Daily GK Update- 19th, May 2023

NATIONAL UPDATES:

 

1. Third G20 tourism meet to be held in Srinagar: The 3rd G20 Tourism Working Group meeting will be held in Srinagar, Jammu & Kashmir from May 22 to 24. More than 100 delegates, including at least 70 representing G20 member-states, are expected to participate. During the working sessions, G20 delegates will discuss a potential roadmap that would link Tourism-sector with the 2030 Agenda for Sustainable Development. The G20 working group meeting in Jammu and Kashmir is a great opportunity for all of us to showcase and promote the Union Territory and its abundant tourism potential to the world. The event will be based on 5 areas eg. Green Tourism, Digitalisation, Skills, Tourism MSMEs, and Destination Management.

 

2. Lucknow to get new Pharmaceutical Research and Innovation Institute: Uttar Pradesh government will set up a pharmaceutical research and innovation institute in The institute will promote research and manufacturing in the pharma sector. UP is the sixth-largest state in the nation in terms of the number of pharmaceutical manufacturing facilities. UP’s contribution to pharma manufacturing in the country is currently 2%, which needs to be increased to 10-12%.

 

3. Online education program ‘Pahal’ for rural children inaugurated: Uttar Pradesh Chief Secretary, Durga Shankar Mishra has inaugurated an online rural education program ‘Pahal’ at Government UP Sainik Inter College, Sarojini Nagar. This programme has been prepared by the Department of secondary education in collaboration with IIT Kanpur. The initiative aims to provide educational opportunities to rural children who have limited access to quality education. ‘Pahal’ is designed to bridge the education gap between rural and urban areas. Under this program, in the initial phase, free online education will be provided in 10 government secondary schools of the state. Through these classes, students of rural areas will be able to get the latest information related to science and mathematics.

 

4. Arjun Ram Meghwal appointed as the new Law and Justice Minister: Minister of State for Parliamentary Affairs and Culture Arjun Ram Meghwal has been assigned the independent charge as Minister of State in the Ministry of Law and Justice in addition to his existing portfolios. Meghwal replaced Union Minister Kiren Rijiju. Rijiju who was serving as Law and Justice Minister will now hold the portfolio of the Ministry of Earth Sciences. President Droupadi Murmu allocated the portfolios to these Ministers on the advice of Prime Minister Narendra Modi. S.P. Singh Baghel has been assigned as Minister of State in the Health and Family Welfare Ministry. Baghel was serving as Minister of State in the Law and Justice Ministry.

 

5. PM Narendra Modi left on a three-nation tour: PM Narendra Modi embarked on tour to Japan, Papua New Guinea, and Australia on May 19, 2023. At first, he will attend G7 Summit in Japan at an inivitation of Japanese PM Fumio Kishida. G7 Summit preferences: Nuclear disarmament, economic resilience and security, food and health and development Later, he will visit Papua New Guinea to host the third Summit of the Forum for India-Pacific Islands Cooperation with his Papua New Guinea counterpart James Marape.

 

6. CJI to administer oath to two new judges: CJI DY Chandrachud has administered the oath of office to Justice Prashant Kumar Mishra and senior advocate Kalpathy Venkataraman Viswanathan as judges of the Supreme Court. Current sanctioned strength: 34 Justice KM Joseph, Justice Ajay Rastogi and Justice V Ramasubramanian will retire in June 2023. Currently, Justice PK Mishra is serving the Chief Justice of the Andhra Pradesh High Court. KV Viswanathan is a senior advocate and a former Additional Solicitor General.

 

7. Centre to launch an ‘Integrative Health policy’: Minister of Ayush Sarbananda Sonowal has inaugurated the National Ayush Mission Conclave in presence of Dr. Mansukh Mandaviya (Minister of Health). Minister of Health informed that the Government will launch an ‘Integrative Health Policy’ for the health and wellness of public at large. It would be a joint initiative of the Ministry of Health and the Ministry of Ayush. Two ICT initiatives of Ministry of Ayush i.e. E-Learning Management System and AHMIS were launched.

 

8. National Endangered Species Day 2023: 19 May: National Endangered Species Day is observed annually on the third Friday in May each year to raise awareness about endangered species and the need for their conservation. In 2023, this day is celebrated on May 19. 2023 theme: Celebrating the 50th anniversary of the Endangered Species Act In 1973, the Endangered Species Act was passed, which is designed to protect endangered and threatened species in the USA. In India, the Wildlife Protection Act of 1972, was enacted.

