NATIONAL AFFAIRS

• In the latest edition of the World Press Freedom Index published annually by Reporters Without Borders (RSF), India ranked 159th Out of 180 Countries, marking a slight improvement from its previous rank of 161. India ranks lower than Pakistan (152nd) and Sri Lanka (150th). Norway, Denmark, and Sweden hold the top three positions, respectively, in the ranking.
• Invest India predicts that India's ecommerce market is expected to reach $325 billion by 2030, becoming the third-largest globally. Rural areas will drive growth, supported by increased internet access and smartphone use.
• A report by the Global Trade Research Initiative (GTRI) highlights India's reliance on Chinese imports has increased dramatically, with the import bill rising to over $101 billion by 2023-24. China now accounts for 30% of India's industrial imports, outpacing India's total imports by 2.3 times.
• The Ministry of Home Affairs collaborates with SBI Cards and telecom companies to tackle OTP frauds amid rising phishing attacks.
• Gujarat Day, celebrated on May 1st, commemorates the formation of the state of Gujarat on May 1st, 1960.
• Maharashtra Day, also known as Maharashtra Divas, is celebrated every year on May 1st to commemorate the formation of the state in 1960.On this historic day, Maharashtra was created by separating it from the Bombay Presidency.
• Uttarakhand suspends Patanjali Ayurved's 14 product licenses due to misleading ads. Baba Ramdev faces legal issues for non-compliance with advertising regulations, amid ongoing scrutiny of his company's claims.
• India's Bharat 6G Alliance plans to partner with Europe's Industry Alliance 6G, following a similar agreement with the US, aiming to collaborate on developing 6G technology.
• NPCI International Payments Ltd. (NIPL) partners with Bank of Namibia (BoN) to launch a real-time payment system like India's UPI in Namibia.
• Government of India has signed an agreement with Government of Bangladesh to renew the Memorandum of Understanding (MoU) for training 1500 Bangladeshi officers from 2025 to 2030.
• RBI has revoked the license of Acemoney (India) Limited, a Delhi-based non-banking financial company (NBFC), citing irregular lending practices.
• Girish Chandra Murmu, the Comptroller and Auditor General of India (CAG) of India, signed an MoU with Toyam Raya, Auditor General of Nepal, to enhance collaboration and share auditing expertise between the Supreme Audit Institutions (SAIs) of both nations.
• The Indian Renewable Energy Development Agency (IREDA), a public sector enterprise, has been granted the coveted ‘Navratna’ status by the government. This takes the total number of Navratna PSEs (Public Sector Enterprises) in India to 17.
• Deloitte India has revised its GDP growth forecasts for FY24 and FY25, to 7.6-7.8% for FY24, up from the previous estimate of 6.9-7.2%. Deloitte predicts a 6.6% GDP growth in FY25, powered by increased consumer spending and robust economic activity.
• In April 2024, India witnessed a historic milestone in its Goods and Services Tax (GST) revenue collection, reaching an unprecedented Rs 2.10 lakh crore, a 12.4% increase from the previous year’s collections.
• Organisation for Economic Co-operation and Development (OECD) has revised India’s GDP growth projection to 6.6% for the fiscal year 2024-25.
• Adani Green Energy Ltd (AGEL) obtains $400 million financing from five international banks for its 750 MW solar projects in Rajasthan and Gujarat.
• India has cut its windfall tax on petroleum crude to 8, 400 Indian rupees per metric ton from 9,600 rupees starting May 1.
• National Institute of Public Finance and Policy (NIPFP) projects India's FY25 GDP growth at 7.1%.
• HDFC Life launches "No Jhanjhat Life Insurance Fatafat" campaign that simplifies and speeds up life insurance purchases on its online platform.
• Emeritus, an Indian edtech startup, achieves top ranking in TIME Magazine's "World's Top EdTech Companies of 2024," marking a significant achievement.
• Groww and Worldline ePayments received RBI approval to function as online payment aggregators.
• YES Bank collaborates with ANQ to introduce two innovative credit cards, Pi and Phi. Pi card offers digital-only credit on UPI for domestic transactions,while Phi offers physical access for both domestic and international purchases.
• Indian Oil Corporation (IOC) has announced an investment of Rs 5,215 crore to develop 1 gigawatt (GW) of renewable energy capacity in India.
