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Detailed Current Affairs for May. 24,

2024

Topics Covered:
• Banking and Economy
• Growth Rate and Ratings
• Reports and Indices
• Appointments and Resignation
• Science and Technology
• International News
• Organizations and MoU
• Important Days

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Detailed Current Affairs for May. 24, 2024

Banking and Economy

1. Achievements of TReDS Platform RXIL in MSME Invoice Financing

India's first Trade Receivables electronic Discounting System (TReDS) platform,

Receivables Exchange of India Limited (RXIL), has financed over 5 million Micro,
Small, and Medium Enterprise (MSME) invoices, amounting to Rs 1 lakh crore.
RXIL boasts over 25,000 registered MSMEs and has strategic partnerships with state
governments to ensure timely and competitive payments. The platform provides working
capital solutions for MSMEs through invoice financing.

**Note:**
1. RXIL is a joint venture (JV) promoted by the Small Industries Development Bank of India
(SIDBI), NSE Investments Limited, State Bank of India (SBI), ICICI Bank, and YES Bank
Limited.
2. RXIL was the first entity to receive approval from the Reserve Bank of India (RBI) to
launch the TReDS Exchange Platform in 2016.
3. In FY24, RXIL's monthly invoice financing volumes exceeded Rs 6,000 crore, and the
platform aims to finance Rs 75,000 crore worth of invoices in FY25.

Growth Rate and Ratings

1. Projections by ICRA: India's GDP Growth Expected to Decrease to 6.7% in the
Fourth Quarter of FY24

ICRA Limited (formerly known as Investment Information and Credit Rating Agency of India
Limited) has projected that India's Gross Domestic Product (GDP) growth will
moderate to a four-quarter low of 6.7% in the fourth quarter (Q4) of FY2024,
down from 8.4% in the third quarter (Q3) of FY24. For the full fiscal year FY24, ICRA
expects GDP growth to be 7.8% and Gross Value Added (GVA) growth to be 7.0%.

**Key Points:**
1. GVA growth is estimated to decline from 6.5% in Q3 of FY24 to 5.7% in Q4 FY24,
primarily due to lower growth in the industrial and services sectors. The
agricultural GVA is expected to contract for the second consecutive quarter by 0.5%, amid
weak trends in the rabi crop output and concerns around yields.
2. ICRA anticipates that the gap between GDP and GVA growth will narrow from 185 basis
points (bps) in Q3 FY24 to 100 bps in Q4 FY24. This is attributed to a smaller increase in
net indirect taxes in Q4 FY24, resulting from a reduction in subsidy outgo (down 53.6% in
Q3 FY24 and 22.8% in January-February 2024).
3. Industrial GVA growth is projected to slow to 7.9% in Q4 from 10.4% in Q3,
driven by decreases in all four sub-sectors: manufacturing (to 8.0% from 11.6%),
electricity (to 7.5% from 9.0%), construction (to 8.5% from 9.5%), and mining and
quarrying (to 5.5% from 7.5%).
4. The domestic retail tractor market rebounded with a year-on-year (Y-O-Y) growth of 7.7%
in Q4 FY24, up from 4% in Q3 FY24.
5. Services GVA is expected to moderate to 6.2% in Q4 FY24 from 7.0% in Q3 FY24. The Y-

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O-Y growth in India's services exports decreased from 5.2% in Q3 FY24 to 4.2%
in Q4 FY24.

**What is GVA?**
Gross Value Added (GVA) measures the value of goods and services produced by an
industry, sector, manufacturer, area, or region in an economy. It represents the
total value of output produced, excluding the intermediary costs incurred in the production
process.

