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CURRENT AFFAIRS 10th APRIL 2024

Current affairs 10th April 2024

Current Affairs 10th April 2024

 

Welcome to your one-stop shop for staying informed! Today’s edition of Current Affairs for April 10th, 2024 brings you a roundup of the latest headlines. Dive in and discover news from across various sectors, including science, sports, and international trade.


NATIONAL AFFAIRS

1) Experimental Licence Module for 100 5G Labs virtually launched at IIT Madras

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Dr. Neeraj Mittal, Secretary, Department of Telecommunications (DoT), Ministry of Communications, virtually launched the “Experimental Licence Module for 100 5G Labs” during a 5G workshop at the Indian Institute of Technology (IIT)-Madras in Chennai, Tamil Nadu (TN).

The initiative seeks to simplify the process of obtaining experimental licenses for academic institutions in India.

The goal is to increase students’ and start-up communities’ knowledge and engagement with 5G technologies.

About 100 5G Use Case Labs:

  • DoT has awarded ‘100 5G Use Case Labs’ to educational institutions throughout India. The labs will use 5G frequency bands to conduct various experiments and test use cases.
  • To ensure interference-free operations for licensed telecommunications service providers (TSPs), these labs should obtain an experimental (non-radiating) category license from the DoT.

Currently, these certificates are issued in “Self-declaration Mode” from the DoT’s Saralsanchar portal via the National Single Window System (NSWS).

Securing this license requires submitting a detailed experiment plan.

About Experimental Licence for 100 5G Labs:

The Department of Transportation has simplified the licensing process by introducing a new Approval Type “Experimental Licence for 100 5G Labs” on the NSWS portal.

Features:

  • This streamlines the application process by pre-filling technical specifications and schematic details, reducing manual labor and time.
  • The app has been simplified. This requires only basic information such as the institute’s address, authorized personnel, and a nominal fee of Rs. 5000.
  • This will foster innovation and skill development, as well as democratize access to 5G technology, allowing educational institutions and startups to explore its transformative potential.

Additional info:

Prime Minister Narendra Modi will award 100 5G Use Case Labs to institutions across India in October 2023 at the 7th India Mobile Congress 2023 (IMC) at Bharat Mandapam in New Delhi.

Click here to read from source


2) India becomes Net Importer of Finished Steel in FY24: Ministry of Steel’s JPC

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According to preliminary government data from the Ministry of Steel’s Joint Plant Committee (JPC), India was a net importer of finished steel during FY24 (April 2023–March 2024). India imported 8.319 million metric tons (MnT) of finished steel in FY24, up 38.1% from FY23’s 6.022 MnT due to strong demand from the construction and automotive sectors.

Steel consumption in India increased 13.4% to 136 million metric tons in FY24, indicating strong demand for the alloy.
JPC collects information about the Indian iron and steel industry.

Key Points:

  • India’s steel demand is expected to remain strong, with economic growth outpacing the global economy in FY25.
  • India’s finished steel exports increased to 7.48 MnT in FY24, up 11.5% from FY23. Finished steel consumption in India increased 13.40% to 135.95 MnT from 119.89 MnT in FY23.
  • India’s crude steel output increased by 12.40% to 138.48 MnT in FY24, from 123.19 MnT in FY23. India’s National Steel Policy aims to increase annual steel production capacity to 300 million tonnes and per capita steel consumption to 160 kg by 2030.
  • In FY24, non-alloyed steel imports rose by nearly 70% to 6.2 million tonnes, while exports increased by 50% to 7 million tonnes.
  • The alloy and stainless steel trade experienced a significant decline, with imports falling to 2.1 million tonnes and exports plummeting to 0.7 million tonnes in FY24.

Click here to read from source


3) MEA Approves Taking Over the Operations of Sittwe Port in Myanmar

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The Ministry of External Affairs (MEA) has approved a proposal for India Ports Global Limited (IPGL) to take over operations at the Sittwe port on the Kaladan River estuary in Rakhine, Myanmar.

