National & International News :
1. Union Ministers Jitendra Singh & R. K. Singh jointly Launch Website and Logo of the MI-8 Ministerial & CEM-14
On May 25, 2023, the Website and Logo of the Joint 8th Mission Innovation Ministerial (MI-8) and 14th Clean Energy Ministerial (CEM-14) event were officially launched by Jitendra Singh, the Union Minister of State (Independent Charge) for the Ministry of Science and Technology, and R. K. Singh, the Union Minister of Power, New & Renewable Energy.
- India has been chosen as the host country for MI-8, the annual ministerial meeting, which will take place from July 19 to 21, 2023. The event will be held concurrently with the G20 Energy Transition (ET) Ministerial meeting in Goa.
- MI-8 will bring together ministers and heads of delegation from MI member countries, the European Union, and international organizations. Additionally, select high-level invitees representing key stakeholders from industry, research, academia, citizen organizations, and innovators from around the world will participate in MI-8. The focus of the 2023 MI meeting is "Advancing the Continuum of R&D towards Pilot Demonstration on Clean Energy Technologies."The primary objective of Mission Innovation is to drive a decade of action and investment in research, development, and demonstration, aiming to make clean energy affordable, attractive, and accessible for everyone.
[ The first phase of Mission Innovation (MI) (2015-2020) was announced at COP21 on November 30, 2015, in Paris (France) to commit the ambitious efforts to combat climate change.
After a successful 5 years under first phase, the second phase of Mission Innovation (MI2.0) was launched on June 2, 2021.
The focus of MI2.0 is on decade of action (2021-2030) and the emphasis is to scale-up the deployment of innovative clean energy technology and make clean energy affordable, attractive and accessible for all ]
2. Central Government signs agreement with 6 states to Start Digital Crop Survey
On May 25, 2023, the Central Government signed an agreement with the States Governments of Assam, Gujarat, Madhya Pradesh (MP), Odisha, Rajasthan and Uttar Pradesh (UP) to initiate the digital crop survey.
- It was signed during the National Conference of State Agriculture Secretaries & State Revenue Secretaries on Digital Crop Survey organised by the Ministry of Agriculture & Farmers Welfare (MoA&FW) in New Delhi, Delhi to discuss with the state governments for the implementation of digital crop survey plan.
- A manual for web portal and mobile application for digital crop survey was also unveiled.
Aim : To create one verified source of truth about the farmer and his/her crop-sown data.
3. NTCA, the Central Government body formed a 11 member Committee to oversee Cheetah Project
On May 25, the Ministry of Environment, Forests, and Climate Change, through the National Tiger Conservation Authority (NTCA), announced the formation of an 11-member Cheetah Project Steering Committee. The committee's purpose is to oversee, evaluate, monitor, and provide guidance on the Cheetah reintroduction program to the Madhya Pradesh Forest Department and NTCA.
- The committee will be chaired by Rajesh Gopal, Secretary-General of the Global Tiger Forum, who has extensive experience in the India Forest Service and has been closely involved with Project Tiger.
- This decision was prompted by the unfortunate demise of six cheetahs, including three newborn cubs, over a span of two and a half months at Kuno National Park (KNP) in Madhya Pradesh. The establishment of the committee aims to address the situation and ensure the successful implementation of the cheetah reintroduction program.
4. PM Modi Attended the 3rd Quad Leaders’ Summit in Hiroshima & Invited Quad Leaders to India for next Quad Summit in 2024
During his visit to Japan, Papua New Guinea, and Australia from May 19 to 24, 2023, Prime Minister Narendra Modi actively participated in the third in-person Quad Leaders' Summit held in Hiroshima, Japan on May 20, 2023. The summit brought together Anthony Albanese, the Prime Minister of Australia, Fumio Kishida, the Prime Minister of Japan, and Joseph Biden, the President of the United States of America.
- The Quad leaders unveiled a 'Vision Statement' entitled 'Enduring Partners for Indo-Pacific' during the summit, demonstrating their commitment to act as a collective force to seek common solutions for the benefit of the entire region.
