Current Affairs Quiz - May, 2024

Notes:
The Department of Public Enterprises has bestowed Navratna status upon the Indian Renewable Energy Development Agency Limited (IREDA). Established in 1987 under the Ministry of New and Renewable Energy, IREDA functions as a Non-Banking Financial Institution. The Navratna status is awarded based on specific criteria including consistent high performance, such as achieving ‘excellent’ or ‘very good’ ratings in MoUs for three out of the last five years and a composite score of 60 or above in selected performance indicators.

Notes:
India has initiated Project ISHAN (Indian Single Sky Harmonized Air Traffic Management) in Nagpur, Maharashtra. The project aims to streamline air traffic management (ATM) by consolidating India’s four Flight Information Regions (FIRs) into a single system overseen from Nagpur. India’s airspace is currently divided into four FIRs and a sub-FIR at Guwahati. The FIRs are controlled by India through Delhi, Mumbai, Kolkata, and Chennai, with a sub-FIR at Guwahati. India also shares its FIRs with 12 neighboring countries.

Notes:
Indian Chess Prodigy Vaishali Ramesh Babu, awarded Grandmaster by FIDE, highlighted India’s rising prominence in chess. She anticipates India’s strong showing in the World Championship. Praising Viswanathan Anand’s impact, she credits her father’s decision to steer her towards chess. Supported by her parents, Vaishali became India’s third female Grandmaster after Humpy and Dronavalli. She achieved the 2500 ELO points at the Llobregat Open, with FIDE formally granting her the title at the recent Candidates Tournament in Toronto.

Notes:
On May 3, 2024, the Permanent Mission of India to the UN and the Ministry of Panchayati Raj, with UNFPA, host “Localizing the SDGs: Women in Local Governance in India Lead the Way” during CPD57 in New York. Elected women representatives, including Sabhadhipati Supriya Das Datta (Tripura), Sarpanch Kunuku Hema Kumari (Andhra Pradesh), and Sarpanch Neeru Yadav (Rajasthan), led by Secretary Vivek Bharadwaj, will showcase Indian women’s grassroots leadership.

Notes:
India protests China’s construction in Shaksgam Valley, deemed illegal. The valley is part of Pakistan-Occupied Kashmir. It is a disputed territory claimed by India but controlled by Pakistan and ceded to China in 1963 by Pakistan. Article 6 of the agreement stipulates renegotiation after Kashmir dispute settlement. It borders Xinjiang, POK, and Siachen Glacier. The Karakoram highway, built in the 1970s, resulted from the agreement between China and Pakistan.

Notes:
China launched the Chang’e-6 probe to gather samples from the Moon’s far side, aiming to be the first nation to do so. Previously, only the USA and USSR collected lunar samples, all from the near side. China’s Chang’e 4 landed on the far side in 2019 but didn’t retrieve samples. In 2023, India’s Chandrayaan-3 mission achieved a first by landing near the Moon’s South Pole. The “dark side” of the Moon receives sunlight, contrary to its name.

Notes:
India and Nigeria agreed to expedite the Local Currency Settlement System Agreement, aiming to enhance bilateral trade. Trade settlements will occur in Indian rupees and Nigerian naira. The decision was reached during the 2nd India-Nigeria Joint Trade Committee session in Abuja. Led by Amardeep Singh Bhatia, the Indian delegation included representatives from the RBI, EXIM Bank, and NPCI. The meeting, held from April 29 to 30, 2024, outlined areas for trade enhancement.

Notes:
Adani Green Energy Ltd (AGEL), India’s top renewable energy firm, secured USD 400 million in funding from five international banks for its 750 MW solar projects in Rajasthan and Gujarat. These projects are scheduled to start operating from November 2024. The Rajasthan project, with 500 MW capacity, has a long-term power purchase agreement (PPA) with SECI, while the Gujarat project, with 250 MW capacity, is a standalone merchant power project in Khavda, the world’s largest RE cluster.

Notes:
Groww Mutual Fund recently introduced India’s inaugural Nifty Non-Cyclical Consumer Index Fund. This mutual fund aims for long-term capital growth by investing in securities from the Nifty Non-Cyclical Consumer Index (TRI), comprising 30 companies less affected by economic instability. Non-cyclical stocks, also termed defensive stocks, sustain demand irrespective of economic fluctuations, catering to daily consumer necessities like food and utilities, making them resilient investment choices.

Notes:
Palestinian journalists covering Gaza won the 2024 UNESCO/Guillermo Cano World Press Freedom Prize, recognizing their bravery in perilous conditions. The award ceremony held on 2 May during the World Press Freedom Conference in Santiago, Chile. Amid ongoing Gaza conflict, 26 journalists and media workers lost their lives since October 2023, prompting UNESCO to call for collective action to safeguard journalists worldwide. Additional cases of concern are under review.