Daily Current Affairs – April 04 & 05, 2024
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Daily Current Affairs - Banking - April 04 & 05, 2024
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National News
President of India launches India’s first home-grown gene therapy for cancer
- The President of India Droupadi Murmu launched India’s first home-grown gene therapy for cancer at IIT Bombay.
- As this line of treatment, named “CAR-T cell therapy”, is accessible and affordable, it provides a new hope for the whole of humankind.
- CAR-T cell therapy is considered to be one of the most phenomenal advances in medical science.
- It has been available in the developed nations for some time, but it is extremely costly, and beyond the reach of most patients around the world.
- It is the world’s most affordable CAR-T cell therapy.
Schemes
QCI, Laghu Udyog Bharati collaborate on MSME Competitive Lean Scheme
- The Quality Council of India (QCI) has signed an agreement to collaborate on enhancing awareness and participation in the Centre’s ‘MSME Competitive Lean Scheme’ among member companies of Laghu Udyog Bharati.
- The MoU between QCI and Laghu Udyog Bharati (LUB) outlines a road map for collaborative initiatives, including awareness programmes, camps, and consultations at the state- and district-levels, to facilitate the adoption of lean principles and sustainable practices under the scheme among the members, who are micro, small and medium enterprises.
- The National Accreditation Board for Education and Training (NABET), which is a constituent board of Quality Council of India, will encourage LUB members to register for the MSME Competitive Lean Scheme.
- Quality Council of India (QCI) – 1997 (Founded) – New Delhi (HQ) – Jaxay Shah (Chairman)
Banking and Finance
First Monetary Policy Committee of FY25
- The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the first monetary policy of the financial year 2024-25.
- The committee comprise of Shaktikanta Das, Shashanka Bhide, Ashima Goyal, Jayanth R Varma, Rajiv Ranjan, and Michael Debabrata Patra.
- Policy Measures:
- Repo rate kept unchanged at 5 per cent
- Policy stance of ‘withdrawal of accommodation’ maintained
- GDP growth forecast for FY25 at 7 per cent.
- The quarterly projections are – Q1 at 1 per cent; Q2 at 6.9 per cent; Q3 at 7 per cent and Q4 at 7 per cent.
- CPI inflation forecast for FY25 at 5 per cent.
- Inflation forecast: Q1 at 9 per cent; Q2 at 3.8 per cent; Q3 at 4.6 per cent and Q4 at 4.5 per cent
- Non-policy measures:
- Scheme for trading of sovereign green bonds at IFSC to be announced
- Introduction of a mobile app to access RBI’s Retail Direct Scheme for participation in GSec market
- Draft circular for LCR framework for banks to be issued shortly
- Dealing in rupee interest rate derivate products for all small finance banks
- Enabling UPI for Cash Deposit Facility
- UPI access for Prepaid Payment Instruments (PPIs) through third-party applications
- Distribution of CBDCs through Non-bank Payment System Operators
PhonePe Partners with Star Health Insurance to Offer Insurance with Monthly Payment Options
- PhonePe announced a partnership with Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India’s largest retail health insurance Company, to offer customers health insurance with a monthly and annual payment option.
- With this partnership, PhonePe users will now be able to avail ‘Star Comprehensive Insurance Policy’ on the PhonePe app with coverage up to ₹1 Crore.
- Having previously disrupted the market with its motor insurance products, with this launch, PhonePe further expands the options available to its users in the health insurance category.
- Through this partnership, for the first time, Star Health Insurance’s Comprehensive Health Insurance will be offered to customers with a monthly premium payment plan, pioneered by PhonePe – a first-of-its-kind initiative in the industry.
- Users can also opt to pay their premium with the UPI AutoPay mandate and enjoy added convenience.
- This move was driven by a critical insight that smaller monthly payments ease the financial burden for users while empowering and enabling them to opt for more extensive insurance coverage without stretching their finances.
ICRA: Securitisation volumes for FY24 grows 4per cent to ₹1.88-lakh crore
- According to ICRA, the overall securitisation volumes for FY24 grew 4 per cent year-on-year (y-o-y) to ₹1.88-lakh crore despite the exit of the previous year’s largest originator — HDFC, following its merger with HDFC Bank.
- The securitisation volumes are projected to comfortably cross ₹2-lakh crore in FY25 due to an increase in participation by banks as originators.