 

INTERNATIONAL UPDATES:

 

1. India launches ‘Operation Karuna’ to assist cyclone-hit Myanmar: India has launched ‘Operation Karuna’ to assist Myanmar which has been devastated by Cyclone Mocha. Three Indian Navy ships carrying relief material reached Yangon. The ships are carrying emergency food items, tents, essential medicines, water pumps, portable generators, clothes, sanitary and hygiene items, etc,”. More than 40 tonnes of HADR materials brought by INS Shivalik, INS Kamorta and INS Savitri included emergency food items, tents, portable generators, clothes, water pumps, medicines, tarpaulins, hygiene and sanitary items, wheelchair, face masks, etc. The fourth ship INS Gharial will bring more HADR materials, including emergency medicines and medical kits.

 

2. UNEP suggests measures to reduce 80% of world’s plastic pollution by 2040: According to United Nations Environment Programme (UNEP)’s “Turning Off The Tap” report, Plastic pollution across the world can see a reduction of up to 80 percent by 2040 if companies and countries make policy and market shifts using existing technologies. The report highlights the magnitude and nature of changes required to end plastic pollution and to create a circular economy to replace the widespread use of single-use plastics and their inappropriate disposal. Plastic pollution undermines marine ecosystems and contaminates oceans. The presence of microplastics – tiny fragments resulting from the disposal and breakdown of consumer products and industrial waste – are increasingly found in the human food chain. According to the report, one million plastic bottles are purchased every minute while up to five trillion plastic bags are used worldwide every year. In total, half of all plastic produced is designed for single-use purposes, the UNEP confirms. About 400 million tonnes of plastic waste are generated every year. To reduce the problem of unnecessary plastics, the report suggests tackling the problem with the approach of ‘reuse, recycle and reorient and diversify products.’

 

3. 18 May – International Museum Day: International Museum Day is observed annually on May 18 in order to recognize the vital role that museums play in fostering cultural exchange. Theme 2023 – Museums, Sustainability, and Well-being International Museum Day was established in 1977 during the ICOM General Assembly in Moscow, Russia. The resolution aimed to create an annual event that would unite museums and raise global awareness about their activities. It conveyed the message that museums are essential for cultural exchange, mutual understanding, cooperation, and peace among people.

 

4. 18 May – World AIDS Vaccine Day: Worlds AIDS Vaccine Day or HIV Vaccine Awareness Day is observed every year on 18 May. Objective – To create awareness about the importance of HIV vaccination in preventing HIV infection and AIDS. World AIDS Vaccine Day, also known as HIV Vaccine Knowledge Day, was observed for the first time on May 18th, 1998 in order to celebrate the anniversary of the first international AIDS Vaccine trial which took place in 1997. The trial was conducted in Thailand and it involved more than 16,000 volunteers. The trial was named RV144. It was the first-ever trial against HIV that showed a combination of two vaccines reduced the risk of HIV infection by 31%.

 

5. 18 May 2023 – Global Accessibility Awareness Day: Global Accessibility Awareness Day is celebrated every year on the third Thursday of May. This year falls on 18 May. The purpose of Global Accessibility Awareness Day is to get everyone talking, thinking and learning about digital, web, software, mobile among others, and help ensure access to these technologies for people with disabilities. This day brings focus to designing contents and technologies especially for persons with disabilities. The effort of the government is clearly inspired by the vision to build an inclusive society in which equal opportunities are provided for the growth and development of Persons with Disabilities so that they can also lead productive, safe and dignified lives.

 

 

 

OTHER UPDATES:

 

SPORTS

 

1. Annu Rani clinched gold medal in Federation Cup 2023: Olympian Annu Rani bagged the gold medal in the javelin throwing Federation Cup 2023 athletics event at the Birsa Munda Stadium in Ranchi. With the victory, Annu Rani also breached the Asian Games 2023 qualifying standards set by the Athletics Federation of India (AFI). The 30-year-old javelin thrower made the cut with an effort of 59.24m, well above the AFI’s mark of 56.46m. She also qualified for the Asian Athletics Championships, scheduled for July in Bangkok, Thailand.

 

2. India bags 16 gold medals at the South Asian Youth Table Tennis Championship 2023: The three-day international event South Asian Youth Table Tennis Championship 2023 concluded in Itanagar. In this event, more than 100 athletes from six countries Bhutan, Bangladesh, India, Maldives, Sri Lanka, and Nepal participated. The hosts India won all the gold medals on offer on the last day at the Dorjee Khandu Indoor Stadium. Besides, the Indians also bagged four silver medals in the singles. Sri Lanka, Bangladesh and Maldives were also among the medals, while Bhutan, who participated only in the singles events, drew a blank. On the second day of the championships, the Indians won three gold medals in the U-15 Boys, U-19 Girls and U15 Girls, while Nepal claimed the U-19 Boys gold. In the Under-19 Boys singles, Ankur Bhattacharjee defeated Payas Jain 4-2 to claim the gold.

