Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs February 2024 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs May 09 2024, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs May 09 2024 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

Daily Current Affairs PDF of 09th May 2024

Get More: Static GK Pdfs

CURRENT AFFAIRS : BANKING & FINANCE

CareEdge Predicts Bank Credit-to-Deposit Ratio to Exceed 81% in FY25

• The credit-to-deposit (CD) ratio of banks is expected to remain at over 81% in FY25 as credit growth continues to remain above the growth in deposits.

Key Highlights :

• Role of Deposit Growth in FY25:Deposit growth is anticipated to play a crucial role in FY25.
• Banks are expected to focus on strengthening their liability franchise to ensure that the slower growth in deposits does not limit credit expansion.
• Estimations for Deposit and Credit Growth in Current Financial Year:CareEdge Ratings estimates deposit growth to be in the range of 13-13.5% during the current financial year.
• Credit growth is anticipated to be in the range of 14-14.5% for the same period.
• These estimations are based on forecasts of gross domestic product (GDP) and management expectations.
• Factors Driving Credit Growth:Economic expansion, increase in capital expenditure, growth in retail credit, and expected expansion in capital expenditure by the private sector are cited as factors driving credit growth.

Definition of CDR:

• The credit-deposit ratio (CDR) is a key financial indicator that shows the proportion of a bank's total deposits that have been issued as loans.
• Calculation of CDR:The CDR is determined by dividing the total amount of loans by the total amount of deposits, then multiplying the result by 100 to get a percentage.
• Purpose of CDR:This ratio provides a clear understanding of a bank's lending practices and risk exposure.

IDBI Bank Faces ₹2.9 Crore GST Order for Excess Input Tax Credit Claims

• IDBI Bank has received a Goods and Services Tax (GST) demand order of ₹2.97 crore along with interest and penalty for alleged excess availment of input tax credit (ITC).
• Components of the GST Demand:The total demand of ₹2.97 crore comprises:
• Tax demand of ₹1.42 crore.
• Interest amount of ₹1.41 crore.
• Penalty of ₹0.14 crore.
• The Dehradun state tax department has issued an order under the GST rules pertaining to 2018-19 fiscal for alleged excess availment and utilisation of ITC.
• Shares of IDBI Bank were trading at ₹85.41, down 3.82 per cent over previous close on the BSE.

About IDBI Bank :

• Founded : 1 July 1964
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rakesh Sharma

Indian Overseas Bank to Sell Two NPA Portfolios Worth Rs 13,472 Crore                                       

• Indian Overseas Bank (IOB) has published sale notification pertains to the sale of 92 Non-Performing Assets (NPAs) loans, collectively amounting to an aggregate Book Outstanding of Rs 13,471.68 crores, offered on portfolio basis in 2 lots through e-auction under the open auction method.
• Aim : To enhance the bank's financial health, particularly as its Gross NPA levels have reduced significantly from 11.69% in March 2021 to 3.90% by December 2023.

Key Highlights :

• Composition of Portfolios:The first portfolio includes 46 accounts financed under consortium arrangements, three accounts under multiple banking arrangements, and two sole banking ventures.
• Within this portfolio, 38 accounts are formally admitted under the purview of the National Company Law Tribunal (NCLT).
• The second portfolio consists of 41 sole banking accounts.
• Invitation for Participation:Interested Asset Reconstruction Companies (ARCs) and other eligible transferees have been invited to submit their Expressions of Interest (EOI) by May 13, 2024.
• The e-auction for the NPAs is scheduled for May 28, 2024.

About IOB :

• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with

Green Finance: India Raised ₹20,000 Crore Through Sovereign Green Bonds in FY24 Auction                                     

• India auctioned sovereign green bonds (SGrB) worth ₹20,000 crore in FY24, a significant increase from ₹16,000 crore in FY23.
• Purpose of these bonds : To mobilize resources for green infrastructure projects, primarily for expanding renewable energy capacity.

