Current Affairs One - Liner : 1st June 2024

The Blue and Green Islands Integrated Programme (BGI-IP) was launched by the UNDP and GEF on May 28. It aims to tackle environmental challenges in 15 Small Island Developing States (SIDS) by promoting nature-positive development and reducing ecosystem degradation.

On May 28, 2024, Coal India incorporated a new subsidiary named Bharat Coal Gasification and Chemicals Ltd (BCGCL) for its coal-to-chemicals business. Coal India holds a 51% stake in BCGCL, with the remaining 49% owned by Bharat Heavy Electricals Ltd (BHEL). The new venture will produce ammonia, nitric acid, and ammonium nitrate.
The Competition Commission of India (CCI) has approved the proposal of South Korea’s Shinhan Bank to acquire an 11% stake in HDFC Credila Financial Services, a non-banking financial company in India that provides education loans. This move is expected to enhance Shinhan Bank’s presence in the Indian market.
The Boxing Federation of India joined the newly-formed World Boxing on May 31, 2024. This move comes after the International Olympic Committee suspended the previous boxing world body due to corruption charges.
The BIMReN initiative was launched by the Indian Government on June 1, 2024. It aims to facilitate sustainable development of the blue economy by networking researchers and research institutions in BIMSTEC countries. It offers Split-Site Doctoral Fellowships and Twinning Research Projects for PhD students and researchers.

India, for the first time, assumed the Chair of the Colombo Process, a regional consultative forum of 12 Asian member states that focuses on best practices for overseas employment, on May 29, 2024. The chairmanship, which is non-binding and operates on consensus, will be held by India from 2024 to 2026.
Bruhat Soma, a 12-year-old from Tampa, Florida, won the 2024 Scripps National Spelling Bee on May 30, 2024. He correctly spelled 29 out of 30 words in 90 seconds in the spell-off round. His winning word was “abseil”. This was his third participation in the event.

The Nifty EV & New Age Automotive Index, India’s first thematic index to track the electric vehicle and new-age automobiles segment, was launched by NSE Indices Ltd on May 30, 2024. The index aims to track the performance of companies involved in the EV ecosystem or the development of new-age automotive vehicles.
On May 31, 2024, Capital Small Finance Bank (CSFB) announced a Bancassurance Corporate Agency Partnership with ICICI Lombard General Insurance. This partnership aims to provide a diversified range of general insurance products to CSFB’s customers.
The Reserve Bank of India (RBI) transferred 100 tonnes of gold from the UK to its vaults in India on May 31, 2024. This move is part of RBI’s strategy to manage its foreign exchange reserves and reflects confidence in India’s economic stability.
On May 31, 2024, Federal Bank announced a Bancassurance partnership with Tata AIA Life Insurance. This alliance aims to provide Federal Bank’s customers with access to Tata AIA Life’s comprehensive insurance product suite. The partnership is expected to enhance financial security and wealth management for Federal Bank customers.

Morgan Stanley’s 2024 Global Economic Midyear Outlook projects India’s growth at 6.8% in 2024 and 6.5% in 2025. Global economic growth is expected to be 3.1% in 2024 and 2025. Interest rate cuts are anticipated, with the European Central Bank likely to start in June and the U.S. Federal Reserve in September.
In the fiscal year 2023-24, India saw a decrease in Foreign Direct Investment (FDI) equity inflows by 3.49%, with the total inflow amounting to USD 44.42 billion. This decline could be attributed to various factors such as changes in global economic conditions, policy alterations, or market dynamics.
The Indian economy grew by 8.2% in the fiscal year 2024, according to the National Statistical Office (NSO). This growth rate is higher than the 7% growth in FY23. The growth in the March quarter was 7.8%, which pushed up the annual growth rate to 8.2%.
India’s fiscal deficit for FY24 was Rs 16.54 lakh crore, which is 95.3% of the government’s estimate. It stood at 5.63% of the GDP, slightly better than the target of 5.8%. This was due to strong revenue and expenditure management. The net direct tax collection grew by 17.7%. The government’s total expenditure was Rs 44.43 lakh crore. The fiscal deficit target for FY25 is 5.1%.

On 30th May 2024, the Armed Forces Medical Services (AFMS) and the Indian Institute of Technology (IIT) Hyderabad signed a Memorandum of Understanding (MoU) in Delhi. The collaboration aims to foster innovation and research in developing novel medical devices and addressing health issues specific to soldiers.

Global Day of Parents is observed on June 1 every year to appreciate all parents for their selfless commitment to children. The day recognizes the critical role of parents in the rearing of children. The theme for 2024 is “The Promise of Playful Parenting”, advocating for expert advice and support for parents

The National Institute of Mental Health and Neurosciences (NIMHANS) in Bengaluru was awarded the Nelson Mandela Award for Health Promotion for 2024 on May 31, 2024. This prestigious award recognizes significant contributions to health promotion.

Questions:

1. Which institute was awarded the Nelson Mandela Award for Health Promotion in 2024?

2. What is the projected growth rate for India in 2024 according to Morgan Stanley’s 2024 Global Economic Midyear Outlook?