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Department of Animal
United To enhance the Digitalization of
Husbandry & Dairying
Nations Vaccine Cold Chain Management,
(DAHD), Ministry of
Development Capacity Building, and
Fisheries, Animal
Programme Communication Planning at UNDP
Husbandry & Dairying
(UNDP) India Country office in New Delhi, Delhi.
(MoFAHD)

➢ Aim: To enhance animal health and husbandry practices leveraging UNDP’s expertise
and DAHD’s mandate for a robust framework in India.
➢ Under this, UNDP will support India’s first animal vaccine supply chain management
system in partnership with the DAHD.

According to the Federation of Indian Export Organisations (FIEO), the apex body for
exporters in India, merchandise exports from India is expected to increase around 14% i.e. to
USD 500-510 billion in FY25(2024-25). India’s merchandise export saw a contraction of 3%
with USD 437 billion in FY24 (2023-24).
➢ Further, it also estimated that services exports will reach to USD 390-400 billion in FY25.
Thereby, net worth of total exports from India will be around USD 890-910 billion. India’s
total exports stood at USD 788 billion in FY24.

“Water for Shared The global flagship report, co-published by the

Prosperity” World Bank and the Government of Indonesia,
was released during the 10th World Water Forum
The 10th World Water Forum is held in Bali, Indonesia. The report emphasized the
being held from 18th to 25th May importance of access to safe drinking water and
2024 with the theme “Water for sanitation for both human and economic
Shared Prosperity”. development.

➢ As per the report, 2.2 billion people lacked access to safe drinking water services and 3.5
billion are deprived of safely managed sanitation in 2022. The lack of access to safe
drinking water and sanitation resulted in at least 1.4 million annual deaths and 50% of
global malnutrition.

Small Industries For financing the purchase of Airbus

Development Bank Airbus Helicopters helicopters in India. The MoU will give
of India (SIDBI) boost to the helicopter market especially
in health, infrastructure and tourism
sectors in India.

India’s 1st Trade Receivables electronic Discounting System (TReDS) exchange platform,
Receivables Exchange of India Limited (RXIL), has financed over 50 lakh Micro, Small, and
Medium Enterprises (MSME) invoices totaling Rs 1 lakh crore. It provides working capital
solutions for MSMEs through invoice financing.

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➢ RXIL has over 25,000 registered MSMEs. It has strategic partnerships with state
governments for timely and competitive payments. RXIL is the 1st entity to receive the
Reserve Bank of India(RBI)’s approval to launch TReDS Exchange Platform in 2016.

Rating agency ICRA Limited (formerly Investment Information and Credit Rating Agency of
India Limited) has projected India’s Gross Domestic Product (GDP) growth to moderate to a
four-quarter low of 6.7% in 4th Quarter (Q4) of FY2024 from 8.4% in Q3 of FY24. For FY24 (full
fiscal year), ICRA has expects GDP and Gross Value Added (GVA) growth of 7.8% and 7.0%
respectively.
➢ The growth in GVA is estimated to ease from 6.5% in Q3 of FY24 to 5.7% in Q4 FY24. This
is due to lower industrial and services growth. ICRA expects the gap between GDP and
GVA growth to moderate from 185 basis points (bps) in Q3 FY24 to 100 bps in Q4 FY24.
ICRA estimates industrial GVA growth to moderate to 7.9% in Q4 from 10.4% in Q3.

RITES Limited, export arm of Indian Railways, signed a USD 111.26 million (approximately Rs
915 crore) contract agreement to supply 200 Broad-Gauge (BG) passenger carriages to
Bangladesh Railways. The contract is funded by Luxembourg-based European Investment
Bank (EIB). RITES, has won this contract through a global competitive bidding process.
➢ The contract includes a 36-month supply and commissioning period, followed by a 24-
month warranty period. RITES will provide design expertise, spare parts support, and
training to the Bangladesh Railways. The new coaches will also feature advanced design
and safety standards.

Indian Oil Corporation Limited (IOCL), a leading energy company in India, exported its first-
ever parcel of XP100, India’s 1st superior 100-octane premium fuel, from Jawaharlal Nehru
Port Trust (JNPT), Nava Sheva, Navi Mumbai, Maharashtra to Lanka IOC, a subsidiary of IOCL
in Sri Lanka. The domestically developed XP100, leverages IndianOil’s indigenous Octamax
Technology, designed for high-end vehicles. It is distinguished by its exceptional anti-knock
properties.

Tata Steel Limited National Grid Plc‘s Electricity Signed a grid agreement to
System Operator (ESO) build the power infrastructure
required to switch its Port
The National Grid Plc ESO will construct a new electrical Talbot site in Wales, the
framework to power Tata Steel’s 3.2 million-ton electric arc United Kingdom (UK), to a
furnace by the end of 2027, replacing the aging blast green steel project.
furnaces.
➢ Tata Steel expects this move to impact 2,500 roles within the next 18 months. National
Grid Plc ESO manages electricity network in England and Wales. Tata Steel’s electric arc
furnace aims to cut emissions 30% by 2030 and reach net zero by 2045.