It was India’s second foreign port, after Iran’s Chabahar Port.

Indian financial assistance funded the construction of Sittwe Port as part of the Kaladan Multi-Modal Transit Transport Project. In other words, Sittwe Port was built with Indian financial backing to be a key component of this larger transportation initiative. An inland waterway connects the Sittwe port to Paletwa in Myanmar, and further on, a road connects Paletwa to Zorinpui in Mizoram. This creates a vital transportation corridor linking the port to Myanmar and Mizoram.

The Ministry of Ports, Shipping, and Waterways established Sagarmala Development Company Limited (SDCL) as a wholly owned government company. In turn, SDCL went on to create a fully owned subsidiary, naming it IPGL.

Click here to read from source


INTERNATIONAL AFFAIRS

4) India ranks 3rd in Hurun’s Global Unicorn Index 2024

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According to the sixth edition of Hurun Institute’s “Global Unicorn Index 2024” report, India is ranked third in the index with 67 unicorns (down one from 2023).

  • Meanwhile, Indian ed-tech behemoths Byju’s and PharmEasy were removed from the index.
  • The United States of America (U.S.A.) remained at the top with 703 unicorns, accounting for 48% of the world’s total number of unicorns.
  • India ranked third with 67 unicorns, led by on-demand food delivery startup Swiggy (USD8 billion), followed by Dream11 (USD8 billion) and Razorpay (USD7.5 billion).

About Global Unicorn Index:

  • It was compiled by Hurun Research Institute and includes companies founded in the 2000s that have a current valuation of USD1 billion but have not yet been listed on a public exchange.
  • The data cover the period January 2023 to January 2024, as opposed to January 2022 to January 2023.
  • Hurun Research has tracked unicorns since 2017.

Click here to read from source


5) Saudi Arabia Chosen to Chair UN Women’s Rights Commission despite Rights Concerns

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The UN Commission on the Status of Women (CSW) has unanimously appointed Saudi Arabia to chair its 69th session in 2025.

The United Nations Commission on the Status of Women (CSW) elected Abdulaziz Alwasil, the Permanent Representative of the Kingdom of Saudi Arabia to the UN, as its new chair. This move follows the completion of Antonio Manuel Lagdameo’s term, who previously held the position as the Permanent Representative of the Philippines to the UN.

Note: Abdulaziz Alwasil becomes the first permanent representative of Saudi Arabia to chair CSW since its inception in 1946.

Key Points:

  • As Chair, Saudi Arabia will advance gender equality and empower women worldwide.
  • Saudi Vision 2030, Saudi Arabia’s reform initiative, includes priorities and targets for increasing women’s participation at all levels and maximizing their capabilities.

Additional information: Human rights organizations condemned the unopposed bid for leadership due to Saudi Arabia’s “abysmal” record on women’s rights.

About CSW:

On April 28, 2024, we can acknowledge that the United Nations Economic and Social Council (ECOSOC) established the Commission on the Status of Women (CSW) in 1946. This functional commission plays a vital role in promoting gender equality and women’s empowerment. CSW membership consists of 45 States elected by ECOSOC based on the equitable geographical distribution as follows:

  • 13 members from Africa
  • 11 from Asia
  • 9 from Latin America and Caribbean
  • 8 from Western Europe and other States
  • 4 from Eastern Europe

New members are elected for a four-year term when the term of the incumbent expires.

