Daily Current Affairs – April 08 & 09, 2024
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International News
Indo-Pacific Economic Framework for Prosperity (IPEF) to organise Clean Economy Investor Forum in Singapore
- The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched in May 2022 and currently includes 14 partners – Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam.
- It provides a platform for countries in the region to collaborate on advancing resilient, sustainable, and inclusive economic growth, and aims to contribute to cooperation, stability and prosperity in the region.
- The IPEF comprises four pillars of cooperation namely: Trade, Supply Chain, Clean Economy and Fair Economy.
- The IPEF Clean Economy Investor Forum is one of the initiatives under the IPEF. It brings together the region’s top investors, philanthropies, financial institutions, innovative companies, start-ups and entrepreneurs.
- The Forum aims to mobilize investments into sustainable infrastructure, climate technology and renewable energy projects.
- The Department of Commerce is the nodal agency for the IPEF engagements, and the IPEF Clean Economy Investor Forum is managed by Invest India (www.investindia.gov.in), India’s National Investment Promotion Agency.
- Singapore – Singapore City (Capital) – Singapore dollar (Currency) – Tharman Shanmugaratnam (President) – Lee Hsien Loong (Prime Minister) – Malay (Official Language)
Zimbabwe launches new gold-backed currency – ZiG
- Zimbabwe has introduced a new gold-backed currency called ZiG – the name stands for “Zimbabwe Gold”.
- Unveiling the new notes, central bank governor John Mushayavanhu said the ZiG would be structured, and set at a market-determined exchange rate.
- The ZiG replaces a Zimbabwean dollar.
- Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency.
- However, the US dollar, which accounts for 85% of transactions, will remain legal tender and most people are likely to continue to prefer this.
- Zimbabwe – Harare (Capital) – Zimbabwe Gold & U.S. dollar (Currency) – Emmerson Mnangagwa (President) – 16 Official Languages (Official Language)
Schemes
Electric Mobility Promotion Scheme 2024 (EMPS 2024)
- The Government of India has started a new scheme to promote electric vehicles in India.
- Implemented by the Ministry of Heavy Industries, the new scheme has come into effect from April 1 after the end of the FAME scheme on March 31.
- The subsidies under the second phase of Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme scheme will be eligible for e-vehicles sold till March 31, or till the time funds are available.
- The new ₹500 crore scheme has thus came into force from April 1 and continue till the end of
- Named as Electric Mobility Promotion Scheme 2024 (EMPS 2024), the new scheme will offer support of up to ₹10,000 per two-wheeler for about 33 lakh two-wheelers.
- For small three-wheelers (e-rickshaw and e-carts), the new scheme has provision for up to ₹25,000 subsidy for over 41,000 such vehicles.
- The financial support will be up to ₹50,000 in case of a large three-wheeler.
- The EMPS 2024, a limited fund scheme of ₹500 crore for four months, aims to boost the adoption of electric two-wheelers and three-wheelers from April 1 to July 31, 2024.
- The Heavy Industries Ministry unveiled this initiative on March 13 to propel green mobility and enhance the EV manufacturing ecosystem.
- The scheme targets supporting 3,72,215 EVs, specifically prioritizing vehicles equipped with advanced batteries for incentives.
- Aligned with the Atmanirbhar Bharat initiative, EMPS 2024 focuses on fostering a competitive and resilient EV manufacturing industry in India.
- The adoption of the Phased Manufacturing Programme under this scheme promotes domestic manufacturing and strengthens the EV supply chain, paving the way for increased employment opportunities across the value chain.
Banking and Finance
REC Ltd sanctioned ₹3.59 trillion loan in FY24
- State-owned REC has made record loan sanctions worth ₹3.59 trillion during 2023-24, posting a year-on-year rise of 66 per cent.
- It had sanctioned ₹2.68 trillion as loan during the preceding 2022-23 fiscal.
- Of the total ₹3.59 trillion, ₹1.36 trillion were “renewable energy sanctions”, higher from ₹21,371 crore sanctioned for green projects a year ago.
