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CURRENT AFFAIRS : BANKING & FINANCE
HDFC Bank Introduces PIXEL Lineup of Digital Credit Cards
- HDFC Bank has launched “PIXEL,” an end-to-end, mobile app-based customisable DIY digital card range.
- PIXEL is aimed at customers characterised by digital fluency, unique preferences, and distinct financial behaviours.
- PIXEL is a first-of-its- kind range of digital credit card seriesthat offers seamless app-based issuance, complete digital lifecycle management, user engagement and digital servicing.
Key Features :
- Customization: Customers can customise the maximum value, choice of merchants for earning cashback, choice of online platforms for cashback, card colours, billing dates, and repayment options including low-cost EMIs.
- Cashback Options:Users can earn up to 5% cashback on dining and entertainment, travel, fashion, electronics, and grocery purchases.
- Additionally, they can earn 3% cashback on select online platforms like Amazon, Flipkart, and PayZapp, and 1% cashback on other spends.
- Instant Digital Issuance:Seamless digital onboarding with instant digital card issuance and instant online and offline shopping with Tap & Pay.
- Control and Management: Users have complete control through PayZapp, including card control settings, real-time tracking on spends, rewards, EMIs, statements, and repayments.
- Customer Service:Complete digital customer service support available 24×7.
- PIXEL will be offered in 2 variants –PIXEL Play and PIXEL Go.
- Both card variants offer up to 50 days credit-free period.
- PIXEL Play:A ‘Build Your Own Card’ variant offering customisable benefits including merchants for accelerated cashbacks, card color, and billing date.
- Targeted at users seeking digital customisation and credit card benefits.
- PIXEL Go:Designed for beginners entering the credit card world, offering flexibility in payments through pay-in-parts.
- Banking tech company, Zeta,is the technology provider for Pixel.
About HDFC Bank Limited :
- Founded : August 1994
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sashidhar Jagdishan
- Tagline : We Understand Your World
India Renews $50 Million Budgetary Assistance to Maldives for Another Year
- India has decided to extend its budgetary support to the Maldives government by rolling over a $50 million treasury bill for another year.
- The State Bank of India (SBI)has subscribed for one more year to the $50 million Government Treasury Bill, issued by the Ministry of Finance of Maldives, upon maturity of the previous subscription.
- These treasury bills are subscribed by SBI under government-to-government, a unique arrangement at zero cost (interest-free) to the Government of Maldives.
- The continuation of the subscription has been made at the special request of the Government of Maldives to secure budgetary support from India.
What are Treasury bills (T-bills)?
- Treasury bills or T-bills are money market instruments.
- These are short term debt instrumentsissued by the Government of India.
- T-bills are issued in three maturities – 91-day, 182-day, and 364-day, and they are zero coupon securities, paying no interest.
- They are issued at a discount and redeemed at face value upon maturity.
- The State Governments, eligible provident funds in India, Nepal Rashtra Bank, Royal Monetary Authority of Bhutan (only in 91 Day T- Bills),Vnesheconom Bank (only in 91 Day TBills)and any Person or Institution, specified by the RBI, in consultation with the Government, in this regard, can participate on non-competitive basis for Participation and Allotment of T-Bills.
- Individuals may also participate on a non-competitive basis as retail investors.
- For retail investors, the allocation will be restricted to a maximum of 5% of the aggregate nominal amount of the issue,within the notified amount, as specified by the RBI, in consultation with the Government of India, from time to time.
- Bills will be issued for a minimum amount of 10,000 and in multiples of 10,000 both on a competitive basis, and on non-competitive basis.
- The Bills will be issued in the form of Promissory Note/Credit to Subsidiary General Ledger (S.G.L.) Accountwith the RBI.
- Treasury bills are issued at a discount to original value and the buyer gets the original value upon maturity.
About Maldives :
- President : Mohamed Muizzu
- Capital : Malé
- Currency : Maldivian rufiyaa
Reserve Bank of India Data Reveals 40% Increase in Domestic Gold Reserves Over 5 Years
- India’s gold reserve, held domestically, increased by 40% between March 2019 and March 2024, as per the Reserve Bank of India’s latest data.
