08th May, 2024

1. The 4th session of the India-Ghana Joint Trade Committee (JTC) meeting took place in Accra (Ghana). During this meeting, representatives from both countries discussed ways to strengthen bilateral trade and economic ties.
2. The European Parliament and the European Council recently reached a provisional agreement on a regulation to establish the first EU-level Carbon Removal Certification Framework.
3. CCAvenue, the payments platform of fintech firm Infibeam Avenues, has partnered with Shivalik Small Finance Bank (SFB) to provide merchants registered with it to access to SFB’s customer base.
4. Mirae Asset Mutual Fund on Monday launched the Nifty Mid Small-cap 400 Momentum Quality 100 exchange-traded fund (ETF).
5. The Asian Development Bank (ADB) and Citi have partnered to sign a master risk participation agreement (MRPA).
6. Setu, a leading Indian fintech company and part of the Pine Labs Group, unveiled Sesame, India’s first Large Language Model (LLM) specifically designed for the banking, financial services, and insurance (BFSI) sector.
7. OpenAI launched a new image detection tool to help people identify whether an image was generated by its DALL-E 3 image-generation tool or if it was created without AI’s assistance
8. India Ratings and Research (Ind-Ra) has revised India’s GDP growth estimate for FY25 upwards to 7.1 percent from 6.5% forecasted earlier.
9. The Indian Army and the Air Force are planning to jointly deploy MQ-9B Predator drones at air bases in Sarsawa and Gorakhpur in Uttar Pradesh,
10. The Indian Space Research Organisation (ISRO) successfully conducted the first ignition test on the Semi Cryogenic Pre-Burner Ignition Test Article (PITA) at Semi Cryo Integrated Engine Test Facility (SIET) at ISRO Propulsion Complex (IPRC) in Mahendragiri, Tamil Nadu (TN).
11. Lando Norris (United Kingdom) secured his first Formula 1 victory at the Miami Grand Prix, beating Max Verstappen.
12. May 5: World Cartoonist Day
13. May 6: International No Diet Day
14. May 5: African World Heritage Day
15. May 5: World Portuguese Day
16. Tata Steel Special Economic Zone Limited (TSSEZL) and HHP Five Private Limited (Hygenco) signed an MoU to establish a green hydrogen and green ammonia project at Odisha’s Ganjam district.
17. The United Nations International Children’s Emergency Fund (UNICEF) India has appointed Bollywood star Kareena Kapoor Khan as its new National Ambassador.
18. UNICEF India has announced its inaugural Youth Advocates, distinguished as peer leaders addressing key issues like climate action, mental health, innovation, and Girls in STEM (Science, technology, engineering, and mathematics).
19. Vladimir Putin begins fifth term as President
20. The National Stock Exchange of India Limited (NSE) has recently appointed the following two individuals as Public Interest Directors (PIDs) to its Governing Board.
21. Visa the global leader in digital payments, has announced the appointment of Sujai Raina as the Country Manager for India and South Asia.
22. Capital gains tax is a tax imposed on the profit earned from the sale of assets such as stocks, bonds, real estate, or other investments. It’s the difference between the purchase price (or basis) of the asset and the selling price.
23. The Department of Consumer Affairs has issued a warning against drip pricing.
24. Former Boeing CEO Frank A. Shrontz passed away

National News

1. India-Ghana agree to strengthen trade ties at 4th joint trade committee meeting in Accra
   • What: The 4th session of the India-Ghana Joint Trade Committee (JTC) meeting took place in Accra (Ghana). During this meeting, representatives from both countries discussed ways to strengthen bilateral trade and economic ties.
   • Tell me more:
     • An agreement was also signed to operationalize the Unified Payment Interface (UPI) of the National Payments Corporation of India (NPCI) on Ghana’s Interbank Payment and Settlement Systems (GHIPSS) within six months.
       Source: Indian High Commission