According to the Bloomberg Billionaires Index (daily ranking index as of 20th May 2024),
Mukesh Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited
(RIL); and Gautam Adani, Founder and Chairman of the Adani Group, are featured among the
top 15 of world’s richest people.
➢ Mukesh Ambani is ranked 12th with a total net worth of USD 110 billion and Gautam
Adani is ranked 14th with a net worth of USD 100 billion. Bernard Arnault, the founder
and Chief Executive Officer (CEO) of LVMH Moët Hennessy Louis Vuitton, tops the
world’s richest list with a net worth of USD 220 billion.

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 Daily Content PDF

Luis Rodolfo Abinader Corona has been re-elected as the President of the Dominican Republic
for 2nd four-year term from 2024 to 2028. He has been serving as the President of the
Dominican Republic since 2020. Abinader won the presidential election by securing 58.85% of
the vote. Leonel Fernandez, former President, finished 2nd with 27.29% of the votes.

GalaxEye Space Solutions Pvt Ltd, has successfully tested its Synthetic Aperture Radar (SAR)
technology on a subscale High Altitude Pseudo-Satellite (HAPS) developed by the Council of
Scientific and Industrial Research (CSIR) – National Aerospace Laboratories (NAL). With this,
GalaxEye becomes the world’s 1st private entity to conduct SAR trials on the HAPS platform.
The HAPS platform was tested at a height of 25,000 feet (7.62 kilometer (km)) by the CSIR-
NAL on 13th May 2024.
➢ GalaxEye and NAL have signed a Memorandum of Understanding (MoU) to further
develop, integrate, and test SAR payloads for HAPS, enhancing India’s technological
capabilities.

Microsoft introduced “Copilot+ PCs”, a new category of personal computers (PCs) designed for
Artificial Intelligence (AI) capabilities. Copilot+ PCs are the fastest, most intelligent Windows
PCs ever built. This was developed in collaboration with manufacturers like Acer and
ASUSTek Computer. These are designed to manage a AI tasks locally, reducing reliance on
cloud data centres.
➢ Copilot+ PCs will be available for purchase from 18th June 2024, priced at USD 1,000.
These PCs has powerful new silicon capable of an incredible 40+ TOPS (trillion
operations per second) and all-day battery life.

May 21, 2024 The United Nations (UN)’s World Day for Cultural
Diversity for Dialogue and Development is
annually observed across the globe to celebrate
The annual celebration of the day the richness of the world’s culture and
is led by the United Nations underscore the importance of its diversity. The
Educational, Scientific and
day also highlights the essential role of
Cultural Organisation (UNESCO). intercultural dialogue in achieving peace and
sustainable development.

May 21, 2024 The United Nations (UN)’s International Tea Day
(ITD) is annually observed across the globe to
promote sustainable production and consumption
ITD is observed by the Food and
of tea and highlight the role of tea cultivation in
Agriculture Organization (FAO) of
combating hunger and poverty. 21st May 2024
the United Nations, a specialized
marks the observance of the 5th ITD.
agency of the UN that leads
international efforts to defeat
hunger.

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May 21, 2024 National Anti-Terrorism Day is annually

observed across India to mark the death
anniversary of former Prime Minister (PM) Rajiv
21 May 2024 marks the 33rd death
Gandhi, who was assassinated in 1991 at
anniversary of the 6th PM of
Sriperumbudur, a village near Chennai, Tamil
India, Rajiv Gandhi (1984 to 1989).
Nadu. National Anti-Terrorism Day aims to
educate people about the negative impact of
terrorism and violence on society and the nation.

MoUs Signed between AICTE and 07 organizations to skill over students through Internship,
Placement opportunities in the National Internship Portal and Placement Portal

Steel Secretary unveils NMDC vendor portal

Idukki gets its first woman-led cardamom auction company

ISB ranked first in India by Financial Times in Executive Education Custom Ranking 2024

CREWS Initiative Funds $77M Project to Bolster Early Warning Systems in Poor Nations

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AFFAIRSCLOUD TODAY
Current Affairs 22 May 2024 : Headlines

DAHD & UNDP India signs MoU on Digitalization of Vaccine Cold Chain Management
FIEO Projected India’s Merchandise to Grow USD 500 to 510 Billion in FY25
WB Report “Water for Shared Prosperity” Highlights Importance of Access to Safe Drinking
Water
SIDBI & Airbus Helicopters Signed MoU for Helicopter Financing in India
TReDS Platform RXIL Crosses Rs 1 lakh crore in MSME Invoice Financing
ICRA: India’s GDP Growth to Dip to Four-quarter low of 6.7% in Q4 of FY24
RITES signs pact with Bangladesh Railway to Supply 200 BG Passenger Coaches
IOCL Exports 1st consignment of India’s 1st Premium Fuel “XP100” to Sri Lanka
Tata Steel signs Grid Agreement with UK’s ESO for Green Steel Project at Port Talbot
Bloomberg Billionaires Index May 2024: Mukesh Ambani & Gautam Adani among top 15
Luis Abinader Re-elected as President of Dominican Republic for 2nd Term
GalaxEye Tests SAR Technology on NAL’s High Altitude Pseudo-Satellite
Microsoft introduces ‘Copilot+ PCs’ featuring advance AI
World Day for Cultural Diversity for Dialogue and Development 2024 – May 21
International Tea Day 2024 – May 21
National Anti-Terrorism Day 2024 – May 21

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NATIONAL AFFAIRS
DAHD & UNDP India signs MoU on Digitalization of Vaccine Cold Chain Management
On 20th May 2024, the Department of Animal Husbandry & Dairying (DAHD), Ministry of Fisheries,
Animal Husbandry & Dairying (MoFAHD), signed a Memorandum of Understanding (MoU) with
the United Nations Development Programme (UNDP) India to enhance the Digitalization of Vaccine
Cold Chain Management, Capacity Building, and Communication Planning at UNDP Country office in New
Delhi, Delhi.

