Current Affairs May 21st & 22nd 2023| Current Affairs News

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CURRENT AFFAIRS : BANKING & FINANCE

JCB partners with NPCI to offer 40% cashback to RuPay JCB cardholders

• Japanese international payment brand, JCB International Co will partner with National Payments Corporation of India (NPCI) to offer RuPay JCB cardholders 40% cashback on in-store purchases in the United Arab Emirates (UAE), Thailand, Malaysia and
• In-store purchases are in-person point-of-sale (PoS) transactions at a merchant location.
• RuPay and JCB have announced the third phase of a limited-time cashback campaign for all RuPay JCB debit and credit cardholders.
• The offer will be valid from May 15 to August 15, 2023.
• The maximum cashback amount per transaction during the promotion period is Rs 3,000 and the total cashback is capped at Rs 15,000 per card.

About JCB Co., Ltd. :

• Headquarters : Minato, Tokyo, Japan
• Chairman & CEO : Ichiro Hamakawa

Paytm partners with SBI Card & NPCI to launch Next-Generation Co-Branded RuPay Credit Cards

• Payments and financial services company Paytm has partnered with SBI Card & National Payments Corporation of India (NPCI) to launch Next-Generation Co-branded RuPay Credit Card named Paytm SBI Card on the RuPay network to further boost credit inclusion in India.
• The Paytm and SBI Card partnership, which began in 2020, is now expanding with the addition of NPCI’s RuPay, as all three home-grown brands join forces to further drive the growth of inclusive, digital-first financial services in India.

Key Highlights :

• The co-branded credit cards are set to delight consumers with exclusive Paytm First membership worth ₹750, which comes along with numerous exciting offerings.
• The Paytm SBI Card comes with 3% cashback on travel, and movie purchases through the Paytm ecosystem.
• Cardholders of either variant will be entitled to 2% cashback on all our ecosystem spends and 1% cashback on all other purchases except wallet reloads and fuel expenditures.
• They will also receive the added benefit of a 1% fuel surcharge waiver and ₹1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders.
• In 2023 the Reserve Bank of India (RBI) allowed users to link RuPay credit cards to the United Payments Interface (UPI).
• NPCI stated that it has enabled key aggregators like Paytm, Google Pay, BharatPe, and PayU to help merchants make transactions through RuPay credit cards on UPI in India.

About Paytm :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India
• CEO : Vijay Shekhar Sharma

About SBI Card :

• Founded : October 1998
• Headquarters : Gurugram, Haryana
• MD & CEO : Rama Mohan Rao Amara

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Dilip Asbe

Godrej Agrovet partners with SBI to extend finance to oil palm growers

• Godrej Agrovet Ltd (GAVL) has partnered with the State Bank of India (SBI) to introduce a first of its kind finance offering for oil palm farmers.
• This collaborative product will provide loans to farmers for various purposes such as setting up micro irrigation systems, establishing protective fencing against cattle grazing, and improving tube wells on their oil palm farms.

Key Highlights :

• It was introduced with an objective of aiding oil palm growth by improving Fresh Fruit Bunches (FFB) productivity; it will act as a catalyst to maintain juvenile gardens during the gestation period of the first 5 years.
• The financial offering was launched initially for the oil palm farmers of Telangana, GAVL’s farmers from other states such as Tamil Nadu (TN), Odisha, Assam, Manipur and Tripura can now easily avail of loan with the ticket-size of ₹1 lakh to ₹50 crore.
• Godrej Agrovet collaborates directly with farmers throughout the entire lifecycle of their crops.
• With 65,000 hectares of palm oil currently cultivated nationwide, the company aims to expand cultivation by an additional one lakh hectares by 2027.

About Godrej Agrovet Limited :

• Headquarters : Mumbai, Maharashtra, India
• Chairman : Nadir Godrej
• Managing Director : Balram Yadav
• Godrej Agrovet Limited is an Indian company which operates in the animal feed and agribusiness sectors.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara

IRDAI relaxes norms for surety bonds to expand market for such products

• The Regulator Insurance Regulatory and Development Authority (IRDAI) has relaxed norms for ‘surety bonds‘, a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract or other types of non-performance.