- The rating agency noted that securitisation volumes in Q4 (January-March) FY24 witnessed a healthy growth of 26 per cent over the preceding quarter, rising to ₹48,000 crores.
- Nonetheless, the volumes were much lower compared to Q4 FY23, when securitisation had touched ₹63,000 crores; 10 per cent of the latter in volume terms was attributed to wholesale loan securitisation, that has not been repeated subsequently.
Certificates of deposit issuances by banks up 34per cent in FY24
- Banks turned to mobilising funds through issuing certificates of deposit (CDs) in the financial year 2023-2024, which saw a surge of 31 per cent in CD issuance compared to the previous year.
- Banks issued CDs worth ₹9.56 trillion in FY24 against ₹7.28 trillion in the previous financial year, according to Prime Database.
- However, the net amount raised was ₹71,300 crores as banks issued short-term CDs to roll them over on maturity.
- The outstanding amount on CDs stood at ₹3.04 trillion as of March 24.
- Banks raised the highest amount of ₹3.6 trillion in the last quarter of the financial year, against ₹2.5 trillion in the third quarter.
- In February, the issuance of CDs reached its peak for the financial year, totalling ₹1.49 trillion.
- This marked a remarkable 162 per cent increase compared to the ₹56,795 crore raised in February 2023.
Business and Economy
India set to become Apple’s third-largest iPhone market by 2026
- According to Counterpoint Research Market Outlook, India is likely to surpass Japan and UK to become the third largest market for Apple in terms of shipments in
- It said 2023 was a record year for Apple in India.
- It was the first year when iPhone shipments crossed the 10-million mark in the country.
- For the first time, Apple became the top brand in India in terms of revenue.
- At the same time, “Made in India” smartphones contributed 13 per cent of Global iPhone shipments in 2023, compared to one per cent in
Foreign brokers allowed to operate remotely at Gift IFSC
- The International Financial Services Centres Authority has allowed remote trading by foreign stock broking firms on Gift IFSC exchanges.
- Such firms will be allowed to trade directly on the stock exchanges on a proprietary basis, without a broker-dealer even if they do not have a physical presence at Gift IFSC in the form of a physical office or staff.
- Such entities will be referred to as Remote Trading Participants, or RTPs.
- At present, countries such as Singapore, Japan, Israel and the US allow remote membership of brokers.
Agreements and MoUs signed
SJVN signs MoU with IIT Patna to improve Tunneling Project Performance using Advanced Geological Models
- SJVN Limited has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Patna (IIT Patna) to use advanced geological models in SJVN’s tunnelling projects, thus significantly reducing time and cost overruns.
- One of the key outcomes of this partnership will be the development of predictive analytics algorithms.
- These algorithms, leveraging integrated geotechnical data, will forecast potential risks and provide early warning systems specifically tailored for tunnelling projects.
- Such proactive measures are expected to substantially mitigate time and cost overruns during project execution.
- The primary focus of the MoU is to develop cutting-edge methodologies which integrate diverse geotechnical data sources.
- These would include geological surveys, borehole data, geophysical measurements and monitoring data from projects of SJVN.
- The collaboration also aims to evaluate the intricate relationship between overburden and deformation, thereby enhancing the evaluation and design of support systems crucial for tunnelling projects.
- By harnessing integrated geotechnical data and 3D geological models, SJVN and IIT Patna aim to identify and analyze potential risks and hazards.
- SJVN, formerly known as Satluj Jal Vidyut Nigam – 1988 (Founded) – Shimla (HQ) – Nand Lal Sharma (Chairman & MD)
Science and Technology
Union Health Ministry launches myCGHS iOS app
- Apurva Chandra, Secretary, Ministry of Health and Family Welfare launched the myCGHS app for iOS ecosystem of devices.
- The app is designed to enhance access to Electronic Health Records, information, and resources for Central Government Health Scheme (CGHS) beneficiaries.
- The myCGHS app is an essential leap for CGHS in the realm of healthcare services.
- It empowers CGHS beneficiaries with convenient access to essential healthcare features right at their fingertips.
- This initiative aligns with the government’s vision of leveraging technology to enhance the quality and accessibility of healthcare services.
- The myCGHS iOS app is developed by the technical teams of the National Informatics Centre (NIC) Himachal Pradesh and NIC Health Team.
- It is a convenient mobile application offering features aimed at enhancing information and accessibility for CGHS beneficiaries.