 

BANKING AND FINANCE

 

1. HDFC Mutual Fund launches India's first defence fund: HDFC AMC Ltd has launched India's first mutual fund focussed on the defence sector. Aim: To provide investors with an opportunity to participate in the growth potential of this space The new fund offering (NFO) of HDFC Defence Fund is an open-ended equity scheme, that opened on May 19 and close on June 2, 2023. The fund will invest at least 80% of its net assets in defence and allied sector companies including stocks forming part of aerospace and defence.

 

2. Irdai forms task force to facilitate ease of doing KYC using Aadhaar: The Insurance Regulatory and Development Authority of India (IRDAI) has formed a task force to facilitate ease of doing KYC and allied matters using Aadhaar. At present, the UIDAI framework allows insurance companies to identify the customer by using his/her Aadhaar with consent management. Besides the simplicity of customer onboarding and avoiding potential fraud, there are problems with providing the services and making claims.

 

3. Aditya Birla Capital launches Udyog Plus: Aditya Birla Capital has launched an MSME-focused portal, Udyog Plus to provide capital and other business solutions to small businesses, including investments and utility services. It offers online loans up to Rs 10 lakhs to MSMEs through various product offerings such as supply chain finance. Loans up to Rs 2 lakhs are provided without collateral or documentation. For loans above Rs 2 lakhs, MSMEs are required to submit financial statements, ITR, and GST returns.

 

4. Credit card spend in forex to come under RBI’s remittance scheme: As per a Finance Ministry notification, the spending in foreign exchange through international credit cards (ICCs) will be covered under the RBI’s liberalized remittance scheme (LRS). Under this scheme, a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorization of the Reserve Bank. Earlier, the usage of ICCs for making payments for fulfilling expenses during travel outside India was not included in the LRS limit.

 

AWARDS AND HONOURS

 

1. Tata Chairman N Chandrasekaran honored with France’s highest civilian award: Tata Sons Chairman Natarajan Chandrasekaran was honoured with the prestigious “Chevalier de la Légion d’Honneur” (Knight of the Legion of Honour) by French Minister for Europe and Foreign Affairs Catherine Colonna. He was awarded for his role in developing and fostering commercial links between India and France. Natarajan Chandrasekaran, popularly known as Chandra in corporate circles, was appointed as the Chairman of Tata Sons in 2017. Last year, he received a five-year extension in his role. Chandra began his journey with Tata Consultancy Services (TCS) in 1987 as a graduate trainee after graduating from Trichy’s Regional Engineering College. Over the course of his more than two-decade-long tenure at TCS, he steadily climbed the ranks and became the CEO in 2009.

 

2. Harrison Ford receives the Palme D’Or Award at Cannes Film Festival 2023: Actor Harrison Ford was honored with the prestigious Palme D'Or award for lifetime achievement at the 76th Cannes Film Festival 2023. He received the award before the premiere of his film 'Indiana Jones and the Dial of Destiny'. 76th annual Cannes Film Festival: It is an annual film festival, held in Cannes France from 16 to 27 May 2023. The festival opened with Jeanne du Barry (directed by Maïwenn). The festival will close with Elemental directed by Peter Sohn

 

3. WHO Director-General announces Global Health Leaders Awards 2023: WHO DG, Dr. Tedros Adhanom Ghebreyesus will present two-lifetime achievement awards to Jean-Jacques Muyembe-Tamfum and Peter Piot at the 76th World Health Assembly held in Geneva on May 21. Professor Muyembe-Tamfum from Congo is being recognized for his innovation and contributions to the management and treatment of diseases such as Ebola virus disease. Professor Piot from Belgium is being recognized for his leadership in the response to the HIV/AIDS epidemic.

 

 

 

 

OBITUARIES

 

1. Hinduja Group chairman SP Hinduja passes away: Srichand Parmanand Hinduja, chairman of the Hinduja Group, passed away in London at the age of 87. He was a British billionaire businessman, investor, and philanthropist. As of August 2022, together with his brother Gopichand, he was the UK's richest man. In 1952, he joined his father PD Hinduja (founder of Hinduja Group) in the family business. Subsidiaries of Hinduja Group: Ashok Leyland, IndusInd Bank, Gulf Oil International Ltd, Quaker-Houghton, etc.

Daily GK Update- 18th May, 2023

NATIONAL UPDATES:

 

1. Arjun Ram Meghwal replaces Kiren Rijiju as Law Minister: In a cabinet reshuffle, Arjun Ram Meghwal has been appointed as the new union law minister. He is a retired IAS officer, social worker, and farmer, who later turned politician from Rajasthan. Currently, he is serving as the MoS for Parliamentary Affairs and MoS for Culture. He has also served as the Union Minister of State, and Ministry of Finance from 2016 to 2017. He has replaced Kiren Rijiju, who will now handle the Ministry of Earth Sciences.

