May - 2024 Current Affairs

Correct Answer :   15 May 2024

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Noted storyteller and Padma Shri awardee Malti Joshi passed away at the age of 90 years at her residence in New Delhi on 15 May 2024. She was suffering from oesophagus cancer. Malti Joshi was known for her work in Hindi and Marathi language. She was awarded Padam Shri in 2018.

Malti Joshi as a Hindi and Marathi story writer :

* Malti Joshi was born on June 4, 1934, in Aurangabad, Maharashtra, Malti Joshi was brought up in Indore, Madhya Pradesh. She did her schooling at Malav Kanya Vidyalaya in the city. She completed her graduation from the Holkar College of Dr. Bhimrao Ambedkar University, Indore. He also did her Master's from the same university in Hindi literature in 1956.

* She was a prolific writer who wrote in Hindi and Marathi. However, she is best known for her Hindi literature works.

* In the early stages of her writing, Malti Joshi wrote poems, and in college she was famous as  Meera of Malwa.

Malti Joshi Main Story Collections :

* Malti Joshi's major story collections include Pashan Yug, Madhyantar, Samarpan ka Sukh, Mann Na Hue Dus Bees, Malti Joshi's ki  Kahaniyan, Ek Ghar Ho Sapno Ka, Vishwas Gatha, Aakhri Shatti, Mori Rang De Chunariya, Ek Sarthak Din, etc. She has also written children's story collections like Dadi Ki Ghadi, Jeene Ki Raah, Pariksha Aur Puraskar, Sneh K Swar, Sacha Singar, etc.

* She has also written novels and auto-memoirs. Patakshep, Sahcharini, Shobha Yatra, Raga Virag, etc., are prominent among the novels. At the same time, she also wrote a song collection, Mera Chhota Sa Apnapan.

* She also wrote a memoir autobiography called Is Pyaar Ko Kya Naam doon.

* Malti Joshi's work has been translated into other Indian languages like  Marathi, Urdu, Bengali, Tamil, Telugu, Punjabi, Malayalam, and Kannada. Her work has also been translated into foreign languages like Russian, Japanese and English.

* Several of  Malti Joshi’s stories were adapted for television, which was telecasted by Doordarshan. The Saat Phere serial, telecasted on Doordarshan and produced by Jaya Bachchan, was based on Malti Joshi’s story. Her story is also featured in the television serial ‘Kiraddar’, produced by Gulzar.

Correct Answer :   Iran

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India has signed a 10-year agreement to develop and operate Iran’s strategic Chabahar Port to strengthen trade ties with Central Asia and Afghanistan, bypassing Pakistan. However, this deal faces potential US sanctions, complicating New Delhi’s strategic objectives.

Strategic Importance of Chabahar Port :

The Chabahar Port, located in southeastern Iran’s Sistan-Baluchestan province, is crucial for India’s trade ambitions. By operating a terminal in the Shahid Beheshti section, India aims to establish a direct trade route to Afghanistan and Central Asia, circumventing its rival Pakistan. Indian Shipping Minister Sarbananda Sonowal highlighted the port’s role as a vital trade artery for India.

Details of the Agreement :

India Port Global Limited (IPGL) and Iran’s Ports and Maritime Organization (PMO) signed the deal, committing India to invest $120 million into the port’s terminal over ten years, with an additional $250 million loan facility, bringing the total contract value to $370 million. This agreement, revived post-2015 Iran nuclear deal sanctions relief, aims to solidify the infrastructure and operational capabilities of the port.

US Sanctions Threat :

The US has issued a warning about potential sanctions for entities engaging with Iran. US State Department spokesman Vedant Patel cautioned businesses of the risks involved in deals with Iran. Despite this, India’s Foreign Minister "Subrahmanyam Jaishankar " expressed confidence in communicating the strategic benefits of the port to the US, advocating for a broader understanding of its significance.

Historical Context and Revival of the Deal :

Initial talks between India and Iran regarding Chabahar Port began in 2003 but stalled due to US sanctions. The 2015 easing of sanctions under the Iran nuclear deal revitalized discussions, leading to a tripartite agreement involving India, Iran, and Afghanistan during Indian Prime Minister Narendra Modi’s visit to Iran in 2016. This agreement underscored the shared interest in developing alternative trade routes.

