Daily Current Affairs – April 17 & 18, 2024
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Daily Current Affairs - Banking - April 17 & 18, 2024
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National News
NHAI to monetise 2741 km through toll operate transfer, InvIT in FY25
- The National Highways Authority of India (NHAI) is looking to monetise 33 stretches of national highways during the current financial year (FY25) through its toll operate transfer (TOT) and infrastructure investment trust (InvIT).
- These stretches include Lucknow-Aligarh, Kanpur-Ayodhya-Gorakhpur, and Bareilly-Sitapur in Uttar Pradesh, Gurugram-Kotputli-Jaipur bypass and Jaipur-Kishangarh in Rajasthan, Panikoili-Rimuli in Odisha, Chennai Bypass in Tamil Nadu, and Muzaffarpur-Darbhanga-Purnia highway in Bihar.
- Cumulatively, the 33 stretches, spanning 2,741 kilometres (km) earned approximately ₹5,000 crore revenue in FY24.
- NHAI will have discretion to review and change the list and modes of monetisation based on its own plans, going forward.
- National Highways Authority of India (NHAI) – 1995 (Founded) – New Delhi (HQ) -Santosh Kumar Yadav (Chairman)
India’s IFFCO to launch Nano urea with higher nitrogen content
- IFFCO announced the launch of new Nano Urea Plus (liquid) conforming to the new specifications, likely for the ensuing kharif season.
- Production of the new product is likely to commence over the next 7-10 days at its existing facilities.
- The Agriculture Ministry notified the specifications, valid for three years, under which IFFCO’s nano-urea will have to have a minimum 16 per cent nitrogen (N) by weight.
- Indian Farmers Fertiliser Cooperative Limited (IFFCO) – 03/11/1967 (Founded) – New Delhi (HQ) – Dr U S Awasthi (MD & CEO)
Ministry of Parliamentary Affairs secretary Launches Swachhata Pakhwada, 2024
- Umang Narula, Secretary, Ministry of Parliamentary Affairs launched Swachhata Pakhwada, 2024 (from 16th to 30th April, 2024) with administration of Swachhata Pledge to all the Officers/ officials of the Ministry of Parliamentary Affairs in New Delhi.
- During this period, all pending physical files of the Ministry would be reviewed/recorded and weeded out if so required.
- Special Cleanliness drive would be undertaken in rooms.
- Old and obsolete electronic and other items would be collected and auctioned, if required.
- Apart from usual Swachhata campaign inside/outside the rooms/chambers allotted to the Ministry of Parliamentary Affairs, it has also been proposed to conduct an Intra-School Essay Competition in one of the identified schools in Delhi during Swachhata Pakhwada.
- This is being done with the objective to make the youth more aware about importance and efficacy of Swachhata all around.
- The Pakhwada will conclude on April 30 2024 with distribution of Prizes by Secretary, Ministry of Parliamentary Affairs to top three sections who stood best on Swachhata parameters.
Banking and Finance
SBI Life Insurances launches IdeationX
- SBI Life Insurance, one of the most trusted private life insurance companies in the country, launched the 1st edition of ‘IdeationX’, a pioneering initiative that promises to revolutionize the future of the insurance industry.
- The innovative platform aims at engaging and encouraging future leaders from B-Schools across the country to think, innovate and present unconventional life insurance solutions that address consumer’s evolving insurance needs and contribute towards reshaping India’s life insurance sector landscape.
- The key objective behind this initiative is to involve the young minds who are the future leaders of the country, to identify various insurance needs and conceptualize product solutions addressing those needs.
- SBI Life Insurance Company Limited – March 2001 (Founded) – Mumbai (HQ) – Mahesh Kumar Sharma (MD & CEO)
Business and Economy
UNCTAD Report: Indian economy projected to grow 6.5% in 2024
- According to the UN Trade and Development (UNCTAD) report, India’s economy grew by 7 per cent in 2023 and is expected to expand by 6.5 per cent in 2024.
- Global growth is projected to be 6 per cent in 2024, slightly slower than the 2.7 per cent in 2023.
