7 May 2024 current affairs

7 May 2024 current affairs


National news

India’s First Indigenous Microcontroller Chip: Secure IoT by Mindgrove Technologies

  • Mindgrove Technologies, backed by IIT Madras, launched India’s first commercial high-performance SoC (System on Chip) named Secure IoT.
  • The RISC-V-based chip offers a cheaper alternative for domestic electronics manufacturers, cutting costs by 30% compared to market options.
  • Designed to empower Indian OEMs, the chip facilitates the integration of an Indian SoC into devices, fostering the Make-in-India initiative in the electronics sector.

Economy news:

India Set to Become Third Largest Consumer Market by 2026: UBS Report:

  • UBS predicts India will surpass Germany and Japan to become the third largest consumer market by 2026.
  • The report highlights rapid growth in India’s high-income group, projecting 88 million people with an annual income exceeding $10,000 by 2028.
  • By 2023, UBS forecasts nearly 40 million Indians to fall into the wealthy category, representing 4% of the population aged 15 and over, with this number expected to double over the next five years.

Ind-Ra Raises India’s FY25 GDP Growth Estimate to 7.1%: Strong Government-Private Investment Propel Economic Momentum

  • India Ratings and Research (Ind-Ra) revises India’s FY25 GDP growth estimate to 7.1%, up from its earlier forecast of 6.5%.
  • The new projection slightly surpasses the Reserve Bank of India’s (RBI) forecast of 7.0%.
  • Factors contributing to the improved growth outlook include sustained government capital expenditure, deleveraged corporate and banking sector balance sheets, and the emergence of the private corporate capital expenditure cycle.

International news:

José Raúl Mulino Wins Panama’s Presidential Election:

  • José Raúl Mulino, former security minister, secures victory in Panama’s presidential election with nearly 35% of counted votes.
  • Three closest rivals concede defeat as Mulino holds an unassailable 9% lead with over 92% of votes counted.
  • Outgoing president Laurentino Cortizo congratulates Mulino on his election win.

About the Republic of Panama:

  • Capital: Panama City 
  • Currency: Balboa
  • President:  Laurentino Cortizo

Banking news

REC Ltd Granted NOC for Subsidiary in GIFT City:

  • REC Ltd, a non-banking finance company under India’s Ministry of Power, receives a no-objection certificate (NOC) from the Reserve Bank of India (RBI) to establish a subsidiary in Gujarat International Finance Tech-City (GIFT).
  • The subsidiary will operate within GIFT City, Gujarat, engaging in various financial activities such as lending, investment, and other financial services.
  • This move reflects REC’s strategic expansion into GIFT City, a growing financial services hub, as part of its efforts to diversify its portfolio and seek new avenues for growth.
  • REC Ltd has been the nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and National Electricity Fund (NEF) Scheme, which resulted in strengthening of the last-mile distribution system, 100% village electrification and household electrification in the country.

REC: Rural Electrification Corporation Limited

  • Chairman And Managing Director-Vivek Kumar Dewangan
  • Headquarters: new Delhi

Sports news:

Real Madrid Clinches 36th La Liga Title:

  • Real Madrid secures the La Liga 2023-24 season title by defeating Cadiz 3-0, with goals from Brahim Diaz, Jude Bellingham, and Joselu.
  • Girona’s victory over Barcelona ensures Real Madrid’s championship, as they lead with 87 points, 13 points ahead of their closest competitor.
  • This marks Real Madrid’s 36th La Liga title, solidifying their dominance in Spanish football.

La Liga Tournament

  • The La Liga, or the Campeonato Nacional de Liga de Primera División, is a professional men’s club-based football championship in Spain. It is the highest-ranking domestic football tournament in the country. It was started in 1929 with 10 teams.
  • La Liga is one of the most popular professional club-based football tournaments in the world.
  • At present, 20 teams participate in La Liga. Each team plays against the other team twice. The team that wins the most points is crowned the champion of La Liga.

Iga Swiatek and Andrey Rublev Triumph at Madrid Open Tennis:

  • Professional tennis player Iga Swiatek of Poland secures her first Madrid Open women’s singles title, while Andrey Rublev claims his second men’s singles title at the 2024 Madrid Open.
  • The tournament took place in Madrid, Spain, from April 22 to May 5, 2024.
  • Madrid Open Tennis is classified as a 1000-event, offering winners 1000 ranking points in both men’s and women’s categories.

