07th May, 2024

1. Elected Women Representatives (EWRs) of Panchayati Raj Institutions (PRIs) have participated in “Localizing the SDGs: Women in Local Governance in India Lead the Way” event during the 57th Session of the Commission on Population and Development (CPD57).
2. The Supreme Court of India has reserved one-third of the seats in the executive committee of the Supreme Court Bar Association (SCBA) for women.
3. To ensure timely payments to micro, small and medium enterprises (MSMEs), the Finance Act 2023 introduced an amendment to the Income Tax Act by adding clause (h) to Section 43B.
4. The Indian Army and Punit Balan Group collaborate to inaugurate Pune’s Constitution Park
5. India and Ghana have taken a significant step toward enhancing financial transactions by agreeing to operationalize the Unified Payment Interface (UPI) within six months.
6. The Union Ministry of Home Affairs has granted approval to the Uttar Pradesh Government’s proposal to rename eight railway stations in Amethi district.
7. Recently the researchers from the State Health Resource Centre in Chhattisgarh conducted the study on the implementation of the Pradhan Mantri Jan Arogya Yojana (PMJAY)
8. Nepal recently announced the printing of a new Nepalese Rupee 100 currency note that features three disputed Indian territories: Lipulekh, Limpiyadhura, and Kalapani
9. The 19th Interpol Conference of Heads of National Central Bureaux was held at Lyon, France.
10. The Government of India has announced the buyback of its Securities through auction for an aggregate amount of ₹40,000 crore (face value).
11. US based Carlyle Group divested nearly a 2 per cent stake in private sector lender Yes Bank for Rs 1,441 crore through an open market transaction.
12. State-run non-banking finance company REC Limited has received a ‘No Objection Certificate’ (NOC) from the Reserve Bank of India (RBI) for setting up a wholly owned subsidiary in International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, Gujarat.
13. Mindgrove Technologies Private Limited, supported by the Indian Institute of Technology Madras (IITM) Pravartak Technologies Foundation and IIT Madras Incubation Cell, unveiled India’s India’s first commercial high-performance SoC (system on chip)
14. Bharat Sanchar Nigam Limited (BSNL), the state-owned telecom operator in India, is gearing up to launch its highly anticipated 4G services across the country starting in August.
15. The Securities and Exchange Board of India (SEBI) has rejected the National Stock Exchange’s (NSE) proposal to extend stock market trading hours.
16. The Indian Air Force (IAF) received its second C-295 transport aircraft from Airbus Defence, Spain.
17. Scientists have developed a free-standing sheet of gold that is only one atom thick, called “goldene”.
18. Indian-origin astronaut Sunita Williams, along with Butch Wilmore, will embark on her third space mission with NASA’s Boeing Crew Flight Test to the International Space Station.
19. According to a working paper published by the National Institute of Agriculture Economics and Policy Research (NIAP) under the Indian Council of Agriculture Research (ICAR), every rupee invested in agricultural research yields a return of about Rs. 13.85.
20. May 5: World Hand Hygiene Day
21. May 5: International Day of Midwife
22. May 5: World Laughter Day
23. The 2024 Thomas & Uber Cup (officially known as the Total Energies BWF Thomas & Uber Cup Finals 2024 for sponsorship reasons) was the 33rd edition of the Thomas Cup and the 30th edition of the Uber Cup.
24. Paytm’s wealth management arm, Paytm Money, has appointed Rakesh Singh as its new CEO. He replaced Varun Sridhar, who had been CEO since 2020.
25. Jose Raul Mulino has been appointed as the new President of the Panama Republic after he won the elections held for the post of President.
26. Zee Media Corporation Limited announced that it has terminated the services of chief executive officer (CEO) Abhay Ojha effective May 4, 2024.

