10 May 2023 Current Affairs – The Day’s Top News | GKSERIES

Current Affairs is the most important area in all competitive exams. But the difficulty level is very high. That’s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post, Daily Current Affairs 10 May 2023, we have tried to cover each and every point and also included all important facts from National/ International news that are useful for upcoming competitive examinations such as UPSC, SSC, Railway, State Govt. etc.

So, here is the Top News of the Day for 10 May 2023 to help you prepare the Latest Current Affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

Current Affairs for Competitive Exam – 10 May 2023

Pakistan’s Economic Crisis: Hajj quota given up To Saudi Arabia

Pakistan’s Economic Crisis: Hajj quota given up to Saudi Arabia

Pakistan has decided to hand over its Hajj quota to Saudi Arabia for the first time in 75 years. This decision was motivated by the country’s soaring inflation, which has driven thousands of Pakistanis to skip the journey this year. In total, Pakistan has returned 8,000 unused seats, which will save the government a considerable amount of money totalling $24 million.

Hajj quota given up to Saudi Arabia: Key Points

• The Ministry of Religious Affairs has confirmed that the government scheme quota has been returned.
• This decision was made to save millions of dollars that would have been needed to accommodate the pilgrims, as Pakistan is currently experiencing a huge inflation crisis.
• The federal government had previously stated that there would be no balloting for hajj applicants, as they anticipated a shortage in applications.
• As a result, Pakistan was given the full share for the pilgrimage this year, following the government’s long-standing demand to increase the quota.

Pakistan Working with IMF

Pakistan is currently working with the International Monetary Fund (IMF) to conclude a ninth review of a bailout programme. Pakistan and the IMF have been in discussions since February about fiscal policy measures that will assure the blocked funding of $1.1 billion due in November from a $6.5 billion programme agreed in 2019.

The current inflation rate in Pakistan is at an all-time high of 36.4%, making IMF funding crucial to prevent default on external payment obligations. The current IMF programme aims to distribute an additional $1.4 billion for Pakistan before concluding in June.

Sri Lanka Supreme Court Clears Way to Decriminalize Homosexuality

Sri Lanka Supreme Court clears way to decriminalize homosexuality

The Supreme Court of Sri Lanka has approved a bill seeking to decriminalize homosexuality, according to the Speaker of Parliament, in a move welcomed by LGBTQ+ rights campaigners. Homosexuality is still criminal by imprisonment and fines under current laws, however activists have long advocated for change. The Supreme Court determined that the proposed measure was not unconstitutional after hearing arguments from both sides.

Sri Lanka Supreme Court clears way to decriminalise homosexuality: Key Points

• While campaigners view the decision as a positive step, the bill must still win support from parliamentarians before it can become law.
• The current law punishes homosexuality with a prison sentence and a fine. The Supreme Court heard petitions from both sides of the argument and ruled that the bill was not unconstitutional.

The decision has been hailed as a “historic development,” but advocates of the bill must now gain the backing of legislators. The government and opposition have yet to respond.

International Day of Argania 2023 observed on 10 May

Every year on May 10, the International Day of Argania or International Day of the Argan Tree is observed to promote awareness and understanding of the argan tree’s environmental importance worldwide. UNESCO established this holiday in 2021.

International Day of Argania 2023: History

In 1988, UNESCO declared the Arganeraie Biosphere Reserve, which is the endemic production area of the argan tree, as a designated area. Additionally, in 2014, UNESCO inscribed all the knowledge and know-how regarding the argan tree on the Representative List of the Intangible Cultural Heritage of Humanity.

Furthermore, the Food and Agriculture Organisation (FAO) designated the Argan-based agro-sylvo-pastoral system in Morocco’s Ait Souab-Ait Mansour area as a Globally Important Agricultural Heritage System in December 2018.

Lastly, in 2021, the United Nations General Assembly unanimously adopted a resolution submitted by Morocco, co-sponsored by 113 member states of the United Nations, to proclaim May 10th as the International Day of Argania, recognizing the importance of the argan tree and raising awareness of its global environmental significance.