- Total gold reserves witnessed a 34% uptick during the same period.
Key Highlights :
- RBI’s Gold Holdings:According to the “Half Yearly Report on Management of Foreign Exchange Reserves” by RBI,the central bank’s gold holding rose by 27.46 metric tonnes in FY24 to reach 822.10 metric tonnes by the end of March 2024.
- In terms of USD value, the share of gold in total foreign exchange reserves increased to around 8.15%, totaling US $ 54.88 billion by March 2024.
- Composition of Gold Reserves:Out of RBI’s total gold holdings, 408.31 metric tonneswere held domestically, while 387.26 metric tonnes were kept in safe custody with the Bank of England and the Bank for International Settlements (BIS).
- Additionally, 26.53 metric tonnes were held in the form of gold deposits.
- Foreign Exchange Reserves Management:The ratio of short-term debt to reserves decreased from 23.0% at end-December 2022 to 20.3% at end-December 2023.
- RBI publishes half-yearly reports on foreign exchange reserves management to enhance transparency and disclosure levels.·
- These reports are prepared half yearly with reference to the position at end-March and end-September each year.
- The present report (42nd in the series) is with reference to the position as at end-March 2024.
- Report Structure:The report is divided into two parts: Part I contains the developments regarding movement of foreign exchange reserves, information on the external liabilities vis-à-vis the reserves, adequacy of reserves,, during the half-year under review.
- Objectives of reserve management, statutory provisions, risk management practices, information on transparency and disclosure practices followed by the RBI with regard to reserve management are covered in Part II.
- Reserve Increase:Reserves grew from USD 587.71 billionas of end-September 2023 to USD 646.42 billion as of end-March 2024 during the reviewed half-year period.
- Composition of Foreign Currency Assets (FCA) : Foreign Currency Assets stands at USD 570.95 billion are maintained as a multi-currency portfolio comprising major currencies, such as, US dollar, Euro, Pound sterling, Japanese yen, and are valued in terms of US dollars.
- Special Drawing Rights (SDR) and Reserve Tranche Position (RTP):SDR stands at USD 18.13 billion, with values in SDR million indicated in parentheses.
- RTP stands at USD 4.6 billion,representing the Reserve Tranche Position in the International Monetary Fund (IMF).
- Short-Term Debt Ratio:The ratio of short-term debt (original maturity) to reserves decreased from 22% at end-September 2023 to 20.3% at end-December 2023.
- The foreign currency assets comprise multi-currency assets that are held in multi-asset portfolios as per the existing norms, which conform to the best international practices followed in this regard.
- Investment and Deposit Breakdown:As of end-March 2024, out of the total FCA of USD 570.95 billion:
- USD 468.99 billion was invested in securities.
- USD 62.17 billion was deposited with other central banks and the Bank for International Settlements (BIS).
- The balance of USD 39.79 billion comprised deposits with commercial banks overseas.
- Financial Transaction Plan of the IMF:During the reviewed half-year period, there was one purchase transaction totaling USD 152.71 million and 8 repurchase transactions totaling USD 574.51 million under the Financial Transaction Plan of the IMF.
- Investment Mandate for India Infrastructure Finance Company (UK) Limited Bonds:RBI has the mandate to invest up to USD 5 billionin bonds issued by the India Infrastructure Finance Company (UK) Limited.
- As of end-March 2024, the amount invested in such bonds stood at USD 932 million.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Paytm Shifts Focus to UPI Lite Wallet for Low-Value Payments
- One97 Communications, the parent company of Paytm, has launched the UPI Lite wallet to simplify payments, particularly for low-value transactions.
Key Highlights :
- Convenience:Paytm’s UPI Lite wallet offers a seamless payment experience, eliminating the need to enter a PIN for each transaction.
- Transaction Limits:Users can make instant transactions of up to Rs 500 each using the UPI Lite wallet.
- Additionally, they can add up to Rs 2,000 to their wallet twice a day, totalling Rs 4,000 daily.