- REC Limited (Rural Electrification Corporation Limited) – 25/07/1969 (Founded) – New Delhi (HQ) – Vivek Kumar Dewagan (CMD)
Mudra loans topped ₹5-lakh-crore mark in FY24
- Small business loans under the Pradhan Mantri Mudra Yojana (PMMY) witnessed record growth in disbursals in FY24 and also crossed the milestone of ₹5 lakh crore.
- Loans sanctioned in the last financial year were higher at ₹5.28 lakh crore.
- The total disbursals stood at ₹5.20 lakh in the year ended March 2024, as against ₹4.40 lakh crore in the previous financial year.
- Nearly 70 per cent of the beneficiaries of these loans are women.
- With this, approximately ₹46 lakh crore has been disbursed in Mudra loans since the introduction of the scheme in 2015, if we include the provisional figures for FY24.
SIDBI partners fintech platform KarmaLife for micro loans to gig workers
- Small Industries Development Bank of India (SIDBI) has entered into an agreement with a fintech Onion Life Private Limited to use the latter’s technology platform KarmaLife for a pilot to provide micro loans to gig workers.
- This is expected to support the gig workers’ financial inclusion to formal institutional credit.
- KarmaLife will help gig workers access micro loans through a mobile app and eliminates the hassle of extensive paperwork or physical documentation.
- This streamlined process will make it easier for gig workers to manage the liquidity needs of their enterprise activities.
- Our partnership with Onion Life will help us understand and assist the new and emerging enterprise class of gig workers.
- The pilot will also help in developing an institutional mechanism for assessing the credit risk of this segment.
- Small Industries Development Bank of India (SIDBI) – 02/04/1990 (Founded) – Lucknow,UP (HQ) – Sivasubramanian Ramann (Chairman & MD)
Business and Economy
Auction for Sale (issue/ re-issue) of (i) ‘7.32% GS 2030’, (ii) ‘New GS 2039’ and (iii) ‘7.30% GS 2053’
- GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above.
- The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai.
- The Government of India (GoI) has announced the sale (issue/ re-issue) of
- (i) “7.32% Government Security 2030” for a notified amount of ₹11,000 crore (nominal) through price based auction using multiple price method
- (ii) “New Government Security 2039” for a notified amount of ₹10,000 crore (nominal) through yield based auction using multiple price method
- (iii) “7.30% Government Security 2053” for a notified amount of ₹9,000 crore (nominal) through price based auction using multiple price method.
Automobile retail sale in FY2024 rise 10% to 24.53 million units
- As per the official retail sales data released by the Federation of Automobile Dealers Associations of India (FADA), a total of 53 million units (2,45,30,334 units) were sold between April 2023 and March 2024.
- This constitutes a 29% year-on-year increase (FY2023: 2,22,41,361 units) and comes as a result of all five vehicle segments registering robust growth – two-wheelers (up 9%), three-wheelers (up 49%), passenger vehicles (up 8.45%) commercial vehicles (up 5%) and tractors (up 8%).
- Federation of Automobile Dealers Associations (FADA) – 1964 (Founded) – Manish Raj Singhania (President)
Agreements and MoUs signed
Cochin Shipyard signs agreement with U.S. Navy
- Cochin Shipyard Limited (CSL) became the third Indian shipyard to enter into a Master Shipyard Repair Agreement (MRSA) with the U.S., which will enable to repair U.S. Navy ships.
- The State-run shipbuilding facility in Kochi is the latest in the line after Larsen & Toubro (L&T) and Mazagon Dock Shipbuilders Limited (MDL).
- L&T shipyard in Kattupalli near Chennai, which has so far repaired three U.S. Navy fleet support ships, was the first Indian shipyard to sign the agreement in July last year.
- Last month, a United Kingdom naval ship arrived for the first time at Kattupalli for repairs.
- The MSRA is a non-financial agreement and is effective from April 05, 2024.
- This will facilitate repair of U.S. Naval vessels under Military Sealift Command in CSL.
