Monthly Current Affairs May 2021

FINANCE AND BANKING

• RBI to strengthen risk-based supervision of banks, NBFCs
  • The Reserve Bank of India has decided to review and strengthen the Risk Based Supervision (RBS) of the banking sector with a view to enable financial sector players to address the emerging challenges.

• RBI Releases its Annual Report for 2020-21
  • The report is for 9 months as RBI changed its accounting year from July-June to April-March to make it equivalent to Financial Year.

• RBI sets up advisory group to assist regulatory review authority
  • RBI has constituted an advisory group to assist the second Regulatory Review Authority (RRA 2.0).
  • RRA 2.0 was created by RBI to streamline regulations and reduce the compliance burden of regulated entities.

ECONOMY

• Boeing announces $10 million aid for India’s fight against COVID-19
  • Boeing recently announced a USD10 million emergency assistance package to support India’s COVID-19 response.

• Goldman Sachs lowers GDP growth forecast for India in FY22 to 11.1%
  • Goldman Sachs has lowered its estimate for India's economic growth to 11.1 per cent in fiscal year to March 31, 2022, as a number of cities and states announced lockdowns of varying intensities to check spread of coronavirus infections.

• GST revenues touch all-time high of ₹1.41 lakh crore in April
  • The goods and services tax (GST) collections touched a record high at Rs 1.41 trillion in April, surpassing the Rs one trillion mark for the seventh straight month in a row during 2020-21.

NATIONAL

• India and Russia to Establish "2+2" Dialogue to Boost Partnership
  • With a focus on increasing engagement, India and Russia announced the establishment of a "2+2 Ministerial Dialogue" between Foreign and Defence Ministers level between the two countries.

• PM releases 8th installment of PM-Kisan Scheme
  • Prime Minister Narendra Modi released the 8th installment of Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme.
  • Under this instalment, over ₹20,000 crore was disbursed to more than 9.5 crore farmer families.

• Jharkhand clinches 1st rank for implementing Smart City Mission schemes
  • The Union Ministry of Housing and Urban Affairs released ranking based on the progress of the implementation of the Smart City Mission's schemes running in different 100 cities of the country's 36 states and union territories.

INTERNATIONAL

• UK launches plans for global pandemic radar to detect COVID-19 variants
  • UK Prime Minister Boris Johnson announced that the United Kingdom will work with the World Health Organization, other partners and nations to develop an advanced international pathogen surveillance network to identify COVID-19 variants and emerging diseases

• World’s longest pedestrian suspension bridge opens in Portugal
  • The world’s longest pedestrian suspension bridge named “516 Arouca bridge” has been completed near Arouca in northern Portugal.

• Israel - Palestine Conflict
  • This conflict has flared up betweed Jews (Israel) and Arabs (Palestine) and the violent confrontations have escalated into rocket-firing, air strikes, casualties and deaths on both sides. Hamas (active in Gaza Strip) has been firing hundreds of rockets into Israeli territory and Israel has been responding with airstrikes.

REPORTS AND INDEXES

• State of Healthcare in India: Housing.com’s report
  • Real estate portal Housing.com, which is owned by US-based News Corp and its Australian group firm REA, released its report titled ‘State of Healthcare in India’.

• Renewable Energy Country Attractiveness Index
  • Ernst & Young has published Renewable Energy Country Attractiveness Index. As per the Index, India has moved a notch higher at the third spot due to an exceptional performance on the solar photovoltaic (PV) front.

• State of Working India 2021: One Year of COVID-19 Report
  • Azim Premji University's Centre for Sustainable Employment (CSE) has published 'State of Working India 2021: One Year of COVID-19' report.

SCIENCE AND TECHNOLOGY

• Stratolaunch, the World's Largest Airplane, Successfully Completes Second Test Flight
  • The world’s biggest airplane completed its second test flight from Mojave Air and Space Port in California.

• ISRO develops 3 cost-effective ventilators, oxygen concentrator
  • The Indian Space Research Organisation’s Vikram Sarabhai Space Centre (VSSC) has developed three different types of ventilators and an oxygen concentrator.
  • They were named as, Prana, VaU and Svasta.

• NASA joins hands with ISRO to develop Earth Observatory to mitigate climate change and better disaster management
  • A new system to be developed by the National Aeronautics and Space Administration aided by radar systems from the Indian Space & Research Organisation will provide key information to guide efforts related to climate change and disaster mitigation.