**About ICRA Limited:**

- **Managing Director (MD) and Group Chief Executive Officer (CEO):** Ramnath Krishnan
- **Headquarters:** Gurugram, Haryana
- **Established:** 1991

Reports and Indices

1. FIEO Projects India's Merchandise Exports Growth to USD 500-510 Billion in
FY25

The Federation of Indian Export Organisations (FIEO), the top body representing Indian
exporters, projects a 14% increase in merchandise exports from India, reaching
USD 500-510 billion in FY25 (2024-25). In FY24 (2023-24), India's merchandise
exports contracted by 3%, totaling USD 437 billion. Additionally, FIEO estimates that
services exports will grow to USD 390-400 billion in FY25, bringing the total exports from
India to approximately USD 890-910 billion. In FY24, the total exports were USD 788
billion.

**Key Points:**
1. **Boost from Traditional Markets and FTAs:**
FIEO notes that traditional markets such as the United States and Europe, along with
Free Trade Agreements (FTAs) with Australia, the United Arab Emirates (UAE), and the
European Free Trade Association (EFTA), will enhance India's export sector.

2. **Growth Sectors:**
Key sectors expected to drive export growth include machinery, electrical and electronic
products, automobiles, pharmaceuticals, and biotechnology. These sectors will benefit
from the Production-Linked Incentive (PLI) schemes.

3. **Increased Demand for Credit:**

There has been an increased demand for credit due to inflation, high commodity prices,
and a significant rise in sea freight costs. Sea freight prices have surged from USD 700 to
USD 3,700, mainly due to the Middle East conflict, which has led to longer voyage times as
sea routes are diverted from the Red Sea to the Cape of Good Hope.

4. **Opportunities from US Tariffs on Chinese Goods:**

The US has imposed new tariffs on Chinese products, including electric vehicles (EVs),
batteries, and high-end technology items. As China seeks new markets with lower tariffs,
India has the opportunity to fill the supply gap.

**Key Recommendations:**
1. **Export Development Fund:**
FIEO recommends that the Government of India establish an export development fund to
support Micro, Small, and Medium Enterprises (MSMEs), with a budgetary allocation of 1%

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of the previous year's exports. The goal is to increase Indian exports from USD 778 billion
in 2023-24 to USD 2,000 billion by 2029-30.

2. **Priority Sector Lending Sub-Target:**

FIEO emphasizes the need for a sub-target for exports within the overall target for
Priority Sector Lending (PSL).

**About the Federation of Indian Export Organisations (FIEO):**

- **President:** Ashwini Kumar
- **Headquarters:** New Delhi, Delhi
- **Established:** 1965
- **Set Up By:** Ministry of Commerce and Industry

2. Global Report Emphasizing the Significance of Access to Safe Drinking Water

The global flagship report titled "Water for Shared Prosperity," co-published by the
World Bank and the Government of Indonesia, was unveiled during the 10th World Water
Forum in Bali, Indonesia. The report underscores the critical role of access to safe
drinking water and sanitation in promoting both human and economic development.

**About the 10th World Water Forum:**

1. The 10th World Water Forum is taking place from May 18th to 25th, 2024, with the
theme "Water for Shared Prosperity."
2. The forum serves as a platform for the water community and decision-makers to
collaborate and advance long-term solutions to global water challenges.

**About the Report:**

**Significance:**
The report aims to identify the water challenges and risks faced by the poorest and most
marginalized populations, and to inform policies that improve water accessibility and
climate resilience while reducing poverty and enhancing shared prosperity.

**Key Findings:**
1. In 2022, 2.2 billion people lacked access to safe drinking water services, and 3.5
billion were without safely managed sanitation. This lack of access contributed to at least
1.4 million deaths annually and 50% of global malnutrition.
2. The report identifies four main components of prosperity: education (human capital),
jobs and income, peace and social cohesion (social capital), and the environment (natural
capital).
3. Over the past two decades, the number of people without access to safe drinking water
and basic sanitation increased by 197 million and 211 million, respectively.
4. Climate change is a major factor in the increased water-related risks, with developing
countries being the most affected due to significant global emissions increases. Between
2000 and 2021, developing countries experienced more severe droughts and longer-
lasting floods than developed countries.
5. The report indicates that over 800 million people worldwide are at high risk of droughts,
and twice that number live in flood-prone areas.