About Saudi Arabia:

  • Prime Minister– Mohammed bin Salman Al Saud
  • Capital– Riyadh
  • Currency– Saudi Riyal

Click here to read from source


BANKING & FINANCE

(Current Affairs 10th April 2024)

6) General Insurance industry grows 12.78% in FY24: GIC Data (Current Affairs 10th April 2024)

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  • According to data released by the General Insurance Council (GIC), the General Insurance industry grew by 12.78% in Fiscal Year 2023-24 (FY24), increasing gross direct premium underwritten to Rs 2,89,731 crore from Rs 2,56,894 crore in FY23.
  • General insurers’ premiums increased 14.24% year on year (Y-o-Y) to Rs 2.45 trillion in FY24.
  • However, the FY24 growth rate is lower than the 16% achieved in FY23.
  • Public sector general insurers’ premiums increased by 8.99% to Rs 90,344.49 crore, while private sector counterparts saw a 17.53% increase to Rs 1.55 trillion.

About General Insurance Council (GIC):

The Insurance Regulatory and Development Authority of India (IRDAI) established it in 2001 under Section 64C of the Insurance Act of 1938.

  • Chairman– Tapan Singhel
  • Headquarters– Mumbai, Maharashtra
  • Tagline– Together We serve

Click here to read from source


7) SBI & Standard Chartered Bank carried out the First Credit Default Swap Trade under new RBI Guidelines (Current Affairs 10th April 2024)

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The State Bank of India (SBI) and Standard Chartered Bank India executed a Credit Default Swap (CDS) transaction worth Rs 25 crore. This is the first CDS transaction since the Reserve Bank of India (RBI) issued revised CDS guidelines in 2022.

The trade involved a one-year rupee CDS with REC.

This transaction represents a watershed moment in credit risk management and demonstrates the growing sophistication of financial instruments in the Indian market.

About Credit Default Swap:

  • A credit default swap (CDS) is a credit derivative that protects the buyer from potential defaults while also assisting in the management and transfer of credit risk.
  • According to the agreement, the purchaser of a CDS makes periodic payments to the seller until the credit maturity date.
  • If the debt issuer defaults, the seller will pay the buyer all premiums and interest paid up to the maturity date.

Note: CDS, like an insurance policy, allows buyers to purchase protection against an unlikely event that could affect their investment.

About the RBI CDS Guidelines:

  • The RBI issued revised CDS Guidelines, which took effect on May 9, 2022.
  • The revised RBI guidelines apply to credit derivatives transactions conducted in Over-the-Counter (OTC) markets and on recognized stock exchanges throughout India.
  • The credit derivatives market is open to both residents and non-residents who are eligible to invest in corporate bonds and debentures under the Foreign Exchange Management (Debt Instruments) Regulations of 2019.

About State Bank of India (SBI):

  • Chairman– Dinesh Kumar Khara
  • Headquarters– Mumbai, Maharashtra
  • Establishment – 1955

Click here to read from source


ECONOMY & BUSINESS

8) Air India & BIAL Signed an Agreement to Develop Bengaluru as an Aviation Hub (Current Affairs 10th April 2024)

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Air India, owned by the Tata Group, and Bangalore International Airport Ltd (BIAL) have signed an agreement to develop Bengaluru (Karnataka) as a premier aviation hub for southern India. This agreement is intended to improve air travel connectivity to and from India over the next few years.

Air India (along with other Tata Group airlines – Air India Express (AIX), and Vistara) and BIAL will work together for the next five years to improve international air connectivity, operational efficiency, and passenger experience.

This includes expanding the group’s flight network at Kempegowda International Airport, Bengaluru (KIAB or BLR airport).

MoU:

As part of this initiative, Air India signed a Memorandum of Understanding (MOU) with the Government of Karnataka to establish a Maintenance, Repair, and Overhaul (MRO) facility at BLR airport for approximately Rs 1,300 crore.

Click here to read from source


AWARDS & RECOGNITIONS

(Current Affairs 10th April 2024)

9) Renowned Kannada Poet Mamta G. Sagar Won WOW World Literature Prize (Current Affairs 10th April 2024)

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Mamta G. Sagar, a renowned Kannada poet, writer, and activist, was awarded the WOW World Literary Prize by the World Organization of Writers (WOW) for her contributions to the world of literature. She is a facilitator at the Srishti Manipal Institute of Art, Design, and Technology in Bengaluru (Karnataka).