About the Argan Tree

The argan tree, which is native to the sub-Saharan region of Morocco, specifically the southwest, grows in arid and semiarid areas and is known for its resilience to a harsh environment marked by water scarcity, erosion risk, and poor soils. It is the defining species of the Arganeraie woodland habitat, which is rich in unique flora and has great conservation, research, and socioeconomic development value.

The argan tree woodlands offer forest products, fruits, and fodder, all of which are vital to the economy and livelihoods of the people in the region. The leaves and fruits are edible and highly valued, and serve as a vital fodder reserve for livestock during periods of drought. The trees are also used as fuelwood for heating and cooking.

Argan oil, which is extracted from the seeds of the tree, is world-renowned and has various applications, particularly in traditional and complementary medicine, as well as in the culinary and cosmetic industries.

Reserve Bank’s Gold Reserves Rose 4.5% To 794.64 Tonnes In 2022-23

The Reserve Bank of India (RBI) has increased its gold reserves by 4.5% to 794.64 metric tonnes in the fiscal year that ended on March 31, 2023. During this time, the bank added 34.22 metric tonnes of gold, bringing its total gold holdings to 760.42 metric tonnes at the conclusion of the preceding fiscal year. For the last five to six years, the RBI has been increasing its gold reserves.

Gold Reserves Comprise 7.81% of Total Foreign Exchange Reserves:

As of March 31, 2023, the RBI’s gold reserves were valued at $45.2 billion, representing 7.81% of the country’s total foreign exchange reserves, up from 7% at the end of the previous fiscal year. The country’s foreign exchange reserves were valued at $578.449 billion as of March 31, 2023.

Gold Held Overseas and Domestically:

According to the RBI’s half-yearly report on Management of Foreign Exchange Reserves-October 2022-March 2023, 437.22 metric tonnes of the RBI’s total gold reserves are held overseas in safe custody with the Bank of England and the Bank of International Settlements, while 301.10 metric tonnes are held domestically. Gold deposits of 56.32 metric tonnes are also included in the total gold reserves.

Central Banks Buying Gold:

The RBI is not alone in its efforts to increase its gold reserves. Other central banks, including the Monetary Authority of Singapore (MAS), the People’s Bank of China (PBoC), and the Central Bank of the Republic of Turkey, have also been buying gold as part of the diversification of their foreign exchange reserves. According to a recent report by the World Gold Council (WGC), MAS was the largest single buyer of gold, adding 69 metric tonnes during January-March 2023. The report stated that central bank buying remains robust and that there is little to indicate that this will change in the short term.

BharatPe rebrands PAYBACK India as ‘zillion’

BharatPe, a leading fintech company in India, has announced the rebranding of PAYBACK India, the country’s largest multi-brand loyalty program, as ‘Zillion.’ This move aligns with the company’s vision to make Zillion a ubiquitous loyalty and rewards program across the nation.

New Brand Identity for Zillion:

Zillion aims to target customers of all age groups and add a new dimension to their shopping experience across various categories and brands. With the new brand identification, the loyalty programme will provide clients with a plethora of opportunities to earn and redeem rewards at a network of offline and online partners, including grocery, gas, entertainment, travel, clothes, and more. CEO of Zillion, Rijish Raghavan, commented on the rebranding, calling it a “landmark day” for the company. He added, “The new brand identity marks a transformational shift in our strategy from being a niche loyalty program to one with an extensive range of partners across categories.”

Targeting Gen Z and Millennials:

Zillion’s new name and identity will help the loyalty program connect better with a wider range of customers, including Gen Z and Millennials. The objective is to make Zillion a de facto customer delight tool for retailers across the country. Parth Joshi, Chief Marketing Officer of BharatPe, has announced that the company will undertake marketing efforts in the next months to increase consumer awareness and engagement with Zillion.

