Current Affairs One - Liner : 26th & 27th May 2024

• National:
• On May 25, 2024, it was reported that Uttar Pradesh topped in adding transmission lines by state utilities in FY24. The state added 1,460 ckm of transmission lines of 220kV or above, contributing over 20% of the total addition by the state sector. Gujarat and Tamil Nadu followed in second and third places respectively.

• Sun Pharma inaugurated a new plant in Bangladesh on May 25, 2024. The plant, located near Dhaka, is the company’s second investment in Bangladesh and the first pharmaceutical unit in any of Bangladesh’s Economic Zones.
• The government has directed telecom operators to block all incoming international calls that are spoofed to appear as if they are originating from within India. This is in response to fraudsters using such calls for scams.
• International:
• French President Emmanuel Macron is on a three-day state visit to Germany, the first by a French head of state in 24 years. The visit includes a bilateral cabinet meeting to demonstrate unity before the EU parliamentary elections.
• Banking:
• HSBC has invested ₹6.125 crore to acquire a 6.125% stake in CCIL IFSC Limited (CCIL IFSC). This investment signifies HSBC's commitment to participating in the development of India's International Financial Services Centre (IFSC) at GIFT City.
• The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the term of audit firms for joint statutory audits of insurance companies to four years. After this, a three-year cooling-off period is mandatory. During this period, the outgoing auditors are barred from undertaking certain audits of the insurer. The aim is to enhance audit quality and promote independence and integrity.
• Economy:
• India’s market capitalization to GDP ratio has reached a 15-year high of 140.2%. The total market cap of all BSE-listed companies is $5 trillion or over Rs 414.46 trillion, compared to India’s GDP at current prices of Rs 296.6 trillion in FY24. The current ratio is just below the all-time high of 149.4% at the end of December 2007.
• The Reserve Bank of India (RBI) reported on May 22, 2024, that the net foreign direct investment (FDI) in India for FY24 declined by 62.17% to $10.58 billion, the lowest in over a decade. This was mainly due to higher repatriation of capital and increased investments abroad by Indian companies.
• The Cost Inflation Index (CII) for the Financial Year 2024–2025 is 363. It’s used in India for tax purposes to adjust the cost of long-term capital assets for inflation, affecting capital gains tax calculations. This is relevant for assets like property, gold, and certain securities.
• The CRISIL’s Financial Conditions Index (FCI) saw a slight decline to 0.5 in April 2024 from 0.9 in March 2024. Despite the drop, the index remained within the comfort zone. The FCI value was higher than the previous year’s April value of 0.3. Global factors influenced the Indian markets during the month.
• In the fiscal year 2023-24, India recorded a trade deficit with nine of its top ten trading partners. The deficit increased with China, Russia, Korea, and Hong Kong, but narrowed with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq. China surpassed the US to become India’s largest trading partner. The data was reported on May 26, 2024.
• Reports:
• Nikesh Arora, CEO of Palo Alto Networks, was ranked as the second-highest paid CEO in the US for 2023. The report, titled “The Wall Street Journal’s 2023 list of highest-paid CEOs in the US”, was published by “The Wall Street Journal” on May 22, 2024. Arora’s total compensation for 2023 was $151.43 million, primarily from stock options.
• Defence: 
• The Indian Air Force (IAF) successfully landed a C-130J aircraft using Night Vision Goggles (NVG) at an Advanced Landing Ground in the Eastern sector of India on May 23, 2024. This operation marked a significant milestone in enhancing the IAF’s operational capabilities.
• Sports:
• On Sunday, May 26, 2024, the Kolkata Knight Riders (KKR) clinched their third Indian Premier League (IPL) title by defeating the Sunrisers Hyderabad (SRH) at the MA Chidambaram Stadium in Chennai.
• On May 26, 2024, Indian gymnast Dipa Karmakar clinched the gold medal in the women’s vault apparatus at the Asian Gymnastics Championships in Tashkent, Uzbekistan. This marked the first time an Indian gymnast has won a gold medal at these championships. Defence:
• Important Days:
• World Football Day, celebrated on May 25, was proclaimed by the United Nations General Assembly to mark the 100th anniversary of the first international football tournament. The inaugural World Football Day was observed on May 25, 2024, with the theme “Sport for the Promotion of Peaceful and Inclusive Societies”.
• The International Day of Missing Children was observed on May 25, 2024, with the theme “Missing Dreams”. This day is dedicated to raising awareness about the issue of child abduction and exploitation, and supporting the families affected by these tragedies.
• World Thyroid Day 2024, observed on May 25th, focuses on Non-Communicable Diseases (NCDs), emphasizing the significant role of thyroid problems in this global health issue. The day is marked by seminars, awareness camps, and articles providing tips to manage thyroid problems naturally and maintain thyroid health.
• Memorial Day is a U.S. federal holiday observed on the last Monday of May to honor and mourn military personnel who have died in service. In 2024, it falls on May 27th. It’s also seen as the unofficial start of the summer season in the U.S.
• Appointments:
• Vice Admiral Gurcharan Singh assumed the appointment of Commandant, National Defence Academy on 25 May 2024 from Vice Admiral Ajay Kocchar. He is an alumnus of the National Defence Academy (Khadakwasla) and was commissioned into the Indian Navy on 01 Jul 1990.
• Pradeep Kumar Sinha, former Cabinet Secretary, has been appointed as the Non-Executive Part-time Chairman of ICICI Bank. The announcement was made on May 24, 2024. His term will start on July 1, 2024, and will last for three years. He will be succeeding G. C. Chaturvedi.
• Former Pakistan captain Shahid Afridi has been appointed as the brand ambassador for the ICC Men’s T20 World Cup 2024. Afridi, who played a vital role in Pakistan’s T20 World Cup triumph in 2009, joins other iconic names like Yuvraj Singh, Chris Gayle, and Usain Bolt as ambassadors for the event.
• Awards & Honours:
• NHPC Ltd was awarded ‘The Economic Times HR World Future Ready Organization Award 2024-25’ on 23rd May, 2024. The award recognizes NHPC’s initiatives in upskilling employees, ESG interventions, DE&I initiatives, technological upgradations, employee engagement, and robust Corporate Governance strategies.
• On May 24, 2024, Anasuya Sengupta, an Indian actress, made history by becoming the first Indian to win the Best Actress Award at the 77th Cannes Film Festival. She was recognized for her outstanding performance in the film ‘The Shameless’.

Question:

1. What is the Cost Inflation Index (CII) for the Financial Year 2024–2025 in India?

• A) 300
• B) 350
• C) 363
• D) 400

Answer: C) The Cost Inflation Index (CII) for the Financial Year 2024–2025 is 363.

2. What is the new term for audit firms for joint statutory audits of insurance companies as per IRDAI?

• A) Two years
• B) Four years
• C) three years
• D) Five years

Answer: B) The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the term of audit firms for joint statutory audits of insurance companies to four years.