 

2. Paytm appoints Bhavesh Gupta as president and COO: One 97 Communications Ltd (parent company of Paytm) has appointed Bhavesh Gupta as its president and chief operating officer (COO). He has served as the CEO of Clix Capital (formerly known as GE Capital) and head of SME & business banking at IDFC Bank. He will be responsible to lead verticals of lending, insurance, payments – online and offline, consumer payments, and drive key initiatives including user growth, operations risk, fraud risk, and compliance.

 

3. HPCL to set up Rs 500 cr ethanol plant in Una: Himachal Pradesh CM, Sukhvinder Sukhu has informed that an ethanol plant would be set up in Una district by Hindustan Petroleum Corporation Limited (HPCL) with an outlay of Rs 500 crore. The government will invest 50% equity in the project and would extend cooperation to the company for setting up the plant The plant would provide employment and self-employment opportunities to the local people and farmers from Kangra, Hamirpur, and Bilaspur HPCL CMD: Pushp Kumar Joshi

 

4. MoS for Communications launched ORAN test bed project: MoS for Communications, Devusinh Chauhan has launched the Open Radio Access Network (ORAN) testbed project for conformance, certification, and interoperability testing of O-RAN-based solutions. It will facilitate the testing of ORAN elements and will facilitate the development of a fully indigenous 5G radio network in India. He has also released a Postal Stamp to mark the glorious 20 Years of Universal Service Obligation Fund of the Ministry of Communications.

 

5. Online education program ‘Pahal’ for rural children inaugurated: Uttar Pradesh Chief Secretary, Durga Shankar Mishra has inaugurated an online rural education program ‘Pahal’ at Government UP Sainik Inter College, Sarojini Nagar. The Department of secondary education has prepared this program in collaboration with IIT Kanpur. Free online education will be provided at 10 government secondary schools in the initial phase. The rural area students will be able to get the latest information related to science and mathematics.

 

6. Govt to set up 1,100 new Farmer Producer Organizations: The Ministry of Cooperation has informed that government will form 1,100 New Farmer Producer Organizations (FPOs) in the Cooperative Sector. These additional 1100 FPOs have been allocated to National Cooperative Development Corporation (NCDC) under the FPO Scheme. Under the FPO Scheme, financial assistance of 33 lakh rupees is provided to each FPO. Further, financial assistance of  25 lakh rupees per FPO is provided to the Cluster-Based Business Organizations.

 

7. G20's RIIG Conference on Scientific Challenges and Opportunities: G20 Research and Innovation Initiative Gathering (RIIG) Conference on Scientific Challenges and Opportunities for sustainable blue economy held at Diu on 18 May 2023. The main theme of RIIG during India’s G-20 Presidency in 2023 is “Research and Innovation for an Equitable Society”. Secretary, Department of Science and Technology (DST), Dr Srivari Chandrasekhar has chaired the G20 RIIG conference.

 

8. Andhra Pradesh launches ‘e-Chits’ app: Andhra Pradesh government has introduced an electronic service delivery system, e-Chits’ to regulate and usher in transparency in the sector. The initiative through which transactions can be done only online, will enable the registration department officials to verify subscribers and only then give approval. The app will also ensure that subscribers know which registered companies are operating in the chit fund business. Subscribers can verify whether a chit run by a company is registered with the authorities or not, including enabling them to enquire about the registered chits directly from regulating officials such as the assistant registrar of chits located at each district headquarters.

 

9. Indian Army conducts Flood Relief Exercise Jal Rahat in Assam: Gajraj Corps of the Indian Army conducted a Joint Flood Relief ‘Exercise Jal Rahat’ at Hagrama Bridge on Manas River, Assam. Objective – To validate joint drills and coordinate preparedness by multi-agency flood relief columns. Apart from Indian Army- SSB, National Disaster Response Force (NDRF), State Disaster Response Force (SDRF), District Disaster Management Authority (DDMA), and police representatives took part. The event included coordination and rehearsals for rescue missions of people from inundated areas by joint efforts of specialist teams from Army, NDRF, and SDRF.

Notably, the Indian Army has been at the forefront during flood relief operations over the years has evacuated thousands of lives.

 

INTERNATIONAL UPDATES:

 

1. Govt approves signing of Project Collaboration Agreement between DHR & WHO: The Union Government has approved the signing of the Project Collaboration Agreement between the Department of Health Research (DHR) and the WHO on Assistive Technology. Aim: Working towards drawing global attention toward access to assistive technology, fostering research and innovation, and developing and disseminating appropriate training programs. The government has also approved an MoU between the CCI and the Egyptian Competition Authority (ECA).

