Current Affairs 08 May 2024 & Test | Latest News & Updates

Current Affairs 08 May 2024 & Test Latest News & Updates

 

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  1. According to SIPRI report on global military expenditure, what position has India got in the year 2023?

 

  1. First
  2. Second
  3. Third
  4. Fourth

Show The Answer

4. Fourth

2. Who has been honored with the World Press Photo of the Year award for the year 2024?

 

  1. Michelle Tallagrand
  2. Mohammed Salem
  3. Rezwana Chaudhary
  4. Vijay Jain

Show The Answer

2. Mohammed Salem

3. Where did the spread of Hindi radio start for the first time?

  1. Kuwait
  2. Turkey
  3. Israel
  4. Oman

Show The Answer

  1. Kuwait

4. Where has the first International Rainbow Tourism Conference been held?

 

  1. Netherlands
  2. Sri Lanka
  3. Nepal
  4. Thailand

Show The Answer

3. Nepal

5. Which constitutional right has the Supreme Court declared?

 

 

  1. Right not to vote
  2. Right to be forgotten
  3. Protection from climate change
  4. Child care leave

Show The Answer

4. Child care leave

6. Who has signed agreement with BPCL for fuel pipeline?

  1. Noida International Airport
  2. Sardar Vallabhbhai Patel International Airport
  3. Indira Gandhi International Airport
  4. Devi Ahilya Bai Holkar Airport

Show The Answer

  1. Noida International Airport

7. Submersible Platform for Acoustic Characterization and Evaluation (SPACE) was inaugurated in which state?

 

  1. Kerala
  2. Assam
  3. Manipur
  4. Bihar

Show The Answer

  1. Kerala

8. The leaf litter frog seen in the news recently is mainly found in which forest?

 

  1. Amazon one
  2. Brazil Atlantic Forest
  3. Equatorial forest
  4. Savanna grasslands

Show The Answer

2. Brazil Atlantic Forest

9. Who has been included by ‘United Kingdom’ in the list of ‘very dangerous’ countries for tourists?

 

  1. Niger
  2. Israel
  3. Afghanistan
  4. Pakistan

Show The Answer

4. Pakistan

10. Where has DRDO and Indian Army successfully tested ‘Man-Portable Anti-Tank Guided Missile’ (MPATGM) weapon system?

 

  1. Madhya Pradesh
  2. Tamil Nadu
  3. Odisha
  4. Rajasthan

Show The Answer

4. Rajasthan

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Some lines of current affairs 08 May 2024 news

International

Nepal plans to introduce a new 100 Rupee note showcasing disputed territories.

  • The Nepal government plans to introduce a new Rs 100 currency note featuring a map that includes disputed border territories, Lipulekh, Limpiyadhura, and Kalapani, in the northwest junction of India, Nepal, and China.
  • The Nepal Cabinet, in meetings held on April 25th and May 2nd, 2024, approved the redesign of the Rs 100 banknote to replace the old map printed in the background.
  • In 2020, Nepal updated its political map to include the strategic areas of Lipulekh, Kalapani, and Limpiyadhura by amending its Constitution.
  • India criticized this move as a “unilateral act” and called it “untenable,” accusing Nepal of artificially expanding its territorial claims. Nepal argues that these territories were illegally occupied by India after the 1962 border war with China.

Note: Nepal shares a border of over 1,850 km with five Indian states: Sikkim, West Bengal, Bihar, Uttar Pradesh, and Uttarakhand.

Banking & Finance

ADB and Citi signed a Master Risk Participation Agreement (MRPA) to assist small and medium enterprises (SMEs) and enhance trade by facilitating supply chain financing.

The Asian Development Bank (ADB) and Citigroup Inc. have teamed up to sign a Master Risk Participation Agreement (MRPA), facilitating over USD 100 million in annual trade support for Small and Medium-Sized Enterprises (SMEs) across Asia-Pacific.

Under this agreement, ADB’s Trade and Supply Chain Finance Program (TSCFP) and Citibank North America will allow SMEs in Asia to access Citi’s supply-chain finance services through ADB’s TSCFP.

Key Points:

  • ADB’s TSCFP, supported by its AAA credit rating, provides loans and guarantees to over 200 partner banks, boosting trade and fostering growth, supporting over USD 57 billion in trade since 2009.
  • The partnership between ADB and Citi leverages Citi’s network and ADB’s presence in Asia-Pacific to enhance the developmental impact in trade and supply-chain finance.

Since 2009, the collaboration between ADB and Citi has facilitated USD 6.2 billion in trade, improving SME access to finance and strengthening regional resilience.

What is MRPA?

