Daily Current Affairs and GK | 1 June 2024

Topic: Awards and Prizes

1. NIMHANS Bengaluru has won the Nelson Mandela Award for Health Promotion for 2024.

• World Health Organization (WHO) honoured National Institute of Mental Health & Neuro Sciences (NIMHANS) with this award.
• Union Health Minister Dr. Mansukh Mandaviya congratulated NIMHANS.
• He called the award a recognition of India’s efforts in inclusive healthcare.
• The award has come at a time when NIMHANS is celebrating its 50th anniversary.
• NIMHANS is also celebrating the 70th anniversary of its predecessor, the All India Institute of Mental Health (AIIMH).
• Nelson Mandela Award for Health Promotion was established by WHO in 2019.
• It recognizes individuals, institutions, and organizations that have made significant contributions to health promotion.
• This year, NIMHANS has been recognized for its work in mental health.

Topic: Important Days

2. World Milk Day: 1 June

• World Milk Day is observed every year on 1 June.
• The Food and Agriculture Organization (FAO) of the United Nations (UN) established World Milk Day in 2001.
• This day was established to recognize the importance of milk as a global food and to celebrate the dairy sector.
• This year’s theme focusses on celebrating the important role dairy plays in delivering quality nutrition to nourish the world.
• World Milk Day was first observed in the year 2001.
• According to production data of Food and Agriculture Organization Corporate Statistical Database(FAOSTAT), India is the highest milk producer in the world.

Topic: Indian Economy

3. Indian economy grows at 8.2% in FY24: NSO.

• According to the provisional estimates of gross domestic product (GDP) growth released by the National Statistical Office (NSO), India’s economy grew by 7.8 per cent in the March quarter.
• As per the data, the Indian economy has grown by 8.2 per cent in 2023-24 as compared to 7 per cent in 2022-23.
• The growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter.
• Government expenditure continued to support growth. It has increased 0.9 per cent year-on-year in Q4.
• Manufacturing, construction, public administration, defence and other services sectors have also increased and supported the growth.
• In FY24, capital formation recorded a growth rate of 9 per cent, while government expenditure grew 2.5 per cent.
• China has registered an economic growth of 5.3 per cent in the first three months of 2024.

Topic: MoUs /Agreements

4. Armed Forces Medical Services & IIT Hyderabad joined hands for collaborative research and training.

• For collaboration on research and training, the Armed Forces Medical Services (AFMS) have signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Hyderabad.
• The MoU was signed by Director General of Armed Forces Medical Services Lt Gen Daljit Singh, and Director of IIT Hyderabad Prof B S Murty.
• Its main aim is to foster innovation and research in developing novel medical devices.
• The MoU will facilitate student exchange programs, short-term courses for undergraduates, and faculty exchange initiatives.
• Drone-based patient transport, telemedicine innovations, the application of Artificial Intelligence in the medical field, and advancements in nanotechnology will be the main areas of collaboration.
• IIT Hyderabad's departments of Biotechnology, Biomedical Engineering, and Bioinformatics will provide the necessary technical expertise.

Topic: India and its Neighbours

5. Government of India has launched BIMReN initiative for PhD students.

• It is a joint initiative of the Ministry of External Affairs and the Bay of Bengal Programme-Inter Governmental Organization (BOBP-IGO).
• It will facilitate the sustainable development of the blue economy by networking with researchers and research institutions in BIMSTEC countries.
• It will enable PhD students from BIMSTEC countries to conduct doctoral research in India.
• Researchers and academic institutions involved in fisheries, marine or ocean sciences from across the BIMSTEC countries will get benefit from this program.
• BIMSTEC member countries will work together with a grant of up to INR 5 million per project of a tenure of 24 months.
• Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC):
  • It is an international organisation of South Asia and Southeast Asian countries.
  • Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are the members of the BIMSTEC.
  • It was formed on 6 June 1997 through the Bangkok Declaration.
  • Its headquarters is located in Dhaka, Bangladesh.

