Current Affairs 1st June

International Affairs

1. Highlights of 76th annual World Health Assembly held in Geneva from May 21 to 30 2023

The 76th yearly World Wellbeing Get together was held in Geneva, Switzerland, from

21 to 30 May 2023.


This year’s Health Assembly’s theme is: WHO at 75: Increasing everyone’s health and saving lives.


India was represented at the 76th World Health Assembly by Union Minister Mansukh Mandaviya of the Ministry of Health and Family Welfare.


Part Provinces of WHO consented to the WHO’s Program Spending plan of USD 6.83-billion for the following two years 2024-2025, which shows a verifiable 20% increment

in surveyed commitments (participation charges).


Key Points:


Due to Chinese opposition, the World Health Assembly did not extend Taiwan an invitation to the event.


At the 76th World Health Assembly, Union Minister Mansukh Mandaviya gave the keynote address at a side event on “Heal in India & Heal by India” and “Together we fight against TB.” He reiterated India’s contribution to Medical Value Travel and its determination to eradicate tuberculosis in the country by 2025.


Prime Minister (PM) Narendra Modi stated in his video message to the 76th session of the World Health Assembly that during the COVID-19 pandemic, India had shipped almost 300 million doses of the vaccine to more than 100 countries, the majority of which were from the Global South.


Dr. Tedros Adhanom Ghebreyesus, WHO Director-General, stated in his address to the 76th World Health Assembly that there is still a risk of another variant arising that leads to new outbreaks of disease and death with even greater potential. 


The World Health Assembly’s Background:


Delegations from all WHO Member States attend this body, which is the WHO’s decision-making body and focuses on a specific health agenda prepared by the Executive Board.


The World Health Assembly’s primary responsibilities include establishing the Organization’s policies, appointing the Director-General, supervising financial policies, and reviewing and approving the proposed program budget.


Each year, the Health Assembly takes place in Geneva, Switzerland.

2. Pakistan, Afghanistan among Global Hunger Hotspots: FAO & WFP Hunger Hotspots Report


The “Hunger Hotspots” say that: FAO-WFP early admonitions on intense food

frailty, June to November 2023 Viewpoint’ report delivered on May 29, 2023, by the Assembled Countries (UN) offices of Food and Farming Association (FAO) and the World Food Program (WFP), internationally Yearning is set to deteriorate in 18 ‘areas of interest

containing a sum of 22 nations remembering the districts for India’s adjoining

nations of Pakistan, Afghanistan and Myanmar.


Areas of interest are spots where intense craving is at a high gamble of deteriorating from June to November 2023.


For 18 areas, the report has accessed 22 countries where acute food insecurity may increase in severity.


In order to safeguard livelihoods and broaden food access, these 18 hotspot regions required immediate and increased assistance. In order to prevent starvation and death in eight regions—Afghanistan, Haiti, Nigeria, the Sahel region (Burkina Faso and Mali), Somalia, South Sudan, Sudan, and Yemen—the report urges immediate humanitarian action.

Banking and Finance

1. Bajaj Allianz Life Insurance Launches India’s 1st Insurance Plan for Diabetics

The private life insurance company Bajaj Allianz Life Insurance Co. Ltd. introduced the first-of-its-kind insurance plan in the Indian life insurance industry, dubbed “Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c,” on May 29, 2023. This plan was designed for people who have Type 2 diabetes or pre-diabetes.


India is known as the “diabetes capital of the world,” according to data from Bajaj Allianz Life. The country’s diabetic population is expected to reach 69.9 million by 2025 and 80 million by 2030.


By taking into account the specifics of a person’s diabetes, the Diabetic Term Plan Sub 8 HbA1c provides life insurance coverage.


Pre-diabetic or Type 2 diabetics with an HbA1c (Haemoglobin A1c) of up to 8% will have financial security provided by the term plan.


Key Points:


Diabetic Term Plan Sub 8 HbA1c is a pure risk premium, individual, non-linked, non-participating life insurance plan.


Additionally, it provides diabetic customers with an environment for health management and maintenance.


People will be encouraged to monitor and maintain improvements in their HbA1c by the plan.


In addition, Bajaj Allianz Life will offer Health Management Services in the form of webinars, medical consultations, and other methods. to assist clients in managing their diabetes and overall health. What is the HbA1c?


Glycated haemoglobin is referred to by the acronym HbA1c. It occurs when glucose in the blood combines with haemoglobin, a protein in red blood cells that transports oxygen throughout the body, and becomes “glycated.”


The average blood sugar (glucose) level over the past two to three months can be determined by measuring HbA1c.


The HbA1c value is important for diabetics because a higher value indicates a greater risk of diabetes-related complications.

2. ADB launches India CPS for 2023-27; Focus on Employment Creation, Green Growth

The Asian Development Bank (ADB) released its “India Country Partnership Strategy (CPS) 2023-2027:” on May 23, 2023. Catalyze Vigorous, Environment resilent, and comprehensive development’ to help India in its endeavors to accomplish maintainable, climateresilient, and comprehensive development for the following five years.


CPS’s goal: to assist India in promoting inclusive, robust, and climate-resilient growth. The CPS is well in line with India’s national development goals for the year 2047, when India celebrates its 100th birthday.


CPS has three pillars:


1st Pillar: Through the convergence of logistics—industry—urban—skilling programs and assistance for micro, small, and medium-sized businesses (MSMEs), structure transformation and job creation can be accelerated.


