May - 2024 Current Affairs

Correct Answer :   R. Lakshmi Kanth Rao

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The Reserve Bank of India (RBI) has appointed R. Lakshmi Kanth Rao as Executive Director, effective from May 10, 2024. Rao brings over 30 years of experience at the RBI, having previously served as Chief General Manager in charge of the Department of Regulation.

Responsibilities :

Deposit Insurance and Credit Guarantee Corporation (DICGC) : Rao will oversee operations related to the Deposit Insurance and Credit Guarantee Corporation, ensuring the protection of depositors’ interests.

Right to Information Act (FAA) and Department of Communication : In his role as Executive Director, Rao will be responsible for handling matters concerning the Right to Information Act and managing communications within the RBI.

Professional Background :

Rao holds a commerce degree and a master’s in business administration with a specialization in finance from Sri Venkateswara University, Tirupati. Additionally, he is certified by the Indian Institute of Banking and Finance (IIBF), having completed a diploma in TIRM (Treasury and Risk Management).

Throughout his career, Rao has contributed significantly to banking regulation, supervision, and consumer protection, serving in various capacities such as banking ombudsman and regional director. He has also been actively involved in policy formulation, participating in numerous committees and working groups.

Correct Answer :   10th May

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On May 10 every year, people around the world celebrate the International Day of Argania. This special day honours the Argan tree (Argania spinosa), an ancient species that has grown in Morocco for about 80 million years. These trees are not just old; they play a crucial role in the local economy and environment. The celebration aims to increase awareness about these unique trees, their benefits, and the challenges they face.

The Argan tree is a native species of the sub-Saharan region of Morocco, growing in arid and semi-arid areas. It’s the defining species of a woodland ecosystem, also known as Arganeraie, which is rich in endemic flora. It is resilient to harsh environments with water scarcity, erosion risk, and poor soils.

The Arganeraie ecosystem is not only important for conservation but also for research and socio-economic development due to its forestry, agricultural, and livestock use. The argan tree woodlands provide forest products, fruits, and fodder. The leaves and fruits are edible and highly appreciated, as is the undergrowth, and constitute a vital fodder reserve for all herds, even in periods of drought. The trees are also used as fuelwood for cooking and heating.

The World-Renowned Argan Oil :

The world-famous argan oil is extracted from the seeds and has multiple applications, especially in traditional and complementary medicine, and in the culinary and cosmetic industries.

The Argan Tree: A Fundamental Pillar for Sustainable Development :

The argan tree is typically a multipurpose tree that supports income generation, increases resilience, and improves climate adaptation, playing a crucial role in achieving the three dimensions of sustainable development – economic, social, and environmental – at the local level.

The sustainable argan production sector contributes to the economic empowerment and financial inclusion of local communities, especially women living in rural areas. Cooperatives are instrumental in promoting local job opportunities and can play an important role in contributing to food security and eradicating poverty.

For centuries, the argan tree has been a mainstay of the Berber and Arab-origin indigenous rural communities, which developed a specific culture and identity, sharing their traditional knowledge and skills through non-formal education, particularly the unique knowledge associated with the traditional production of argan oil by women.

The unique argan-based agro-forestry-pastoral system uses only locally adapted species and pastoralism activities and relies on traditional water management provided by the Matifiya (a rain water reservoir carved into rock), hence contributing to climate change mitigation and adaptation, and to the conservation of biodiversity.

Recognition and Protection :

This unique region, where argan trees have been cultivated for centuries, combines agricultural biodiversity, resilient ecosystems, and valuable cultural heritage. For that reason, it has received recognition and protection from various UN entities.

Correct Answer :   Keki Mistry

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The Insurance Regulatory and Development Authority (IRDAI) on 7th May 2024 approved the appointment of Keki Mistry as Chairman of HDFC Life. “We now wish to inform that IRDAI on May 7, 2024 has accorded its approval for the appointment of Keki Mistry as Chairman of the Board of the Company,” HDFC Life said in an exchange filing on May 8.

Earlier, the insurer had appointed Mistry as the Chairman of the Board as Deepak Parekh stepped down from the post. “The board has unanimously approved the appointment of Keki M Mistry as the Chairman of the Board with immediate effect subject to approval of Insurance Regulatory and Development Authority,” the company said on April 18.

Mistry is a qualified Chartered Accountant and a Fellow Member of the Institute of Chartered Accountants of India. He was the Vice Chairman and CEO of Housing Development Finance Corporation (HDFC) Limited. With the amalgamation of HDFC Limited with HDFC Bank, Mistry superannuated from HDFC Limited and has been appointed as a Non-Executive Director on the Board of HDFC Bank Limited. He is also a Director on the Boards of several other prominent Companies.