- Utility:Paytm emphasizes the UPI Lite wallet as an essential tool for everyday transactions, providing convenience and efficiency.
- Bank Integration:Integration with major banks ensures a reliable payment experience for users.
- Leading banks such asAxis Bank, HDFC Bank, State Bank of India, and YES Bank are part of this collaboration.
- Collaboration: One97 Communications Limited collaborates with prominent Payment System Providers to establish a robust and reliable framework for the UPI Lite wallet.
- Transaction Limits According to NPCI:The UPI Lite wallet is designed for small transactions, with transaction limits set by the National Payments Corporation of India (NPCI) at up to Rs 500 per transaction.
About Paytm :
- Founded : August 2010
- Headquarters : Noida, Uttar Pradesh, India
Insurance Regulatory and Development Authority of India Mandates Insurers to Extend Coverage to Identified Gram Panchayats
- In a move that can bring insurance down to the grassroots, the Insurance Regulatory and Development Authority of India (IRDAI)has mandated life and general insurers to extend cover to certain identified Gram Panchayats.
Key Highlights :
- Per the master circular issued by the regulator on rural, social and motor third-party obligations, the Life Insurance Council,in consultation with the Ministry of Panchayat Raj, will indicate the minimum number of Gram Panchayats to each life insurer on mutually agreed parameters such as market share, or any other parameter.
- Once the number of Gram Panchayats to be covered by each insurer is determined, the insurers can identify them in a State(s) of their choice for fulfilment of obligations.
- A similar exercise will also be taken up by the General Insurance Council to identify the Gram Panchayats for extending the health cover, Motor Third Party (MTP) insurance and thedwelling shops.
- The insurers will have to put in a mechanism to identify, record, coordinate and exchange information on the number of lives/persons/vehicles covered by life and general insurers in each Gram Panchayat.
- The new norms will be applicable from the current financial year.
- The new norms will also augur well for the recently-announced objective of achieving ‘Insurance for All by 2047’ of IRDAI.
About IRDAI :
- Established : 1999
- Headquarters : Hyderabad, Telangana
- Chairperson : Debasish Panda
- The IRDAI is a statutory bodyunder the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.
Public Sector Banks’ Aggregate Profit Surges by 35%, Exceeds Rs 1.4 Trillion in FY24
- Public sector banks’ cumulative profit crossed Rs 1.4 trillionin the financial year ended March 2024, recording a growth of 35% over the previous year on a high base of Rs 1 trillion.
- The 12 Public Sector Banks (PSBs) together earned a net profit of Rs 1,04,649 crore in 2022-23.
Key Highlights :
- Out of the total profit of Rs 141,203 croreearned during the FY24, market leader State Bank of India (SBI) alone contributed over 40% of the total earnings.
- SBI earned a profit of Rs 61,077 crore 22% higher than the previous financial year (Rs 50,232 crore).
- In percentage terms Delhi-based Punjab National Bankhad the highest net profit growth with 228% to Rs 8,245 crore, followed by Union Bank of India with a 62% rise to Rs 13,649 crore and Central Bank of India with a 61% increase to Rs 2,549 crore.
- Among the banks which recorded over 50% jump in net profit included Bank of Indiawith a 57% growth to Rs 6,318 crore while Bank of Maharashtra with a 56% rise to Rs 4,055 crore and Chennai-based India Bank recorded a 53% improvement to Rs 8,063 crore.
- During the year, the only public sector bank out of 12 that reported a drop in profit was Punjab & Sind Bank.
- Punjab & Sind Bank, headquartered in Delhi, reported a 55% decline in annual net profit, dropping from Rs 1,313 crore in 2022-23 to Rs 595 crore in the fiscal year ending March 2024.
- The PSBs which reported an annual profit over Rs 10,000 crore are Bank of Baroda (Rs 17,788 crore) and Canara Bank (Rs 14,554 crore).
- PSB is a turnaround story from record losses of Rs 85,390 FY18 to record profit in FY24.
- The government has implemented a comprehensive 4R strategy: Recognising NPAs transparently, Resolution and recovery, Recapitalising PSBs, and Reforms in the financial ecosystem.
