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Important Current Affairs for CLAT-15th May 2023

UN Global Road Safety Week: May 15-21, 2023

UN Global Road Safety Week 2023

UN Global Road Safety Week is an annual event held in May to raise awareness about road safety and the importance of taking steps to prevent accidents. The week is organized by the World Health Organization (WHO) and the UN regional commissions, and it is supported by a wide range of partners, including governments, NGOs, businesses, and individuals. The week was first marked in 2007. It was no longer observed until 2013, and it had been recorded every two years since then until 2019. It is a special global road safety campaign hosted by the World Health Organization (WHO) that aims to raise awareness about road safety and accident prevention.

UN Global Road Safety Week 2023: Theme

The 7th UN Global Road Safety Week will take this year from 15-21 May. The theme is sustainable transport, and specifically the need for governments to facilitate a shift to walking, cycling and using public transport. Road safety is both a prerequisite for this shift to happen and an outcome of it. The slogan is #RethinkMobility.

The WHO estimates that road traffic injuries are the leading cause of death for people aged 5-29 years worldwide. In 2020, there were an estimated 1.3 million road traffic deaths, and many more people were injured. The vast majority of these deaths and injuries could have been prevented.

UN Global Road Safety Week is an important opportunity to raise awareness about the dangers of road traffic and to take steps to make our roads safer. By working together, we can save lives and improve the health and well-being of people all over the world.

Key messages of the 7th UN Global Road Safety Week:

  • Governments and their partners need to rethink mobility – this includes investing in walking, cycling and using public transport, which can promote equity and health for people and the planet.

  • Safety must be at the core of efforts to reimagine mobility – this puts road safety at the core for all road users.

  • Thus road networks must be designed with the most-at-risk in mind – children, adolescents, persons with disabilities, pedestrians, cyclists, and users of public transport.

  • Walking and cycling, when safe, contributes to people’s health and makes cities sustainable and societies equitable.

  • Safe, affordable, accessible and sustainable public transport solves many of society’s ill.

India’s foreign exchange reserve soar to an 11-month high of $595.9

India’s foreign exchange reserve soar to an 11-month high of $595.9

India’s foreign exchange reserves increased by $7.196 billion in the week ending May 5, 2023, reaching $595.976 billion, which is an 11-month high. This follows a previous rise of $4.532 billion the week before. Foreign currency assets (FCA) saw the most significant growth, rising by $6.536 billion to $526.021 billion during the week.

India’s foreign exchange reserve soar to an 11-month high of $595.9: Key Points

  • Gold reserves rose by $659 million to $46.315 billion, while the reserve position at the International Monetary Fund increased by $139 million to $5.192 billion.

  • However, Special Drawing Rights (SDRs) decreased by $204 million to $18.447 billion. The Reserve Bank of India has been intervening in the forex market to curb rupee depreciation through spot and forward positions.

  • The Indian rupee recently recorded its worst week since mid-March due to the strength of the US dollar, tepid Chinese economic data, concerns over US fiscal policy, and uncertain interest rates.

How is the Indian currency standing in the international market?

  • The Indian currency has been trading weakly within the range of 82.08-82.22 and hovering around 82.15 due to the added economic pressure from the US debt crisis.

  • Despite efforts to surpass 82.00, the rupee has been unsuccessful and is now awaiting the Karnataka election results, which will be closely monitored by market participants.

The analyst predicts that the rupee’s range will fall between 81.95-82.25 and a break on either side will determine its clear trend.

Telangana’s Vuppala Prraneeth became India’s 82nd Grandmaster

V. Prraneeth, a 15-year-old chess player from Telangana, achieved the title of Grandmaster, becoming the sixth from the state and the 82nd in India. He secured this milestone by defeating GM Hans Niemann from the US during the penultimate round of the Baku Open 2023. This victory also helped him surpass an Elo rating of 2500, specifically 2500.5. Prraneeth obtained his first GM-norm and the title of International Master (IM) at the First Saturday tournament in March 2022. He earned his second GM-norm at Biel MTO in July 2022, followed by his final GM-norm at the second Chessable Sunway Formentera Open 2023 after nine months.

