Daily Current Affairs 24 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS ; BANKING & FINANCE

RBI Data Reveals 62% Decline in Net foreign direct investment to $10.5 Billion in FY24

• Net foreign direct investment (FDI) flows into India dropped by 62.17% to $10.58 billion in FY24, the lowest since 2007, compared to $27.98 billion in the previous year.
• The decline was primarily attributed to higher repatriation of capital and Indian companies’ investments abroad.

Key Highlights :

• Repatriation and Outward FDI:Out of the $70.9 billion gross FDI flows into India in FY24, $44.4 billion was repatriated through dividends, share sale, or disinvestment.
• Additionally, Indians invested $15.96 billion overseas during the same period.
• In FY23, gross FDI flows had been $71.3 billion.
• Of this, $29.3 billion had been repatriated, and India’s outward FDI had stood at $14 billion.
• So, net FDI inflows came to $27.98 billion.
• Sector-wise Distribution:More than 60% of FDI equity flows were directed towards sectors such as manufacturing, electricity, other energy sectors, computer services, financial services, retail, and wholesale trade.
• Major Investor Countries:Over 80% of the FDI flows originated from countries such as Singapore, Mauritius, the US, the Netherlands, Japan, and the United Arab Emirates (UAE).
• Global FDI Trends:The share of global FDI capital expenditure from G20 emerging markets increased to 14.9% in 2023 from 8.2% in 2003.
• Indian Outward FDI Projects:Indian companies announced over 550 greenfield FDI projects abroad in FY24, marking the highest number of projects announced in any year.

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

RBI Bulletin Warns of Potential Debt Crisis Threatening Global Economic Stability

• A potential debt crisis casts an ominous shadow over the global economic landscape, per an article in Reserve Bank of India’s (RBI) latest monthly bulletin.
• The International Monetary Fund’s (IMF) Global Debt Monitor reported that total global debt (both private and public) has risen to $235 trillion, equivalent to 238% of global GDP.
• The article “State of the Economy” by RBI officials highlights concerns about fiscal prudence possibly being neglected in 2024, as over half the world’s population will be participating in elections.

Key Highlights :

• Interest Rates and Debt Servicing Costs: With interest rates remaining high to combat persistent inflation, debt servicing costs are increasing.
• This scenario could create a vicious cycle of financial instability by straining government finances and household budgets, reducing credit and investment.
• Household Financial Strain: At the household level, precarious financial situations could lead to significant reductions in consumer spending, exacerbated by job losses and higher borrowing costs, thereby reducing aggregate demand.
• Effect on Developing Countries: The debt crisis has already severely impacted developing countries, highlighting their vulnerabilities.
• A full-blown debt crisis could undo decades of progress in poverty alleviation, disease control, and development.
• Call to Action: The bulletin emphasizes the urgent need to act against this potential debt crisis by reforming the international financial architecture, democratizing finance, harmonizing cross-border bankruptcy regimes, and adequately funding multilateral safety nets.

RBI Bulletin: Sustainable Alignment with 4% Inflation Target Likely to Resume Only in H2 FY25

• According to an article in RBI’s latest monthly bulletin, A durable alignment with the 4% headline inflation target is expected to recommence only in the second half of FY25 and sustain until the numbers are closer to the target throughout 2025-26.

Key Highlights :

• Current Inflation Trends: The article “State of the Economy” by RBI officials noted a modest easing of headline inflation to 8% in April 2024, down from 4.9% in March 2024, indicating an uneven alignment with the target.
• Inflation Drivers: The prices of vegetables, cereals, pulses, meat, and fish are likely to keep headline inflation elevated and closer to 5% in the near term.
• This is despite deflation in fuel prices and a further softening of core inflation to a new historic low.
• Economic Outlook: According to the OECD’s latest economic outlook, India is projected to remain the fastest growing major economy with a GDP growth of 6.6% in FY25.
• Economic Activity Index (EAI): The EAI indicated a rebound in economic activity in April 2024.
• Early estimates suggest that GDP growth for Q1 (April-June) 2024-25 is likely to be close to 7.5%.

CURRENT AFFAIRS: NATIONAL NEWS

Pharma PLI scheme gathers steam with investments of Rs 33,000 crore

• In less than three years since its launch, the production-linked incentive (PLI) scheme for the pharmaceuticals sector seems to have taken off.
• The latest data by the department of pharmaceuticals (DoP) suggests that all three components of the scheme — pharmaceuticals, bulk drugs and medical devices — have received a substantial interest from the industry.
• For instance, the pharmaceuticals category has seen investments of Rs 28,328 crore and generated cumulative production of Rs 1.43 trillion as in April 2024.
• This is sharp jump from January last year when just about Rs 16,199 crore of investments were made by the pharma manufacturers.
• Likewise, the bulk drugs and medical devices verticals have witnessed sharp jump in both investments and production between January 2023 and April 2024.
• For example, the investments in the bulk drugs category has grown 84% to Rs 3,715 crore in 15 months to April 2024.

