May 2024 Daily News Current Affairs

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May 31, 2024
1. Loans approved by Several agencies for India (May 2024) -
  1. ADB (Asian Development Bank) -
    1. $148.5 million - Strengthen, modernize, and climate-proof distribution system to enhance reliability and quality of electricity supply in Sikkim.
2. Visits to India (May 2024) -
  1. Moosa Zameer - Minister of Foreign Affairs of Maldives.
  2. Golam Sarwar - Secretary General of South Asian Association for Regional Cooperation (SAARC).
3. Visits from India (May 2024) -
  1. Health Secretary Apurva Chandra visited Geneva (Switzerland), to attend 77th World Health Assembly of WHO and BRICS Health Ministers’ Meeting.
    1. Notably, Russia has BRICS Presidency in 2024.
4. General News / Events (May 21-31, 2024) -
  1. European Nations Norway, Ireland and Spain formally recognised Palestine as a state, taking number of nations that recognize Palestine as a state to 146.
  2. Severe Cyclonic Storm Remal struck Bangladesh and Indian state of West Bengal.
  3. Central Council for Research in Ayurvedic Sciences (CCRAS) hosted Pharma Research in AyurGyan And Techno Innovation (PRAGATI-2024) at India Habitat Centre (New Delhi).
5. Ministry of Statistics and Programme Implementation (MoSPI)'s National Statistical Office (NSO) released Provisional Estimates (PE) of Annual GDP for FY24 (2023-24) and Quarterly Estimates of GDP for Q4FY24 (January-March 2024).
  1. Real GDP or GDP at Constant (2011-12) Prices -
    1. GDP estimated at 47.24 lakh crores in Q4 FY24 (2023-24), as against 43.84 lakh crore in Q4FY23 (2022-23), showing growth of 7.8%
      1. GDP Growth for earlier 7 Quarters -
        
        Q3 FY 24 (2023-24) - 8.4 %
        
        Q2 FY 24 (2023-24) - 7.6 %
        
        Q1 FY 24 (2023-24) - 7.8 %
        
        Q4 FY 23 (2022-23) - 6.1 %
        
        Q3 FY 23 (2022-23) - 4.4 %
        
        Q2 FY 23 (2022-23) - 6.3 %
        
        Q1 FY 23 (2022-23) - 13.5 %
    2. For Whole FY24 (2023-24) -
      1. Real GDP or GDP at Constant Prices attained level of 173.82 lakh crores in FY24 (2023-24), against First Revised Estimates (FRE) of GDP for 2022-23 of ₹160.71 lakh crores, showing growth rate of 8.2% in FY24 (2023-24), compared to 7.0% in FY23 (2022-23) and 9.7% in FY22 (2021-22).
6. May 31 is Observed as No Tobacco Day, established by World Health Organization (WHO). 2024 theme is Protecting Children from Tobacco Industry Interference.
  1. WNTD is one of eight official global public health campaigns marked by WHO, Others are -
    1. World Tuberculosis Day - Mar 24
    2. World Health Day - Apr 7
    3. World Malaria Day - Apr 25
    4. World Immunization Week - Last week of April
    5. World Blood Donor Day - June 14
    6. World Hepatitis Day - July 28
    7. World AIDS Day - Dec 1

May 30, 2024

May 30, 2024 has been observed by UN as 1st ever International Day of Potato, to be observed annually. 2024 Theme is Harvesting diversity, Feeding hope.
1. May 30 is also statehood day of Goa. On this day in 1987, Goa became 25th state of India. It was a Union Territory along with Daman and Diu from December 1961 onwards when Goa was liberated from Portugese rule.
Notable customer centric directives issues by IRDAI -
1. All cashless claims be processed within 3 hours of receipt of discharge authorisation request from hospital.
2. Insurer shall have to decide on request for cashless authorisation within 1 hour of the receipt of the request.
3. In case of death of the insured, claim settlement request needs to be processed and mortal remains released from the hospital immediately.
India's Bengaluru-based National Institute of Mental Health & Neuro Sciences (NIMHANS), an Institute of National Importance under the Ministry of Health and Family Welfare, has been awarded with Nelson Mandela Award for Health Promotion 2024 by World Health Organization (WHO).

RBI Annual Report for FY 24 (2023-24) -

Global -
1. Global growth decelerated to 3.2 % during 2023 from 3.5 % during 2022.
2. Global inflation fell to 6.8 % in 2023 from 8.7 % in 2022.

Indian Economy -

Indian economy expanded at 8.2 % in FY24 (2023-24), from 7.0 % in FY23 (2022-23).
Gross fiscal deficit (GFD) of govt declined from 6.45 % of GDP in FY23 (2022-23) to 5.9 % of GDP in FY24 (2023-24).
States budgeted a combined GFD of 3.1 % of GDP in FY24 (2023-24), within Centre’s limit of 3.5 % for the year.
General govt deficit and debt moderated to 8.6 % and 81.6 % of GDP respectively (in FY 24 (2023-24)), compared to 9.6 % and 82.5 % respectively, in FY23 (2022-23).
India’s merchandise exports rose from US$ 45 billion in 2000-01 to US$ 437.1 billion in FY24 (2023-24).
As per Provisional/Unaudited reports for Accounts of Government of India for FY24 (2023-24) -
1. Govt received ₹27,88,872 crore (101.2% of corresponding RE 2023-24 of Total Receipts) during FY24 (2023-24), comprising ₹23,26,524 crore Tax Revenue, ₹4,01,888 crore of Non-Tax Revenue and ₹60,460 crore of Non-Debt Capital Receipts. ₹11,29,494 crore has been transferred to State Governments as Devolution of Share of Taxes.
2. Expenditure incurred by Govt is ₹44,42,542 crore (98.9% of corresponding RE 2023-24), out of which ₹34,94,036 crore is on Revenue Account and ₹9,48,506 crore is on Capital Account. Out of Total Revenue Expenditure, ₹10,63,871 crore is on account of Interest Payments and ₹4,13,542 crore is on account of Major Subsidies.