He is a Member of the Primary Market Advisory committee (PMAC) constituted by the Securities and Exchange Board of India (SEBI). Mistry is currently a member of the Expert Committee constituted by SEBI for facilitating ease of doing business and harmonisation of the provisions of ICDR and LODR Regulations and is the Chairman of Working Group 1 of the Expert Committee..

Source : Money Control

Correct Answer :   Sri Lanka

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Thailand and Sri Lanka have extended the visa-free entry facilities for visitors from India. Thailand has announced the extension of visa-free entry till November 11, 2024. The facility, implemented on November 10, 2023, was initially till May 10, 2024.

The Sri Lanka government has announced the extension of the facility till May 31, 2024. The country started visa-free entry as a pilot project in October last year. In both countries, the facility is valid for 30 days for visitors from India.

Tourism Authority of Thailand officials said there had been a sharp increase in the number of tourists from India since the facility was implemented.

The number of visitors to Thailand from India between November 2022 and April 2023 was 7,55,066, the official said. This number went up to 9,68,000 between November 2023 and April 2024.

“There has been a 28.2 per cent increase in the number of visitors from India between November 2023 and April 2024 compared with the previous year. This helped the Thailand government decide to extend the visa-free facility,” said Sirges-a-nong Trirattanasongpol, director, Tourism Authority of Thailand, New Delhi Office. “India is a very important market for us.”

Tourism is one of Thailand’s key industries accounting for about 20% of total jobs and making up about 12% of the nation’s $500 billion economy. Srettha’s administration has set a goal of attracting 80 million tourists by 2027.

Visa-free travel :

Visa-free travel means you can enter a country without getting a visa beforehand. This makes travel easier as it avoids complex visa processes and saves visa fees. Several countries have agreements with India allowing Indians to visit without lengthy procedures.

Typically, you only need a passport to pass through customs in visa-free countries. However, some countries may require additional documents like proof of onward travel. In certain places, you might also need to pay an airport or departure tax..

Source : Business Standard

Correct Answer :   Maldives

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The Ministry of External Affairs on Thursday (9th May 2024) confirmed the withdrawal of Indian military personnel from the Maldives and the "deputation of competent persons" to the archipelago nation.

* "So, both Maldives and India have engaged for quite some time to see how best they can continue the operation of aviation platforms. And in that regard, you have seen developments in first and second batches of people who were providing their support there, they had come back," MEA official spokesperson Randhir Jaiswal said in a press briefing.

* "Now, what I can confirm to you is that the deputation of the competent Indian technical personnel has taken place. As these platforms provide medivac services to the people of Maldives," he added.

* Meanwhile, Maldives Foreign Minister Moosa Zameer on Thursday (9th May 2024) said that his country's defence relations with India go beyond military personnel and the two countries will work together to make the Indian Ocean a peaceful place.

* The Maldives Minister, who arrived in India on 8th May 2024, said that the platforms which were being handled by Indian military personnel would be handled by civilians..

Source : NDTV

Correct Answer :   Arkansas

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Arkansas, with its breathtaking natural beauty, clear lakes, abundant wildlife, and diverse ecosystems, has earned the well-deserved nickname “The Natural State.” From majestic mountains to lush forests and winding rivers, Arkansas boasts a rich tapestry of natural wonders that captivates visitors and residents alike.

Which State of United States is Known as “The Natural State”?

Arkansas holds the title of “The Natural State” in the United States. Renowned for its unspoiled natural beauty, Arkansas boasts picturesque landscapes, clear lakes, and abundant wildlife. With its majestic mountains, winding rivers, and lush forests, the state captivates visitors with its scenic wonders. The nickname reflects Arkansas’s commitment to preserving its rich natural heritage and promoting eco-tourism, making it a haven for outdoor enthusiasts and nature lovers.

Origin of the Nickname “The Natural State” :

The moniker “The Natural State” was officially adopted by Arkansas in 1995. It serves as a testament to the state’s commitment to preserving its natural heritage and promoting eco-tourism. Arkansas takes pride in its pristine landscapes and works diligently to conserve its natural resources for future generations.

Why is Arkansas Known as “The Natural State”?

Arkansas is known as “The Natural State” due to its abundant natural beauty, including clear lakes, scenic mountains, and diverse wildlife. The nickname reflects the state’s commitment to preserving its natural resources and promoting eco-tourism. With stunning landscapes and pristine environments, Arkansas captivates visitors and residents alike, earning its reputation as a haven for outdoor enthusiasts and nature lovers.

Scenic Landscapes of Arkansas :

Arkansas is home to a myriad of scenic landscapes that enchant outdoor enthusiasts. The Ozark Mountains in the northwest offer stunning vistas, rugged trails, and cascading waterfalls. The Ouachita Mountains in the southwest boast serene forests, sparkling lakes, and opportunities for outdoor recreation.