Aim :

• To expand the surety insurance market by increasing the availability of such products.

What is a Surety Bond?

• It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).
• There are two broad categories of surety bonds:

1. Contract surety bonds; and
2. Commercial (also called miscellaneous) surety bonds.

Key Highlights :

• As per a circular issued by the IRDAI, the solvency requirement applicable for such products has now been reduced to control the level of5 times from 1.875 times previously prescribed.
• Further, the prevailing 30% exposure limit applicable on each contract underwritten by an insurer, has also been removed.
• The IRDAI had issued ‘IRDAI (Surety Insurance Contracts) Guidelines’ in January 2022.
• The amendments have been made on the basis of the evaluation of various representations received.

About IRDAI :

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under 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.

SEBI working paper proposes special rights for REIT, InvIT unit-holders  

• The Capital Market Regulator Securities and Exchange Board of India (SEBI) has released a consultation paper on real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) that envisages giving special rights to unit-holders, looks at the roles of sponsors and also proposes the concept of self-sponsored trusts.

Key Highlights :

• With regard to unit-holders’ rights, there was demand from industry players that unit-holders have the right to nominate directors on the boards of investment managers of REITs and InvITs.
• There are two options in this.
• In one option, nomination rights will be given to unit-holders with a certain percentage of units and above, on the board of the investment manager.
• Under the second option, there would be a ‘Unit-holders’ Council’ with nominees of unit-holders of REIT and InvIT holding a certain percentage of units and above.
• The threshold for a unit-holder to nominate a member on the board is 10%.
• It has been proposed that there would be at least three members on the unit-holders’ council.
• For example, a nominee of a 20% unit-holder would have 2 votes and the nominee of a 30% unit-holder would have 3 votes and so on.
• Alternatively, the unit-holders holding 10% or more of the units can appoint one member on the Unit-holders’ Council per 10% held.
• On the role of sponsors, the paper has proposed a maximum cap on locked-in units in value terms at all times.
• The proposal is that for up to three years, 15% of the capital will be locked in; for 3-5 years, 5% will be locked-in; 3% for 5-10 years, 2% for 10-20 years and 1% for over 20 years.
• The paper has also mooted the provision for a self-sponsored REIT or InvIT, capable of standing on its own.
• The eligibility criteria for a self-sponsored trust would be that it has to be listed for at least 5 years, should have made 12 distributions on a continuous basis, has a top credit rating for 5 years, has not breached maximum leverage thresholds in the preceding 5 years and meets the prescribed net worth criteria, among others.

CURRENT AFFAIRS: NATIONAL NEWS

India aims to expand standard care for hypertension and diabetes to 75 million people by 2025

• The Union Health Ministry will screen and list 75 million people, diagnosed with hypertension and diabetes on standard care by 2025 through primary health care centres in the country.
• The treatment that is accepted by medical experts for a certain type of disease and that is widely used by healthcare professionals is called standard care.
• According to Dr VK Paul, Member (Health), NITI Aayog, this will be the largest expansion of non-communicable diseases (NCDs) in primary health care programme with a “community-based approach”.
• The Outcome Budget document of Union Budget 2023-2024 has for the first time introduced hypertension and diabetes treatment as output indicators reflecting reflects the government’s commitment to scale-up hypertension and diabetes coverage services.
• In addition Besides the 75-25 initiative, the Shashakt Portal was launched to train 40,000 primary health care medical officers on Standard Treatment Workflow for NCDs.

CURRENT AFFAIRS : INTERNATIONAL NEWS

$5 Billion undersea gas pipeline between United Arab Emirates -Gujarat proposed

• South Asia Gas Enterprise (SAGE), an international consortium of companies in deepwater pipeline projects, has sought the support of the ministry of petroleum and others to develop an undersea gas pipeline from the Gulf to India.