India has produced a total of 81 grandmasters, making it the third-most in the world after Russia and China. The first Indian grandmaster was Viswanathan Anand, who won the title in 1988. Anand is a five-time world champion and is considered one of the greatest chess players of all time. The success of Indian grandmasters has helped to popularize the game of chess in India. There are now millions of chess players in India, and the game is played at all levels of society. The Indian government has also taken steps to promote chess, and there are now many chess academies and training centers in the country. The future of chess in India looks bright. With a large pool of talented players and a growing interest in the game, India is well-positioned to produce even more grandmasters in the years to come.

MoPSW ranked 2nd in the Survey Report on Data Governance Quality Index

MoPSW ranked 2nd in the Survey Report on Data Governance Quality Index

The Ministry of Ports, Shipping and Waterways (MoPSW) has achieved an outstanding accomplishment in securing the second position among 66 ministries in the highly influential Data Governance Quality Index (DGQI) assessment for 2022-2023 Q3. The Ministry has been awarded an impressive score of 4.7 out of 5, which highlights the ministry’s unwavering commitment to achieving excellence in data governance.

MoPSW ranked 2nd in the Survey Report on Data Governance Quality Index: Key Points

The DGQI survey is conducted by the Development Monitoring and Evaluation Office (DMEO), Niti Aayog, with the intention of measuring the maturity level of administrative data systems used in decision-making processes by various Ministries and Departments for the implementation of Central Sector Schemes (CS) and Centrally Sponsored Schemes (CSS).

  • This survey also identifies reforms needed to achieve seamless data exchange and its synergistic use within the Ministry, while setting out clear pathways to achieve these goals.

  • The DGQI assessment comprises six critical themes, including Data Generation, Data Quality, Use of Technology, Data Analysis, Use and Dissemination, Data Security and HR Capacity, and Case Studies.

  • MoPSW worked tirelessly to achieve its success in the DGQI assessment.

  • The National Technology Centre for Ports, Waterways, and Coasts at IIT Madras has played a crucial role in this success, as it was tasked with improving MoPSW’s Management Information System (MIS) in compliance with DGQI standards.

  • The NTCPWC, developed under Sagarmala by MoPSW, serves as a technology arm of the Ministry.

  • The DGQI has assessed the MIS portals for five schemes of MoPSW – Sagarmala, Research and Development, Shipping, ALHW, IWAI & IWT – to enhance data flow, increase data quality, and incorporate emerging technologies such as AI/ML.

Survey Report on Data Governance Quality Index: Highlights

  • This data-driven approach has had a significant impact on MoPSW, as it has enabled the Ministry to identify reforms and achieve its desired objectives in improving the implementation framework of government policies, schemes, and programs.

  • Union Minister MoPSW and AYUSH Shri Sarbananda Sonowal expressed his appreciation for DMEO, Niti Aayog, and their report card of the Ministries/Departments.

  • He believes that it will significantly aid in improving the implementation framework of government policies, schemes, and programs to meet the desired goals.

  • A data-driven approach affords policymakers the ability to identify trends, opportunities, and areas for improvement accurately.

  • With reliable data, Ministries can make informed decisions that lead to better outcomes for citizens.

  • Data-driven decision-making is also cost-effective and enhances transparency, making it easier to track the progress of schemes and policies.

The MoPSW’s commitment to data-driven decision-making is a testament to its dedication to serving the people of India effectively. By leveraging data and technology, MoPSW has set a high standard for other Ministries and Departments to aspire to.

Karnataka DGP Praveen Sood appointed next CBI director

Karnataka DGP Praveen Sood appointed next CBI director

Praveen Sood, the Director General of Police in Karnataka, has been appointed as the next director of the Central Bureau of Investigation (CBI). The 59-year-old will take on the position for two years after Subodh Kumar Jaiswal’s term ends on May 25.

Karnataka DGP Praveen Sood appointed next CBI director: Key Points

● With an impressive educational background, Sood has previously held roles including superintendent of police of Bellary and Raichur districts, commissioner of police of Mysore City, and police advisor to the government of Mauritius. ● During his tenure as additional director general of police (computer wing), Sood was responsible for the implementation of the Criminal Tracking Network System in Karnataka. ● He has received awards for his innovative use of technology to improve traffic management and road safety.

Karnataka DGP Praveen Sood appointment was cleared in a meeting of a high-powered committee comprising Prime Minister Narendra Modi, Chief Justice of India DY Chandrachud, and Leader of Opposition in Lok Sabha Adhir Ranjan Chowdhury. The latter reportedly gave a dissent note on the selection of Sood as the next CBI director.