Key Fiscal Indicators -

Year	Primary Deficit	Revenue Deficit	Primary Revenue Deficit	Gross Fiscal Deficit	Outstanding Liabilities (at currernt exchange rates)
2021-22	3.3	4.4	1.0	6.7	59.0
2022-23	3.0	4.0	0.5	6.4	58.0
2023-24 (RE)#	2.3	2.9	-0.7	5.9	58.7
2024-25 (BE)	1.5	2.0	-1.6	5.1	57.1

RBI Financials in FY24 (2023-24) -

RBI’s balance sheet grew by 11.08 % in FY24, to 70.48 Lakh crores.

Key metrices of RBI Financials -

(Amount in ₹ crore)
	2019-20	2020-21	2021-22	2022-23	2023-24
a) Income	1,49,672.46	1,33,272.75	1,60,112.13	2,35,457.26	2,75,572.32
b) Total Expenditure1	92,540.932	34,146.753	1,29,800.684	1,48,037.045	64,694.336
c) Net Income (a-b)	57,131.53	99,126.00	30,311.45	87,420.22	2,10,877.99
d) Transfer to funds	4.00	4.00	4.00	4.00	4.00
e) Surplus transferred to the Central Government (c-d)	57,127.53	99,122.00	30,307.45	87,416.22	2,10,873.99

RBI Assets -
1. Increase on assets side was due to rise in foreign investments, gold, and loans and advances by 13.90 %, 18.26 % and 30.05 %, respectively.
2. Domestic assets constituted 23.31 % while foreign currency assets, gold (including gold deposit and gold held in India) and loans and advances to financial institutions outside India constituted 76.69 % of assets.
3. As on March 31, 2024, gold held by RBI was 822.10 metric tonnes, compared to 794.63 metric tonnes as on March 31, 2023.
  1. Notably, During FY24 (2023-24), RBI brought back 100 tonnes of Gold from Vault of UK to India.
4. RBI’s holding of domestic securities decreased by 3.06 %, from ₹14,06,422.89 crore as on March 31, 2023 to ₹13,63,368.97 crore as on March 31, 2024.

FDI Inflows -

Source/Industry	2019-20	2020-21	2021-22	2022-23	2023-24 (P)
Total FDI	50.0	59.6	58.8	46.0	44.4
Country-wise Inflows
Singapore	14.7	17.4	15.9	17.2	11.8
Mauritius	8.2	5.6	9.4	6.1	8.0
US	4.1	13.8	10.5	6.0	5.0
Netherlands	6.5	2.8	4.6	2.5	4.9
Japan	3.2	1.9	1.5	1.8	3.2
Sector-wise Inflows
Manufacturing	9.6	9.3	16.3	11.3	9.3
Electricity and Other Energy Generation, Distribution & Transmission	2.8	1.3	2.2	3.3	5.5
Computer Services	5.1	23.8	9.0	5.6	4.9
Financial Services	5.7	3.5	4.7	6.8	4.4
Retail & Wholesale Trade	5.1	3.9	5.1	5.3	4.1

Govt debt -
1. General govt deficit and debt moderated to 8.6 % and 81.6 % of GDP respectively, in FY24 (2023-24), from 9.6 % and 82.5 % vrespectively, in FY23 (2022-23). These figures represent a decline from peak levels of 13.1% and 89.4% recorded in 2020-21, respectively.

Currency management -

Value and volume of banknotes in circulation increased by 3.9 % and 7.8 % respectively, during 2023-24.
During 2023-24, share of ₹500 banknotes increased in value terms whereas that of ₹2000 banknotes declined sharply, reflecting withdrawal of ₹2000 banknotes.
1. Of ₹3.56 lakh crore of ₹2000 banknotes in circulation as on May 19, 2023 when the withdrawal was announced, 97.7 % had returned to banking system up to March 31, 2024.
In volume terms, ₹500 denomination constituted the highest share of the total banknotes in circulation (41 %), followed by ₹10 denomination banknotes (17 %).
In value terms, ₹500 denomination constituted the highest share of the total banknotes in circulation (86.5 %), followed by ₹100 denomination banknotes (5.9 %).

e₹ in Circulation -

Live pilot of e₹-R was launched on December 1 2022.

e₹ in Circulation
e₹	Denomination (₹)	Volume (pieces in lakh)		Value (₹ crore)
e₹	Denomination (₹)	2023	2024	2023	2024
	0.5	2.7	18.4	0.01	0.09
		(16.1)	(7.7)	(0.2)	(0.04)
	1	3.8	37.3	0.04	0.37
		(22.2)	(15.7)	(0.7)	(0.2)
	2	2.8	27.1	0.06	0.54
		(16.2)	(11.4)	(1.0)	(0.2)
	5	2.4	27.3	0.12	1.37
		(13.9)	(11.5)	(2.1)	(0.6)
	10	1.5	21.4	0.15	2.14
		(8.8)	(9.0)	(2.6)	(0.9)
	20	1.2	19.7	0.23	3.94
		(6.8)	(8.3)	(4.1)	(1.7)
	50	0.8	17.0	0.39	8.49
		(4.6)	(7.1)	(6.9)	(3.6)
	100	0.8	20.7	0.83	20.73
		(4.8)	(8.7)	(14.5)	(8.9)
	200	0.6	16.0	1.16	32.01
		(3.4)	(6.7)	(20.4)	(13.7)
	500	0.5	32.9	2.71	164.36
		(3.2)	(13.8)	(47.5)	(70.2)
	2000	-	-	-	-
Total e₹-R		17.1	237.8	5.70	234.04
Total e₹-W		…	…	10.69	0.08
Total e₹				16.39	234.12

Scheduled commercial banks (SCBs) -
1. Aggregate Deposits of Scheduled Commercial Banks increased 12.9 % during FY24, compared to 9.6 % during FY23.
2. Bank Credit of Scheduled Commercial Banks increased 16.3 % during FY24, compared to 15 % during FY23.

