4 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 4 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 4 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 – 4 May 2023

Indian origin Ajay Banga confirmed as the next president of World Bank

Ajay Banga confirmed as next President of World Bank

Ajay Banga, who is of Indian descent, has been appointed as the World Bank’s new President. The 25-member executive board of the World Bank elected Ajay Banga, who previously served as the CEO of Mastercard, to hold the position for a period of five years, starting from June 2.

Ajay Banga confirmed as next President of World Bank: Key Points

• The World Bank’s Board of Directors expressed willingness to collaborate with Mr. Ajay Banga on the organization’s future.
• The nomination of Ajay Banga for this post was made by US President Joe Biden in February.
• Mr. Banga was congratulated and hailed by Joe Biden as a leader who will bring transformation, competence, experience, and innovation to the World Bank presidency.
• Joe Biden added that Ajay Banga, along with World Bank leadership and shareholders, will play a crucial role in steering the institution as it develops and expands to address global challenges, particularly climate change, which directly impact the World Bank’s fundamental goal of reducing poverty.

Ajay Banga’s Selection Process as World Bank President

Ajay Banga was chosen as the sole contender to succeed David Malpass, the outgoing World Bank chief and a former US Treasury official in the Trump administration. Ajay Banga underwent a four-hour interview with World Bank board members, and he obtained final clearance from the board after many sessions in recent weeks.

The Indian-American was elected and David Malpass would continue to serve until June 1. The decision was made through a vote by 24 board members, with Russia abstaining, which is different from the usual consensus-based process.

Coal miners day 2023 observed on May 4^th

Coal Miners Day is observed every year on May 4th to recognise and appreciate the hard work and significant contributions of coal miners in the extraction of coal. Coal is an important fossil fuel that is widely used in a range of applications, including power generation and industrial production, particularly in the production of steel and cement. Coal mining is a laborious industry that provides employment to millions of people across the globe. As a carbon-rich primary fossil fuel, coal is instrumental in the production of electricity, steel, and cement.

Coal Miners Day 2023: Significance

Acknowledging the sacrifices made by workers who have lost their lives while carrying out their duties is of utmost importance. Coal Miners Day serves as a dedicated occasion to honour their contributions and pay tribute to the tragedies they have endured throughout their lives. Numerous awareness programs are organized on this day to promote the health and safety requirements of the workers. These initiatives strive to educate the workers about the Indian government’s various laws and regulations that are in place to enhance their working conditions and wages. The goal is to provide workers with information about their rights so that they can work in a safe and healthy environment.

Coal Miners Day: History

The first coal mine was opened in Scotland in 1575, whereas India’s first coal mine was established much later, in 1774. John Summer and Suetonius Grant Heatly of the East India Company operated this mine, located in the Raniganj Coalfield on the banks of the Damodar River. Following India’s independence, there was an increase in demand for coal, prompting the new government to create a 5-year development plan to meet the country’s growing energy needs.

In India, Coal Miners Day was established to recognize and honor the contributions and sacrifices made by coal miners. The date of May 4th is significant as it commemorates the day when the first underground coal mine in India was inaugurated at Raniganj, West Bengal, in 1907. Since then, this day has been observed in India to acknowledge the invaluable contribution of coal miners towards the country’s energy needs. Various awareness programs are conducted on this day to promote the health and safety needs of the workers, and to educate them about their rights and benefits.

Ministry of tourism participates in the Arabian travel market (atm) 2023

The Arabian Travel Market (ATM) 2023, one of the most important global events for the travel and tourism sector, began on May 1, 2023, in Dubai, UAE, with a significant representation from India. The Ministry of Tourism, Govt of India, is participating in the event to promote inbound travel to India from the Middle East and North Africa (MENA) region.

India’s Large Pavilion at ATM 2023:

India features one of the largest pavilions at the event, with over 100 participants displaying the country’s broad cultural and tourism attractions, including state tourism agencies, hotels, and tour operators. The focus of this year’s event is on reducing carbon emissions in the travel industry, and the Indian pavilion is showcasing the eco-friendly initiatives of the country, which includes sustainable tourism practices and responsible wildlife tourism.

India’s Booming Outbound Tourism Market:

According to data from the Reserve Bank of India (RBI), in the first nine months of 2022, Indian nationals spent $10 billion on overseas travel, which is a significant increase of almost 43% from the pre-Covid figures. According to Indian business strategists, the yearly number of outbound journeys would exceed 27 million by 2024, with a total value of more than $42 billion.

Visit India Year 2023 Campaign:

The Ministry of Tourism has launched the Visit India Year 2023 campaign to promote India’s diverse tourism offerings and the country’s commitment to sustainable tourism practices. The goal is to form partnerships with industry players and strengthen ties with the tourism industry in the Middle East and North Africa, which includes travel agents, tour operators, airlines, and media representatives.