Key Highlights :

• Reserve Bank of India's Role in Green Bonds:The RBI conducted four sovereign green bond auctions worth ₹20,000 crore in FY24.
• The proceeds from these bonds may be used to finance or refinance eligible green projects.
• All sovereign green bond offerings in FY24 were oversubscribed.
• Types of Sovereign Green Bonds and Coupon Rates:The FY24 sovereign green bonds had offerings of different maturities:

            I. 5-year (New SGrB 2028)

            II. 10-year (New SGrB 2033)

            III. 30-year (New SGrB 2054 and 7.37% SGrB 2054)

• Apart from the 7.37% SGrB 2054, all other offerings were yield-based with coupon rates of 7.25%, 7.24%, and 7.37% post-auction.
• In FY23, the SGrB was issued in two tranches of ₹8,000 crore each in January and February 2023.
• Foreign Direct Investment in Renewable Energy:Foreign direct investment (FDI) in non-conventional energy surpassed $2 billion for the second consecutive year.
• As of Q3 FY24, annual FDI addition in renewable energy amounted to $2.1 billion.
• In both FY23 and FY24 (as of December 2023), annual FDI in renewable energy exceeded $2 billion.

About Sovereign Green Bonds :

• Definition of Green Bonds: A green bond is a form of debt security that serves to raise capital for projects with a focus on climate or environmental sustainability, according to the World Bank.
• Purpose of Sovereign Green Bonds (SGrBs): SGrBs are issued by governments to secure funding for projects aimed at supporting climate-related or environmental objectives.
• Introduction of SGrBs in India: In India, the Union Budget for the 2022-23 fiscal year introduced the concept of issuing Sovereign Green Bonds as a way to finance environmentally beneficial projects.

ICICI Bank Facilitates Unified Payments Interface Payments for Non-Resident Indians in India Using International Mobile Numbers                                            

• ICICI Bank has enabled instant payment facility Unified Payments Interface (UPI) for its non-resident Indian (NRI) customers in India through their international mobile numbers.
• This feature aims to enhance convenience for NRIs in India, allowing them to make everyday payments with ease.

Key Highlights :

• Scope of Transactions:With this facility, NRIs can pay for utility bills, merchant transactions, and e-commerce purchases through their international mobile numbers linked to their Non-Resident External (NRE) or Non-Resident Ordinary (NRO) bank accounts with ICICI Bank in India.
• Availability of the Service:ICICI Bank provides this service through its mobile banking app, iMobile Pay.
• This advancement eliminates the need for NRIs to have an Indian mobile number to conduct UPI transactions in India.
• Earlier Limitations and Expanded Reach:Previously, NRIs had to register an Indian mobile number with their bank accounts to use UPI payments across 10 countries: the United States of America (USA), United Kingdom (UK), United Arab Emirates (UAE), Canada, Singapore, Australia, Hong Kong, Oman, Qatar, and Saudi Arabia.

Recent News :

• In April 2024, ICICI Bank introduced equated monthly instalment (EMI) facility for Unified Payment Interface (UPI) payments made by scanning QR code.

About ICICI Bank Ltd :

• Founded : 5 January 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sandeep Bakhshi
• Tagline : Hum Hai na khayal apka

Agricultural Credit Exceeds Expectations, Surges by 15% to Reach Rs 24.83 Trillion in FY24

• According to the latest data from National Bank for Agriculture and Rural Development (NABARD), commercial banks, cooperative banks, and Regional Rural Banks (RRBs) disbursed Rs 24.84 trillion in agricultural credit in 2023-24.
• This represents a 15% increase compared to the previous fiscal year (FY23).