Argentina’s Lionel Messi Wins Laureus Sportsman of the Year 2023

Laureus World Sports Awards 2023

Lionel Messi, who led Argentina to victory in the 2022 World Cup as their captain, was honored with the Laureus Sportsman of the Year award at a ceremony held in Paris. In addition, Messi accepted the World Team of the Year title on behalf of Argentina’s men’s football team, which won the championship in Qatar. Messi also became the first athlete to scoop both the World Sportsman of the Year Award and the World Team of the Year Award in the same year.

Laureus World Sports Awards: Full awards list

Fakhar Zaman, Naruemol Chaiwai crowned ICC Players of the Month for April

The International Cricket Council (ICC) announced the winners of the ICC Player of the Month awards for April 2023.After impressive match-winning performances for their respective countries in the One-Day International (ODI) format, Pakistan’s Fakhar Zaman receives the ICC Men’s Player of the Month title, and Thailand’s Naruemol Chaiwai wins the ICC Women’s Player of the Month.

Why Fakhar Zaman?

 Following a quiet T20I series, Fakhar was at the forefront of his side’s success in the subsequent ODI showdowns. Chasing 289 in the first match in Rawalpindi, the batter enjoyed a 124-run opening stand with Imam-ul-Haq in a supreme display of control and counter-attacking play, eventually securing a five-wicket win thanks to 117 runs in 114 balls. In the global poll, Fakhar defeated fellow nominees Mark Chapman (New Zealand) and Prabath Jayasuriya (Sri Lanka), and he commented on his win in April.

Why Naruemol Chaiwai?

Naruemol Chaiwai celebrates winning the ICC Women’s Player of the Month for April following a consistent spell of high scoring across Thailand’s historic ODI series victory against Zimbabwe, which the hosts won 3-0. Chaiwai emerged victorious from Kavisha Egodage of UAE, and Kelis Ndhlovu of Zimbabwe in the voting process, and becomes the first Thai player to be named ICC Player of the Month.

Important takeaways for all competitive exams: 

• ICC Founded: 15 June 1909;
• ICC Chairman: Greg Barclay;
• ICC CEO: Geoff Allardice;
• ICC Headquarters: Dubai, United Arab Emirates.

Petersberg Climate Dialogue 2023: Highlights the Need for Urgent Climate Action

The Petersberg Climate Dialogue, a forum for high-level international climate talks held annually before the United Nations Climate Change Conferences (COP), took place in Berlin, Germany from May 2-3, 2023. Germany and the United Arab Emirates hosted this year’s conference, which coincided with the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC). Delegates from more than 30 countries and international organisations attended the summit, including the United Nations Secretary-General, the President of COP28, and the German Foreign Minister.

Need for Clean Energy Transition:

The conference highlighted the need for a clean energy transition to limit global warming to 1.5°C, the target set out in the Paris Agreement. The UN Secretary-General emphasized the need to “break our fossil fuel addiction and drive decarbonization in every sector” to achieve this target. The participants recognized the need to transition from fossil fuels to renewable energy sources to achieve net-zero emissions by 2050.

Global Renewables Target:

The German Foreign Minister initiated discussions around a potential global target for renewables at the next climate conference. He emphasised the importance of making significant reductions in greenhouse gas emissions in order to reduce global warming to 1.5°C. The participants discussed the potential of renewable energy to address climate change and agreed to work towards a global renewables target.

Fossil Fuel Phaseout:

The COP28 President called for a tripling of renewable energy capacity by 2030 followed by a doubling in 2040. He urged participants to ramp up renewable energy capacity building and focus on phasing out fossil fuel emissions while phasing up viable, affordable zero-carbon alternatives.

Status of Climate Finance:

The conference discussed the status of climate finance and the need to mobilize funding for climate action. The developed countries are “on track” to fulfil the USD 100 billion per year pledged during COP15 in 2009 to mobilise by 2020. However, a recent estimate pegs climate finance needs at 1 trillion USD annually by 2030 for emerging markets alone, highlighting the urgent need for financial reparations. The participants emphasized the need for developed countries to fulfill their financial commitments to support climate action in developing countries.