Correct Answer :   7 Million

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The Open Network for Digital Commerce (ONDC), a digital infrastructure initiative launched in 2021, has witnessed remarkable growth, with transactions crossing 70 lakh in April this year (2024). Led by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC aims to democratize digital commerce and create a level playing field for businesses of all sizes. Let’s explore the key highlights and significance of ONDC through subheadings.

Facilitating Digital Commerce :

ONDC serves as a pioneering digital infrastructure that aims to democratize digital commerce in India. By providing a platform that lowers entry barriers and fosters competition, ONDC opens up new opportunities for businesses, especially small and medium-sized enterprises (SMEs), to participate in the digital economy.

Impressive Milestones :

The Department for Promotion of Industry and Internal Trade (DPIIT) announced that over 5 lakh sellers have been onboarded on the ONDC platform, with more than 70% of them being small or medium-sized sellers. Additionally, over 125 ecosystem stakeholders, including startups, unicorns, and businesses, have signed Letters of Intent (LoI) to join ONDC, reflecting the platform’s growing influence and appeal.

Role of Startups :

Startups play a pivotal role in driving innovation and fostering competition within the ONDC ecosystem. Joint Secretary of DPIIT, Sanjiv Singh, emphasized the significance of startups in enhancing consumer choice and driving momentum for the national initiative. More than 125 startups have committed to onboard the ONDC network, demonstrating their enthusiasm for leveraging the platform to innovate and expand their reach.

Addressing Market Challenges :

Creating and discovering markets pose significant challenges for startups, especially those that have been digitally excluded. ONDC addresses these challenges by lowering entry barriers to digital commerce and providing a level playing field for all e-commerce players. The platform empowers small-scale businesses and digitally excluded entities to participate in the digital economy on equal footing with larger counterparts.

ONDC Entity and Governance :

The ONDC entity, established as a not-for-profit company under Section 8 of the Companies Act 2013, manages and operates the ONDC Network. Responsible for building and maintaining the underlying infrastructure, the entity defines the rules of engagement and code of conduct for network participants through the ONDC Network Policy and the ONDC Network Participant Agreement.

Correct Answer :   May 17

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World Telecommunication and Information Society Day, observed annually on May 17, celebrates the transformative impact of telecommunication and information technology on global connectivity and development. As we commemorate this special day in 2024, it’s essential to reflect on its significance, theme, historical roots, and the pressing issues it addresses.

World Telecommunication Day 2024 and Information Society Day 2024 – Date :

Every year, World Telecommunication and Information Society Day is marked on May 17. In 2024, this significant observance falls on a Friday, providing an opportunity for individuals, organizations, and governments worldwide to recognize the pivotal role of telecommunication and information technology in shaping our interconnected world.

Theme for World Telecommunication and Information Society Day 2024 :

The theme for World Telecommunication and Information Society Day 2024 is “Digital Innovation for Sustainable Development.” This theme underscores the crucial role that innovative technologies play in addressing global challenges such as climate change, poverty, and hunger. Digital innovation has the potential to advance progress towards the United Nations Sustainable Development Goals (SDGs) by 2030, with estimates suggesting that digital technologies could contribute to achieving 70% of these targets. However, despite the promise of digital innovation, significant disparities in access, investment, and digital skills persist, hindering progress in many parts of the world.

History of World Telecommunication and Information Society Day :

The roots of World Telecommunication and Information Society Day trace back to the founding of the International Telecommunication Union (ITU) in 1865. The ITU, established during the first Indian Telegraph Convention, has played a central role in standardizing and coordinating global telecommunication networks. In 2005, the World Summit on the Information Society proposed to the United Nations to designate May 17 as World Telecommunication and Information Society Day. This date holds dual significance, commemorating both the establishment of the ITU and serving as a platform to address contemporary challenges and opportunities in the information society.

Significance of World Telecommunication and Information Society Day 2024 :

World Telecommunication and Information Society Day holds immense significance in highlighting the achievements and challenges of the digital age. It provides a platform for stakeholders to engage in discussions about the impact of telecommunication and information technology on sustainable development, digital inclusion, and global connectivity. The goal of the day is to promote digital innovation as a catalyst for positive change, fostering greater collaboration, investment, and policy initiatives to bridge the digital divide and promote sustainable development worldwide.