Aim: To enhance animal health and husbandry practices leveraging UNDP’s expertise and DAHD’s
mandate for a robust framework in India
Signatories: The MoU was signed by Alka Upadhyay, Secretary, DAHD, and Caitlin Wiesen, UNDP
Resident Representative in India.
What will be done under the MoU?
i.Under this, UNDP will support India’s first animal vaccine supply chain management system in
partnership with the DAHD.
ii.New technology and Artificial Intelligence (AI) based Animal vaccine Intelligence Network
(AVIN) developed by UNDP will enable real-time monitoring of the vast cold chain infrastructure to
ensure vaccines are managed and delivered nationwide at the right quantity, quality, time, and
temperature.
iii.A One Health approach will be adopted focusing on digitalizing and remotely monitoring cold chains to
ensure vaccines are stored at 2-8 degree Celsius, thereby improving immunization coverage, including the
Foot and Mouth diseases (FMD) vaccination program targeting 50 crore large animals and 20 crore small
animals with vaccines worth Rs. 900 crore. India with 142.86 Crore people, 53.57 Crore farm animals and
85.18 Crore poultry population.
iv.Technical assistance will be provided to Bengaluru, Karnataka based Centre of Excellence for Animal
Husbandry (CEAH) to enhance its capabilities in animal husbandry practices.
v.The MoU will also support livestock insurance programs, improve communication plans for better
outreach, extension services and skill development initiatives to boost capacities in the animal husbandry
sector.
About Ministry of Fisheries, Animal Husbandry and Dairying(MoFAHD):
Union Minister– Parshottam Rupala(Rajya Sabha- Gujarat)
Minister of State (MoS)– Sanjeev Kumar Balyan (Constituency- Muzaffarnagar, Uttar Pradesh); L.
Murugan (Rajya Sabha – Madhya Pradesh)
About United Nations Development Programme (UNDP) India:
Resident Representative in India– Caitlin Wiesen
Headquarters– New Delhi, Delhi

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FIEO Projected India’s Merchandise to Grow USD 500 to 510 Billion in FY25
According to the Federation of Indian Export Organisations (FIEO), the apex body for exporters in India,
merchandise exports from India is expected to increase around 14% i.e. to USD 500-510 billion in
FY25(2024-25).

• India’s merchandise export saw a contraction of 3% with USD 437 billion in FY24 (2023-24).
• Further, it also estimated that services exports will reach to USD 390-400 billion in FY25.
Thereby, net worth of total exports from India will be around USD 890-910 billion.
• India’s total exports stood at USD 788 billion in FY24.
Key Points:
i.As per FIEO, traditional markets of India which are: United States of America (U.S.A.) and Europe, and
Free Trade Agreements (FTAs) of India with Australia, United Arab Emirates (UAE) and European Free
Trade Association (EFTA) will give boost to exports sector of India.
ii.It highlighted some key sectors that can drive positive growth of exports such as: machinery, electrical
and electronic, automobile, pharma, biotechnology, among others. These sectors will receive benefit from
the Production-Linked Incentive(PLI) schemes.
iii.It mentioned that demand for credit has increased due to increase inflation, high commodity prices and
significant increase in sea and freight prices.
• The sea freight prices has increased from USD 700 to USD 3,700 and the main reason for this
increase is conflict in the Middle East region which prompted for longer voyage time on account
of diversion of sea route from Red Sea to Cape of Good Hope.
iv.It underscored that US has imposed new tariffs on Chinese goods such as Electronic Vehicles (EVs),
Batteries, and high-end technology products, among others. So, China needs new markets with lower
tariffs.
• Thus, India need to seize this opportunity and fix the supply gap.
Key Recommendations:
i.FIEO has suggested that Government of India (GoI) need to establish an export development fund in
order to support Micro, Small and Medium Enterprises (MSMEs) in India, with budgetary allocation
of 1% of previous year exports.
Target: It is expected to increase Indian exports from USD 778 billion (2023-24) to USD 2000 billion by
2029-30.
ii.It emphasized that a sub-target for exports within overall target for the Priority Sector Lending (PSL) is
required.
About Federation of Indian Export Organisations (FIEO):
It is the apex trade promotion body in India set up by Ministry of Commerce and Industry.
President: Ashwini Kumar
Headquarters: New Delhi, Delhi
Established: 1965

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INTERNATIONAL AFFAIRS
WB Report “Water for Shared Prosperity” Highlights Importance of Access to Safe Drinking
Water
The global flagship report titled “Water for Shared Prosperity”, co-published by the World Bank and
the Government of Indonesia, was released during the 10th World Water Forum held in Bali,
Indonesia.