**Key Recommendations:**
To enhance water security in developing countries, the report suggests:
1. Protecting depleting aquifers, improving nature-based solutions such as reforestation,
and investing in water storage infrastructure.

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2. Upgrading housing and land use regulations to mitigate flood risks. Early Warning
Systems (EWS) and insurance can help households and farmers cope with extreme
weather conditions.
3. Implementing significant reforms in water tariffs and subsidies to ensure fair water
resource allocation. Service providers should improve their operations to reduce water
losses and lower operating costs.

**Additional Information:**
- The 1st World Water Forum was held in 1997 in Marrakesh, Morocco, addressing the
global water crisis. The World Water Forum is held every three years.

**About the World Bank:**

- **President:** Ajay Banga
- **Headquarters:** Washington, D.C., USA
- **Established:** 1944

3. Ranking of Richest Individuals in the Bloomberg Billionaires Index of May

2024: Mukesh Ambani & Gautam Adani included in top 15

According to the Bloomberg Billionaires Index (as of May 20, 2024), Mukesh Ambani,
Chairman and Managing Director of Reliance Industries Limited (RIL), and Gautam Adani,
Founder and Chairman of the Adani Group, are among the top 15 richest people globally.
Mukesh Ambani is ranked 12th with a net worth of USD 110 billion, while Gautam
Adani is ranked 14th with a net worth of USD 100 billion. Bernard Arnault, Founder and
CEO of LVMH Moet Hennessy Louis Vuitton, leads the list with a net worth of
USD 220 billion.

**Note:** For the first time, each individual in the top 15 richest people globally has a net
worth of USD 100 billion or more.

**Highlights:**
1. Bernard Arnault is followed by Jeff Bezos, ranked 2nd with USD 207 billion, and Elon
Musk, ranked 3rd with USD 190 billion.
2. Francoise Bettencourt Meyers, Chairwoman of L'Oreal, is ranked 15th with a net worth
of USD 98.9 billion, making her the first woman to join the USD 100 billion club.
3. Carlos Slim of Mexico debuts on the list, ranking 13th with USD 106 billion, making him
the wealthiest person in South America.

**List of the Top 5 Richest People as of May 20, 2024:**

1. Bernard Arnault - USD 220 billion, France
2. Jeff Bezos - USD 207 billion, USA
3. Elon Musk - USD 190 billion, USA
4. Mark Zuckerberg - USD 168 billion, USA
5. Larry Page - USD 156 billion, USA

**Additional Rankings:**
12. Mukesh Ambani - USD 110 billion, India
14. Gautam Adani - USD 100 billion, India

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Appointments and Resignation

1. Luis Rodolfo Abinader Corona Re-elected as President of the Dominican
Republic

Luis Rodolfo Abinader Corona has been re-elected as the President of the
Dominican Republic for a second four-year term, extending his leadership from 2024
to 2028. Abinader, who has served as President since 2020, secured re-election by winning
58.85% of the vote. His closest competitor, former President Leonel Fernandez, garnered
27.29% of the votes.

**About Luis Rodolfo Abinader Corona:**

1. **Background:** Luis Rodolfo Abinader Corona is a Dominican economist,
businessman, and politician. He is the Executive President of the ABICOR Group, which has
developed and operated significant tourism projects in the Dominican Republic.

**Political Career:**
1. In 2005, he was a pre-candidate for senator from the province of Santo Domingo.
2. He ran for Vice President of the Republic in the 2012 presidential elections representing
the Dominican Revolutionary Party.
3. In 2014, he founded the Modern Revolutionary Party (PRM) following a division in the
Dominican Revolutionary Party.
4. He was elected as the PRM's presidential candidate at the party convention held on
April 26, 2015.
5. In 2020, Abinader was elected as the 54th President of the Dominican Republic, serving
from 2020 to 2024.