 

2. UNEP suggests measures to reduce 80% of world's plastic pollution by 2040: According to the UNEP report, 'Turning Off The Tap', plastic pollution across the world can be reduced by up to 80% by 2040, if companies and countries make policy and market shifts using existing technologies. The magnitude and nature of changes required to end plastic pollution and to create a circular economy to replace the widespread use of single-use plastics and their inappropriate disposal. About 400 million tonnes of plastic waste are generated every year.

 

3. International Museum Day 2023: 18 May: International Museum Day is observed annually on May 18 in order to recognize the vital role that museums play in fostering cultural exchange.

2023 theme: Museums, Sustainability, and Well-being This theme highlights the crucial role that museums can assume in advancing the concepts of well-being and sustainability. This day was first celebrated four decades ago in 1977 by the International Council of Museums (ICOM).

 

4. PM inaugurates International Museum Expo 2023: Prime Minister Narendra Modi has inaugurated the International Museum Expo 2023 at Pragati Maidan in New Delhi. The International Museum Expo is being organized as part of Azadi ka Amrit Mahotsav to celebrate the 47th International Museum Day. The theme for this year is ‘Museums, Sustainability and Well Being’. The Museum is a comprehensive effort to highlight and showcase historical events, personalities, ideas and achievements related to India’s past that have contributed to the making of India’s present. PM also unveiled the Mascot of the International Museum Expo, the Graphic Novel – A Day at the Museum, the Directory of Indian Museums, the Pocket Map of Kartavya Path, and Museum Cards. The Mascot of the International Museum Expo is a contemporized version of the Dancing Girl made of wood in the Chennapatnam art style.

 

5. India & Bangladesh launch ’50 Start-ups Exchange Programme’: India and Bangladesh have recently jointly launched the ’50 Start-up Exchange Programme’ to promote collaboration and exchange between the start-up ecosystems of the two countries. The objective of the program is to strengthen bilateral relations between India and Bangladesh by promoting cooperation in start-up and innovation sectors. It provides a platform for entrepreneurs, investors and stakeholders from both countries to connect and collaborate These Startups belong to sectors such as e-commerce, health, transport and logistics, energy, education, and skill development. Under this programme, 50 Start-ups from Bangladesh and 50 Startups from India will exchange visits to each other’s countries to explore partnerships, expand business relations, share experience and knowledge, and expand youth and entrepreneurial cooperation. The framework of the programme was decided by the Prime Ministers of the two countries during their recent bilateral summits.

 

6. 17 May – World Hypertension Day: World Hypertension Day is observed every year on May 17.

Objective – To raise awareness about hypertension or high blood pressure, its consequences, and preventive measures. Theme 2023 – Measure Your Blood Pressure Accurately, Control It, Live Longer WHL established World Hypertension Day and marked it for the first time on May 14, 2005. “Know Your Numbers!” was the theme the league chose for the first event. The date was changed from May 14 to May 17 from 2006 onwards. The WHL provides information regarding prevention of hypertension, its detection and treatment. According to the WHO, hypertension affects around one billion people worldwide, with complications resulting in over 7.5 million deaths annually.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI allows SBI Funds Management to acquire up to 9.99% stake in HDFC Bank: The Reserve Bank of India (RBI) has allowed SBI Funds Management (SBIMFL) to acquire up to 9.99% of the paid-up share capital or voting rights of HDFC Bank. SBIFML has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of six months i.e. by November 15, 2023. SBIFML must ensure that the aggregate holding in HDFC Bank remains below 10% of the paid-up share capital or voting rights of the Bank at all times.

 

2. Morgan Stanley: India to contribute 16% to global GDP growth over 2023-24: According to Morgan Stanley, India is expected to contribute 16% of the global gross domestic product (GDP) growth over 2023-24. The Indian economy is a key contributor to Asian economic growth outperformance and the broad-based recovery in demand runs counter to the weakness seen outside Asia. In recent months, a wide variety of indicators suggest that India’s recovery is strong and broad-based, and is well-placed to sustain growth rates of above 6%.

 

AWARDS AND HONOURS

 

1. Tata Chairman N Chandrasekaran honored with France's highest civilian award: Tata Sons chairman, N Chandrasekaran (59) was conferred with France's highest civilian honor, 'Chevalier de la Légion d’Honneur', by French Minister for Europe and Foreign Affairs Catherine Colonna. He was awarded for his role in developing and fostering commercial links between India and France. N Chandrasekaran was appointed the chairman of Tata Sons in 2017 and later, was given a second term in the role for another five years.