International News

1. Carbon Removals and Carbon Farming (CRCF) Regulation released
   • What: The European Parliament and the European Council recently reached a provisional agreement on a regulation to establish the first EU-level Carbon Removal Certification Framework.
   • Why: This certification framework will boost innovative carbon removal technologies and carbon farming.
     • Carbon farming involves using special farming techniques to trap carbon dioxide from the air and store it in the soil and plants. This helps fight climate change by reducing the amount of carbon dioxide in the atmosphere.
       Source: European Commission

Banking and Economy

1. Infibeam’s CCAvenue partners with Shivalik SFB to enhance merchant access.
   • What: CCAvenue, the payments platform of fintech firm Infibeam Avenues, has partnered with Shivalik Small Finance Bank (SFB) to provide merchants registered with it to access to SFB’s customer base.
     Source: Business Standard

2. Mirae launches India’s first scheme with 50 mid-cap and 50 small-cap stocks
   • What: Mirae Asset Mutual Fund on Monday launched the Nifty Mid Small-cap 400 Momentum Quality 100 exchange-traded fund (ETF).
     • This is India’s first mutual fund scheme on Mid and Small-cap segment where the underlying portfolio will consist of 50 Mid-cap and 50 Small-cap stocks.
     • An exchange-traded fund (ETF) is a collection of investments such as equities or bonds
   • Tell me more (About the Mirae Asset Nifty MidSmallCap400 Momentum Quality 100 ETF)
     • Type: An open-ended scheme.
       • Open-ended funds allow investors to buy and sell units at any time.
       • There is no fixed maturity period, meaning you can remain invested in the scheme for as long as you want
     • Investment Objective: To generate returns, before expenses that are commensurate with the performance of the Nifty Mid Small-Cap 400 Momentum Quality 100 TRI, subject to tracking error
     • Minimum investment: Rs 5000 and in multiples of Re. 1 thereafter.
     • Fund Managers: Ekta Gala and Vishal Singh
       Source: CNBC TV18

3. ADB, Citi Sign Agreement to Support SMEs and Boost Trade Through Supply Chain Financing
   • What: The Asian Development Bank (ADB) and Citi have partnered to sign a master risk participation agreement (MRPA).
     • MRPA is a legal pact outlining roles and responsibilities between a lender and a participant, allowing risk shifting while maintaining ties with commercial entities involved.
   • Why: To enhance access to supply chain financing for small and medium-sized enterprises (SMEs) and support more than $100 million in additional annual trade across Asia and the Pacific.
     Source: ADB

4. Pine Labs-owned Setu launches India’s first Large Language Model for the BFSI sector
   • What: Setu, a leading Indian fintech company and part of the Pine Labs Group, unveiled Sesame, India’s first Large Language Model (LLM) specifically designed for the banking, financial services, and insurance (BFSI) sector.
     • An LLM is a deep learning algorithm that can perform a variety of natural language processing tasks like ChatGPT.
   • Why:  Sesame aims to focus on improving credit underwriting, fraud detection, loan monitoring, upsell or cross-selling, and personal finance advisory.
   • Tell me more:
     • SESAME has been developed by SETU and the indigenous AI research firm Sarvam AI.
     • Example: When a customer applies for a loan or credit card, Sesame could help banks quickly evaluate loan applications by analyzing applicants’ financial history and credit scores. It can recommend whether to approve or reject applications and suggest repayment schedules, streamlining the credit underwriting process for both banks and customers.
     • The unveiling took place at Adbhut India, an event organized by the non-profit People+ai.
       • people+ai, an initiative of Nandan Nilekani’s EkStep Foundation, has unveiled its vision for the future of Artificial Intelligence (AI) in India, called “Adbhut India” (Amazing India). This ambitious vision outlines a future where AI serves as a powerful tool to improve the lives of all Indians.
         Source: Business Standard
5. OpenAI releases ‘Deepfake’ detector
   • What: OpenAI launched a new image detection tool to help people identify whether an image was generated by its DALL-E 3 image-generation tool or if it was created without AI’s assistance.
   • Why: It has been developed to combat the issue of deepfakes.
   • “Deepfake” refers to a technique that is used to create or manipulate audio, video, or images to present something that didn’t actually occur.
   • Tell me more:
     • The tool is designed to detect content created by its own image generator, DALL-E
     • New detector could correctly identify 98.8 per cent of images
     • However, the tool was not designed to detect images produced by other popular generators like Midjourney and Stability

