TNPSC CURRENT AFFAIRS – 25.5.2024 – Plover Minds Institute LLP

The year 2024 marks the 50th anniversary of a railway workers general strike.
The general strike was remarkable display of working class unity and was unparalleled in its geographical spread and public involvement.
The strike was due to gruelling work conditions and diminishing wishes along with soaring prices of essential goods and oil exacerbated by a meagre wage hike.
More than a million railway workers deserted their posts across India following the arrest of the president of the All India Railwaymens’ Federation.
On May 8, 1974, 1.7 million employees of the Indian Railways formally began a strike that lasted for 20 days. Led by trade union leader George Fernandes, the strike was called to demand a need-based minimum wage, social security, such as food, the formalisation of jobs, an eight-hour daily work limit, a safety net against rising prices and the right of railway workers to dissent and negotiate.

2. UN forecasts 2.7 percent growth for world economy

The United Nations reported improved prospects for the world economy since its January forecast pointing to a better outlook in the US and several large emerging economies including India.
According to its mid 2024 report the world economy is now projected to grow by 2.7% this year which is up from 2.4% forecast in its January report.
The growth rate would equal growth in 2023 but still be lower than the 3% growth rate before the pandemic.
The United Nations has revised upwards India’s growth projections for 2024, with the country’s economy now forecast to expand by close to seven per cent this year, mainly driven by strong public investment and resilient private consumption.

3. Startups sign up with ONDC as volumes exceed 7mn a month

ONDC which operates the open network for digital commerce has signed letters of intent with 125 startups who have all committed to join the platform.
It is an effort promoted by the government but runs semi privately in a consortium mode to un-bundle the ecommerce value chain by making logistics providers, sellers and discovery platforms compete with each other for a place in any given transaction.
ONDC was launched in late 2021 under the Department for Promotion of Industry and Internal Trade (DPIIT) by the Ministry of Commerce as part of the Digital India push. ONDC works as a network of interconnected e-marketplaces through which sellers, including brands, can list and sell their products directly to customers bypassing any middlemen or intermediaries.

4. Manufacturing in India needs more sophistication: FM

Indian manufacturing must develop greater sophistication in its products and the government will find ways to provide policy support in this endeavour according to the Finance Minister of Union.
She also advocated that India must increase its share in manufacturing and global value chains.
While the consumer market presents a $2.9 trillion opportunity, spending on food is expected to rise to 1.4 trillion while financial services will climb to 670 billion dollars by 2031.
India’s manufacturing sector is a key contributor to the country’s economic growth. It accounts for about 15% of India’s Gross Domestic Product (GDP) and employs around 12% of the country’s workforce.

5. Archaeologist finds first evidence of rock art in form of footprints in Mangaluru City

The first evidence of rock art in Mangaluru City has been found which is in form of a pair of human footprints found on a natural stone boulder near a shrine.
These footprints might have been created in the 1st or 2nd century AD.
Archaeologist rock art is referred to paintings and rock paintings which were unquestionable cognitive evidences of illiterate societies.
India houses one of the largest, richest and most diverse repositories of rock art. Prehistoric rock paintings, rock-cut architectures of caves & temples and sculptures carved out of rock are some examples of rock art in India.

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TNPSC CURRENT AFFAIRS – 25.5.2024