About the project :

• The proposed 2,000-km-long energy corridor connecting the Middle East and India, a $5 billion project, can lead to an annual saving of about `7,000 crore in comparison with a similar quantity of liquefied natural gas (LNG) imports.
• The undersea transnational gas pipeline project Middle East-India Deepwater Pipeline (MEIDP) was initially conceived between Iran and India (Porbandar) about a decade ago but failed to take off due to western sanctions.
• There have been new large gas discoveries in Oman, UAE and Saudi Arabia and the Middle East plans to spend over $120 billion to increase gas output by 14 billion cubic feet per day (bcfd) by 2030.
• The route being looked at is via Oman and UAE through Arabian Sea to avoid geo-politically sensitive regions.
• It will allow options to import gas from Oman, UAE, Saudi Arabia, Iran, Turkmenistan and Qatar, a region with 2,500 trillion cubic feet (tcf) gas reserves.
• Meeting the needs of the power and fertiliser industry for affordable gas, while moving to a low carbon economy, and increasing gas share to 15% in energy basket will create a demand of 700 Million Metric Standard Cubic Meter per Day (MMSCMD) gas annually at right prices.
• Gas pipelines are more competitive than LNG up to a distance of 2,500-3,000 km due to high cost of gas liquefaction, transportation and regasification.
• It can save $5 to $6 per Metric Million British Thermal Unit (mmBtu).
• The proposed pipeline promises to deliver 31 mmscmd gas to India under a 20 year long term supply contract.

About SAGE :

• It is promoted by the New Delhi based Siddho Mal Group, in Joint Venture with a UK-based Deepwater Technology Company.
• SAGE is working with a Global Consortium of some of the most reputed companies in the field of Deepwater Pipelines, to create a Multi-Billion Dollar “Energy Corridor” that can transport gas from the Middle East to India, bypassing the land route through Pakistan.
• In quest for India’s Energy Security, South Asia Gas Enterprise Pvt. Ltd. (SAGE) is undertaking a path-breaking project, to build the Deepest Underwater Transnational Gas Pipeline.
• It is also known as “Middle East to India Deepwater Pipeline (MEIDP)“, this will be a Gas Highway that will connect the Gas Rich Gulf & Middle East regions to India, for the transportation of Natural Gas to secure India’s Energy Needs.
• In addition, SAGE also plans to supply Natural Gas to Oman/ UAE on its Pipeline Route to India, and seeks to further build Cooperative Relations with the friendly Gulf and Middle East countries.

India launches ‘Operation Karuna’ to assist cyclone-hit Myanmar                                 

• India launched “Operation Karuna” to provide humanitarian assistance for people in Myanmar, which is affected by Cyclone Mocha, and three ships carrying relief material reached Yangon.
• The ships are carrying emergency food items, tents, essential medicines, water pumps, portable generators, clothes, sanitary and hygiene items, etc.
• Meanwhile, Indian Naval Ships (INS) Shivalik, Kamorta and Savitri were the first Naval ships to arrive at Yangon with relief material.
• India has extended a hand of friendship to the people of Myanmar affected by Cyclone Mocha.

About Cyclone Mocha :

• Cyclone Mocha was a tropical cyclone in the North Indian Ocean.
• It affected Myanmar and parts of Bangladesh in May 2023.
• Mocha originated in the Bay of Bengal.
• It has been classified as a ‘Super Cyclone’ by the global weather website Zoom Earth.
• The name of the storm ‘Mocha’ has been suggested by Yemen.
• It was the first cyclonic storm of the 2023 North Indian Ocean cyclone season.

About Myanmar :

• Capital : Naypyidaw
• Currency : Kyat

CURRENT AFFAIRS : STATE NEWS

Gujarat cabinet nod to establish 21 new industrial estates to boost employment          

• The Gujarat cabinet has given its approval to a proposal of setting up 21 new industrial estates across 13 districts in Gujarat, with an aim to boost employment generation locally.
• Notably, the Gujarat government in March, 2023 informed the Legislative Assembly that it was planning to establish new industrial estates in the State so that local youth get employment near their native places.
• The pre-feasibility study would cover various aspects, such as availability of land to establish estates, demand and supply factors and agricultural production in those areas.
• These 21 new estates, to be managed by the Gujarat Industrial Development Corporation (GIDC), will be established in Rajkot, Mehsana, Mahisagar, Bharuch, Banaskantha, Patan, Chhotaudepur, Gir Somnath, Gandhinagar, Kheda, Amreli, Anand and Junagadh districts.

