Current Affairs 07 May 2024 & Test | Latest News & Updates

Current Affairs 07 May 2024 & Test Latest News & Updates

 

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  1. Where has DRDO inaugurated the Sonar System Test and Evaluation Center ‘SPACE’?

 

  1. Kerala
  2. Maharashtra
  3. Goa
  4. Gujarat

Show The Answer

  1. Kerala

2. Which Indian actress has recently been included in the list of Time’s 100 most influential people?

 

  1. Bhumi Pednekar
  2. Deepika Padukone
  3. Alia Bhatt
  4. Priyanka Chopra

Show The Answer

3. Alia Bhatt

3. When is World Heritage Day 2024 celebrated?

  1. 17 April
  2. 18 April
  3. 15 April
  4. 16 April

Show The Answer

2. 18 April

4. RBI has banned ‘Bob World’ app of which bank?

 

  1. State Bank of India
  2. HDFC
  3. Canara Bank
  4. Bank of Baroda

Show The Answer

4. Bank of Baroda

5. Who will be honored with ‘Lata Dinanath Mangeshkar Award’?

 

  1. Amitabh Bachchan
  2. Ratan Tata
  3. Mithun Chakraborty
  4. Sachin Tendulkar

Show The Answer

  1. Amitabh Bachchan

6. Who recently launched “IdeaX” to revolutionize the insurance industry?

  1. LIC
  2. SBI Life
  3. HDFC Life Insurance
  4. Bajaj Allianz Life Insurance

Show The Answer

2. SBI Life

7. Who has recently won his second ‘Masters Golf’ title?

 

  1. Shiv Chaurasia
  2. Aditi Ashok
  3. Scotty Scheffler
  4. Tiger Woods

Show The Answer

3. Scotty Scheffler

8. Who has the Central Government issued notification to appoint as University Grants Commission (UGC) member?

 

  1. Ashish Kumar Chauhan
  2. Sridhar Vembu
  3. Both of the above
  4. Mohan Barjatya

Show The Answer

3. Both of the above

9. Which city’s ‘Tiranga Barfi’ and ‘Metal Casting Craft’ have got GI tag status?

 

  1. Ranchi
  2. Emerald
  3. Madurai
  4. Banaras

Show The Answer

4. Banaras

 

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Some lines of current affairs 07 May 2024 news

National

Mindgrove introduces India’s first commercial System-on-Chip (SoC) for IoT devices.

On May 6, 2024, Mindgrove Technologies Private Limited, a semiconductor startup supported by Indian Institute of Technology Madras (IITM) Pravartak Technologies Foundation and IIT Madras Incubation Cell, introduced India’s first commercial System on Chip (SoC) called Secure Internet of Things (IoT). This SoC is expected to cost 30% less than current chips in similar categories and is aimed at IoT devices.

About Secure IoT:

  • The Microcontroller Unit (MCU) chip has successfully undergone the Multi-Project Wafer (MPW) tape-out at the 28 nanometer (nm) node.
  • Secure IoT is a high-performance micro-controller running at 700 Megahertz (MHz).
  • This chip allows domestic companies to incorporate an Indian SoC into their products, reducing their device costs while maintaining top-tier features.
  • It can control various devices, from smartwatches to smart city equipment like connected electricity, water, and gas meters, as well as connected home devices such as smart locks, fans, speakers, and Electric Vehicle (EV) battery management and control systems.
  • Secure IoT offers a wide range of features and is designed to work with either bare metal code or micro-controller Real-Time Operating System (RTOS), expanding its application potential to areas such as traffic control systems, autonomous vehicles, and medical equipment.

Key Points:

Apart from selling the chip, Mindgrove will provide design expertise to Indian companies to accelerate innovation and increase production scale in India.
Note: India consumes over a billion chips annually, and Secure IoT could potentially replace between 10 and 50 million of them.

The Indian Army and the Punit Balan Group teamed up to create India’s first Constitution Park in Pune.

India’s inaugural Constitution Park, a collaboration between the Indian Army and Punit Balan Group, was opened by Lieutenant General Ajai Kumar Singh, head of the Indian Army’s Southern Command, in Pune, Maharashtra.

The park serves as both an educational and leisure destination, designed to spread awareness about the Constitution and foster appreciation for India’s democratic legacy.

International

In 2024, India is ranked 159th in the World Press Freedom Index, with Norway leading the list.

i. In the latest World Press Freedom Index (WPFI 2024) by Reporters Without Borders (RSF), India ranks 159th out of 180 countries with a score of 31.28. Norway maintains its top position for the 8th year, followed by Denmark and Sweden. The bottom three spots are held by Eritrea, Syria, and Afghanistan.

ii. On World Press Freedom Day 2024 (May 3, 2024), UNESCO released a report titled “Press and Planet in Danger: Safety of Environmental Journalists; Trends, Challenges, and Recommendations.” The report noted that 44 environmental journalists were killed in 15 countries between 2009 and 2023.