National News

1. Elected Women Representatives of Panchayati Raj Institutions to Participate in CPD57
   • What: Elected Women Representatives (EWRs) of Panchayati Raj Institutions (PRIs) have participated in “Localizing the SDGs: Women in Local Governance in India Lead the Way” event during the 57th Session of the Commission on Population and Development (CPD57).
     • The CPD57, is an annual event organized by the UN. Its purpose is to assess the progress made in implementing the Programme of Action of the International Conference on Population and Development (ICPD).
   • Tell me more:
     • Event organized by: The Permanent Mission of India to the United Nations and the Ministry of Panchayati Raj, in collaboration with the United Nations Population Fund (UNFPA),
     • Held at: United Nations Headquarters in New York.
     • Names of EWRs: Smt. Supriya Das Datta, Smt. Kunuku Hema Kumari, and Smt. Neeru Yadav,
     • Indian delegation led by: Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, GoI.
     • Focus of the event: The side event titled “Localizing the SDGs: Women in Local Governance in India Lead the Way” will shed light on the key role of Indian women in grassroots political leadership, emphasizing their significant contributions to sustainable development at the grassroots level.
     • Women in PRI in India: India has more than 1.4 million EWRs, constituting around 46% of total PRI representatives.
       Source: PIB

2. Supreme Court (SC) directed 33% reservation for women in SC Bar Association (SCBA) Posts
   • What: The Supreme Court of India has reserved one-third of the seats in the executive committee of the Supreme Court Bar Association (SCBA) for women.
   • Why: The decision may increase the pool of women candidates to be appointed as judge in the SC.
   • Tell me more:
     • Order issued by: By a 2-Judge bench of the SC directed the implementation of reservation.
     • Future implications: Accordingly, a minimum of 3 out of 9 positions in the Executive Committee and 2 of 6 Senior Executive Member posts will be reserved for women.
       Source: Indian Express

3. 45-day payment Rule for MSMEs
   • What: To ensure timely payments to micro, small and medium enterprises (MSMEs), the Finance Act 2023 introduced an amendment to the Income Tax Act by adding clause (h) to Section 43B.
     • This clause says that payments owed to MSMEs, not resolved within 45 days, will not qualify for tax deductions until the payment is made.

   • Why: The goal is to secure timely payments for MSMEs and support their financial stability.
   • Tell me more:
     • Section 43B(h) will now be applicable to transactions that involve the purchase of goods or services from enterprises registered under the Micro, Small and Medium Enterprises Development (MSMED Act) 2006.
     • However, Section 15 of the MSMED Act, 2006, alongside the newly introduced Section 43B(h) of the Income Tax Act, mandates that businesses must settle their dues with MSME Registered Enterprises within 15 days, or up to 45 days under a mutual agreement.
     • From April 1, 2024, companies, sole proprietorships, partnerships and LLPs are required to pay their suppliers registered as MSMEs within 15 days, or up to 45 days under an agreement.
       Source: Business Standard

Parameters to be classified as Micro, Small and Medium enterprises

4. Indian Army and Punit Balan Group Collaborate to Develop India’s First Constitution Park
   • What: The Indian Army and Punit Balan Group collaborate to inaugurate Pune’s Constitution Park
   • The Constitution Park serves as a significant initiative by the Indian Army, particularly the Southern Command, to enlighten residents of Pune about their civic responsibilities.
     Source: Zee News
5. India and Ghana agree to operationalize UPI link within six months
   • What: India and Ghana have taken a significant step toward enhancing financial transactions by agreeing to operationalize the Unified Payment Interface (UPI) within six months.
   • Why: This move aims to enable instant fund transfers for users in both countries.
   • Tell me more:
     • The discussion was a part of the Joint Trade Committee (JTC) meeting held in Accra, Ghana
     • A seven-member delegation from India met their Ghanaian counterparts.
     • India and Ghana discussed the possibilities of a MoU on digital transformation solutions, local currency settlement system and deliberated on the opportunities offered by the African Continental Free Trade Agreement (AfCFTA).
       Source: Business Standard

State News

1. Eight Railway Station in Amethi, Uttar Pradesh Renamed
   • What: The Union Ministry of Home Affairs has granted approval to the Uttar Pradesh Government’s proposal to rename eight railway stations in Amethi district.
   • Why: The renaming of railway stations in Uttar Pradesh’s Amethi district serves to preserve cultural heritage and honor local icons.
   • Tell me more:
     • The names of the eight railway stations set to be changed are as follows:
       • Kasimpur Halt to Jais City
       • Jais to Guru Gorakhnath Dham
       • Bani to Swami Paramhans
       • Misrauli to Maa Kalika Dham
       • Nihalgarh to Maharaja Bijli Pasi
       • Akbarganj to Maa Ahorwa Bhawani Dham
       • Warisganj to Amar Shaheed Bhale Sultan
       • Fursatganj railway station to Tapeshwarnath Dham
         Source: Economic Times