AGRICULTURE AND RURAL DEVELOPMENT

• TRIFED signs MoU with The LINK Fund for Empowerment of Tribals
  • TRIFED (Tribal Cooperative Marketing Development Federation of India), the commercial wing of the Ministry of Tribal Affairs has signed a Memorandum of Understanding (MoU) with The Link Fund, a Philanthropic operational foundation for empowerment of tribals.

• TRIFED and NITI AAYOG to partner for implementing the Van Dhan initiative in Tribal Clusters
  • TRIFED will now be partnering with NITI Aayog to implement the Van Dhan Yojana in the districts that have been identified as aspirational districts by NITI Aayog.

• Scientists Develop New High-yielding, Pest-resistant Soybean Variety ‘MACS 1407’ for Farmers
  • Scientists in India have developed a high-yielding & pest-resistant variety of soybean ‘MACS 1407’. This new variety is suitable for cultivation in Jharkhand, Chhattisgarh, West Bengal Assam and North-eastern states.

DEFENCE

• Indian and Indonesian navies carry out 'Passage Exercise’
  • The navies of India and Indonesia carried out military drill the 'Passage Exercise’ in the Southern Arabian Sea with a focus on further improving their interoperability.

• INS Rajput to be decommissioned
  • After 41 years of service, the first destroyer of the Indian Navy, INS Rajput, will be decommissioned on May 21.
  • INS Rajput will be decommissioned at a ceremony at Naval Dockyard, Visakhapatnam.

• NSA Ajit Doval commissions Indian Coast Guard's offshore ship Sajag
  • National Security Advisor (NSA) Ajit Doval commissioned the Indian Coast Guard (ICG) Offshore Patrol Vessel (OPV) Sajag, which has been constructed by Goa Shipyard Limited.

EVENTS

• Patel Virtually Participates In G20 Tourism Ministers' Meeting
  • Union Minister of State for Tourism & Culture (I/c) Prahlad Singh Patel participated in G20 Tourism Ministers' Meeting held in Italy.

• India, EU hold virtual summit to boost overall ties
  • Prime Minister Narendra Modi held a virtual meeting with the heads of state or government of all 27 European Union member states with a focus on expanding overall cooperation in areas of trade, investment and connectivity.

• 1st India-France-Australia Trilateral Foreign Dialogue
  • External Affairs Minister S Jaishankar held discussions with his French and Australian counterparts Jean-Yves Le Drian and Marise Payne, respectively at the first India-France-Australia Trilateral Ministerial Dialogue.

AWARDS AND REWARDS

• Order of the Rising Sun, Gold and Silver Rays
  • Bengaluru teacher Shyamala Ganesh, the former director of the Japanese Language School, will be conferred the Order of the Rising Sun, Gold and Silver Rays.

• UNESCO/Guillermo Cano World Press Freedom Prize 2021
  • The UNESCO has awarded its annual UNESCO/Guillermo Cano World Press Freedom Prize to the Filipino journalist Maria Ressa whose reporting has made her a target of her country’s judiciary and online hate campaigns.

• World Food Award 2021
  • The World Food Award 2021 award goes to Dr. Shakuntala Hark Singh Thilstead, a global nutritionist of Indian origin.
  • She has won the award for her unprecedented research in developing a holistic, nutrition-sensitive approach to aquaculture and food systems.

SPORTS

• Hamilton won Portuguese Grand Prix
  • Seven-time world champion Lewis Hamilton won the Portuguese Grand Prix for Mercedes.
  • The victory was a record-extending 97th of Hamilton's career and second of the year.

• Sindhu, Michelle Li appointed ambassadors for IOC's 'Believe in Sport' campaign
  • The Badminton World Federation announced that India shuttler PV Sindhu and Canada's Michelle Li have been nominated as athlete ambassadors for the International Olympic Committee's (IOC) 'Believe in Sport' campaign’. The campaign is aimed at preventing competition manipulation.

• Seema Bisla becomes fourth Indian female wrestler to qualify for Tokyo Olympics
  • Seema Bisla became the fourth Indian woman wrestler to qualify for the Tokyo Games by reaching the final of the 50kg competition.
  • Seema booked an Olympic berth for herself after a close 2-1 win over European Championship bronze medallist Anna Lukasiak of Poland.