Support point 2: Green growth that is resilient to the climate: Under this, environment strong development will be advanced with redid commitment in environmental change relief

furthermore, variation through the Creative Money Office for Environment in Asia and the Pacific (IF-CAP), as well as coordinating climate and debacle risk the executives.


3rd pillar: Expand Economic and Social Equality: The social and financial

comprehensiveness will be improved by rebalancing ADB’s portfolio more towards human

advancement in wellbeing, social security, and training; basic services in the city; as well as rural development and agriculture.


Topics of CPS:


Mobilization of Domestic Resources Equality of gender and Social Inclusion iii. Ecosystem support for digitalization, fintech, and innovation iv. Integration and cooperation within the region The rationale for this strategy:


India’s economy is expected to grow by 6.4% in fiscal year 24 and now ranks among the major economies that are growing the fastest around the world as a result of its swift recovery from the COVID-19 pandemic. However, infrastructure, human development, income and regional disparities, vulnerability to climate change and natural hazards, and inclusive growth all need to be addressed.


CPS is now formed to help with this, and it will help India’s structural transformation as well as India’s national flagship programs for building industrial corridors, multimodal logistics systems, urban infrastructure, a skill ecosystem, and small businesses.

Advantages of CPS:


Urban areas will be able to boost industrial competitiveness and increase the number of formal manufacturing and service jobs thanks to this.


Through knowledge solutions, technical assistance, and capacity building of its partner agencies in the areas of strategic engagement, it will also maximize value addition.


India is a significant ADB partner. As of the finish of December 2022, ADB had committed $52.6 billion of every 605 public area credits, awards, specialized help with India, and USD 8 billion in private area speculations.


Other Attractions:


From FY2012–2013 to FY2022–2023 (excluding FY2020-21), India’s service sector contributed 3.9% of the 7% annual growth, while formal manufacturing in more skill- or capital-intensive sectors contributed 1%.


India is the third-biggest carbon dioxide producer, yet its per capita discharges are

around 33% of the worldwide normal.


India is the fourth-largest shareholder in the ADB and a founding member.

3. Yubi partners with Indian Bank to provide digital Supply Chain Financing for SMEs 

Yubi, which was formerly known as CredAvenue and is based in Chennai (Tamil Nadu), has joined forces with Indian Bank to provide SMEs with digital supply chain financing options.

Indian Bank will make use of Yubi’s technology and platform in this arrangement to digitally enable and expand its supply chain financing book through vendor and dealer financing, with a focus on large corporations and their SME counterparties.


Key Points:


The debt marketplace Yubi connects borrowers and lenders for a variety of credit products.


Within the first year, the partnership is anticipated to distribute Rs 1,500 crore.

Kiwi: With UPI and RuPay cards, Kiwi, a ground-breaking credit card platform, has launched its all-inclusive “Credit on UPI” customer solution, reshaping the process of obtaining and using credit cards. Kiwi, the first application in Quite a while to get certificate from the Public Installments Organization of India (NPCI), will empower clients to encounter “Credit on UPI” by giving Rupay Cards in a joint effort with banks.


This permits clients to safely make installments utilizing either a charge card or bank

account through their telephones. It has set a lofty objective of becoming the leading RuPay credit card issuer by 2026.


In June 2022, the RBI permitted RuPay credit cards to be linked to the UPI platform.


Economy and Business

1. PFC and RITES signs MoU for strategic partnership for financing infrastructure and logistics sector

Power Finance Corporation (PFC), a Maharatna Central Public Sector Undertaking (CPSU), and Rail India Technical and Economic Service (RITES), a leading transport infrastructure consultancy and engineering firm, have signed a Memorandum of Understanding (MoU) to establish a strategic partnership for financing projects in the infrastructure and logistics sector in India and abroad.


The partnership aims to support projects in a variety of fields, including social and commercial infrastructure, energy, transportation and logistics, water and sanitation, and energy.


Pre-feasibility reports, detailed project reports, transaction advisory, project management services, audits, and inspections will all be provided by RITES under the terms of the MoU.

Infrastructure projects, both domestic and international, will receive financial support from the PFC and the companies it owns.


Multilateral funding institutions like the World Bank (WB), Asian Development Bank (ADB), and Japan International Cooperation Agency (JICA) will be the focus of this partnership’s investigation of available opportunities.

2. India emerges as top source country for FDI into Dubai

As per a report delivered by “fDi Markets”, a help from Joined Realm’s UK’s

Monetary Times Ltd., India is the top source country for Unfamiliar Direct Venture

(FDI) in Dubai, Joined Bedouin Emirates (UAE). In terms of estimated FDI capital and announced FDI projects, India is among the top five sources.


In 2022, Dubai is ranked first in the world for attracting greenfield FDI projects. Software and IT services accounted for 32% of greenfield projects in Dubai in 2022, followed by business services (19%), consumer goods (9%), real estate (6%), and financial services (5%).


In 2022, consumer goods accounted for 28% of FDI into Dubai, followed by software and IT services (20%), communications (19%), pharmaceuticals (8%), and business services (8%).

Science and Technology

1. North Korea 1st spy satellite launch fails

On May 30, 2023, the new satellite transport rocket Chollima-1 lost propulsion and crashed into waters off the western coast of the Korean Peninsula, ending North Korea’s attempt to launch the country’s first spy satellite, the “Malligyong-1 satellite.”


The rocket took off. northwestern Tongchang-ri, Cholsan, North Pyongan Province, North Korea, from the North’s Sohae Satellite Launching Ground.


This satellite send-off by North Korea is an infringement of Joined Countries Security Chamber (UNSC) goals that prohibit the country from directing any send-off

in view of ballistic innovation.


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