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Current Affairs One - Liner : 16th May 2024

Published on May 16, 2024
  • National:
    • Mazagon Dock Shipbuilders Limited (MDL) marked its 250th Foundation Day on May 14, 2024. The Defence Secretary, Shri Giridhar Aramane, presided over the celebrations in Mumbai. This event signifies MDL’s significant contributions to India’s shipbuilding industry.
Current Affairs One - Liner : 16th May 2024
    • The Indian Institute of Petroleum & Energy (IIPE) has developed an eco-friendly technique for treating muddy river water called the ‘Surface Modification Technique of Membrane’. This method uses non-toxic gases instead of harsh chemicals, making it beneficial for various industries and environmental monitoring. It enhances the lifespan of membranes used in filtration processes, improving cost-effectiveness.
  • International:
    • Japan has unveiled the world’s first 6G device, developed by a consortium of leading telecom companies. The device can transmit data at 100 Gbps, which is 20 times faster than 5G. The announcement was made on April 11th. However, 6G is still in the testing phase and not yet commercially viable.
  • Banking:
    • TATA AIG General Insurance launched India’s first Satellite In-Orbit Third-Party Liability Insurance policy on May 16, 2024. This policy provides coverage for third-party injuries and property damage resulting from satellite operations.
    • On May 15, 2024, PhonePe, in partnership with LankaPay, launched cross-border UPI payments in Sri Lanka. This allows PhonePe users to make payments across Sri Lanka, benefiting both Indian tourists/business travelers and Sri Lankan merchants.
    • In the fiscal year 2024, Public Sector Banks (PSBs) in India reported a total profit of ₹1.4 lakh crore, marking a 35% growth over the previous year. The State Bank of India (SBI) was a major contributor, accounting for over 40% of the total earnings. Punjab National Bank saw the highest net profit growth at 228%.
    • According to Fitch Ratings, bank loans in India grew by 16% in the financial year 2023-24. This growth rate was similar to the previous financial year (FY23), and it exceeded the compound annual growth rate (CAGR) of 8% observed over FY15-FY22.
    • In April 2024, India’s WPI inflation hit a 13-month high of 1.26%. This was due to increases in the prices of food articles, electricity, crude petroleum & natural gas, and manufactured food products. Specifically, the WPI Food Index rose to 5.52%, primary articles inflation increased to 5.01%, manufactured product prices fell by 0.42%, and fuel and power prices increased by 1.38%.
    • The average net assets under management (AAUM) in the northeastern states of India have grown by about 145% from 2020 to 2024. The AAUM increased from US$ 1.97 billion (Rs. 16,446 crore) in March 2020 to US$ 4.83 billion (Rs. 40,324 crore) in March 2024
  • Economy:
    • The unemployment rate in urban areas for people aged 15 years and above decreased to 6.7% in the January-March quarter in 2024, a slight decrease from the 6.8% during the same period in the previous year. The female unemployment rate in urban areas also decreased from 9.2% to 8.5% during the same period. This data is according to the Periodic Labour Force Survey quarterly bulletin.
    • On May 14, 2024, Moody’s Ratings projected that India’s GDP will grow at 6.6% in FY25. This growth is expected to be driven by strong credit demand and robust economic performance, particularly from non-bank finance companies (NBFCs). However, this forecast is slightly lower than the 7% growth rate estimated by the RBI, ADB, and Fitch Ratings.
  • Science & Technology:
    • The rare tree species, Uniyala multibracteata, locally known as Kattupoovamkurunnila, was rediscovered in the Wagamon hills of the Western Ghats on May 10, 2024. This marked a significant event in botany after a gap of 140 years.
  • Sports:
    • In the Federation Cup 2024, held at the Kalinga Stadium in Bhubaneshwar, Odisha, the Indian athlete Neeraj Chopra won the gold medal in the men’s javelin throw event. He achieved this feat with a remarkable throw of 82.27 meters on Wednesday, May 15, 2024.
    • Indian football icon Sunil Chhetri announced his retirement from international football on May 16, 2024. His last game will be the FIFA World Cup 2026 qualifier against Kuwait on June 6, 2024. He has scored 94 goals in 150 matches and is the third-highest goal-scorer globally.
  • Defence:
    • The BHISHM portable hospital, world’s first air-lifted hospital, was tested by the Indian Air Force in Agra. It uses AI and Data Analytics, can be deployed in 12 minutes, and consists of 72 detachable mini cubes. It can treat up to 200 casualties, enhancing India’s emergency response capabilities.
  • Important Days:
    • National Dengue Day is observed on May 16 every year to raise awareness about dengue prevention. This year’s theme is Dengue Prevention: Our Responsibility for a Safer Tomorrow. Dengue is a mosquito-borne viral infection prevalent in over 100 countries.
  • Appointments:
    • Alain Noudéhou of Benin was appointed as the new Executive Director of the UN Multi-Partner Trust Fund Office (MPTFO) on May 10, 2024. He succeeded Jennifer Topping of Canada. Mr. Noudéhou has extensive experience in international development and humanitarian affairs and is fluent in French, English, and Chinese.
    • Rushabh Gandhi has been appointed as the new Managing Director (MD) and CEO of IndiaFirst Life Insurance, effective from July 1. He will succeed R.M. Vishakha, who is retiring on June 30. Gandhi, previously the Deputy CEO, has over 29 years of experience in Indian and international markets.
    • Vice Admiral Sanjay Bhalla, AVSM, NM, assumed charge as the Chief of Personnel of the Indian Navy on 10 May 2024. He has served in the Indian Navy for 35 years, holding various specialist, staff, and operational appointments. Before this role, he was the Chief of Staff of the Western Naval Command.
    • David Salvagnini was appointed as NASA’s new Chief Artificial Intelligence Officer on May 13, 2024. This role expands his current position as Chief Data Officer. He will be responsible for aligning the strategic vision and planning for AI usage across NASA
  • Awards & Honours:
    • British-Indian author Ruskin Bond has been awarded the prestigious Sahitya Akademi Fellowship on 13th May 2024. The award was presented at his home in Mussoorie. Bond has written over 300 works, including more than 30 books for children. His most famous works include “The Blue Umbrella,” “Rusty, the Boy from the Hills,” and “The Room on the Roof”.
  • Obituaries:
    • Veteran Congress leader and former governor of Gujarat, Kamla Beniwal, passed away at the age of 97 on 15th May, 2024. She had a long political career in Rajasthan and also served as the governor of Tripura and Mizoram.

Questions:

Q.1 Who unveiled the world’s first 6G device?
a. China
b. USA
c. Japan
d. South Korea
Q.2 Who has been appointed as the new Managing Director (MD) and CEO of IndiaFirst Life Insurance?
a. Rushabh Gandhi
b. R.M. Vishakha
c. Narendra Modi
d. Mukesh Ambani
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