The award ceremony took place as part of the VII World Literary Festival “WOW-LIFFT-2024” in Nigeria’s capital, Abuja, from April 4-6, 2024.
The award consists of a gold medal, a cash prize, and a book publishing contract.

About Mamta G. Sagar:

  • Before becoming a Professor at Srishti Manipal Institute of Arts, Design, and Technology in 2016, she taught at Hyderabad and Bangalore Universities.
  • Her poems and research have been published worldwide, and they have been translated into numerous Indian and foreign languages.

Notable Works:

  • She has four collections of poetry to her credit.
    Kaada Navilina Hejje (Footsteps of the Wild Peacock, 1992); Nadiya Neerina Teva (Dampness of the River Water, 1999); Hiige HaaLeya Maile HaaDu (Like This on the Page, 2007); and Hide & Seek (2014).
  • Her notable works include Chukki Chukki Chandakki (1999), a musical play for children, The Swing of Desire, a translation of the Kannada play Mayye Bhaara Manave Bhaara (2004), and so on.

Awards/Honours:

Sanchi Honnamma Kavya Prashasti (2019); Bhashabharathi Translation Award (2019); and Charles Wallace India Trust Fellowship (2015) at the British Centre for Literary Translation, University of East Anglia in the United Kingdom.

About WOW World Literature Prize:

  • The WOW established the “WOW World Literary Prize” as a successor to the literary prize “Golden LIffT” (presented from 2016 to 2023). The award is intended to encourage authors who can make significant contributions to world literature.
  • The Prize is co-founded by the Eurasian Peoples’ Assembly, the Pan-African Association of Writers (PAWA), and the LIFFT Foundation for the Promotion of Eurasian Peoples Cultural Projects.
  • The WOW Prize accepts works in Russian, English, Spanish, and Arabic, as well as translations of those languages.
  • The award is given in two categories: poetry and prose.

Click here to read from source


Click here to read: Current Affairs 9th April 2024


10) ISRO’s Chandrayaan-3 team receives 2024 John L. “Jack” Swigert Jr. (Current Affairs 10th April 2024)

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The Indian space agency ISRO (Indian Space Research Organisation)’s Chandrayaan-3 mission team has received the 2024 John L “Jack” Swigert Jr. Space Exploration Award.

  • DC Manjunath, Consul General of India (CGI) in Houston, United States of America (USA), accepted the award on behalf of the ISRO Chandrayaan-3 team.
  • The award ceremony was held on April 8, 2024, at the Opening Ceremony of the annual Space Symposium organized by Space Foundations in Colorado, United States.

Note: In January 2024, the Space Foundation announced that the Chandrayaan-3 mission team would receive the 2024 John L “Jack” Swigert Jr. award for space exploration.

Other Winners include:

  • American Space Agency, NASA (National Aeronautics and Space Administration), and the University of Arizona. OSIRIS-REX team OSIRIS-REx is an acronym for Origins, Spectral Interpretation, Resource Identification, Security, and Regolith Explorer. It was launched by NASA in 2016 to study the asteroid Bennu.
  • NASA’s Mars Ingenuity Helicopter and Insight-Mars Cube One teams, as well as NASA Dawn and Cassin, received the award.

About Chandrayaan-3:

  • This is India’s third lunar exploration, and it will launch on July 14, 2023, from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.
  • On August 23, 2023, the Chandrayaan-3 lander module successfully landed on the moon.
  • The mission consists of a lunar lander called “Vikram” and a lunar rover named “Pragyan”.

John L “Jack” Swigert Jr. award for Space Exploration:

  • The Space Foundation established the award in 2004 to honor former NASA astronaut John L. “Jack” Swigert, Jr.
  • The Space Foundation presents the award annually at the Space Symposium.
  • Space Foundation is a non-profit organization founded in 1983.

