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Daily Current Affairs – May 03 & 04, 2024

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Daily Current Affairs - Banking - May 03 & 04, 2024

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International News

2nd Session of India-Nigeria Joint Trade Committee held in Abuja

  • A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, AmardeepSingh Bhatia, accompanied by High Commissioner of India to Federal Republic of Nigeria, G Balasubramanian and Economic Adviser, Department of Commerce, Priya P. Nair held a Joint Trade Committee (JTC) meeting with their Nigerian counterparts in Abuja, Nigeria.
  • The JTC was co-chaired by Permanent Secretary, Federal Ministry of Industry Trade and Investment, Nigeria, Ambassador Nura Abba Rimi; and Additional Secretary, Department of Commerce.
  • In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion.
  • To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments.
  • These include resolving of market access issues of both sides, and cooperation in key sectors such as Crude oil and Natural Gas, Pharmaceuticals, Unified Payments Interface (UPI), Local Currency Settlement System, Power Sector and Renewable Energy, Agriculture & Food Processing, Education, Transport, Railway, Aviation, MSMEs, Development
  • Both sides agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties.
  • Nigeria – Abuja (Capital) – Naira (Currency) – Bola Tinubu (President) – English (Official Language)

11th India - New Zealand Joint Trade Committee (JTC) Meeting held in New Zealand

  • A delegation led by the Commerce Secretary, Sunil Barthwal held a number of constructive and outcome-oriented meeting with the Minister for Trade of New Zealand Todd McClay, Acting Chief Executive and Secretary of Foreign Affairs and Trade of New Zealand, Mr. Brook Barrington, the India-New Zealand Business Council (INZBC) at the 11th India – New Zealand Joint Trade Committee (JTC) Meeting held in New Zealand.
  • Both sides acknowledged the existing huge potential in both economies and mutual trade complementarities, there is a substantial potential to increase the trade and people to people contacts.
  • These meetings had focused discussions on several key areas aimed at promoting bilateral trade and cooperation, marking a pivotal moment in strengthening economic ties and fostering collaboration between the two nations, building upon the existing close ties through people to people and business contacts.
  • The meetings reviewed progress on market access issues, economic cooperation projects and explored opportunities for new initiatives.
  • Both sides discussed the establishment of robust bilateral economic dialogue architecture and the creation of working groups on sectors like Agriculture; Food Processing, Storage & Transportation; Forestry and Pharmaceuticals to facilitate ongoing collaboration on key trade and economic issues.
  • Notably, discussions also included the cooperation in horticulture sector, including cooperation in kiwi fruit sector (quality & productivity, proper storage in pack houses and their suitable transportation) as well as the dairy sector.
  • Once working groups are established, India and New Zealand will review the progress made by those working groups and the recommendations thereof at regular intervals.
  • New Zealand – Wellington (Capital) – New Zealand dollar (Currency) – Charles III (Monarch) – Christopher Luxon (Prime Minister) – English, Māori, NZ Sign Official Language (Official Language) – Oceania

10th Edition of World Art Dubai Opened At World Trade Centre In Dubai

  • The 10th edition of World Art Dubai opened at World Trade Centre in Dubai with a strong Indian flavor, showcasing works by Indian artists and art organisations.
  • The prestigious fair is hosting more than 400 renowned galleries and solo artists, representing more than 60 countries countries, putting Indian art on the global stage alongside 10,000 artworks spanning paintings, sculptures, digital art installations and more.
  • The four-day fair is expected to attract thousands of art enthusiasts, collectors, and critics.
  • United Arab Emirates – Abu Dhabi (Capital) – United Arab Emirates Dirham (Currency) – Mohammed bin Zayed Al Nahyan (President) – Arabic (Official Language)