May 29, 2024
1. May 29 is observed as International Everest Day. On this day in 1953, Tenzing Norgay (Nepal) and New Zealand's Edmund Hillary climbed Mt. Everest, as first humans to achieve this feat.
  1. Nepal decided to observe the day as International Everest Day in 2008 when the legendary climber Hillary passed away.
  2. May 29 is also observed as International Day of UN Peacekeepers, with 2024 theme Fit for the future, building better together.
May 28, 2024
1. Maharashtra Govt observes May 28, the birth anniversary of freedom fighter Shri Vinayak Damodar Savarkar, as Swatantrya Veer Gaurav Diwas in state.
2. NATO's Steadfast Defender 2024 exercise held throughout Trans-Atlantic region, as largest NATO maneuver since end of Cold War.
3. IIT Madras-incubated start-up Agnikul Cosmos launched world’s first rocket with a single piece 3D printed engine, from Sriharikota (Andhra Pradesh).
  1. Named Agnibaan - SOrTeD (Sub-Orbital Technology Demonstrator), the rocket has been launched from India's first private launch pad called Dhanush, established by Agnikul.
  2. It is also India's first semi-cryogenic engine-powered rocket launch.
4. S&P Global Ratings raised its outlook for India to positive from stable, while affirming lowest investment grade sovereign credit rating (BBB-).
  1. Fitch and Moody’s (Other 2 of Big Three credit ratings agencies), have a stable outlook for India with lowest investment grade sovereign rating.
5. RBI launched 3 notable initiatives - PRAVAAH portal, Retail Direct Mobile App and a FinTech Repository.
  1. PRAVAAH (Platform for Regulatory Application, VAlidation and AutHorisation) portal will make it convenient for any individual or entity to apply online for various regulatory approvals in a seamless manner.
  2. Retail Direct Mobile App will provide retail investors a seamless and convenient access to retail direct platform and provide ease of transacting in government securities (G-Secs).
  3. Fintech Repository will contain information on Indian FinTech Sector for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.
May 27, 2024

May 26, 2024

7th edition of biennial India- France Joint Military Exercise SHAKTI held at Umroi Joint training node (Meghalaya).

2024 Youth World Weightlifting Championships (Lima, Peru) -

Medal Table (As per Ranking by all medals: Big (Total result) and Small (Snatch and Clean & Jerk)) -

Rank	Nation	Gold	Silver	Bronze	Total
1	Venezuela	3	1	1	5
2	India	2	2	2	6
3	Colombia	2	1	1	4
3	Kazakhstan	2	1	1	4
5	Uzbekistan	1	1	2	4

India stood 2nd with 6 medals (2 Gold, 2 Silver and 2 Bronze). Indian Medalists -
1. Gold -
  1. Bedabrat Bharali (Men's 73 KG)
  2. Priteesmita Bhoi (Women's 40 KG)
2. Silver -
  1. Jyoshna Sabar (Women's 40 KG)
  2. Payal (Women's 45 KG)
3. Bronze -
  1. Sanjana (Women's 76 KG)
  2. Babulal Hembrom (Men's 49 KG)

Ferrari's Monacan F1 Racer Charles Leclerc won Monaco Grand Prix 2024.

F1 Season 2024 -

Round	Grand Prix	Winner	Race date
1	Bahrain Grand Prix	Max Verstappen (Dutch-Belgian)	2 March
2	Saudi Arabian Grand Prix	Max Verstappen (Dutch-Belgian)	9 March
3	Australian Grand Prix	Carlos Saint Jr. (Spanish)	24 March
4	Japanese Grand Prix	Max Verstappen (Dutch-Belgian)	7 April
5	Chinese Grand Prix	Max Verstappen (Dutch-Belgian)	21 April
6	Miami Grand Prix	Lando Norris (British-Belgian)	5 May
7	Emilia Romagna Grand Prix	Max Verstappen (Dutch-Belgian)	19 May
8	Monaco Grand Prix	Charles Leclerc (Monaco)	26 May
9	Canadian Grand Prix		9 June
10	Spanish Grand Prix		23 June
11	Austrian Grand Prix		30 June
12	British Grand Prix		7 July
13	Hungarian Grand Prix		21 July
14	Belgian Grand Prix		28 July
15	Dutch Grand Prix		25 August
16	Italian Grand Prix		1 September
17	Azerbaijan Grand Prix		15 September
18	Singapore Grand Prix		22 September
19	United States Grand Prix		20 October
20	Mexico City Grand Prix		27 October
21	São Paulo Grand Prix		3 November
22	Las Vegas Grand Prix		23 November
23	Qatar Grand Prix		1 December
24	Abu Dhabi Grand Prix		8 December

2024 Indian Premier League Cricket (17th edition) -
1. Kolkata Knight Riders won the title (their 3rd), defeating Sunrisers Hyderabad in final.
2. Notable Players -
  1. Most valuable player - Sunil Narine (Kolkata Knight Riders)
  2. Most runs - Virat Kohli (Royal Challengers Bengaluru) (741)
  3. Most wickets - Harshal Patel (Punjab Kings) (24)
3. Notably -
  1. Sunrisers Hyderabad (SRH) created new IPL record of 287 runs during IPL 2024 match against Mumbai Indians.
    1. It is also 2nd highest T20 score ever, after Nepal's 314 against Mongolia during Asian Games 2023.
  2. Australia's Mitchell Starc became most expensive IPL player ever, with KKR's 24.75 crores bid on him for IPL 2024.

