31st May, 2024

1. Manama Declaration adopted by Arab League
2. Bank of Maharashtra (BOM) introduced the Maha Krishi Samriddhi Yojana (MKSY)
3. NSE Indices launches India’s first Electric Vehicle Index
4. Jio Financial Services unveils ‘JioFinance’ app in beta version
5. Asia University Rankings 2024 released by Times Higher Education
6. State Bank of India (SBI’s) Economic Research Department report
7. DRDO test-fires ‘Rudram’: The anti-radiation missile
8. Space startup Agnikul Cosmos launches world’s first 3D-printed rocket engine
9. IIT Kanpur and DRDO inaugurate the DRDO-Industry-Academia Centre of Excellence
10. Earth Cloud Aerosol and Radiation Explorer (Earth CARE) Mission Launched
11. Daksha project
12. LignoSat: Japan Launches World’s First Wooden Satellite
13. Highlights of Asian Armwrestling Championship 2024
14. May 30: International Day of Potatoes
15. May 31: World No Tobacco Day
16. Norway Chess 2024: Praggnanandhaa beats Magnus for the first time in the classical game
17. Sophie Ecclestone becomes fastest women’s cricketer to 100 ODI wickets
18. Reliance backed Radisys group forms consortium to set up telecom network in Ghana
19. Shah Rukh Khan appointed as new brand ambassador of Muthoot Pappachan Group
20. Govt appoints Saurabh Garg as full-time MoSPI Secretary
21. Sharat Sinha has been appointed as the CEO of Airtel Business
22. Oscar-Winning Producer Albert S Ruddy Passes Away

International News

1. Manama Declaration adopted by Arab League
   • What: The Manama Declaration (Manama is the capital of Bahrain), issued by the 22-member Arab League, calls for the deployment of United Nations international protection and peacekeeping (UNPK) forces in the occupied Palestinian territory until the two-state solution is implemented.
     Source: Aljazeera

Banking and Economy

1. Bank of Maharashtra (BOM) introduced the Maha Krishi Samriddhi Yojana (MKSY)
   • What: The Bank of Maharashtra (BOM) has introduced the Maha Krishi Samriddhi Yojana.
   • Why: The initiative aims to provide financial help to Food and Agriculture businesses, as well as projects that build agricultural facilities. This includes support for startups involved in food processing and developing farm infrastructure
   • Tell me more:
     • Eligibility:
       • Individual, Proprietorship, Partnership Concern, FPCs, Private Limited Companies, Public Limited Companies, and Limited Liability Partnership concerns.
       • All Advances to new/existing (including takeover from other Banks/Fls) food and Agro-processing units under “Agriculture”
     • Type of loan Facilities:
       • the loan can be in the form of a Term-loan, Working Capital / Export Credit like Pre-Shipment and Post Shipment / Bill purchase / Bill discounting etc.,
     • Quantum of Amount (for each project):
       • Minimum- No Minimum Amount
       • Maximum- up to Rs. 100.00 Crore
     • Repayment:
       • Term loan: Maximum period up to 10 Years (Including Moratorium Period).
       • Working Capital: Repayable on demand
     • Review/Renewal
       • Working Capital: Review / Renewal at every year
       • Renewal Term Loan: Yearly Review of Term Loan of Rs.25.00 Lakh and above
     • Scope and potential areas for the scheme:
       • It is implemented with a cluster-based approach throughout India.
         • The cluster-based approach of MKSY, is in line with the One District One Product (ODOP) initiative of the Ministry of Food Processing Industries (MoFPI).
       • To attract the existing/new Agro & food processing units & Agri Infrastructure Project
       • Maximum Loan amount is up to Rs. 100 Crores.
       • Concessional Rate of Interest
       • Nil Processing Fee
       • The project sanction under the scheme may be eligible for availing benefits under various Govt. scheme as per respective scheme guidelines issued by State / Central Govt.
         Source: Bank of Maharashtra
2. NSE Indices launches India’s first Electric Vehicle Index
   • What: India’s National Stock Exchange (NSE) has launched the Nifty EV & New Age Automotive index.
   • Why: It aims to track the performance of companies in the electric vehicle (EV) ecosystem.
   • Tell me more:
     • The base date for the index: April 02, 2018,
     • Base value of the index: 1000.
     • The index will be reconstituted semi-annually and rebalanced on a quarterly basis.
       Source: NSE
3. Jio Financial Services unveils ‘JioFinance’ app in beta version
   • What: Jio Financial Services has launched the JioFinance app, offering digital banking, UPI transactions, bill settlements, and insurance advisory.
   • The app aims to revolutionize daily finances and streamline bank management with features like instant digital account opening and a Jio payments bank account.
     Source: Live Mint