Mobile PLI may be extended beyond 2026

• Smartphone PLI (production-linked incentive), the most successful of all 14 such schemes, may be extended by a couple of years beyond 2025-26 when it officially ends.
• The five-year PLI scheme, which started in 2020 ends in 2026, and each company has the flexibility to choose any five consecutive years.
• While Apple has chosen the period of 2021-2026, for Samsung it’s between 2020-2025.
• Therefore, the thinking in the government is that a component scheme should replace the PLI in the sector.
• While the current smartphone PLI is for the finished products, the component-incentive scheme will be for inputs, which are largely imported, adding to the current account deficit.
• The smartphone PLI has seen domestic production of phones rising to Rs 4.1 trillion in FY24 from Rs 2.14 trillion in FY20, the year before the scheme was announced.
• Smartphone exports from the country rose to Rs 1.2 trillion in FY24, compared to Rs 27,225 crore in FY20.
• The government launched PLI schemes for 14 sectors in 2021, such as telecommunication, white goods, textiles, manufacturing of medical devices, speciality steel, high-efficiency solar PV modules, automobiles, food products, advanced chemistry cell batteries, drones, and pharma.

Government likely to launch portal to unify insurance claim process

• The government is likely to launch the National Health Claim Exchange (NHCX) — a single portal to submit and process health insurance claims across hospitals in the country — in the next two-three months
• For consumers, this would mean shorter wait times, faster pre-authorisation and discharge approvals from insurance companies, and reduced cost of premiums
• Currently, insurance companies have separate portals, making it cumbersome and time-consuming for hospitals, patients, and other stakeholders to process health insurance claims.
• The platform is developed by the National Health Authority (NHA), in collaboration with the Insurance Regulatory and Development Authority of India (Irdai), to ensure interoperability and faster processing of health insurance claims.
• The NHA and Irdai last year joined hands to operationalise the NHCX.
• The Irdai, through a circular in June 2023, had advised all insurers and providers to onboard the NHCX.
• Close to 50 insurance companies, nearly 250 major private hospitals, and other stakeholders have been holding meetings and participating in workshops jointly conducted by NHA and Irdai for full integration of the health insurance companies with NHCX.

India and China have agreed to cooperate in efforts to pay for imports in local currency: Maldives

• India and China have agreed to cooperate in efforts to pay for imports in their respective currencies instead of US dollars.
• This move would save the island nation almost 50 per cent of the annual $1.5 million import bill from the two countries.
• Maldives’ Economic Development Minister Mohamed Saeed met Indian High Commissioner Munu Mahawar recently to discuss the matter, following which the Indian High Commissioner said New Delhi would cooperate in arranging for the settlement of import payments in Indian rupee.
• ‘Maldives issue with India helping us’: Sri Lanka tourism minister on boost in Indian travellers amidst Maldives boycott calls
• ‘Had proper approvals’: India rejects Maldives’ claim of unauthorised aviation ops in 2019
• Maldives: Pilots ‘not capable of operating Dornier aircraft given by India’, says defence minister
• With Indian troops gone, Maldives struggles to find pilots to fly the 3 aircraft donated by Delhi

Centre to Restore Support for Some Electric Two-Wheeler Makers, Blacklist Others

• The central government is considering reinstating financial support for electric two-wheeler manufacturers Revolt Motors, Greaves Electric Mobility, and Amo Mobility under its Electric Mobility Promotion Scheme 2024 (EMPS 2024).
• However, it plans to exclude Hero Electric, Okinawa Autotech, and Benling India from all future government schemes,
• An initial investigation into the violation of vehicle localization norms mandated under the Faster Adoption & Manufacturing of Electric Vehicles in India (FAME India) scheme resulted in notices being issued for the recovery of Rs. 469 crore in subsidies distributed to these companies for sales made between 2020 and 2023.
• The process is underway to blacklist these errant companies from all government schemes.
• They have already been debarred from all schemes under the Ministry of Heavy Industries.
• According to Ministry of Heavy Industries officials, the report by Joint Secretary Mukta Shekhar has not been accepted by the Centre, and a fresh probe into the FAME scheme has been ordered.
• The new investigation did not concur with the findings of the Shekhar report.