- United Nations Conference on Trade and Development (UNCTAD) – 30/12/1964 (Founded) – Geneva (HQ) – Rebeca Grynspan (Secretary-General)
NaBFID eyes ₹1 trillion sanctions for new infra projects in FY25
- The National Bank for Financing Infrastructure and Development (NaBFID) is eyeing fresh sanctions of ₹1 trillion for new projects and refinancing through structured instruments in the current financial year (2024-25).
- The cumulative sanctions crossed the ₹1 trillion mark by the end of March 2024.
- While this was a performance in 15 months since lending operations began in December 2022, now the Government of India-backed lenders would look at fresh sanctions of ₹1 trillion each financial year.
- The funding approvals for such projects were about one-third of the total in 2023-24 (FY24), and it would rise to 40 per cent in the current financial year.
- Its outstanding loans grew almost 6x to ₹35,342 crore at the end of March 2024 (FY24) from ₹9,753 crore in March 2023.
- It acquired loans worth ₹4,258 crore.
- The average maturity of acquired loans was 18 years.
- National Bank for Financing Infrastructure and Development (NaBFID) – April 2021 (Founded) – Mumbai (HQ) – Rajkiran Rai (MD)
PHDCCI: India will be $34.7 trn economy by 2047; per capita to be $21k
- According to the report by PHD Chamber of Commerce and Industry (PHDCCI) on ‘Viksit Bharat @2047’, The Indian economy will attain the size of $34.7 trillion by 2047, with per capita income of $21,000.
- The report projected that the share of agriculture in total gross domestic product (GDP) would come down to 12 per cent in FY47 from 20 per cent during the previous year, while the share of industry would rise from 26 per cent to 34 per cent during the same period.
- The share of the manufacturing sector is projected to grow from 16-25 per cent between FY23 and FY47.
- However, services contribution to total GDP is expected to remain the same, at 54 per cent in FY47.
Oilmeals export volume up 13% in 2023-24; value at 10-year high
- Data compiled by the Solvent Extractors’ Association of India (SEA) shows India exported 85 lakh tonnes (lt) of oilmeals valued at ₹15,370 crore during financial year 2023-24, against 43.36 lt valued at ₹11,400 crore in 2022-23.
- Oilmeals export from India grew by around 13 per cent in quantity and 35 per cent in value during FY24.
- This is the biggest export of oilmeals in quantity and value since 2013-14, when 81 lt valued at ₹11,500 crore was exported.
- The export of soyabean meal revived during 2023-24 and increased to 33 lt compared to 10.22 lt in 2022-23.
- Solvent Extractors’ Association of India (SEA) – 1963 (Formed) – Mumbai (HQ) – Ajay Jhunjhunwala (MD)
CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24
- The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in FY 2023-24 with Indian taxpayers.
- This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).
- This marks the highest ever APA signings in any financial year since the launch of the APA programme.
- The number of APAs signed in FY 2023-24 also represents a 31% increase compared to the 95 APAs signed during the preceding financial year.
- With this, the total number of APAs since inception of the APA programme has gone up to 641, comprising 506 UAPAs and 135 BAPAs.
- During FY 2023-24 CBDT also signed the maximum number of BAPAs in any financial year till date.
Agreements and MoUs signed
Sterling Tools signs MoU with South Korea’s Yongin for EV components facility
- Sterling Tools Ltd has signed a memorandum of understanding (MoU) with South Korea’s Yongin Electronics Co. Ltd., a supplier of components to Hyundai Kia Motor Group.
- The agreement is expected to generate ₹250 crore in business over the next five years.
- Sterling Tools Limited will set up a new greenfield manufacturing facility.
- South Korea – Seoul (Capital) – Korean (Official Language) – Yoon Suk-yeol (President) – Han Duck-soo (Prime Minister) – Han Duck-soo (Currency)
DroneAcharya signs pact with CBAI Tech
- DroneAcharya Aerial Innovations Ltd has inked an agreement with CBAI Technologies Pvt Ltd for the procurement of 200 type certified training drones over a span of three years.
- Earlier in March, DroneAcharya Aerial Innovations and Hadron Aviation Pvt Ltd had signed a Memorandum of Understanding (MoU) to jointly develop diploma and certificate courses in the field of drones.