About UNESCO:

  • Director-General: Audrey Azoulay
  • Headquarters: Paris, France
  • Establishment: 1945 (came into force in 1946)
  • Members: 194 Members and 12 Associate Members

Banking & Finance

The RBI now permits standalone primary dealers (SPDs) to borrow in foreign currency.

The RBI, under Section 45W of the RBI Act, 1934, issued a circular allowing Standalone Primary Dealers (SPDs) to borrow foreign currency from their parent companies or authorized entities. SPDs can now access overdraft facilities in Nostro accounts solely for operational needs.

The RBI has proposed stricter measures for project financing in infrastructure projects like roads, transport, and ports. Lenders will now have to allocate 5% of the lent amount as general provisions for both existing and new loans.

Reserve Bank of India (RBI):

  • Governor: Shaktikanta Das
  • Headquarters: Mumbai, Maharashtra
  • Established: April 1, 1935

The IFSCA allows foreign investors (FPIs) to create derivative products with Indian securities.

The International Financial Services Centres Authority (IFSCA) has allowed non-bank entities registered as Foreign Portfolio Investors (FPIs) with the Securities and Exchange Board of India (SEBI) to issue derivative instruments using Indian securities as underlying assets at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT-IFSC). This move is in line with the IFSC Authority’s objective, outlined in the IFSCA Act, 2019, to develop and regulate financial products, services, and institutions in IFSCs.

These derivative instruments, also known as offshore derivatives instruments (ODIs) or participatory notes (P-notes), are subject to compliance with SEBI and IFSCA regulations. Entities issuing these instruments must provide necessary information to the Clearing Corporation in GIFT-IFSC by the 10th day of each month.

Background:

  • In the 2023-24 Union Budget speech, Finance Minister Nirmala Sitharaman announced the recognition of ODIs issued in GIFT-IFSC as valid contracts.
  • The Government of India amended Section 18A of the Securities Contracts (Regulation) Act, 1956, to recognize derivatives contracts regulated by IFSCA and issued in IFSCs by FPIs as legally valid.

About IFSCA

  • IFSCA, established under the IFSCA Act, 2019, serves as the unified regulator for the development and regulation of financial products, services, and institutions in IFSCs like GIFT-IFSC.
  • Chairman: K. Rajaraman
  • Headquarters: GIFT City, Gandhinagar, Gujarat
  • Established: 2020

REC Limited got approval from the Reserve Bank of India (RBI) to create a wholly-owned subsidiary in the International Financial Services Centre (IFSC) at GIFT City.

On May 3rd, 2024, REC Limited, formerly known as Rural Electrification Corporation Limited, got approval from the Reserve Bank of India (RBI) to set up a wholly-owned subsidiary in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat.

The subsidiary will operate as a finance company within GIFT City, supporting REC Limited’s global expansion by facilitating competitive funding offshore.

It will enhance collaboration with international investors, providing REC Limited with more financing options.

Note: REC is a ‘Maharatna’ company under the Ministry of Power, registered with the RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI), and Infrastructure Financing Company (IFC).

Appointments & Resignations

José Raúl Mulino, a former minister, has been elected as the President of Panama.

On May 5th, 2024, José Raúl Mulino, aged 64, won the 2024 Presidential election in Panama with 34% of the total votes. He will become the new President of Panama on July 1st, 2024, succeeding Laurentino Cortizo Cohen.

Key points:

  • Mulino ran for president representing the Achieving Goals and Alliance parties.
  • His candidacy was approved by the Supreme Court after former President Ricardo Martinelli was disqualified due to a money laundering conviction.
  • Over 77% of eligible voters participated in the 2024 election.

About José Raúl Mulino:

  • Mulino previously served as Minister of Government and Justice (2009-2010) and Minister of Public Security (2010-2014) under President Ricardo Martinelli.
  • He has also held positions as Deputy Minister and Minister of Foreign Affairs.

Quick facts about Panama:

  • Capital: Panama City
  • President-elect: José Raúl Mulino
  • Currency: Panamanian Balboa (PAB)

Rakesh Singh is now the CEO of Paytm Money.

In April 2024, Paytm Money Ltd, based in Bengaluru, Karnataka, appointed Rakesh Singh as its new CEO, succeeding Varun Sridhar, who held the position since 2020.