- Cochin Shipyard Limited (CSL) – 29/04/1972 (Founded) – Kochi, Kerala (HQ) – Madhu S. Nair (Chairman & MD)
Air India sign MoU with BIAL to develop Bengaluru as premier aviation hub
- Air India and Bangalore International Airport Limited (BIAL) have signed an agreement to develop Bengaluru as a premier aviation hub for southern India, with an aim to boost air travel connectivity to and from India over the next few years.
- Additionally, Indian carrier Air India has also signed a memorandum of understanding (MOU) with the Government of Karnataka to establish maintenance, repair and overhaul (MRO) facilities at the Bengaluru airport.
- This partnership will help to stimulate the MRO ecosystem and is projected to generate over 1,200 new job opportunities in the state.
Technology Development Board signs agreement with M/s Remine India Private Limited, Uttarakhand to set up Recycling Facility for Li-ion Batteries and E-Waste
- The Technology Development Board (TDB) has entered into an agreement with M/s Remine India Private Limited, for “Setting up a commercial plant for recycling of Li Battery and E-Waste using Indigenous Technology” at Eldeco, SIIDCUL Industrial Area in Sitarganj (District Udham Singh Nagar), Uttarakhand in New Delhi.
- Through the agreement, TDB has pledged a financial assistance of ₹7.5 crores out of the total project cost of ₹15 crores, marking a significant stride towards sustainable development and environmental stewardship.
- The funded project entails the establishment of a commercial plant for the recycling of Li-ion batteries and e-waste, leveraging indigenous technology developed by the Centre for Materials for Electronics Technology (CMET), Hyderabad.
- Recognized as a matter of national significance, the efficient recycling of Li-ion batteries serves as a vital source of secondary raw materials for cell manufacturing within the country.
- The escalating imports of e-waste stemming from the disposal of spent Lithium-ion Batteries (LIBs) are driven by their growing utilization in portable electronics, electric vehicles, and global renewable energy storage systems.
- However, the disposal of LIBs through landfilling and incineration poses environmental and safety concerns, highlighting the need for recycling initiatives.
- The potential for value creation through the retrieval of metals from spent LIBs has spurred interest in recycling e-waste generated by these batteries.
SINE, IIT Bombay signs MoU with Canara Bank for Financing of Startups
- Canara Bank signs a Memorandum of Understanding (MoU) with Society for Innovation & Entrepreneurship, (SINE), IIT Bombay for extending financial assistance to Start-ups.
- Canara Bank is extending financial assistance for the establishment, promotion, diversification, and modernization etc. of industrial units all over India under its Canara Start-Up Scheme.
- SINE is a technology business incubator that provides start to end incubation and acceleration support for technology startups.
- SINE also actively collaborates with industry/ corporates for its various programs, like idea to prototype, entrepreneur fellowship program, cross border program and scale up support for hardware and system startups such as the Plugin accelerator program.
- Canara Bank – 01/07/1906 (Founded) – Bangalore (HQ) – K Satyanarayana Raju (MD & CEO) – “Together We Can”
Science and Technology
TASL announces successful deployment of sub-metre resolution optical satellite TSAT-1A
- Tata Advanced Systems Limited (TASL) announced the successful deployment in space of its sub-metre resolution optical satellite, TSAT-1A, by SpaceX’s Falcon 9 rocket.
- The satellite was placed in space as part of the Bandwagon-1 mission and was launched from Kennedy Space centre, Florida, U.S.
- TSAT-1A was assembled in TASL’s Assembly, Integration and Testing plant at its Vemagal facility in Karnataka.
- In addition to TSAT-1A, the Bandwagon-1 mission also had 11 other spacecraft. These include Korea’s 425Sat, HawkEye 360’s Clusters 8 & 9, Tyvak International’s CENTAURI-6, iQPS’s QPS-SAR-7 TSUKUYOMI-II and Capella Space’s Capella-14, according to SpaceX.
Appointments
Manoj Panda is new member of the XVI Finance Commission
- The Centre has notified the appointment of economist Manoj Panda as a full-time member of the Sixteenth Finance Commission, tasked with formulating recommendations on the revenue sharing formula between the Centre and States for the five-year period beginning April 2026.