About Gujarat :

• Governor: Acharya Devvrat
• Chief minister: Bhupendrabhai Patel
• Capital: Gandhinagar
• National Park : Vansda National Park, Gir National Park, Marine National Park, Velavadar National Park
• Wildlife Sanctuaries : Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Shoolpaneshwar Wildlife Sanctuary

Himachal Pradesh’s unique Kangra tea registered for GI tag with European Union

• Himachal Pradesh’s (HP) Kangra tea, known for quality, unique aroma, and a tinge of fruity flavor, has been registered with the European Union (EU) as a protected Geographical Indication (GI).
• The registration was an important tool to recognise the quality, genuineness, and reputation of the product in the European markets, and this would boost the sale of Kangra tea.
• The sales would eventually benefit tea growers in Palampur, Baijnath, Kangra, and Dharamshala in Kangra district, Jogindernagar of Mandi district and Bhattiyat area of Chamba district.
• The Kangra tea was given GI status in 2005 by the Registrar of Geographical Indicators, Chennai, Tamil Nadu (TN).
• The GI status has been given to more than 400 traditional products of the State including Kullu shawl, Chamba Rumal, Kinnaur shawl, Kangra painting, Lahaul woolen socks and gloves etc.

About HP :

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu
• Capital : Shimla (Summer), Dharamshala (Winter)
• Wildlife Sanctuary : Daranghati Sanctuary, Kanwar Sanctuary,Rupi Bhawa Sanctuary

Uttarakhand Chief Minister Pushkar Singh Dhami launches mobile app to report potholes     

• Uttarakhand Chief Minister (CM) Shri Pushkar Singh Dhami launched a mobile application named “Patch Reporting App” which will help make the roads of Uttarakhand pothole-free.
• Using the App, mobile phone users can record pictures of potholes and register their complaints with Public Works Department (PWD) authorities seeking their repair by giving details such as its location.
• This application allowed any person with the Patch Reporting application to submit a detailed complaint by capturing pictures of potholes on the nearby roads.
• The complainants will be given updates about action taken for the redressal of their complaints along with pictures.

About Uttarakhand :

• Governor : Gurmit Singh
• Chief Minister : Pushkar Singh Dhami
• National Park : Corbett National Park, Govind National Park, Nanda Devi National Park
• Wildlife Sanctuary : Binsar Wildlife Sanctuary, Jhilmil Wildlife Sanctuary

BPCL unveils Rs 49,000 cr petrochemical & capacity expansion project at Madhya Pradesh’s Bina refinery

• State-run Bharat Petroleum Corporation (BPCL) will set up an ethylene cracker (EC) project at Bina in Sagar district, Madhya Pradesh (MP), and expand its refinery capacity with a capital expenditure of around Rs 49,000 crore.

Aim :

• To enhance BPCL’s presence in the petrochemical segment, renewable energy, and marketing infrastructure.

Key Highlights :

• The core component of the expansion project is the ethylene cracker, which will drive the production of essential petrochemicals.
• The project also encompasses the establishment of an EC complex and downstream petrochemical plants.
• It includes expanding the refining capacity from 7.8 million tonnes per annum (MTPA) to 11 MTPA and associated facilities at Bina refinery.
• Bina refinery’s expansion will meet the growing demand for petroleum products in central and northern India while also providing feedstock to the EC complex.
• The petrochemical plant will cater to the growing domestic demand for petrochemical products.
• Furthermore, BPCL is making significant investments in petroleum oil lubricants and lube oil base stock installations with receipt pipelines at Rasayani in Maharashtra.
• This project, at an estimated cost of Rs 2,753 crore, aims to augment storage capacity, smoothen the supply chain, and streamline the distribution of essential petroleum products.

About BPCL :

• Founded: 1952
• Headquarters: Mumbai,Maharashtra, India
• Chairman & Managing Director : G Krishnakumar.
• BPCL is an Indian central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas, Government of India (GoI).