Rakesh Singh previously served as CEO of broking services at Fisdom, a discount brokerage firm backed by PayU, for over 5 years. He has also worked with financial institutions like Standard Chartered, HDFC Securities, and ICICI Bank.

Additionally

  • Varun Sridhar is now the CEO of Paytm Services Pvt Ltd (PSPL).
  • Bhavesh Gupta, President and COO of One97 Communications Ltd, resigned for personal reasons.

Acquisitions & Mergers

Carlyle Group sold a 2% stake in Yes Bank for Rs 1,441 crore.

Carlyle Group Inc., via its affiliate CA Basque Investments, sold a 2% stake in Mumbai-based Yes Bank Limited for Rs 1,441 crore on the National Stock Exchange (NSE).

Additional Information:

  • CA Basque Investments, a special-purpose vehicle in Mauritius, sold 59.40 crore shares, equal to 1.98% of Yes Bank.
  • The shares were sold at an average price of Rs 24.27 each.
  • Carlyle Group’s stake in Yes Bank decreased from 9.11% to 7.13% after the transaction.

Further Details:

  • Goldman Sachs (Singapore) Private Limited acquired a 1.23% stake in Yes Bank by purchasing over 36.92 crore shares for Rs 895.78 crore at an average cost of Rs 24.26 per share.
  • Carlyle Group previously sold a 1.3% stake to Yes Bank for around Rs 1,057 crore in February 2024.

Science & Technology

Airbus Defence and Space delivered the Indian Air Force’s second C-295 transport aircraft.

The Indian Air Force (IAF) recently got its second C-295 transport aircraft from Airbus Defence and Space S.A., Spain. These new C-295s are replacing the Avro Hawker Siddeley HS-748 aircraft that have been in IAF service since 1960.

Some key features of the C-295 include its ability to carry up to 9 tonnes and transport 71 troopers or paratroopers, reaching speeds of up to 480 km/hr. It also has a rear ramp door for quick troop and cargo deployment, can operate from Advanced Landing Grounds (ALGs), and has a flight endurance of up to 11 hours. Additionally, it’s equipped with advanced systems like radar and missile warning systems.

In September 2021, the Ministry of Defence (MoD), Government of India, signed a deal worth Rs 21,935 crore with Airbus Defence and Space S.A. for 56 C-295 transport aircraft to replace the Avro fleet. Under this agreement, 16 aircraft will be made in Spain, while Tata Advanced Systems Limited (TASL) will manufacture the remaining 40 in Vadodara, Gujarat, in partnership with Airbus Defence and Space.

The first C-295 manufactured in India is expected to be ready by 2026, with the foundation stone for its assembly line being laid by Prime Minister Narendra Modi in Gujarat on October 30, 2022.

Airbus Defence and Space S.A. is led by CEO Michael Schoellhorn and was established in 2014. The Indian Air Force (IAF) is headed by Chief of the Air Staff (CAS) Vivek Ram Chaudhari and is headquartered in New Delhi, Delhi. It was founded in 1932.

Sports

China wins BWF Thomas and Uber Cup 2024 Finals by defeating Indonesia.

China’s men’s badminton team won the 33rd BWF Thomas Cup in 2024 by beating Indonesia 3-1, marking their 11th Thomas Cup victory. The tournament was held in Chengdu, China, from April 29th to May 5th.

China’s women’s badminton team also secured the 30th BWF Uber Cup in 2024 by defeating Indonesia 3-0.

Here’s some information about the Badminton World Federation (BWF):

  • President: Poul-Erik Høyer Larsen
  • Headquarters: Kuala Lumpur, Malaysia

Important Days

World Laughter Day 2024 is on May 5th!

World Laughter Day (WLD) happens every first Sunday of May, celebrating laughter’s universal language and health benefits. It aims to foster global unity and peace through laughter. In 2024, it falls on May 5th, with the theme “Laughter Unites Us All.” Previous and upcoming dates: WLD 2023 was on May 7th, and WLD 2025 will be on May 4th.

International Day of the Midwife 2024 is on May 5th.

Every year on May 5th, the International Day of the Midwife (IDM) is observed worldwide to honor midwives and their global contributions to healthcare.

IDM emphasizes the importance of educating, training, regulating, and licensing midwives to enhance care quality and decrease maternal and newborn mortality rates.

In 2024, the theme is “Midwives: A Vital Climate Solution.”

Background:

  • The concept of celebrating IDM originated from the 1987 ICM conference in the Netherlands.
  • IDM was first celebrated on May 5, 1991, and has since been observed in over 50 countries worldwide.

About the International Confederation of Midwives (ICM):
President: Sandra Oyarzo Torres
Headquarters: The Hague, The Netherlands

 

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