CURRENT AFFAIRS: BUSINESS NEWS

LinkedIn India, Satya Nadella, Others Fined INR 27 Lakhs For Breaching Beneficial Ownership Norms

• The Ministry of Corporate Affairs (MCA) has imposed fines to the tune of INR 27 Lakh on LinkedIn India, the professional networking platform owned by Microsoft, and its CEO Satya Nadella, along with eight other individuals, for violating significant beneficial ownership (SBO) norms under the Companies Act, 2013.
• The penalties were detailed in a 63-page order issued by the Registrar of Companies (RoC) for the National Capital Territory of Delhi and Haryana.
• The Registrar of Companies in its order stated that LinkedIn India and the individuals breached the significant beneficial owner norms under the Companies Act, 2013
• A penalty of INR 7 lakh has been imposed on LinkedIn India, with INR 2 lakh each being slapped on Nadella and Roslansky, as per the order
• Other individuals who have been fined include Keith Ranger Dolliver, Benjamin Owen Orndorff, Michelle Katty Leung, Lisa Emiko Sato, Ashutosh Gupta, Mark Leonard Nadres Legaspi, and Henry Chining Fong.

India only nation among the top 5 to see growth in steel production

• India is the only country, among the top five steel-producing nations, to have seen a growth in production in April, with the others seeing production drop by as much as 7% during the month.
• China, which is the world’s largest producer of steel, has seen its production in April fall more than 7% on year to 85.9 million tonne.
• Its production from January-April this year(2024), at 343.7 million tonne, is 3% lower as compared to 2023.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Government Appoints Shri Ramesh Babu V as Member of Central Electricity Regulatory Commission

• Shri Ramesh Babu V. has been appointed as a Member of the Central Electricity Regulatory Commission (CERC).
• He took the oath of office and secrecy, which was administered by the Union Minister for Power and New & Renewable Energy, Shri R. K. Singh.

About CERC :

• The CERC was established by the Government of India under the provisions of the Electricity Regulatory Commissions Act, 1998.
• It serves as the Central Commission for the purposes of the Electricity Act, 2003, which has replaced the ERC Act, 1998.
• The Commission comprises a Chairperson and three other Members, with the Chairperson of the Central Electricity Authority serving as an ex-officio Member.

Major Functions of CERC:

• CERC regulates the tariff of generating companies owned or controlled by the Central Government and other generating companies with composite schemes across multiple states.
• It also regulates inter-state transmission of electricity and determines tariffs for inter-state transmission.
• Additionally, CERC issues licenses for inter-state transmission and trading, adjudicates disputes, advises the Central Government on national electricity and tariff policies, promotes competition and efficiency in the electricity industry, and encourages investment in the sector.

To Lam Elected as the New President of Vietnam

• To Lam, the Minister of Public Security, has been approved by Vietnam’s National Assembly as the country’s next President for the 2021-2026 tenure.
• His appointment follows the resignation of former President Vo Van Thuong amid a corruption crackdown.
• To Lam is the 3rd President of Vietnam in less than 18 months, indicating a period of political transition in a country known for its stable politics.
• He is considered the third most powerful figure in Vietnam, following the Party Chief and the Prime Minister.

About To Lam :

• Lam was born on July 10, 1957, in Xuan Cau village, Vietnam.
• He Held various key positions such as Head of the Central Highlands Steering Committee, Deputy Minister of Public Security, and Director-General of the MPS First General Department of Security.
• He became a Member of the Central Committee in 2011 and ascended to the Politburo in 2016.
• He Served as Minister of Public Security from April 2016 until his nomination for the presidency in May 2024.
• Other Key Appointments:Tran Thanh Man, 61, was nominated as the new Chairman of the National Assembly, succeeding Vuong Dinh Hue.
• The party also appointed four new politburo members.
• Vietnam’s Leadership Structure:Consists of four key positions: the Communist Party General Secretary, the President, the Prime Minister, and the Head of the National Assembly.
• These positions are informally known as the “four pillars” of leadership and decision-making in Vietnam.

About Vietnam :

• Prime Minister : Phạm Minh Chính
• Capital : Hanoi
• Currency : Vietnamese đồng

CURRENT AFFAIRS : DEFENCE NEWS

Chief of Defence Staff General Anil Chauhan Participates in Exercise Cyber Suraksha – 2024     

• Chief of Defence Staff (CDS) Gen Anil Chauhan attended ‘Exercise Cyber Suraksha – 2024’, on May 22, 2024, and underscored the importance of strengthening India’s cyber defence capabilities.
• The exercise, conducted by the Defence Cyber Agency, spans from May 20 to May 24, 2024.
• Its primary goal is to enhance the cyber defence capabilities of all cybersecurity organizations and promote synergy among stakeholders.