**About the Dominican Republic:**

- **President:** Luis Rodolfo Abinader Corona
- **Capital:** Santo Domingo
- **Currency:** Dominican Peso

Science and Technology

1. First Private Entity GalaxEye Conducts SAR Trials on NALs Prototype HAPS

GalaxEye Space Solutions Pvt Ltd has successfully conducted trials of its Synthetic
Aperture Radar (SAR) technology on a subscale High Altitude Pseudo-Satellite (HAPS)
developed by the Council of Scientific and Industrial Research (CSIR) National
Aerospace Laboratories (NAL). This achievement marks GalaxEye as the first private
entity globally to carry out SAR trials on the HAPS platform.

**About the HAPS Test:**

1. The HAPS platform underwent testing at an altitude of 25,000 feet (7.62 kilometers) by
CSIR-NAL on May 13, 2024.
2. The demonstration took place at the Aeronautical Test Range (ATR) near Chitradurga,
Karnataka, facilitated by the Defence Research and Development Organisation (DRDO).
3. SAR was tested at an altitude of 1 kilometer initially, with plans to gradually scale up
the tests to 7 kilometers.
4. NAL focused on optimizing SAR with low SWaP (Size, Weight, and Power) characteristics
to explore unique phenomenology.

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5. Weighing approximately 5 kilograms, the mounted SAR on HAPS achieved an altitude of

3.5 kilometers, maintaining stability for 2.5 hours.

**Strategic Partnership:**
GalaxEye and NAL have entered into a Memorandum of Understanding (MoU) to further
develop, integrate, and test SAR payloads for HAPS, thus enhancing India's technological
capabilities.

**HAPS Systems:**
1. HAPS systems function from the stratosphere, akin to high-flying drones.
2. These systems are equipped for extended periods of aerial surveillance through solar
energy and advanced battery systems.
3. Presently, the HAPS platform can operate at an altitude of nearly 8 kilometers and is
envisioned to reach 18 kilometers for prolonged durations.
4. This surveillance solution, cost-effective in nature, remains airborne for durations
ranging from 20 hours to 7 days.

**SAR:**
1. SAR technology offers the advantage of all-weather, round-the-clock imaging
capabilities, overcoming challenges posed by cloud cover, making it superior to
traditional electro-optical cameras.
2. SAR can also be employed for environmental monitoring and disaster management
purposes.

**Additional Information:**
In 2023, GalaxEye achieved radar imaging via Unmanned Aerial Vehicles (UAVs) through
collaborations with organizations including the Indian Space Research Organisation (ISRO)
and the DRDO.

**About GalaxEye:**
GalaxEye is a Space-Tech startup pioneering the world's first multi-sensor earth
observation satellite.
- **Chief Executive Officer (CEO) & Co-founder:** Suyash Singh
- **Incorporated:** 2021
- **Headquarters:** Bengaluru, Karnataka

2. Introduction of Copilot+ PCs by Microsoft with Enhanced AI Capabilities

Microsoft has unveiled Copilot+ PCs, a novel category of personal computers (PCs)
engineered to harness Artificial Intelligence (AI) capabilities. These Copilot+ PCs represent
the pinnacle of Windows PCs, boasting unmatched speed and intelligence. Developed in
collaboration with leading manufacturers such as Acer and ASUSTek Computer, they are
designed to proficiently handle AI tasks locally, thereby reducing reliance on cloud
data centers.

**Key Points:**
1. Copilot+ PCs will hit the market on June 18, 2024, with a price tag of USD 1,000.
2. Equipped with cutting-edge silicon, these PCs deliver an astonishing 40+ TOPS
(trillion operations per second) and offer all-day battery life.
3. They are seamlessly connected to Microsoft's Azure Cloud, enhancing their functionality.
Additionally, they feature the Microsoft Pluton Security processor, which is enabled by
default, ensuring enhanced security measures.