Key Highlights :

• Credit Flow to Agri-Allied Sectors:Out of the total credit, Rs 2.72 trillion was allocated to agri-allied sectors such as animal husbandry, dairy, poultry, and fisheries.
• Regional Distribution of Agricultural Credit:The 5 southern states-Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and Kerala, received over Rs 12.5 trillion, or 50.5% of the total credit disbursed, despite having only 17% of India's gross cropped area.
• Credit disbursal to Tamil Nadu was highest at Rs 4.39 trillion (17.6% of total country’s disbursal) followed by Andhra Pradesh accounting for Rs 2.96 trillion or 12% of the disbursal last fiscal.
• Share of Financial Institutions in Credit Disbursement:In FY23, commercial banks held a 72% share of the total credit disbursed, followed by cooperative banks at 13% and Regional Rural Banks at 15%.
• Interest Subvention Scheme for Farmers:Under modified interest subvention scheme (MISS) of department of agriculture, farmers holding kisan credit cards (KCCs) are provided loans upto Rs 3,00,00 at 7% per annum for meeting their working capital requirement.
• Currently, out of 73.6 million KCC holders, 23.7 million belong to agri-allied sectors.
• The scheme provides additional interest subvention of 3% for prompt repayment of the loan, thereby reducing the effective rate of interest to 4%.
• Provision for Interest Subvention in FY24 and FY25:The Department of Agriculture has allocated Rs 22,650 crore for FY25 under MISS to the Reserve Bank of India, while Rs 18,500 crore was allocated for FY24 as per the revised estimate.
• Share of Small and Marginal Farmers:The share of small and marginal farmers in the total number of accounts increased from 48.6 million (57%) to 116.6 million (76%) during FY15 to FY22.

About NABARD :

• Headquarters : Mumbai, Maharashtra, India
• Chairman : Shri. Shaji K V
• It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
• NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
• It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).

Home Loan Outstanding Increases by Rs 10 Lakh Crore Over the Past 2 Years  

• According to the Reserve Bank of India’s (RBI's) data on 'Sectoral Deployment of Bank Credit', Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year.
• As per this, sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
• The data also showed that the credit outstanding towards commercial real estate stood at Rs 4,48,145 crore in March 2024. It was at Rs 2,97,231 crore in March 2022.
• Industry experts believe the sector will reach the $1 trillion milestone by 2030.

CURRENT AFFAIRS: NATIONAL NEWS

PM Vishwakarma: At 68%, women beneficiaries outshine men in skill training

• Under the Pradhan Mantri Vishwakarma Yojana, women surpassed men in participating in skills training, with over 95 per cent of them choosing tailoring as their preferred trade.
• Introduced by Prime Minister Narendra Modi on September 17, 2023, the initiative has provided training to 350,000 individuals so far.
• Among them, 240,000 (68.76 per cent) are women, and 110,000 (31.3 per cent) are men.
• Of the women participants, 230,000 gained expertise in tailoring, while the majority of males, totalling 33,104, chose masonry training.
• The states with the most beneficiaries under the programme are Karnataka (83,067), Gujarat (56,221), Jammu and Kashmir (55,856), Andhra Pradesh (44,922), Assam (24,851), Maharashtra (17,557), Uttar Pradesh (13,026), Madhya Pradesh (10,692), Rajasthan (7,846), and Chhattisgarh (7,830).
• PM Vishwakarma is implemented as a Central Sector Scheme, fully funded by the Government of India, with an initial outlay of Rs 13,000 crore.
• The Scheme will be conjointly implemented by the Ministry of Micro, Small and Medium Enterprises (MoMSME),  the Ministry of Skill Development and Entrepreneurship (MSDE) and the Department of Financial Services (DFS), Ministry of Finance (MoF), Government of India.
• MoMSME will be the Nodal Ministry for the Scheme and Additional Secretary & Development Commissioner (MSME) in Ministry of MSME will be the focal point for all aspects of implementation and coordination.