4th India-Maldives High-Level Core Group Meeting Held In New Delhi

  • The fourth meeting of the India-Maldives High-Level Core Group was held in New Delhi.
  • Both sides continued their discussions on wide-ranging issues related to bilateral cooperation.
  • These include defence cooperation, development cooperation projects, efforts to enhance bilateral trade and investment, and capacity-building initiatives.
  • During the meeting, both sides also reviewed the ongoing efforts to enable the continued operation of Indian aviation platforms that provide humanitarian and MEDEVAC (medical evacuation) services to the people of Maldives.
  • Maldives – Male (Capital) – Maldivian rufiyaa (Currency) – Mohamed Muizzu (President) – Dhivehi (Official Language)

26th ASEAN-India Senior Officials’ Meeting Held in New Delhi

  • The 26th ASEAN-India Senior Officials’ Meeting was held in New Delhi was co-chaired by Secretary (East) Jaideep Mazumdar along with the Permanent Secretary in the Ministry of Foreign Affairs of Singapore, Albert Chua.
  • Singapore is the Country Coordinator of India for ASEAN-India Dialogue Relations.
  • The meeting was attended by Senior Officials and representatives of all ASEAN Member States and Timor Leste which holds Observer Status in ASEAN.
  • During the meeting, the gamut of ASEAN-India relations was reviewed across the three pillars of engagement – political-security, economic and socio-cultural.
  • The Senior Officials also discussed the implementation of the Prime Ministers’ 12-Point Proposal announced at the 20th ASEAN-India Summit in Jakarta last year to further strengthen the ASEAN-India Comprehensive Strategic Partnership.
  • Views on regional and global issues of mutual interest were also exchanged.
  • Preparations for the ASEAN-India Summit to be held later this year in Vientiane, Lao People’s Democratic Republic were also discussed.
  • The ASEAN side appreciated India’s continued support to ASEAN and the ASEAN-led architecture in the region.
  • ASEAN (Association of Southeast Asian Nations) – 8/8/1967 (Founded) – Jakarta, Indonesia (HQ) – Kao Kim Hourn (Secretary-General) – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam (Members)

Banking and Finance

RBI launches two key surveys for monetary policy inputs

  • The Reserve Bank of India (RBI) announced the launch of ‘Inflation Expectations Survey of Households’ and ‘Consumer Confidence Survey’ which will provide key inputs for the bi-monthly monetary policy.
  • The next bi-monthly monetary policy is scheduled during June 5-7, 2024.
  • The ‘Inflation Expectations Survey of Households’ aims at capturing subjective assessments on price movements and inflation, based on their individual consumption baskets, across 19 cities, including Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram.
  • The survey on inflation seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the three months ahead as well as in the one-year ahead period.
  • It also seeks quantitative responses on current, three months ahead and one-year ahead inflation rates.
  • The ‘Consumer Confidence Survey’ seeks qualitative responses from households, regarding their sentiments on general economic situation, employment scenario, price level, households’ income and spending

Business and Economy

OECD: India’s economy to Grow At 6.6 Per Cent Over Next Two Years

  • According to latest Economic Outlook report from OECD, India’s GDP is expected to grow by 7.8 per cent in the concluded financial year 2023-24, with a projection of 6.6 per cent growth over the next two fiscal years.

India removes duty on chana, extends import window for yellow peas again to boost pulses’ supplies

  • Centre has taken further steps to boost the supplies of Pulses by removing the duty on desi chana (Bengal gram) while extending the import window for yellow peas till October 31, 2024.
  • Chana or chickpeas attracted an import duty of 60 per cent.
  • In April 2024, the Government extended the duty-free import of yellow peas by two months to June 30, 2024.
  • Anticipating a shortfall in chana output, the Government in December 2023 had allowed imports of duty-free chana imports till March 31, 2024 and subsequently extended it till April 30.