- As part of the strategy, the government infused an unprecedented Rs 3,10,997 crore to recapitalise PSBs during the last 5 financial years from 2016-17 to 2020-21.
- The recapitalisation programme provided much-needed support to the PSBs and prevented the possibility of any default on their part.
CURRENT AFFAIRS: BUSINESS NEWS
Nayara Energy to set up two ethanol plants for ₹600 crore
- Russian energy giant Rosneft-backed Nayara Energyis planning to invest ₹600 crore to set up two ethanol manufacturing plants in the country.
- Each plant will have a production capacity of 200 kilolitres of ethanol per day.
- These will be set up in Andhra Pradesh’s Naidupeta and Madhya Pradesh’s Balaghat, and are slated for commissioning by 2026.
- The company will use broken rice and maize for feedstock.
- In the long run, the company plans to have five ethanol manufacturing plants.
- Nayara Energy, which runs a 20-million-metric-tonne capacity oil refinery at Vadinar in Gujarat,is set to open a polypropylene unit in the same facility.
- The company is investing ₹6,000 croreto set up a petrochemical unit with an annual capacity of 450,000 tonnes.
- It is also investing ₹4,000 crore in modernising the refinery to improve its lifespan and reliability.
- These investments will be made till 2026.
India’s imports from FTA partners up 38% during 2019-24 fiscal years: GTRI
- India’s imports of goods from countrieswith which it has a free trade agreement like the UAE, South Korea, and Australia grew about 38 per cent during 2019-24 fiscal year to $187.92 billion.
- From FY’2019 to FY’2024, India’s imports increased by 37.97 per cent, from $ 136.20 billion to $ 187.92 billion.
- On the other hand, the country’s exports to the FTA (free trade agreement) partners rose 14.48 per cent to $ 122.72 billion in 2023-24 from $ 107.20 billion in 2018-19.
- According to the data, India’s exports to the UAE increased by 18.25 per cent to $ 35.63 billion in 2023-24 as against $ 30.13 billion in 2018-19, while imports surged 61.21 per cent, from $ 29.79 billion in FY2019 to $ 48.02 billion in the last fiscal.
- The FTA between India and the UAE came into effect in May 2022.
- Overall, India ranked 17th globally in exports, with a 1.8 per cent share in world trade.
- On the import front, the country is ranked 8th, holding a 2.8 per cent share in global trade.
- India’s merchandise exports in 2023-24 fell 3.11 per cent to $ 437.1 billion, while imports declined by 5.4 per cent to $ 677.2 billion in the last fiscal.
CURRENT AFFAIRS : DEFENCE NEWS
Indian Army Set to Receive Inaugural Hermes-900 Drone, Enhancing Border Surveillance Along Pakistan
- The Indian Armyis set to receive the first Hermes-900 Starliner drone, also known as the Drishti-10 drone, on May 18, 2024, enhancing its surveillance capabilities along the Pakistan border.
- The Hermes-900 known as the Drishti-10 drone is being supplied to Indian forces including Indian Army and Navy by Adani Defence Systems.
Key Highlights :
- The first of the two drones to be acquired by the Indian Army would be handed over to the force on May 18, 2024 in Hyderabad.
- The supplies are part of the deal signed under the emergency powers given to forces by the Defence Ministry.
- The Indian Army will deploy the drones at its Bhatinda base from where it can keep an eye on the entire western border with Pakistan.
- The Indian Army has ordered two drones, with the first delivered to the Navy in January.
- The second drone will go to the Army, and the third and fourth will be supplied accordingly.
- The Indian Army has placed orders for two of these drones from the firm under emergency provisions that mandate that the systems supplied by vendors should be more than 60% indigenous and should be under the ‘Make in India’ in Defence.
- The Indian Army is already operating the Heron Mark 1 and Mark 2 dronesand has also placed orders for the Drishti-10 or the Hermes-900 drones under the last tranche of the emergency procurements approved by the government for the forces.
- Adani Defencehad signed a deal with the Israeli firm Elbit for the transfer of technology for the drones and stated that it has indigenized 70% of the birds and will work to increase it further.