 

OBITUARIES

 

1. BJP Ambala MP Rattan Lal Kataria passes away: Former Union minister and the BJP's Ambala MP Rattan Lal Kataria passed away at 71. He has served as minister of state in the Union Ministry of Jal Shakti and the Ministry of Social Justice and Empowerment from May 2019 till July 2021. He was elected to the Lok Sabha from Ambala in 1999, 2014, and 2019. He also served as the party's Haryana unit chief from 2000 to 2003. He was also a minister in the Haryana government.

Daily GK Update- 17th May, 2023

NATIONAL UPDATES:

 

1. Indian Army conducts Flood Relief Exercise Jal Rahat in Assam: Gajraj Corps of the Indian Army has organized a Joint Flood Relief 'Exercise Jal Rahat' at Hagrama Bridge on Manas River, Assam. Aim: To validate joint drills and coordinate preparedness by multi-agency flood relief columns The exercise was joined by Indian Army- SSB, National Disaster Response Force (NDRF), State Disaster Response Force, DDMA, and police representatives. It includes coordination and rehearsals for a rescue mission of people from inundated areas.

 

2. Govt appoints Anil Kumar Jain as new PNGRB chairman: The Appointments Committee of the Cabinet, headed by PM Modi has appointed Anil Kumar Jain (retired coal secretary) as the new chairman of the Petroleum & Natural Gas Regulatory Board. He has been appointed for five years (from the date assumption of charge) or attaining 65 years, or until further orders, whichever is the earliest. He is a 1986-batch IAS officer from the MP cadre. PNGRB was constituted under The Petroleum and Natural Gas Regulatory Board Act, 2006.

 

3. UGC launches two websites to enhance quality education in India: The University Grants Commission has launched a newly redesigned website and portals named 'UTSAH' and 'Professor of Practice'. UTSAH refers to Undertaking Transformative Strategies and Actions in Higher Education. This portal will serve as a platform providing detailed information about UGC's initiatives for qualitative reforms in higher education. The Professors of Practice portal facilitate institutions to get experienced professional experts in the required area.

 

4. Indian economy expected to grow 6.7% in 2024: UN: According to a UN report titled, 'World Economic Situation and Prospects as of mid-2023', India’s economy is expected to grow by 5.8% in 2023 and 6.7% in 2024 (CY), supported by resilient domestic demand. The report has also highlighted that the higher interest rates and weaker external demand will continue to weigh on investment and exports this year for the country. Inflation in India is expected to decelerate to 5.5% in 2023 as global commodity prices moderate.

 

5. Union Minister Shri Ashwini Vaishnaw launches Sanchar Saathi portal: Minister of Communications, Ashwini Vaishnaw has launched the Sanchar Saathi portal. He has also introduced three reforms: CEIR (Central Equipment Identity Register) – for blocking stolen/lost mobiles. Know your mobile connections – to know mobile connections registered in your name.

ASTR (Artificial Intelligence and Facial Recognition powered Solution for Telecom SIM Subscriber Verification) – to identify fraudulent subscribers.

 

6. Minister Jitendra Singh inaugurates 8th All India Pension Adalat in Delhi: Union MoS for Pensions, Dr. Jitendra Singh has inaugurated the 8th All India Pension Adalat in Delhi on May 17, 2023. Agenda: Chronic cases will be taken up and resolved. Till now, 7 All India Pension Adalats have been organized, in which 24,218 cases have been taken up and 17235 cases have been resolved. The Minister has also presided over the 50th Pre-Retirement Counselling Workshop, conducted by the Department of Pension & Pensioners’ Welfare.

 

7. Kerala launched Welfare Fund for Workers Under Employment Guarantee Scheme: Kerala becomes the first state in India to launch a welfare fund for Mahatma Gandhi Rural Employment Guarantee Scheme (MGNREGS) workers. The workers who have completed the age of 60 will be entitled to a pension under this fund and it will also provide financial assistance for medical treatment, and other benefits. The workers need to pay a nominal monthly amount of Rs 50 as a contribution to the fund and the government will also contribute an equal amount.

 

8. Andhra Pradesh launches 'e-Chits' app: Andhra Pradesh government has introduced an electronic service delivery system, e-Chits' to regulate and usher in transparency in the sector Aim: Financially protecting chit-fund companies' subscribers amid alleged scams The transactions can be done only online, which will enable the registration department officials to verify subscribers and only then give approval It also ensures that subscribers know which registered companies are operating in the chit-fund business

 

9. Sonal Srivastava appointed as new CFO of Vedanta: Sonal Shrivastava has been appointed as new Chief Financial Officer (CFO) of Vedanta Limited, effect from 1 June, 2023. Sonal Srivastava had served as the Chief Financial Officer for Asia Pacific, Middle East and Africa operations at Holcim Group. Shrivastava has more than 26 years of financial leadership experience across sectors. She holds a bachelor’s degree in chemical engineering from BIT, Sindri and a master’s degree in business administration from the Jamnalal Bajaj Institute of Management Studies.

