Latest Current Affairs For Monday 1st May, 2023

G7 should adopt ‘risk-based’ AI regulation

Digital ministers from the Group of Seven advanced nations (G7) agreed on 30 April that they should adopt "risk-based" regulation on artificial intelligence.

An overview:

European lawmakers hurry to introduce an AI Act to enforce rules on emerging tools such as ChatGPT.

G7 ministers said in a joint statement issued at a two-day meeting in Japan that such regulation should "preserve an open and enabling environment" for the development of AI technologies and be based on democratic values.

The ministers recognized that the policy tools to achieve the common vision and goal of trustworthy AI among G7 members may differ.

The agreement sets a milestone for how major countries regulate AI amid privacy concerns and security risks.

Governments in particular have taken note of the popularity of generative AI tools such as ChatGPT.

A chatbot (ChatGPT) developed by Microsoft Corp-backed OpenAI has become the fastest-growing app in history since its launch in November.

What is ChatGPT?

It is a natural language processing tool powered by Artificial Intelligence (AI) technology that allows chatbots to do much more than just have human-like conversations.

This language model can answer questions and assist with tasks such as writing emails, essays and code.

ChatGPT was created by OpenAI, an AI and research company.

A chatbot (ChatGPT) developed by Microsoft Corp-backed OpenAI has become the fastest-growing app in history since its launch in November.

What is Artificial Intelligence?

It is a broad branch of computer science that deals with building smart machines capable of performing tasks that would normally require human intelligence.

About G7:

The G7 is a group of seven major industrialized countries, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

The G7 holds annual meetings to discuss various global issues, but these meetings are usually held in different locations each year.

The 48th G7 summit was hosted by Germany in 2022.

Rajasthan Housing Board got National Award for Real Estate

On April 26, 2023, the National Real Estate Award was presented to the Rajasthan Housing Board by the Central Government Agency National Real Estate Development Council (NAREDCO).

An overview:

National Real Estate Development Council National President Rajan Bandelkar and RERA Delhi Chairman Anand Kumarpresented the award to Rajasthan Housing Commissioner Pawan Arora at a national level function.

The Rajasthan Housing Board was honored with the award for registering the maximum number of housing projects in the country under RERA, selling the maximum number of houses and doing excellent work in the field of real estate.

Earlier in the function, Rajasthan Housing Commissioner was specially invited for a panel discussion on the topic 'Real Estate in the Era of RERA'. He was also honored on this platform.

Rajasthan Housing Board has become the biggest organization to register 101 project RERA numbers.

Under the leadership of Housing Commissioner Pawan Arora, the board has received a total of 15 awards in the last four years.

These include World Book of Records in house sales, Scotch Award-2021, Award of Excellence, Honor by National Real Estate Development Council, National Housing Award, I.B.C. and prestigious awards like 'Star of Governance-Gold Award'.

Defence Minister Rajnath Singh to visit Maldives

Defence Minister Rajnath Singh is set to embark on athree-day official visit to Maldives on 30th April. 

An overview:

During the visit, Rajnath Singh will hold bilateral talkswith Maldivian Defense Minister Ms. Maria Ahmed Didi and Foreign Minister Abdulla Shahid.

All aspects of defense relations between the two countries will be reviewed during the consultations.

Rajnath Singh will also meet Maldivian President Ibrahim Mohamed Solih.

In line with India's commitment to capacity building of friendly countries and partners in the region, Rajnath Singh will gift a Fast Patrol Vessel ship and a landing craft to the Maldivian National Defense Forces.

India and Maldives are working together to effectively address common challenges including maritime security, terrorism, radicalism, piracy, smuggling, organized crime and natural disasters.

India's vision of SAGAR (Security and Growth for All in the Region) along with its ‘Neighbourhood First’ policy as well as Maldives’ ‘India First’ policy seek to work together to jointly develop the capabilities within the Indian Ocean Region.

About Maldives:

It is also called Maldives Islands, an independent island country in the north-central Indian Ocean.

It extends more than 510 miles (820 km) from north to south and 80 miles (130 km) from east to west.

Basis of economy -fisheries, tourism

Industries - handicraft or cottage including the making of coir (coconut-husk fibre) and coir products, fish canning, and boatbuilding.

Capital -Male

President -Ibrahim Mohamed Solih

Official Language - Dhivehi (Maldivian)

Official Religion - Islam

Currency -Rufiyaa

PM Modi's 100th episode of 'Mann Ki Baat' broadcast live at UN Headquarters

The 100th episode of Prime Minister Narendra Modi's radio program 'Mann Ki Baat' was broadcast live at the United Nations Headquarters here late on April 29, local time.

An overview:

India's Permanent Representative and Ambassador to the United Nations Ruchira Kambojsaid that Mann Ki Baat was aired at the Trusteeship Council of the United Nations Headquarters in New York.

Indian missions in various countries including UK, China, South Africa, Chile, Morocco, Mexico, Congo, Iraq and Indonesia also made special arrangements to listen to the 100th episode of 'Mann Ki Baat'.

External Affairs Minister S Jaishankar, who is on an official visit to Guyana, Panama, Colombia and the Dominican Republic, also attended the special event organized by the Indian community.

'Mann Ki Baat' program:

The program 'Mann Ki Baat' started on 3 October 2014 and is broadcast on thelast Sunday of every month.

It inspires millions of people to participate in India's development journey.

On 30th April it completed its 100th episode.

The episodes aired between 2014 and 2019 were more general and motivational in nature, with the latter episodes discussing a lot of government policies and initiatives.