• The report emphasized the importance of access to safe drinking water and sanitation for both
human and economic development.
About the 10th World Water Forum:
i.The 10th World Water Forum is being held from 18th to 25th May 2024 with the theme “Water for
Shared Prosperity”.
ii.The forum offers a platform for the water community and decision-makers to collaborate and make
long-term progress on global water challenges.
iii.World Water Forum is organized by World Water Council(Marseille, France)
About the report:
Significance:
The report aims to identify the water challenges
and risks faced by the poorest and most
marginalized populations and to inform policies
that enhance water accessibility and climate
resilience while alleviating poverty and boosting
shared prosperity
Key Findings:
i.As per the report, 2.2 billion people lacked
access to safe drinking water services and 3.5
billion are deprived of safely managed sanitation in 2022.
• The lack of access to safe drinking water and sanitation resulted in at least 1.4 million annual
deaths and 50% of global malnutrition.
ii.The report outlined 4 main components of prosperity and is: education (human capital), jobs and
income, peace and social cohesion (social capital) and the environment (natural capital).
iii.The report revealed that number of people who lacked safe drinking water and basic sanitation has
increased by 197 million and 211 million respectively in last 2 decades.
iv.Climate Change is the main factor for increase in water-related risks; developing countries are most
affected by climate shocks due to immense increase in global emissions.
• Developing countries experienced more severe droughts and longer-lasting floods than
developed countries between 2000 and 2021.

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v.The report showed that over 800 million people globally are at high risk of droughts, with twice as
many live in flood-prone areas.
vi.The Democratic Republic of the Congo has more than
half of Africa’s total water resources. Hotspots in the
Sahel, Southeastern Africa, and South and Central Asia are
the most water stressed.
Key Recommendations:
The report suggested a few recommendations to enhance
water security in developing countries are:
i.Protecting depleting aquifers, improving nature-based
solutions such as: reforestation and investing in water
storage infrastructure.
ii.It also emphasized the need to upgrade housing and
land use regulations to mitigate flood-risks.
• Early Warning Systems (EWS) and insurance
can help households and farmers to tackle with
extreme weather conditions.
iii.It also underscored the need to make significant reforms in water tariffs and subsidies to ensure fair
allocation of water resources.
• Service providers also need to enhance their operations which will help to reduce water losses
and can lower operating costs.
Additional Information:
1st World Water Forum was held in 1997 in Marrakesh, Morocco, to address the global water crisis
challenge. The World Water Forum takes place after every 3 years.
About World Bank:
President- Ajay Banga
Headquarters- Washington, D.C., the United States of America (USA)
Established in 1944

BANKING & FINANCE

SIDBI & Airbus Helicopters Signed MoU for Helicopter Financing in India
The Small Industries Development Bank of India (SIDBI) signed a Memorandum of
Understanding (MoU) with Airbus Helicopters for financing the purchase of Airbus helicopters in India.

Signatories: The MoU was signed by Rahul Priyadarshi, Chief General Manager(CGM), SIDBI and Sunny
Guglani, Head of Airbus Helicopters, India and South Asia.

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Note: Airbus Helicopters is a helicopter manufacturing division of Airbus, a European multinational

aerospace corporation.
Significance:
i.The MoU will give boost to the helicopter market
especially in health, infrastructure and tourism sectors in
India.
ii.This strategic alliance will give a significant edge to
SIDBI into helicopter financing and will also help to meet
the development needs of India’s fast-growing rotary wing
sector.
Key Points:
i.The MoU will enable both Airbus Helicopters and SIDBI
to identify potential civil helicopter operators in India who
are interested in financing solutions for the purchase of
helicopters.
ii.According to the MoU, Airbus Helicopters will facilitate
the technical and helicopter industry related knowledge to
SIDBI.
iii.SIDBI will evaluate these prospects and finance them exclusively for Airbus.
About Small Industries Development Bank of India (SIDBI):
SIDBI is a Principal Financial Institution for the Promotion, Financing and Development of Micro, Small
and Medium Enterprise (MSME). It is under the jurisdiction of the Ministry of Finance.
Chairman and Managing Director (CMD)- Sivasubramanian Ramann
Headquarters- Lucknow, Uttar Pradesh(UP)
Established in April 1990

TReDS Platform RXIL Crosses Rs 1 lakh crore in MSME Invoice Financing

India’s 1st Trade Receivables electronic Discounting System (TReDS) exchange platform, Receivables
Exchange of India Limited (RXIL), has financed over 50 lakh Micro, Small, and Medium Enterprises
(MSME) invoices totaling Rs 1 lakh crore.
• RXIL has over 25,000 registered MSMEs. It has strategic partnerships with state governments
for timely and competitive payments.
• It provides working capital solutions for MSMEs through invoice financing.
Note:
i.RXIL is a joint venture (JV) promoted by the Small Industries Development Bank of India (SIDBI), NSE
India (National Stock Exchange of India Ltd), State Bank of India (SBI), ICICI Bank, and YES Bank Limited.
ii.RXIL is the 1st entity to receive the Reserve Bank of India(RBI)’s approval to launch TReDS Exchange
Platform in 2016.
iii.In FY24, RXIL’s monthly invoice financing volumes exceeded Rs 6,000 crore. The platform aims to
finance Rs 75,000 crore worth of invoices in FY25.

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ECONOMY & BUSINESS

ICRA: India’s GDP Growth to Dip to Four-quarter low of 6.7% in Q4 of FY24
Rating agency ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited)
has projected India’s Gross Domestic Product (GDP) growth to moderate to a four-quarter low of 6.7% in
4th Quarter (Q4) of FY2024 from 8.4% in Q3 of FY24.