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International News
1. Collaboration between RITES and Bangladesh Railways for Supplying 200 BG
Passenger Coaches

RITES Limited, the export arm of Indian Railways, has signed a USD 111.26 million
(approximately Rs 915 crore) contract to supply 200 Broad-Gauge (BG)
passenger carriages to Bangladesh Railways. The contract is funded by the
Luxembourg-based European Investment Bank (EIB) and was secured through a global
competitive bidding process. The agreement includes a 36-month period for supply and
commissioning, followed by a 24-month warranty period.

**Key People:**
The signing ceremony took place in Dhaka, Bangladesh, and was attended by Md. Zillul
Hakim, Minister of Railways, Bangladesh; Sanjay Kumar Pankaj, Additional Member,
Production Units (PU), Ministry of Railways; and senior officials from RITES and Bangladesh
Railways.

**Key Points:**
1. RITES will provide design expertise, spare parts support, and training to Bangladesh
Railways.
2. The new coaches will feature advanced design and safety standards.
3. This contract highlights RITES' commitment to exporting indigenously developed railway
stock, in line with the "Make in India, for the World" vision.
4. RITES has a longstanding relationship with Bangladesh Railways, having previously
supplied 120 BG Passenger Coaches (LHB type), 36 BG locomotives, and 10 Meter Gauge
locomotives.

**About RITES Limited:**

- **Full Name:** Rail India Technical and Economic Service Limited
- **Status:** Navratna and Schedule A Central Public Sector Enterprise (CPSE) under the
Ministry of Railways
- **Chairman & Managing Director (CMD):** Rahul Mithal
- **Incorporated:** April 1974
- **Headquarters:** Gurugram, Haryana

**About Bangladesh:**
- **Prime Minister:** Sheikh Hasina
- **Capital:** Dhaka
- **Currency:** Bangladeshi Taka

2. First Export of India's Premium Fuel XP100 by IOCL to Sri Lanka

Indian Oil Corporation Limited (IOCL), a leading energy company in India, has exported
its first-ever batch of XP100, India's first superior 100-octane premium fuel, from
Jawaharlal Nehru Port Trust (JNPT), Nava Sheva, Navi Mumbai, Maharashtra, to Lanka IOC,
a subsidiary of IOCL in Sri Lanka. This domestically developed XP100 utilizes IndianOil's
indigenous Octamax Technology, designed specifically for high-end vehicles and known for
its exceptional anti-knock properties.

**Features:**
1. **XP100 reduces engine deposits and emissions** in high compression ratio

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engines, optimizing vehicle performance and longevity while minimizing maintenance.

2. **Tailored for high-end vehicles**, XP100 offers superior engine performance, faster
acceleration, smoother drivability, and improved fuel economy.
3. **Exceeding IS-2796 specifications**, XP100 is also an eco-friendly fuel with
significantly reduced tailpipe emissions.

**Note:** Lanka IOC is the only private oil company managing retail outlets in Sri Lanka.

3. Agreement Between Tata Steel and UK's ESO for Green Steel Project at Port
Talbot

Tata Steel Limited has signed a grid agreement with National Grid Plcs Electricity System
Operator (ESO) to construct the power infrastructure needed to transition its Port Talbot
site in Wales, the United Kingdom (UK), to a green steel project. The National Grid Plc
ESO will develop a new electrical framework to power Tata Steel's 3.2 million-ton electric
arc furnace by the end of 2027, replacing the aging blast furnaces. As a result of this
transition, Tata Steel anticipates affecting around 2,500 roles within the following 18
months. National Grid Plc ESO is responsible for managing the electricity network in
England and Wales. The goal of Tata Steel's electric arc furnace is to reduce emissions
by 30% by 2030 and achieve net zero emissions by 2045.