Agreements and MoUs signed

NPCI signs agreement with Bank of Namibia to develop UPI-like system

  • NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), entered into an agreement with the Bank of Namibia (BoN) for developing an instant payment system like Unified Payment Interface (UPI) for the African nation.
  • This partnership marks NPCI’s first-ever collaboration with a central bank to deploy the UPI stack in an international market.
  • The collaboration is aimed at developing real-time person-to-person (P2P) and person-to-merchant (P2M) transactions in Namibia.
  • The agreement aims at improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability of payments.
  • Nambia – Windhoek (Capital) – Namibian dollar & South African rand (Currency) – Nangolo Mbumba (Acting President) – Saara Kuugongelwa (Prime Minister) – English (Official Language) 

CAG of India signs MoU Auditor General of Nepal to enhance collaboration in auditing

  • Girish Chandra Murmu, the Comptroller and Auditor General of India (CAG), has signed a Memorandum of Understanding (MoU) with Toyam Raya, Auditor General of Nepal.
  • The agreement aims to enhance collaboration and exchange of expertise in the field of auditing between the two countries’ Supreme Audit Institutions (SAIs).
  • Through this MoU, a platform will be established for capacity development, knowledge exchange, and mutual assistance in conducting audits.
  • Nepal – Kathmandu (Capital) – Nepalese rupee (Currency) – Ram Chandra Poudel (President) – Pushpa Kamal Dahal (Prime Minister) – Nepali (Official Language)

Appointments

RBI approves re-appointment of Atanu Chakraborty as part-time Chairman of HDFC Bank

  • The Reserve Bank of India has approved the re-appointment of Atanu Chakraborty as part-time Chairman of HDFC Bank for three years.
  • He has been the Part-Time Chairman and Independent Director of the Bank since May 2021.
  • He served the Government of India for 35 years as a member of Indian Administrative Service (IAS) in Gujarat cadre.
  • He retired as Secretary to Government of India in the Ministry of Finance- Department of Economic Affairs (DEA) in April 2020.

Shashi Bhushan Singh appointed as Secretary of National Jute Board

  • The Central Government has approved the appointment of Shashi Bhushan Singh (IRTS) as Secretary (at Director level) of National Jute Board, Kolkata under the Ministry of Textiles for a period of 5 years or until further orders.

Sanjaya Kumar Mishra to head GST Appellate Tribunal

  • The Appointment Committee of the Cabinet, based on the recommendation of the SCSC (Search-cum-Selection Committee), has approved appointment of Justice (Retd.) Sanjaya Kumar Mishra, Former Chief Justice, High Court of Jharkhand, to the post of President in Goods and Services Tax Appellate Tribunal, for a period of 4 years or till attaining the age of 70 years, whichever is earlier.

Solomon Islands elects Jeremiah Manele as new prime minister

  • Legislators in the Solomon Islands have elected former Foreign Minister Jeremiah Manele as their new prime minister.
  • He would replace Manasseh Sogavare.
  • Solomon Islands – Honiara (Capital) – Solomon Islands dollar (Currency) – Charles III (Monarch) – Jeremiah Manele (prime minister) – English & Pijin (Official Language)

Pratima Singh appointed as Director in DPIIT

  • Pratima Singh (IRS) has been selected for the appointment as Director in the Department of Promotion of Industry and Internal Trade (DPIIT) for a period of 5 years under the Central Staffing Scheme.

Ranks and Indices

ICC Rankings: India Retains Top Position In ODIs, T20Is; Australia Secures Top Spot In Test Rankings

  • The International Cricket Council (ICC) issued the annual Men’s team rankings update, with India retaining its top position in ODIs and T20Is but slipping to the second position in the Test Team Rankings.
  • Australia have overtaken India to secure the top spot in Test rankings.
  • International Cricket Council (ICC) – 15/06/1909 (Founded) – Dubai,UAE (HQ) – Greg Barclay (Chairman) – 108 countries

