23rd May, 2024 Current Affairs

NATIONAL
Cabinet Approves Over Rs 10,300 Crore for India AI Mission

• The Cabinet has greenlit an ambitious financial allocation of over Rs 10,300 crore for the IndiaAI Mission, aimed at fortifying India’s AI innovation ecosystem. Spearheaded by a public-private partnership model, this significant investment over the next five years is poised to catalyze various strategic initiatives, including compute infrastructure expansion, startup empowerment, and ethical AI deployment.
• The IndiaAI FutureSkills program aims to expand AI education by increasing accessibility to graduate and post-graduate AI programs. By establishing Data and AI Labs across major cities and smaller towns, this initiative seeks to impart foundational-level courses in Data and AI, democratizing AI education.
• Aligned with the broader vision of the IndiaAI Mission, these initiatives are poised to propel India’s global leadership in AI, ensure ethical AI deployment, and democratize the benefits of AI across all segments of society.

Spain Becomes 99th Member Of International Solar Alliance

• Spain has become the 99th member of the International Solar Alliance.
• Spain handed over the International Solar Alliance Instrument of Ratification, during the meeting of Ambassador José María Ridao Domínguez.
•  The International Solar Alliance (ISA) is a collaborative platform for increased deployment of solar energy technologies as a means for bringing energy access, ensuring energy security, and driving energy transition in its member countries.
• The ISA was conceived as a joint effort by India and France to mobilize efforts against climate change through the deployment of solar energy solutions. It was conceptualized on the sidelines of the 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change held in Paris in 2015.

AWARDS
NTPC gets global recognition for Talent Development, secures 3rd rank at ATD BEST Awards 2024

• NTPC has achieved an impressive milestone by securing the 3rd rank globally at the ATD BEST Awards 2024, this being the highest ranking among all Indian companies. Notably, NTPC is the only PSU to have received this prestigious award seven times in the past eight years.
• The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one of the most esteemed international recognitions in the field of Learning and Development (L&D). It honors organizations that leverage talent development as a strategic business tool and demonstrate enterprise-wide success through effective employee development practices. The ranking is said to be determined through a rigorous evaluation and assessment process conducted by international experts of high integrity and global eminence.
• This achievement highlights NTPC's exceptional performance in the HR domain on an international level. The ATD BEST Award is a testament to NTPC's outstanding Learning and Development practices and its relentless pursuit of excellence. The company has adopted a focused approach towards learning and development, embraced technology and innovation, set industry benchmarks, facilitated learning opportunities, and fostered a culture of continuous learning.

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INTERNATIONAL
To Lam elected as the New President of Vietnam

• To Lam, Vietnam’s former minister of public security, has been confirmed as the nation’s new president by the National Assembly. His rise comes amid an ongoing anti-corruption campaign that has shaken the country’s political establishment and business elites, resulting in multiple high-level government changes.
• While the Vietnamese presidency is largely ceremonial, analysts suggest that Lam’s new role as head of state puts him in a strong position to become the next Communist Party general secretary, the most powerful political position in the country. The current party chief, Nguyen Phu Trong, is 80 years old and may not seek another term after 2026.

