Current Affairs Quiz - May, 2024

Notes:
The Asian Development Bank’s report on Aging well in Asia highlights four vital aspects of older persons’ well-being: health, productive work, economic security, and social engagement. It reveals that developing Asia faces rapid aging, with the older population set to almost double to 25.2% by 2050. India’s challenges include low health insurance coverage (21%) for older individuals and heavy reliance (80%–90%) on private income and assets for retirement.

Notes:
Pratima Singh, an IRS officer from the 2009 batch, appointed as Director in DPIIT for five years under the Central Staffing Scheme. Previously recommended by the Department of Revenue, she’ll formulate policies to boost industrial growth and global competitiveness of Indian industries. Her tenure begins from the date of assuming charge or until further orders. The DPIIT plays a vital role in promoting investment and facilitating industrial growth.

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:
Retired Justice Sanjaya Kumar Mishra appointed as President of GSTAT, the Second Appellate Authority under the Central GST Act, 2017. GSTAT hears appeals against orders from the Appellate Authority under CGST Act, 2017 and State GST Acts, ensuring dispute resolution uniformity. GSTAT comprises a Principal Bench in New Delhi, led by the President and two Technical Members (one from Centre, one from State), along with several State Benches.

Notes:
INCOIS, established in 1999 under the Ministry of Earth Sciences, issues alerts to coastal states about rough seas, high waves, and inundation risks. It operates under ESSO, aiming to furnish oceanic data, information, and advisory services to various sectors. Its activities include round-the-clock monitoring and warning services for tsunamis, storm surges, and high waves, daily advisories for fisherfolk, and short-term ocean state forecasts. It also deploys Ocean Observing Systems to collect data and predict oceanic changes.

Notes:
The Border Road Organisation (BRO) marked its 65th raising day on May 7, 2024, with a ceremony in New Delhi, led by Union Defence Secretary Giridhar Aramane. Established in 1960 by the Nehru government, BRO undertakes critical road projects for the Army. Notably, Project Tuskar, now Project Vartak, connects Bhalukpong to Tenga in Arunachal Pradesh, while Project Beacon focuses on Kashmir. Lt Gen Raghu Srinivasan currently heads BRO, operating under the Ministry of Defence with the motto: “In the Silence of Our Great Mountains – Work Speaks.”

Notes:
India VIX, a volatility gauge, surged 15% to 16.58, prompting caution against leveraged positions. It measures market volatility expectation, dubbed the “fear index”. Volatility indicates stock price or index value change rate. A spike suggests future volatility. Created by Chicago Board Options Exchange (CBOE) in 1993, based on S&P 500, it’s a global volatility gauge. India VIX, launched in 2010, aligns with Indian markets. It’s calculated by NSE and correlates negatively with Nifty; when VIX falls, Nifty rises.

Notes:
During Lok Sabha elections, the Polavaram water project becomes central, featured in party manifestoes. The project, dating back to 1941, faces delays and controversies. Rehabilitation and Resettlement incomplete, project’s fate uncertain after floods damage diaphragm wall. Future steps for dam construction remain unclear. The Polavaram Water Project, also known as the Indira Sagar Project, is located in the East Godavari and West Godavari districts of Andhra Pradesh, India. The project is a multi-purpose dam on the Godavari River that provides irrigation, drinking water, and hydropower to the districts of East Godavari, Visakhapatnam, West Godavari, and Krishna.

Notes:
Saniyaa Kadree appointed Chairperson of The Grappling Committee of India for Jammu & Kashmir, recommended by Subham Choudhary. Responsibilities include overseeing grappling sports operations and providing strategic guidance. Her appointment aims to promote and nurture grappling talent in the region, covering all areas within the state for grassroots development.

Notes:
Russia’s Defence Ministry announced drills involving tactical nuclear weapons, designed for battlefield use with yields as low as 1 kiloton. Unlike strategic weapons, their quantity isn’t disclosed. These weapons, like artillery ammo or short-range missile warheads, can be discreetly transported and delivered by various means. They’ve never been restricted by arms control agreements. The Hiroshima bomb was 15 kilotons. These drills signal Russia’s readiness to employ tactical nuclear options in combat scenarios.