• For FY24 (full fiscal year), ICRA has expects GDP and Gross Value Added (GVA) growth
of 7.8% and 7.0% respectively.
Key Points:
i.The growth in GVA is estimated to ease from 6.5% in Q3 of FY24 to 5.7% in Q4 FY24. This is due to lower
industrial and services growth. The agricultural GVA is set to contract for the 2nd straight quarter by 0.5%,
amid weak trends in the rabi output and concerns around yields.
ii.ICRA expects the gap between GDP and GVA growth to moderate from 185 basis points (bps) in Q3
FY24 to 100 bps in Q4 FY24.
• This is due to lower expansion in the net indirect taxes in Q4 FY24 which is because of decrease
in subsidy outgo i.e. -53.6% in Q3FY24, -22.8% in January –February, 2024.
iii.ICRA estimates industrial GVA growth to moderate to 7.9% in Q4 from 10.4% in Q3.

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• This is led by all four sub-sectors: manufacturing (to +8.0% from +11.6%), electricity (to
+7.5% from +9.0%), construction (to +8.5% from +9.5%), and mining and quarrying (to
+5.5% from +7.5%).
iv.The domestic retail tractor bounced back to a Year-On-Year (Y-O-Y) expansion of 7.7% in Q4 FY24, from
4% in Q3 FY24.
v.It has projected that services GVA to be moderate to 6.2% in Q4FY24 from 7.0% in Q3FY24.
• The Y-O-Y growth in services exports of India decreased from 5.2% in Q3FY24 to 4.2% in
Q4FY24.
What is GVA?
Gross Value Added (GVA) is the value of goods and services produced by an industry, sector, manufacturer,
area or region in an economy. It is the total value of output produced, without including the intermediary
costs that went into producing them.
About ICRA Limited:
Managing Director (MD) and Group Chief Executive Officer (CEO)- Ramanth Krishnan
Headquarters- Gurugram, Haryana
Established- 1991

RITES signs pact with Bangladesh Railway to Supply 200 BG Passenger Coaches
On 20th May 2024, RITES Limited, export arm of Indian Railways, signed a USD 111.26
million (approximately Rs 915 crore) contract agreement to supply 200 Broad-Gauge (BG) passenger
carriages to Bangladesh Railways.

• The contract is funded by Luxembourg-based European Investment Bank (EIB).

• RITES, has won this contract through a global competitive bidding process.
• The contract includes a supply with 36-months commissioning period, followed by a 24-
months warranty period.
Key People: The contract was signed in the presence of Md. Zillul Hakim, Minister of Railways,
Bangladesh; Sanjay Kumar Pankaj, Additional Member, Production Units (PU), Ministry of Railways; and
high ranking official from RITES, and Bangladesh Railways in Dhaka, Bangladesh.
Key Points:
i.RITES will provide design expertise, spare parts support, and training to the Bangladesh Railways.
ii.The new coaches will also feature advanced design and safety standards.
iii.This contract underscores RITES’ commitment to exporting indigenously developed railway stock,
aligning with the ‘Make in India, for the World’ vision.
iv.RITES has a longstanding partnership with Bangladesh Railways, having previously supplied 120 BG
Passenger Coaches (LHB type), 36 BG locomotives and 10 Meter Gauge locomotives.
About RITES Limited:
RITES Limited, formerly known as Rail India Technical and Economic Service Limited, is a Navratna and

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Schedule ‘A’ Central Public Sector Enterprise (CPSE) under the Ministry of Railways.
Chairman & Managing Director(CMD)– Rahul Mithal
Incorporated- April 1974.
Headquarters– Gurugram, Haryana
About Bangladesh:
Prime Minister– Sheikh Hasina
Capital– Dhaka
Currency– Bangladeshi Taka

IOCL Exports 1st consignment of India’s 1st Premium Fuel “XP100” to Sri Lanka
Indian Oil Corporation Limited (IOCL), a leading energy company in India, exported its first-ever parcel
of XP100, India’s 1st superior 100-octane premium fuel, from Jawaharlal Nehru Port Trust (JNPT), Nava
Sheva, Navi Mumbai, Maharashtra to Lanka IOC, a subsidiary of IOCL in Sri Lanka.
• The domestically developed XP100, leverages IndianOil’s indigenous Octamax Technology,
designed for high-end vehicles. It is
distinguished by its exceptional anti-knock
properties.
• This was the third time the Company was
taking a product offshore.
Features:
i.XP100 reduces engine deposits and emissions in high
compression ratio engines, optimizing vehicle
performance and longevity while minimizing
maintenance.
ii.Tailored for high-end vehicles, XP100 offers superior
engine performance, faster acceleration, smoother
drivability, and improved fuel economy.
iii.Exceeding IS-2796 specifications, XP100 is also an
eco-friendly fuel with significantly reduced tailpipe
emissions.
Note: Lanka IOC is the only private oil company managing retail outlets in Sri Lanka.