India, Russia to explore possibility of accepting RuPay and Mir cards

India and Russia will explore the possibility of accepting RuPay and Mir cards in each other's country for hassle-free payments amid sanctions imposed by the West on Moscow.

An overview:

In the recent meeting of the High Level Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), it was discussed and agreed to explore the possibility of allowing acceptance of these cards.

The mutual acceptance of RuPay (India) and Mir cards (Russia) will help Indian and Russian citizens to make hassle-free payments in Indian rupees and Russian ruble in their respective countries

The meeting was co-chaired by External Affairs Minister S Jaishankar and Russia Deputy Prime Minister Denis Manturov.

They agreed to explore the possibility of interaction with the Unified Payments Interface (UPI) of National Payment Corporation of India and the Faster Payments System (FPS) of the Bank of Russia.

The two countries agreed to adopt the Russian Financial Messaging System, the Service Bureau of the Bank of Russia's Financial Messaging System, for cross-border payments.

What is Mir?

Mir is a payment system in Russia.

It was launched in 2017.

The Central Bank of Russia has established the function of this payment option.

The Russian national card payment system operatesit.

Sberbank was the first Russian bank to issue payment cards under the Mir brand.

PM Narendra Modi to be awarded prestigious Lokmanya Tilak Award 2023

The Tilak Smarak Mandir Trust (Hind Swaraj Sangh) would confer the prestigious Lokmanya Tilak National Award 2023 to Prime Minister Narendra Modi in Pune on August 1, 2023.

Reason: This award recognizes PM Modi's supreme leadership under which India has climbed the ladder of progress

It is presented annually on the occasion of Lokmanya Tilak's death anniversary.

Other awardees: Indira Gandhi, Atal Bihari Vajpayee, Sharad Pawar, Cyrus Poonawalla, and Manmohan Singh. 

J&K Bank wins award for Best Performance in CASA

Jammu & Kashmir Bank has been felicitated for the Best Performance in CASA-India (1st Runner up in Small Bank Category) at ICC Emerging Asia Banking Conclave & Awards 2022.

The event was participated by banks from India, Nepal, Bhutan, Bangladesh, Sri Lanka & Myanmar.

The function was organized by the Indian Chamber of Commerce in Goa.

Indian Chamber of Commerce (ICC) is a non-governmental trade association and advocacy group headquartered in Calcutta.

India poised to become world’s 2nd-largest economy by 2075: Goldman Sachs

According to the Investment Bank Goldman Sachs, India is poised to become the world’s second-largest economy by 2075.

As per the report, India would cross Japan, Germany, and the US With a population of 1.4 billion people.

India’s GDP is estimated to expand remarkably, reaching 52.5 trillion dollars surpassing the US GDP projection.

The labour force participation set to make India the second-largest economy in the world by 2075.

L&T and Spain's Navantia sign agreement for submarine project

L&T has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine program.

P75 (India) Submarine Project is expected to be valued at €4.8 billion.

Navantia would carry out the design of P75(I) submarines based on its S80 class of submarines.

The first S80 class submarine was launched in 2021 and is undergoing sea trials prior to its delivery to Spanish Navy. 

India overtakes China as most attractive emerging market for investing

According to a study by Invesco Global Sovereign Asset Management, India has overtaken China to become the most attractive emerging market for investing in sovereign wealth funds this year.

Reason: This is due to its solid demographics, political stability, and proactive regulation. 

Positives for the nation also include the rapidly expanding demography, strong regulatory actions, and a welcoming climate for sovereign investors.

World Population Day 2023: 11 July

World Population Day is observed every year on July 11 in order to raise awareness about global population issues, including population control.

2023 theme: Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities. 

It was established by the United Nations Development Programme (UNDP) in 1989, after the day the world approximately reached a population of five billion, which was observed on 11 July 1987.

MoHUA conducts SBM-U 2.0 Planning & Implementation Review-cum-Workshop

The Housing Ministry organized a review-cum-workshop to evaluate and accelerate the planning and implementation of the SBM-Urban 2.0.

PM Modi launched the 2.0 versions of SBM-U and AMRUT on October 1, 2021.

SBM-U 2.0: Achieving 100% waste segregation in all households and premises and 100% door-to-door collection of segregated waste from each. 

AMRUT 2.0: To provide complete coverage of water supply to all households and sewerage and septage in 500 AMRUT cities. 

Gujarat CM launches pilot project of ‘Antyodaya Shramik Suraksha Yojana’

Gujarat CM Bhupendra Patel launched the Antyodaya Shram Suraksha Accident Insurance Scheme from Kheda

All those registered under the e-Shram portal from Nadiad will benefit from the scheme.

It is being implemented through the Indian Postal Department, the IPPB, and the Ministry of Labour and Employment.

Under this scheme, insurance with a premium of Rs. 289 and Rs. 499 per year will be a big support to workers in the event of death or partial disability.

OCA elects Sheikh Talal as the new President

Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new President of the Olympic Council of Asia (OCA).

He replaced his older brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until 2021.

The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber Al-Sabah, who led it until 1990.

The Olympic Council of Asia (OCA) is a governing body of sports in Asia, currently with 45 member National Olympic Committees.

Bajaj Allianz Life Insurance wins Insurer Innovation Award 2023

Bajaj Allianz Life Insurance has won the Insurer Innovation Award 2023 for the APAC region at the 8th World Digital Insurance Awards, hosted by TDI - The Digital Insurer.

Recognition: Bajaj Allianz Life's ground-breaking WhatsApp Conversational Platform - empowering customers to digitally services their policies seamlessly. 

The award entries were shortlisted by industry experts and the winner was selected by the community through pre-voting and live event voting.