- The myCGHS app facilitates a wide range of services, including booking and cancellation of online appointments, downloading CGHS card and index card, accessing lab reports from CGHS labs, checking medicine history, checking medical reimbursement claim status, accessing referral details, locating nearby wellness centers, staying updated with news and highlights, locating nearby empanelled hospitals, labs, and dental units and accessing contact details of wellness centers and offices.
- The app features security features like 2-factor authentication and functionality of mPIN ensuring the confidentiality and integrity of users’ data.
- Ministry of Health and Family Welfare – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Dr. Bharati Pravin Pawar,Minister of State (Dindori,Maharashtra), Satya Pal Singh Baghel ,Minister of State (Agra,UP)
IIT Madras launches Mobility and Intelligent Transportation collaborative
- Indian Institute of Technology Madras (IIT Madras) has launched the ‘Mobility and Intelligent Transportation’ (MInT) collaborative towards building a global mobility digital infrastructure.
- Neeraj Mittal, Secretary, Department of Telecommunications, virtually launched the Collaborative.
- The initiative is based on the principle of ‘collaborate and compete’ under which the Institute will bring together industry competitors, government agencies and academic innovators and co-create the mobility digital infrastructure (Bharat Multi-Modal Mobility Stack or BM3S) to enable holistic system solutions.
- MInT is a global initiative to build mobility digital infrastructure and an R&D portfolio besides developing a skilled workforce to develop breakthrough mobility solutions to realise the United Nations’ Sustainable Development Goals (SDGs).
- IIT Madras will anchor the MInT Collaborative with its world-leading technological and human resources in numerous fields.
- Mobility is a key example where a meeting of diverse minds is essential to finding holistic solutions that enhance positive outcomes while minimising or even eliminating possible negative externalities.
- Ministry of Communications – Ashwini Vaishnaw, Cabinet Minister (Rajya Sabha MP, Odisha) – Devusinh Chauhan, Minister of State (Kheda,Gujarat)
Meta partners with PTI to expand its fact checking program in India
- Social media giant Meta announced its collaboration with the Press Trust of India (PTI) under its third-party fact-checking programme in India.
- The partnership will enable PTI to identify, review, and rate content as misinformation across Meta platforms.
- With this partnership with PTI, we now have 12 fact-checking partners in India, making it the country with the most third-party fact-checking partners globally across Meta.
- In India, the fact-checking partners under the programme can verify information in 16 languages, including Hindi, Bengali, Telugu, Kannada, Malayalam, Urdu, Punjabi, Assamese, Manipuri/Meitei, Marathi, Gujarati, Tamil, Kashmiri, Bhojpuri, Oriya, and Nepali, as well as English.
- Under the initiative, Meta partners with fact-checkers certified through the International Fact-Checking Network (IFCN), who identify, review, and rate viral misinformation across Facebook, Instagram, and WhatsApp.
- When a fact-checker rates content as false, altered, or partly false, the company reduces its distribution so fewer people see it.
Appointments
Cambodia's ex-leader Hun Sen becomes senate president
- Former Cambodian leader Hun Sen was promoted to senate president.
- Hun Sen stepped down in August 2023 after nearly four decades of iron-fisted rule, passing the baton to his eldest son Hun Manet following a landslide win in national polls held without any significant opposition parties.
- Cambodia – Phnom Penh (Capital) – Riel (Currency) – Norodom Sihamoni (Monarch) – Hun Manet (Prime Minister) – Khmer (Official Language)
Sanjay Nayar takes over as Assocham president
- Sorin Investment Fund Chairman Sanjay Nayar has taken over as Assocham president for 2024-25.
- He replaced SpiceJet Chairman and MD Ajay Singh.
- Associated Chambers of Commerce & Industry of India (ASSOCHAM) – 1920 (founded) – New Delhi (founded) – Sanjay Nayar (President)
Swiggy appoints Suparna Mitra as new independent director
- Food and delivery major Swiggy has appointed Suparna Mitra as an Independent Director to its board.
- Suparna Mitra, CEO of Titan Company Ltd’s Watches and Wearables Division, brings over 30 years of experience in lifestyle and retail.
- She joins three other independent directors on Swiggy’s board.
- Swiggy’s list of independent directors includes Anand Kripalu – MD and Global CEO at EPL Ltd and Chairperson of the Swiggy board, Shailesh Haribhakti – Chairman of Shailesh Haribhakti & Associates, and Sahil Barua – Managing Director and CEO at Delhivery.
