- National:
- India’s first commercial standalone Battery Energy Storage System (BESS) project received regulatory approval on May 8, 2024. The project is a 20 MW/40 MWh BESS, installed at BRPL’s Kilokari substation. It aims to improve power quality for over 12,000 low-income consumers. The project sets a new standard for BESS affordability in India with a levelized annual tariff of INR 57.6 lakh per MW.
- Springer Nature and India’s Department of Atomic Energy (DAE) have signed a Transformative Agreement to advance open research. This first-of-its-kind agreement in India allows all DAE-affiliated centers to read and publish Gold Open Access articles in over 2,000 Springer Nature journals. The deal aims to enhance academic publishing’s innovation, transparency, integrity, and accessibility.
- The Kohima Peace Memorial in Nagaland, India was inaugurated by Hiroshi Suzuki, the Ambassador of Japan to India, on May 8, 2024. The memorial commemorates the Battle of Kohima during World War II. The project was funded by the Japan International Cooperation Agency (JICA). The inauguration symbolizes the friendship between Japan and Nagaland.
- According to a study by the Economic Advisory Council to the Prime Minister (EAC-PM), from 1950 to 2015, the Hindu population in India decreased by 7.81%, while the Muslim population increased by 43.15%. The Christian population also saw a rise of 5.4%. The study aimed to analyze the representation of minorities in society, and it concluded that minorities are not only protected but also thriving in India.
- The upgraded Dietary Guidelines by ICMR include 17 recommendations for a healthier lifestyle. Key points are: restrict salt intake, minimize high fat, sugar, and ultra-processed foods, prevent obesity, and engage in daily physical activity. The guidelines link unhealthy diets to major diseases in India and suggest that many premature deaths can be prevented by following a healthy lifestyle.
- The ‘Pirul Lao-Paise Pao’ campaign was launched by Uttarakhand Chief Minister Pushkar Singh Dhami to prevent forest fires. Under this initiative, locals are paid Rs 50 per kilogram for collecting dry Pirul (Pine tree leaves) from forests. The collected Pirul is then used in various industries. This campaign not only helps in reducing the risk of forest fires but also provides a source of income for the local population.
- International:
- Climeworks has opened the world’s largest Direct Air Capture and Storage (DAC + S) plant, ‘Mammoth’, in Hellisheidi, Iceland. The plant has a design annual nameplate capture capacity of up to 36,000 tons of CO₂. It was launched in May 2024 and is built in a modular design.
- India has contributed USD 500,000 to the UN Counter-Terrorism Trust Fund. The funds will support the UN Office of Counter-Terrorism’s (UNOCT) global programmes. With this contribution, India’s total contribution to the fund is now at $2.55 million.
- The Australian government has made several changes to its immigration laws. These include easier deportation of non-citizens, new visa pathways for New Zealanders, re-introduction of student visa work restrictions, and a new visa for Pacific migrants. These changes were implemented at different times, starting from July 1, 2023, with the deportation legislation reaching the Senate on March 25, 2024.
- Banking:
- The State Bank of India (SBI) released its financial results for the March 31, 2024 quarter, on May 3, 2024. The bank reported a 24% year-on-year increase in its net profit, reaching a record of ₹20,698 crore. This growth was attributed to both loan and fee income. The profit for the fiscal year ended March 2024 was also at an all-time high of ₹61,077 crore, marking a 22% increase.
- IDBI Bank has received a GST demand order of ₹2.97 crore from the Dehradun state tax department for the fiscal year 2018-19. The order includes a tax demand of ₹1.42 crore, interest of ₹1.41 crore, and a penalty of ₹0.14 crore. The bank is currently considering legal remedies, including filing an appeal. The demand order was issued due to alleged excess availment of input tax credit (ITC).
- On May 7, 2024, YES BANK and EBANX announced a strategic partnership to empower cross-border commerce in India. The collaboration aims to streamline payment processing for the global digital economy, providing global merchants with easier access to India’s vast consumer market. The partnership will offer a comprehensive range of local payment methods, including UPI and cards issued across all locally available networks.