Report and Indices

1. Asia University Rankings 2024 released by Times Higher Education
   • What: The Times Higher Education Asia University Rankings 2024 has recently been released.
   • Why: The ranking has been released to provide valuable insights into the performance of universities across Asia.
   • Tell me more:
     • Top five universities in Asia

• Top five institutes in India

• Tsinghua University has topped the ranking for the 6th consecutive year.
• Areas covered: THE 2024 ranking has included 739 universities from 31 countries/regions.
  • This marks an increase of 10.5%, up from 669 in 2023.
• Representation: With 119 universities, Japan has the most representation on the 2024 ranking followed by India with 91 universities (up from 75 in 2023) and China with 86 universities.
• Assessment:
  • The rankings are based on 18 performance indicators (up from 13 performance indicators in 2023 Rankings).
  • The indicators are grouped into 5 areas:
    • Teaching (the learning environment)
    • Research environment (volume, income and reputation)
    • Research quality (citation impact, research strength, research excellence and research influence)
    • International outlook (staff, students and research)
    • Industry (income and patents).
• Indian scenario:
  • Indian Institute of Science (IISc) is the only Indian Institute which featured among the top 50 & Top 100 Asian Universities in the list.
  • In 2023, 4 Indian Institutes/ Universities were featured in
• Representations:
  • The 2024 rankings is dominated by universities from the South-East (SE) Asian countries like Malaysia, Singapore and Thailand.
  • A total of 98 universities have joined the rankings since last year.
    • This increase is led by India, Türkiye, Iran and Pakistan.
      Source: THE

GDP Forecasts

1. State Bank of India (SBI’s) Economic Research Department report
   • What: According to the State Bank of India (SBI’s) Economic Research Department report, overall India’s Gross Domestic Product (GDP) growth is expected to touch 8% for FY24.
   • Why: The growth is supported by strong performance across various economic indicators and favorable monsoon conditions.
     Source: The Print

Defence News

1. DRDO test-fires ‘Rudram’: The anti-radiation missile
   • What: Defence Research and Development Organisation (DRDO) successfully conducted the fight-test of RudraM-II, Next Generation Anti-Radiation Missile (NGARM) from Su-30 MK-I fighter jet of the Indian Air Force (IAF).
   • Tell me more:
     • The test took place off the coast of Odisha.
     • Missile Name: RudraM-II
     • Purpose: Air-to-Surface role for neutralizing various types of enemy assets.
     • It is the latest version of RudraM – 1 missile, 1st indigenously developed anti radiation air-to-surface missile was tested in 2020.
       Source: Live Mint
2. Space startup Agnikul Cosmos launches world’s first 3D-printed rocket engine
   • What: Indian space startup, Agnikul Cosmos successfully launched Agnibaan SOrTeD, which stands for “Agnibaan Sub Orbital Technology Demonstrator.” powered by the world’s first single-piece 3D-printed rocket engine, in its fifth attempt.
     • Agnibaan SOrTeD is a single stage launch vehicle designed for small satellites.
   • Tell me more:
     • The rocket was launched from Agnikul Launch Pad 1 (ALP-1), India’s first & only private Launchpad within Satish Dhawan Space Centre (SDSC)-SHAR at Sriharikota, Andhra Pradesh.
     • The indigenously designed and built Agnibaan SOrTeD is India’s second privately built rocket with world’s first 3D printed engine.
     • It marks the second test flight of a private Indian launch vehicle, following the Vikram-S launch by Skyroot Aerospace in November 2022.
       Source: Indian Express