     
     
   
   
2. Out-of-pocket spending remains high despite PMJAY, finds study in Chhattisgarh
   • What: Recently the researchers from the State Health Resource Centre in Chhattisgarh conducted the study on the implementation of the Pradhan Mantri Jan Arogya Yojana (PMJAY)
     • The study found that Despite PMJAY’s intentions, there is a significant out-of-pocket expenditure (OOPE) still occurred, particularly in private hospitals.

   • Why: The main reason for this was the widespread practice of dual billing. Although empanelled hospitals were not supposed to charge patients, private hospitals often took significant fees from patients and then claimed reimbursement from the government for the same episode. This fraudulent practice led to dual billing.
   • Tell me more:
     • The study was conducted in the year 2022.
     • Magnitude of OOPE:
       • The mean medical OOPE per episode in private hospitals was 43 times higher than in public hospitals.
       • Even after controlling for illness severity, private hospitals consistently had high medical OOPE. Profit expectations were the main reasons.
         Source: Times of India

International News

1. Nepal has decided to introduce a new currency note featuring Indian territories
   • What: Nepal recently announced the printing of a new Nepalese Rupee 100 currency note that features three disputed Indian territories: Lipulekh, Limpiyadhura, and Kalapani.

   
   

• Previously, in 2020, Nepal passed its second Constitution Amendment Bill which provided legal status to its claims over these territories.

Source: Business Today

2. 19th Interpol Conference of Heads of National Central Bureaux
   • What: The 19th Interpol Conference of Heads of National Central Bureaux was held at Lyon, France.
     • India was represented by the Central Bureau of Investigation (CBI) Director Praveen Sood.
     • The event was attended by the national central bureaux of 136 countries, represented by senior police officials

• Tell me more:
• India has highlighted the fact that Online radicalisation continues to pose significant challenge to global security.
• Radicalisation is a process in which an individual/group embraces a radical ideology that accepts, uses or condones violence, including acts of terrorism, to reach specific political or ideological purpose.
• Internet platforms, including social media, have been exploited by terrorists as effective tool for radicalisation, indoctrination, recruitment and terror financing.
  Source: The Hindu

Banking and Economy

1. Govt to buy back Rs 40,000 crore worth of sovereign bonds: RBI
   • What: The Government of India has announced the buyback of its Securities through auction for an aggregate amount of ₹40,000 crore (face value).
     • A buyback refers to the repurchase of government securities (bonds) by the Government of India from investors
   • Why: The government is buying back the securities to provide the liquidity to the financial system.
   • Tell me more:
     • The following securities will be offered for buyback:

• There is no notified amount for the individual securities within the aggregate ceiling of ₹40,000 crore.
• Auction for securities will be conducted using multiple price method.
• The multiple price method is a type of auction where each bidder pays the price they bid. In this method, different bidders can pay different prices based on their individual bids.
• The offers for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.
  Source: RBI

