Daily Current Affairs | Daily GK Updates : 24th May 2019
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Current Affairs (National)
♦ PM Narendra Modi likely to be sworn in for second term on May 30
- Prime Minister Narendra Modi may be sworn-in for the second term on May 30 and some world leaders could be invited for it, making it an event bigger than the 2014 when heads of governments of SAARC countries were invited, sources said here on Friday.
- Before his swearing-in, Modi is likely to visit Varanasi to thank the people of the parliamentary constituency from where he has been elected for the second time with a huge margin of 4,75,754 votes.
♦ Jagan Mohan Reddy becoming Chief Minister of Andhra Pradesh
- N. Chandrababu Naidu, who has a few records, including being the longest serving Chief Minister in Andhra Pradesh, finds himself at the crossroads as his Telugu Desam Party (TDP) faced a rout in the Assembly as well as Lok Sabha polls, dashing his hopes of emerging kingmaker at the national level.
- The first Assembly elections of the residual Andhra Pradesh five years after the bifurcation was held on April 11.
- The TDP that won 102 Assembly seats in 2014, now looks set to bag a mere 24 seats in the 175-member A.P. Assembly as the main Opposition YSR Congress Party is headed for a landslide victory with 150 seats.
Current Affairs (International)
♦ Theresa May resigns as UK Prime Minister amid Brexit crisis
- Fighting back tears, Theresa May said on Friday she would quit, setting up a contest that will install a new British prime minister who could pursue a cleaner break with the European Union.
- May’s departure deepens the Brexit crisis as a new leader, who should be in place by the end of July, is likely to want a more decisive split, raising the chances of a confrontation with the EU and potentially a snap parliamentary election.
- Her voice cracking with emotion, May, who endured crises and humiliation in her failed effort to find a compromise Brexit deal that parliament could ratify, said she would resign on Friday, June 7 with a leadership contest beginning the following week.
♦ 2019 Urban 20 Mayors Summit to take place in Tokyo on 21-22 May
- Governor Koike of Tokyo will be hosting the second Urban 20 Summit on 21-22 May 2019. After a successful first U20 Summit in Buenos Aires, U20 cities continue to engage with G20 and call on their national governments to work together to address the most pressing challenges our world is facing. The Summit will be two-days event that will address issues like climate action, circular economy, social inclusion, sustainable economic growth, and gender equality, as well as their linkages with the 2030 Agenda.
Banking and Finance
♦ Snapdeal close to acquiring ShopClues
- The deal is likely to see ShopClues investors get one Snapdeal share if the merger goes through in this planned structure, and will likely give them a 10% stake in the combined entity.
- If the deal materializes, it will herald a big consolidation move in the long-tail ecommerce market, which has largely catered to small town customers, away from the core audience of established ecommerce companies Amazon and Flipkart.
- Products sold on long-tail marketplaces are low-priced, typically in Rs 500 to Rs 1,000 range.
♦ RBI to buy Rs 15,000 crore of gilts via OMO; revises VRR route for FPI debt investment
- The Reserve Bank of India (RBI) on Friday said it will conduct the purchase of government securities (gilts) under open market operation to the tune of Rs 15,000 crore on June 13.
- It also notified the revised voluntary retention route for foreign portfolio investors for debt investment.
- Now the investment limit shall be Rs 54,606.55 crore, under the VRR–Combined category, which allows investment in both government securities and corporate debt.
- The minimum retention period shall be three years. During this period, FPIs shall maintain a minimum of 75 per cent of the allocated amount in India, the RBI said in a release.
♦ OECD: India’s economy to grow 7.5% by 2020 amid slowing global growth
- India’s economic growth will regain strength and approach 7.5% by 2020 buoyed by rural consumption and subdued inflation, the Organisation for Economic Co-operation and Development (OECD) said in its Economic Outlook on Tuesday.
- “Gross domestic product (GDP) growth in India is projected to strengthen to close to 7.25% in FY19 and close to 7.5% in FY20,” the intergovernmental agency said.
♦ Supreme Court gets four new judges
- Four new judges were appointed to the Supreme Court Wednesday, raising their number to 31, the full sanctioned strength.
- As of now, the apex court is functioning with 27 judges. The sanctioned strength is 31, including the Chief Justice. In the recent past, this is for the first time that the SC will have a full sanctioned strength.
- The four appointed are justices Aniruddha Bose, A S Bopanna, B R Gavai and Surya Kant.
♦ Ukraine’s new president sworn in, disbands Parliament
- Ukrainian TV star Volodymyr Zelenskiy has sought to capitalize on his huge popularity, dissolving the country’s parliament Monday minutes after he was sworn in as president.
- Zelenskiy, who won 73% of the vote last month in a landslide victory, slammed parliament as a hot-bed of self-enrichment, and promised to stop the war in the east against Russian-backed separatists.
- The president’s bold move to dissolve the Supreme Rada followed the failure of a majority of lawmakers to use parliamentary ruses to hamper Zelenskiy’s plans.
♦ DRDO Successfully Flight-Tested Guided Bomb
- Defence Research and Defence Organisation (DRDO) successfully flight tested a 500 kg class Inertial Guided Bomb today from Su-30 MKI Aircraft from the Pokhran test range in Rajasthan. The guided bomb achieved the desired range and hit the target with high precision.
- All the mission objectives have been met. The weapon system is capable of carrying different warheads.
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