Asian Athletic Commission nominates Shiny Wilson as member
- The Asian Athletic Commission has nominated Shiny Wilson, a former multiple Asian Games medallist in 400m and 800m and a four-time Olympian, as one of its members.
- The period of appointment is for four years (2024-2028).
- won a silver medal in women’s 400m at the 1986 Asian Games in Seoul, finishing behind T. Usha.
- Shiny Wilson, P.T. Usha, M. D. Valsamma and Vandana Rao won the women’s 4x400m relay gold.
- In the 1994 edition, Shiny Wilson, P.T. Usha, V. Dhanalakshmi and Kutty Saramma clinched the women’s 4x400m relay silver in Hiroshima and also grabbed a bronze in the women’s 800m event.
- She also represented India at the following Olympic Games – 1984 Los Angeles, 1988 Seoul, 1992 Barcelona and 1996 Atalanta.
- At the 1992 edition, she became the first Indian women to be the flagbearer for the Indian contingent.
- She received the Arjuna Award in 1985 and Padma Shri in 1998.
Ranks and Indices
Mukesh Ambani is the 9th richest person in the world in 2024
Name & Rank | Net Worth (in $ Billions) | Source of Wealth | Country |
#1 Bernard Arnault & family | $233 | LVMH | France |
#2 Elon Musk | $194 | Tesla, SpaceX | United States |
#3 Jeff Bezos | $195 | Amazon | United States |
#4 Mark Zuckerberg | $177 | United States | |
#5 Larry Ellison | $141 | Oracle | United States |
#6 Warren Buffett | $133 | Berkshire Hathaway | United States |
#7 Bill Gates | $128 | Microsoft | United States |
#8 Steve Ballmer | $121 | Microsoft | United States |
#9 Mukesh Ambani | $116 | Reliance Industries | India |
#10 Larry Page | $114 | United States |
Indian football men’s team drops down to 121 in FIFA rankings
- In the latest FIFA rankings, the Indian football men’s team has shown a downfall and is positioned at
- India’s lowest-ever ranking is
- Prior to their decline to 117th in March, the Indian team held the 102nd position in the FIFA rankings released on December 21, 2023.
- Reigning world champions Argentina maintain their top spot in the rankings, followed by 2022 World Cup runners-up France, England, Belgium, and Brazil.
- Netherlands occupy the sixth position, followed by Portugal, Spain, and Italy, with Croatia rounding up the top 10.
- Fédération internationale de football association FIFA (International Association Football Federation) – 21/05/1904 (Founded) – Zurich, Switzerland (HQ) – Gianni Infantino (President)
Arjun Erigaisi ranks 9th in the latest FIDE rankings
- Former world champion Magnus Carlsen still tops the charts with a rating of 2830 in FIDE ranking.
- Following him are two Americans: Fabiano Caruana (rating of 2803) and Hikaru Nakamura (rating of 2789).
India Rank | Overall Rank | Player | Standard Rating |
1 | 9 | Arjun Erigaisi | 2756 |
2 | 11 | Viswanathan Anand | 2751 |
3 | 14 | Praggnanandhaa | 2747 |
4 | 16 | Gukesh | 2743 |
5 | 25 | Vidit Santosh Gujrathi | 2727 |
- International Chess Federation or World Chess Federation (FIDE) – 20/07/1924 (Founded) – Lausanne, Switzerland (HQ) – Arkady Dvorkovich (President)
Reports
UNESCAP: India to lose 5.8per cent of daily working hours amid heat stress in 2030
- According to the report titled ‘Economic and Social Survey of Asia and the Pacific 2024’ released by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), India is expected to lose around 8 per cent of daily working hours due to rising temperatures by 2030, leading to erosion in productivity and lower collection of fiscal revenue.
- The problem is most severe for outdoor workers, particularly those employed in agriculture and construction, but also relevant for indoor factory workers.
- With falling labour productivity and economic output, rising temperatures are expected to result in the collection of lower fiscal revenues.
- The report also mentions that climate change will contribute to the spread of disease, leading to lower government revenues and higher spending requirements as fiscal expenditure is required for mitigating such adverse effects and building resilience.
- The report also notes that the Asia and Pacific region, including India, is home to 600 million youth aged between 15-24 years and policies are needed to increase the productivity of this pool of young labour, if they are to match the regional demand from the shrinking labour force in advanced regional economies, which have much higher productivity.