Correct Answer :   Mahindra & Mahindra Ltd

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In anticipation of increased demand in the automotive sector, Mahindra & Mahindra Ltd has unveiled an ambitious plan to invest ?26,000 crore in its automotive business over the next three years. This significant investment will span from FY25 to FY27 and is aimed at developing new vehicles and enhancing production capacity.

Major Investments in Electric Vehicles :

A substantial portion of the investment, ?12,000 crore, is allocated to Mahindra Electric Automobile Limited (MEAL), the company’s electric vehicle unit. The funds will be used to create and market a world-class electric SUV portfolio equipped with advanced technologies. Anish Shah, Managing Director of Mahindra & Mahindra Ltd, emphasized the importance of both ICE and electric vehicles for the company’s growth strategy.

Distribution of Investment Across Business Segments

The remaining investment will be distributed as follows:

Capacity Expansion Plans :

Mahindra & Mahindra plans to ramp up its production capacities significantly. By FY25, the company aims to increase its SUV capacity by 5,000 units and its electric vehicle capacity by 10,000 units. By the end of FY26, an additional 8,000 units of electric vehicle capacity are expected, bringing the overall SUV capacity to 72,000 units.

New Vehicle Introductions :

The company has an aggressive product launch schedule lined up, including:

Growth Projections :

Mahindra & Mahindra is targeting a growth rate in the mid- to high-teens for the current financial year. The company aims for up to 30% of its SUV portfolio to be electric by 2027, positioning itself as a significant player in the electric vehicle market.

Strategic Investments and Collaborations :

The fresh investments come alongside continued support from British International Investment (BII) and Temasek. BII has invested ?1,200 crore so far, with an additional ?725 crore pending. Temasek has invested ?300 crore and will invest another ?900 crore according to previously agreed timelines.

Recent Performance and Market Position :

Mahindra & Mahindra has enjoyed a strong performance over the past year, with auto sales surpassing 100,000 units for the first time in FY24. The company’s revenue market share in the SUV segment increased by 130 basis points to 20.4%, driven by an 18% growth in volumes.

Correct Answer :   Kapil Sibal

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Senior advocate Kapil Sibal has been elected as the president of the Supreme Court Bar Association (SCBA) in a recent election held on Thursday (16th May 2024) in New Delhi. This marks his fourth term serving as the president of the prestigious lawyers’ body, succeeding senior advocate Adish C. Aggarwala.

Kapil Sharma’s Previous Tenure :

Kapil Sibal previously held the position of SCBA president in 2001 and served two separate stints in the mid and late 1990s. With a wealth of experience and legal expertise, Sibal’s re-election signifies the confidence and trust placed in his leadership by the legal fraternity.

Succession from Adish C. Aggarwala :

Sibal will take over the reins from incumbent president Adish C. Aggarwala, continuing the legacy of leadership within the SCBA. The transition of power reflects the democratic process within the legal community and ensures continuity in the association’s functioning.

Runner-up and Other Office Bearers :

Senior advocate Pradeep Rai emerged as the runner-up in the SCBA elections, showcasing the competitive nature of the electoral process. Advocate Vikrant Yadav secured the position of SCBA secretary, further complementing the leadership team.

Election Results and Contestants :

In a closely contested election, Kapil Sibal secured a significant victory with 1,066 votes, defeating Pradeep Rai who garnered 689 votes. The election saw participation from several prominent legal figures, including Priya Hingorani, Tripurari Ray, and Neeraj Srivastava, highlighting the diversity of viewpoints within the legal fraternity.

Reactions to the Election :

Rajya Sabha member Jairam Ramesh hailed Sibal’s election as a significant win for liberal, secular, democratic, and progressive forces. The outcome of the election is seen as a reflection of broader ideological alignments within the legal community and its implications for future legal discourse and advocacy.

Correct Answer :   2030

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India’s internet economy is poised for significant growth, with industry experts predicting it will reach $1 trillion by 2030. This surge is primarily driven by the e-commerce sector, which is expected to grow at an annual rate of 25%, from $60 billion in FY2023 to $325 billion, making it the third largest globally.