Networking Events and B2B Meetings:

The Indian delegation at the Arabian Travel Market (ATM) 2023 will engage in a variety of networking events, B2B meetings, and media interactions to advertise India as a tourism destination. The Visit India Year 2023 campaign will showcase the rich cultural heritage, natural beauty, and culinary delights of India. The campaign will also emphasize India’s commitment to sustainable tourism practices, including eco-friendly initiatives and responsible wildlife tourism.

India’s first undersea tunnel nears completion: Mumbai coastal road project

India’s First Undersea Tunnel Nears Completion: Mumbai Coastal Road Project:

The Mumbai Coastal Road Project (MCRP) is a Rs 12,721-crore Brihanmumbai Municipal Corporation (BMC) plan to connect Marine Drive to the Bandra-Worli Sea Link. The most significant feature of the project is the construction of India’s first undersea tunnel, which is set to open by November 2023. The 2.07-kilometer twin tunnels run 17-20 meters below sea level, connecting Girgaon to Priyadarshini Park via the Arabian Sea, Girgaon Chowpatty, and Malabar Hill.

Construction Challenges and Use of TBM:

The twin tunnels were built by cutting through complicated geological strata with a huge Chinese Tunnel Boring Machine (TBM) and a team of 35 men. The Mavala TBM is the largest ever utilised in India, weighing over 1,700 tonnes and measuring over 12 metres tall. It was manufactured by the China Railway Construction Heavy Industry Company Ltd (CRCHI) and was assembled and launched a year ago.

The TBM has been instrumental in completing the construction of the undersea tunnels. It broke through from the Girgaon end in January 2022 after a year of mining activity, and the second tunnel’s boring commenced in April 2022. The BMC anticipates making a breakthrough by the end of May, with only 140 metres of mining work remaining.

Tunnel Design and Features:

The tunnels have a diameter of 12.19 meters and feature six crosswalks, four for pedestrians and two for motorists. Each tunnel has three 3.2-meter-wide lanes, with two lanes operational and the third used in case of emergencies or increased vehicular density.

The tunnels also have fibreglass facades resembling the Queen’s Necklace, a famous C-shaped promenade on Marine Drive. The entry and exit points are designed to provide easy access to the tunnels, and the crosswalks allow for safe pedestrian and vehicular movement.

Impact on Commute Time:

The MCRP is expected to reduce the 45-minute commute from Girgaon to Worli to just 10 minutes during peak hours. The high-speed coastal road, spanning 10.58 kilometers, connects Marine Drive to the Bandra-Worli Sea Link. The undersea tunnels are a critical component of the project, cutting down commute time and easing traffic congestion in the area.

India’s merchant payments through UPI anticipated to reach $1 trillion by FY26

Merchant payments over the Unified Payments Interface (UPI) in India are expected to grow by 40 to 50 percent to reach $1 trillion by the fiscal year (FY) 2026, according to a report by Bain & Company. Greater awareness, increased merchant adoption of UPI, new payment capabilities such as UPI Lite and UPI 123 Pay, and the introduction of international payment lanes on the domestic payment railroad will drive this growth. The National Payments Corporation of India (NPCI) estimates that in March 2023 alone, merchant transactions worth nearly $40 billion were cleared through UPI. The industry has already surpassed a $500 billion payment run rate.

UPI and Mobile Wallets to Account for 28% of India’s $3.2 Trillion Digital Payments Market in FY26:

UPI and mobile wallets will account for 28% of India’s $3.2 trillion digital payments sector in fiscal year 26 (up from 11% in fiscal year 22). Meanwhile, cash will fall from 69% in FY22 to 48% in FY23 as all digital payment methods, including credit cards, debit cards, and buy now, pay later, increase. NPCI’s UPI has helped India lead the way in developing a non-cash economy and outpace many other emerging nations.

Credit Card Spending in India to Increase 2.5 Times to $280 Billion by FY26:

According to Bain & Company’s report, credit card spending in India is expected to increase 2.5 times to $280 billion by FY26 from a present level of roughly $100 billion. A considerable chunk of this growth will be accounted for by increased expenditure on newly issued credit cards. The Reserve Bank of India reports that there were 85 million credit cards in circulation as of March 2023. Tier-2 sites, new fintech and consumer tech partnerships for co-branded cards, and an overall opening up of supply will be the sources of growth in new credit cards.

Government Payments and Subsidies to Decrease, Premium Merchants May Pay Specific MDR for UPI Payments:

Bain & Company has predicted that government payments and subsidies will decrease over the next three to five years, resulting in market forces controlling pricing for merchant payments. Premium merchants, for instance, may pay a specific Merchant Discount Rate (MDR) for UPI payments. Payment service providers will have developed alternative revenue streams by then. Initially positioned as online payment providers, providers such as Razorpay, Cashfree, and Paytm have all established offline operations as well, providing their users with an omnichannel payment experience.

