Current Affairs One - Liner : 24th May 2024

The first-ever Emergency Medical Response System (EMRS) was inaugurated by Air Chief Marshal VR Chaudhari at Command Hospital Air Force Bangalore. This 24/7 telephonic medical helpline will serve IAF personnel and their families across India. The system aims to provide immediate advice and medical support during emergencies.

According to the Wildlife Institute of India, there are about 4,000 dolphins in the Ganga and its tributaries. The Gangetic dolphin, endemic to the Ganga river basin, faces threats like dam construction, pollution, overfishing, and motorized transport. A recent study identified 620 kilometers along the smaller rivers of the Ganga basin as priority conservation areas.
The Saga Dawa Festival is a significant event in Sikkim, celebrated by followers of Mahayana Buddhism. It commemorates the birth, enlightenment, and departure of Lord Buddha. The festival involves various religious ceremonies, street processions, and the lighting of butter lamps in monasteries. In 2024, the festival was celebrated on Thursday, 23rd May.

The BSE Sensex rose by 164.24 points on May 24, 2024. This indicates a positive trend in the market. The rise could be due to factors like strong corporate earnings, positive global cues, or policy changes. However, the stock market is subject to fluctuations and investment decisions should be based on thorough research and risk tolerance.
The Receivables Exchange of India Ltd (RXIL) crossed a milestone of ₹1 lakh crore in MSME invoice financing on May 18, 2024. This was achieved through the financing of over 50 lakh invoices. RXIL, a joint venture between SIDBI, NSE, State Bank of India, ICICI Bank, and YES Bank, provides working capital solutions for MSMEs. It aims to bridge the credit gap in the sector, which is estimated to be around $380 billion.
Mahindra Finance has received IRDAI approval to sell insurance products as a corporate agent from May 21, 2024. This allows them to offer a variety of insurance services, expanding their product portfolio and potential revenue. They plan to increase insurance penetration in rural and semi-urban areas of India.
Nippon India Mutual Fund (NIMF) launched an industry-first sonic identity titled ‘The Sound of Freedom’ on May 22, 2024. This unique brand sound symbolizes financial freedom and is aimed at fostering deeper connections with investors. It was crafted by BrandMusiq, a leading specialist in sonic identities.

The Oil and Natural Gas Corporation (ONGC) announced its highest-ever standalone net profit of INR 40,526 crore and consolidated net profit of INR 57,101 crore for FY24 on May 20, 2024. The company drilled 541 wells and made 11 discoveries. Despite a 11% YoY decline in standalone gross revenue, the shares of ONGC gained more than 46% in the last six months.
Goldman Sachs has estimated that the net financial savings of Indian households will increase to 6% of GDP in FY23-24, up from 5.1% in 2022-23. This is due to an expected rise in gross financial savings to 12.5% of GDP and an increase in household liabilities to 6.6% of GDP.
India’s Composite PMI for May was 61.7, marking 34 months of growth. The Services PMI was strong at 61.4, while the Manufacturing PMI slightly dipped to 58.4. Business activity was driven by new services business and manufacturing output. Exports expanded rapidly due to international demand, the fastest since September 2014.

SpaceX launched the first set of operational spy satellites for a new US intelligence network on May 22, 2024. The satellites were launched from the Vandenberg Space Force Base in Southern California. This mission is part of a larger plan by the U.S. National Reconnaissance Office (NRO) to establish a vast system in orbit for rapid ground target spotting.
A new jumping spider species, Ligdus Garvale, was discovered in Garvale, a village in Karnataka, India, in May 2024. This is only the second recorded instance of the Ligdus genus in 129 years. The spider was found in an agroforestry area, surrounded by coffee plantations and paddy fields.

The ‘Let’s Move India’ campaign was launched on May 21, 2024 to celebrate the athletes participating in the upcoming Olympic Games in Paris 2024. The campaign encourages Indians to recreate their favorite Olympians’ celebrations. It’s a joint initiative by the International Olympic Committee (IOC), Abhinav Bindra Foundation, and Reliance Foundation.

The International Day to End Obstetric Fistula is observed on May 23 annually. It aims to raise awareness and promote action towards treating and preventing obstetric fistula, a condition caused by prolonged, obstructed labour without timely, high-quality medical treatment. The theme for 2024 is “20 years on – progress but not enough! Act now to end fistula by 2030!”.
National Brother’s Day, celebrated annually on May 24, is a day dedicated to honoring and appreciating the unique bond shared with brothers. Initiated in 2005 by C. Daniel Rhodes, the day encourages us to express our gratitude for the support, understanding, and guidance that brothers often provide.

Justice Sheel Nagu has been appointed as the Acting Chief Justice of the Madhya Pradesh High Court. He took charge on May 25, 2024. Justice R. Mahadevan has been appointed as the Acting Chief Justice of the Madras High Court. He assumed office on May 24, 2024.
Indian-American attorney Jaya Badiga was appointed as a Judge in the Sacramento County Superior Court, California, USA on May 23, 2024. She was appointed by Governor Gavin Newsom and fills the vacancy created by the retirement of Judge Robert S. Lapham.
Klaus Schwab, the founder of the World Economic Forum (WEF), announced on May 21, 2024, that he will step back from his executive role. The transition to his new role as chairman of the board of trustees will be completed by January 2025.

On May 22, 2024, the Indian Embassy in Abu Dhabi and the Consulate General of India in Dubai were honored at the 5th Minister of Foreign Affairs Excellence Awards in UAE. The awards were received by the Indian Ambassador to the UAE, Sunjay Sudhir, and the Consul General at CGI Dubai, Satish Kumar Sivan.
The Chairman and Managing Director of Hindustan Shipyard Limited (HSL), Cmde Hemant Khatri, was awarded the ‘PSU Samarpan Award’ by Gov Connect on 03 May 2024. The award recognizes significant contributions of Public Sector Undertakings to India’s progress.

Fred Roos, an Oscar-winning American film producer known for movies like “The Godfather Part II” and “Apocalypse Now”, passed away at his home in Beverly Hills, California on May 18, 2024, a few days before his 90th birthday.
Oscar-winning Polish composer Jan A.P. Kaczmarek passed away at the age of 71. He was known for his score for ‘Finding Neverland’, for which he won an Oscar. He had been suffering from a rare degenerative neurological disorder, MSA.

Questions:

1. Who was appointed as a Judge in the Sacramento County Superior Court, California, USA on May 23, 2024?

2. What is the estimated increase in the net financial savings of Indian households in FY23-24 according to Goldman Sachs?