- Prime Minister Narendra Modi expressed India's willingness to host the Quad meeting in 2024 and extended an invitation to the Quad leaders to hold the next summit in India. Discussions among the Quad leaders revolved around the developments taking place in the Indo-Pacific region, emphasizing their shared democratic values and strategic interests.
- Several significant initiatives were announced by the Quad leaders during the summit, including the Clean Energy Supply Chains Initiative, the Quad Infrastructure Fellowships Programme, the 'Partnership for Cable Connectivity and Resilience' aimed at leveraging the Quad's collective expertise in the design, manufacturing, laying, and maintenance of undersea cables to ensure their security and diversification.
Additionally, the Quad leaders expressed support for a small-scale deployment of Open Radio Access Network (ORAN) technology in Palau, marking the first such deployment in the Pacific region. They also released the ORAN Security Report to encourage industry investment in open, interoperable, and secure telecom platforms. Moreover, the Quad Investors' Network was launched as a private sector-led platform facilitating investments in strategic technologies.
5.CCI approves Multiples Fund III and CPHI-4 investments in Acko Technology
The Competition Commission of India (CCI) approved the acquisition of additional Series E Compulsorily Convertible Preference Shares(CCPS)of Acko Technology & Services Private Limited by Multiples Private Equity Fund III (Multiples Fund III) and CPP Investment Board Private Holdings (4) Inc (CPHI-4).
- The Proposed Transaction is an acquisition of shares and falls under Section 5(a)(i)(A) of the Competition Act, 2002.
- The proposed transaction relates to the subscription of additional CCPS of Acko Technology & Services Private Limited by Multiples Fund III and CPHI-4.
6. MiG-29K makes first-ever Night Landing on INS Vikrant
On May 24, 2023, an Indian Navy (IN) MiG-29K fighter jet landed on the indigenous aircraft carrier INS Vikrant for the first time at night.
- This is indicative of IN’s impetus towards Aatmanirbharta (Self-Reliance).
7. Al Mohed Al Hindi 23: 2nd edition of India-Saudi Arabia Bilateral Naval Exercise held in Saudi Arabia
The second edition of the India-Saudi Arabia Bilateral Naval Exercise, known as "Al Mohed Al Hindi 23," concluded on May 25, 2023. The exercise involved a series of land and sea maneuvers conducted by the Indian Navy and the Royal Saudi Naval Force (RSNF). It took place from May 21 to May 25, 2023, in Al-Jubail, Saudi Arabia.
- The primary objective of Al Mohed Al Hindi 23 was to enhance maritime security, facilitate information exchange, and strengthen interoperability between the Indian and Saudi naval forces. The exercise aimed to contribute to regional stability in the Arabian Sea and the Gulf region.
- The inaugural edition of "Al-Mohed Al-Hind" was held in August 2021 at Al-Jubail, Saudi Arabia, marking the beginning of this bilateral naval exercise between India and Saudi Arabia.
- The Indian Navy's flagship frigate INS TARKASH, the offshore patrol vessel INS SUBHADRA, and an IN Dornier maritime patrol aircraft participated in the naval exercise.
- During the harbor phase of Al Mohed Al Hindi 23, Special Forces interactions were conducted between the two sides. A pre-sail conference for the upcoming sea phase and a friendly football match were also organized. As part of the exercise, the Indian Navy crew visited the King Fahad Naval Academy (KFNA).
Overall, the India-Saudi Arabia Bilateral Naval Exercise aimed to strengthen cooperation and foster mutual understanding between the two navies, contributing to the security and stability of the region.
8. WMO approved a Global Tracker for Greenhouse Gas Emissions
On May 24, 2023, the World Meteorological Congress, the highest governing body of the World Meteorological Organization (WMO), granted its approval for a new initiative called the Global Greenhouse Gas Watch. This global greenhouse gas monitoring program aims to provide crucial support for urgent measures to reduce the emissions of heat-trapping gases, which are contributing to the rise in global temperatures.