Power
Avaada Energy wins 250 MW solar-wind hybrid power project
- Avaada Energy has won a 250 megawatt (MW) capacity of solar-wind hybrid power project.
- Earlier, NTPC had issued a tender for the selection of hybrid power generators to supply 1,000 MW of power through ISTS-connected wind-solar hybrid projects.
- Avaada Energy secured a significant 250 MW capacity during the auction, offering a competitive tariff of ₹3.47 per kWh.
- The project, which can be set up anywhere in India, will be connected to the Inter State Transmission System (ISTS) network, ensuring seamless energy delivery across regions.
- Avaada Energy – 2017 (Founded) – Mumbai (HQ) – Vineet Mittal (Chairman)
Acquisitions and Mergers
Bharti Airtel, Dialog Axiata PLC, Axiata Group Berhad to combine operations in Sri Lanka
- Bharti Airtel, Dialog Axiata PLC (Dialog) and Axiata Group Berhad (Axiata) have signed an agreement to combine their operations in Sri Lanka.
- Under the agreement, Dialog will acquire 100 per cent shares in Airtel Lanka.
- The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger.
- Sri Lanka – Sri Jayawardenepura Kotte (legislative) Colombo (executive and judicial) (Capital) – Sri Lankan rupee (Currency) – Ranil Wickremesinghe (President) – Dinesh Gunawardena (Prime Minister) – Sinhala & Tamil (Official Language)
Appointments
Saurabh Garg appointed Secretary of Ministry of Statistics
- Saurabh Garg, an IAS officer of 1991 batch, currently serving as Secretary of the Department of Social Justice & Empowerment, has been assigned an additional role as Secretary of the Ministry of Statistics and Programme Implementation.
- This responsibility was handed over following the completion of Dr. G P Samanta‘s tenure on April 15, 2024.
- Yatinder Prasad (IA&AS: 1993), Joint Secretary & Financial Advisor of the Ministry of Tribal Affairs, has had his tenure extended for an additional two years beyond August 4, 2024.
Ranks and Indices
Ajay Banga, Alia Bhatt, Sakshi Malik on Time's 100 most influential list
- World Bank President Ajay Banga, Bollywood actor Alia Bhatt, Microsoft CEO Satya Nadella, Olympian wrestler Sakshi Malik and actor-director Dev Patel are among the Indians who have made it to the prestigious Time’s list of 100 most influential people in the world.
- Time’s 100 Most Influential People of 2024′ also includes US Department of Energy’s Loan Programmes Office director Jigar Shah, Professor of Astronomy and Professor of Physics at Yale University Priyamvada Natarajan; Indian-origin restaurateur Asma Khan; as well as Russian opposition leader Alexei Navalny’s widow Yulia Navalnaya.
Awards and Recognitions
Amitabh Bachchan to receive Lata Deenanath Mangeshkar award
- Legendary actor Amitabh Bachchan will be honoured with the Lata Deenanath Mangeshkar award.
- The family and the trust instituted the award in the memory of Lata Mangeshkar, who died on February 6 2022.
- This award, known as the Lata Deenanath Mangeshkar Puraskar, is given every year to an individual who has made a path-breaking contribution towards the nation, its people and society.
- Prime Minister Narendra Modi was its first recipient, followed by Lata Mangeshkar’s sister Asha Bhosle in
Sports News
Dharamsala Stadium will get India’s first ‘hybrid pitch’
- The HPCA stadium in Himachal Pradesh has installed a new type of pitch that is the first of its kind to be approved by the
- The hybrid pitch was installed by a company called SISGrass, which is based in the Netherlands.
- The new technology provides a more durable, consistent, and high-performing playing surface for international and IPL matches.
- Hybrid pitches, also known as ‘stitched pitches’, are cricket pitches with fine turf. They have plastic fibers, usually beige or green in color, stitched into them in a regular pattern of 20mm x 20mm grid to 90mm depth.
- Board of Control for Cricket in India (BCCI) – December 1928 (Founded) – Wankhede Stadium,Mumbai (HQ) – Roger Binny (President) – Hemang Amin (CEO)
Important Days
World Heritage Day is observed on April 18
- The International Day for Monuments and Sites also known as World Heritage Day is annually observed on April 18.