- The Indian Army has also inducted more satellite communication-enabled birds from Israel, as it has a few Heron Mark 2 birds in direct deals with Israeli Aircraft Industries.
About Indian Army :
- Chief of Defence Staff : General Anil Chauhan
- Chief of the Army Staff : General Manoj Pande
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Melinda Gates to Resign as Co-Chair of Bill & Melinda Gates Foundation
- Melinda French Gates, one of the world’s preeminent philanthropists, announced that she would resign as co-chair of the Bill & Melinda Gates Foundation (BMGF) which she has helped lead since 2000.
- Since its establishment nearly 25 years ago, the BMGF has disbursed nearly $78 billion in grant payments, reflecting its substantial influence in philanthropy and global development.
- Her last day of work at the foundation will be June 7,2024.
- As part of her separation agreement from her former husband, Bill Gates, she will receive an additional $12.5 billion for her charitable endeavors.
- The foundation’s board of trustees, which was significantly expanded after the couple announced their divorce in May 2021.
About Melinda French Gates :
- Melinda Ann French was born on August 15, 1964, in Dallas, Texas.
- She is an American philanthropist, former multimedia product developer and manager at Microsoft, and the ex-wife of its co-founder and billionaire Bill Gates.
- She was recognized as one of the BBC’s 100 women of 2021.
About Bill & Melinda Gates Foundation :
- Established : 2000
- Headquarters : Seattle, Washington, United States
- CEO : Mark Suzman
- The BMGF is an American private foundationfounded by Bill Gates and Melinda French Gates.
- The foundation is one of the most powerful and influential forces in global public health, having spent more than $50 billion over the past two decades to bring a business approach to combating poverty and disease.
- Notably, it has played a pivotal role in initiatives to eradicate polio and
Kanimozhi Re-elected as President of The Hindu Office and National Press Employees’ Union for 3rd Term
- Lok Sabha MP Kanimozhihas been unanimously elected as the president of The Hindu Office and National Press Employees’ Union for her 3rd consecutive term.
- 5 other office-bearers were also elected unopposed.
- Kamalanathan has been elected as the general secretary for the 6th consecutive time.
- Other newly elected office-bearers include R. Arun and S. Vadivel as vice-presidents, C. Chandran as joint secretary, and N. Balaji as treasurer.
- The following 12 members were unanimously elected executive committee members: B. Rajan Boopathy, K. Ramesh, J. Kathiresan, V. Aravind Kumar, B. Balavel, R. Girish, M. Sampath Kumar, K. Gopaal, G. Rajendran, P. Kumaravel, P.S. Venkoba Rao and S.A. Karthikeyan.
- All members will hold their respective offices for a period of 3 years, from 2024 to 2027.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Reserve Bank of India Permits Quant Mutual Fund to Increase Stake in RBL Bank to 9.98%
- The Reserve Bank of India (RBI)has allowed Quant Mutual Fund to hike its stake in RBL Bank to 9.98%.
- As of May 10,2024 Quant MF, through its various schemes, owned 4.68% equity share capitalin the private sector lender.
- The approval granted on Monday is subject to certain conditions and provisions under the Banking Regulation Act, 1949, among others.
- The shareholding has to be increased by May 12, 2025.
About RBL Bank :
- Founded : 1943
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : R. Subramania kumar
- RBL Bank, formerly known as Ratnakar Bank Limited, is an Indian private-sector bank.
India’s Khanij Bidesh Set to Procure Lithium Asset in Australia in FY25
- Khanij Bidesh India Limited (KABIL)is in the process of acquiring a lithium block in Australia this year.
- KABIL is owned by three public sector undertakings – National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL), and Mineral Exploration and Consultancy Ltd (MECL).
- It is entrusted with the important mission of identifying, exploring, acquiring, and developing critical & strategic mineral assets overseas.
- Recently, the Registered Office of KABIL has been inaugurated in New Delhi.
- Lithium is the most important mineral for the energy transition.