About MP :

• Governor : Mangubhai C. Patel
• Chief Minister : Shivraj Singh Chouhan
• Capital : Bhopal
• National Park : Satpura National Park, Kanha National Park,Bandhavgarh National Park
• Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

AWS To Invest $12.7 Billion Into Cloud Infrastructure In India By 2030

• Amazon Web Services (AWS) has announced to invest 12.7 billion dollars in cloud infrastructure in India by 2030.
• It will meet the growing needs of customers of cloud service in India.
• The investment will be made in data centre infrastructure in India.
• The cloud platform will offer more than 200 services, including storage, robotics, and artificial intelligence.
• This investment in data centre infrastructure will support an estimated average of 1,31,700 full-time equivalent (FTE) jobs in Indian businesses each year.
• These jobs include construction, facility maintenance, engineering, telecommunications, and others.
• Earlier, Amazon Web Services invested Rs 30,900 crore (USD 3.7 billion) between 2016 and 2022 in India.
• The total investment of AWS in India will reach to Rs 1,36,500 crore (USD 16.4 billion) by 2030.
• This investment will contribute Rs 1,94,700 crore (US D 23.3 billion) to India’s total gross domestic product (GDP) by 2030.
• AWS has invested more than Rs 30,900 crore in the AWS Asia Pacific (Mumbai).
• It includes both capital and operating expenditures related to the construction, maintaining and operation of data centres in the region.

Foxconn’s Rs 4,000 crore electronics manufacturing facility in Hyderabad

• Taiwanese contract manufacturer Foxconn will invest Rs 4,000 crore in a new electronics manufacturing facility in Hyderabad which will lead to the creation of 25,000 jobs and will be spread over an area of 200 acres.
• The proposed electronics manufacturing facility, according to a joint statement from the State government and Foxconn, is a promise to continue delivering world-class products to the markets, and a milestone for Foxconn Interconnect Technology’s global expansion strategy.
• In the first week of March, there was confusion over whether Foxconn would prefer Karnataka over Hyderabad as Liu also met Karnataka government officials.
• However, Foxconn later clarified that they were committed to investing in Telangana.

About Foxconn

• Foxconn internationally, is a Taiwanese multinational electronics contract manufacturer established in 1974 with headquarters in Tucheng, New Taipei City.
• Foxconn Interconnect Technology chairman & CEO Sidney Lu.

SGX Nifty to be renamed as Gift Nifty from July 3

• The Nifty derivatives contracts traded on the Singapore Exchange (SGX) have been renamed to GIFT Nifty.
• Earlier, they were referred to as SGX Nifty.
• The NSE announced that starting July 3, all outstanding Nifty contracts at SGX will be fully transferred to NSE IFSC at GIFT City for order matching.
• The exchange said it has obtained approvals from the Monetary Authority of Singapore (MAS) and IFSCA — regulators at Singapore and Gift City, respectively.
• Singapore Exchange Limited is a Singapore-based exchange conglomerate.
• NSE IFSC, a wholly-owned subsidiary of NSE, is an exchange at International Financial Service Center in GIFT City, Gujarat.
• Singapore Exchange, last month, announced that NSE IFSC-SGX Connect at International Financial Service Center in GIFT City will become operational on July 3 after the transition of SGX Nifty derivatives to NSE IFSC.

CURRENT AFFAIRS: RANKING AND REPORTS

World Economic Situation and Prospects as of mid-2023

• The United Nations Department of Economic and Social Affairs (UNDESA) released a mid-year update of its World Economic Situation and Prospects report.
• The report has projected that the Indian Economy is expected to grow by 5.8% in 2023 and 6.7% in 2024.
• India will remain the fastest-growing major economy in the world.
• India’s economic growth will be supported by resilient domestic demand.
• India’s inflation is expected to decelerate to 5.5 percent in 2023 due to a decrease in global commodity prices and slower currency depreciation.
• As per the report, the world economy is projected to grow by 2.3 per cent in 2023 and 2.5 percent in 2024.
• The earlier forecast of world economic growth was 1.9 per cent for 2023.
• The report highlights that the labour markets in the developed countries have shown remarkable resilience.
• Recently, Fitch Ratings said that India would be one of the fastest-growing sovereigns around the world.
• It forecasted 6 per cent gross domestic product growth for 2023-24.