GDP Forecasts

1. Ind-Ra raises India’s FY25 GDP growth estimate to 7.1 % from 6.5%
   • What: India Ratings and Research (Ind-Ra) has revised India’s GDP growth estimate for FY25 upwards to 7.1 percent from 6.5% forecasted earlier.
   • Why: The agency’s outlook is supported by government capital expenditure and a revival in private-sector investment.
   • Tell me more:
     • The new projection slightly exceeds the Reserve Bank of India’s (RBI) forecast of 7.0 %
       Source: Economic Times

Defence News

1. IAF, Army to jointly deploy Predator drones in Gorakhpur, Sarsawa air bases
   • What: The Indian Army and the Air Force are planning to jointly deploy MQ-9B Predator drones at air bases in Sarsawa and Gorakhpur in Uttar Pradesh,

• Why: To upgrade their surveillance capabilities all along the Line of Actual Control with China from Ladakh to Arunachal Pradesh.
• Tell me more:
  • Drones supplied by: USA
  • Value of the deal: USD 4 Billion
  • No. of drones: 31
    • Out of a total of 31 drones, 15 would be used by the Indian Navy.
    • The IAF and the Army will have eight each
      Source: Business Standard

Science and Tech

1. ISRO successfully conducted first ignition test on Semi Cryogenic Pre-Burner Ignition Test
   • What: The Indian Space Research Organisation (ISRO) successfully conducted the first ignition test on the Semi Cryogenic Pre-Burner Ignition Test Article (PITA) at Semi Cryo Integrated Engine Test Facility (SIET) at ISRO Propulsion Complex (IPRC) in Mahendragiri, Tamil Nadu (TN).
   • Its successful ignition marks a major milestone in ISRO’s semi-cryogenic propulsion system development.
     Source: ISRO

Important Days

1. May 5: World Cartoonist Day
   • What: World Cartoonist Day is annually observed across the globe on 5 May to celebrate and honor cartoonists worldwide and recognize their contributions to society.
     Source: News18
2. May 6: International No Diet Day
   • What: International No Diet Day (INDD) is annually observed across the globe on 6th May to promote body positivity, as well as raise awareness about the dangers of extreme dieting.
   • The symbol of International No Diet Day is a light blue ribbon.
   • The theme of INDD 2024 is “Embrace Yourself: Reject Diet Culture, Love You”
     Source: The Quint
3. May 5: African World Heritage Day
   • What: African World Heritage Day (AWHD) is annually observed across the globe on 5 May to celebrate African culture and heritage
   • Organized by: United Nations Educational, Scientific and Cultural Organization (UNESCO) in collaboration with the African World Heritage Fund (AWHF)
   • Theme: “Safeguarding Africa’s Heritage through Education”
     • This is in harmony with the African Union (AU)’s theme for 2024 “Educate and Skill Africa for the 21st Century”.
       Source: UNESCO
4. May 5: World Portuguese Day
   • What: World Portuguese Language Day is annually observed across the globe on 5 May to raise awareness of the Portuguese language.
     Source: Portuguese Journal

Sports

1. Lando Norris wins maiden F1 race at Miami Grand Prix
   • What: Lando Norris (United Kingdom) secured his first Formula 1 victory at the Miami Grand Prix, beating Max Verstappen.