2. Carlyle Group divests 2% stake in YES Bank for Rs 1,441 crore via open market
   • What: US based Carlyle Group divested nearly a 2 per cent stake in private sector lender Yes Bank for Rs 1,441 crore through an open market transaction.
     • An open market transaction refers to the buying or selling of securities, such as stocks or bonds, through a public exchange like the stock market
       Source: Business Standard
3. REC gets RBI nod to set up wholly-owned subsidiary in IFSC, GIFT City, Gujarat
   • What: State-run non-banking finance company REC Limited has received a ‘No Objection Certificate’ (NOC) from the Reserve Bank of India (RBI) for setting up a wholly owned subsidiary in International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, Gujarat.
   • The subsidiary will help REC Limited in expanding its global footprint.
   • It will also serve as an offshore platform for securing competitive funding and will give the PSU increased access to innovative financing options and enhanced collaboration with international investors.
     Source: The Print
4. Mindgrove Launches India’s First Commercial System on Chip (SoC) for IoT
   • What: Mindgrove Technologies Private Limited, supported by the Indian Institute of Technology Madras (IITM) Pravartak Technologies Foundation and IIT Madras Incubation Cell, unveiled India’s India’s first commercial high-performance SoC (system on chip)
   • The chip is 30 percent cheaper than the ones available in the market,
     Source: Economic Times
5. BSNL to launch 4G services across India in August
   • What: Bharat Sanchar Nigam Limited (BSNL), the state-owned telecom operator in India, is gearing up to launch its highly anticipated 4G services across the country starting in August.
     • The delay has been caused as, BSNL has faced financial challenges over the years. The lack of adequate funds has affected its ability to invest in infrastructure and technology upgrades.

   • Tell me more:
     • BSNL has already initiated 4G services in Punjab, using technology developed domestically by TCS (IT company) and a consortium led by state-run telecom research organization C-DoT. Approximately 800,000 subscribers are already onboard in Punjab.
       Source: WION
6. SEBI rejects NSE’s proposal to extend stock market trading hours
   • What: The Securities and Exchange Board of India (SEBI) has rejected the National Stock Exchange’s (NSE) proposal to extend stock market trading hours.
     • The NSE filed a plea with the market regulator to keep the derivatives market open for three extra hours between 6 pm and 9 pm to help market participants gauge and act on global news flows in the evening.
     • While Indian markets close at 3:30 pm, activity in the European market peaks around the same time. The US market activity opens around 7 pm India time.
   • Reason for rejection: SEBI returned the exchange’s proposal due to a lack of consensus among the broker community.
     Source: Business Standard

Defence News

1. IAF gets delivery of its second C-295 aircraft
   • What: The Indian Air Force (IAF) received its second C-295 transport aircraft from Airbus Defence, Spain.

• Tell me more:
• C-295 aircraft will replace Avro Hawker Siddeley HS-748 aircraft in IAF service since 1960.
• 1st C-295transport aircraft was formally inducted into IAF in September, 2023.
  Source: Hindustan Times

Science and Tech

1. GOLDENE: A sheet of gold that is only one atom thick discovered by scientists
   • What: Scientists have developed a free-standing sheet of gold that is only one atom thick, called “goldene”.

• This breakthrough makes gold the first metal to be formulated into 2D sheets, opening up exciting possibilities for the future.
• Goldene could have important applications in carbon dioxide conversion and hydrogen generation.
  Source: Indian Express

2. Indian-origin astronaut Sunita Williams set to fly into space for a third time
   • What: Indian-origin astronaut Sunita Williams, along with Butch Wilmore, will embark on her third space mission with NASA’s Boeing Crew Flight Test to the International Space Station.
   • Tell me more:
     • About the mission
       • The mission, a part of NASA’s Commercial Crew Program, is the first crewed flight for the Starliner spacecraft. The mission will test the end-to-end capabilities of the spacecraft’s system, including launch, docking and return to Earth.
     • About Sunita Williams
       • Sunita Williams is an Indian Origin astronaut, who was selected as an astronaut by NASA in 1998 and is a veteran of two space missions.
       • Williams established a world record for female astronauts with four spacewalks, totaling 29 hours and 17 minutes. Her record was later broken by Astronaut Peggy Whitson in 2008 with a total of five spacewalks.
         Source: Indian Express

Agriculture and Rural Development

1. Investment in agricultural R&D provides a return of Rs. 13.85: finds study
   • What: According to a working paper published by the National Institute of Agriculture Economics and Policy Research (NIAP) under the Indian Council of Agriculture Research (ICAR), every rupee invested in agricultural research yields a return of about Rs. 13.85.