3. IIT Kanpur and DRDO inaugurate the DRDO-Industry-Academia Centre of Excellence
   • What: The Indian Institute of Technology Kanpur (IIT K), and the Defense Research and Development Organization (DRDO) Jointly Inaugurated the DRDO-Industry-Academia Centre of Excellence (DIA COE) on the IIT K campus
   • Why: It has been launched for interdisciplinary research in next-generation defense technologies.
   • Tell me more:
     • Director: Sanjay Tandon, has been appointed as the director of the center.
     • Focus areas: The centre aims to lead focused research in various defence verticals, such as accelerated material design, high-energy materials, and bioengineering.
       • The DRDO will fund the projects and establish key technical facilities and modern infrastructure required to enable and boost Research and development (R&D) programs.
     • Background: The establishment of DIA COE at IIT Kanpur was started in 2022 through a MoU signed during Def-Expo-2022 at Gandhinagar, Gujarat.
       • DefExpo 2022 was a flagship event of the Ministry of Defence built upon the vision to achieve Atma Nirbharta in defence and reach the USD 5 billion defence exports target by 2024.
         Source: IIT K

Science and Technology

1. Earth Cloud Aerosol and Radiation Explorer (Earth CARE) Mission Launched
   • What: The Earth Cloud Aerosol and Radiation Explorer (Earth CARE) mission was successfully launched.
   • Why: To understand Earth’s climate, by studying how clouds, tiny particles (aerosols), and sunlight interact.
     • This helps us learn how Earth’s temperature is controlled, which is crucial during the climate crisis.
   • Tell me more:
     • Launched by: A Joint venture between the European Space Agency (ESA) and the Japan Aerospace Exploration Agency (JAXA).
       Source: ESA
2. Daksha project
   • What: The Daksha project is an ambitious proposal to build two high-energy space telescopes
   • Why: To study explosive astrophysical sources like gamma-ray bursts (GRBs) and electromagnetic counterparts to gravitational wave (GW) sources.
   • Tell me more:
     • Developed by: Daksha is a fully Indian mission, being developed jointly by IIT Bombay, Physical Research Laboratory (PRL), Tata Institute of Fundamental Research (TIFR), Raman Research Institute (RRI), the Inter-University Centre for Astronomy and Astrophysics (IUCAA), and various ISRO centers.
     • Lead agency: IIT Bombay
       Source: Daksha
3. LignoSat: Japan Launches World’s First Wooden Satellite
   • What: Japan has launched the world’s first wooden satellite .
   • Why: The environmentally friendly satellite aims to address the growing issue of space pollution and highlights the use of sustainable materials for space exploration.
     • Unlike traditional satellites (built with aluminium) which release harmful particles during re-entry whereas Lignosat will burn harmlessly.
   • Tell me more:
     • Material used for satellite: Magnolia wood, due to its strength and resilience.
     • Launch: LignoSat will be sent into space on a SpaceX rocket from the Kennedy Space Center in September.
     • Developed by: Kyoto University and Sumitomo Forestry (Japanese institutions)
       Source: NDTV

Important Days

1. May 30: International Day of Potatoes
   • What: United Nations (UN)’s first-ever International Day of Potato was observed globally on 30th May 2024
   • Why: To raise awareness of the various nutritional, economic, environmental, and cultural values of the Potato (Solanum tuberosum), the 3rd most consumed food crop globally.
   • Organized by: Food and Agriculture Organization of the United Nations (FAO).
   • Theme: “Harvesting diversity, feeding hope”.
     • The 2024 theme focussed on potato’s contribution to the lives of producers and consumers.
   • The recommendation for organizing International Day of Potato was led by Peru.
   • Note: The International Year of the Potato was observed in the year 2008.
     Source: FAO

2. May 31: World No Tobacco Day
   • What: World No-Tobacco Day is an annual event observed globally
   • Why: To raise awareness about the dangers of tobacco consumption and promote tobacco control measures.
   • The theme for 2024 is “Protecting Children from Tobacco Industry Interference,
   • Note: As per WHO, tobacco use is a major cause of death and disease in India, responsible for an estimated 1.35 million deaths annually.
     Source: Indian Express

