Puthiya Vaarpugal. He made his directorial debut with the 1982 Tamil film Aagaya Gangai. He also directed many films like - Mera Pati Sirf Mera Hai, Pillai Nila, Sirai Parvai, and Oorkavalan among others. His last directorial project was the 2002 Tamil film, Naina.

 

2. Eminent historian Ranjit Guha passed away: An eminent historian, Ranjit Guha passed away at the age of 100. Born on 23 May 1923, at Barisal in present-day Bangladesh, Guha’s family later shifted to Kolkata. Guha completed his post-graduation in history from the University of Calcutta after studying at a school in Kolkata. One of his famous contributions in the field of history is his book titled ‘Elementary Aspects of Peasant Insurgency in Colonial India’. He was associated with several renowned institutions during his career, including the Australian National University, from where he retired in 1988.