5. Sanjay Varma takes charge as MRPL Managing Director
Sanjay Varma took over as the Managing Director (additional charge) of Mangalore Refinery and Petrochemicals Ltd (MRPL). Varma has been on the board of MRPL as Director (Refinery) since June 2020. He has also had extensive exposure by being on the boards of ONGC-Mangalore Petrochemicals Ltd and Shell-MRPL Aviation. A graduate of mechanical engineering, Varma joined MRPL in December 1993 and has played a pivotal role in the execution and operation of all three major phases of the refinery and its aromatic complex.
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6. Amarendu Prakash takes charge as SAIL chairman
Amarendu Prakash has taken charge as the new Chairman and Managing Director of Steel Authority of India Ltd (SAIL) from May 31. He was previously the Director (In-charge) of SAIL’s Bokaro steel plan. Prakash was previously involved in driving business transformation and financial turnaround of SAIL, which resulted in bringing back the company from a three year streak of losses, from FY16 toFY18, to being back in the black in FYI9.
Important takeaways for all competitive exams:
- SAIL Founded: 24 January 1973;
- SAIL Headquarters: New Delhi;
- SAIL CEO: Soma Mondal (1 Jan 2021–).
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7. India’s GDP grows 6.1% in Q4, FY23 growth pegged at 7.2%
India’s economy showcased remarkable resilience as it recorded a higher-than-expected growth rate of 6.1 percent in the fourth quarter (Q4) of FY23, surpassing analysts’ predictions. This robust expansion was primarily driven by the manufacturing and construction sectors, which outperformed expectations and reflected sustained domestic demand amidst a gloomy global economic outlook. The encouraging Q4 performance led to an upward revision of the overall economic growth forecast for FY23, now pegged at 7.2 percent, compared to the previously estimated 7 percent.
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8. J.P. Morgan Raises India’s FY24 GDP Forecast to 5.5% Amidst Global Economic Concerns
J.P. Morgan, a leading global financial institution, has revised its projection for India’s annual growth rate, raising it to 5.5% for fiscal year 2024. The upward adjustment comes in the wake of India’s stronger-than-expected economic performance, with a growth rate of 6.1% recorded in the March quarter. However, J.P. Morgan also cautions that the Indian economy is not immune to the challenges posed by a potential global economic slowdown and tighter financial conditions.
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9. GST Revenue Collection for May Up 12% YoY at Rs 1.57 Lakh Crore
The Goods and Services Tax (GST) revenue collection for May has witnessed a significant increase, marking the 15th consecutive month that the monthly collection has exceeded the Rs 1.4-lakh-crore milestone. Despite a slight dip from April’s record-breaking collection of Rs 1.87 lakh crore, the Ministry of Finance announced that the GST revenue for May stood at Rs 1.57 lakh crore. This article delves into the details of the latest GST collection figures, compares them with the previous year, and provides insights into the economic performance across states.
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10. UPI Transactions Reach Record High of Rs 14.3 Trillion in May 2023
Unified Payment Interface (UPI) transactions in India soared to unprecedented levels in May 2023, with a total transaction value of Rs 14.3 trillion and a volume of 9.41 billion. This represents a 2% increase in value and a 6% increase in volume compared to the previous month of April. The surge in UPI transactions comes at a time when the Indian government is actively promoting digital payments and aims to bring various tax collections under the digital payment ecosystem.
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11. Defence exports of India up by 23 times since 2014
India’s defense exports have achieved a record-breaking milestone, skyrocketing from 686 crore rupees in 2013-14 to nearly 16 thousand crore rupees in 2022-23. This impressive growth of 23 times demonstrates India’s advancement in the global defense manufacturing industry.
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12. PM SVANidhi Scheme Celebrates Successful Completion of 3 Years
The Minister for Housing and Urban Affairs, Hardeep Singh Puri, recently praised the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme on its momentous completion of three years. The scheme, launched in June 2020, aimed to empower street vendors by restoring self-employment, self-sustenance, and self-confidence. Over the years, PM SVANidhi has emerged as one of the most beneficial and rapidly growing micro-credit schemes in India, fostering financial inclusion, digital literacy, and offering dignity and stability to street vendors.
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13. City Investments to Innovate, Integrate and Sustain 2.0 (CITIIS 2.0) from 2023 to 2027
The City Investments to Innovate, Integrate and Sustain 2.0 (CITIIS 2.0) program has been approved by the Union Cabinet, led by Prime Minister Shri Narendra Modi. This program, developed by the Ministry of Housing and Urban Affairs (MoHUA), in collaboration with the French Development Agency (AFD), Kreditanstalt für Wiederaufbau (KfW), the European Union (EU), and the National Institute of Urban Affairs (NIUA), will be implemented from 2023 to 2027.
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14. Microsoft joins Indian govt to train 6K students, 200 educators in cybersecurity skills
Microsoft has signed a memorandum of understanding (MoU) with Directorate General of Training (DGT) under the Ministry of Skills Development and Entrepreneurship (MSDE) to train 6,000 students and 200 educators in digital and cyber-security skills in the country. As part of this collaboration with, Microsoft will offer a wide range of courses, including training in AI, cloud computing, web development and cybersecurity skills for students and 200 faculty members at government-led Industrial Training Institutes (ITIs) and National Skills Training Institutions (NSTIs).
Important takeaways for all competitive exams:
- Microsoft Founders: Bill Gates, Paul Allen;
- Microsoft Headquarters: Redmond, Washington, United States;
- Microsoft Chairperson: Satya Nadella (Chairman and Chief Executive Officer).
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15. India Defeat Pakistan To Become Hockey Junior Asia Cup Champions
The Indian junior men’s hockey team maintained its continental supremacy by beating arch-rivals Pakistan 2-1 to become Asia Cup champions in Salalah, Oman. Angad Bir Singh struck in the 13th minute and Araijeet Singh Hundal in the 20th for India, while Pakistan managed to pull one back with Abdul Basharat scoring in the 37th minute. This was India’s fourth title having been crowned champions on three previous occasions in 2004, 2008 and 2015. Meanwhile, Pakistan has won the tournament in 1987, 1992 and 1996.
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16. Shashi Tharoor released a book titled “Ringside” written by Dr. Vijay Darda
Renowned author and Congress MP Dr. Shashi Tharoor released the book “Ringside” written by Lokmat Media Group Editorial Board Chairman and former MP Dr. Vijay Darda. “Ringside” is a compilation of Dr Darda’s weekly articles published between 2011 and 2016 in Lokmat Media Group newspapers and other leading national and regional dailies.
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