- It is a fundamental part of lithium-ion batteries, which power electric vehicles and battery energy storage systems.
- Argentina is part of the ‘lithium triangle’along with Chile and Bolivia.
- They have more than 50% of the World’s total lithium reserves.
- Australia is one of the leading producers of Lithium and
About Australia :
- Prime Minister : Anthony Albanese
- Capital : Canberra
- Currency : Australian Dollar
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Tata Consultancy Services To Set Up 1st-of-its-Kind Human-Centric Artificial Intelligence Center of Excellence in France
- Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has announced the creation of a Global Artificial Intelligence (AI) Center of Excellence in Paris, during the Choose France Summit, hosted by President Emmanuel Macron.
- The center will focus on designing and evolving AI to address business efficiencies and societal priorities, particularly in areas like brain-computer interface, empathy in machines, and AI’s role in arts and culture.
- The new AI center will be situated in the upcoming TCS PacePort™ in the La Défense area of Paris.
- Inauguration is scheduled for June 2024,making it the 7th such facility in TCS’ global Pace network, joining locations like Amsterdam, London, New York, Pittsburgh, Toronto, and
- The TCS AI Center of Excellence in Paris will leverage TCS’ global ecosystem of startups, academia, and research organizations to bring the best of global capabilities to French companies.
- The plan for the new AI center, unveiled at a summit attended by 300 global CEOs, will be inaugurated in June 2024.
- TCS commenced operations in 1992, and since then acquired TKS- Teknosoft in 2006, and Alti in 2013, to boost its presence in the region.
About TCS :
- Founded : 1968
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Natarajan Chandrasekaran
- CEO : K. Krithivasan
CURRENT AFFAIRS: MOUS AND AGREEMENT
Greenko firm inks deal with Norwegian co
- Hyderabad-based Greenko has entered into an agreement with Norway’s Yara Clean Ammonia for 10 year pact to supply renewable ammonia to the Norwegian firm,which is the world’s largest trader and distributor of ammonia.
- Greenko will supply green ammonia from Phase 1 of its ammonia production facility in Kakinada, India.
- The company signed the term sheet through its green ammonia production arm AM Green — earlier Greenko ZeroC.
- This translates to a supply of 500,000 tonnes of green ammoniaover a decade, beginning fourth quarter of calendar year 2026.
- Yara will use green ammonia from Greenko to produce low-emission fertilizers as well as towards low-carbon emissions in industries such as shipping and power.
- AM Green is developing a mega green ammonia facility in Kakinada starting with a production capacity of 1 million tonnes per annum, with plans to ramp up the capacity to 5 million tonnes per annum by 2030.
- Yara Clean Ammonia is headquartered in Oslo, Norway.
- It operates the largest global ammonia network with 15 ships and has, through Yara, access to 18 ammonia terminals and multiple ammonia production and consumption sites across the world.
UAE-India CEPA Council and Indian Chamber of Commerce Forge Strategic Partnership
- To enhance economic and trade relations, the UAE-India CEPA Council (UICC) and the Indian Chamber of Commerce (ICC) have signed a Memorandum of Understanding (MoU).
- The main aim is to promote awareness of the UAE-India bilateral economic partnership and the benefits of the UAE-India CEPA.
- The MoU established a comprehensive collaboration between the UICC and the ICC, focusing on public promotion, and increasing awareness.
- Both organizations will engage in dialogue, and information sharing, and host joint events.
- This partnership will boost trade volumes and bring the benefits of favourable trade policies to enterprises.
- The UICC is dedicated to promoting economic cooperation and trade relations between the UAE and India.
- The UICC, established in early 2024, has played a pivotal role in significantly enhancing the economic, investment, and trade ties between the two nations.
- Over the fiscal year from April 2022 to March 2023, bilateral trade surged from USD 72.9 billion to USD 84.5 billion, marking an impressive expansion of almost 16%.
Bharti Airtel communications and Google Cloud to deliver cloud solutions to India
- Bharti Airtel announced a long-term collaboration with Google Cloudto deliver cloud solutions to Indian businesses.