Fintech and Banks Must Adapt to Remain Competitive in India’s Fintech Era:

As the fintech era progresses in India, banks themselves will need to adapt to remain competitive. Banks will need to investigate full-stack merchant solutions and increase the number of credit card holders by adding new consumers. The research advised “commercializing partnerships with a select group of non-banks to expand the reach and improve capabilities.” To hasten go-to-market, fintech themselves must develop compliance departments, increase income diversification, and fortify their relationships with banks and NBFCs.

Michael Douglas To Receive Honorary Palme D’or At Cannes

The Cannes Film Festival will honor Michael Douglas with an honorary Palme d’Or for his outstanding career and contributions to cinema. On May 16, the festival’s opening ceremony will honour the 78-year-old actor. Douglas has had a varied career, appearing in films such as The China Syndrome, Basic Instinct, Falling Down, and Behind the Candelabra, all of which were previously presented at Cannes.

In 1987, Michael Douglas played the iconic role of banker Gordon Gekko in Wall Street, which earned him an Academy Award. He has continued to have a prominent presence in the film industry with recent roles in Marvel’s Antman films and an award-winning performance in the TV series The Kominsky Method. Douglas is the son of Hollywood legend Kirk Douglas, and he began his career as a producer of the film One Flew Over the Cuckoo’s Nest in 1975, which also won him an OscarHe was most recently seen at the Cannes Film Festival, where he played the iconic figure of flamboyant pianist Liberace in Behind the Candelabra.

Previous recipients of the honorary Palme d’Or at the Cannes Film Festival have included Forest Whitaker, Agnes Varda, and Jodie Foster. The festival will take place from May 16-27 and will feature premieres of highly anticipated films such as the new Indiana Jones and Martin Scorsese movies. The opening film will be Jeanne du Barry, which marks Johnny Depp’s return to the big screen.

Odisha Extends Indian Hockey Team Sponsorship Till 2033

The Odisha government has decided to further extend its sponsorship for both the Men and Women Indian Hockey Teams (senior and junior) for another ten years from 2023 to 2033. The decision was made at a Cabinet meeting presided over by chief minister Naveen Patnaik. On that day, the cabinet approved 15 different recommendations offered by several departments. As Odisha has been the official sponsor of both the Men and Women National Hockey Teams since 2018, this support is going to be a significant step towards the growth and development of Hockey in India, chief secretary P K Jena.

Earlier, Odisha Mining Corporation Limited (OMC) had entered into an agreement with Hockey India, after due government approval, for sponsorship of the Indian Hockey Teams (Men/Women, Senior/Junior) for a period of five years from 2018 to 2023. OMC Ltd sought Cabinet approval to extend the agreement based on a request from the President of Hockey India, Jena said, adding that OMC has now committed to sponsor both teams until January 31, 2033, and a total amount of Rs 434.12 crores (excluding applicable taxes) will be released by OMC to Hockey India during this period.

British Actress-Author Meera Sayal Receives Bafta Fellowship

UK-based Indian-origin actor-writer Meera Syal has been conferred a BAFTA Fellowship, the highest accolade bestowed by the British Academy of Film and Television Arts (BAFTA).

Recognition: For an outstanding and exceptional contribution to film/television

She was honored with an MBE and then a CBE by the late Queen Elizabeth II for her contribution to drama and literature.

She is best known for television shows such as ‘Goodness Gracious Me’ and ‘The Kumars at No. 42’.

IFSCA Inks Mou With Ihub-Data, IIIT Hyderabad

International Financial Services Centres Authority (IFSCA) and IHub-Data, IIIT Hyderabad signed an MoU at the IIIT Hyderabad campus.

Aim: For cooperation and understanding between IFSCA and IHub-Data to collaborate in supporting and facilitating FinTech and TechFin entities.

IFSCA is responsible for the development and regulation of international financial services. IFSCA aims to develop a strong global connection and focus on the needs of the Indian economy.

The World’s 10 Highest-Paid Athletes 2023 By Forbes

The World’s 10 Highest-Paid Athletes 2023:

International soccer stars Cristiano Ronaldo ($136 million), Lionel Messi ($130 million) and Kylian Mbappe ($120 million) are the top three highest-paid athletes. Ronaldo leads the pack with an estimated $136 million in earnings, including $46 million from his playing salary and incentives and $90 million from endorsements, appearances, licencing revenue, and other business ventures. Mbappé, who at age 24 comes in at No. 3 with $120 million, and Johnson, who lands at No. 6 with $107 million, make eye-popping debuts in the top ten.

Forbes calculates on-field earnings based on prize money, salaries and bonuses, while off-field earnings are an estimate of sponsorship deals, appearance fees and memorabilia and licensing income. It also includes cash returns from businesses that are operated by the athlete. Over the last 12 months, the world’s ten highest-paid athletes earned a total of $1.11 billion before taxes and agent fees, the highest total ever.

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