Topic: Indian Economy

6. India’s fiscal deficit was at Rs 16.54 lakh crore in FY24.

• The budgetary target for fiscal deficit was Rs 17.86 lakh crore.
• According to the data from the Comptroller General of Accounts, the fiscal gap is now 95.3% of the budgetary target.
• In FY24, central government’s fiscal deficit was at 5.6% of GDP. This was below the revised estimate of 5.8%.
• For FY24, net tax receipts of the centre were higher than projected at Rs 23.27 lakh crore.
• Net tax receipts of the centre stood at 100.1% of the year’s target.
• Total expenditure stood at Rs 44.43 lakh crore, or 99% of the targeted expenditure for FY24.
• The government's capital expenditure on infrastructure projects was Rs 9.49 lakh crore.
• Fiscal deficit for April 2024 stood at Rs 2.1 lakh crore, or 12.5% of the FY24 target.

Topic: Indian Economy

7. NSE Indices Limited launched the Nifty EV & New Age Automotive Index.

• This index will monitor the performance of businesses within the electric vehicle (EV) sector.
• This index is also designed to monitor the performance of businesses engaged in the advancement of new-age automotive vehicles and associated technology.
• It is a new thematic index. The base date of index is April 2, 2018. Its base value is 1000.
• It will be reconstituted semi-annually. It will be rebalanced on a quarterly basis.
• This would be the country’s first ever electric vehicle (EV) index.
• The new index will act as a benchmark for asset managers.
• It will be a reference index tracked passive funds as Exchange Traded Funds (ETFs), index funds and structured products.
• As of now, NSE hosts 17 thematic indices. These include Nifty Commodities, Nifty India Consumption, Nifty CPSE, Nifty Energy, and Nifty Infrastructure.

Topic: Corporates/Companies

8. TIME magazine has named Reliance Industries Limited (RIL) as one of the World’s Most Influential Companies.

• This is the second appearance of RIL on the TIME 100 list. 
• Reliance has been recognized in the Titans category.
• This highlights its transformative impact across sectors in India and beyond. 
• Reliance is the only Indian company which have been included twice in this list.
• Reliance’s subsidiary, Jio Platforms, was placed in the inaugural TIME 100 Most Influential Companies List of 2021.
• TIME described it as India’s Juggernaut. As per TIME, it is the country’s most valuable company, with a market capitalization of over $200 billion.
• In addition to Reliance, TIME magazine's prestigious list of 100 World's Most Influential Companies of 2024 also includes Tata Group in the Titans category and the Serum Institute of India in the Pioneers category.
• The Serum Institute of India is known for its pioneering work in vaccine manufacturing.
• TIME 100 Most Influential Companies list 2024 is the fourth annual edition. 
• It celebrates businesses making extraordinary impacts globally.

Topic: Summits/ Conferences/ Meetings

9. 46th Antarctic Treaty meeting concluded in Kochi.

• On May 30, the 46th Antarctic Treaty Consultative Meeting (ATCM-46) and the 26th Committee on Environmental Protection (CEP-26) concluded in Kochi, Kerala.
• More than 400 delegates from 56 countries participated in these meetings which began on May 20.
• They discussed various issues related to the Antarctic region, including science, policy, governance, environmental protection and tourism management.
• The meeting was organized by the Ministry of Earth Sciences through the National Centre for Polar and Ocean Research (NCPOR).
• The meetings were centered on the theme “Vasudhaiva Kutumbakam”, meaning “One Earth, One Family, One Future”, which reflects the Antarctic Treaty's goals of peace, scientific cooperation and environmental protection.
• During the meetings, delegates reaffirmed the Antarctic Treaty (1959) and the Madrid Protocol (1991).
• India's plan to set up a new Antarctic research station, Maitri-II, announced by Union Minister Kiren Rijiju.
• CEP-26 focused on issues such as changes in sea ice, environmental impact assessment, emperor penguin conservation, and creating an international framework for environmental monitoring.

Topic: Defence

10. DRDO-Industry-Academia Centre of Excellence established by IIT Kanpur.

• DRDO-Industry-Academia Centre of Excellence (DIA CoE) for interdisciplinary research in next-generation defence technologies was established on its campus.
• It has been established by the Indian Institute of Technology Kanpur (IITK), in collaboration with the Defence Research and Development Organisation (DRDO).
• DRDO is being set up DIA CoEs in premier academic institutions of the country, which it is creating an ecosystem to facilitate technology development in the academic environment through experienced faculty and talented scholars.     
• In 2022, the establishment of DIA CoE at IIT Kanpur commenced through a MoU signed during Def-Expo-2022 in Gandhinagar.
• The new centre will initially lead research focused on identifying R&D areas, which are as follows:
• Printing on Flexible Substrates to build devices and systems based on thin films for strategic applications
• Advanced Nanomaterials to provide a fundamental contribution to material selection and design
• Accelerated Material Design and Development to reduce the number of actual trial experiments while reaching optimal solutions via high-throughput experiments
• High Energy Materials to focus on the modelling of high-performance explosives and performance prediction of metallised explosives
• Bio-engineering to develop technologies for applications ranging from sensing hazardous agents to wound healing.