Key Drivers of E-commerce Growth :

Mobile and Internet Penetration : The expansion of e-commerce in India is significantly bolstered by the widespread penetration of mobile phones and the internet. The increasing aspirations of the population, coupled with rising disposable incomes and urbanization, further fuel this growth. The adoption of the Unified Payments Interface (UPI) has also been a critical enabler.

Tier-II and Tier-III City Demand : A substantial portion of the growth is driven by demand from Tier-II and Tier-III cities. These regions, previously underserved in terms of access to diverse brands and products, now find their needs met through e-commerce platforms. This access bridges the gap and fulfils the aspirations of these consumers.

Infrastructure and Government Support :

Digital and Financial Infrastructure : The Indian government has played a pivotal role in this digital transformation by establishing robust digital and financial infrastructure. This foundation supports the rapid growth of the e-commerce sector and ensures consumer protection, a top priority for the government.

Support for SMEs : E-commerce platforms are not only catering to consumer needs but also empowering small and medium enterprises (SMEs). These platforms enable SMEs to sell both within India and globally, through specialized global selling programs. This creates a significant tailwind for the growth of e-commerce.

Evolution of Quick Commerce :

Disruptive Delivery Models : Quick commerce, promising faster delivery times, has emerged as a significant disruptor in the e-commerce sector. This model caters to the evolving needs of consumers, especially in urban areas, and represents a key aspect of the sector’s ongoing evolution.

Consumer Trust and Technological Advancements :

Enhancing Customer Trust : Investments in tools and processes to enhance customer trust are paramount for e-commerce players. These advancements ensure a reliable shopping experience, which is critical for sustaining the growth trajectory of the sector.

As India moves towards becoming a $5 trillion economy, the e-commerce sector is set to play a crucial role, driven by technology, regulatory support, and evolving consumer behaviors.

Correct Answer :   6.9%

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The United Nations has revised India’s economic growth forecast for 2024, projecting a robust expansion driven by strong public investment and resilient private consumption. India’s economy is now expected to grow by 6.9% in 2024, up from the 6.2% forecast in January, with a 6.6% growth rate projected for 2025. This optimistic outlook highlights India’s role in bolstering South Asia’s overall economic performance.

Strong Public Investment and Private Consumption :

India’s upgraded growth projection is attributed to robust public investment and strong private consumption. Despite subdued external demand affecting merchandise exports, the pharmaceutical and chemical sectors are expected to see significant export growth. The country’s government continues its commitment to reducing the fiscal deficit while increasing capital investment.

Inflation and Labour Market Trends :

Consumer price inflation in India is projected to decline from 5.6% in 2023 to 4.5% in 2024, remaining within the central bank’s target range of 2-6%. Inflation rates in other South Asian countries are also expected to decrease, with Iran experiencing the highest projected rate at 33.6%. Food prices remain elevated, particularly in Bangladesh and India, but labour market indicators in India show improvement, with higher labour force participation amid strong economic growth.

Regional Economic Outlook :

South Asia’s economic outlook is positive, supported by India’s strong performance and recoveries in Pakistan and Sri Lanka. Regional GDP is expected to grow by 5.8% in 2024, up from the 5.2% projected in January, and 5.7% in 2025. However, tight financial conditions, fiscal and external imbalances, and potential energy price increases due to geopolitical tensions pose risks to the region’s economic growth.

Global Economic Projections :

The world economy is now forecast to grow by 2.7% in 2024 and 2.8% in 2025, reflecting better outlooks in the United States, Brazil, India, and Russia. While economies like Indonesia, India, and Mexico benefit from strong domestic and external demand, many African and Latin American countries face low growth, high inflation, elevated borrowing costs, and political instability. Geopolitical uncertainties, particularly in Gaza and the Red Sea, add further risks to the global economic outlook.

Correct Answer :   China

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China’s industrial output grew by 6.7% year-on-year in April 2024, a significant increase from the 4.5% growth recorded in March. This robust growth, as reported by the National Bureau of Statistics (NBS) on Friday, exceeded analysts’ expectations of a 5.5% rise, indicating a strengthening recovery in the manufacturing sector.

