National & International News :
1. PM Narendra Modi flags off Northeast's first Vande Bharat Express
On May 29, 2023, Prime Minister (PM) Narendra Modi virtually flagged off northeast region’s first Vande Bharat Express which will connect Guwahati (Assam) with New Jalpaiguri (West Bengal) within five-and-a-half hours.
- Assam Chief Minister Himanta Biswa Sarma also attended the flagging off ceremony of Vande Bharat Express which held held at Guwahati Railway Station.
- It will provide connectivity to Maa Kamakhya Temple, Kaziranga, Manas National Park, and Pobitora Wildlife Sanctuary and also will enhance travel and tourism in Shillong, Cherrapunji in Meghalaya and Tawang and Pasighat in Arunachal Pradesh.
2. Unemployment declines further to 6.8% in Q4FY23 : 18th Quarterly PLFS by NSO
On May 29, 2023, the 18th quarterly Periodic Labour Force Survey (PLFS) bulletin for January-March 2023 (Q4FY23) was released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI).
According to the report, India's urban unemployment rate (UR) in Current Weekly Status (CWS) terms, for individuals aged 15 years and above, decreased to 6.8% during Q4FY23, down from 7.2% in Q3FY23. In comparison, the unemployment rate was 8.2% during January-March 2022.
During Q4FY23, a total of 5,726 First Stage Units (FSUs) - Urban Frame Survey blocks, were surveyed. The survey covered 44,982 urban households and 1,72,089 individuals in urban areas.
Key Figures representing Persons of 15 years and above in Urban Areas in Q4FY23 :
(i) The urban unemployment rate (UR) in CWS among the male population declined to 6% compared to 6.5% in Q3FY23.
(ii) The urban unemployment rate (UR) in CWS among females also saw a decline during Q4FY23, decreasing to 9.2% from 9.6% in Q3FY23. The rate was 10.1% during January-March 2022.
(iii) Himachal Pradesh (HP) had the highest unemployment rate (UR) among all age groups, standing at 15.2%. Chhattisgarh followed at 12.5% in the second position, and Jammu and Kashmir (J&K) at 12.4% in the third position.
(iv) The Labour Force Participation Rate (LFPR) in CWS for males increased slightly to 73.5% from 73.3% in Q3FY23. LFPR in CWS for females also saw a slight increase, rising to 22.7% from 22.3% in Q3FY23. At the all India level, LFPR in CWS was 48.5%, up from 48.2% in Q3FY23.
(v) The Worker Population Ratio (WPR) in CWS for males increased to 69.1% compared to 68.6% in Q3FY23. The WPR in CWS for females also experienced a slight increase, reaching 20.6% from 20.2% in Q3FY23. At the all India level, the WPR in CWS was 45.2%, up from 44.7% in Q3FY23.
About Periodic Labour Force Survey (PLFS) :
It was launched in 2017 by NSO to serves the following two purposes:
(i) To estimate the key employment and unemployment indicators (viz. Worker Population Ratio, Labour Force Participation Rate, Unemployment Rate) in the short time interval of three months (quarterly) for the urban areas only in the ‘Current Weekly Status’ (CWS).
(ii) To estimate employment and unemployment indicators in both ‘Usual Status’ (ps+ss) and CWS in both rural and urban areas annually.
3. CAG Murmu re-elected as external auditor of WHO for 4-year term
On May 29, 2023, Comptroller and Auditor General of India Girish Chandra Murmu was re-elected as the external auditor of the World Health Organization (WHO) for a four-year term from 2024 to 2027.
- He has been serving as the external auditor of WHO since 2020.
- The election was held on May 29, 2023 in the 76th World Health Assembly in Geneva, He got a majority (114 out of 156 votes) against Tanzania (42 votes). Seventy-nine votes were required for the majority.