Topic: Awards and Prizes

11. 2024 Scripps National Spelling Bee awarded to Indian American Bruhat Soma.

• On May 30, 12-year-old Bruhat Soma won the Scripps National Spelling Bee champion title along with a Scripps Cup trophy and a USD 50,000 check-in Oxon Hill, Maryland, United States of America (USA).
• Bruhat won by beating Faizan Zaki by nine points in the tie-breaker, spelling 29 words correctly.
• In the Scripps National Spelling Bee, 11 million participants attended worldwide, with Soma emerging as the most confident finalist.
• After this win, Soma becomes the 28th Indian-American to win the prestigious title, defeating 228 other contestants, including 7 finalists.
• Earlier, Bruhat competed at the competitions in 2022 (finishing joint 163rd) and 2023 (finishing joint 74th).

Topic: Indian Economy

12. In 2023-24, foreign direct investment (FDI) equity inflows into India declined by 3.49% to USD 44.42 billion.

• According to government data, the decline was due to low investment in sectors such as services, computer hardware and software, telecom, auto and pharma.
• FDI inflows during the year 2022-23 stood at US$ 46.03 billion.
• However, inflows during January-March FY24 rose 33.4% to USD 12.38 billion, compared to USD 9.28 billion in the same period a year ago.
• Data from the Department for Promotion of Industry and Internal Trade (DPIIT) showed that total FDI, which includes equity inflows, reinvested earnings and other capital, declined marginally by one per cent to $70.95 billion during 2023-24 from $71.35 billion in 2022-23.
• The country received its highest-ever FDI inflow of US$ 84.83 billion in the year 2021-22.
• FDI equity inflows from major countries including Mauritius, Singapore, the US, the UK, the UAE, the Cayman Islands, Germany and Cyprus declined during the last fiscal.
• However, investment from the Netherlands and Japan increased.
• During the 2023–24 fiscal year, Maharashtra received the highest inflow of USD 15.1 billion, compared to USD 14.8 billion in 2022–23.

Topic: Banking System

13. RBI transferred 100 tonnes of gold from the UK to its domestic vaults in India.

• For the first time since 1991, RBI relocated more than 1 lakh kilograms of gold from the UK to India for logistical and storage reasons.
• This step will also assist RBI in saving storage costs that are paid to the Bank of England.
• In India, gold is stored in vaults located in the RBI’s old office building on Mumbai’s Mint Road and in Nagpur.
• As of March 31, 2024, the total gold held by the Reserve Bank was 822.10 metric tonnes.
• In August 1990, the then RBI Governor proposed keeping 15% of gold reserves abroad for emergency use. India’s foreign debt was approximately USD 72 billion in March 1990.
• 20 tonnes of gold worth USD 234 million were shipped abroad after government approval.
• The Bank of England has traditionally served as a repository of gold for many central banks, including India.
• The RBI has purchased 27.5 metric tons of gold in the last financial year.

Topic: Defense

14. Indian Air Force contingent reached Alaska to participate in Red Flag 24 Multi-National Exercise.

• Indian Air Force contingent reached the Eielson Air Force Base in Alaska to participate in the multi-national exercise Red Flag 24.
• IL-78 air-to-air refuellers, IAF Rafale fighters and the C-17 transport aircraft will participate in the exercise.
• Red Flag 24 Multi-National Exercise is scheduled to be organized from May 30 to June 14.
• Exercise Red Flag is a two-week advanced aerial combat training exercise.
• Its main aim is to integrate aircrew in a multinational environment, providing invaluable training opportunities for enhancing combat readiness and interoperability.
• Earlier, in the Indo-US joint working group meeting both countries agreed to enhance defence collaboration.