 

10. Ashutosh Dixit appointed as Vice Chief of the Air Staff: Air Marshal Ashutosh Dixit took over as the Deputy Chief of the Air Staff. Ashutosh Dixit, an alumnus of the National Defence Academy, was Commissioned in the fighter stream on December 6 in 1986. He is a graduate of the Staff Course, Bangladesh and National Defence College, New Delhi. Dixit is a qualified flying instructor as well as an experimental test pilot, with over 3,300 hours of flying experience on fighter, trainer and transport aircraft. He participated in Operation Safed Sagar and Rakshak.

 

11. Duroflex announces Virat Kohli as new brand ambassador: A mattress and sleep products maker, Duroflex Private Limited has signed cricketer Virat Kohli as its brand ambassador. Kohli will appeal to a wider audience, inspiring individuals to prioritize their sleep for a healthier tomorrow. Its campaign is titled ‘Great Sleep Great Health’. He will promote the importance of good sleep for better health. In 2023, Bollywood actor Ranveer Singh became the most valued celebrity for endorsements in 2022, replacing Indian batter Virat Kohli.

 

12. 16 May – National Dengue Day: National Dengue Day is observed every year on 16 May. Objective – To create awareness and promote measures to prevent the disease Theme 2023 – Fight Dengue, Save Live

 

INTERNATIONAL UPDATES:

 

1. PM to inaugurate International Museum Expo 2023: PM Modi will inaugurate the International Museum Expo 2023 at Pragati Maidan, New Delhi on 18 May 2023. He will also unveil several key initiatives, including the Mascot, a Graphic Novel titled ‘A Day at the Museum’, the Pocket Map of Kartavya Path, and Museum Cards. The Mascot is an artistic representation inspired by the iconic Dancing Girl sculpture in the Chennapatnam art style. Indian Museums Directory serves as a comprehensive survey of museums in India.

 

2. World Telecommunication and Information Society Day 2023: May 17: World Telecommunication and Information Society Day is celebrated annually on May 17 to raise awareness of the possibilities that the use of the Internet and other ICT. 2023 theme: Empowering the least developed countries through information and communication technologies The first World Telecommunication Day was celebrated on May 17, 1969, to mark the founding of ITU and the signing of the first International Telegraph Convention in 1865.

 

3. Economist Ludovit Odor appointed as Slovakia's caretaker prime minister: Economist Ludovit Odor was appointed as the interim prime minister of Slovakia, who will lead the country until early elections. He is a politically independent economist who comes to the job straight from the board of the country’s central bank. Odor and his caretaker cabinet were picked by President Zuzana Caputova. Slovakia is a member of the European Union, the Euro Zone, and NATO. Slovakia is struggling with high inflation due to war in neighboring Ukraine.

 

4. World Hypertension Day 2023: May 17: World Hypertension Day is observed on May 17 every year to raise awareness about hypertension or high blood pressure, its consequences, and preventive measures. It was established in 2005 by the World Hypertension League (WHL). 2023 theme: Measure Your Blood Pressure Accurately, Control It, Live Longer According to the WHO, hypertension affects around one billion people worldwide, with complications resulting in over 7.5 million deaths annually.

 

5. Google invests $1 million to IIT-Madras Al research centre: US technology giant Google announced an investment of $1 million in the form of grants to the Indian Institute of Technology Madras (IIT Madras). Google has been announced as the inaugural ‘platinum consortium’ member of the IIT Madras newly formed Centre for Responsible Artificial Intelligence (CeRAI). CeRAI’s major goal will be to create high-quality research outputs such as research publications in high-impact journals or conferences, white papers, and patents, among other things. It will aim to provide technical resources in the domain of Responsible AI, such as curated datasets (universal and India-specific), software, toolkits, and so on.

6. 16 May – International Day of Light: The International Day of Light is celebrated every year on May 16. Objective – To highlight the importance of light and its role in science, culture, art, education, and sustainable development. The day also celebrates the role light plays in fields as diverse as medicine, communications, and energy. The International Day of Light marks the anniversary of the first successful operation of the laser by Theodore Maiman, renowned physicist and engineer, in 1960. The International Day of Light was first proclaimed at the General Conference of the United Nations Educational, Scientific and Cultural Organization (UNESCO) in November 2017. The day is recognised to strengthen scientific cooperation as well as harness its potential to foster peace and sustainable development around the world.

