IMPORTANT DAYS

International Day of Light celebrated on16 May

• The International Day of Light is celebrated annually on 16 May to commemorate the anniversary of the first successful operation of the laser by physicist and engineer Theodore Maiman in 1960.

• This day highlights the importance of light and promotes awareness of its role in science, culture, and sustainable development.

• It fosters scientific collaboration and explores the potential of light-based technologies for innovation and creativity.

• In 2016, UNESCO adopted a resolution to establish the International Day of Light, with the first celebration taking place in 2018.

AWARDS

The prestigious SahityaAkademi Fellowship awarded to eminent English author Ruskin Bond.

• Renowned English author Ruskin Bond was awarded the prestigious SahityaAkademi Fellowship, the highest honor conferred by India's National Academy of Letters.

• In September 2021, Bond was named the recipient of this esteemed award.

• His notable works include “Vagrants in the Valley,” “Once Upon a Monsoon Time,” “Angry River,” “Strangers in the Night,” “All Roads Lead to Ganga,” “Tales of Fosterganj,” and “Leopard on the Mountain.”

• Bond's prolific career also features over 300 short stories, essays, and novellas, along with more than 30 books for children.

• Among his numerous accolades, Bond received the SahityaAkademi Award in 1992, the SahityaAkademi's Children's Literature Award in 2012, the Padma Shri in 1999, and the Padma Bhushan in 2019.

• The SahityaAkademi Fellowship, the highest recognition given by the Academy to a living writer, was first awarded to SarvepalliRadhakrishnan in 1968.

ChandrakantSatija has been honored with Global Excellence Award 2024

• ChandrakantSatija has been honored with the Global Excellence Award 2024 for his outstanding contributions to education.

• He received the award for being the “Most Trusted Admission Consultant in the Vidarbha Region.”

• The award was presented by renowned Bollywood actress Shilpa Shetty Kundra on May 12th.

• ChandrakantSatija is the Founder and CEO of Chandra Admission Consultants.

• His company assists applicants in securing admissions to prominent universities in India and abroad.

BANKING, ECONOMY AND FINANCE

India's exports reached a record USD 778 billion.

• In the fiscal year 2023–2024, India's exports reached a record high of USD 778 billion.

• The total value of exported goods and services in the fiscal year 2022–2023 was USD 776.3 billion.

• Services exports increased from USD 325.3 billion in 2022–2023 to USD 341.1 billion in 2023–2024.

• Merchandise exports saw a slight decrease from USD 451.1 billion in 2022–2023 to USD 437.1 billion in 2023–2024.

• India's exports to several countries, including China, Russia, Iraq, the United Arab Emirates, and Singapore, increased significantly in the fiscal year 2023–2024.

• Other nations in the top 10 list include the UK, Australia, Saudi Arabia, the Netherlands, and South Africa.

• Total imports decreased from USD 898.0 billion in 2022–2023 to USD 853.8 billion in 2023–2024.

• The trade deficit declined from USD 121.6 billion in 2022–2023 to USD 75.6 billion in 2023–2024.

India to achieve growth of 6.6% in the financial year 2024-25.

• Moody's Ratings said the Indian economy is expected to grow at 6.6% in the current financial year 2024-25, driven by strong credit demand that will support the profitability of the NBFC sector.

• However, the rating agency's 2024-25 GDP growth projections are lower than those made by the RBI.

• In the latest monetary policy review meeting, the RBI projected the Indian economy to grow at 7% in 2024-25.

• The global rating agency has pegged India's growth rate at 6.2% for the next financial year 2025-26.

• During the October-December quarter of fiscal year 2023-24, India's GDP grew by a massive 8.4%, and the country remains the fastest-growing major economy and is set to maintain its growth path going forward.

• In 2022-23, India’s economy grew 7.2% and 8.7% in 2021-22, respectively.

• In addition, the IMF has raised India's growth forecast for 2024 to 6.8% from 6.5% in its latest outlook.

• India's GDP size currently ranks 5th after America, China, Germany and Japan. In 2022, India overtook the UK.

• Currently, India's GDP is estimated to be around US$3.7 trillion.

INTERNATIONAL NEWS

Japan has unveiled the world’s first 6G device.

• A Japanese consortium has released the world’s first high-speed 6G prototype device.

• This 6G device will be 20 times faster than 5G, transmitting data at an astonishing 100 gigabits per second (Gbps).

• The 6G prototype device is a result of a collaboration among leading companies, including DOCOMO, NTT Corporation, NEC Corporation, and Fujitsu.

• The tests for this device were conducted over a distance of 328 feet (100 meters).

• Currently, 5G has a theoretical maximum speed of 10 Gbps, with an average speed of around 200 megabits per second (Mbps) for T-Mobile users in the US.