It’s a legal agreement between a lender and a participant, defining their roles and responsibilities. In this setup, the lender sells a part of a loan to the participant, who gains benefits from the lending arrangement. This allows institutions to manage risk while maintaining connections with the commercial entities involved.

About Asian Development Bank (ADB):

  • President: Masatsugu Asakawa
  • Headquarters: Mandaluyong City, Metro Manila, Philippines
  • Establishment: 1966
  • Members: 68 members (49 from the region)

About Citigroup (Citi):

  • Chief Executive Officer (CEO): Jane Fraser
  • Headquarters: New York, USA

India and Ghana will activate UPI on GHIPSS within six months.

India and Ghana agreed to activate India’s Unified Payment Interface (UPI) on Ghana’s GHIPSS within six months. This will enable quick and cost-effective money transfers for users in both countries. The decision was made during the 4th session of the India-Ghana Joint Trade Committee held in Accra, Ghana, from May 2nd to 3rd, 2024.

Key points:

  • The linking of Indian and Ghanaian instant payment systems will expand India’s UPI operations, already established in France, the UAE, Sri Lanka, and Mauritius.
  • Discussions also included the possibility of a memorandum of understanding (MoU) on Digital Transformation Solutions, a Local Currency Settlement System (LCSS), and leveraging the African Continental Free Trade Agreement (AfCFTA).
  • The LCSS will facilitate cross-border transactions between India and Ghana in their respective currencies, reducing reliance on third-party currencies like the US dollar.

About the 4th India-Ghana JTC:

  • Co-chaired by Michael Okyere-Baafi, Deputy Minister for Trade and Industry of Ghana, and Shri Amardeep Singh Bhatia, Additional Secretary in India’s Department of Commerce.
  • A seven-member Indian delegation, led by Amardeep Singh Bhatia, accompanied by a business delegation from the Confederation of Indian Industry (CII).
  • Representatives from the Geological Survey of India (GSI), Export-Import Bank of India (EXIM Bank), and the Indian Pharmacopoeia Commission were part of the Indian delegation.

Note: India is the third-largest investor in Ghana, with bilateral trade reaching USD 2.87 billion in 2022-23.

About Ghana:

  • President: Nana Akufo-Addo
  • Capital: Accra
  • Currency: Ghanaian Cedi (GHS)

Mirae AMF launched the Nifty Mid Small-Cap 400 Momentum Quality 100 ETF.

On May 6, 2024, Mirae Asset Mutual Fund (AMF) introduced India’s first mutual fund scheme, the Mirae Asset Nifty MidSmallCap400 Momentum Quality 100 Exchange Traded Fund (ETF), comprising 50 Mid-Cap and 50 Small-Cap stocks.

The New Fund Offer (NFO) of the scheme is open for subscription from May 6 to May 17, 2024. After that, it will reopen for continuous sale and repurchase from May 23, 2024.

Key Details about the Mirae Asset Nifty MidSmallCap400 Momentum Quality 100 ETF:

  • Type: Open-ended scheme tracking Nifty Midsmallcap400 Momentum Quality 100 total return Index (TRI).
  • Benchmark Index: Nifty Midsmallcap400 Momentum Quality 100 total return Index
  • Investment Objective: To mirror the performance of the Nifty Mid Small-Cap 400 Momentum Quality 100 TRI, subject to tracking error.
  • Minimum investment: Rs 5000, with increments of Re. 1 thereafter.
  • Fund Managers: Ekta Gala and Vishal Singh, with experience in major financial institutions.
  • Allocation: 95-100% in securities and 0-5% in money market instruments/debt securities/domestic mutual fund units.
  • No exit load for large investors redeeming directly with the fund house or those transacting on the exchange.
  • No plan/options offered; creation unit size set at 2 lakh units.

About Mirae Asset Investment Managers India Private Limited:

  • CEO: Swarup Anand Mohanty
  • Headquarters: Mumbai, Maharashtra

Infibeam’s CCAvenue teams up with Shivalik SFB to enhance merchant access.

CCAvenue, a leading payment brand owned by Infibeam Avenues Ltd (IAL) in Gandhinagar, Gujarat, is teaming up with Shivalik Small Finance Bank (SFB) to help merchants tap into Shivalik SFB’s large customer base.

This partnership integrates Shivalik SFB’s online banking service with CCAvenue’s payment platform. Customers with Shivalik SFB accounts can now make smooth payments on websites powered by CCAvenue, enhancing their online shopping experience.

Additional Notes:

  • CCAvenue was the first payment gateway in India to process transactions with Central Bank Digital Currency (CBDC), also known as Digital Rupee, for online retailers.
  • Established in 1998, Shivalik became the first SFB in India to transition from an Urban Co-operative bank.