Surge in Industrial Output :

In April 2024, China’s industrial output surged by 6.7% year-on-year, a significant increase from the 4.5% growth recorded in March. This robust performance surpassed the 5.5% growth anticipated by analysts in a Reuters poll. The National Bureau of Statistics (NBS) noted that the acceleration indicates a gathering pace in the manufacturing sector’s recovery, bolstered by improving demand and production activities.

Sluggish Retail Sales :

Contrasting the industrial boom, retail sales—a critical gauge of consumer spending—rose by a modest 2.3% in April, down from a 3.1% increase in March. This figure fell short of the 3.8% growth forecasted by analysts, reflecting ongoing challenges in boosting domestic consumption despite various government efforts to stimulate spending.

Fixed Asset Investment Trends

Fixed asset investment in China expanded by 4.2% in the first four months of 2024 compared to the same period in 2023. This growth was slightly below the expected 4.6% rise and marked a deceleration from the 4.5% increase observed in the first three months of the year. This slowdown indicates cautious investment sentiment amid broader economic uncertainties.

Mixed Economic Indicators :

Earlier economic data for April painted a complex picture. While China saw a return to growth in exports and imports following a contraction in March, consumer prices continued to rise for the third consecutive month. On the financial front, new bank lending dropped more than expected from the previous month, and broad credit growth hit a record low, suggesting potential strains in the financial system and the need for further policy interventions.

Ambitious Growth Targets :

The Chinese government has set an ambitious economic growth target of around 5% for 2024. The economy expanded by a faster-than-expected 5.3% in the first quarter, reflecting resilience in the face of global economic challenges. However, the mixed data from April underscore the complexity of sustaining this growth momentum.

Special Treasury Bonds for Economic Stimulus :

In response to economic pressures, China commenced the issuance of 1 trillion yuan ($138.17 billion) in ultra-long special treasury bonds with tenors ranging from 20 to 50 years. These funds are intended to stimulate key sectors of the economy, providing much-needed support to achieve the government’s growth objectives.

Ongoing Property Sector Challenges :

The property sector, accounting for a significant portion of China’s economy, continued to struggle. Property investment fell by 9.8% year-on-year in the January-April period, following a 9.5% decline in the first quarter. This sector has been under pressure due to a regulatory crackdown aimed at curbing excessive leverage and speculation.

To mitigate these issues, local governments in cities like Hangzhou and Xi’an have recently lifted home purchase curbs, aiming to rejuvenate the housing market and boost sales.

Correct Answer :   Indonesia

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Hundreds of residents near Mount Ibu, an active volcano on Halmahera island in eastern Indonesia, have been evacuated following a significant increase in volcanic activity. Authorities raised the alert status to the highest level after two consecutive days of massive eruptions, prompting precautionary measures to ensure the safety of local communities.

Mount Ibu Alert Raised to Highest Level :

Authorities raised the alert status for Mount Ibu to the highest level in the four-tiered system on Thursday. The volcano, known for its frequent eruptions, unleashed ash and smoke up to 5,000 meters into the sky, signaling heightened volcanic activity. Evacuations were initiated in seven nearby villages as a preventive measure to safeguard residents.

Evacuation Efforts and Exclusive Zone :

Residents within a seven-kilometer radius of Mount Ibu were urged to evacuate to designated shelters as a precautionary measure. Approximately 400 people were evacuated initially, with more arrivals expected. Authorities emphasized the importance of staying out of the designated exclusion zone, spanning four to seven kilometers from the volcano’s summit, to minimize risk to life and property.

Ongoing Volcanic Activity :

Mount Ibu continued to exhibit volcanic activity, with additional eruptions recorded on Friday morning. A towering column of volcanic ash reaching 4,000 meters above the summit was observed, posing further challenges for authorities and residents alike. The country’s geology agency issued advisories, urging residents and tourists to wear face masks to protect against falling ash.

Context and Background :

Indonesia, situated within the Pacific “Ring of Fire,” experiences frequent seismic and volcanic events due to its geological characteristics. Mount Ibu is among the country’s most active volcanoes, having erupted over 21,000 times in the previous year alone. The recent volcanic activity adds to Indonesia’s history of managing natural disasters and underscores the importance of preparedness and response measures.