About PM Vishwakarma

• PM Vishwakarma will be initially implemented for five years up to 2027-28.
• The objectives of the Scheme are to strengthen and nurture the Guru-Shishya parampara or family-based practice of traditional skills by artisans and craftspeople working with their hands and tools.
• It covers 18 traditional crafts such as Boat Maker; Armourer; Blacksmith; Hammer and Tool Kit Maker; etc.
• Collateral free 'Enterprise Development Loans' of upto Rs. 3 lakh in two tranches of Rs. 1 lakh and Rs. 2 lakh with tenures of 18 months and 30 months, respectively, at a concessional rate of interest fixed at 5%, with Government of India subvention to the extent of 8%.
• Under the scheme, there will be two types of skilling programmes -- Basic and Advanced and a stipend of Rs 500 per day will also be provided to beneficiaries while undergoing skills training.
• The scheme will further provide craftsmen with methods of skill upgradation involving basic and advanced training, a toolkit incentive of ₹15,000 and incentives for digital transactions, and marketing support.
• An amount of Re. 1 per digital transaction, upto maximum 100 transactions monthly will be credited to the beneficiary's account for each digital pay-out or receipt.
• The minimum age of the beneficiary should be 18 years on the date of registration.

Renewable energy accounted for 71% of India's new power generation in FY 24

• In India during FY 23-24, renewable energy (RE) contributed more than 71 per cent of the 26 GW (GigaWatt) of new power generated in the country.
• According to the report by CEEW Centre for Energy Finance (CEEW-CEF), India's total installed energy capacity has now reached 442 GW, with RE comprising approximately 33 per cent (144 GW) and hydro contributing 11 per cent (47 GW).
• The share of Coal in India's total installed capacity fell below the 50 per cent mark for the first time.
• The report further highlights that solar energy, including both grid-scale and rooftop installations, continued to dominate India's RE capacity addition, constituting approximately 81 per cent (15 GW) of the total RE addition in FY24.
• The wind capacity addition nearly doubled, reaching 3.3 GW compared to 2.3 GW in FY23.
• Additionally, nuclear capacity (1.4 GW) was added for the first time since FY17.

Government mulls relief on retrospective GST on e-gaming

• The government is considering granting relief to the online gaming industry by exempting them from paying the Goods and Services Tax (GST) at the rate of 28% on the full face value of bets for the pre-October 1, 2023 period.
• This would mean that the highly contentious “retrospective levy” of the tax would be annulled, irrespective of the outcome of the Supreme Court case in this regard.
• The retrospective tax imposition of 28% on the full face value of bets has created havoc in the online gaming industry, in view of the sheer magnitude of the tax demands involved.
• As many as 71 show-cause notices issued to the online gaming companies have alleged GST evasion of Rs 1.12 trillion, just for FY23 and FY24 (till October 2023), minister of state for finance Pankaj Chaudhary had said in December.
• As per experts, the sum total of tax demands after adding up the interest and penalties that may be levied could probably exceed Rs 2.3 trillion, way more than the total valuation of the online gaming firms.
• Online gaming companies are mandated to pay GST at 28% on the entire face value of bets placed.
• Though a notification to this effect came into effect only on October 1 following the GST Council decision in July, the government maintains that such tax liability existed even before it.
• The industry, however, argues that the GST laws until the October 2023 amendment provided for only an 18% tax on gross gaming revenue or GGR (platform fee).

CURRENT AFFAIRS: BUSINESS NEWS

TVS Capital's biggest fund yet could bet on ‘zero-stage’ startups

• TVS Capital has raised ₹1,700 crore in domestic money for its largest fund yet, its fourth, in a sign of growing interest among Indian investors for private equity as an asset class.
• The Chennai-based investor intends to announce the first close for its new fund next month and will look to bet on ‘zero-stage’ companies, which involves backing professionals or entrepreneurs launching new startups, said a person familiar with the company’s plans.
• The fourth fund will have a total corpus of ₹3,000 crore, surpassing the size of TVS Capital’s ₹1,600-crore third fund.
• The fund is expected to focus on financial services firms and B2B startups.
• TVS Capital has previously invested in fintech startups including Digit Insurance, Five Star Business Finance, and PhonePe.
• The firm plans to announce the first close of the fund next month.