Indian Space Research Organisation(ISRO):

  • Chairman: Sreedhara Panicker Somanath
  • Headquarters: Bengaluru, Karnataka
  • Established: 1969

Click here to read from source


APPOINTMENTS & RESIGNATIONS

11) Former IEG Director Manoj Panda Appointed as full time Member of 16th Finance Commission (Current Affairs 10th April 2024)

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The Government of India (GoI) has appointed economist Manoj Panda, the former Director of the Institute of Economic Growth (IEG), as a full-time member of India’s 16th Finance Commission. He will hold the office from the date he assumes office until the date of report submission, which is October 31, 2025.

Panda was appointed to the 16th FC in place of Niranjan Rajadhyaksha, Executive Director of Artha Global.

Rajadhyaksha was appointed as a full-time member of the 16th FC in January 2024.

About Manoj Panda

  • From 1982 to 1992, Manoj Panda worked as an economist and senior economist at the National Council of Applied Economic Research (NCAER) in New Delhi.
  • From 1992 to 2008, he served as Professor and Associate Professor at the Indira Gandhi Institute of Development Research (IGIDR) in Mumbai, Maharashtra.
  • He also served as Director of the Centre for Economic and Social Studies (CESS) in Hyderabad, Telangana.
  • He was also the Director of the IEG in New Delhi, Delhi, from 2012 to 2019.

Background:

The government of India established the 16th FC in December 2023, with Arvind Panagariya, former Vice-Chairman of NITI Aayog (National Institution for Transforming India), serving as its Chairman. In January 2024, the GoI appointed three full-time members and one part-time member to the 16th FC.

The FC of India is a constitutional body tasked with recommending the distribution of federal taxes among states.

Current Member of 16th FC:

  • The full-time members include Manoj Panda, Ajay Narayan Jha, a former member of the 15th Finance Commission and Secretary of Expenditure, and Annie George Mathew, a former Special Secretary of Expenditure
  • Soumya Kanti Ghosh, Group Chief Economic Advisor at State Bank of India, serves as a part-time member of the 16th FC.
  • The Secretary of the 16th FC is Ritvik Ranjanam Pandey, a 1998-batch IAS officer.

Click here to read from source


12) Sushil Sharma Selected as CMD of SJVN Limited (Current Affairs 10th April 2024)

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Sushil Sharma, Director (Projects), SJVN Limited, was selected as Chairman and Managing Director (CMD) of SJVN Limited at a Public Enterprise Selection Board (PESB) selection panel meeting on April 8, 2024.

He succeeds Mrs. Geeta Kapur, Director (Personnel) of SJVN Ltd, who assumed the additional charge of CMD on February 1, 2024, following the departure of Nand Lal Sharma, the previous CMD of SJVN Ltd.

Nand Lal Sharma resigned from his position with immediate effect after the Haryana government appointed him Chairman of the Haryana Electricity Regulatory Commission (HERC) in February 2024.

About Sushil Sharma:

  • Sushil Sharma began his career in the Himachal Pradesh State Technical Education Service in 1990.
  • In January 1994, he joined SJVN as an Assistant Engineer and worked in a variety of departments and projects.
  • He initially worked for SJVN’s Design Office for about 19 years, planning and designing hydro-mechanical components for various projects.
  • He later worked as the General Manager (Mechanical) for SJVN at the 1500 megawatt (MW) Nathpa Jhakri Plant in Himachal Pradesh.
  • He has been the Director (Electrical) of SJVN since August 1, 2020.
  • He was appointed Director (Electrical) in 2020, and the position was renamed Director (Projects) in 2023.

About SJVN Ltd:

  • Headquarters– Shimla, Himachal Pradesh
  • SJVN Ltd. (formerly Satluj Jal Vidyut Nigam) is a Mini Ratna Central Public Sector Enterprise (CPSE) under the Ministry of Power.
  • It is a joint venture (JV) between the Government of India and the Government of Himachal Pradesh.