• Tell me more:
• Between 2011-2020, Odisha, Rajasthan, Madhya Pradesh, West Bengal and Uttar Pradesh, which share 43 per cent of the country’s net sown area, spent less than 0.25 per cent of their agriculture GDP on research.
• Jammu and Kashmir, Himachal Pradesh, Bihar, Uttarakhand, Kerala, and Assam spent more than 0.80 per cent of their agriculture GDP on research and development. The study also found that the portfolio of agricultural R&D remains heavily
  biased towards crops.
• Livestock and natural resources receive significantly less investment.
• But, in southern states, the spending is more balanced.
• In India, agriculture research and development is largely public-funded.
• The study found that between 2011-2020, the centre and state governments respectively contributed 33.8 per cent and 58.5 per cent of their total investment in agricultural R&D, and the private sector accounted for the rest (just 8 per cent), which has increased but is still lower than the global average.
• From, 2011 to 2020, India spent 0.61 per cent of its agri GDP on research, which is about two-thirds of the global average of 0.93 per cent.
• The proportion of agriculture GDP spent on extension services was 0.16 per cent. In 2020-21, India spent 0.54 per cent of its agriculture GDP on research and 0.11 per cent on extension activities.
  Source: Business Standard

Important Days

1. May 5: World Hand Hygiene Day
   • What: World Hand Hygiene Day is observed annually on May 5. This day aims to raise awareness about the importance of proper hand hygiene to prevent a range of infectious disease
   • Observed by: WHO
   • Theme for 2024: Promoting knowledge and capacity building of health and care workers through innovative and impactful training and education, on infection prevention and control, including hand hygiene.”
   • Slogan for 2024: ‘Why is sharing knowledge about hand hygiene still so important? Because it helps stop the spread of harmful germs in healthcare.’
     Source: WHO

2. May 5: International Day of Midwife
   • What: On May 5th, International Day of the Midwife (IDM) is organized.
   • Midwives are those ladies who perform a vital service in providing care and support to women and their families while pregnant, throughout labour and during the period after a baby’s birth.
   • Theme for IDM 2024: “Midwives: A Vital Climate Solution”
     Source: WHO
3. May 5: World Laughter Day
   • What:  World Laughter Day falls annually on the first Sunday of May. This year, it is on May 5
   • World Laughter Day was established in 1998 by Dr. Madan Kataria, an Indian physician and the founder of the Laughter Yoga movement.
     Source: Live Mint

Sports

1. Highlights of 2024 BWF Thomas and Uber Cup Final
   • What: The 2024 Thomas & Uber Cup (officially known as the Total Energies BWF Thomas & Uber Cup Finals 2024 for sponsorship reasons) was the 33rd edition of the Thomas Cup and the 30th edition of the Uber Cup.
   • The biennial international badminton championship contested by the men and women’s national teams of the member associations of Badminton World Federation (BWF).
   • The tournaments were held at Chengdu, China.
   • Tell me more:
     • The People’s Republic of China’s men’s team won the 33rd edition of Badminton World Federation (BWF) Thomas Cup (Thomas cup is for Men’s team) 2024 after defeating Indonesia. It is China’s 11th Thomas cup title.
     • China’s women’s team has clinched the 30th edition of Badminton World Federation (BWF) Uber Cup (UBER cup is for women’s team) 2024 after defeating Indonesia.
     • This is China’s 16th Uber Cup title. The next most successful women’s nation is Japan, which has won the Uber Cup six times.

Source: BWF

Appointment

1. Rakesh Singh appointed as new CEO for Paytm Money
   • What: Paytm’s wealth management arm, Paytm Money, has appointed Rakesh Singh as its new CEO. He replaced Varun Sridhar, who had been CEO since 2020.
   • Tell me more:
     • Varun Sridhar has been appointed as the new CEO of Paytm Services Pvt Ltd.
     • Bhavesh Gupta, President and Chief Operating Officer of One 97 Communications Ltd, has resigned recently.
       Source: CNBC TV18
2. Jose Raul Mulino elected as the President of Panama
   • What: Jose Raul Mulino has been appointed as the new President of the Panama Republic after he won the elections held for the post of President.
   • He has been appointed for a term of five years.
     Source: BBC

3. Zee Media removes Abhay Ojha as Chief Executive Officer (CEO)
   • What: Zee Media Corporation Limited announced on Monday that it has terminated the services of chief executive officer (CEO) Abhay Ojha effective May 4, 2024.
     Source: Business Standard

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