Mumbai City FC defeat Mohun Bagan Super Giant to win the ISL 2023-24:

  • The Mumbai City FC football club defeated Mohun Bagan Bagan Super Giant by 3-1 goals to win the 2023-24 Indian Super League (ISL) final, which was played at the Vivekananda Yuba Bharati Krirangan Stadium in Kolkata (West Bengal). This was Mumbai City FC’s second title. 
  • Incidentally, Mumbai City FC won its first ISL title in  2020-21 by defeating the Mohun Bagan team
  • The winner of the ISL 2023-24 Mumbai City FC took Rs  6 crore as the prize money, and the runners-up, Mohun Bagan Super Giant, got Rs 3 crore as prize money.

ISL 2023-24 Awards: The prizes to the winning team and the players were given by the All India Football Federation President, Kalyan Chaubey. Kalyan Chaubey has played as a goalkeeper for two seasons (1996-97, 1999-2000) at Mohun Bagan 

Sr NoAwardWinner
1ISL League WinnerMohun Bagan Super Giant
2ISL Cup WinnerMumbai City FC
3Golden Ball (Best Player)Dimitrios Petratos (Mohun Bagan )
4Golden Boot (Top Goal Scorer), scored 13 goals.Dimitrios Diamantakos (Kerala Blaster)
5Golden Glove (Best Goalkeeper)Phurba Lachenpa (Mumbai City)
6Emerging Player of the LeagueVikram Pratap Singh (Mumbai City)
7Best PitchJamshedpur FC
8Grassroots AwardFC Goa
9Best Elite Youth ProgramBengaluru FC

Indian Super League :

  • The Indian Super League is the top professional domestic men’s football club based tournament in the country.
  • The ISL which was started in 2014 has been recognised as the top domestic football league by the international football governing body FIFA and the Indian football governing body All India Football Federation(AIFF).
  • The ISL has been promoted by Reliance Industries, Star Sports and the AIFF.
  • At present, 12 city-based football clubs -Hyderabad, Bengaluru and Jamshedpur, Bhubaneswar, Chennai, Delhi, Goa, Guwahati, Kochi, Kolkata, and Mumbai play in the ISL.

China wins both Thomas and Uber Cup Badminton titles:

  • The Chinese badminton team confirmed its domination of the sport by winning both the men’s Tomas Cup and the women’s Uber Cup.
  • The final of the 2024 BWF Thomas and Uber Cup was played in the Chinese city of Chengdu on May 5, 2024.
  • Thomas and Uber Cup is held every two years and is organised by the world badminton governing body, the Badminton World Federation (BWF).

About Thomas Cup 

  • The Thomas Cup is also known as the World Men’s Badminton Team Championship.
  • The cup is named after the Founder-President of the International Badminton Federation (now BWF), Sir George Thomas. He proposed that there should be a men’s team event in Badminton just like the Davis Cup in Men’s tennis.
  • The first Thomas Cup was held in 1948-49, and Malaysia won it by defeating Denmark in the final.



About Uber Cup 

  • The Women’s Badminton Team Championship is also popularly known as Uber Cup. The trophy has been named after England’s great badminton player Betty Uber who designed and donated the trophy.
  • Since 1984, Uber has been held along with the Thomas Cup at the same venue. It is also held every two years
  • The first Uber Cup was held in 1956-57 and it was won by the USA team

Important day :

International day of the midwife 2024:

  • International day of midwife is annually observed across the globe on 5 may to recognise and acknowledge the contribution of midwives the healthcare professions worldwide
  • IMD also celebrated the role of midwives highlighting the significance of educating, training, regulation and licensing midwives to improve the quality of care and reduce maternal and newborn mortality
  • The 2024 theme of international day of the midwife is “midwives a vital climate solution”


  • The idea of celebrating the international day of the midwife came out of the 1987 ICM conference in the Netherlands
  • 1st celebrated in 5 may 1991

About international confederation of midwives (ICW):

  • President- Sandra oyarzo torres
  • Headquarters- the haque, Netherlands

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