Current Affairs - May 7, 2024 Current Affairs

'Kutch Ajrakh' is a traditional textile craft renowned for its intricate designs and rich cultural heritage. Recently, it received the prestigious Geographical Indication (GI) certificate, highlighting its unique identity and significance in the vibrant region of Kutch. The art of Ajrakh involves meticulous hand-block printing on treated cotton cloth, creating designs infused with symbolism and history. This recognition not only celebrates the craftsmanship of 'Kutch Ajrakh' but also preserves and promotes the traditional textile heritage of Gujarat, adding to the cultural richness of the region.

Mindgrove recently launched India's first commercial high-performance SoC, Secure IoT, aimed at empowering local businesses with Indian SoC technology. This initiative not only fosters innovation but also promotes production scalability within the country, with the chip expected to replace millions of chips annually and attract global interest in India's technological capabilities.

GetVantage, a pioneering company in revenue-based finance (RBF), achieved a significant milestone by obtaining an NBFC license from the Reserve Bank of India (RBI). This makes GetVantage the first RBF and alternative funding platform in India to receive such authorization. With ambitious fundraising goals and a focus on diverse sectors like cleantech, D2C, EV, infrastructure, eCommerce, and SaaS, GetVantage's strategic expansion through its NBFC arm, GetGrowth Capital, highlights its commitment to supporting emerging SMEs and fostering financial innovation in the Indian market.

Indian-origin astronaut Sunita Williams, accompanied by Butch Wilmore, is preparing for her third space mission aboard Starliner's inaugural crewed flight. Scheduled for May 7, this mission is significant as it tests the systems of the Starliner spacecraft. Sunita Williams, a former US Navy officer and record-holder for the most cumulative spacewalk time by a female astronaut brings a wealth of experience to this mission, making her a key figure in space exploration.

Nepal has recently reported its lowest population growth rate in 8 decades, at 0.92% per annum over the past decade. This demographic trend, highlighted in the NSO report, indicates a significant shift in population dynamics in Nepal, with the current population estimated at around 29.2 million. The average life expectancy, standing at 71.3 years nationally, reflects key health indicators, with female life expectancy at 73.8 years and male life expectancy at 68.2 years. These demographic insights underscore the importance of accurate and timely population data for effective policymaking and planning in Nepal.

The Reserve Bank of India (RBI) has lowered the maximum risk for custodian banks issuing irrevocable payment commitments (IPCs) from 50% to 30%. This decision follows the reduction in trade settlement time from T+2 to T+1 and T+0 for select equities by stock exchanges. The revised guidelines aim to mitigate risks associated with potential downward price movements of equities purchased by foreign institutional investors/mutual funds over two successive days from the trade date.

Bangladesh is gearing up to host the highly anticipated ninth ICC Women's T20 World Cup 2024 from 3 to 20 October. This prestigious cricketing event, featuring ten teams in 23 matches over 18 days, will showcase the best of women's cricket at venues like the Shere Bangla National Cricket Stadium in Dhaka and the Sylhet International Cricket Stadium. The unveiling of fixtures, attended by key cricketing figures and the Bangladesh Prime Minister's blessings, highlights the nation's enthusiasm and readiness to host this exciting tournament.

India Ratings and Research have raised their GDP growth estimate for FY25 to 7.1%. This upward revision is attributed to robust government spending, improved corporate and banking sector health, and a potential increase in private corporate capital expenditure. The agency also notes that despite these positive factors, challenges such as uneven consumption demand and global economic sluggishness could impact growth dynamics. The focus on sustained real wage growth is highlighted as crucial for a more inclusive and sustainable consumption recovery, reflecting the complexities within India's economic landscape.

Real Madrid, the Spanish football giants, secured their 36th La Liga title in the 2023-24 season. They achieved this milestone after defeating Cadiz 3-0, while their closest rivals Barcelona faced a 4-2 loss against Girona. With an unassailable lead of 13 points over Girona and four games left in the season, Real Madrid's victory underscores their dominance and illustrious history in Spanish football, solidifying their reputation as one of the most successful clubs globally.

India and Nigeria are working towards finalizing a Local Currency Settlement System Agreement to enhance bilateral trade. This agreement, discussed during the 2nd India-Nigeria Joint Trade Committee session, aims to facilitate trade by settling transactions in Indian rupees and Nigerian naira. The focus on strengthening economic ties underscores the importance of collaboration between India and Nigeria, two countries with significant historical and economic relations, furthering their mutual interests and trade cooperation.

Ukraine has introduced an AI-powered digital spokesperson, Victoria Shi, for its foreign ministry, marking a significant advancement in diplomatic communication. This innovative approach combines cutting-edge technology with diplomacy, allowing for the efficient delivery of official statements while ensuring content accuracy through human verification.

World Asthma Day 2024 is observed on May 7, 2024. This day, organized by the Global Initiative for Asthma (GINA) in collaboration with the World Health Organization, aims to raise awareness about asthma, a chronic lung disease affecting millions globally. The theme for this year is "Asthma Education Empowers," emphasizing the importance of educating individuals with asthma and healthcare professionals about managing the condition effectively to improve quality of life and reduce complications.