- The newly approved Global Greenhouse Gas Watch, endorsed by the WMO, will serve as a vital tool in facilitating mitigation actions undertaken by the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. With the unanimous approval of all 193 member countries of the WMO, this initiative establishes a sustained and internationally coordinated system for monitoring greenhouse gas emissions.
- By implementing this comprehensive monitoring mechanism, the WMO and its member countries seek to enhance their ability to track and assess greenhouse gas emissions worldwide. This valuable information will play a crucial role in supporting international efforts to combat climate change and promote sustainable development.
About World Meteorological Organization (WMO) :
WMO is a UN Agency dedicated to international cooperation and coordination on the state and behaviour of the
Earth’s atmosphere.
Secretary-General : Prof. Petteri Taalas
Headquarters : Geneva, Switzerland
9. Realme ropes in Shah Rukh Khan as New Brand Ambassador
Realme, a Chinese consumer electronics manufacturer based in Shenzhen, Guangdong, has appointed Bollywood actor Shah Rukh Khan as its new brand ambassador for their innovative range of smartphones.
- This announcement coincides with the imminent launch of Realme’s highly awaited flagship smartphone series, the Realme 11 Pro Series 5G, which will soon be released in June 2023 in the Indian market.
10. Iran successfully test-launched ‘Kheibar’ New Generation Ballistic Missile
On May 25, 2023, Iran successfully conducted a test launch of a new medium-range precision-guided ballistic missile, known as Kheibar, which belongs to the fourth generation of Khorramshahr missiles. The development of this missile was carried out by the Aerospace Industries Organization (AIO) under Iran's Ministry of Defense.
- The missile's unveiling took place as part of an event commemorating the 41st anniversary of the liberation of Khorramshahr city from Iraq in 1982. During the unveiling, a replica of the Al-Aqsa Mosque in Jerusalem's Old City, Israel, was also displayed alongside the missile.
- The Kheibar missile, also referred to as Khorramshahr-4, derives its name from the Iranian city of Khaybar, located in present-day Saudi Arabia. Khaybar holds historical significance as it was a site of intense battles during the Iran-Iraq War in the 1980s. Additionally, the name Khaybar is associated with the Jewish fortress conquered by Muslims in the 7th century.
- It is important to note that the successful test launch of this ballistic missile has raised concerns and attracted attention from the international community due to its precision-guided capabilities and potential implications for regional security.
11. Singapore Investment Conclave: TN Government Signed 6 MoUs with Singapore institutions
On 24th May 2023, the Tamil Nadu (TN) Government agencies signed 6 memoranda of understanding (MoUs) with institutions and companies based in Singapore during the Investment Conclave – Tamil Nadu Investor’s first port of Call at Singapore.
- The MoUs were signed in the presence of M K Stalin, Chief Minister (CM) of Tamil Nadu and S. Iswaran, Minister for Transport and Minister in charge of Trade Relations, Singapore.
About the MoUs :
(i) Guidance Tamil Nadu, the investment promotion agency of the State government, partnered with the Singapore Indian Chamber of Commerce and Industries to foster research and development (R&D) initiatives, facilitate collaborations between universities, government, and private entities, and provide support for exports from Tamil Nadu companies.
(ii) Guidance Tamil Nadu also signed an MoU with Hi-P International Private Limited to establish a manufacturing facility for electronic spare parts, involving an investment of Rs 312 crore. This initiative is expected to create employment opportunities for over 700 individuals.
(iii) An MoU was inked between Guidance Tamil Nadu and the Singapore University of Technology and Design, focusing on technology transfer.
(iv) The State Industries Promotion Corporation of Tamil Nadu Limited (SIPCOT) entered into an MoU with the Singapore-India Partnership Office (SIPO) to facilitate cooperation between the two entities.