Rich Biodiversity of Arkansas, “The Natural State” :

Arkansas is blessed with a rich diversity of wildlife and ecosystems. Its extensive network of state parks, national forests, and wildlife refuges provides habitat for a variety of species, including black bears, white-tailed deer, and bald eagles. Birdwatchers flock to Arkansas to catch a glimpse of migratory birds along the Mississippi Flyway.

Correct Answer :   Chakravarthi Rajagopalachari

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Chakravarthi Rajagopalachari, affectionately known as Rajaji, holds a revered place in Indian history as the first Governor of West Bengal. A stalwart of the Indian National Congress and a close associate of Mahatma Gandhi, Rajaji’s tenure in West Bengal marked a period of profound leadership and dedication to the principles of justice and equality. His legacy continues to inspire generations, embodying the essence of statesmanship and service to the nation.

Who was the First Governor of West Bengal?

Chakravarti Rajagopalachari, affectionately known as Rajaji or C.R., was a multifaceted personality in Indian politics and literature. His illustrious career spanned various roles from being the last Governor-General of India to serving as the Chief Minister of Madras State. Renowned for his statesmanship, literary contributions, and unwavering commitment to social reform, Rajagopalachari left an indelible mark on India’s history.

First Governor of West Bengal – Basic Details :

Inaugural Governor of West Bengal – Early Life and Education :

Rajagopalachari was born on December 10, 1878, in the Thorapalli village of Hosur taluk in the Madras Presidency. Coming from a Brahmin family, he exhibited intellectual prowess from a young age, graduating in arts from Central College, Bangalore, and later studying law at Presidency College, Madras. Despite facing health challenges as a child, Rajagopalachari’s determination led him to excel in his academic pursuits.

West Bengal’s First Governor – Political Journey :

Rajagopalachari’s political career was marked by his close association with Mahatma Gandhi and his active involvement in the Indian National Congress. He participated in various movements against British colonial rule, including the non-cooperation movement and the Civil Disobedience movement. His leadership roles ranged from being the Prime Minister of the Madras Presidency to serving as the Minister of Industry and Supply in the Interim Government of India.

As the last Governor-General of India, Rajagopalachari played a pivotal role during the transition period to Indian republicanism. His tenure witnessed significant political developments, including the integration of princely states into the Indian Union. Additionally, his contributions as the Minister of Home Affairs and Chief Minister of Madras State underscored his commitment to governance and public service.

Literary and Social Contributions of West Bengal’s First Governor :

Beyond politics, Rajagopalachari was a prolific writer and scholar. His works spanned both Tamil and English literature, covering topics ranging from epics like the Mahabharata and Ramayana to philosophical treatises on Hinduism and the Upanishads. Notably, his retelling of these epics in English brought classical Indian literature to a wider audience, earning him accolades such as the Sahitya Akademi Award.

Rajagopalachari’s advocacy for social reform was equally significant. He championed causes such as temple entry for Dalits and prohibition, demonstrating a commitment to social justice and equality. His efforts in spearheading initiatives like the Mahabal Temple Entry program and his role in the conclusion of the Poona Pact highlighted his dedication to uplifting marginalized communities.

First Governor of West Bengal – Legacy and Recognition :

Rajagopalachari’s legacy continues to resonate in Indian politics and literature. His contributions to nation-building, governance, and literature have earned him widespread acclaim. Renowned leaders such as Mahatma Gandhi and Richard Casey regarded him highly for his wisdom and integrity.

In recognition of his contributions, Rajagopalachari was posthumously awarded the Bharat Ratna, India’s highest civilian award. His portrait adorns the Central Hall of Parliament House, symbolizing his enduring influence on India’s democratic fabric.

Correct Answer :   Sri Lanka

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The Sri Lankan government has approved an agreement with Adani Green Energy, led by Gautam Adani, for the development of wind power stations in Mannar and Poonerin. The agreement was given the green light by the Sri Lankan cabinet on May 7. Under the power purchase agreement, which has a duration of 20 years, Adani Green Energy will be paid 8.26 cents per kilowatt-hour (kWh) for the electricity generated from the wind power stations.

$442 Million Investment for 484 MW Wind Power Plants :

The deal follows Adani Green Energy’s approval in February 2023 to invest $442 million and develop 484 megawatts of wind power plants in the two towns of Mannar and Poonerin in Northern Sri Lanka.

Negotiating Committee Appointed :

The Sri Lankan government has appointed a negotiating committee, approved by the Cabinet, to review the project proposals offered by the Indian company.

Adani Group’s Growing Presence in Sri Lanka :

The power purchase deal marks a growing presence of the Adani Group in Sri Lanka. The group is already involved in developing a $700 million terminal project at Colombo, which is the island nation’s largest port.