- Airtel will also leverage Google Cloud’s generative artificial intelligence capabilities to transform its customer experiences and interactions across mobile, broadband, and digital television.
- These capabilities will be extended to the telecommunications company’s business-to-business customers in India and globally.
- Additionally, Airtel will provide a suite of cloud-managed services to its customer base of more than 2,000 large enterprises and one million emerging businesses.
- To power its cloud-based solutions business, Airtel has set up a managed services centre in Pune with over 300 experts who are being extensively trained to champion Google Cloud services and develop world-class tech solutions.
About Bharti Airtel :
- Founded : 7 July 1995
- Headquarters : New Delhi, India
- Chairman : Sunil Bharti Mittal
- MD & CEO : Gopal Vittal
About Google Cloud Platform :
- Launched : April 7, 2008
- CEO : Thomas Kurian
- GCP, offered by Google, is a suite of cloud computing services that provides a series of modular cloud services including computing, data storage, data analytics, and machine learning, alongside a set of management tools.
CURRENT AFFAIRS: RANKING AND INDEX
India losing edge in higher education, 33 institutions’ ranking dips: CWUR
- According to the Center for World University Rankings (CWUR), as many as 65 Indian universities and institutes from India, led by the Indian Institute of Management Ahmedabad, are among the top 2000 globally but the country is losing its competitiveness in higher education on the international stage.
- In the 2024 edition of the Global 2000 list by the CWUR, 32 Indian institutions moved up the ladder, while 33 saw a fall.
- IIM-A, the country’s top institute stood at 410th rank globally, as compared to 419 last year.
- It was followed by the Indian Institute of Science (501) and the Indian Institute of Technology Bombay(568).
- The rankings are based on the analysis of 62 million outcome-based data points on four factors: Quality of education (25%), Employability (25%), Quality of faculty (10%), Research (40%).
- In Asia, the University of Tokyo was the highest-ranked institution, at 13th spot
- Globally, Harvard emerged as the top universityfor the thirteenth year in a row.
- It was followed by two other private US institutions, Massachusetts Institute of Technology (MIT) and Stanford.
- The UK’s Cambridge and Oxford ranked fourth and fifth.
- Interestingly, these two were the world’s top public higher education institutions.
- The rest of the global top ten were held by private US universities: Princeton, Columbia, Pennsylvania, Yale, and Caltech.
China remains leading import partner for India in FY24 at $101.74 billion
- China retained its spot as top import partner for India in 2023-24with goods inflows increasing 3.29 percent (year-on-year) to $101.74 billion, opposed to an overall 5.66 per cent decline in the country’s imports.
- High-tech items such as telecom and smartphone parts, laptop and PCs, as well as industrial inputs such as plastic, iron and steel and chemicals contributed substantially to the imports.
- Total goods imports by India in 2023-24 fell 5.66 per cent to $675.44 billion.
- Russia vaulted to the second spotamongst India’s top import sources, surpassing the UAE and the US, in 2023-24.
- India’s import from Russia rose 34 per cent to $61.44 billion during the fiscal comprising mostly oil.
- The UAE slipped one spot to the third place with imports from the country declining 9.8 per cent to $48.01 billion.
- The US, too, slid a rank to the fourth spot with imports from the country falling 19.83 per cent to $40.77 billion.
- India imported $4.2 billion worth of telecom & smartphone parts during FY24 from China, accounting for 44 per cent of total imports in this category, indicating significant reliance on Chinese components.
India participated in the 19th Session of the United Nations Forum on Forests in New York
- The 19th Session of the United Nations Forum on Forests(UNFF) was organized from May 6th to 10th May 2024.
- In this session, India highlighted significant advancements in forest conservation and sustainable forest management.
- Between 2010 and 2020, India ranks third in the net gain in average annual forest area.
- The report on International Forest Governance was launched at the 19th Session of the United Nations Forum on Forests(UNFF19),has revealed the rising trend of the ‘climatisation’ of forests.
- It is the first global synthesis report on international forest governance in the last 14 years.
Key Highlights
- The report analyses developments in international forest governance since 2010, when the IUFRO-led Global Forest Expert Panel (GFEP) published its last global assessment.
