Daily Current Affairs 17th May 2024, Important News Headlines (Daily GK Update)

National News

IMD Issues ‘Severe Heatwave’ Alert for Northern India from May 18-20

The India Meteorological Department (IMD) has issued a forecast warning of a severe heatwave covering parts of northern India, including Punjab and Delhi, from May 18-20. With temperatures expected to soar, the region braces for scorching heat conditions that could reach up to 45 degrees Celsius in the national capital.

Shinku La tunnel Work to Begin By Mid-September

India’s strategic infrastructure development along its borders, particularly in regions like Ladakh and Arunachal Pradesh, has been crucial for bolstering military mobility and logistical support. The ongoing construction of the Shinku La tunnel and other key projects signifies India’s commitment to enhancing connectivity and security along its borders, especially in the face of the prolonged military standoff with China.

International News

China’s Industrial Output Rises 6.7% in April as Manufacturing Gathers Pace

China’s industrial output grew by 6.7% year-on-year in April, a significant increase from the 4.5% growth recorded in March. This robust growth, as reported by the National Bureau of Statistics (NBS) on Friday, exceeded analysts’ expectations of a 5.5% rise, indicating a strengthening recovery in the manufacturing sector.

Nepal PM Seeks Fourth Vote of Confidence Amid Opposition Protest

Nepalese Prime Minister Pushpa Kamal Dahal, also known as Prachanda, is set to seek his fourth vote of confidence on Monday amidst turmoil in parliament. The Janata Samajbadi Party Nepal has withdrawn its support within 18 months of Dahal taking office, prompting this latest confidence vote.

India’s Growing Economic Prospects vs. China: UN Expert’s Insights

In a recent briefing on the mid-year update of the World Economic Situation and Prospects 2024, a UN expert highlighted India’s burgeoning economic performance compared to China. India’s GDP growth projections for 2024 have been revised upwards, with a forecasted expansion of close to seven percent. The expert attributed India’s economic success to various factors, including increased investments from Western companies and favorable import arrangements with Russia.

Indonesia Evacuates Hundreds Near Erupting Volcano

Hundreds of residents near Mount Ibu, an active volcano on Halmahera island in eastern Indonesia, have been evacuated following a significant increase in volcanic activity. Authorities raised the alert status to the highest level after two consecutive days of massive eruptions, prompting precautionary measures to ensure the safety of local communities.

Banking News

RBI Bond Repurchase: Banks Refuse Losses, Repurchased Amount Significantly Below Notified

The Reserve Bank of India (RBI) repurchased government bonds worth only Rs 2,069 crore out of the notified Rs 60,000 crore. Banks resisted selling at lower prices, resulting in limited acceptance. The bonds, purchased during the pandemic at higher rates, posed a challenge for the RBI, prompting smaller buyback amounts.

Appointment News

Kapil Sibal Elected as the President of Supreme Court Bar Association

Senior advocate Kapil Sibal has been elected as the president of the Supreme Court Bar Association (SCBA) in a recent election held on Thursday in New Delhi. This marks his fourth term serving as the president of the prestigious lawyers’ body, succeeding senior advocate Adish C. Aggarwala.

Senior IPS Officers A.Y.V. Krishna & N. Venu Gopal Appointed as Additional Directors in CBI

In a significant development, senior Indian Police Service (IPS) officers A Y V Krishna and N Venu Gopal have been appointed as additional directors in the Central Bureau of Investigation (CBI). Their appointments underscore the government’s commitment to bolstering the investigative capabilities of the premier investigative agency.

Economic News

UN Revises India’s 2024 Economic Growth Projection Upwards to Nearly 7%

The United Nations has revised India’s economic growth forecast for 2024, projecting a robust expansion driven by strong public investment and resilient private consumption. India’s economy is now expected to grow by 6.9% in 2024, up from the 6.2% forecast in January, with a 6.6% growth rate projected for 2025. This optimistic outlook highlights India’s role in bolstering South Asia’s overall economic performance.

India’s Internet Economy Likely to Reach $1 Trillion by 2030: Experts

India’s internet economy is poised for significant growth, with industry experts predicting it will reach $1 trillion by 2030. This surge is primarily driven by the e-commerce sector, which is expected to grow at an annual rate of 25%, from $60 billion in FY2023 to $325 billion, making it the third largest globally.

GST Portal Implements Machine Registration for Pan Masala and Tobacco Manufacturers to Curb Evasion

In an effort to combat tax evasion in the pan masala and tobacco sectors, the GST portal has introduced new forms and procedures for manufacturers to register their machinery and report monthly inputs and outputs. This initiative follows recommendations from the GST Council and aims to enhance compliance and reduce illicit trade.

Outlook for India’s Export Growth in FY25: FIEO Projections

The Federation of Indian Export Organisations (FIEO) forecasts India’s merchandise exports to reach $500-510 billion in FY25, rebounding from a 3% contraction in the previous fiscal year. Services exports are estimated to contribute $390-400 billion, culminating in total exports of approximately $890-910 billion. Noteworthy sectors driving this growth include engineering, advertising services, and the expansion of global capability centers.

Expanding Economic Frontiers: DP World’s Inauguration of Chennai’s Free Trade Warehouse Zone

DP World, a global logistics powerhouse, has launched its largest free trade warehouse zone in Chennai, India, solidifying Tamil Nadu’s status as one of the nation’s premier hubs for economic development. Ranjit Ray, DP World’s Vice President of Economic Zones for India Subcontinent and MENA, highlighted Tamil Nadu’s industrial prowess and strategic geographic advantages, emphasizing its pivotal role in fostering economic growth. The inauguration of the Chennai facility marks a significant milestone, showcasing DP World’s commitment to India’s burgeoning economic landscape.

Indian Port Cargo Projection for FY25 and Beyond

In a recent report by CateEdge Ratings, it is forecasted that container volume at Indian ports will surge by 8% to reach 342 million tonnes in the fiscal year 2025, despite potential disruptions such as the ongoing Red Sea crisis. This growth trajectory is attributed to various factors, including the scheduled connection of the dedicated freight corridor to Jawaharlal Nehru Port in FY26 and capacity expansions across ports.

Important Days

World Telecommunication and Information Society Day 2024 Observed on May 17^th

World Telecommunication and Information Society Day, observed annually on May 17, celebrates the transformative impact of telecommunication and information technology on global connectivity and development. As we commemorate this special day in 2024, it’s essential to reflect on its significance, theme, historical roots, and the pressing issues it addresses.