About UNDESA

• Headquarters: New York City
• Founded: 1948
• Head: Liu Zhenmin

Netherlands emerges as India’s 3rd largest export destination

• The Netherlands emerged as the third-largest exporting platform in India.
• US and UAE stand at the top 2 in trading various kinds of goods.
• India’s trade surplus with the Netherlands has also increased from $8 billion in 2021-22 to $13 billion in 2022-23.
• The Netherlands has taken over major destinations such as the UK, Hong Kong, Bangladesh and Germany.
• India’s exports to the Netherlands rose by about 48 per cent to $18.52 billion during 2022-23 as against $12.5 billion in 2021-22.
• Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said the Netherlands has emerged as a hub for Europe with efficient port and connectivity with the EU through road, railways and waterways.

About Netherland

• Capital: Amsterdam,
• Currency – Euro.

Natural disasters: 2.5 million displaced in India in 2022

• An analysis of data from the Geneva-based Internal Displacement Monitoring Centre (IDMC) shows that Internal displacement in India was 2.5 million in 2022.
• The average displacement in the country in the last seven years has been over 3 million annually.
• This means that as many people currently residing in Bhopal are displaced by natural disasters annually in India.
• An internal displacement refers to each new forced movement of persons within the borders of their country recorded during the year because of a disaster.
• Natural disasters can include floods, epidemics and weather-related phenomena, which affect people’s ability to continue in their residences.
• The number of such displaced people in India has ranged between 1.3-5 million in the last seven years, for which data was collated.
• Floods triggered 90 per cent of the region’s disaster displacements in 2022.
• All countries recorded flood displacement, but Pakistan, India, and Bangladesh were the most affected.

Mumbai climbs to 6th rank from 38th in annual housing price appreciation across 46 cities globally

• According to Knight Frank Mumbai ranks 6th among 46 cities globally in terms of annual price growth of high-end residential properties with an appreciation of 5.5 per cent.
• Real estate consultant Knight Frank India in its report ‘Prime Global Cities Index Q1 2023’ said that Mumbai, Bengaluru and New Delhi have registered an increase in average annual prices in January-March 2023.
• Mumbai moved up from the 38th rank in Q1 2022 to the 6th rank in Q1 2023 based on the annual growth in high-end or prime properties.
• Bengaluru and New Delhi also witnessed an upward movement in index ranking to 16th and 22nd ranks from their previous 37th and 39th ranks, respectively.
• Dubai clinched the top position globally with an increase of 44.2 per cent in prime residential properties values.
• The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide.
• The index tracks nominal prices in local currency.

India’s ultra-wealthy population to grow by 58.4% in next five years: Knight Frank

• India is expected to witness a massive 58.4% rise in its ‘ultra-high-net-worth individual'(UHNWI) population by 2027, surpassing the growth rate of the previous five years says Knight Frank in its Wealth Report 2023.
• The projected number of Indian UHNWI in 2027 is 19,119.
• Knight Frank defines the UHNWI as someone whose wealth exceeds US$30 million.
• India is also likely to have 1.6 million (High Networth Individuals) HNIs and 195 billionaires by 2027.
• According to the report, the entry price for India’s 1% wealthy club starts at US$ 1,75,000.
• Currently India has 161 billionaires.
• The report sheds light on a considerable decrease of 10% in the overall wealth of UHNWIs globally in 2022.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Siddaramaiah To Take Oath as Karnataka Chief Minister

• Siddaramaiah has been sworn in as the new chief minister (CM) of Karnataka for the second term, along with the Karnataka Congress president D K Shivakumar as the deputy chief minister.
• The Congress has decided on a rotational tenure of two-and-a-half years for both the leaders i.e. Siddaramaiah & Shivakumar.
• The ceremony was administered by Karnataka governor Thaawarchand Gehlot at Kanteerava Stadium in Bengaluru, Karnataka.
• The Congress Legislative Party meeting was held in Bengaluru, Karnataka.
• Siddaramaiah was also the Chief Minister (CM) of Karnataka from 2013 to 2018.
• He is only the second person to hold that office for a full five-year term.
• He won from the Varuna Assembly constituency in the 2023 elections.