Tata Steel signs Grid Agreement with UK’s ESO for Green Steel Project at Port Talbot
Tata Steel Limited has signed a grid agreement with National Grid Plc‘s Electricity System
Operator (ESO) to build the power infrastructure required to switch its Port Talbot site in Wales, the
United Kingdom(UK), to a green steel project.
• The National Grid Plc’s ESO will construct a new electrical framework to power Tata Steel’s 3.2
million-ton electric arc furnace by the end of 2027, replacing the aging blast furnaces.
• Tata Steel expects this move to impact 2,500 roles within the next 18 months.
• National Grid Plc ESO manages electricity network in England and Wales.
• Tata Steel’s electric arc furnace aims to cut emissions 30% by 2030 and reach net zero by
2045.
Note: National Grid plc is a British multinational electricity and gas utility company headquartered in
London, England.

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AWARDS & RECOGNITIONS

Bloomberg Billionaires Index May 2024: Mukesh Ambani & Gautam Adani among top 15
According to the Bloomberg Billionaires Index (daily ranking index as of 20th May 2024), Mukesh
Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited (RIL); and Gautam Adani,
Founder and Chairman of the Adani Group, are featured among the top 15 of world’s richest people.

• Mukesh Ambani is ranked 12th with a total net worth of USD 110 billion and Gautam Adani is
ranked 14th with a net worth of USD 100 billion.
• Bernard Arnault, the founder and Chief Executive Officer (CEO) of LVMH Moët Hennessy Louis
Vuitton, tops the world’s richest list with a net worth of USD 220 billion.
Note: For the first time, each person in the top 15 super rich in the world has a net worth of USD 100
billion or more.
Highlights:
i.Bernard Arnault is followed by Jeff Bezos at USD 207 billion at 2nd position and Elon Musk at USD 190
billion at 3rd rank.
ii.Francoise Bettencourt Meyers, Chairwoman of L’Oreal is ranked 15th with a net worth
of USD 98.9 Billion. She became the first woman to join the USD 100 billion club.
iii.Carlos Slim of Mexico debuts on the list, ranking 13th with USD 106 billion, becoming the wealthiest
person in South America.
List of Top 5 super rich in the world as of May 20, 2024:

Net Worth
Rank Person (USD in Country
Billion)

1 Bernard Arnault 220 France

2 Jeff Bezos 207 United States of America (USA)

3 Elon Musk 190 USA

4 Mark Zuckerberg 168 USA

5 Larry Page 156 USA

12 Mukesh Ambani 110 India

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14 Gautam Adani 100 India

Note: The Bloomberg Billionaires Index ranks the world’s wealthiest individuals daily.

APPOINTMENTS & RESIGNATIONS

Luis Abinader Re-elected as President of Dominican Republic for 2nd Term
Luis Rodolfo Abinader Corona has been re-elected as the President of the Dominican
Republic for 2nd four-year term from 2024 to 2028. He has been serving as the President of the
Dominican Republic since 2020.

• Abinader won the presidential election by securing 58.85% of the vote. Leonel Fernandez,
former President, finished 2nd with 27.29% of the votes.
About Luis Rodolfo Abinader Corona:
i.Luis Rodolfo Abinader Corona is a Dominican economist, businessman, and politician.
ii.He is the Executive President of the ABICOR Group, which has developed and operated important
tourism projects in the Dominican Republic.
Political Career:
i.He was also pre-candidate for senator from the province of Santo Domingo in 2005.
ii.In the 2012 presidential elections, he was a candidate for the vice presidency of the Republic for the
Dominican Revolutionary Party.
iii.In 2014, He founded the Modern Revolutionary Party, which emerged after a division in the Dominican
Revolutionary Party.
iii.He has been elected as a presidential candidate at the Modern Revolutionary Party (PRM) convention
held on 26th April 2015.
iv.In 2020, he has been elected as the 54th President of Dominican Republic for the period 2020-2024.
About the Dominican Republic:
President- Luis Rodolfo Abinader Corona
Capital- Santo Domingo
Currency- Dominican Peso

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SCIENCE & TECHNOLOGY

GalaxEye Tests SAR Technology on NAL’s High Altitude Pseudo-Satellite
GalaxEye Space Solutions Pvt Ltd, has successfully tested its Synthetic Aperture Radar (SAR) technology
on a subscale High Altitude Pseudo-Satellite (HAPS) developed by the Council of Scientific and Industrial
Research (CSIR) – National Aerospace Laboratories (NAL).
• With this, GalaxEye becomes the world’s 1st private entity to conduct SAR trials on the HAPS
platform.
• GalaxEye is pioneering the world’s first multi-sensor earth observation satellite which is
expected to be launched next year.

About the HAPS Test:

i.The HAPS platform was tested at a height of 25,000 feet (7.62 kilometer (km)) by the CSIR-NAL on 13th
May 2024.
ii.The demonstration was conducted at the Aeronautical Test Range (ATR) near Chitradurga (Karnataka)
and was facilitated by the Defence Research and Development Organisation (DRDO).
iii.SAR was tested at an altitude of 1 km and is planned to be scaled up for tests at 7 km gradually.
iv.NAL focused on optimising SAR with low SWaP (Size, Weight, and Power) characteristics to explore the
unique phenomenology.
v.Weighing about 5 kilograms (kg), the mounted SAR on HAPS achieved an altitude of 3.5 km, maintaining
stability for 2.5 hours.
Strategic Partnership:
GalaxEye and NAL have signed a Memorandum of Understanding (MoU) to further develop, integrate, and
test SAR payloads for HAPS, enhancing India’s technological capabilities.
HAPS systems:
i.HAPS systems operate from the stratosphere like high-flying drones.
ii.HAPS are enabled for prolonged periods of aerial surveillance by solar energy and advanced battery
systems.
iii.The HAPS platform can currently fly at an altitude of nearly 8 km and will be capable of flying at an
altitude of 18 km for long durations.
iv.This cost-effective surveillance solution remains aloft for 20 hours to 7 days.
SAR:
i.SAR comes with the advantage of all-weather, all-time imaging capabilities. This can address the
challenges posed by cloud cover making it technology superior to the ones used in traditional electro-
optical cameras.
ii.SAR can also be used for environmental monitoring and disaster management.