ECONOMY
Record Rs 2.11 Lakh Crore RBI Dividend to Central Government for 2023-24

• The Central Board of Directors of the Reserve Bank of India (RBI) has approved the transfer of Rs 2.11 lakh crore as a dividend to the Government of India for the financial year 2023-24. This announcement was made after the Central Board of Directors meeting on 22 May 2024 in Mumbai. This is the highest-ever dividend despite the Contingent Buffer Risk being increased to 6.5% for 2023-24.
• Contingent Buffer Risk refers to the reserve money that the RBI maintains to meet its liabilities, including day-to-day operations and statutory duties like monetary and foreign exchange functions. It is a component of the Economic Capital Framework of the RBI.
• The Economic Capital Framework determines the RBI’s profit distribution, accounting for risk provisions under section 47 of the RBI Act 1934. In 2018, a committee headed by Bimal Jalan reviewed this framework and recommended a Contingent Buffer Risk of 5.5% to 6.5% of the RBI’s balance sheet. This recommendation was adopted on 26 August 2019. Due to the COVID-19 pandemic, the buffer was maintained at 5.5% from 2018-19 to 2021-22, increased to 6% in 2022-23, and to 6.5% in 2023-24.
• The RBI’s dividend will be recorded in the government’s account for the financial year 2024-25. The government had initially budgeted a dividend of Rs 1.02 lakh crore in the interim budget of 2024-25. The higher-than-expected dividend will enhance government spending, positively impacting the Indian economy.
• The Central Board of the RBI, its highest decision-making body, comprises the RBI Governor, four Deputy Governors, four Directors (one from each Local Board), ten Directors nominated by the Central Government, and two Government officials. The board operates under the provisions of the RBI Act 1934. The RBI was established under this act and commenced operations on 1 April 1935.

POWERGRID records Profit After Tax of ₹ 15,573 crores and Total Income ₹ 46,913 crores for FY24 on Consolidated Basis

• Power Grid Corporation of India Limited (POWERGRID), a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, Government of India, has announced its financial results for the period ending Q4FY24 and FY24.
• For Q4FY24, on standalone basis, the company has reported a Profit After Tax of ₹ 4,128 crores and Total Income of ₹ 12,254 crores. On consolidated basis, the company has reported a PAT of ₹ 4,166 crores and Total Income of ₹ 12,305 crores.
• For FY24, on standalone basis, the company posted PAT of ₹ 15,475 crores and Total Income (including discontinued operations) of ₹ 46,215 crores. On consolidated basis, the company posted PAT of ₹ 15,573 crores and Total Income of ₹ 46,913 Crores.
• The Company has proposed a final dividend of 27.50% (₹ 2.75 per share on a face value of ₹ 10/- each) in addition to first and second interim dividends of ₹ 8.50/- per share already paid for the FY24. The total dividend for the year thus amounts to ₹ 11.25 per share which is 1.69% higher than that of previous year total dividend, adjusted of bonus issue.
• In FY24, the Company along with its subsidiaries added 19,720 MVA transformation capacity, 6 sub-stations and 4,036 circuit kilometres of transmission lines. POWERGRID has successfully commissioned its 5 Tariff Based Competitive Bidding (TBCB) subsidiaries i.e POWERGRID Ramgarh Transmission Limited, POWERGRID Bikaner Transmission System Limited, POWERGRID Meerut Simbhavali Transmission Limited, POWERGRID Gomti Yamuna Transmission Limited and POWERGRID Neemuch Transmission System Limited.
• During FY24, the Company incurred a Capital Expenditure of ₹ 12,500 crores and Capitalized assets worth ₹ 7,618 crores (excluding FERV) on consolidated basis. POWERGRID’s Gross Fixed Assets on consolidated basis stood at ₹ 2,75,991crores as on March 31, 2024.
• In FY24, under Tariff based competitive bidding, POWERGRID has acquired 10 ISTS TBCB subsidiaries with an estimated cost of approx. ₹ 26,872 crores.
• At the end of FY24, the total transmission assets of POWERGRID and its subsidiaries stood at 1,77,699 circuit kilometres of transmission lines, 278 substations and 5,27,446 MVA of transformation capacity.
• POWERGRID maintained an average transmission system availability of 99.85% during FY24.

SPORTS
Brazil Awarded 2027 Women’s World Cup Hosting Rights

• South American football, Brazil was declared the host of the 2027 Women’s World Cup at the FIFA Congress. The Brazilian bid triumphed over the joint bid from Belgium, Netherlands, and Germany, becoming the first South American country to secure the hosting rights for the prestigious tournament.
• The Brazilian bid garnered the backing of 119 member associations of the FIFA Congress, surpassing the 78 votes received by the European bid. This resounding support underscored Brazil’s strong candidacy and the trust placed in the nation’s ability to organize a successful Women’s World Cup.

Published date : 24 May 2024 04:34PM