Economy & Business

Ind-Ra lifts India’s GDP growth forecast for FY25 to 7.1% from 6.5%.

On May 6, 2024, India Ratings and Research (Ind-Ra), a subsidiary of Fitch Group, increased India’s GDP growth forecast for fiscal year 2024-2025 (FY25) to 7.1% from 6.5%. This exceeds the Reserve Bank of India’s (RBI) forecast of 7.0%. Ind-Ra’s projection shows higher growth than RBI’s for the first and fourth quarters of FY25, but lower for the second and third quarters.

Factors leading to the increased GDP forecast include sustained government capital expenditure, reduction of debt in corporate and banking sectors, and an emerging cycle of private corporate capital expenditure.

Key Points:

  • Challenges for the Indian economy include uneven consumption demand and export sector issues due to global challenges.
  • Private final consumption expenditure (PFCE) is expected to grow by 7.0% year-on-year in FY25, marking a three-year high.
  • Capital expenditure continues to support investment demand, with Gross Fixed Capital Formation (GFCF) forecasted to increase by 8.5% year-on-year in FY25.
  • Goods and services exports are expected to expand by 6.6% year-on-year, and imports by 8.8% year-on-year in FY25, up from 1.5% and 10.9% respectively, in FY24.
  • Growth forecasts for the services, industrial, and agricultural sectors are 7.8%, 7.0%, and 3.6% respectively.
  • Average retail and wholesale inflation are expected to be 4.6% and 2.9% respectively in FY25.
  • The Indian rupee is predicted to average 85.10/USD in FY25, with a depreciation of 2.8%, considering potential risks from global commodity prices and supply chain disruptions.

TSSEZL and Hygenco have agreed to establish a project for green ammonia and green hydrogen in Odisha.

Tata Steel Special Economic Zone Limited (TSSEZL) and HHP Five Private Limited (Hygenco) agreed to work together on a green hydrogen and green ammonia project in Odisha. Hygenco plans to set up its production unit in Ganjam district, aiming to produce 1 million tonnes per year of green hydrogen by December 2026. They’ll use the Gopalpur port to export the green ammonia. This partnership is part of Hygenco’s initiative to invest $2.5 billion over three years in creating a local market for clean fuel.

Appointments & Resignations

UNICEF India names Kareena Kapoor Khan as National Ambassador and appoints its first four Youth Advocates.

  • On May 4, 2024, UNICEF India appointed Bollywood actress Kareena Kapoor Khan as its National celebrity Ambassador. She will promote children’s rights to early development, health, education, and gender equality.
  • UNICEF India also introduced Gauranshi Sharma, Nahid, Vinisha, and Kartik as new youth advocates for children’s rights.

About UNICEF India:

  • UNICEF Representative to India: Cynthia McCaffrey
  • Headquarters: New Delhi, Delhi

Science & Technology

ISRO completed its first ignition test on the Semi-Cryogenic PITA at Mahendragiri.

On May 2, 2024, ISRO successfully tested the ignition of the Semi Cryogenic Pre-Burner at the SIET facility in Mahendragiri, TN, marking a significant step in their semi-cryogenic propulsion system development. This engine aims to boost the payload capacity of rockets like the LVM3 and future launch vehicles. The test involved a Start Fuel Ampule developed by VSSC, a combination of chemicals never used before by ISRO. LPSC leads the semi-cryogenic propulsion system development, with IPRC handling assembly and testing. Injector Elemental Level Ignition Tests were also conducted at VSSC’s PRLD facility for characterization. Future tests include engine powerhead and fully integrated engine tests. Additionally, a semi-cryo stage with 120 tons of propellant loading is in development. LVM3, capable of launching 4000 kg spacecraft to GTO, features a powerful cryogenic stage for heavy payload placement into LEO. ISRO, chaired by Sreedhara Panicker Somanath and headquartered in Bengaluru, Karnataka, was established in 1969.

The Indian Army and Indian Air Force will use MQ-9B Predator drones together at Gorakhpur and Sarsawa Air Bases in Uttar Pradesh.

The Indian Air Force (IAF) and Indian Army are planning to use MQ-9B Predator drones from the USA at air bases in Gorakhpur and Sarsawa, Uttar Pradesh, to enhance surveillance along the Line of Actual Control (LAC) with China, spanning from Ladakh to Arunachal Pradesh.

About MQ-9B Predator drone:

  • Manufactured by General Atomics Aeronautical, USA, MQ-9B has two versions: Sky Guardian and Sea Guardian.
  • It’s a Remotely Piloted Aircraft System (RPAS) used for missions like reconnaissance, surveillance, and intelligence gathering.