- Google launched its digital wallet app, Google Wallet, in India on May 8, 2024. The app allows Android users in India to store and access various items like boarding passes, gift cards, event tickets, and loyalty passes. It works alongside Google Pay, which remains the primary payments app. Google Wallet is tailored for non-payment use cases. Initially, it will work with 20 brands and several local transport operators.
- Economy:
- The Indian government has permitted the export of 14,000 tonnes of non-Basmati white rice to Mauritius through the National Cooperative Exports Limited (NCEL). This decision is significant as it comes despite the ongoing ban on non-Basmati white rice exports since July 2023.
- During the fiscal year 2023-24, 1,85,312 companies were registered in India, an increase from the previous year. The collective paid-up capital was Rs 30,927.40 crore. Most of the companies were in the services sector. Maharashtra had the highest number of new companies. As of March 2024, India had a total of 26,63,016 companies, with 64% active. There were also 5,164 foreign companies registered in India.
- Mous:
- South Indian Bank and Northern Arc Capital signed a Memorandum of Understanding (MoU) on May 9, 2024, in Bengaluru. This strategic alliance aims to maximize business opportunities in loan origination, underwriting, disbursement, collection, and reconciliation processes. They plan to focus on co-lending and partnership lending activities, and facilitate seamless loan transfers between banks and originators.
- Science & Technology:
- The Peucetia chhaparajnirvin is a new species of green lynx spider discovered on May 1, 2024 in the Tal Chhapar Wildlife Sanctuary in Rajasthan. It’s found on the green leaves of the Vachellia nilotica tree, is nocturnal, and feeds on small insects.
- Reports:
- The report titled “Decoding Omnichannel: Strategies for D2C Brands” was published by Accel, Fireside Ventures, and Redseer Strategy Consultants on May 9, 2024. It predicts that India’s retail market will surpass $2.2 trillion by 2030. Interestingly, it suggests that about 90% of sales will still occur offline, indicating the continued importance of physical retail stores.
- Sports:
- The Indian team won five medals at the Asian Open Pickleball Championship 2024 in Vietnam. They secured three gold medals in the mixed doubles intermediate 35+, women’s doubles open, and men’s doubles events. They also won two bronze medals in the men’s singles advanced 35+ and women’s singles intermediate 35+ categories.
- Olympic bronze medalist Bajrang Punia has been provisionally suspended by the United World Wrestling (UWW) due to an anti-doping rule violation. The suspension is in effect for all competitions until the end of 2024, impacting his participation in the Paris Olympics.
- Important Days:
- World Lupus Day, observed on May 10 annually, is dedicated to raising awareness about Lupus, an autoimmune disease affecting millions worldwide. The day advocates for improved patient healthcare services, increased research, and earlier diagnosis and treatment.
- Appointments:
- R Shankar Raman, the Senior EVP, Whole-time Director & CFO of Larsen & Toubro (L&T), has been elevated to the position of President of the company on May 9, 2024. He has been with the L&T Group since November 1994 and has played a pivotal role in shaping the company’s financial strategy.
- Jaya Tripathi has been appointed as the Head of Key Relations Group at SBI General Insurance. Her role will involve expanding new business opportunities and partnerships, and enhancing profitability. She brings a wealth of experience from her previous roles in various sectors including general insurance, fashion retail, and tourism.
- Awards & Honours:
- Pawan Sindhi was indeed honored with the prestigious Global Pride of Sindhi Award 2024. This award was presented to him at an event attended by esteemed saints, Mahatmas, and sadhus. The event celebrated Mr. Sindhi’s remarkable contributions to society and his dedication to serving humanity.
- Obituaries:
- Salam Bin Razzaq, a renowned Urdu litterateur and academician, passed away at the age of 83. Born in 1941, Razzaq’s writings reflected the struggles of common people. He gained prominence in the 1970s, with over four dozen of his stories broadcast on All India Radio.
Questions:
Q.1 How many companies were registered in India during the fiscal year 2023-24?a. 1,50,000
b. 1,85,312
c. 2,00,000
d. 2,50,000
Q.2 Who launched the ‘Pirul Lao-Paise Pao’ campaign?
a. Pushkar Singh Dhami
b. Narendra Modi
c. Amit Shah
d. Rahul Gandhi