(v) SIPO, FaMe TN (Facilitating Micro, Small & Medium Enterprises of Tamil Nadu), and the Tamil Nadu Startup and Innovation Mission (TANSIM) signed an MoU to collaborate on technical education and support startups.
(vi) The Tamil Nadu Skill Development Corporation forged an MoU with ITE (Information Technology Equipment) Education Services to promote technology transfer and skill development.
About Tamil Nadu :
Chief Minister : M.K. Stalin
Governor : R. N. Ravi
Airport : Coimbatore International Airport, Chennai International Airport
12. Justice S Vaidyanathan was Appointed as Acting Chief Justice of Madras High Court
Justice S Vaidyanathan, the most senior judge of the Madras High Court (HC), has been appointed as the Acting Chief Justice (ACJ) of the Madras HC, effective from May 25, 2023. He succeeds ACJ T. Raja, who retired on May 24, 2023. The appointment was made by the President of India, Droupadi Murmu, in accordance with the power granted by Article 223 of the Constitution of India.
Notable points :
- Justice Vaidyanathan will be the third judge to assume the position of ACJ within the past 9 months, following Justice Duraiswamy and Justice T Raja.
- The Chief Justice position of the Madras HC has been vacant since the retirement of Justice Munishwar Nath Bhandari in September 2022.
- Justice S Vaidyanathan hails from Coimbatore, Tamil Nadu (TN), and was enrolled as an advocate on August 27, 1986. He practiced in the Madras HC.
- Subsequently, he was appointed as an additional judge of the Madras HC on October 25, 2013, and became a permanent judge on April 14, 2015.
13. ‘Most Innovative Companies 2023 : Reaching New Heights in Uncertain Times’
Boston Consulting Group (BCG) has released a report namely ‘Most Innovative Companies 2023 : Reaching New Heights in Uncertain Times’ showcasing top 50 companies in 2023 that are most innovative in their operations.
- In this, Tata Group is the only Indian company to feature in this list at 20th position.
Top 5 most innovative Companies of 2023 :
1. Apple Inc. - California, United States (US)
2.Tesla Inc. - Texas, US
3. Amazon.com, Inc. - Washington DC, US
4. Alphabet Inc. - California, United States (US)
5. Microsoft Corporation - Washington DC
20. Tata Group - Mumbai (Maharashtra), India
14. Energy Disputes Arbitration Centre, Türkiye & IAMC Hyderabad Signs MoU
International Arbitration & Mediation Centre Hyderabad (IAMC Hyderabad) has signed a MoU with Energy Disputes Arbitration Center (EDAC) to globally promote arbitration and mediation.
15. Ladakh’s Annual Great Prayer Festival ‘Ladakh Monlam Chenmo 2023’ held
Ladak’s annual five-day group prayer camp of Buddhist monks and nuns named ‘Ladakh Monlam Chenmo 2023’ which is also called the Great Prayer Festival was held in Leh (Ladakh) for world peace and happiness.
- The Monlam Chenmo 2023 mass prayer camp event is organised by the All Ladakh Gonpa Association.
- The Festival, which has been held since 1991, falls on the 21st to 25th days of the third month of the Tibetan lunar calendar.
16. Kerala Governor Signs Ordinance to Bring strict Punishment for Offense Against Healthcare Professionals
Kerala Governor Arif Mohammed Khan signed the Kerala Healthcare Service Workers and Healthcare Service Institutions (Prevention of Violence and Damage to Property) Amendment Ordinance that brings in punishment for offences against health officials.
- It provides for stringent punishment for those found guilty of causing grievous bodily harm to doctors, medical students, and others working in the health services sector in Kerala.
- The punishment includes imprisonment ranging from one year to seven years and a fine of Rs. 1 lakh to Rs. 5 lakh.
- Anyone who commits or attempts to commit or incites or inspires an act of violence against healthcare workers or those working in healthcare institutions will face imprisonment ranging from 6 months to 5 years and with a fine between Rs. 50,000 to Rs. 2 lakh.