Organizations and MoU

1. Collaboration between DAHD and UNDP India for Digitalization of Vaccine Cold
Chain Management

The Department of Animal Husbandry & Dairying (DAHD), under the Ministry of Fisheries,
Animal Husbandry & Dairying (MoFAHD), has entered into a Memorandum of
Understanding (MoU) with the United Nations Development Programme (UNDP) India. The
signing took place at the UNDP Country Office in New Delhi. This MoU aims to enhance
the digitalization of vaccine cold chain management, capacity building, and
communication planning to improve animal health and husbandry practices.

**Objective:**
To leverage UNDP's expertise and DAHD's mandate to create a robust framework for
animal health and husbandry in India.

**Signatories:**
The MoU was signed by Alka Upadhyay, Secretary of DAHD, and Caitlin Wiesen, UNDP
Resident Representative in India.

**Key Initiatives under the MoU:**

1. **Animal Vaccine Supply Chain Management System:**

UNDP will collaborate with DAHD to establish India's first animal vaccine supply chain
management system.

2. **Animal Vaccine Intelligence Network (AVIN):**

Utilizing new technology and AI, AVIN will facilitate real-time monitoring of the cold chain
infrastructure to ensure vaccines are distributed nationwide with the correct quantity,
quality, timing, and temperature.

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3. **One Health Approach:**

Aiming to digitalize and remotely monitor cold chains to maintain vaccines at 2-8°C,
enhancing immunization coverage. This includes the Foot and Mouth Disease (FMD)
vaccination program, which targets 500 million large and 200 million small animals, with
vaccines valued at Rs. 900 crore.

4. **Technical Assistance to CEAH:**

Providing technical support to the Centre of Excellence for Animal Husbandry (CEAH) in
Bengaluru, Karnataka, to enhance its animal husbandry practices.

5. **Support for Livestock Insurance and Capacity Building:**

Enhancing livestock insurance programs, communication plans for outreach, extension
services, and skill development initiatives to boost capacities in the animal husbandry
sector.

**About the Ministry of Fisheries, Animal Husbandry, and Dairying (MoFAHD):**

- **Union Minister:** Parshottam Rupala (Rajya Sabha - Gujarat)
- **Ministers of State:**
- Sanjeev Kumar Balyan (Muzaffarnagar, Uttar Pradesh)
- L. Murugan (Rajya Sabha - Madhya Pradesh)

**About United Nations Development Programme (UNDP) India:**

- **Resident Representative in India:** Caitlin Wiesen
- **Headquarters:** New Delhi, Delhi

2. Agreement between SIDBI and Airbus Helicopters for Helicopter Financing in

India

The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of
Understanding (MoU) with Airbus Helicopters to finance the purchase of Airbus
helicopters in India. The MoU was signed by Rahul Priyadarshi, Chief General Manager
(CGM) of SIDBI, and Sunny Guglani, Head of Airbus Helicopters, India and South Asia.

**Note:** Airbus Helicopters is a division of Airbus, a European multinational aerospace

corporation, dedicated to helicopter manufacturing.

**Significance:**
1. The MoU will boost the helicopter market in India, particularly in the health,
infrastructure, and tourism sectors.
2. This strategic partnership will provide SIDBI with a competitive edge in helicopter
financing and support the development needs of India's rapidly growing rotary wing sector.

**Key Points:**
1. The MoU will enable Airbus Helicopters and SIDBI to identify potential civil helicopter
operators in India who are interested in financing solutions for purchasing helicopters.
2. Airbus Helicopters will provide SIDBI with technical expertise and industry knowledge
related to helicopters.
3. SIDBI will evaluate and finance these prospects exclusively for Airbus.

**About Small Industries Development Bank of India (SIDBI):**

- **Role:** SIDBI is the Principal Financial Institution for the promotion, financing, and
development of Micro, Small, and Medium Enterprises (MSMEs). It operates under the
Ministry of Finance.