Urgent Global Financial Systems Transformation:

The participants underlined the need for an urgent global financial systems transformation to unlock crucial climate finance for the most climate vulnerable countries in the world. The cost of preventing global temperatures from going above 1.5°C cannot fall on the poorest countries, who are least responsible for the atmospheric store of greenhouse gases. The participants emphasized the need for a just and equitable transition to a low-carbon economy.

Global Stocktake:

The year 2023 is the year for the Global Stocktake, which aims to assess whether current efforts will enable us to reach the objectives set out in the Paris Agreement. The report has been underway for the past two years and is set to be released in September of 2023. The participants discussed the importance of the first Global Stocktake in providing an opportunity to evaluate progress towards achieving the Paris Agreement’s goals.

Pradhan Mantri Jeevan Jyoti Bima Yojana Completes 8 Years: Key Details and Eligibility

Why the scheme is in the news?

Pradhan Mantri Jeevan Jyoti Bima Yojana completed 8 years.

Eligibility :

Individuals between the ages of 18 and 50 who have a bank account are eligible for the plan. Those who enlist before the age of 50, on the other hand, can continue to receive life insurance until the age of 55 by paying premiums.

Premium : Starting from June 1, 2022, the annual premium for the scheme will be Rs 436, which will be automatically debited in a single installment.

Risk Coverage : A sum of Rs 2 Lakh will be provided in the event of death due to any cause.

Terms of Risk Coverage : Enrollment in the scheme is required every year, but participants may choose a long-term option for automatic annual renewal through bank account auto-debit.

Who will implement this Scheme?

The Life Insurance Corporation and all other life insurers that are interested in joining the scheme and have tie-ups with banks are eligible to offer the scheme.

Government Contribution:

Other ministries can contribute premiums for their beneficiaries from their budgets or the Public Welfare Fund created from unclaimed money. Throughout the year, the categories and contribution amounts will be established independently. The government will bear the costs of general publicity.

India Leads List of 10 Countries With 60% of Global Maternal Deaths, Stillbirths, Newborn Deaths: UN Study

A recent research from the World Health Organisation (WHO), the United Nations Children’s Fund (UNICEF), and the United Nations Population Fund (UNFPA) highlights the global challenges in reducing maternal fatalities, stillbirths, and infant mortality. The report shows that, in 2020-2021, there were a combined 4.5 million deaths of this kind, with India leading a list of 10 countries that account for 60% of the total.

India’s high number of live births is believed to be a factor in its large number of maternal, stillbirth, and neonatal deaths, with the country accounting for 17% of global live births. Nigeria, Pakistan, the Democratic Republic of the Congo, Ethiopia, Bangladesh, and China are also among the nations with the highest rates of maternal, stillbirth, and neonatal deaths.

Slowdown in Progress:

The report also revealed that the global progress in reducing maternal and newborn deaths, and stillbirths, has slowed in the last decade, with gains made between 2000 and 2010 happening at a faster pace than since 2010. The reasons for this slowdown need to be determined and addressed to improve outcomes for women and newborns.

Insufficient Healthcare Access:

The regions with the highest rates of newborn and maternal deaths, Sub-Saharan Africa and Central and Southern Asia, are also the regions where fewer than 60% of women receive the recommended four antenatal checks from the WHO. To enhance women’s and babies’ survival rates, access to excellent and accessible healthcare, family planning services, and skilled and motivated health workers, particularly midwives, is required.

Targeting Vulnerable Populations:

The report also stressed that interventions should particularly target the poorest and most vulnerable women who are most likely to miss out on lifesaving care, including through subnational planning and investments.

Addressing Gender Norms and Inequalities:

The report also highlighted the need to address harmful gender norms, biases, and inequalities to improve maternal and newborn health. Overall, the report emphasises the need to accelerate progress in reducing maternal, infant, and stillbirth fatalities, with a focus on equitable access to excellent healthcare and gender disparities.