- The Government had constituted the Commission on December 31, and named former Niti Aayog vice chairman and Columbia University professor Arvind Panagariya as its chairman.
- Other members of the Commission — Ajay Narayan Jha, Annie George Mathew, Niranjan Rajadhyaksha and Soumya Kanti Ghosh — were notified a month later.
IPS Officers Umesh Chander Datta and Love Kumar Appointed As IG’s In Special Protection Group
- Two senior officers of the Indian Police Service (IPS), Umesh Chander Datta and Love Kumar, have been appointed as Inspector General (IG) in the elite force of the Special Protection Group (SPG).
- Umesh Chander Datta is an IPS officer from the 2000 batch of the Rajasthan cadre, while Love Kumar is an IPS officer from the 2004 batch of the Uttar Pradesh cadre and is currently serving as the Deputy Inspector General in the SPG.
- Special Protection Group (SPG) – 08/04/1985 (Founded) – New Delhi (HQ) – Alok Sharma (Director)
Pellegrini wins Slovak presidential election
- Slovak nationalist-left government candidate Peter Pellegrini won the Slovakia’s presidential election.
- Slovakia – Brastislava (Capital) – Euro (Currency) – Slovak (Official Language)
Reports
WADA anti-doping report: India tops list of doping offenders in 2022
- According to the 2022 testing figures released by the World Anti-Doping Agency (WADA), India has emerged as the country with the highest percentage of doping offenders.
- The report revealed that out of 4,064 samples collected from Indian athletes (including urine, blood, and athlete biological passports), 127 individuals tested positive for banned substances, constituting 26 per cent of the sample size.
- The report also found a 4 per cent increase in the total number of samples analysed and reported in its Anti-Doping Administration and Management System (ADAMS) in 2022, compared to the previous year.
- The percentage of AAF also increased to 77 per cent in 2022, from 0.65 per cent in 2021.
- Following India, South Africa ranked second with 80 doping failures (2.04 per cent from 4,169 samples tested), followed by Bangkok’s testing laboratory in third place, reporting 93 per cent of its testing pool (3,402 samples), returning 65 cases of AAFs.
- The United States and Qatar secured the fourth and fifth positions, respectively.
- India’s doping violations outnumber those of major sporting nations such as Russia (85), the United States (84), Italy (73), and France (72).
- China conducted the highest number of samples testing – 17,357 during the counting period – with an adverse findings percentage of 25 per cent.
- India also topped the list for the highest percentage of failed EPO-Receptor Agonists (ERA) tests conducted per laboratory (blood), with 11 cases or 1.8 per cent of adverse analytical findings (AAFs).
Obituary
Cinematographer Gangu Ramsay passes away
- Mumbai based Cinematographer-filmmaker Gangu Ramsay, one of the seven Ramsay Brothers known for cult horror films such as “Purani Haveli” and “Tehkhana”, passed away at 83.
Sports News
Ravindra Jadeja, becomes the first cricketer to achieve a massive milestone
- Chennai Super Kings’ dynamic all-rounder Ravindra Jadeja etched his name in Indian Premier League history books by becoming the first player to achieve a unique triple milestone during their convincing seven-wicket victory over Kolkata Knight Riders.
- He became the first player to achieve the remarkable feat of at least 100 catches, 2,776 runs, and 156 wickets in the tournament.
Important Days
Prevention of Blindness Week 2024 observed between April 1 – 7
- Prevention of Blindness Week is annually observed between April 01 to 07.
- The week aims to create awareness about the importance of taking care of our eyes and getting regular eye examinations to prevent eye diseases like age-related macular degeneration.
- Jawaharlal Nehru and Raj Kumari Amrit Kaur founded the National Society for the Prevention of Blindness in 1960 under the Societies Registration Act of 1860.
- It is an entirely voluntary organisation that accepts donations and contributions and actively collaborates with Sight Savers, Rotary International and other significant companies.