About Karnataka :

• Governor: Thawar Chand Gehlot
• Capital: Bengaluru
• National Park : Bandipur NP, Kudremukh NP, Bannerghata NPRajiv Gandhi NP
• Wildlife Sanctuaries : B R Hills Wildlife Sanctuary, Cauvery Wildlife Sanctuary, Gudavi Bird Sanctuary, Bhadra Wildlife Sanctuary
• Tiger Reserve : Nagarahole Tiger Reserve, Bhadra Tiger Reserve
• Festival : Hampi, Mahamastakabhisheka (Shravanabelagola)
• Dance : Yakshagana, Dollu Kunitha, Bolak-aat (Bolak Dance)

Ayushmann Khurrana roped in to galvanise Indian team headed for Special Olympics in Berlin 

• Bollywood actor Ayushmann Khurrana has been roped in to galvanise the Indian team and cheer for the athletes headed to the Special Olympics for people with intellectual disabilities scheduled to be held in Berlin, Germany from June 16 to June 25, 2023.
• For the first time, Germany will throw the famous event in the coming month of June 2023.
• Moreover, Ayushmann Khurrana, an all-rounder actor, widely known for his socially uplifting movies, assumed the position of United Nations International Children’s Emergency Fund (UNICEF’s) National Ambassador in February 2023.

About Special Olympics :

• The Special Olympics will be the 16th edition of the championship to be held in Berlin, Germany.
• It is an 8-day event which is scheduled to begin on June 17, 2023 and will conclude on June 25, 2023.
• Athletes from all over the world mark their presence on this special occasion to exhibit their talents in various sports categories.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google Invests $1 Million in IIT Madras for Responsible Artificial intelligence Research

• The Indian Institute of Technology Madras (IIT Madras) has partnered with United States (US) technology giant Google to establish the Centre for Responsible Artificial Intelligence (CeRAI), an interdisciplinary research centre, to ensure ethical and responsible development of AI-based solutions in the real world.
• Google has become the first platinum member of this consortium and has contributed US$ 1 Million to this Centre.
• CeRAI aims to become a premier research centre at both the national and international levels, dedicated to fundamental and applied research in Responsible AI.
• The centre will prioritise the deployment of AI systems within the Indian ecosystem, emphasising immediate impact.

Key Highlights :

• CeRAI’s primary objective is to produce high-quality research outputs, including publications in renowned journals and conferences, as well as white papers and patents.
• Additionally, CeRAI will develop technical resources, such as curated datasets (both universal and India-specific), software, and toolkits, focusing on the domain of Responsible AI.
• CeRAI was formally inaugurated on April 27,2023 with the ceremony presided over by Rajeev Chandrasekhar, the Union Minister of State for Electronics and Information Technology.
• The startup mentorship and incubation organisation, The Indus Entrepreneurs (TIE), will also be associated with CeRAI.

CURRENT AFFAIRS: SPORTS NEWS

Hockey Haryana wins 13th India Sub Junior Women National Championship

• At the 13th Hockey India Sub Junior Women National Championship 2023, the Hockey Haryana team was declared the winner.
• In the finals, Hockey Jharkhand and Hockey Uttar Pradesh came in the second and third positions at Birsa Munda Hockey Stadium, Odisha.
• The tournament continued for 11 days in which 28 teams participated and stellar performances were seen by the female players.

About FIH

• Headquarters: Lausanne, Switzerland
• Founded: 7 January 1924, Paris, France
• CEO: Thierry Weil
• Membership: 140 national associations

CURRENT AFFAIRS : OBITUARIES

BJP MP from Ambala Rattan Lal Kataria passed away

• Former Union Minister and Bharatiya Janata Party (BJP) Member of Parliament (MP) from Ambala Rattan Lal Kataria, passed away at the age of 72 in Chandigarh.

About Rattan Lal Kataria :

• Rattan Lal Kataria was born on 19 December 1951, Yamunanagar, Punjab, India.
• He served as the Minister of State in the Ministry of Jal Shakti and Ministry of Social Justice and Empowerment till July 7, 2021.
• He was elected as the 3 time MP to the Lok Sabha from Ambala in 1999, 2014 and 2019.
• He served as the president of the BJP, Haryana unit from 2000 to 2003
• He was also a minister in the Haryana government.