Key Highlights :

• Focus Areas:The exercise aims to develop cyber defence skills, techniques, and capabilities among participants.
• It emphasizes the sharing of best practices and collaboration among various military and national organizations.
• Importance of Jointness in Cyber Domain:CDS Gen Anil Chauhan underscored the critical importance of jointness among stakeholders in the cyber domain.
• He praised the initiative for fostering a collaborative environment to address emerging cyber threats.
• Empowerment and Collaboration:Exercise Cyber Suraksha – 2024 seeks to empower participants and promote jointmanship in planning and preparing a Cyber Defence Framework.
• It aims to enhance collaboration and integration among participants from military and national organizations.
• Commitment to National Security:The exercise reaffirms the commitment of the Indian Armed Forces to safeguarding national security in the increasingly important cyber domain.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

Indian and French Military Engage in Joint Exercise ‘Shakti

• The Indian and French armies are actively participating in the 7th edition of the Joint Exercise Shakti.
• The exercise focuses on sharing critical skills in jungle survival and mountain operations.
• It is held biennially and takes place from May 13-26 in Umroi, Meghalaya.

Objective of the Exercise:

• The primary objective of the exercise is to enhance the capabilities of both militaries for multi-domain operations in semi-conventional scenarios.
• It aims to facilitate the sharing of best practices in tactics, techniques, and procedures for conducting joint operations.

Key Highlights :

• Participant Details:The Indian contingent consists of 90 members, primarily from the Rajput Regiment, along with personnel from other military branches.
• The French side has deployed 90 soldiers, mainly from the 13th Foreign Legion Half-Brigade.
• Focus Areas:The exercise emphasizes training in jungle survival skills and mountain operations, which are crucial for operating in diverse terrains.
• Both armies engage in exchanging knowledge and expertise in various aspects of military operations, including planning, execution, and coordination.
• Significance of Exercise Shakti: Exercise Shakti plays a significant role in strengthening the defence cooperation and strategic partnership between India and France.
• It promotes interoperability and mutual understanding between the two armies, fostering greater synergy in addressing common security challenges.

About Exercise SHAKTI :

• SHAKTI is a biennial training event conducted alternatively in India and France.
• The last edition was conducted in France in November 2021.

About France :

• President : Emmanuel Macron
• Prime Minister : Gabriel Attal
• Capital : Paris
• Currency : Euro

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Spacetech Startup GalaxEye Conducts SAR Technology Test on National Aerospace Laboratories Pseudo Satellite

• Bengaluru-based space technology startup GalaxEye has successfully tested its all-weather, all-time prolonged aerial surveillance technology, which could enhance India’s defense capabilities.
• GalaxEye tested its synthetic aperture radar (SAR) technology on a subscale high altitude pseudo-satellite (HAPS) developed by the National Aerospace Laboratories (NAL).

About HAPS :

• HAPS functions as high-flying drones operating in the stratosphere, providing capabilities for prolonged aerial surveillance.
• HAPS utilize solar energy and advanced battery systems, enabling them to remain aloft for extended periods.
• HAPS can be stationed at approximately 18 km above Earth’s surface, where the atmosphere transitions into space. They can be manoeuvred to hover over specific countries or regions.
• HAPS are typically solar-powered and capable of carrying payloads weighing up to 40 kg.
• In India, NAL has been involved in the development of HAPS technology.
• Unlike conventional aircraft flying at altitudes of 3 to 8 km, electric HAPS platforms have an endurance of 2 to 3 hours and can remain stationary in one location for up to 7 days.
• Co-founder of Galaxeye : Suyash Singh

National Aeronautics and Space Administration Prepares to Launch PREFIRE Mission to Study Earth’s Polar Regions 

• The National Aeronautics and Space Administration (NASA) is gearing up to launch its latest mission, the Polar Radiant Energy in the Far-Infrared Experiment (PREFIRE).
• This mission involves deploying twin shoebox-size climate satellites aimed at studying the Arctic and Antarctic regions.
• The first cubesat, named “Ready, Aim, PREFIRE,” is scheduled for launch on May 22,2024 while the second, “PREFIRE and ICE,” will follow a few days later.
• The primary goal of the PREFIRE mission is to investigate the amount of heat radiated from Earth’s polar regions into space and its impact on the global climate.