May 25, 2024
1. May 25, 2024 has been observed by UN as 1st ever World Football Day, to be observed annually.
2. 10th World Water Forum 2024 held in Bali (Indonesia), with theme Water for Shared Prosperity.
3. Lawrence Wong has been named new (4th) Prime Minister of Singapore, succeeding Lee Hsien Loong.
4. Notable Awardees at 2024 Cannes Film Festival -
  1. Palme d'Or (Best Film) - Anora by Sean Baker
  2. Grand Prix - All We Imagine as Light by Payal Kapadia (Indian Filmmaker)
  3. Jury Prize - Emilia Pérez by Jacques Audiard
  4. Best Director - Miguel Gomes for Grand Tour
  5. Best Actor - Jesse Plemons for Kinds of Kindness
  6. Notably, Sunflowers Were the First Ones to Know by India's Chidananda S Naik (FTII Pune) won in Cinéfondation (or La Cinéf) section, with a €15,000 grant.
May 24, 2024
1. May 24 - Commonwealth Day in India. It is globally observed on Second Monday of March. However, in some nations Including India, it is observed on May 24.
  1. May 24 is Birth Anniversary of Queen Victoria (1819), who was Queen of United Kingdom of Great Britain and Ireland from 20 June 1837 until her death. On 1 May 1876, she adopted additional title of Empress of India.
  2. May 24 is also observed by UN as International Day of the Markhor, celebrated for the first time in 2024.
    1. Markhor species is native to South Asia and Central Asia, mainly within Pakistan, India, Karakoram range, parts of Afghanistan, and Himalayas. It is listed on the IUCN Red List as Near Threatened.
2. World Intellectual Property Organization (WIPO) member nations approved new Treaty related to intellectual property (IP), genetic resources and associated traditional knowledge.
  1. Upon entering force, The Treaty will establish in international law a new disclosure requirement for patent applicants whose inventions are based on genetic resources and/or associated traditional knowledge. It will safeguard biodiversity and will increase transparency in patent system and strengthen innovation.
May 23, 2024
1. May 23 is observed as World Turtle Day.
  1. May 23, 2024 is also observed by UN as Global Vesak Day, as most sacred day to Buddhists around world. In India, it is observed as Buddha Purnima.
May 22, 2024
1. May 22 is observed as UN International Day for Biological Diversity.
2. German author Jenny Erpenbeck won International Booker Prize 2024, for his Novel Kairos. It has been translated into English by Michael Hofmann.
  1. About -
    1. International Booker Prize (formerly Man Booker International Prize) is an international literary award hosted in UK.
      1. Background -
        
        Introduction of International Prize to complement Man Booker Prize was announced in 2004. Between 2005 - 2015, the award was given every two years to a living author of any nationality for work published in English or generally available in English translation.
        
        Since 2016, the award has been given annually to a single book translated into English and published in UK/Ireland, with £50,000 prize for winning title, shared equally between author and translator.
    2. Notably -
      1. International Booker Prize is different from Booker Prize, Earlier called Man Booker Prize, which is a literary prize awarded each year for best novel written in English and published in UK / Ireland.
May 21, 2024
1. May 21 is observed by UN International Tea Day, observed since 2020.
  1. May 21 is also observed as -
    1. World Day for Cultural Diversity for Dialogue and Development (UNESCO).
    2. National Anti-Terrorism Day in India, marking death anniversary of Former PM Rajiv Gandhi.
May 20, 2024
1. May 20 is observed by UN as World Bee Day.
  1. May 20 is also observed as World Metrology Day. 2024 theme is Sustainability. It marks anniversary of signing of the Metre Convention in 1875.
2. General News / Events (May 11-20, 2024) -
  1. Geneva-based United Nations-linked Global Alliance of National Human Rights Institutions (GANHRI) deferred accreditation of National Human Rights Commission-India (NHRC) for 2nd year in a row, which could affect India’s ability to vote at the Human Rights Council and some UNGA bodies.

May 19, 2024

2024 Italian Open Tennis -
1. Men's singles - Alexander Zverev (Germany)
2. Women's singles - Iga Świątek (Poland)
3. Men's doubles - Marcel Granollers (Spain) & Horacio Zeballos (Argentina)
4. Women's doubles - Sara Errani (Italy) & Jasmine Paolini (Italy)

Red Bull's Dutch-Belgian F1 Racer Max Verstappen won Emilia Romagna Grand Prix 2024.

F1 Season 2024 -

Round	Grand Prix	Winner	Race date
1	Bahrain Grand Prix	Max Verstappen (Dutch-Belgian)	2 March
2	Saudi Arabian Grand Prix	Max Verstappen (Dutch-Belgian)	9 March
3	Australian Grand Prix	Carlos Saint Jr. (Spanish)	24 March
4	Japanese Grand Prix	Max Verstappen (Dutch-Belgian)	7 April
5	Chinese Grand Prix	Max Verstappen (Dutch-Belgian)	21 April
6	Miami Grand Prix	Lando Norris (British-Belgian)	5 May
7	Emilia Romagna Grand Prix	Max Verstappen (Dutch-Belgian)	19 May
8	Monaco Grand Prix		26 May
9	Canadian Grand Prix		9 June
10	Spanish Grand Prix		23 June
11	Austrian Grand Prix		30 June
12	British Grand Prix		7 July
13	Hungarian Grand Prix		21 July
14	Belgian Grand Prix		28 July
15	Dutch Grand Prix		25 August
16	Italian Grand Prix		1 September
17	Azerbaijan Grand Prix		15 September
18	Singapore Grand Prix		22 September
19	United States Grand Prix		20 October
20	Mexico City Grand Prix		27 October
21	São Paulo Grand Prix		3 November
22	Las Vegas Grand Prix		23 November
23	Qatar Grand Prix		1 December
24	Abu Dhabi Grand Prix		8 December

May 18, 2024
1. May 18 is Observed as International Museum Day. 2024 Theme is Museums for Education and Research.
  1. May 18 is also observed as -
    1. International Day for Women in Maritime, established in 2021 by UN's International Maritime Organization (IMO).
    2. World AIDS Vaccine Day.
May 17, 2024
1. May 17 - World Telecommunication and Information Society Day. It marks establishment of International Telecommunication Union (ITU) and also signing of first International Telegraph Convention in 1865 in Paris.
  1. On this occasion -
    1. C-DOT (India's premier Telecom R&D Centre of the Department of Telecommunications) launched Initiatives NIDHI & STAR, for development of indigenous telecom technologies.
      1. NIDHI -
        
        Applications under NIDHI are open to DPIIT recognized startups led by women.
        
        Top 10 selected startups will be provided necessary support including funding and assistance, including initial grant of 10 lakh INR each, access to well-furnished office space for 6 months, access to tools & Lab facilities and mentorship from C-DOT.
      2. STAR -
        
        Through STAR Program, C-DOT offers scholarship to PhD student one each from top 20 NIRF (National Institute Ranking Framework) ranking engineering institute.
        