Sports

1. Norway Chess 2024: Praggnanandhaa beats Magnus for the first time in the classical game
   • What: Indian chess prodigy R Praggnanandhaa achieved a significant victory by defeating world number one Norwegian player Magnus Carlsen in a classical game format.
   • Classical chess, also known as standard chess or slow chess, is a time control where each player has a significant amount of time to make all of the moves, usually at least one hour.
   • It was Praggnanandhaa’s first ever win in classical chess against the five-time World champion.
     Source: Sport Star
2. Sophie Ecclestone becomes fastest women’s cricketer to 100 ODI wickets
   • What: England spinner Sophie Ecclestone has become the fastest woman to reach 100 wickets in one-day international (ODI) cricket
     • She took 63 innings to reach 100 wickets.
   • This milestone was achieved during the England vs Pakistan match.
   • She has broken the 21-year-old record held by Australian fast bowler Cathryn Fitzpatrick, who took 64 innings to reach the same milestone.
     Source: Firstpost
3. Highlights of Asian Armwrestling Championship 2024
   • What: The Indian Armwrestling team has won seven medals (one gold and six bronze) in the 22nd Asian Arm-Wrestling Championship and 21st Asian Para Arm-Wrestling Championship 2024.
   • Tell me more:
     • Venue: Tashkent, Uzbekistan
     • Hosted by: Asian Arm-wrestling Federation (AAF) and Uzbekistan Armwrestling Federation
     • The Indian wrestlers’ team was competing under the banner of the People’s Armwrestling Federation of India.
     • Results:
       • Shrimant Jha won a gold medal in the left-hand para category and a bronze medal in the right-hand para-senior category.
         Source: Odisha TV

Memorandum of Understanding

1. Reliance backed Radisys group forms consortium to set up telecom network in Ghana
   • What: Reliance-backed Radisys has formed a consortium called Next-Gen Infra Co (NGIC) to establish a 4G and 5G network for the Government of Ghana.
   • Tell me more:
     • The consortium includes key partners such as Nokia, Mahindra Tech, Ascend Digital, K-NET, and Mobile Network Operators (MNOs), including AT Ghana and Telecel Ghana.
     • NGIC plans to launch affordable 4G/5G-enabled smartphones in Ghana by the end of this year, bridging the digital divide and inspiring other African nations seeking similar progress.
     • The creation of this shared NGIC is critical for achieving Ghana’s vision of becoming a 100% Digital Ghana by 2030.
       Source: Hindu Business Line

Appointments

1. Shah Rukh Khan appointed as new brand ambassador of Muthoot Pappachan Group
   • What: Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has named Bollywood Actor Shah Rukh Khan as its brand ambassador.
   • MPG is the promoter of leading Non-Banking Financial Companies (NBFCs) in India including Muthoot FinCorp Limited, Muthoot Microfin Limited, Muthoot Capital Services Limited, and Muthoot Housing Finance Company Limited.
     Source: Hindu Business Line
2. Govt appoints Saurabh Garg as full-time MoSPI Secretary
   • What: The government has appointed Saurabh Garg as the full-time Secretary of the Ministry of Statistics and Programme Implementation (MoSPI).
   • Before this, he was already holding the additional charge of this position.
     Source: Indian Express

3. Sharat Sinha has been appointed as the CEO of Airtel Business
   • What: Telecom operator Bharti Airtel has appointed Sharat Sinha as the Chief Executive Officer (CEO) of Airtel Business.
     Source: The Telegraph

Miscellaneous

1. Oscar-Winning Producer Albert S Ruddy Passes Away
   • What: Albert Stotland Ruddy, the renowned Oscar winning Canadian Film Producer has passed away.
   • In 1973, he won the Academy Award (Oscar) for the Best Picture for the film ‘The Godfather’ (1972) at the 45th Academy Awards.
   • He also won an Oscar for the Best Picture for the film ‘Million Dollar Baby’ (2004) at the 77th Annual Academy Awards held in 2005.
   • He has won the Golden Globe Award for Best Motion Picture-Drama for the film ‘The Godfather’ in 1973 and for Best Motion Picture- Musical/Comedy for the film ‘The Longest Yard’ in 1975.
     Source: Times Now

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