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- **Chairman and Managing Director (CMD):** Sivasubramanian Ramann

- **Headquarters:** Lucknow, Uttar Pradesh
- **Established:** April 1990

Important Days
1. Commemoration of Cultural Diversity and Dialogue Day on May 21

The World Day for Cultural Diversity for Dialogue and Development, observed
annually on May 21st, is a global initiative led by the United Nations (UN) to celebrate
the vast richness of world cultures and emphasize the critical role of diversity in our
collective development. This occasion, coordinated by the United Nations Educational,
Scientific and Cultural Organization (UNESCO), highlights the necessity of fostering
intercultural dialogue to foster peace and sustainable progress.

**Background:**
1. In December 2002, the United Nations General Assembly (UNGA) adopted resolution A/
RES/57/249, designating May 21st as the World Day for Cultural Diversity for Dialogue and
Development.
2. This resolution builds upon the Universal Declaration on Cultural Diversity, endorsed by
UNESCO in 2001, which underscores culture's potential to drive prosperity, sustainable
development, and global harmony.
3. The inaugural World Day for Cultural Diversity for Dialogue and Development took place
on May 21st, 2003.

**Culture and Sustainable Development:**

1. In 2015, the UNGA's Second Committee adopted resolution A/C.2/70/L.59, recognizing
culture's indispensable role in sustainable development.
2. This observance aligns with the objectives of the UNESCO Convention on the Protection
and Promotion of the Diversity of Cultural Expressions, ratified on October 20th, 2005,
which aims to:
- Foster sustainable governance structures for culture.
- Facilitate balanced trade of cultural goods and services.
- Enhance mobility for artists and cultural practitioners.
- Integrate culture into sustainable development frameworks.
- Uphold human rights and fundamental freedoms.

**MONDIACULT 2022:**
1. In September 2022, representatives from 150 nations convened in Mexico for the
UNESCO World Conference on Cultural Policies and Sustainable Development, known as
MONDIACULT 2022, marking the largest global cultural conference in four decades.
2. During this gathering, the Declaration for Culture was unanimously adopted, affirming
culture as a universal public asset and calling for its inclusion as a distinct goal in the
post-2030 development agenda.

**The Significance of Intercultural Dialogue:**

- Conflict Reduction: Enhancing intercultural dialogue is pivotal, as 89% of global
conflicts arise in regions with limited cultural exchange, underscoring its role in fostering
effective collaboration and enduring peace.

**Key Facts:**
- UNESCO data reveals the economic significance of the cultural and creative sector,

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including:
- Job Creation: This sector sustains over 48 million jobs globally, with nearly half held by
women.
- Youth Employment: It offers substantial opportunities for individuals under 30.
- Economic Contribution: Accounting for 6.2% of global employment and 3.1% of the
world's Gross Domestic Product (GDP).

2. Observance of International Tea Day 2024 on May 21st

The International Tea Day (ITD), recognized by the United Nations (UN), is
annually observed worldwide on May 21st to advocate for the sustainable production
and consumption of tea and to underscore the pivotal role of tea cultivation in addressing
hunger and poverty. The 5th ITD will be observed on May 21, 2024, and is coordinated by
the Food and Agriculture Organization of the United Nations (FAO), the UN's specialized
agency dedicated to eradicating hunger.

**Significance:**
1. ITD highlights tea's significance for rural communities, sustainable livelihoods, and its
contribution to achieving the Sustainable Development Goals (SDGs).
2. The day celebrates tea's cultural heritage, promotes its health benefits, underscores its
economic importance, and advocates for sustainable production practices.

**History:**
1. ITD has been commemorated since 2005 on December 15th in tea-producing nations
such as Bangladesh, Sri Lanka, Nepal, Vietnam, Indonesia, Kenya, Malawi, Malaysia,
Uganda, India, and Tanzania.
2. The inaugural ITD was hosted by a group of tea workers in New Delhi (Delhi) in 2005.
3. In October 2015, the Indian government proposed to the FAO Intergovernmental Group
(IGG) on Tea to expand the observance of ITD globally.

