Daily Current Affairs Notes for 04 May 2023

Ajay Banga confirmed as next President of World Bank

Ajay Banga, who is of Indian descent, has been appointed as the new President of the World Bank by the 25-member executive board of the organization. Previously serving as the CEO of Mastercard, Banga will 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 Board of the World Bank has shown their enthusiasm to collaborate with Mr. Ajay Banga on the evolution process of the organization.
• US President Joe Biden nominated Ajay Banga for this position in February.
• Joe Biden congratulated Mr. Banga and commended him as a leader who will bring transformation, expertise, experience, and innovation to the presidency of the World Bank.
• Joe Biden also stated that in conjunction with the World Bank leadership and shareholders, Ajay Banga will play a critical role in guiding the institution as it grows and adapts to tackle global challenges, especially climate change, which directly affects the World Bank's primary objective of alleviating poverty.

Ajay Banga’s Selection Process as World Bank President

Ajay Banga was chosen as the sole candidate to succeed David Malpass, the former World Bank chief and a former US Treasury official in the Donald Trump administration. Banga underwent a four-hour interview with the World Bank board members, and after several meetings in recent weeks, he received the board's final approval.

The Indian-American candidate was elected while David Malpass would remain in his position until June 1. The decision was made through a vote by 24 board members, with Russia abstaining, which deviates from the typical consensus-based process.

May 4th is annually recognized as Coal Miners Day, a day dedicated to recognizing and showing appreciation for the tireless efforts and significant contributions of coal miners in the extraction of coal. Coal is an essential fossil fuel that is widely utilized for various purposes, including power generation and industrial production, especially in the production of steel and cement. Coal mining is a demanding industry that provides employment opportunities to millions of individuals worldwide. As a primary fossil fuel rich in carbon, coal plays a crucial role in the production of electricity, steel, and cement.

Coal Miners Day 2023: Significance

Recognizing 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. Several awareness programs are organized on this day to promote the health and safety requirements of workers. These initiatives aim to educate workers about the Indian government's laws and regulations that are in place to improve their working conditions and wages. The goal is to empower workers with knowledge about their rights so that they can work in a secure and healthy work environment.

Coal Miners Day: History

The first coal mine was opened in Scotland in 1575, whereas India's initial coal mine was established much later, in 1774. The East India Company's John Summer and Suetonius Grant Heatly operated this mine, which was situated in the Raniganj Coalfield on the banks of the Damodar River. After India gained independence, there was an increase in the demand for coal, prompting the new government to develop a 5-year plan to meet the growing energy requirements.

In India, Coal Miners Day was established to acknowledge and honor the contributions and sacrifices made by coal miners. The date of May 4th holds significance as it marks 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 recognize the invaluable contribution of coal miners towards the country's energy requirements. Several awareness programs are conducted on this day to promote the health and safety needs of 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, a major global event for the travel and tourism industry, commenced in Dubai, UAE on May 1, 2023, with a significant presence from India. The Ministry of Tourism, Government of India, is taking part 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:

The Indian pavilion at the Arabian Travel Market (ATM) 2023 is one of the largest, featuring over 100 participants, including state tourism boards, hotels, and tour operators showcasing the diverse cultural and tourism offerings of the country. This year's event has a strong emphasis on reducing carbon emissions in the travel industry, and the Indian pavilion is highlighting the country's eco-friendly initiatives, including sustainable tourism practices and responsible wildlife tourism.

India’s Booming Outbound Tourism Market:

Data from the Reserve Bank of India (RBI) shows that Indian nationals spent $10 billion on overseas travel in the first nine months of 2022, a significant increase of nearly 43% compared to pre-Covid figures. Indian business consultants have predicted that the number of outbound journeys will exceed 27 million annually, with a total value of over $42 billion by 2024.

Visit India Year 2023 Campaign:

The Ministry of Tourism has initiated the Visit India Year 2023 campaign to promote India's diverse tourism offerings and its commitment to sustainable tourism practices. The objective is to establish partnerships with industry players and strengthen relationships with the tourism industry in the Middle East and North Africa, including travel agents, tour operators, airlines, and media representatives

Networking Events and B2B Meetings:

The Indian team at the Arabian Travel Market (ATM) 2023 will participate in several networking events, B2B meetings, and media interactions to promote India as a tourist destination. The Visit India Year 2023 campaign aims to highlight India's diverse cultural heritage, natural beauty, and delicious cuisine. The campaign will also emphasize India's dedication to sustainable tourism practices, including eco-friendly initiatives and responsible wildlife tourism.