        It offers a scholarship amount of INR 6 Lakh per annum, for up to 4 years, along with mentorship from C-DOT and access to lab facilities.
  2. May 17 is also observed as World Hypertension Day.
2. 2nd edition of India – Australia – Indonesia Trilateral Maritime Security Workshop held at INS Dronacharya (Kochi).
May 16, 2024
1. May 16 Statehood Day of Sikkim. Sikkim Joined Indian Union as 22nd state on May 16, 1975.
  1. May 16 is also observed as -
    1. UN International Day of Living Together in Peace.
    2. International Day of Light (by UNESCO). It marks anniversary of first successful operation of laser in 1960 by physicist Theodore Maiman.
    3. National Dengue Day in India.
    4. World Agri Tourism Day.
2. Govt proposed new draft Digital Competition Bill, to better regulate digital services firms. Key features include -
  1. Predictive regulation -
    1. Due to ever-growing and complex nature of digital markets, regulating for market abuse after it takes place is not optimal. Instead, a forward-looking and preventive law (an ex ante framework), which foresees potential harms and prescribes pre-determined no-go areas, is more suitable.
    2. Notably, this clause has faced resistance from big tech companies and several industry bodies, which state that an ex ante framework could lead to significant compliance burden, and shift focus from innovation to ensuring that companies do not presumptively engage in an anti-competitive practice.
    3. Currently, India follows an ex post antitrust framework under Competition Act 2002, which regulates after incidence of market abuse. By the time the offending company gets penalised, market dynamics change to rule out smaller competitors.
  2. Significant entities -
    1. Bill proposes that for certain core digital services (like search engines, social media sites), Competition Commission of India (CCI) should designate companies as Systematically Significant Digital Enterprise (SSDE), depending on various parameters -
      1. If in last 3 financial years, turnover in India is over 4000 crores, or global turnover over $30 billion, or
      2. Gross merchandise value in India over 16000 crores, or
      3. Global market capitalisation over $75 billion, or
      4. Core digital service provided by these companies should also have at least 1 crore end users, or 10000 business users, or
      5. Any other entities which CCI might believe to have a significant presence in any given core digital service.
    2. Such Entities will be prohibited from engaging in practices such as self-preferencing, anti-steering, and restricting third party applications. If they violate these requirements, they can be fined up to 10% of their global turnover.
  3. Associate Digital Enterprises -
    1. As data collected by one company of a major technology group can play in benefitting other group companies, the Bill proposes to designate associate digital enterprises (ADEs), which will have same obligations as SSDEs depending on their involvement with core digital service offered by the main company.

May 15, 2024

May 15 is observed by UN as International Day of Families. 2024 theme is Families and Climate Change.

Inflation and Trade Data for April 2024 -

Inflation -
1. Wholesale price Index (WPI) based (wholesale inflation) -
  1. WPI based inflation increased to 1.26 % in April 2024 (16 months high).
  2. WPI Inflation in last 12 months -
    1. March 2024 - 0.53 %
    2. February 2024 - 0.20 %
    3. January 2024 - 0.27 %
    4. December 2023 - 0.73 %
    5. November 2023 - 0.26 %
    6. October 2023 - (-) 0.52 % (Negative)
    7. September 2023 - (-) 0.26 % (Negative)
    8. August 2023 - (-) 0.52 % (Negative)
    9. July 2023 - (-) 1.36 % (Negative)
    10. June 2023 - (-) 4.12 % (Negative) (lowest in 8 years)
    11. May 2023 - (-) 3.48 % (Negative)
    12. April 2023 - (-) 0.92 % (Negative)
2. Consumer Price Index (CPI) Based (retail inflation) -
  1. CPI-based inflation rate for April 2024 decreased marginally to 4.83 % (11 month low).
  2. CPI Inflation in Last 12 Months -
    1. March 2024 - 4.85 %
    2. February 2024 - 5.09 %
    3. January 2024 - 5.1 %
    4. December 2023 - 5.69 %
    5. November 2023 - 5.55 %
    6. October 2023 - 4.87 %
    7. September 2023 - 5.02 %
    8. August 2023 - 6.83 %
    9. July 2023 - 7.44 % (15 Month High)
    10. June 2023 - 4.81 %
    11. May 2023 - 4.25 % (25 Month Low)
    12. April 2023 - 4.7 %

Trade -

Trade in April 2024 (Amount in Billion USD) -

		April 2024	Same Month Last Year (April 2023)	Previous Month (Mar 2024)
Merchandise	Exports	34.99	34.62	41.68
Merchandise	Imports	54.09	49.06	57.28
Services	Exports	29.57	25.78	28.54
Services	Imports	16.97	13.96	15.84
Overall Trade (Merchandise +Services)	Exports	64.56	60.40	70.21
	Imports	71.07	63.02	73.12
	Trade Balance	-6.51	-2.62	-2.91

Trade During Previous Financial Year (FY24 (2023-24)) -

		2023-24 (USD Billion)	2022-23 (USD Billion)
Merchandise	Exports	437.06	451.07
Merchandise	Imports	677.24	715.97
Services*	Exports	339.62	325.33
Services*	Imports	177.56	182.05
Overall Trade (Merchandise+ Services)*	Exports	778.20 (NEW RECORD)	776.40
	Imports	854.80	898.01
	Trade Balance	-76.60	-121.62