- India also shared information about the ‘Green Credit Program’, which is designed to incentivize entities to take up tree plantation and restoration of degraded forest lands.
- The recent celebrations marking 50 years of Project Tiger and 30 years of Project Elephant underscore India’s commitment to species conservation and habitat protection.
- India also highlighted the creation of the International Big Cat Alliance at this session.
- Previously, in October 2023, India hosted the Country Led Initiative under UNFF at Dehradun, attended by representatives from 40 countries and 20 international organizations and held discussions on forest fire management and forest certification.
- The recommendations from this initiative were presented by India during UNFF 19.
- The Ministry of India hosted a side event on ‘Principles and Strategies for Landscape Integrated Fire Management through Collaborative Governance’.
- The Indian delegation was led by Shri Jitendra Kumar, Director General of Forests and Special Secretary, Ministry of Environment, Forest and Climate Change, Government of India.
Daily CA One- Liner: May 16
- Russian energy giant Rosneft-backed Nayara Energyis planning to invest ₹600 crore to set up two ethanol manufacturing plants in the country.
- India’s imports of goods from countrieswith which it has a free trade agreement like the UAE, South Korea, and Australia grew about 38 per cent during 2019-24 fiscal year to $187.92 billion
- Hyderabad-based Greenko has agreed with Norway’s Yara Clean Ammonia for 10-year pact to supply renewable ammonia to the Norwegian firm,which is the world’s largest trader and distributor of ammonia
- To enhance economic and trade relations, the UAE-India CEPA Council (UICC) and the Indian Chamber of Commerce (ICC) have signed a Memorandum of Understanding
- Bharti Airtel announced a long-term collaboration with Google Cloudto deliver cloud solutions to Indian businesses.
- According to the Center for World University Rankings (CWUR), as many as 65 Indian universities and institutes from India, led by the Indian Institute of Management Ahmedabad, are among the top 2000 globally but the country is losing its competitiveness in higher education on the international stage
- China retained its spot as top import partner for India in 2023-24 with goods inflows increasing 3.29 percent (year-on-year) to $101.74 billion, opposed to an overall 5.66 per cent decline in the country’s imports
- The 19th Session of the United Nations Forum on Forests(UNFF) was organized from May 6th to 10th May 2024
- HDFC Bank has launched “PIXEL,” an end-to-end, mobile app-based customisable DIY digital card range.
- India has decided to extend its budgetary support to the Maldives governmentby rolling over a $50 million treasury bill for another year.
- India’s gold reserve, held domestically, increased by 40% between March 2019 and March 2024, as per the Reserve Bank of India’s latest data.
- One97 Communications, the parent company of Paytm, has launched the UPI Lite wallet to simplify payments, particularly for low-value transactions.
- In a move that can bring insurance down to the grassroots, the Insurance Regulatory and Development Authority of India (IRDAI)has mandated life and general insurers to extend cover to certain identified Gram Panchayats.
- Public sector banks’ cumulative profit crossed Rs 1.4 trillionin the financial year ended March 2024, recording a growth of 35% over the previous year on a high base of Rs 1 trillion.
- The Indian Armyis set to receive the first Hermes-900 Starliner drone, also known as the Drishti-10 drone, on May 18, 2024, enhancing its surveillance capabilities along the Pakistan border.
- Melinda French Gates, one of the world’s preeminent philanthropists, announced that she would resign as co-chair of the Bill & Melinda Gates Foundation (BMGF) which she has helped lead since 2000.
- Lok Sabha MP Kanimozhihas been unanimously elected as the president of The Hindu Office and National Press Employees’ Union for her 3rd consecutive term.
- The Reserve Bank of India (RBI)has allowed Quant Mutual Fund to hike its stake in RBL Bank to 9.98%.
- Khanij Bidesh India Limited (KABIL)is in the process of acquiring a lithium block in Australia this year.
- Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has announced the creation of a Global Artificial Intelligence (AI) Center of Excellence in Paris, during the Choose France Summit, hosted by President Emmanuel Macron.
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