Goldman Sachs’ confidence in Indian economy increased, estimated GDP growth rate increased to 6.7 percent


1 Goldman Sachs’ confidence in Indian economy increased, estimated GDP growth rate increased to 6.7 percent

American research firm and global financial institution Goldman Sachs  ‘  confidence in Indian GDP  has increased. The research firm has increased its GDP forecast for the Indian economy by 10 basis points, expecting India’s continued growth momentum. The research firm has now raised India’s  growth forecast to 6.7 percent  .

2 Sanchar Saathi Initiative: Home Ministry and Department of Telecommunications take action against fake SMS

The Department of Telecommunication (DoT)  in  collaboration with  the Union Ministry of Home  Affairs has launched a crackdown on the menace of fraudulent SMS (Short Message Service)  under  the Sanchar Sathi initiative.The  government has blocked eight SMS headers that were being used by cyber criminals to target unsuspecting mobile phone holders. The Department of Telecommunication (DoT), under the Ministry of Communications, Government of India, said that more than 10,000 fraudulent messages were sent from eight different entities in the last three months. DoT has blocked and blacklisted 73 SMS headers and 1522 SMS content templates owned by these eight entities. No SMS can be sent from these entities now.

3 Central Council for Research in Ayurvedic Sciences launched “Pragati-2024” an initiative to plan the future of Ayurveda

Central Council for Research in Ayurvedic Sciences (CCRAS)   , an autonomous body under the  Union Ministry of AYUSH, launched “ PRAGATI-2024 ” ( Pharma Research in Ayurveda and Techno Innovation ). It provides a very useful opportunity for collaborative research in the field of Ayurveda. Today’s meeting aims to explore research opportunities and promote collaboration between CCRAS and the Ayurveda pharmaceutical industry. Speaking on the occasion, Vaidya Rajesh Kotecha, Secretary, Ministry of AYUSH emphasized the important role of industry in promoting Ayurveda. Noting that the influx of new practitioners and startups presents tremendous growth opportunities, he highlighted the enormous potential of industries to expand and further expand the sector.

4 GAIL’s first hydrogen plant inaugurated in Vijaypur, Madhya Pradesh

The first green hydrogen plant  of  Government of India-owned  GAIL (India) Limited  has become operational in  Vijaypur city of Madhya Pradesh . It marks the entry of GAIL (India) Limited,  India’s largest natural gas transmission and distribution company , into the green fuel business. The plant  was jointly inaugurated by  Pankaj Jain,  Secretary, Ministry of Petroleum and Natural Gas and Sandeep Gupta, Chairman and Managing Director, GAIL  . GAIL’s first green hydrogen plant at Vijaypur uses  a 10 MW Proton Exchange Membrane (PEM) electrolyser   imported from Canada . The plant will use solar energy  to split water and produce green hydrogen.   It  will produce around 4.3 tonnes  of green hydrogen per day, with a purity of around 99.999 per cent by volume. For this purpose, the company is setting up a solar power plant of around 20 MW at Vijaypur to meet the green energy requirement for the 10 MW PEM electrolyser. GAIL, for the time being, will use the hydrogen produced for its own purposes. It will be used as fuel along with natural gas to run various equipment at the Vijaypur plant.

5 HR Jagannathan joins the Board of Directors of Havas Aerotech India

On  May 28,  Havas Aerotech India Limited  of Sathya  Sai Group   appointed   HR Jagannath to the Board of Directors. Prior to this, Jagannath was the CEO of Air India Engineering Services Limited (AIESL)  . Jagannath has played an important role in setting up MRO facilities in India. He led the delivery of two special aircraft for the Government of India. Jagannath inspected a 60-year-old Boeing 707 aircraft, which was made airworthy under his leadership. Havas Aerotech India provides MRO facility for Boeing and Airbus aircraft. Anshul Bhargava is the CMD of Havas Aerotech India and co-founder of Sathya Sai Group.

6 Microsoft launched Copilot+ PC

Microsoft   has introduced  a new category of  personal computers called ‘Copilot+ PCs’  designed to compete with  Alphabet  and  Apple  with  advanced AI capabilities . The devices have been developed in collaboration with Acer  and  ASUSTeK Computer  and are intended to perform AI tasks locally without relying on cloud data centers. The launch event took place on May 20 at Microsoft’s Redmond, Washington campus, and sales will begin on June 18 at a base price of $1,000.

7 Smartphones become India’s fourth largest export item with a growth of 42%

Smartphones  have become a major export success story for India, now  ranking as  the fourth-largest export item with a growth of 42%  , reaching $15.6 billion in FY24  . This represents a one-notch improvement in the ranking compared to the previous year. Data collection for smartphones as a separate category began in April 2022, highlighting the rapid growth of the sector. The significant growth in smartphone exports is attributed to a 158% increase in shipments to the US, amounting to $5.6 billion. Other major markets include the UAE ($2.6 billion), the Netherlands ($1.2 billion), and the UK ($1.1 billion).

8 India announces one million dollar aid in the wake of devastating landslide in Papua New Guinea

In the wake of the devastating landslide,  India   has announced a grant of  one million US dollars  to support  relief, rehabilitation and reconstruction efforts  in  Papua New Guinea . A devastating landslide occurred on the 24th of this month in Enga province of Papua New Guinea  . Hundreds of people were buried in this landslide and there was a huge loss of life and property. The Ministry of External Affairs said in a statement that India stands with Papua New Guinea in the difficult time and devastation caused by this natural disaster. The ministry said that disaster risk reduction and management is a key pillar of India’s Indo-Pacific Ocean Initiative – IPOI. It was announced by Prime Minister Narendra Modi in November 2019. India is committed to humanitarian assistance and disaster relief.

9 ICC grants List-A status to Major League Cricket (MLC)

On 28 May,  the International Cricket Council (ICC)  has   given  List-A status  to  America  ‘s  Major League Cricket (MLC) . It  has become the  second T20 league of an associate country to officially get List-A status. Associate means those who are not given the status of playing Test cricket by the ICC. Before MLC , UAE’s International League T20 (ILT-20)  was given List-A status. After MLC gets the new status, it will now be recognized as an official T20 league. The second season of the league will be played from July 5 after the T20 World Cup this year. The first season of MLC was played from 13 to 31 July 2023. The first season had 15 group-stage and four playoff matches. MI New York became the champion of the first season under the captaincy of Nicholas Pooran.

10 Charles Leclerc becomes the winner of MONACO GP 2024

Ferrari driver Charles Leclerc has achieved a remarkable feat by becoming the first Monegasque driver   to win  the Monaco Grand Prix  since  Louis Chiron  in 1931.  Leclerc’s victory, his first since the 2022 Austrian Grand Prix, came after a chaotic race marred by two standing starts and multiple first-lap collisions. Despite the challenges, the 26-year-old driver, who had previously failed to secure a podium finish in six previous attempts at the iconic race, started from pole position and controlled the race from the start.

11 Menstrual Hygiene Day

Menstrual Hygiene Day is observed every year on  May 28.  The day marks a global movement to eradicate the perceived stigma and advocate for accessible menstrual hygiene management for all. This year’s theme is ‘ Period Friendly World ‘. It emphasises the collective effort required to ensure that every menstruating woman has the knowledge and resources to manage her menstrual cycle with dignity. The initiative to celebrate this day was   taken in 2013 by  Germany  -based NGO – WASH United .