Source: Financial Express

Memorandum of Understanding

1. TSSEZL, Hygenco ink pact for setting up green ammonia & green hydrogen project in Odisha
   • What: Tata Steel Special Economic Zone Limited (TSSEZL) and HHP Five Private Limited (Hygenco) signed an MoU to establish a green hydrogen and green ammonia project at Odisha’s Ganjam district.
     • The Ganjam District was Odisha’s first Child Marriage Free district
   • Tell me more:
     • Hygenco, known for producing low-cost green hydrogen, aims to produce 1 million tonnes per annum (1 MnTPA) from this plant in phases, with the initial phase scheduled for commissioning by December 2026.
       Source: Economic Times

Appointment

1. UNICEF India appoints Kareena Kapoor Khan as National Ambassador #ForEveryChild
   • What: The United Nations International Children’s Emergency Fund (UNICEF) India has appointed Bollywood star Kareena Kapoor Khan as its new National Ambassador.
   • Why: She has been appointed to support UNICEF in furthering every child’s right to early childhood development, health, education, and gender equality.
   • Tell me more:
     • She has been associated with UNICEF since 2014 as a Celebrity Advocate for UNICEF India.
     • UNICEF runs a global campaign named #EveryChildRights to protect the rights of every child.
   • Note: UNICEF and India are celebrating the 75 years of their partnership.
     Source: UNICEF
2. UNICEF India appointed its first-ever youth advocates
   • What: UNICEF India has announced its inaugural Youth Advocates, distinguished as peer leaders addressing key issues like climate action, mental health, innovation, and Girls in STEM (Science, technology, engineering, and mathematics).
   • In this regard, 4 Youth Advocates have been appointed, aged 16 to 24, who will contribute to UNICEF’s global program, and join over 93 peers across 38 countries to drive impactful change for children and young people.
   • Tell me more (names of the appointed youth advocates)

3. Vladimir Putin begins fifth term as President
   • Term of the president: 6 years
   • In the year 2000, he was appointed as the President of Russia for the first time.
     Source: The Hindu
4. NSE appoints Gopinathan, and Abhilasha Kumari as PIDs
   • What: The National Stock Exchange of India Limited (NSE) has recently appointed the following two individuals as Public Interest Directors (PIDs) to its Governing Board.
     • Mr. Rajesh Gopinathan, former managing director & chief executive officer of Tata Consultancy Service,
     • Retired Justice Abhilasha Kumari (former Chief Justice of the Manipur High Court and former judicial member of Lokpal of India)
       Source: Business Standard
5. Visa appoints Sujai Raina into new role as India Country Manager
   • What: Visa the global leader in digital payments, has announced the appointment of Sujai Raina as the Country Manager for India and South Asia.
   • In his new role, Sujai will be responsible for VISA’s India business, taking on the responsibility of leading and executing Visa’s strategic initiatives for the market, partnering with clients and the payments ecosystem.
     Source: VISA

Miscellaneous

1. Capital Gains Tax
   • What: Capital gains tax is a tax imposed on the profit earned from the sale of assets such as stocks, bonds, real estate, or other investments. It’s the difference between the purchase price (or basis) of the asset and the selling price.
   • Types:
     • Short-Term Capital Gain: For assets generally held for less than 36 months.
     • Long-Term Capital Gain: For assets held for 36 months or more. However, tenure varies in the case of different assets.
       • E.g. Long-term capital gain is levied on listed shares if the period of holding is more than 1 year
2. Drip Pricing
   • What: The Department of Consumer Affairs has issued a warning against drip pricing.
   • About Drip Pricing:
     • It is a pricing technique in which firms advertise only part of a product’s price and reveal other charges later as the customer goes through the buying process.
     • It is used as a tactic to attract customers into initiating the purchasing process
     • It has been identified as a dark pattern under Guidelines for Prevention and Regulation of Dark Patterns, 2023.
       • A Dark pattern refers to practices adopted by online platforms that mislead people into paying for items or services they did not intend to do originally.
3. Former Boeing CEO Frank A. Shrontz passed away
   • What: Frank A. Shrontz, chairman emeritus & Former CEO of Boeing Co. Passed Away
   • The Boeing Company is an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide.
     Source: Reuters

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