Tri-Services Deal with the U.S.:

  • Valued at around USD 4 billion, the deal is managed at the tri-services level, with the Indian Navy leading discussions.
  • India plans to acquire 31 MQ-9B drones, with 15 for maritime surveillance by the Navy and 8 each for the IAF and Army for monitoring critical areas along the LAC.
  • The deal also includes technology transfer to Indian entities.

Deployment Strategy and Capabilities:

  • MQ-9B drones need a significant runway length for takeoff and landing, which the IAF bases provide.
  • These drones can fly for more than 36 hours, reach altitudes of over 40,000 feet, and can carry weapons like Hellfire missiles and smart bombs.
  • They’ve been widely used in anti-piracy operations.

Surveillance Range:

Operating from Naval Headquarters (NHQ), they can monitor activities up to 3,000 km from Indian shores.

Sports

Lando Norris wins his first F1 race at the 2024 Miami Grand Prix.

Lando Norris won his first Formula One race by defeating Max Verstappen at the Miami Grand Prix on May 5, 2024. The race took place at the Miami International Autodrome circuit in the United States.

Before this victory, Norris held the record for the most podium finishes without a win, with 15 podiums. He had also finished as a runner-up eight times in 110 grand prix races as of May 5, 2024.

Key Highlights:

  • Max Verstappen came in second place, with Charles Leclerc finishing third.
  • Norris became the first driver since Carlos Sainz Jr. to beat Verstappen in the 2024 season, at the Australian GP.

About Lando Norris:

  • Norris, representing the United Kingdom, races for McLaren in Formula One.
  • He joined McLaren in 2018 and made his Formula One debut in 2019.
  • Norris achieved his first podium finish at the 2020 Austrian Grand Prix and his first win at the 2024 Miami Grand Prix.

Obituary

Frank A. Shrontz, former CEO and chairman emeritus of Boeing Co., has passed away.

Frank Anderson Shrontz, former Chairman of The Boeing Company, a leading aerospace manufacturer in the USA, passed away at 92. Born in 1931 and raised in Boise, Idaho.

Shrontz was CEO of Boeing from 1986 to 1996, and later served as chairman until retiring in February 1997. He also co-owned the Seattle Mariners baseball team. In 1999, he received the Oxford Cup, Beta Theta Pi’s top award for professional achievement.

Important Days

World Portuguese Language Day 2024 is on May 5th.

“World Portuguese Language Day is celebrated every year on May 5th to highlight the importance of the Portuguese language, one of the most widely spoken languages in the world. It emphasizes its role in preserving and sharing human civilization and culture.

Background:

  • On July 20, 2009, the Community of Portuguese-Speaking Countries (CPLP) officially declared May 5th as the Day of the Portuguese Language and Culture.
  • In 2019, UNESCO’s General Conference designated May 5th as “World Portuguese Language Day.”
  • UNESCO marked the first World Portuguese Language Day on May 5th, 2020.

About UNESCO:

  • Director-General: Audrey Azoulay
  • Headquarters: Paris, France
  • UNESCO’s Constitution was adopted in London, United Kingdom, in 1945, and came into effect in 1946.”

African World Heritage Day 2024 is on May 5th.

Every year on May 5th, people worldwide celebrate African World Heritage Day (AWHD) to honor African culture and history. It aims to raise awareness about the importance of preserving and promoting African heritage, while also highlighting the challenges faced by the continent.

In 2024, we’re observing the 9th edition of AWHD, with the theme “Safeguarding Africa’s Heritage through Education.” The day is organized by UNESCO, along with the African World Heritage Fund (AWHF) and its partners.

AWHD has its origins in a resolution passed during the 38th Session of UNESCO’s General Conference in November 2015, officially designating May 5th as African World Heritage Day. The first celebration took place on May 5th, 2016.

International No Diet Day 2024 is on May 6th.

“International No Diet Day (INDD) happens every year on May 6th worldwide. Its aim is to support body positivity, self-acceptance, and appreciation for all body types, while also highlighting the risks of extreme dieting. The symbol for INDD is a light blue ribbon, and the theme for 2024 is ‘Embrace Yourself: Reject Diet Culture, Love You.’

Background:

  • INDD was founded in 1992 by Mary Evans Young, a British feminist and director of Diet Breakers.
  • The first No Diet Day was celebrated on May 5th, 1992, in Hyde Park, London, UK.
  • The date was changed to May 6th in 1993 to avoid conflicts with Cinco de Mayo celebrations.”

 

 

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