Current Affairs One - Liner : 31st May 2024

The DRDO-Industry-Academia Centre of Excellence (DIA CoE) at the Indian Institute of Technology Kanpur (IITK) was inaugurated on 28th May, 2024. The centre, a joint initiative of IITK and the Defence Research and Development Organisation (DRDO), aims to foster interdisciplinary research in next-generation defense technologies.

Reliance-backed Radisys has formed a consortium called Next-Gen Infra Co (NGIC) with partners including Nokia, Mahindra Tech, Ascend Digital, K-NET, AT Ghana, and Telecel Ghana. The goal is to establish a 4G and 5G network in Ghana, providing affordable, high-speed data access to support Ghana’s aim of becoming 100% digital by 2030.
The International Labour Organisation (ILO) has revised its 2024 global unemployment rate projection to 4.9%, a slight decrease from 5.0% in 2023. However, labor market inequalities persist, particularly affecting women in low-income countries.

Former U.S. President Donald Trump was found guilty on all 34 felony counts in a hush money trial on May 30, 2024. This makes him the first former or serving U.S. president to be convicted of a crime.

India’s farm input subsidies rose by 50% to $48.13 billion in 2022-23 due to inflation and rising fertilizer costs. This increase has raised concerns among some WTO members, including the US and UK. However, India has justified these subsidies as necessary for power, irrigation, and fertilizers.
Starting June 25, HDFC Bank will stop sending SMS alerts for UPI transactions up to ₹100. Customers will receive SMS notifications only for transactions above ₹100 (sent/paid) and above ₹500 (received). Email alerts for all transactions will continue.
The Reserve Bank of India (RBI) has fined HSBC Rs 36.38 lakh for violating the Foreign Exchange Management Act (FEMA) rules. The violation was related to reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999.
TATA AIG General Insurance launched Surety Insurance Bonds on May 28, 2024. These bonds are an alternative to traditional bank guarantees, designed to support infrastructure development in India.
The Reserve Bank of India (RBI) released the final framework for the self-regulatory body of the Indian fintech sector on May 30, 2024. The framework allows for multiple Self-Regulatory Organizations (SROs) and provides guidelines for their recognition and operations. The SROs are expected to set standards for the conduct of entities operating in the country, addressing concerns relating to customer protection, data privacy, cyber security, and more.

The SBI Research report, updated on May 21, 2024, predicts India’s GDP growth for FY24 to touch 8%, with Q4 FY24 expected at 7.4%. The report indicates a secular growth trend across urban/rural landscapes. Urban indicators like passenger vehicle sales, GST collection, and credit card transactions show improved economic momentum.
CRISIL Ratings forecasts a decrease in bank credit growth in FY25 to 14%, down 200 basis points from the estimated 16% in FY24. This is attributed to factors like a high base effect, revised risk weights, and slower GDP growth. Corporate credit is expected to grow at 13%, while retail credit is predicted to be the fastest-growing segment at 16%.
Smartphone exports from India saw a significant increase of 42%, reaching $15.6 billion in FY24. This growth has positioned smartphones as India’s fourth most popular export good. The data was reported on May 24, 2024. This reflects the strength of India’s electronics manufacturing sector and its growing role in the global supply chain.

The World Meteorological Organization (WMO) and the UN Food and Agriculture Organization (FAO) signed a Memorandum of Understanding (MoU) on 30 May 2024 in Rome, Italy. The MoU aims to enhance climate services in agriculture, increase resilience, and promote climate adaptation, covering five key areas.

South Korea launched its first unified space agency, the Korea AeroSpace Administration (KASA), on May 31, 2024. The agency aims to lead the country’s “space economy” and plans to make a Mars landing by 2045. South Korea also plans at least three more space launches by 2027.

The 6th Meeting of the India-Japan Joint Working Group on Counter Terrorism was held in New Delhi on 29 May 2024. The meeting was led by Mr. K.D. Dewal from India and H.E. Ambassador Hiroyuki Minami from Japan. The group discussed various aspects of counter-terrorism, including state-sponsored cross-border terrorism, misuse of internet for terrorist purposes, radicalisation, and terror financing.
The Department of Financial Services (DFS) has established a committee on co-lending, led by the State Bank of India (SBI). The committee includes representatives from three banks and three non-banking financial companies (NBFCs). The main objective is to address co-lending issues, boost credit for MSMEs, and regulate consumer loans.

South Korea completed the development of its Long-range Surface-to-Air Missile (L-SAM) system on 27th May 2024. The system is designed to intercept targets at altitudes of 50-60 kilometers. Mass production is expected to begin in 2025, with deployment anticipated by 2028. The L-SAM will play a key role in South Korea’s multilayered missile shield.

World Vape Day 2024, celebrated on May 30th, is an international event that aims to raise awareness about the benefits of vaping as a safer alternative to smoking. This year’s theme, “Misperception Epidemic,” debunks common myths about vaping.
World Multiple Sclerosis Day 2024 is observed on May 30th. The theme for 2024-2025 is ‘diagnosis’, with the campaign name ‘My Multiple Sclerosis Diagnosis’ and the slogan ‘Navigating Multiple Sclerosis Together’. The day aims to advocate for early and accurate diagnosis for everyone living with MS.
The International Week of Solidarity with the Peoples of Non-Self-Governing Territories is observed annually from May 25 to 31. It supports the rights of people in territories that have not yet achieved full self-government and independence.

The Insurance Regulatory and Development Authority of India (IRDAI) has approved Sandeep Batra as the Chairman of ICICI Prudential Life Insurance Company. His appointment will be effective from June 30, 2024. Sandeep Batra has been associated with the ICICI group since September 2000.
On May 29, 2024, the Muthoot Pappachan Group (MPG) announced Bollywood actor Shah Rukh Khan as its brand ambassador. This partnership aims to reinforce MPG’s brand presence and connect with a diverse audience across India. Shah Rukh Khan will feature in MPG’s campaigns, promoting their services.

Albert S. Ruddy, an Oscar-winning producer known for his work on iconic films such as “The Godfather” and “Million Dollar Baby”, passed away at 94 on May 25, 2024. He died at the UCLA Medical Centre in Los Angeles. Over his career, Ruddy produced more than 30 films and had several television credits.

Question:

1. What is the forecasted bank credit growth in FY25 according to CRISIL Ratings?

2. What is the International Labour Organisation’s (ILO) projected global unemployment rate for 2024?