About WHO’s External Auditor :
The WHO External Auditor is appointed by and reports to the Health Assembly. The Auditor General of India served as the WHO's External Auditor from 2020 to 2023, succeeding the Auditor General of the Republic of the Philippines who served from 2012 to 2019. The term of office is 4 years, extendable once for an additional 4 years. The External Auditor reviews and issues an annual report on the Audited Financial Statements to the Health Assembly.
Girish Chandra Murmu, the 14th Comptroller and Auditor General of India, assumed office on August 8, 2020. He previously served as the Lieutenant Governor of the Union Territory of Jammu and Kashmir from 2019 to 2020. Murmu is currently the external auditor for several organizations, including the Food and Agriculture Organization, International Atomic Energy Agency, International Labour Organisation, and Organisation for the Prohibition of Chemical Weapons. He is a Member of the United Nations Panel of External Auditors and serves on the Governing Boards of INTOSAI and ASOSAI.
About World Health Organisation (WHO) :
Director General : Tedros Adhanom Ghebreyesus
Headquarters : Geneva, Switzerland
4. Miniopetrus Srinii : New Bat Species discovered in Karnataka
Dr. Bhargavi Srinivasulu, zoologist from Osmania University(OU)(Hyderabad, Telangana), along with her son, Aditya Srinivasulu, discovered a new species of bat named “Miniopetrus Srinii” or Srini’s Bent-winged Bat, from a subterranean cave(in Western Ghats) at Makuta in Kodagu district of Karnataka.
- The new species is named in honour of Dr Bhargavi’s husband, Prof C Srinivasulu, a bat biologist at OU.
- The discovery is published in a peer-reviewed scientific journal “Zootaxa”.
5. Bola Ahmed Tinubu sworn in as the New President of Nigeria and Kashim Shettima as VP
On May 29 2023, Bola Ahmed Tinubu, 71, the former governor of Lagos (Nigeria), was sworn in as the 16th President of the Federal Republic of Nigeria.
- Olukayode Ariwoola, Chief Justice of Nigeria, administered the oath of office to Bola Ahmed Tinubu at a ceremony held in Abuja, the capital of Nigeria.
- He succeeds Muhammadu Buhari, who was ineligible to run again after 2 four-year terms that began in 2015.
- He is also the 5th President of Nigeria since the return of democracy in 1999.
- Kashim Shettima, a Nigerian Politician, has been appointed as the Vice-President of Nigeria.
About Nigeria :
Capital : Abuja
President : Bola Ahmed Tinubu
Currency : Nigerian Naira
6. 76th Cannes Film Festival : Justine Triet’s Anatomy of a Fall won the Palme d’Or
The 76th annual Cannes International Film Festival was held from May 16 to 27 2023 in Cannes, France. French film director Justine Triet’s French courtroom thriller ‘Anatomy of a Fall’ has won the top award of the 2023 – ‘Palme d’Or’ for best feature film.
- Justine Triet is the third woman director to win Cannes’ top honour (the second in three years), following Julia Ducournau, who received the Palme d’Or award for Titane in 2021. Jane Campion was the first-ever female Palme d’Or winner in 1993 for ‘The Piano’.
7. IIFA 2023 : Hrithik Roshan and Alia Bhatt won the Best Actor awards
The 23rd edition of NEXA International Indian Film Academy (IIFA 2023) Awards was held on 26th & 27th May 2023 in Yas Island, Abu Dhabi, the United Arab Emirates (UAE).
- Bollywood actor Hrithik Roshan won Best Actor in a Leading Role (male) for his performance in Vikram Vedha and Alia Bhatt won Best Actor in a Leading Role (Female) for her role in Gangubai Kathiawadi.
- On behalf of Alia Bhatt, Jayantilal Gada, producer of Gangubai Kathiawadi, received the award.
- The hosts of Nexa IIFA Awards 2023 are the Bollywood actors Abishek Bachchan and Vicky Kaushal.
8. Malaysia Masters 2023: HS Prannoy won Men’s Singles title & 1st World Tour Title
Indian Shutler Prannoy Haseena Sunil Kumar (HS Prannoy) (World no 9) won the Men’s Singles Title at the Perodua Malaysia Masters 2023 by defeating China’s Weng Hong Yang.