Banking & Finance News :
1. Paytm launches UPI SDK to enable customers pay directly within the merchant app
Paytm owner One97 Communications Limited launches Paytm UPI (Unified Payments Interface) SDK allowing customers of online merchants to make UPI payments directly and in-line from the merchant’s mobile app by entering their UPI PIN, and without getting redirected during checkout.
- This is part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and
Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition service to merchants. This UPI SDK is an add-on feature under the same arrangement.
2. Union Govt Approved Digital communication system between PSU banks & CEIB to Check Loan Defaults
The Union government has implemented a digital communication mechanism to replace paper-based communication between Public Sector Undertaking (PSU) banks and the Central Economic Intelligence Bureau (CEIB) in order to monitor loan defaults more effectively.
- Under the new digital system : The CEIB will digitally transmit a report to PSU banks within 15 days of request, specifically at the pre-approval stage, for loans amounting to Rs. 50 crore or more.
Introduction of the digital communication system :
- Existing system : Currently, PSU banks are required to obtain a report from CEIB concerning loan applicants seeking Rs. 50 crore or more, as well as those with outstanding defaults, prior to processing any loans.
- The Union government has now introduced a digital system to streamline communication between banks and CEIB.
- Digital requirement : Banks will be required to submit their requests to CEIB through dedicated emails using a specified format.
- In turn, CEIB will exclusively send reports to banks via email, while maintaining a record of the timeline and actions taken by the banks.
Benefits :
- The implementation of this digital mechanism will make the communication process smoother and faster.
- Banks will only need to submit their requests to CEIB online, and within 15 days, they will receive the final reports.
- Overall, this shift to a digital platform will enhance efficiency and speed in the loan approval process, facilitating more effective monitoring of loan defaults.
3. HDFC Bank partners Manipal Global Academy of BFSI launches “Future Bankers 2.0”
HDFC Bank Limited, India’s largest private sector bank, in association with the Manipal Global Academy of BFSI (Banking, financial services and insurance), has launched Future Bankers 2.0, a pan-India recruitment program to transform young graduates into banking professionals within 1 year.
About the Future Bankers 2.0 :
- Future Bankers 2.0, a one-year professional diploma, aims to create a robust, future-ready talent pipeline for HDFC Bank’s retail banking business.
- The programme provides 8 months of paid internship and on-the-job training at HDFC Bank’s branch locations within India.
- It facilitates strengthening a student’s grounding in banking products, processes, compliance framework, and day-to-day banking operations.
- The course completion will get a Postgraduate (PG) Diploma in Sales & Relationship Banking from the Manipal Academy of BFSI and an assured job opportunity as a personal banker at the grade of Deputy Manager with HDFC Bank.
Other News :
1. Commonwealth Day - 24th May
Commonwealth Day is a global celebration observed annually on March 13.
- However, India and some other countries commemorate it on May 24.
- Theme 2023 : Forging a Sustainable and Peaceful Common Future.
2. World Schizophrenia Awareness Day 2023 - 24th May
World Schizophrenia Awareness Day is annually observed across the globe on May 24 to raise awareness of the mental illness that affects over 20 million people globally.
- Promoting greater knowledge and support for persons who are afflicted by schizophrenia can help reduce stigma and promote greater understanding.
3. UNGA declares November 26 as World Sustainable Transport Day
On 16th May 2023, during the 70th plenary meeting of the 77th session of the United Nations General Assembly(UNGA), the resolution A/RES/77/286 was adopted and proclaimed the 26th November of every year as the World Sustainable Transport Day.
The day aims to create awareness and educate the general public about the importance of international cooperation in addressing issues related to transport sustainability.
- The first ever World Sustainable Transport Day will be observed on 26th November 2023.
- The resolution was initiated by Turkmenistan.
Objectives :
- To create awareness of the benefits of sustainable transport and mobility.
- To promote the adoption of low-emission modes of transport, the utilization of alternative fuels and energy-efficient vehicles, and the enhancement of connectivity at regional and global levels.
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