- United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) – 28/03/1947 (Founded) – Bangkok, Thailand (HQ) – Armida Salsiah Alisjahbana (Executive Secretary)
Sports News
Riyadh selected as the host of WTA Finals from 2024-2026
- Riyadh in Saudi Arabia will host the next three editions of the WTA Finals (Women’s Tennis Association) from 2024-2026, following the new agreement between the WTA and the Saudi Tennis Federation.
- The 2024 season-ending Finals will take place between November 2-9, featuring the Top 8 singles players and doubles teams in the Race to the WTA Finals.
- Women’s Tennis Association (WTA) – June 1973 (Founded) – St. Petersburg, Florida, U.S. (HQ) – Steve Simon (Chairman)
Important Days
Army Medical Corps celebrates 260th Raising Day
- Army Medical Corps celebrated its 260th Raising Day on April 03 2024.
- Raised in the year 1764, the Corps has rendered selfless service to the nation over centuries of progress, development, dedication & sacrifice, both in combat and in peace, living up to the Corps motto of ‘Sarve Santu Niramaya’ meaning ‘let all be free from disease’.
International Day for Mine Awareness and Assistance in Mine Action 2024
- International Day for Mine Awareness and Assistance in Mine Action is annually observed April 04.
- Mines, explosive remnants of war, and improvised explosive devices continue to cause death and injury, especially in situations of armed conflict.
- On average, one person is killed or injured by such explosive device every hour.
- On December 8 2005, the General Assembly declared that 4 April of each year shall be observed as the International Day for Mine Awareness and Assistance in Mine Action.
- Theme – “Protecting Lives. Building Peace.”
National Maritime Day 2024
- National Maritime Day is annually observed April 05.
- The day is celebrated to mark the importance of the national maritime sector in world trade and economic exchange across the industry as senior officers have played significant roles in the development of this industry.
- The day was first observed on April 5, 1964.
- Theme – “Navigating the future: safety first!”
Defence
New Generation Ballistic Missile Agni-Prime successfully flight-tested by Strategic Forces Command & DRDO
- Strategic Forces Command (SFC), along with Defence Research and Development Organisation (DRDO), conducted the successful flight-test of New Generation Ballistic Missile Agni-Prime from Dr APJ Abdul Kalam Island off the coast of Odisha.
- The test met all the trial objectives validating its reliable performance, as confirmed from the data captured by a number of range sensors deployed at different locations, including two downrange ships placed at the terminal point.
- Defence Research and Development Organisation (DRDO) – 1958 (Founded) – New Delhi (HQ) – Dr Sameer V Kamath (Chairman)
Daily Current Affairs - April 04 & 05, 2024 - Consolidated
- President of India launches India’s first home-grown gene therapy for cancer
- QCI, Laghu Udyog Bharati collaborate on MSME Competitive Lean Scheme
- First Monetary Policy Committee of FY25
- PhonePe Partners with Star Health Insurance to Offer Insurance with Monthly Payment Options
- ICRA: Securitisation volumes for FY24 grows 4per cent to ₹1.88-lakh crore
- Certificates of deposit issuances by banks up 34per cent in FY24
- India set to become Apple’s third-largest iPhone market by 2026
- Foreign brokers allowed to operate remotely at Gift IFSC
- SJVN signs MoU with IIT Patna to improve Tunneling Project Performance using Advanced Geological Models
- Union Health Ministry launches myCGHS iOS app
- IIT Madras launches Mobility and Intelligent Transportation collaborative
- Meta partners with PTI to expand its fact checking program in India
- Cambodia’s ex-leader Hun Sen becomes senate president
- Sanjay Nayar takes over as Assocham president
- Swiggy appoints Suparna Mitra as new independent director
- Asian Athletic Commission nominates Shiny Wilson as member
- Mukesh Ambani is the 9th richest person in the world in 2024
- Indian football men’s team drops down to 121 in FIFA rankings
- Arjun Erigaisi ranks 9th in the latest FIDE rankings
- UNESCAP: India to lose 5.8per cent of daily working hours amid heat stress in 2030
- Riyadh selected as the host of WTA Finals from 2024-2026
- Army Medical Corps celebrates 260th Raising Day
- International Day for Mine Awareness and Assistance in Mine Action 2024
- National Maritime Day 2024
- New Generation Ballistic Missile Agni-Prime successfully flight-tested by Strategic Forces Command & DRDO
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