RBI expects banks to completely stop using LIBOR by July

RBI expects banks to completely stop using LIBOR by July

The Reserve Bank of India (RBI) has instructed financial institutions and banks to adopt an Alternative Reference Rate, primarily the Secured Overnight Financing Rate (SOFR), and end their reliance on the scandal-shrouded London Interbank Offered Rate (LIBOR) and Mumbai Interbank Forward Outright Rate (MIFOR) by July 1.

The central bank has said that most new transactions now use SOFR and the Modified Mumbai Interbank Forward Outright Rate (MMIFOR) as benchmarks.

RBI expects banks to completely stop using LIBOR by July: Key Points

  • The RBI expects banks and financial institutions to have in place the necessary systems and processes to enable a complete transition away from LIBOR by July 1.

  • LIBOR is being phased out because of its role in exacerbating the 2008 Financial Crisis and for LIBOR manipulation scandals among rate-setting banks.

  • However, there have been a few instances of Dollar LIBOR-linked financial contracts undertaken or facilitated by banks and FIs after January 1, and the RBI has emphasized the need for fallback clauses in all required contracts.

  • As of June 30, the publication of the remaining five Dollar LIBOR settings will permanently come to a halt.

Even though a few synthetic settings will still continue to be published after June 30, 2023, it’s been made clear by the UK’s Financial Conduct Authority, which oversees LIBOR, that these settings are not intended for use in any new financial contracts. Furthermore, Financial Benchmarks India Pvt Ltd will cease to publish the MIFOR, an interest rate benchmark for domestic purposes that relies on Dollar LIBOR, after the aforementioned June 30 deadline.

Cyclone Mocha: All About The Storm

Cyclone Mocha was a very severe cyclonic storm that formed in the Bay of Bengal on May 10, 2023. The storm intensified rapidly, reaching peak winds of 160 kilometers per hour (100 miles per hour) before making landfall in Bangladesh on May 14. The storm caused widespread damage in Bangladesh and Myanmar, killing at least 100 people and displacing millions more. Cyclone Mocha was named on the basis of a suggestion made by Yemen.

Cyclone Mocha, which formed in the Bay of Bengal on May 13, 2023, is now the second-most intense cyclone to develop in the month of May since 1982. According to the United States Department of Defense agency Joint Typhoon Warning Center, Mocha’s windspeed is currently 130 knots or 250 kilometers per hour. Mocha is a reminder of the power of nature and the importance of disaster preparedness. People in the affected areas are urged to take precautions and to follow the instructions of local authorities.

How was Cyclone Mocha named?

Cyclones are mostly named after regions and areas where they are formed, mostly the region of the sea or river where it is formed. Similarly, Cyclone Mocha was named after a part of the Red Sea port which introduced coffee into the world 500 years ago. Hence, on a suggestion made by Yemen, the upcoming cyclone was named Cyclone Mocha (Mokha).

Overview of the news:

  • Cyclone Mocha was the strongest cyclone to hit Bangladesh in over a decade. The storm caused widespread flooding and damage to homes, businesses, and infrastructure. The government of Bangladesh declared a state of emergency and deployed the military to help with relief efforts.

  • Cyclone Mocha also caused significant damage in Myanmar. The storm made landfall in the country’s Rakhine state, which is home to many Rohingya refugees. The storm displaced thousands of refugees and destroyed many of their homes. The United Nations estimates that Cyclone Mocha could have a devastating impact on the Rohingya refugee population.

  • Cyclone Mocha is a reminder of the devastating power of tropical cyclones. The storm caused widespread damage and loss of life in Bangladesh and Myanmar. The international community must continue to provide assistance to these countries as they recover from the storm.

Here are some additional details about Cyclone Mocha:

  • The storm formed on May 10, 2023, in the Bay of Bengal.

  • The storm intensified rapidly, reaching peak winds of 160 kilometers per hour (100 miles per hour) on May 13.

  • The storm made landfall in Bangladesh on May 14.

  • The storm caused widespread damage in Bangladesh and Myanmar, killing at least 100 people and displacing millions more.

  • The storm is the strongest cyclone to hit Bangladesh in over a decade.

  • The storm is a reminder of the devastating power of tropical cyclones.

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