**Background:**
1. On December 19, 2019, the UN General Assembly (UNGA) adopted resolution A/RES/
74/241, designating May 21st of each year as International Tea Day.
2. The first UN-recognized International Tea Day was celebrated on May 21, 2020.

**About Tea:**
1. Tea, derived from the Camellia sinensis plant, is one of the world's oldest
beverages and the second most consumed beverage after water.
2. Its origins trace back to northeast India, north Myanmar (Burma), and southwest China,
with evidence of consumption dating back 5,000 years.
3. Tea cultivation significantly contributes to rural development, poverty reduction, and
food security.

**Economic Significance of Tea:**

1. Tea cultivation supports over 13 million individuals, including smallholder farmers.
2. While a significant portion of tea production is consumed domestically, it is also a widely
traded and exported commodity.
3. Despite increasing tea consumption in major producing countries, per capita
consumption remains relatively low, indicating potential growth opportunities.

**2024 Events:**
On May 21, 2024, FAO organized a hybrid event and exhibition titled "Honoring Women
around the World: From Crop to Cup" at the FAO Atrium and Sheikh Zayed Centre in Rome,

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Italy, to commemorate ITD 2024. The event, which focused on women's contributions to
the tea sector, was inaugurated by FAO Director-General, QU Dongyu.

3. Observance of National Anti-Terrorism Day 2024 on May 21

Every year on May 21st, National Anti-Terrorism Day is observed throughout India to
commemorate the death anniversary of former Prime Minister Rajiv Gandhi, who was
assassinated in 1991 near Chennai, Tamil Nadu. The day aims to raise awareness about
the detrimental effects of terrorism and violence on society and the nation. May 21, 2024,
marks the 33rd death anniversary of Rajiv Gandhi, the 6th Prime Minister of India (1984 to
1989).

**Significance:**
1. National Anti-Terrorism Day serves to educate people about the grave consequences of
terrorism and underscores the importance of maintaining peace, unity, and security.
2. It pays tribute to the sacrifices of terrorism victims and underscores the ongoing need
for vigilance against extremist activities.
3. On this day, Government offices, public sector undertakings (PSUs), and other public
institutions take an anti-terrorism pledge, reaffirming their commitment to India's fight
against terrorism.

**Background:**
In 1992, the Government of India (GoI) decided to observe May 21st as National Anti-
Terrorism Day in honor of Rajiv Gandhi's memory.

**About Rajiv Gandhi:**

1. Born on August 20, 1944, in Bombay (now Mumbai, Maharashtra), Rajiv Gandhi was
the youngest Prime Minister of India, assuming office at the age of 40.
2. He ascended to power as Prime Minister and Congress President following the
assassination of his mother, Indira Gandhi, the first woman Prime Minister of India, in
1984. He served until 1989.
3. Rajiv Gandhi, hailed as the Father of Information Technology (IT) and Telecom Revolution
in India, established the Centre for Development of Telematics (C-DOT) in 1984.
4. In 1991, he was posthumously awarded the Bharat Ratna, India's highest civilian award,
for his contributions to the nation's development.

**Global Terrorism Index (GTI) 2024:**

1. India climbed to 14th place on the Global Terrorism Index 2024 (GTI), with a score of
6.324, signifying medium impact compared to 2023.
2. India also witnessed a decrease of 18 deaths from terrorism in 2022-2023.
3. The GTI, an annual report by the Institute for Economics & Peace (IEP) in Sydney,
Australia, ranks 163 countries based on four indicators over five years.

**Note:**
GTI 2024 highlights the persistent global threat of terrorism, with total deaths from
terrorism reaching the highest levels since 2017, totaling 8,352 in 2023.

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