Awards and Recognitions

Assam's Purnima Devi Barman Receives 'Green Oscar' Whitley Gold Award 2024

  • Dr Purnima Devi Barman a wildlife biologist from Assam won the GBP 1,00,000 Whitley Gold Award from the Whitley Fund for Nature (WFN), which supports grassroots conservation leaders from around the world, at a Royal Geographical Society awards ceremony in
  • She received the trophy from charity patron Princess Anne – the Princess Royal, the sister of King Charles III, in recognition of her conservation of the stork known locally as “Hargila” in Assamese.
  • Other Winners includes Naomi Longa of Papua New Guinea, Aristide Kamla of Cameroon, Fernanda Abra of Brazil, Kuenzang Dorji of Bhutan, Leroy Ignacio of Guyana and Raju Acharya of Nepal.
  • The charity’s flagship prizes – often referred to by others as ‘Green Oscars’ – are won competitively each year.
  • Each year, we recognise a Whitley Award alumnus for their outstanding contribution to conservation.
  • Whitley Gold Award winners are international advocates for biodiversity, pioneering large scale projects and acting as a mentor to new Whitley Award winners.

Sports News

India to host BWF World Junior Badminton Championships 2025 in Guwahati

  • India will host the BWF World Junior Championships 2025 at the National Centre of Excellence in Guwahati, Assam.
  • The 2025 edition in India will mark the return of the BWF Junior World Championships to the country for the first time since 2008 when Pune hosted the event.
  • The 2026 edition of the BWF Thomas and Uber Cup Finals, meanwhile, will head to Horsens, Denmark.
  • It is just the second time that Denmark will stage the BWF world men’s and women’s team championships following Aarhus in
  • Badminton World Federation (BWF) – 1934 (Founded) – Kuala Lumpur, Malaysia (HQ) – Poul-Erik Høyer Larsen (President)

NADA India organizes #PlayTrue Campaign to create awareness about clean sports

  • The National Anti-Doping Agency (NADA), India concluded #PlayTrue Campaign, with turnout of more than 12,133 participants.
  • The campaign commemorated WADA’s Play True Day and aimed at fostering awareness about the importance of clean sport and anti-doping practices in India, received overwhelming participation and support from athletes, coaches, and sports enthusiasts nationwide.
  • The #PlayTrue Campaign highlights NADA India’s commitment to equipping athletes, coaches, and the entire sporting community with a thorough understanding of anti-doping regulations, empowering them to champion clean play in India.
  • Aligned with the vision of the World Anti-Doping Agency (WADA), the #PlayTrue Campaign strives to instill integrity in sports by advocating for fair play, rejecting doping, and promoting the spirit of fair competition.
  • Through its interactive activities including the #PlayTrue Quiz, I’m a #PlayTrue Ambassador, #PlayTrue Pledge, and Mascot Drawing Competition, NADA India engaged participants thereby fostering a culture of clean and ethical competition.
  • National Anti-Doping Agency (NADA) – 24/11/2005 (Founded) – New Delhi (HQ) – Ashish Bhargava (Director General)

West Indies player banned for five years under anti-corruption code

  • West Indies cricketer Devon Thomas has been handed a five-year period of ineligibility from all cricket after admitting to breaching seven counts of the anti-corruption codes of Sri Lanka Cricket (SLC), the Emirates Cricket Board (ECB), and the Caribbean Premier League (CPL).

Important Days

World Press Freedom Day 2024 is observed on May 3

  • World Press Freedom Day is annually observed on May 03.
  • The day is commemorated to highlight the significance of press freedom globally and to recognise the challenges encountered by journalists.
  • The initiative to celebrate World Press Freedom Day was first started by an African journalist during a UNESCO conference in Namibia in
  • In December 1993, the United Nations General Assembly decided to celebrate it after the recommendation of the UNESCO General Conference.
  • Theme – ‘A Press for the Planet: Journalism in the Face of the Environmental Crisis.’