CURRENT AFFAIRS: AWARDS AND HONOURS

Meryl Streep to receive Honorary Palme d’Or at Cannes

• Veteran actor Meryl Streep will receive the honorary Palme d'Or at the opening ceremony of the 77th Cannes Film Festival on 14th May.
• She will also be the guest of honour at the ceremony, which will take place on the stage of the Grand Theatre Lumiere on 14th May.
• The Hollywood icon, who won the best actress prize at Cannes in 1989, will join the kickoff of the 77th edition at the Grand Theatre Lumiere.
• Meryl is one of the most-feted actors in Hollywood history, with a record 21 Oscar nominations and three wins.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Chinese President Xi Appoints Senior Diplomat Xu Feihong as New Ambassador to India                          

• Chinese President Xi Jinping has appointed Xu Feihong as the new Ambassador to India after a delay of 18 months.
• Xu's appointment coincides with the ongoing Lok Sabha elections in India.
• The appointment was confirmed by the Chinese Foreign Ministry, despite not being formally announced in Beijing.
• Xu, previously serving as Ambassador to Afghanistan and Romania, is slated to assume his responsibilities in New Delhi shortly.
• He will succeed veteran Chinese diplomat Sun Weidong who completed his tenure in India in October 2022.
• Sun Weidong is currently the Vice-Foreign Minister overseeing China's South Asia policy.
• He was previously China's envoy to Pakistan before serving in India.
• Current Context of India-China Relations:Xu's appointment comes amid prolonged military and diplomatic negotiations between India and China over the eastern Ladakh military standoff.
• The two countries have held 21 rounds of corps commanders-level talks to resolve the standoff.

About China:

• President: Xi Jinping
• Capital: Beijing
• Currency: Renminbi

Vijay Kumar Goel (IRSME) Appointed as Director at the Ministry of Development of North Eastern Region

• Vijay Kumar Goel, an officer from the Indian Railway Service of Mechanical Engineers (IRSME), has been selected for the position of Director in the Ministry of Development of North Eastern Region (MDoNER).
• The appointment was made under the Central Staffing Scheme by the Department of Personnel & Training (DoPT).
• The tenure for this position is 5 years from the date of taking over charge or until further orders, whichever is earlier.

About MDoNER :

• Cabinet Minister : G. Kishan Reddy
• Minister of State : B. L. Verma

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ISRO Completes First Ignition Test of Semi-Cryogenic Engine Pre-Burner Ignition Test Article at Mahendragiri

• The Indian Space Research Organisation (ISRO) completed the first ignition test on the Semi Cryogenic Pre-Burner Ignition Test Article (PITA) at the ISRO Propulsion Complex (IPRC) in Mahendragiri, Tamil Nadu (TN).
• Purpose of the Semi-Cryogenic Engine:ISRO is developing a 2000 kN thrust semi-cryogenic engine that operates on a combination of Liquid Oxygen (LOX) and Kerosene.
• The engine is intended to enhance the payload capability of Launch Vehicle Mark 3 (LVM3) and future launch vehicles.

Key Highlights :

• Development of Pre-Burner Ignition Test Article:The PITA is a crucial component in the engine development process, representing a full complement of the engine's power head system, excluding the turbopumps.
• Contributors to the Development:The Liquid Propulsion Systems Centre (LPSC) is leading the development of semi-cryogenic propulsion systems.
• Assembly and testing of propulsion modules were conducted at the ISRO Propulsion Complex (IPRC) in Mahendragiri.
• Details of the Ignition Test:The ignition test uses a start fuel ampule with a combination of Triethylaluminum and Triethylboron, developed by Vikram Sarabhai Space Centre (VSSC).
• This combination was used for the first time in ISRO's 2000 kN semi-cryogenic engine.
• The Propulsion Research Laboratory Division (PRLD) of VSSC conducted injector elemental-level ignition tests for characterization.
• Future Development:Following this ignition test, ISRO will conduct development tests on the engine powerhead test article and a fully integrated engine.
• The development of a semi-cryogenic stage with a 120-ton propellant loading is also in progress.