May 14, 2024
1. May 14, 2024 marks 250th Foundation Day of Shipmaker Mazagon Dock Shipbuilders (MDL), which was set up as a small dry dock in 1774 and incorporated later in 1934.
2. India extended budgetary support of $50 million to Maldives, in form of a roll-over of $50 million Treasury Bill for an additional year, through State Bank of India.
  1. These treasury bills are subscribed by SBI under government-to-government, a unique arrangement at zero cost (interest-free) to Government of Maldives.
3. IndiaSkills 2024 held at Yashobhoomi (New Delhi), as India’s biggest skill competition, to allow participants to showcase their diverse skills and talent on a national platform across 61 skills.
  1. Winners of IndiaSkills 2024 will represent India at WorldSkills 2024, to be held in Lyon (France) in September 2024.
May 13, 2024
1. World Hydrogen Summit 2024 held in Rotterdam (The Netherlands), including a pavilion set up by India for the first time.
  1. Notably, India launched National Green Hydrogen Mission in January 2023 with outlay of 19744 crores, and an ambitious target to achieve green hydrogen production capacity of 5 MMT (Million Metric Tonnes) by 2030.
May 12, 2024
1. May 12 - International Nurses Day.
  1. It is observed on Birth anniversary of Florence Nightingale, noted British social reformer and founder of modern nursing. She was born on May 12, 1820. 2024 Theme is Our Nurses. Our Future.
  2. Also, UN Observes May 12 as International Day of Plant Health, to raise awareness on importance of protecting plant health.
2. India's Ramcharitmanas, Panchatantra and Sahdayaloka-Locana have been included in UNESCO's Memory of the World Asia-Pacific Regional Register, which aims to boost global cultural preservation efforts.
May 11, 2024
1. May 11 - National Technology Day in India.
  1. It marks anniversary of Pokhran Nuclear Tests (Operation Shakti) of 1998. It was coined by late PM Shri Atal Bihari Vajpayee, as a reminder of India’s technological advancements.
  2. May 11 also marks flight of Hansa-3, India’s first indigenous aircraft which was developed by National Aerospace Laboratories.
  3. May 11, 2024 is also observed as World Migratory Bird Day. It is observed on second Saturday in May and in October.
2. Japan won 2024 Sultan Azlan Shah Cup Hockey (their 1st title), defeating Pakistan in final (hosted by Malaysia).
3. India signed 10-year contract with Iran, to develop and operate Iranian port of Chabahar.
  1. India developed Chabahar port on Iran's south-eastern coast along Gulf of Oman, as a way to transport goods to Iran, Afghanistan and central Asian countries, bypassing Pakistani ports of Karachi and Gwadar.
4. Hanooman AI has been launched by Seetha Mahalaxmi Healthcare (SML) & BharatGPT ecosystem led by IIT Bombay, as India's own large language model (LLM).
  1. Keeping Indian demographic into consideration, this AI model has been designed with support for 12 Indian languages and 98 global languages.
  2. It has been developed under partnership of Reliance Industries & 9 Indian Institutes of Technology(IITs).
May 10, 2024
1. May 10 is observed by UN as International Day of Argania.
  1. Argan tree is a native species of the sub-Saharan region of Morocco, which is resilient to a harsh environment under water scarcity, risk of erosion and poor soils.
2. Govt notified Inter-Services Organisations (Command, Control and Discipline) Act, as a step towards creation of unified theatre commands.
  1. Notable points from Inter-Services Organisations (Command, Control & Discipline) Bill 2023, which was passed in Monsoon session 2023 -
    1. It seeks to empower Commander-in-Chief or Officer-in-Command of Inter-services Organisations to exercise administrative control over service personnel under their command, irrespective of their service.
    2. Key features -
      1. Inter-services Organisation -
        
        Existing Inter-services Organisations will be deemed to have been constituted under the Bill, including Andaman and Nicobar Command, Defence Space Agency, and National Defence Academy.
        
        Govt may constitute an Inter-services Organisation which has personnel belonging to at least 2 of the 3 services, which may be placed under command of an Officer-in-Command.
      2. Control of Inter-services Organisations -
        
        Bill empowers Commander-in-Chief or the Officer-in-Command of an Inter-services Organisation to exercise command and control over personnel serving in or attached to it.
        
        Central govt may notify any force maintained in India to which the Bill will apply, in addition to army, navy, and air force personnel.
      3. Bill provides for a Commanding Officer who will be in command of a unit/ship/establishment. The officer will also perform duties assigned by Commander-in-Chief or Officer-in-Command of the Inter-services Organisation.
May 09, 2024
1. Supreme Court prohibited Gujarat, Rajasthan, Haryana and Delhi from granting new mining leases and renewals in vulnerable ecosystem of the Aravallis, India's oldest mountain range.
  1. The Aravali range serves as a crucial barrier against encroachment of the Thar desert into northern plains.
2. Annual Petersberg Climate Dialogue 2024 held in Berlin (Germany), to prepare for UN Climate Change Conference 2024 (also called COP29) in Baku (Azerbaijan), to be held in Nov 2024.
May 08, 2024
1. May 8 - World Red Cross Day, also known as Red Crescent Day. It commemorates birth anniversary of Henri Dunant (born on 8 May 1828), the founder of Red Cross and International Committee of the Red Cross (ICRC). May 8 is also observed as -
  1. Victory in Europe Day, Marking formal end of World War II in Europe, when allied powers defeated German leader Adolf Hitler and his Nazi Forces, On May 8, 1945.
    1. Notably, May 8 - 9 every year is also observed by UN as Time of Remembrance for Those Who Lost Their Lives during Second World War.
  2. World Thalassemia Day.
2. John Ramsay Swinney has been named new First Minister of Scotland, succeeding Humza Yousaf who resigned recently.
  1. Pakistani National Humza Yousaf was Scotland’s first Muslim First Minister.
  2. First minister of Scotland is Keeper of the Scottish Seal, as head of Scottish Government.
3. Notable Pulitzer Prize Winners 2024 -
  1. Books, Drama, and Music -
    1. Fiction - Night Watch, by Jayne Anne Phillips
    2. Drama - Primary Trust, by Eboni Booth
    3. History - No Right to an Honest Living by Jacqueline Jones
    4. Biography - King: A Life by Jonathan Eig
    5. Autobiography - Liliana’s Invincible Summer by Cristina Rivera Garza
    6. Poetry - Tripas: Poems by Brandon Som
    7. Music - Adagio (For Wadada Leo Smith) by Tyshawn Sorey
    8. General Non-fiction - A Day in the Life of Abed Salama by Nathan Thrall
  2. Journalism -
    1. Public Service - ProPublica
    2. Breaking News Reporting - Staff of Lookout Santa Cruz, California
    3. Investigative Reporting - Hannah Dreier of The New York Times
    4. Explanatory Reporting - Sarah Stillman of The New Yorker
    5. Local Reporting - Sarah Conway of City Bureau and Trina Reynolds-Tyler of the Invisible Institute
    6. National Reporting - Staff of Reuters & Staff of Washington Post
    7. International Reporting - Staff of The New York Times
  3. About -
    1. Pulitzer Prize is administered by Columbia University for achievements in newspaper, magazine, online journalism, literature, and musical composition within US. It was established in 1917 by provisions in will of Joseph Pulitzer, who had made his fortune as a newspaper publisher.
    2. There are 23 Pulitzer categories. In 22 of those categories, winners receive a $15,000 cash award.
May 07, 2024
1. May 07 is observed annually as World Athletics Day, by World Athletics.
  1. May 7 is also Birth Anniversary of India’s first Nobel laureate Rabindranath Tagore. His birth anniversary is also known as Pochise Boishakh.
2. New strategic alliance dubbed SQUAD has been formed to counter Chinese aggression in the South China Sea and growing concerns over Taiwan. It consists of United States, Japan, Australia, and Philippines.
3. Forbes' World’s Highest-Paid Athletes 2024 -
  1. Top 5 -
    1. Cristiano Ronaldo (Portugese Footabller) - $260 Million
    2. Jon Rahm (Spanish Golfer) - $218 Million
    3. Lionel Messi (Argentina Footabller) - $135 Million
    4. LeBron James (American Basketballer) - $128.2 Million
    5. Giannis Antetokounmpo (Greek Basketballer) - $111 Million
May 06, 2024
1. As per govt data, India's goods and services exports in FY24 (2023-24) stood at all-time high of $778.2 billion, slightly up from $776.4 billion in FY23 (2022-23).
2. Sanjaya Kumar Mishra has been named 1st President of New Delhi based GST Appellate Tribunal (GSTAT), a crucial body set up for resolving GST-related disputes.
3. Annual multi-national air exercise INIOCHOS-24 hosted by Hellenic Air Force (Greece), with participation of 9 countries.
4. Kyren Wilson (England) won World Snooker Championship 2024 at Sheffield (England), defeating Jak Jones (Wales).
5. German-Israeli philosopher Omri Boehm has been Awarded 2024 Leipzig Book Prize for European Understanding, for his book Radical Universalism. Beyond Identity.
  1. Leipzig Book Award for European Understanding is a prominent literature prize in Germany, with prize money of 20,000 euros.