- Notably, India was also the first country to seek a subsidised loan from the World Bank’s International Development Agency to eradicate blindness.
International Pageant Day 2024 is observed on April 8
- International Pageant Day is annually observed on April 08.
- The day recognizes the dedication of all the women around the world who compete in pageants.
- It’s also a day to encourage young women to consider joining pageants for their numerous benefits.
- And also helps us recognize the importance of pageants as a place where contestants can showcase not just their beauty but also their personality, their strengths, and their intelligence.
- The day is celebrated since 2018.
International Feng Shui Awareness Day 2024 is observed on April 8
- International Feng Shui Awareness Day is annually observed on April 08.
- This is a traditional ancient Chinese practice that uses energy to harmonize people with their environment.
- Many people in Asia and the West believe in feng shui, and consult specialists hoping to improve their wealth, life, happiness, and family.
Defence
India receives fresh batch of Igla-S air defence system from Russia
- The Indian Army has received the first batch of 24 Russia-made Igla-S Man Portable Air Defence Systems (MANPADS), along with 100 missiles, as part of a larger deal which will see the rest being made in India.
- The system is being procured to shore up Indian Army’s Very Short Range Air Defence (VSHORAD)
- The Igla-S system consists of a single launcher and a missile. India signed the contract with Russia in November last year for 120 launchers and 400 missiles.
- While the first batch has come from Russia, the rest of these systems will be made in India through Transfer of Technology (ToT) from Russia by an Indian company.
- The Igla-S systems are under procurement for the new authorised air defence formations for high mountainous terrain along the northern border.
- The Request for Proposal (RFP) for VSHORADs was issued in 2010 under the previous United Progressive Alliance (UPA) government, after which the selection process began.
- Later in 2018, Russia’s Rosoboronexport-manufactured Igla-S won a competitive bid as the lowest bidder (L1) over France’s MBDA-manufactured infrared homing short-range air defence system Mistral and Sweden’s SAAB-manufactured RBS 70 NG.
- Russia – Moscow (Capital) – Russian Ruble (Currency) – Vladimir Putin (President) – Mikhail Mishustin (Prime Minister) – Russian (Official Language) – Asia
Daily Current Affairs - March 08 & 09, 2024 - Consolidated
- Indo-Pacific Economic Framework for Prosperity (IPEF) to organise Clean Economy Investor Forum in Singapore
- Zimbabwe launches new gold-backed currency – ZiG
- Electric Mobility Promotion Scheme 2024 (EMPS 2024)
- REC Ltd sanctioned ₹3.59 trillion loan in FY24
- Mudra loans topped ₹5-lakh-crore mark in FY24
- SIDBI partners fintech platform KarmaLife for micro loans to gig workers
- Auction for Sale (issue/ re-issue) of (i) ‘7.32% GS 2030’, (ii) ‘New GS 2039’ and (iii) ‘7.30% GS 2053’
- Automobile retail sale in FY2024 rise 10% to 24.53 million units
- Cochin Shipyard signs agreement with U.S. Navy
- Air India sign MoU with BIAL to develop Bengaluru as premier aviation hub
- Technology Development Board signs agreement with M/s Remine India Private Limited, Uttarakhand to set up Recycling Facility for Li-ion Batteries and E-Waste
- SINE, IIT Bombay signs MoU with Canara Bank for Financing of Startups
- TASL announces successful deployment of sub-metre resolution optical satellite TSAT-1A
- Manoj Panda is new member of the XVI Finance Commission
- IPS Officers Umesh Chander Datta and Love Kumar Appointed As IG’s In Special Protection Group
- Pellegrini wins Slovak presidential election
- WADA anti-doping report: India tops list of doping offenders in 2022
- Cinematographer Gangu Ramsay passes away
- Ravindra Jadeja, becomes the first cricketer to achieve a massive milestone
- Prevention of Blindness Week 2024 observed between April 1 – 7
- International Pageant Day 2024 is observed on April 8
- International Feng Shui Awareness Day 2024 is observed on April 8
- India receives fresh batch of Igla-S air defence system from Russia
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