Daily CA One- Liner: May 21 & 22

• The Union Health Ministry will screen and list 75 million people, diagnosed with hypertension and diabetes on standard care by 2025 through primary health care centres in the country
• Amazon Web Services (AWS) has announced to invest 12.7 billion dollars in cloud infrastructure in India by 2030
• Taiwanese contract manufacturer Foxconn will invest Rs 4,000 crore in a new electronics manufacturing facility in Hyderabad which will lead to the creation of 25,000 jobs and will be spread over an area of 200 acres
• The Nifty derivatives contracts traded on the Singapore Exchange (SGX) have been renamed to GIFT Nifty
• The United Nations Department of Economic and Social Affairs (UNDESA) released a mid-year update of its World Economic Situation and Prospects report
• The Netherlands emerged as the third-largest exporting platform in India.
• An analysis of data from the Geneva-based Internal Displacement Monitoring Centre (IDMC) shows that Internal displacement in India was 2.5 million in 2022
• According to Knight Frank Mumbai ranks 6th among 46 cities globally in terms of annual price growth of high-end residential properties with an appreciation of 5.5 per cent
• India is expected to witness a massive 58.4% rise in its ‘ultra-high-net-worth individual'(UHNWI) population by 2027, surpassing the growth rate of the previous five years says Knight Frank in its Wealth Report 2023
• At the 13th Hockey India Sub Junior Women National Championship 2023, the Hockey Haryana team was declared the winner
• Japanese international payment brand, JCB International Co will partner with National Payments Corporation of India (NPCI) to offer RuPay JCB cardholders 40% cashback on in-store purchases in the United Arab Emirates (UAE), Thailand, Malaysia and
• Payments and financial services company Paytm has partnered with SBI Card & National Payments Corporation of India (NPCI) to launch Next-Generation Co-branded RuPay Credit Card named Paytm SBI Card on the RuPay network to further boost credit inclusion in India.
• Godrej Agrovet Ltd (GAVL) has partnered with the State Bank of India (SBI) to introduce a first of its kind finance offering for oil palm farmers.
• The Regulator Insurance Regulatory and Development Authority (IRDAI) has relaxed norms for ‘surety bonds‘, a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract or other types of non-performance.
• The Capital Market Regulator Securities and Exchange Board of India (SEBI) has released a consultation paper on real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) that envisages giving special rights to unit-holders, looks at the roles of sponsors and also proposes the concept of self-sponsored trusts.
• South Asia Gas Enterprise (SAGE), an international consortium of companies in deepwater pipeline projects, has sought the support of the ministry of petroleum and others to develop an undersea gas pipeline from the Gulf to India.
• India launched “Operation Karuna” to provide humanitarian assistance for people in Myanmar, which is affected by Cyclone Mocha, and three ships carrying relief material reached Yangon.
• The Gujarat cabinet has given its approval to a proposal of setting up 21 new industrial estates across 13 districts in Gujarat, with an aim to boost employment generation locally.
• Himachal Pradesh’s (HP) Kangra tea, known for quality, unique aroma, and a tinge of fruity flavor, has been registered with the European Union (EU) as a protected Geographical Indication (GI).
• Uttarakhand Chief Minister (CM) Shri Pushkar Singh Dhami launched a mobile application named “Patch Reporting App” which will help make the roads of Uttarakhand pothole-free.
• State-run Bharat Petroleum Corporation (BPCL) will set up an ethylene cracker (EC) project at Bina in Sagar district, Madhya Pradesh (MP), and expand its refinery capacity with a capital expenditure of around Rs 49,000 crore.
• Siddaramaiah has been sworn in as the new chief minister (CM) of Karnataka for the second term, along with the Karnataka Congress president D K Shivakumar as the deputy chief minister.
• Bollywood actor Ayushmann Khurrana has been roped in to galvanise the Indian team and cheer for the athletes headed to the Special Olympics for people with intellectual disabilities scheduled to be held in Berlin, Germany from June 16 to June 25, 2023.
• The Indian Institute of Technology Madras (IIT Madras) has partnered with United States (US) technology giant Google to establish the Centre for Responsible Artificial Intelligence (CeRAI), an interdisciplinary research centre, to ensure ethical and responsible development of AI-based solutions in the real world.
• Former Union Minister and Bharatiya Janata Party (BJP) Member of Parliament (MP) from Ambala Rattan Lal Kataria, passed away at the age of 72 in Chandigarh.