May 05, 2024

May 5 is observed as -
1. World Hand Hygiene Day.
2. International Day of the Midwife.
3. World Portuguese Language Day (UN).
2024 Madrid Open Tennis (Madrid, Spain) -
1. Men's singles - Andrey Rublev (Russia)
2. Women's singles - Iga Świątek (Poland)
3. Men's doubles - Sebastian Korda (US) & Jordan Thompson (Australia)
4. Women's doubles - Cristina Bucșa (Spain) & Sara Sorribes Tormo (Spain)
2024 Open Aix Provence Men's Tennis (France) -
1. Singles - Alejandro Tabilo (Chile)
2. Doubles - Luke Johnson (UK) & Skander Mansouri (Tunisia)

McLaren's British-Belgian F1 Racer Lando Norris won Miami Grand Prix 2024.

F1 Season 2024 -

Round	Grand Prix	Winner	Race date
1	Bahrain Grand Prix	Max Verstappen (Dutch-Belgian)	2 March
2	Saudi Arabian Grand Prix	Max Verstappen (Dutch-Belgian)	9 March
3	Australian Grand Prix	Carlos Saint Jr. (Spanish)	24 March
4	Japanese Grand Prix	Max Verstappen (Dutch-Belgian)	7 April
5	Chinese Grand Prix	Max Verstappen (Dutch-Belgian)	21 April
6	Miami Grand Prix	Lando Norris (British-Belgian)	5 May
7	Emilia Romagna Grand Prix		19 May
8	Monaco Grand Prix		26 May
9	Canadian Grand Prix		9 June
10	Spanish Grand Prix		23 June
11	Austrian Grand Prix		30 June
12	British Grand Prix		7 July
13	Hungarian Grand Prix		21 July
14	Belgian Grand Prix		28 July
15	Dutch Grand Prix		25 August
16	Italian Grand Prix		1 September
17	Azerbaijan Grand Prix		15 September
18	Singapore Grand Prix		22 September
19	United States Grand Prix		20 October
20	Mexico City Grand Prix		27 October
21	São Paulo Grand Prix		3 November
22	Las Vegas Grand Prix		23 November
23	Qatar Grand Prix		1 December
24	Abu Dhabi Grand Prix		8 December