About Launch Vehicle Mark-3 (LVM3):

• The LVM3 is a three-stage medium-lift launch vehicle developed by ISRO.
• Previously referred to as the Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mk III), this vehicle is designed to carry heavier payloads into space.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: MOUS AND AGREEMENT

India's first Astro Tourism Campaign: Uttarakhand Tourism announces 'Nakshatra Sabha'

• The Uttarakhand Tourism Development Board has joined hands with Starscapes, a leading astro-tourism company, to introduce Nakshatra Sabha, a new initiative to provide a comprehensive Astro Tourism experience to people.
• The campaign will offer a range of activities, including stargazing, special solar observations, astrophotography contests, camping under the stars, and more.
• Scheduled to kick off in early June at George Everest in Mussoorie, Nakshatra Sabha will continue until mid-2025, featuring a series of immersive events at various locations across Uttarakhand.
• These events will provide stargazing opportunities and also explore potential night sky destinations in districts like Uttarkashi, Pithoragarh, Nainital, and Chamoli.

China signs MOU with Airbus to deepen aviation cooperation

• China's state planner signed a memorandum of understanding (MOU) with Airbus (AIR.PA), opens new tab on deepening aviation cooperation.
• President Xi Jinping and his French counterpart President Emmanuel Macron released joint statements and reached interdepartmental agreements on several areas including artificial intelligence, the Middle East and agriculture during his trip to France.
• China has historically signalled large jet orders timed to coincide with state visits, but the negotiations between Airbus and China's CASC buying agency are likely to go down to the wire and are not guaranteed to result in a deal, the people said.
• Xi was in France to firm up bilateral ties amid wider strained trade tension with the European Union over several investigations targeting China.

CURRENT AFFAIRS: SPORTS NEWS

China down Indonesia to claim Thomas and Uber Cup double

• China completed a Thomas and Uber Cup double as both men’s and women’s teams beat Indonesia to win their respective world team championship finals in Chengdu.
• The men, who won 3-1, lifted China’s first Thomas Cup since they beat Japan in 2018 -- and their 11th in all.
• 14-time winners Indonesia, lost its second successive final after falling to India two years ago in Bangkok.
• In the women’s event, Indonesia had earlier been powerless to prevent a flawless China lifting the Uber Cup for a record-extending 16th time with a 3-0 victory.
• The next most successful women’s nation is Japan, who has won the Uber Cup six times.
• The 2024 Thomas & Uber Cup was the 33rd edition of the Thomas Cup and the 30th edition of the Uber Cup, the biennial international badminton championship contested by the men and women's national teams of the member associations of Badminton World Federation.

ISL final: Mumbai City FC break Mohun Bagan Super Giant hearts with a come-from-behind win at Salt Lake

• Mumbai City FC beat Mohun Bagan Super Giant 3-1 at the Salt Lake Stadium to emerge as the Indian Super League (ISL) 2023-24 Cup Winners at the final in Kolkata.
• Indian Super League (ISL) 2023-24 was 10th season of ISL.
• It started on 21 September 2023.
• It concluded with ISL Cup final on 4 May 2024.
• ISL Cup final was played at the Vivekananda Yuba Bharati Krirangan in Kolkata.
• Golden Glove: Phurba Lachenpa (Mumbai City FC), Golden Boot: Dimitrios Diamantakos (Kerala Blasters FC)
• Emerging Player of the League: Vikram Partap Singh (Mumbai City FC).
• Player of the League: Dimitrios Petratos (Mohun Bagan Super Giant).