- This mark’s his maiden Badminton World Federation (BWF) World Tour Title.
- Malaysia Masters 2023, 14th edition of the tournament, was held from 23rd to 28th May 2023 in Axiata Arena in Kuala Lumpur, Malaysia.
Economy News :
1. Goldman Sachs hikes India’s 2023 GDP forecast to 6.3%
Goldman Sachs increased the Indian economic growth forecast by 30 basis points to 6.3% year-on-year (y-o-
y) for calendar year 2023 from its earlier forecast of 6%, citing a boost in net exports.
- It has pegged GDP (Gross Domestic Product) growth for the Jan-March 2023 quarter at 4.9%, 6.5%
for April-June 2023, 5.9% for July-September 2023 and 8.1% for October-December 2023.
Banking & Finance News :
1. Bank of Maharashtra top performer in NPA management during FY23
As per the data of banks, Bank of Maharashtra (BoM) has emerged as the best bank as far as management of bad loans is concerned with its net Non-Performing Assets (NPAs) decreased to 0.25% during FY23.
- This is the lowest ratio among all banks having total business above Rs 3 lakh crore including both Private Sectors Banks and Public Sector Banks (PSBs).
- With respect to NPAs, BoM is followed by the HDFC Bank with net NPA falling to 0.27% at 2nd spot and Kotak Mahindra Bank (KMB) at 3rd spot with 0.37% of net advances.
- On the PSB side, BoM was followed by the State Bank of India (SBI) with net NPAs falling to 0.67% and Bank of Baroda (BoB) at 0.89% at the end of March 2023.
Important Points :
(i) Bank of Maharashtra (BoM) achieved the highest growth in profitability, with a bottom-line increase of nearly 126% to Rs 2,602 crore during FY23.
(ii) BoM maintained its top position in garnering low-cost Current Account and Savings Account (CASA) deposits, with a percentage of 53.38%. Following closely behind are IDBI Bank at 53.02% and KMB at 52.83%.
(iii) BoM demonstrated the highest total business growth at 21.2%, reaching Rs 4,09,202 crore. Bank of Baroda (BoB) followed with a growth rate of 14.3% (Rs 18,42,935 crore) at the end of FY23.
(iv) BoM exhibited the highest growth in Retail-Agriculture-MSME (RAM) loans, with a growth rate of 24.06%. Punjab National Bank (PNB) came next with a growth rate of 20.85%, followed by Punjab & Sind Bank at 20.70% on an annual basis.
(v) BoM boasts the highest Provision Coverage Ratio at 98.28%, followed by UCO Bank at 94.50% and Indian Bank at 93.82%.
(vi) Among public sector banks (PSBs), BoM has the highest Capital Adequacy Ratio (CAR) at 18.14%, followed by Punjab & Sind Bank at 17.10% and Canara Bank at 16.68% as of March 31, 2023.
(vii) BoM recorded a 29.4% increase in gross advances or loan growth on an annual basis, reaching Rs 1,75,120 crore as of March 2023. Indian Overseas Bank and UCO Bank followed with growth rates of 21.2% and 20.6%, respectively. In absolute terms, State Bank of India (SBI) had the highest at Rs 27,76,802 crore, reflecting a 15.38% increase.
(viii) BoM experienced a 15.7% rise in deposit growth, mobilizing Rs 2,34,083 crore by the end of March 2023. Bank of Baroda secured the second position with a 13% growth in deposits (Rs 10,47,375 crore), while Punjab National Bank (PNB) recorded an 11.26% increase, reaching Rs 12,51,708 crore.
(ix) In terms of deposit growth rate, HDFC Bank held the first position with 20.80%, followed by Federal Bank with a 17% rise and KMB with a 16.49% rise.