May 04, 2024
1. May 4 is observed as International Firefighters' Day, established in 1999, after deaths of five firefighters in a bushfire in Australia.
May 03, 2024
1. May 3 - World Press Freedom Day. 2024 Theme is A Press for the Planet.
  1. Annually, UNESCO confers UNESCO/Guillermo Cano World Press Freedom Prize on this day.
    1. Palestinian journalists covering Gaza have been named as laureates of the 2024 UNESCO/Guillermo Cano World Press Freedom Prize.
  2. On this occasion, Global Press Freedom Index 2024 was released by Reporters Without Borders -
    1. Top 3 - Norway (1), Denmark (2), Sweden (3)
    2. Bottom 3 - Eritrea (180), Syria (179), Afghanistan (178)
    3. India ranks 159th, compared to 161st rank last year.
    4. Neighbors - China (172), Sri Lanka (150), Pakistan (152), Bangladesh (165)
2. China launched Chang'e-6 lunar probe atop Long March-5 Y8 carrier rocket.
  1. The misison is set to collect samples from far side of the moon (not visible from the Earth). China also aims to send a crewed lunar mission by 2030.
  2. The mission also carried 4 international payloads, notably including iCube-Qamar (Pakistan's first satellite mission to the moon).
May 02, 2024
1. May 2 is observed by UN as World Tuna Day.
2. Vice Admiral Krishna Swaminathan assumed charge as Vice Chief of Indian Navy.
  1. Also, Sanjay Bhalla has been named new Chief of Personnel of the Indian Navy.
May 01, 2024
1. Misc. Appointments (May 2024) -
  1. RBI appointed R. Lakshmi Kanth Rao as an Executive Director (ED).
    1. Notably, RBI board currently has 16 EDs.
  2. Sanjay Bhalla has been named new Chief of Personnel of the Indian Navy.
  3. New Indian Ambassadors -
    1. Ravi Shankar - Ukraine.
    2. Harsh Kumar Jain - Philippines.
    3. Manish Chauhan - Jordan.
2. Misc. Defence News / Events (May 2024) -
  1. India’s first indigenous bomber UAV aircraft FWD-200B has been unveiled in Bengaluru, developed by Flying Wedge Defence.
    1. FWD-200B has a payload capacity of 100 kgs and endurance capacity of 12-20 hours, with max speed of upto 370 kmph.
  2. Indian army announced to stop all import of ammunition from next financial year (FY26 (2025-26)), as domestic industry has ramped up its capacity to meet all demands.
  3. Keel laying of first NGOPV (Next-Generation Offshore Patrol Vessel) held at Goa Shipyard Ltd, under contracts for indigenous construction of 11 NGOPV, which were signed in Mar 23.
    1. Under the project, 11 ships will be seven will be manufactured (7 by GSL and 4 by GRSE), at cost 9781 crores.
3. Misc. MOUs (May 2024) -
  1. Between Ministry of Skill Development and Entrepreneurship (MSDE) & Mahindra & Mahindra Ltd, to conduct two Pilot Projects under Drone Didi Yojana.
    1. The scheme aims to train 15,000 women to operate drones for agricultural purposes, creating new livelihood opportunities for women through imparting skills.
  2. Between Ministry of Fisheries' Department of Animal Husbandry & Dairying (DAHD) & United Nations Development Programme (UNDP) India, on Digitalization of Vaccine Cold Chain Management & Capacity Building.
  3. Between Google & Foxconn (Taiwan-based electronics manufacturer), to begin making Google Pixel smartphones at an existing Foxconn facility in Tamil Nadu. Google will also later manufacture drones in state.
  4. Between India's National Skill Development Corporation (NSDC) & International Labour Organization (ILO), to advance skill development and lifelong learning in India and globally.
4. Misc. Economy / Financial News (May 2024) -
  1. Indian Renewable Energy Development Agency Ltd. (IREDA) incorporated its new subsidiary in International Financial Services Centre (IFSC) located in GIFT City(Gujarat), named IREDA Global Green Energy Finance IFSC Limited.
    1. Notably, Maharatna PSU REC Limited also received NOC from RBI, for setting up a wholly owned subsidiary in IFSC GIFT City (Gujarat).
  2. Indian IT Firm Infosys has been fined CAD 134822 (₹82 lakh) by Canadian government, for underpayment of employee health tax for fiscal year ending December 31, 2020.
  3. As per Asian Development Outlook (ADO) April 2024 -
    1. India’s GDP growth forecast for FY24 (2023-24) has been revised to 7% (increased from 6.7%) and 7.2% in FY25 (2024-25).
  4. Notable Penalties put by RBI (May 2024) -
    1. SBM Bank (India) - 88.70 lakh
    2. HSBC Limited - 36.38 Lakh, for violation of RBI instructions on reporting requirements under Liberalised Remittance Scheme of FEMA 1999
    3. Yes Bank - 91 lakh
    4. ICICI Bank -1 Crore
5. Goods and Services Tax (GST) collections in April 2024 stood at highest-ever 2.10 lakh crores, comprising of CGST 43846 crores, SGST 53538 crores, IGST 99623 crores & Cess 13260 crores.
6. May 1 is Formation day of Gujarat and Maharashtra. Both states were formed on May 01, 1960, when Bombay state was split.
  1. Also, May 1 is observed in Maharashtra as Marathi Official Language Day.
    1. Notably, Similar sounding Marathi Language Pride Day is observed on 27th February.
7. May 1 - Labour Day, also known as International Worker's Day and May Day.
  1. In India, first celebration of the Labour Day was organised in Madras by Labour Kisan Party of Hindustan on May 1, 1923.
  2. Labour Day commemorates happenings of May 4, 1886, the Haymarket affair (Haymarket Massacre) in the Chicago. It was a big event as workers were on the general strike for their eight-hour workday, with protests getting violent.
8. Misc. Sports News / Events (May 2024) -
  1. Phase 1 for 1st National Women's Hockey League 2024-2025 held in Ranchi (Jharkhand), with participation by top 8 teams at 14th Hockey India Senior Women's National Championship (which was won by Haryana, by defeating Maharashtra in final).
  2. India won 43 medals at Asian U-22 and Youth Boxing Championships in Astana (Kazakhstan), including 12 gold, 14 silver, and 17 bronze medals.
9. Misc. Science News / Events (May 2024) -
  1. Indian Space Research Organisation (ISRO) organized Space Science and Technology Awareness Training (START) 2024, with Gujarat Council on Science and Technology (GUJCOST) as Nodal Centre.
    1. START is an introductory-level online training in space science and technology, for UG/PG students of physical sciences and technology.
10. Obituaries (May 2024) -
  1. Ebrahim Raisi - Serving Iranian President, died in a helicopter crash (along with serving foreign minister Hossein Amirabdollahian).
  2. Kamla Beniwal - Noted INC politician and Former Governor of Mizoram, Gujarat & Tripura.
11. Ministry of Earth Sciences (MoES) hosted 46th Antarctic Treaty Consultative Meeting (ATCM 46) and 26th Meeting of the Committee for Environmental Protection (CEP 26) in Kochi (Kerala).
  1. It was hosted through National Centre for Polar and Ocean Research (NCPOR).
  2. Convened annually under Antarctic Treaty System, these meetings serve as forums for Antarctic Treaty Consultative Parties and other stakeholders to address Antarctica's pressing issues.
    1. Antarctic Treaty (signed in 1959) established Antarctica as a region dedicated to peaceful purposes, scientific cooperation, and environmental protection. It has 56 countries as parties.
    2. CEP was established under Protocol on Environmental Protection to the Antarctic Treaty (the Madrid Protocol) in 1991. CEP advises ATCM on environmental protection and conservation in Antarctica.
    3. Notably, India operates two year-round research stations in Antartica - Maitri (1989) and Bharati (2012).

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