Table of Contents
International News
China Overtakes US as India’s Largest Trading Partner in FY24
According to data from the Global Trade Research Initiative (GTRI), an economic think tank, China has emerged as India’s largest trading partner in the fiscal year 2023-24, surpassing the United States. The two-way commerce between India and China stood at a staggering $118.4 billion, slightly edging out the $118.3 billion traded with the US.
States News
Tamil Nadu’s Shyaamnikhil Becomes India’s 85th Chess Grandmaster
In a remarkable achievement, P Shyaamnikhil from Tamil Nadu has etched his name in the annals of Indian chess history by becoming the country’s 85th Grandmaster (GM). The 31-year-old chess prodigy, who embarked on his journey at the tender age of eight, finally secured the coveted third and final GM norm at the prestigious 2024 Dubai Police Masters Chess Tournament.
Indian Literary Masterpieces Inscribed on UNESCO’s Memory of the World Register
In a proud moment for India, three of its literary treasures – the Ramcharitmanas, Panchatantra, and Sahṛdayāloka-Locana – have been inscribed on UNESCO’s Memory of the World Asia-Pacific Regional Register. This prestigious recognition celebrates India’s rich literary heritage and cultural legacy, affirming the timeless wisdom and artistic expressions that have shaped the nation’s identity.
Banking News
Public Sector Banks’ Profit Surpasses ₹1.4 Lakh Crore in FY24
In the financial year ending March 2024, the cumulative profit of public sector banks (PSBs) surged, reaching over ₹1.4 lakh crore, marking a significant 35% increase from the previous year’s earnings of ₹1.04 lakh crore. State Bank of India (SBI) emerged as a major contributor, accounting for over 40% of the total earnings.
RBI Gold Holdings and Foreign Exchange Reserves Update
In the fiscal year 2023-24, the Reserve Bank of India (RBI) saw a significant increase in its gold reserves, adding 27.46 metric tonnes and reaching a total of 822.10 metric tonnes by the end of March 2024. This brought the share of gold in the total foreign exchange reserves to about 8.15%, up from 7.81% in the previous year.
RBI Approves Quant MF to Raise Stake in RBL Bank
The Reserve Bank of India (RBI) has granted approval to Quant Mutual Fund (MF) to increase its stake in RBL Bank to 9.98% by May 12, 2025. This approval, subject to conditions and provisions under the Banking Regulation Act, 1949, was disclosed in a regulatory filing.
HDFC Bank Introduces Pixel Play: India’s Premier Virtual Credit Card with Visa
In a groundbreaking move, HDFC Bank has rolled out Pixel Play, the nation’s inaugural virtual credit card partnered with Visa. Offering two distinct variants, Pixel Play and Pixel Go, this innovative card empowers users to craft personalized cards tailored to their lifestyle preferences and chosen merchants, all through the bank’s PayZapp mobile app. With streamlined digital management and a suite of features including card controls, rewards, and EMI dashboards, HDFC Bank sets a new standard for seamless banking experiences.
Economy News
Wholesale Inflation Hits 13-Month High: Food and Fuel Surge
In April, wholesale inflation in India soared to a 13-month high of 1.26%, up from 0.53% in March. This surge was primarily fueled by rising prices of food articles, particularly vegetables, and a year-on-year increase of 1.4% in fuel and power costs after months of deflation.
Moody’s Forecasts Indian Economy to Expand at 6.6% in FY25
Moody’s Ratings predicts a 6.6% expansion for the Indian economy in the fiscal year ending March 2025 (FY25). This growth trajectory is anticipated to fuel strong credit demand, particularly benefiting the Non-Banking Financial Companies (NBFCs), despite challenges posed by rising funding costs.
Business News
Hero MotoCorp Joins ONDC Network to Revolutionize Two-Wheeler Industry
In a groundbreaking move, Hero MotoCorp, India’s leading two-wheeler manufacturer, has become the first in its sector to integrate with the Open Network for Digital Commerce (ONDC). By leveraging ONDC’s platform, Hero MotoCorp aims to enhance accessibility and convenience for its customers, offering a seamless digital experience for purchasing two-wheeler parts, accessories, and merchandise.
Awards News
Chandrakant Satija Honoured with Global Excellence Award 2024
In a prestigious ceremony held at the Sahara Star Hotel in Mumbai on May 12th, Chandrakant Satija, the renowned educationist and Founder/CEO of Chandra Admission Consultants, was honoured with the Global Excellence Award 2024. The award, presented by the famous Bollywood actress Shilpa Shetty Kundra, recognized Satija as the Most Trusted Admissions Consultant in the Vidarbha Region.
Science and Technology News
Microsoft’s AI and Cloud Boost: €4 Billion Investment in France
In a move that underscores its commitment to artificial intelligence (AI) and cloud computing, tech giant Microsoft Corp. has announced plans to invest a staggering €4 billion (approximately $4.3 billion) in building cloud and AI infrastructure in France. This latest investment highlights the company’s continued focus on advancing its AI capabilities and expanding its cloud services globally.
TCS Unveils Global AI Centre of Excellence in France
In a significant move, Tata Consultancy Services (TCS) has announced the creation of a Global Artificial Intelligence (AI) Centre of Excellence in the French capital, Paris. The announcement was made during the prestigious “Choose France Summit” hosted by President Emmanuel Macron, underscoring TCS’s commitment to the French market and the global AI landscape.
Google Arts & Culture Launches “Millets: Seeds of Change” Exhibition
Highlighting the historical importance and modern relevance of millets, Google Arts & Culture, in collaboration with India’s Ministry of Agriculture & Farmers Welfare, presents an engaging digital exhibition titled “Millets: Seeds of Change.” This exhibition delves into the journey of millets, showcasing their evolution from ancient staples to contemporary superfoods, and emphasizes their nutritional value, role in climate resilience, and potential to address global food security challenges.
Important Days
International Day of Families 2024 Observed on May 15th
Every year on May 15th, we celebrate the International Day of Families. It’s a special day to recognize how essential families are in our society. The United Nations established this day in 1994 to help people understand why families matter, what challenges they might face, and to encourage people to come together in support.
Obituaries News
Nobel Prize-winning author Alice Munro dies at 92
The literary world mourns the loss of Alice Munro, the Nobel Prize-winning author renowned for her masterful crafting of short stories. Munro, who passed away on May 13 at the age of 92, left an indelible mark with her taut and acutely observed narratives, which captured the essence of human nature with remarkable clarity.
Weekly Current Affairs One-Liners: 24th ...
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