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Additional info:
In 2023, GalaxEye accomplished radar imaging through Unmanned Aerial Vehicles(UAV), as part of a
collaboration with organisations including the Indian Space Research Organisation(ISRO) and the DRDO.
About GalaxEye:
GalaxEye is a Space-Tech startup pioneering the world’s first multi-sensor earth observation satellite.
Chief Executive Officer (CEO) & Co-founder– Suyash Singh
Incorporated in 2021
Headquarters– Bengaluru, Karnataka

Microsoft introduces ‘Copilot+ PCs’ featuring advance AI

On May 20, 2024, Microsoft introduced “Copilot+ PCs”, a new category of personal computers (PCs)
designed for Artificial Intelligence (AI) capabilities. Copilot+ PCs are the fastest, most intelligent Windows
PCs ever built.
This was developed in collaboration with manufacturers like Acer and ASUSTek Computer. These are
designed to manage a AI tasks locally, reducing reliance on cloud data centres.
Key Points
i.Copilot+ PCs will be available for purchase from 18th June 2024, priced at USD 1,000.
ii.These PCs has powerful new silicon capable of an incredible 40+ TOPS (trillion operations per second)
and all-day battery life.
iii.These are connected to Microsoft’s Azure Cloud for enhanced functionality, and featured the Microsoft
Pluton Security processor enabled by default for enhanced security.

IMPORTANT DAYS
World Day for Cultural Diversity for Dialogue and Development 2024 – May 21
The United Nations (UN)’s World Day for Cultural Diversity for Dialogue and Development is annually
observed across the globe on 21st May to celebrate the richness of the world’s culture and underscore the
importance of its diversity.

• The day also highlights the essential role of intercultural dialogue in achieving peace and
sustainable development.
The annual celebration of the day is led by the United Nations Educational, Scientific and Cultural
Organisation (UNESCO).
Background:
i.In December 2002, the United Nations General Assembly (UNGA) adopted a resolution A/RES/57/249
proclaiming the 21 May of every year as the World Day for Cultural Diversity for Dialogue and
Development.

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ii.The UNGA resolution follows the Universal Declaration on Cultural Diversity adopted by UNESCO in
2001.
• The declaration recognises the need to “enhance the potential of culture to achieve prosperity,
sustainable development, and global peaceful coexistence.”
iii.The 1st ever World Day for Cultural Diversity for Dialogue and Development was observed on 21st
May 2003.
Culture and Sustainable Development:
i.In 2015, the 2nd committee of the UNGA adopted the resolution (A/C.2/70/L.59) on Culture and
Sustainable Development, recognising culture’s vital role in sustainable development.
ii.This day supports the goals of the UNESCO Convention on the Protection and Promotion of the Diversity
of Cultural Expressions adopted on 20 October 2005:
• Supporting sustainable systems of governance for culture;
• Achieving a balanced flow of cultural goods and services;
• Increasing the mobility of artists and cultural professionals;
• Integrating culture into sustainable development frameworks; and
• Promoting human rights and fundamental freedoms.
MONDIACULT 2022: A Landmark Declaration for Culture
i.In September 2022, delegations from 150 States gathered in Mexico for the UNESCO World Conference
on Cultural Policies and Sustainable Development – MONDIACULT 2022, the largest global conference on
culture in 40 years.
ii.They unanimously adopted the Declaration for Culture, affirming culture as a “global public good”. The
declaration calls for culture to be recognized as a specific goal in the development agenda beyond 2030.
The Importance of Intercultural Dialogue:
Conflict Reduction: 89% of global conflicts occur in countries with low intercultural
dialogue. Strengthening this is crucial for effective cooperation and lasting peace.
Key Facts:
According to UNESCO data, the economic impact of the cultural and creative Sector are:
i.Job Creation: The sector provides over 48 million jobs globally, with almost half held by women.
iiYouth Employment: It offers significant opportunities for young people under 30.
iii.Economic Contribution: It represents 6.2% of all employment and 3.1% of global Gross domestic
product (GDP).

International Tea Day 2024 – May 21

The United Nations (UN)’s International Tea Day (ITD) is annually observed across the globe on 21st
May to promote sustainable production and consumption of tea and highlight the role of tea cultivation in
combating hunger and poverty.
21st May 2024 marks the observance of the 5th ITD.
• ITD is observed by the Food and Agriculture Organization (FAO) of the United Nations, a
specialized agency of the UN that leads international efforts to defeat hunger.
Significance:
i.ITD emphasises the importance of tea for rural communities, sustainable livelihood, and contribution to
the Sustainable Development Goals (SDGs).
ii.ITD highlights tea’s cultural heritage and health benefits; emphasises the tea sector’s economic
significance; and promotes sustainable production “from field to cup.”
History:
i.ITD has been celebrated since 2005 on 15th December in tea-producing countries like Bangladesh, Sri
Lanka, Nepal, Vietnam, Indonesia, Kenya, Malawi, Malaysia, Uganda, India and Tanzania.

