Current Affairs One - Liner : 12th & 13th May 2024

• National:
• The Spices Board of India has issued guidelines for exporters to prevent Ethylene Oxide (EtO) contamination in spices. Key points include avoiding the use of EtO, ensuring no use of this chemical in any stage of the supply chain, implementing preventive measures, and regular testing for contamination. These guidelines aim to ensure the quality of exported spices and spice products from India.

• The Competition Commission of India (CCI) has made several changes to its confidentiality ring regime. Parties must now self-certify their confidentiality claims. The CCI has implemented stricter timelines for setting up a Confidentiality Ring and extended the request timeline to ten days. The duration of access to file inspections and slot durations have been increased.
• The Financial Intelligence Unit of India (FIU-India) has approved the registration applications of Binance and Kucoin as Virtual Asset Service Providers (VASPs) to operate in India. Kucoin has already paid a penalty for past non-compliances and had its ban lifted.
• Banking:
• Foreign Portfolio Investors (FPIs) have withdrawn Rs 17,000 crore from Indian equities in the first 10 days of May 2024. This is due to factors such as political uncertainty due to the ongoing general election, high market valuations, appealing US interest rates, and profit booking by FPIs. This withdrawal is significantly higher than the net withdrawal of Rs 8,700 crore in April.
• Economy:
• India’s foreign exchange reserves increased by $3.668 billion to $641.590 billion in the week ended May 3. This is the first increase in nearly a month. However, gold reserves decreased by $653 million to $54.88 billion. The increase in reserves provides a buffer against currency fluctuations and covers more than 11 months of imports.
• In FY 2023-24, state-owned Oil Marketing Companies (OMCs) in India saw significant profit growth. The combined profit of OMCs was Rs 86,000 crore, over 25 times higher than the previous year. HPCL reported a net profit of Rs 16,014 crore, IOCL achieved milestones in refinery throughput, sales volume, and net profit, and BPCL’s profit after tax surged to Rs 26,673 crores, nearly 13 times from the previous year.
• Science & Technology:
• ISRO successfully tested a liquid rocket engine, the PS4 engine, using Additive Manufacturing (AM) technology. The engine, which uses Nitrogen Tetroxide and Mono Methyl Hydrazine as fuel, was redesigned for AM, reducing the number of parts from 14 to a single piece and eliminating 19 weld joints. This resulted in significant savings on raw material and reduced the overall production time by 60%.
• Defence:
• The Defence Research and Development Organisation (DRDO) and the Indian Institute of Technology (IIT) Bhubaneswar announced a collaboration on May 8, 2024. They will work together on advanced research and development projects, focusing on AI-driven surveillance, electronic warfare systems, power systems, and radar technology. This partnership aims to enhance the operational capabilities of India’s defense forces.
• Important Days:
• Mother’s Day is a special occasion celebrated on the second Sunday of May every year to honor and appreciate mothers and mother figures worldwide. In 2024, this day fell on Sunday, May 12th. The theme for Mother’s Day 2024 was “Celebrating Motherhood: A Timeless Bond”, which emphasized the enduring love and support that mothers provide throughout their lives.
• Appointments:
• Idashisha Nongrang, a senior IPS officer, has been appointed as the first woman Director General of Police (DGP) of Meghalaya. She is also the first tribal woman to hold this rank. Her appointment will be effective from May 20, 2024, following the retirement of the current DGP, LR Bishnoi.
• Russian President Vladimir Putin has reappointed Mikhail Mishustin as the Prime Minister. Mishustin, who previously headed the Federal Taxation Service of Russia, has been credited with stabilizing the Russian economy during challenging times.
• Vinay Firake has been appointed as the CEO of the APMEA Strategic Market Unit at Wipro Limited, effective from May 10, 2024. He succeeds Anis Chenchah and will be based in Dubai. Vinay has been with Wipro for 26 years, serving in various leadership roles.
• Awards & Honours:
• Dr. Soumya Swaminathan, a renowned public health expert, has been awarded an honorary doctorate by McGill University. She has over 40 years of experience in clinical care and research, and has held key positions at the World Health Organization. The honorary doctorate, Doctor of Science, honoris causa (D Sc) in Health Sciences, will be conferred upon her on May 28, 2024.
• Obituaries:
• Renowned Punjabi poet and Padma Shri awardee, Dr. Surjit Patar, passed away at the age of 79 on 11th May, 2024. He was a respected figure in Punjabi literature, with significant contributions including several poetic works. His demise is a great loss to the Punjabi literary community.
• Richard Slayman, the first person to receive a kidney from a genetically modified pig, passed away two months after the procedure. The hospital where the surgery was performed did not link his death to the transplant.
• Sushil Kumar Modi, former Deputy Chief Minister of Bihar and senior BJP leader, passed away at the age of 72. He was diagnosed with cancer six months ago and was undergoing treatment at AIIMS, Delhi.

Questions:

Q.1 What was the combined profit of Oil Marketing Companies (OMCs) in India in FY 2023-24?
a. Rs 50,000 crore
b. Rs 86,000 crore
c. Rs 1,00,000 crore
d. Rs 75,000 crore
Q.2 Who has been appointed as the first woman Director General of Police (DGP) of Meghalaya?
a. LR Bishnoi
b. Idashisha Nongrang
c. None of the above
d. Both a and b