Daily Current Affairs 31 May 2024

1. India’s IIT Madras startup Agnikul Cosmos launched World’s 1st Rocket with fully 3D-Printed Engine

• Agnikul Cosmos, a start-up incubated at IIT Madras, achieved a historic milestone by launching the world’s first single-piece 3D printed rocket engine.
• The rocket, named Agnibaan, was successfully test-fired from Sriharikota on 30 May 2024.
• Notably, Agnibaan is powered by the only rocket engine in India that uses both gas and liquid fuel (liquid oxygen/kerosene).
• It also marks India’s first rocket launch from a private launchpad.
• The test flight aimed to demonstrate in-house technologies and gather crucial flight data for Agnikul’s orbital launch vehicle.

2. Armed Forces Medical Services & IIT Hyderabad ink MoU for collaborative research and training

• The Armed Forces Medical Services (AFMS) and Indian Institute of Technology (IIT) Hyderabad have signed a Memorandum of Understanding (MoU) to collaborate on research and training.
• The MoU aims to foster innovation and research in developing novel medical devices and addressing health issues specific to soldiers serving in varied terrains.
• IIT Hyderabad, with its departments of Biotechnology, Biomedical Engineering, and Bioinformatics, will provide the necessary technical expertise.
• Key areas of collaboration include drone-based patient transport, telemedicine innovations, the application of Artificial Intelligence in the medical field, and advancements in nanotechnology.

About Armed Forces Medical Services (AFMS)

The Armed Forces Medical Services (AFMS) is an integral part of the military infrastructure, providing medical care to military personnel, their families, and other beneficiaries.

The AFMS encompasses various branches of the military, including the Army, Navy, and Air Force.

The AFMS provides a full spectrum of medical care, including primary care, specialty care, surgery, mental health services, and rehabilitation.

3. India in collaboration with WHO intends to strengthen Drug Regulatory System

• India, in collaboration with the World Health Organization (WHO), aims to further strengthen the drug regulatory system.
• The goal is to ensure quick access to high-quality medical products for all.
• Union Health Secretary Apurva Chandra highlighted India’s achievements during the 77th World Health Assembly.
• India’s core capacity score of 86% for detecting, assessing, reporting, and responding to health emergencies exceeds regional and global averages.

About WHO
The World Health Organization (WHO) is a specialized agency of the United Nations responsible for international public health.
The WHO works globally to promote health, keep the world safe, and serve the vulnerable.
WHO was established on 7 April 1948
Headquartered – Geneva, Switzerland
Director-General of the World Health Organization (WHO) – Dr. Tedros Adhanom Ghebreyesus.

4. Hindi Journalism Day is celebrated on 30 May 2024

• Hindi Journalism Day (Hindi Patrakarita Diwas) is celebrated on 30 May 2024.
• The journey of Hindi journalism began on 30 May 1826, with the publication of the first Hindi newspaper, ‘Udant Martand,’ started by Pt. Jugal Kishore Shukla.
• This day is dedicated to the special contribution of Hindi journalists working for public welfare, imbued with truth and courage.
• It represented the beginning of a new era of journalism in India and later influenced the society and culture of the country.

5. NHAI launched initiative to attract UAE investments for India’s highway expansion

• The National Highways Authority of India (NHAI) has embarked on an initiative to monetize its infrastructure, seeking investments from the United Arab Emirates (UAE) to sustain and enhance India’s expanding national highway network.
• The goal is to attract foreign investment via NHAI Infrastructure Investment Trusts (InVITs).
• India’s highway expansion, from 70,000 to 140,000 kilometers in a decade, has been driven by significant government investment.
• The roadshows offer UAE investors an opportunity to participate in India’s infrastructure growth, with national highways carrying 70-80% of commercial traffic.
• This strategic move aims to secure sustainable funding for India’s highway expansion, fostering a beneficial partnership for both India and investors.

About NHAI
The National Highways Authority of India (NHAI) is an autonomous agency under the Ministry of Road Transport and Highways in India.
NHAI was established in 1988.
Its primary role is to develop, maintain, and manage the national highways network.
Chairman of NHAI – Santosh Kumar Yadav

6. India boosts lab-grown diamond sector, Koreans Innovate Production

• In a significant boost to the lab-grown diamond (LGD) sector, India has taken innovative steps.
• Finance Minister Nirmala Sitharaman’s 2023-24 Budget included tax reductions on diamond seeds used for creating lab-grown diamonds.
• Additionally, IIT Madras received a grant of ₹242 crore to establish the India Centre for Lab Grown Diamonds (InCent-LGD).
• Traditionally, diamonds were produced using the high-pressure, high-temperature (HPHT) method.
• They developed a new process that allows diamonds to grow at just 1,025 degrees Celsius and normal atmospheric pressure.

7. Sony appointed Disney Veteran Gaurav Banerjee as New India CEO

• Sony Pictures Networks India (SPNI) has appointed Gaurav Banerjee as its new chief executive officer (CEO).
• Banerjee, a former executive from Walt Disney, will lead Sony’s television and media businesses in India.
• Previously, he served as the head of content for Disney’s streaming service, Hotstar, and managed the business for the company’s TV channels in Hindi-speaking markets.
• Banerjee is expected to assume his role at Sony in approximately two months.
• This appointment follows Sony’s recent announcement that its current India CEO, N.P. Singh, has decided to step down.
• Sony operates 26 television channels in India, spanning genres from general entertainment to sports and movies, in addition to its streaming service.

8. India assumed Chair of Colombo Process for 2024-26

• India has assumed the Chair of Colombo Process for 2024-26, marking its first leadership since the forum’s inception in 2003.
• The Colombo Process is a regional consultative body comprising 12 Asian member states.
• Its primary focus is on promoting safe, orderly, and legal migration.
• As the new chair, India aims to facilitate dialogue and exchange best practices among migrant worker origin countries from South and Southeast Asia.

9. IRDAI mandates shorter audit tenure to boost governance in Insurance Sector

• The Insurance Regulatory and Development Authority of India (IRDAI) has issued new guidelines reducing the engagement period of statutory auditors with insurance companies from 10 years to 4 years.
• This move aims to bolster audit quality and ensure fresh perspectives in the audit process.
• By limiting the tenure, IRDAI seeks to enhance transparency, independence, and accountability within insurance companies.
• The shorter audit terms will promote robust oversight, mitigate potential conflicts of interest, and strengthen overall governance practices.

10. P Santhosh takes the Helm as MD & CEO of NARCL

• P Santhosh, a former Chief General Manager (CGM) at Canara Bank, has been appointed as the Managing Director and Chief Executive Officer (CEO) of the National Asset Reconstruction Company (NARCL).
• His appointment comes after Natarajan Sundar’s abrupt resignation from the post. Santhosh had been serving as the interim CEO of NARCL since January.
• The board of NARCL has recommended a three-year term for him. Notably, NARCL actively acquired distressed assets under Santhosh’s leadership, including accounts with outstanding loans of ₹92,500 crore until March 31, 2024.