Note : All the 12 PSBs together recorded 57% jump in net profit at Rs 1,04,649 crore in FY23, according to published yearly numbers of PSBs.
About Bank of Maharashtra (BoM) :
MD & CEO : A S Rajeev
Headquarters : Pune, Maharashtra
Tagline : Ek Parivaar, Ek Bank (One Family One Bank)
Establishment : 1935
2. ICICI Bank To Raise Stake In ICICI Lombard General Insurance By Up To 4%
The board of directors of the ICICI Bank has decided to raise its stake in ICICI Lombard General Insurance Company (ILGIC) by an additional 4% in the next 16 months and make ILGIC as a subsidiary of ICICI Bank.
- ICICI Bank already holds a 48.02% stake in ICICI Lombard and plans to acquire at least 2.5% before 9th September 2024.
- The board of ICICI Bank approved an increase in shareholding of ILGIC, as permissible under applicable law, to ensure compliance with Section 19(2) of the Banking Regulation Act, 1949 make the ILGIC, a subsidiary of the ICICI Bank, subject to receipt of necessary regulatory approval.
Other News :
1. International Day of United Nations Peacekeepers 2023 - 29th May
International Day of United Nations (UN) Peacekeepers is annually observed across the globe on 29th May to pay tribute to the UN Peacekeepers, the uniformed and civilian personnel, who protect civilians, actively prevent conflict, reduce violence, strengthen security and empower national authorities to assume these responsibilities.
- 2023 marks the 75th anniversary of UN Peacekeeping, which began in 1948 when the UN Security Council (UNSC) authorized the deployment of UN military observers to the Middle East.
Theme : The theme of the 75th anniversary of UN Peacekeeping/International Day of UN Peacekeepers is " Peace begins with me ".
2. International Everest Day 2023 - 29th May
International Everest Day is annually celebrated on 29th May to commemorate the first-ever summit of Mount Everest by Sir Edmund Hillary of New Zealand and Tenzing Norgay Sherpa of Nepal on 29th May 1953.
About Mount Everest : Mt. Everest, a peak in the Himalayan mountain range, is a fold mountain located between Nepal and Tibet, an autonomous region of China. It holds the distinction of being the tallest point on Earth, standing at 8,848.86 meters (29,031 feet) above sea level. In the 19th century, the mountain was named after George Everest, a former Surveyor General of India. It is referred to as Chomolungma in Tibetan, meaning "Mother Goddess of the World," and as Sagarmatha in Nepal, which translates to "Goddess of the Sky."
Notable Mt. Everest Records :
- Junko Tabei of Japan became the first woman to summit Mt. Everest in 1975.
- Bachendri Pal became the first Indian woman to summit the mountain in 1984.
- Nawang Gombu holds the distinction of being the first Indian man to summit Mt. Everest twice, achieving the feat in 1963 and 1965.
- Santosh Yadav became the first Indian woman to summit Mt. Everest twice, accomplishing this in 1992 and 1993.
- Malavath Poorna, at the age of 13 years and 11 months, holds the record for being the youngest Indian and youngest female to summit Mt. Everest in 2014.
3. World Digestive Health Day 2023 - 29th May
World Digestive Health Day (WDHD) is observed annually on May 29th worldwide. Its purpose is to raise awareness about digestive disorders, highlight the importance of timely diagnosis, prevention, and treatment of gastrointestinal (GI) diseases, including cancer. The day also aims to foster better understanding and support for individuals dealing with digestive diseases among the general public.
- In 2023, WDHD on May 29th marks the 64th anniversary of the World Gastroenterology Organisation (WGO) foundation.
Theme : The theme for World Digestive Health Day 2023 is " Your Digestive Health : A Healthy Gut From the Start " .
The theme focuses on understanding the normal functions of the GI tract and highlights the significance of dietary needs for maintaining GI health.
About World Gastroenterology Organisation (WGO) :
President : Professor Guilherme Macedo (Portugal)
Headquarters : Milwaukee, Wisconsin, the United States of America (USA)
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