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ii.In 2005, a group of tea workers from New Delhi (Delhi) hosted the 1st ITD.
iii.In October 2015, the Indian government proposed to the FAO Intergovernmental Group (IGG) on Tea to
expand ITD globally.
Background:
i.On 19 December 2019, the UN General Assembly (UNGA) adopted the resolution A/RES/74/241
designating the 21st May of every year as International Tea Day.
ii.The 1st UN-recognised International Tea Day was observed on 21 May 2020.
Note: The 2024 ITD highlights women and their role in the tea sector.
About Tea:
i.Tea, the aromatic beverage, is one of the world’s oldest beverages derived from
the Camellia sinensis plant, is the world’s most consumed drink after water.
ii.It is believed that tea originated in northeast India, north Myanmar (Burma), and southwest China, with
evidence of its consumption in China dating back 5,000 years.
iii.It is one of the most important cash crops and plays a significant role in rural development, poverty
reduction, and food security.
Economic Significance of Tea:
i.Tea cultivation supports over 13 million people, including smallholder farmers.
ii.While three-quarters of tea production is consumed domestically, tea is a widely traded and exported
commodity.
iii.Despite rising tea consumption in major producing countries, per capita consumption remains low.
• This indicates substantial growth opportunities within these regions.
2024 Events:
On 21st May 2024, FAO organised a hybrid event and an exhibition to mark the ITD 2024, “Honouring
women around the world, from crop to cup” at FAO Atrium and Sheikh Zayed Centre in Rome, Italy.
• The event focussed on women and their role in the tea sector and was inaugurated by FAO
Director-General, QU Dongyu.

National Anti-Terrorism Day 2024 – May 21

National Anti-Terrorism Day is annually observed across India on 21 May to mark the death
anniversary of former Prime Minister (PM) Rajiv Gandhi, who was assassinated in 1991 at
Sriperumbudur, a village near Chennai, Tamil Nadu.
• National Anti-Terrorism Day aims to educate people about the negative impact of terrorism and
violence on society and the nation.
21 May 2024 marks the 33rd death anniversary of the 6th PM of India, Rajiv Gandhi (1984 to 1989).
Significance:
i.This Day raises awareness about the serious consequences of terrorism and emphasises the importance
of maintaining peace, unity, and security.

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ii.It honours the sacrifices made by victims of terrorism and highlights the ongoing need for vigilance
against extremist activities.
iii.On this Day, Government offices, public sector undertakings (PSUs), and other public institutions take
an anti-terrorism pledge, reaffirming their commitment to India’s struggle against terrorism.
Background:
In 1992, the Government of India (GoI) decided to observe 21 May as National Anti-Terrorism Day to
honour the memory of Rajiv Gandhi.
About Rajiv Gandhi:
i.Rajiv Gandhi was born on August 20, 1944, in Bombay (now Mumbai, Maharashtra).
ii.He was the youngest PM of India at 40, and perhaps even one of the youngest-elected heads of
Government in the world.
iii.He rose to power as PM and Congress President following the assassination of his mother and the first
woman PM of India, Indira Gandhi in 1984. He served as the PM of India till 1989.
iv.Rajiv Gandhi, the architect of Digital India was hailed as the ‘Father of Information Technology (IT)
and Telecom Revolution of India.’
• Under his rule, the Centre for Development of Telematics (C-DOT) was founded in August 1984
to develop state-of-the-art telecommunication technology and meet the needs of the Indian
telecommunication network.
v.In 1991, the GoI posthumously awarded him the Bharat Ratna for his contribution to the development
of India.
Global Terrorism Index (GTI) 2024:
According to the Global Terrorism Index 2024 (GTI):
i.India climbed one place up to 14th with a score of 6.324 on the GTI compared to 2023.
• The decrease in score placed India within the range of medium impact of terrorism.
ii.India also witnessed a decline of 18 deaths from terrorism in 2022-2023.
About GTI:
i.GTI is an annual report released by the Institute for Economics & Peace (IEP), Sydney, Australia that
measures the impact of terrorism globally.
ii.The GTI ranks 163 countries based on 4 indicators weighted over 5 years. Of the 163 countries in the
GTI, only 27 have not recorded a single terrorist incident since 2007.
Note: GTI 2024 highlights that terrorism remains a serious global threat, with total deaths from terrorism
increased by 22% to 8,352 in 2023, reaching the highest levels since 2017.

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Aspirant Queries

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related to examinations?
Affairscloud: We Guaranteed All the Important topics related to
examination are covered in Our Daily CA content and Daily CA
Quizzes.
Aspirant: Why is there a delayal in news?

Affairscloud: As some of the major news sites doesn't provide the

required data on the exact day, we take extra time for important
data to be presented to the aspirants on the examination basis to
ensure nothing is missed.
Example: In 'Important Days' topics the International
Organisations publish their reports and Rankings in the evenings, to
make sure every data is covered, we delay the topics to the next day

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