Sri Lanka’s Renewable Energy Push :

Sri Lanka faced an economic crisis in 2022, leading to severe power blackouts and fuel scarcity. Since then, the cash-strapped nation has been trying to fast-track renewable energy projects to hedge against surges in imported fuel costs.

Adani Green Energy’s Financial Performance :

On May 3, Adani Green Energy reported a 39 percent drop in its net profit at Rs 310 crore for the quarter ended March 31, 2024, compared to Rs 507 crore a year ago. The company’s revenue also declined by 6 percent to Rs 2,806 crore in the fourth quarter, compared to Rs 2,977 crore in the same period last year.

Correct Answer :   R Shankar Raman

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Larsen & Toubro is pleased to announce that Mr R Shankar Raman, who has been Sr EVP, Whole-time Director & CFO, is elevated as President, Whole-time Director & CFO with immediate effect.

Mr Shankar Raman joined L&T Group in November 1994 to set up L&T Finance Limited, a wholly-owned subsidiary. He later assumed the role of the CFO at L&T and was appointed to the Board in October 2011.

As CFO of L&T, he plays a pivotal role in shaping the company's financial strategy, driving growth initiatives, and ensuring financial sustainability in a dynamic business environment. He is widely respected in the industry for his professionalism, integrity, and dedication to excellence.

With a background in finance and accounting, Mr Raman has a deep understanding of the intricacies of corporate finance, mergers and acquisitions, capital management and risk assessment. He is known for his strategic vision and ability to navigate complex financial landscapes, contributing significantly to L&T's growth and success.

Mr R Shankar Raman is a qualified Chartered Accountant and a Cost Accountant. Over the past 40 years, Mr Shankar Raman has worked for leading listed corporates in varied capacities in the field of finance.

On this occasion, Mr S N Subrahmanyan, Chairman & Managing Director L&T, said, “I would like to express my sincere appreciation towards Mr R Shankar Raman for his leadership skills and for implementing best financial practices and governance standards within L&T. His strategic initiatives have helped L&T strengthen its financial position, optimise resources, and enhance shareholder value.

Mr Raman said: “I am deeply honoured to accept the appointment as President. I would like to express my sincere gratitude to L&T Board & our CMD for having placed their trust in me to lead in this capacity and work together towards our shared goals and aspirations.”.

Source : Larsen Toubro

Correct Answer :   Uttarakhand

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The Uttarakhand government has launched the ‘Pirul Lao-Paise Pao’ campaign to contain the raging forest fires in the state. Chief Minister Pushkar Singh Dhami launched the campaign in the Rudraprayag district on May 8, 2024. He urged the people to actively participate in the campaign and stated that cooperatives, Yuva Mangal Dal, and Van Panchayat would also take part.

Collecting Pine Leaves for Incentives :

Under the ‘Pirul Lao-Paise Pao’ campaign, local youth and villagers will collect dry Pirul (Pine tree leaves) from the forests and take them to designated Pirul collection centers. The Tehsildar, under the supervision of the Sub-Divisional Magistrate, will manage these centers.

The collected Pirul will be weighed, and the villagers or youth will be paid Rs 50 per kg, with the amount directly transferred to their bank accounts. The collected Pirul will be packed, processed, and sold to industries for further use.

Significance of Pirul Collection :

In Uttarakhand, Pirul refers to Pine tree leaves, which have been traditionally used as bedding for domestic animals, as fertilizer when mixed with cow dung, and for packaging fruits. However, due to their excellent burning capacity, they pose a significant fire threat in Pine forests.

The Uttarakhand government has established a 25-kilowatt power plant in the Chakori Dhanari village of the Uttarkashi district, which uses Pirul as a raw material to produce electricity. The state produces an estimated 23 lakh metric tonnes of Pirul annually, with the potential to generate about 200 megawatts of electricity.

Campaign Oversight and Funding :

The Uttarakhand Pollution Control Board has been designated to oversee the ‘Pirul Lao-Paise Pao’ Campaign, operating the Pirul collection centers, storing, and processing the collected material. The state government has allocated Rs 50 crore for the campaign, from which the collectors of Pirul will be paid.

Addressing Forest Fire Risks :

Pine leaves, known as Chaita in the local language, are highly inflammable when dry and are considered a significant cause of spreading fires in the forest. By collecting these leaves from the forest area, the risk of fires can be reduced.

Forest Cover in Uttarakhand :

According to the Indian State of the Forest Report 2021, the total recorded forest area in Uttarakhand is 24,305 square kilometers, covering 45.44% of the state’s geographical area. The state has 5,055 square kilometers of very dense forests, 12,768 square kilometers of moderately dense forests, and 6,482 square kilometers of open forests.

Pine trees were introduced in the region by the British and are now abundant in districts like Almora, Bageshwar, Chamoli, Champawat, Dehradun, Garhwal, Nainital, Pithoragarh, Rudraprayag, Tehri, and Uttarkashi.