Key Highlights :

• Far-Infrared Wavelengths: In the Arctic and Antarctic regions, 60% of heat emissions occur at far-infrared wavelengths (longer than 15 micrometres).
• Knowledge Gap: Researchers currently have limited data on specific areas in the Arctic and Antarctic where heat is being released.
• PREFIRE aims to fill this gap by measuring how efficiently far-infrared heat is emitted by snow, sea ice, and clouds.
• Orbit Details: The CubeSats will be placed in asynchronous, near-polar orbits, allowing them to crisscross over the Arctic and Antarctica to measure thermal infrared radiation.
• Data Accessibility: PREFIRE data will be publicly accessible through NASA’s Atmospheric Science Data Center, benefiting researchers and the public.
• Collaboration and Management: The PREFIRE mission is a collaborative effort between NASA and the University of Wisconsin-Madison.
• NASA’s Jet Propulsion Laboratory manages the mission and provides the spectrometers, while Blue Canyon Technologies built the CubeSats.

About NASA :

• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson

CURRENT AFFAIRS: MOUS AND AGREEMENT

India, UK agree to deepen counter-terror cooperation

• India and the UK strongly condemned terrorism in all its forms including the cross-border movement of terrorists and emphasised the need for strengthening international cooperation to combat the menace comprehensively.
• The challenge of terrorism and ways to deal with it figured prominently at the 16th meeting of the India-UK joint working group on counter-terrorism that took place in Delhi
• India and the UK strongly condemned terrorism in all its forms and manifestations, including the cross-border movement of terrorists, and emphasised the need for strengthening international cooperation to combat terrorism in a comprehensive and sustained manner, in accordance with the UN charter and international law,
• The Indian delegation at the talks was headed by KD Dewal, joint secretary for counter terrorism in the MEA.
• Chris Felton, the head of the counter terrorism network for Asia and Oceania of the UK, led the British delegation.

Daily CA One- Liner: May 24

• In less than three years since its launch, the production-linked incentive (PLI) scheme for the pharmaceuticals sector seems to have taken off.
• Smartphone PLI (production-linked incentive), the most successful of all 14 such schemes, may be extended by a couple of years beyond 2025-26 when it officially ends
• The government is likely to launch the National Health Claim Exchange (NHCX) — a single portal to submit and process health insurance claims across hospitals in the country — in the next two to three months
• India and China have agreed to cooperate in efforts to pay for imports in their respective currencies instead of US dollars
• The central government is considering reinstating financial support for electric two-wheeler manufacturers Revolt Motors, Greaves Electric Mobility, and Amo Mobility under its Electric Mobility Promotion Scheme 2024 (EMPS 2024).
• The Ministry of Corporate Affairs (MCA) has imposed fines to the tune of INR 27 Lakh on LinkedIn India, the professional networking platform owned by Microsoft, and its CEO Satya Nadella, along with eight other individuals, for violating significant beneficial ownership (SBO) norms under the Companies Act, 2013
• India is the only country, among the top five steel producing nations, to have seen a growth in production in April, with the others seeing production drop by as much as 7% during the month
• India and the UK strongly condemned terrorism in all its forms including the cross-border movement of terrorists, and emphasised the need for strengthening international cooperation to combat the menace comprehensively.
• Net foreign direct investment (FDI) flows into India dropped by 62.17% to $10.58 billion in FY24, the lowest since 2007, compared to $27.98 billion in the previous year.
• A potential debt crisis casts an ominous shadow over the global economic landscape, per an article in the Reserve Bank of India’s (RBI) latest monthly bulletin.
• According to an article in RBI’s latest monthly bulletin, A durable alignment with the 4% headline inflation target is expected to recommence only in the second half of FY25 and sustain until the numbers are closer to the target throughout 2025-26.
• Shri Ramesh Babu V. has been appointed as a Member of the Central Electricity Regulatory Commission (CERC).
• To Lam, the Minister of Public Security, has been approved by Vietnam’s National Assembly as the country’s next President for the 2021-2026 tenure.
• Chief of Defence Staff (CDS) Gen Anil Chauhan attended ‘Exercise Cyber Suraksha – 2024’, on May 22, 2024, and underscored the importance of strengthening India’s cyber defence capabilities.
• The Indian and French armies are actively participating in the 7th edition of the Joint Exercise Shakti.
• Bengaluru-based space technology startup GalaxEye has successfully tested its all-weather, all-time prolonged aerial surveillance technology, which could enhance India’s defence capabilities.
• The National Aeronautics and Space Administration (NASA) is gearing up to launch its latest mission, the Polar Radiant Energy in the Far-Infrared Experiment (PREFIRE).