• RBI permits standalone primary dealers (SPDs) to borrow foreign currency from authorized entities and use overdraft facilities in nostro accounts for operational needs.
• SEBI allowed non-resident Indians to own up to 100% in global funds at the GIFT City, boosting passive funds' exposure to group companies for investments.
• ICICI Bank enters India's top five companies by market value, crossing Rs 8 trillion mark.
• Atanu Chakraborty’s re-appointment as part-time Chairman of HDFC Bank.
• Cred has introduces an innovative UPI-based ‘Scan and Pay’ service. Users can pay from their bank accounts using any QR code.
• India and Ghana plan to integrate their payment systems, UPI and GHIPSS, enabling quick and affordable fund transfers. Within six months, NPCI’s UPI will work on Ghana’s GHIPSS, enhancing financial cooperation.
• RBI imposes monetary penalty on three co-operative banks for rule violations. These banks are Lokmangal Co-operative Bank, The Udgir Urban Co-operative Bank, and The Satara Sahakari Bank.
• Sri Lanka’s Cabinet has approved the plan to renovate the Kankesanthurai port in the Northern part of the island, with Indian Financial Grant.
• REC Ltd. under the Ministry of Power got RBI approval to set up a subsidiary in Gujarat International Finance Tech-City (GIFT), Gandhinagar, marking a significant development.
• Ujjivan Small Finance Bank has named Carol Furtado as Executive Director.
• The Hindu won three awards at the 6th International Newspaper Design Competition organized by newspaperdesign.in.
• Bollywood actress Kareena Kapoor Khan has been appointed as the National Ambassador for UNICEF India.
• The Indian government launches a Floating Rate Bond (FRB) maturing in 2034, with RBI offering an 8% interest rate. This bond's interest resets every six months based on market conditions.
• Rajasthan High Court responded to a PIL on child marriage by issuing a directive to curb the practice, especially during Akshay Tritiya. It highlighted the role of sarpanchs and panchayat members in prevention.
• Indian Air Force(IAF) and Indian Navy strengthen their combat capabilities with the induction of the Rampage long-range supersonic air-to-ground missile, known as the HighSpeed Low Drag-Mark 2, offering a range of 250 km.
• Bengaluru-based defense and aerospace technology firm, Flying Wedge Defence introduced India's first indigenous bomber drone, the FWD-200B, showcasing advancements in defense and aerospace technology.
• DRDO reached a significant milestone in boosting India's anti-submarine warfare prowess with the successful flight-test of Supersonic Missile-Assisted Release of Torpedo (SMART) system on May 1, 2024. The next-gen torpedo delivery system was tested at 8:30 AM from Dr. APJ Abdul Kalam Island, Odisha coast.
• The Indian Army and Punit Balan Group launched India's first Constitution Park in Pune, promoting civic duties outlined in the Constitution. Led by Lt. Gen. Ajai Kumar Singh, the initiative aims to inspire citizens for India's development by 2047.
• Air Marshal Nagesh Kapoor has taken charge as the Air Officer Commanding-in-Chief (AOC-in-C) of the Training Command (TC) in the Indian Air Force.
• Indian Air Force tested air-launched ballistic missile ROCKS/Crystal Maze 2 from a Su-30 MKI jet, hitting targets over 250 km away in the Andaman and Nicobar Islands
• Ministry of Corporate Affairs (MCA) has granted its approval for the appointment of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of Jio Financial Services.
• Senior Indian Information Service officer, Maushumi Chakravarty assumed the charge of Director General of Akashvani News.
• Retired Justice Sanjaya Kumar Mishra has been appointed as the President of the Goods & Services Tax Appellate Tribunal (GSTAT) by the Centre.
• Sarvadanand Barnwal has been appointed as Director in the Department of Land Resources.
• Justice (retired) Dinesh Kumar took charge as the Presiding Officer of the Securities Appellate Tribunal (SAT)
• Shashi Bhushan Singh has been appointed as the Secretary (at the Director level) of the National Jute Board in Kolkata.
• Indian Vaccine Manufacturers Association (IVMA) has announced the appointment of Krishna Ella, co-founder and executive chairman of Bharat Biotech, as its new president.