 

7. 17 May – World Telecommunication and Information Society Day: World Telecommunication Day, or as it is now known, World Telecommunication and Information Society Day, is celebrated on May 17 by the International Telecommunication Union (ITU). The day highlights the impact of the Internet and other communication tools on society. Theme 2023 – Empowering the least developed countries through information and communication technologies On May 17, 1969, World Telecommunications Day was first observed to mark the founding of the ITU, originally called the International Telegraph Union. The ITU was established by the signing of the very first international telegraph Convention, on May 17, 1865, in Paris. It changed its name to International Telecommunication Union in 1932 and eventually became a specialized agency of the United Nations in 1947.

 

OTHER UPDATES:

 

SPORTS

 

1. Barcelona wins La Liga for 1st time since 2019: Barcelona has won its first Spanish league title after the departure of Lionel Messi with a 4-2 victory against Espanyol Robert Lewandowski scored twice to lead the Catalan club to its first league title since 2019. The title was secured with four rounds remaining and two years after Lionel Messi left amid the club’s financial struggles. Alejandro Balde and Jules Koundé also scored for Barcelona, which now has 27 league titles, eight fewer than Real Madrid.

 

BANKING AND FINANCE

 

1. NSE launches WTI crude oil and natural gas futures contracts: The National Stock Exchange (NSE) has launched the rupee-denominated NYMEX WTI Crude Oil and Natural Gas futures in its commodity derivatives segment. It will provide effective trading and hedging opportunities to market participants, with the availability of key energy products on a single trading platform. The contracts will provide effective trading and hedging opportunities to market participants, with the availability of key energy products on a single trading platform.

2. PayNearby launches ‘PayNearby Mall’ for small businesses and consumers: A branchless banking and digital network in India, PayNearby has launched a new meta-commerce platform called PayNearby Mall. With this initiative, the company aims to upgrade every retailer, in its active network, to benefit from the ongoing e-commerce acceleration. This platform is designed to enable easy access to goods and services and will be integrated with the Open Network for Digital Commerce (ONDC) platform. Aim – To upgrade every retailer in its million+ active network and help them meet the demand of their customers

 

3. IRDAI constitutes Expert committee for matters related to mental health: The Insurance Regulatory and Development Authority of India (IRDAI) has recently constituted a five-member expert committee comprising medical experts and insurers to advise on matters related to mental health and insurance. Pratima Murthy, director of the National Institute of Mental Health and Neurosciences (NIMHANS), has been made the chairperson of the committee. The panel has been constituted for 2 years to advise on matters related to mental health and insurance. The committee will provide advice and input on existing insurance coverage and what is offered for mental illnesses.

 

4. NPCI introduces CVV-less payments for tokenized cards: RuPay has introduced the CVV (Card Verification Value) free payment experience for its debit, credit and prepaid cardholders who have tokenized their cards on the merchant application or webpage. This new CVV less experience ensures that the cardholder will not have to reach out to their wallet or remember any card details, if they have saved (tokenized) their card on the e-commerce merchant which supports this feature. They will just have to enter the OTP or their device will auto-populate the OTP during the domestic e-commerce transaction and the payment will be done. Tokenization is a simple technology to secure card transactions without sharing clear or real card details with the merchants. The Reserve Bank of India (RBI) had made it mandatory for all credit and debit card data used in online, point-of-sale, and in-app transactions to be replaced with unique tokens. This added layer of security by way of tokenization is expected to enhance users’ digital payment experience. National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India.

 

AWARDS AND HONOURS

 

1. ‘Gauri’ bags ‘Best Long Documentary Award’ at SAFF, Montreal : A documentary, titled ‘Gauri’ (directed by Kavitha Lankesh) has been awarded the ‘Best Long Documentary Award’ at the South Asian Film Festival of Montreal 2023. It is based on journalist and activist Gauri Lankesh, who was assassinated in 2017. This film was commissioned by Free Press Unlimited, Amsterdam. The Free Press Unlimited mission stems from Article 19 of the Universal Declaration of Human Rights: Everyone has the right to freedom of opinion and expression.

 

2. Uttar Pradesh ranked second in country with 48 GI-tags : Uttar Pradesh has received the Geographical Indications (GI) tags for three more ODOP crafts - Mainpuri tarkashi, Mahoba Gaura stone craft, and Sambhal horn craft. Uttar Pradesh has now 48 GI tags. Among the 48 GI goods of UP, 36 products belong to the handicraft category. Tamil Nadu has a maximum of 55 GI-tagged goods while UP and Karnataka have 48 and 46 GI products respectively. Tarkashi is a technique of inlaying brass, copper, or silver wires in wood. 

 

OBITUARIES

 

1. Nobel laureate and pioneering economist, Robert E. Lucas Jr. passes away: An American economist, Robert E. Lucas Jr. passed away at 85. He was honoured with the Nobel Prize in Economics for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy in 1995. He was well known for his investigations into the implications of the assumption of the rational expectations theory.