Dharamshala cricket stadium gets India’s first ‘hybrid pitch’

• India’s first-ever “hybrid pitch” was unveiled at the picturesque Himachal Pradesh Cricket Association (HPCA) stadium in Dharamshala, marking a significant milestone for the sport in the country.
• The introduction of the SISGrass hybrid pitch is expected to lift the quality of the sport played on Indian pitches.
• SISGrass designs, constructs and supplies hybrid and synthetic cricket match pitches and practise net areas for a wide variety of organisations, including international cricket venues, local cricket clubs, schools, and universities.
• Already successful at Lord’s and The Oval, SISGrass Hybrid Pitches is now set to revolutionise cricket in India.
• The ‘Universal Machine’, used in Dharamshala to install the hybrid surface, was first developed by SISGrass in 2017.
• With only 5% synthetic fibres, the pitch ensures that the natural characteristics essential for cricket are preserved.

Daily CA One- Liner: May 9

• Under the Pradhan Mantri Vishwakarma Yojana, women surpassed men in participating in skills training, with over 95 per cent of them choosing tailoring as their preferred trade
• In India during FY 23-24, renewable energy (RE) contributed more than 71 per cent of the 26 GW (GigaWatt) of new power generated in the country
• The government is considering granting relief to the online gaming industry by exempting them from paying the Goods and Services Tax (GST) at the rate of 28% on the full face value of bets for the pre-October 1, 2023 period
• TVS Capital has raised ₹1,700 crore in domestic money for its largest fund yet, its fourth, in a sign of growing interest among Indian investors for private equity as an asset class
• Veteran actor Meryl Streep will receive the honorary Palme d'Or at the opening ceremony of the 77th Cannes Film Festival on 14th May
• The Uttarakhand Tourism Development Board has joined hands with Starscapes, a leading astro-tourism company, to introduce Nakshatra Sabha, a new initiative to provide a comprehensive Astro Tourism experience to people.
• China's state planner signed a memorandum of understanding (MOU) with Airbus (AIR.PA), opens new tab on deepening aviation cooperation.
• China completed a Thomas and Uber Cup double as both men’s and women’s teams beat Indonesia to win their respective world team championship finals in Chengdu.
• Mumbai City FC beat Mohun Bagan Super Giant 3-1 at the Salt Lake Stadium to emerge as the Indian Super League (ISL) 2023-24 Cup Winners at the final in Kolkata
• The credit-to-deposit (CD) ratio of banks is expected to remain at over 81% in FY25 as credit growth continues to remain above the growth in deposits.
• IDBI Bank has received a Goods and Services Tax (GST) demand order of ₹2.97 crore along with interest and penalty for alleged excess availment of input tax credit (ITC).
• Indian Overseas Bank (IOB) has published sale notification pertains to the sale of 92 Non-Performing Assets (NPAs) loans, collectively amounting to an aggregate Book Outstanding of Rs 13,471.68 crores, offered on portfolio basis in 2 lots through e-auction under the open auction method.
• India auctioned sovereign green bonds (SGrB) worth ₹20,000 crore in FY24, a significant increase from ₹16,000 crore in FY23.
• ICICI Bank has enabled instant payment facility Unified Payments Interface (UPI) for its non-resident Indian (NRI) customers in India through their international mobile numbers.
• According to the latest data from National Bank for Agriculture and Rural Development (NABARD), commercial banks, cooperative banks, and Regional Rural Banks (RRBs) disbursed Rs 24.84 trillion in agricultural credit in 2023-24.
• According to Reserve Bank of India’s (RBI's) data on 'Sectoral Deployment of Bank Credit', Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year.
• Chinese President Xi Jinping has appointed Xu Feihong as the new Ambassador to India after a delay of 18 months.
• Vijay Kumar Goel, an officer from the Indian Railway Service of Mechanical Engineers (IRSME), has been selected for the position of Director in the Ministry of Development of North Eastern Region (MDoNER).
• The Indian Space Research Organisation (ISRO) completed the first ignition test on the Semi Cryogenic Pre-Burner Ignition Test Article (PITA) at the ISRO Propulsion Complex (IPRC) in Mahendragiri, Tamil Nadu (TN).
• India’s first-ever “hybrid pitch” was unveiled at the picturesque Himachal Pradesh Cricket Association (HPCA) stadium in Dharamshala, marking a significant milestone for the sport in the country