International Firefighter’s Day 2024 is observed on May 4

  • International Firefighter’s Day is annually observed on May 04.
  • The day is dedicated to honouring the brave firefighters who risk their lives daily to safeguard communities and the environment.
  • International Firefighters’ Day was first observed in 1999 to honour The tragic deaths of five Australian firemen in a wildfire inspired this annual commemoration.
  • Chris Evans, Gary Vredeveldt, Jason Thomas, Matthew Armstrong, and Stuart Davidson, all courageous firefighters, died in the line of duty.

Coal Miners Day 2024 is observed on May 4

  • Coal Miners Day 2024 is annually observed on May 04.
  • The day commemorates the dedicated efforts and significant contributions of coal miners also commemorates the sacrifices made by them, including those who have lost their lives in the line of duty.
  • The history of Coal Miners Day dates back to the opening of the first coal mine in Scotland in 1575.
  • In India, the first coal mine was established in 1774 at the Raniganj Coalfield by John Summer and Suetonius Grant Heatly of the East India Company.

Defence

7th India-Indonesia Joint Defence Cooperation Committee meeting held in New Delhi

  • Defence Secretary Giridhar Aramane and Secretary General of the Ministry of Defence, Indonesia, Air Marshal Donny Ermawan Taufanto, M.D.S. co-chaired the 7th India-Indonesia Joint Defence Cooperation Committee (JDCC) meeting in New Delhi.
  • During the meeting, both sides expressed satisfaction at the expanding scope of defence cooperation between the two countries.
  • The progress made on various bilateral defence cooperation initiatives deliberated in meetings of Working Groups on Defence Cooperation and Defence Industries Cooperation was also reviewed by the co-chairs.
  • India and Indonesia have a Comprehensive Strategic Partnership and have arrived at a shared vision of the Indo-Pacific.
  • In current times, this partnership is characterised by closed cooperation in bilateral and multilateral arena, including frequent high-level interactions.
  • Indonesia is an important partner in India’s Act East Policy and the Indo-Pacific region.
  • Indonesia – Jakarta (Capital) – Indonesian rupiah (Currency) – Prabowo Subianto (President) – Indonesian (Official Language) 

Daily Current Affairs - May 03 & 04, 2024 - Consolidated

  • 2nd Session of India-Nigeria Joint Trade Committee held in Abuja
  • 11th India – New Zealand Joint Trade Committee (JTC) Meeting held in New Zealand
  • 10th Edition of World Art Dubai Opened At World Trade Centre In Dubai
  • 4th India-Maldives High-Level Core Group Meeting Held In New Delhi
  • 26th ASEAN-India Senior Officials’ Meeting Held in New Delhi
  • RBI launches two key surveys for monetary policy inputs
  • OECD: India’s economy to Grow At 6.6 Per Cent Over Next Two Years
  • India removes duty on chana, extends import window for yellow peas again to boost pulses’ supplies
  • NPCI signs agreement with Bank of Namibia to develop UPI-like system
  • CAG of India signs MoU Auditor General of Nepal to enhance collaboration in auditing
  • RBI approves re-appointment of Atanu Chakraborty as part-time Chairman of HDFC Bank
  • Shashi Bhushan Singh appointed as Secretary of National Jute Board
  • Sanjaya Kumar Mishra to head GST Appellate Tribunal
  • Solomon Islands elects Jeremiah Manele as new prime minister
  • Pratima Singh appointed as Director in DPIIT
  • ICC Rankings: India Retains Top Position In ODIs, T20Is; Australia Secures Top Spot In Test Rankings
  • Assam’s Purnima Devi Barman Receives ‘Green Oscar’ Whitley Gold Award 2024
  • India to host BWF World Junior Badminton Championships 2025 in Guwahati
  • NADA India organizes #PlayTrue Campaign to create awareness about clean sports
  • West Indies player banned for five years under anti-corruption code
  • World Press Freedom Day 2024 is observed on May 3
  • International Firefighter’s Day 2024 is observed on May 4
  • Coal Miners Day 2024 is observed on May 4
  • 7th India-Indonesia Joint Defence Cooperation Committee meeting held in New Delhi

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