- The aim is to promote awareness about the diversity of cultural heritage of humanity, their vulnerability and the efforts required for their protection and conservation.
- The day was proposed by the International Council on Monuments and Sites (ICOMOS) on April 18 1982 and approved by the General Assembly of UNESCO in 1983 during the assembly’s 22nd general conference.
- The International Year of the Monument was a commemorative date created by UNESCO in 1964.
Defence
SPACE, a premier testing & evaluation hub for sonar systems for Indian Navy, inaugurated in Kerala
- A state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE) was inaugurated by Secretary, Department of Defence (R&D) and Chairman DRDO Dr Samir V Kamat at Underwater Acoustic Research Facility, Kulamavu in Idukki, Kerala.
- The SPACE, set up by the Naval Physical & Oceanographic Laboratory of DRDO, has been designed as a premier testing and evaluation hub for sonar systems destined for Indian Navy onboard various platforms including ships, submarines and helicopters.
- The SPACE marks a milestone in naval technology advancement.
- It will consist of two distinct assemblages – a platform which floats on the water surface, and a submersible platform which can be lowered to any depth upto 100 m using winch systems.
- Upon completion of operations, the submersible platform can be winched up and docked with the floating platform.
- The SPACE will mainly be utilised for evaluation of complete sonar system, allowing for quick deployment and easy recovery of scientific packages such as sensors and transducers.
- It will be suitable for survey, sampling, and data collection of air, surface, mid-water, and reservoir floor parameters using modern scientific instrumentation.
- It will cater to the needs of data processing and sample analyses in modern, well equipped scientific laboratories heralding a new era of Anti-Submarine Warfare research capabilities.
- Indian Navy – 26/01/1950 (Founded) – New Delhi (HQ) – Navy Day (December 4) – Admiral R. Hari Kumar (Chief of Naval Staff) – ‘May the Lord of Water be auspicious unto us’ (Motto)
1st international workshop on ‘Emerging Technologies & Challenges for Exoskeleton’ organised in Bengaluru
- The 1st international workshop on ‘Emerging Technologies & Challenges for Exoskeleton’ is being held in
- The workshop, which has been organised by the Defence Bio-Engineering & Electromedical Laboratory of Defence Research & Development Organisation (DRDO), was inaugurated by Secretary, Department of Defence R&D & Chairman DRDO Dr Samir V Kamat.
- The two-day workshop is being attended by more than 300 participants from DRDO, Services, Industry, Academia, and Researchers.
- Exoskeleton technology involves wearable structures which enhance the capabilities of the human body.
- Defence Research and Development Organisation (DRDO) – 1958 (Founded) – New Delhi (HQ) – Dr Sameer V Kamath (Chairman)
Daily Current Affairs - April 17 & 18, 2024 - Consolidated
- NHAI to monetise 2741 km through toll operate transfer, InvIT in FY25
- India’s IFFCO to launch Nano urea with higher nitrogen content
- Ministry of Parliamentary Affairs secretary Launches Swachhata Pakhwada, 2024
- SBI Life Insurances launches IdeationX
- NaBFID eyes ₹1 trillion sanctions for new infra projects in FY25
- PHDCCI: India will be $34.7 trn economy by 2047; per capita to be $21k
- Oilmeals export volume up 13% in 2023-24; value at 10-year high
- CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24
- Sterling Tools signs MoU with South Korea’s Yongin for EV components facility
- DroneAcharya signs pact with CBAI Tech
- Avaada Energy wins 250 MW solar-wind hybrid power project
- Bharti Airtel, Dialog Axiata PLC, Axiata Group Berhad to combine operations in Sri Lanka
- Saurabh Garg appointed Secretary of Ministry of Statistics
- Ajay Banga, Alia Bhatt, Sakshi Malik on Time’s 100 most influential list
- Amitabh Bachchan to receive Lata Deenanath Mangeshkar award
- Dharamsala Stadium will get India’s first ‘hybrid pitch’
- World Heritage Day is observed on April 18
- SPACE, a premier testing & evaluation hub for sonar systems for Indian Navy, inaugurated in Kerala
- 1st international workshop on ‘Emerging Technologies & Challenges for Exoskeleton’ organised in Bengaluru
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