Click here to read from source


13) Olympic Champion Valerie Adams Named the Ambassador for TCS World 10k Bengaluru 2024 (Current Affairs 10th April 2024)

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Dame Valerie Adams, the iconic New Zealand shot putter, a four-time World Champion and two-time Olympic Gold medalist, has been named the International Event Ambassador for the 16th edition of Tata Consultancy Services’ (TCS) World 10K Bengaluru (Karnataka) by the race organizers. The race will be held on April 28, 2024.

About Dame Valerie Adams:

  • In her five Olympic appearances, she has won two gold medals: in the 2008 Beijing Olympics in China and the 2012 Summer Olympics in London, England (United Kingdom).
  • She won silver in the 2016 Summer Olympics in Rio de Janeiro, Brazil, and bronze in the 2020 Summer Olympics in Tokyo, Japan.
  • She won the Commonwealth Games three times: in 2006 (Melbourne, Australia), 2010 (Delhi), and 2014 (Glasgow, Scotland).
  • She became the first woman to win four consecutive gold medals at the World Athletics Championships, winning shot put titles in 2007, 2009, 2011, and 2013. In 2014, she was named the International Association of Athletics Federations (IAAF) World Athlete of the Year.

About TCS World 10K Bengaluru:

  • It has a Gold Label from World Athletics and a total prize fund of USD 210,000.

Click here to read from source


14) Wipro Appoints Srini Pallia as CEO & Managing Director (Current Affairs 10th April 2024)

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Srinivas (Srini) Pallia has been appointed as Wipro Limited’s Chief Executive Officer (CEO) and Managing Director (MD), effective April 7, 2024.
Srinivas Pallia succeeds Thierry Delaporte, who was the CEO and MD from June 2020 to April 2024.

He has worked at Wipro for 32 years, starting as a product manager in 1992.

Srinivas Pallia also served as CEO of Americas 1, one of Wipro’s strategic units.

He is also on the Wipro Executive Board (WEB).

Click here to read from source


SCIENCE & TECHNOLOGY

(Current Affairs 10th April 2024)

15) India gets 24 Igla-S Anti-Aircraft Missiles from Russia (Current Affairs 10th April 2024)

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As part of a domestic production agreement, the Indian Army has acquired the first batch of 24 Russia-made Igla-S Man Portable Air Defence Systems (MANPADS) as well as 100 missiles.

This will improve the Indian Army’s Very Short Range Air Defence (VSHORAD) capability.

About Igla-S:

  • It is a hand-held defense system designed to shoot down low-flying aircraft and identify and neutralize air targets such as cruise missiles and drones.
  • The system, which includes the 9M342 missile, 9P522 launching mechanism, 9V866-2 mobile test station, and 9F719-2 test set, provides comprehensive air defense capabilities.
  • Igla-S has a firing range of 500-6000 m, target altitude of 10-3500 m, and the ability to engage a variety of targets.
  • Its target speed is head-on: up to 400 m/s; pursuit: up to 400 m/s.

Background:

  • India signed a contract with Russia in November 2023 for 120 launchers and 400 missiles.
  • India will manufacture the remaining VSHORAD systems itself after receiving the initial batch.
  • This will be possible due to a Transfer of Technology (ToT) agreement established with Russia.The UPA government in 2010 initiated the process by issuing an RFP for these VSHORADs.
  • In 2018, Russia’s Rosoboronexport-manufactured Igla-S won the contract to replace India’s aging Igla-1M systems.

Click here to read from source


16) NASA Launches 3 Sounding Rockets for APEP Mission from Wallops Flight Facility during Solar Eclipse (Current Affairs 10th April 2024)

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NASA launched three Black Brant IX rockets on April 8th for the APEP mission.

This study aims to investigate the ionosphere disturbances caused by a total solar eclipse.

Note:

  • The ionosphere is a region of the Earth’s upper atmosphere located between 80 and 600 kilometers above sea level.
  • NASA recovered three rockets launched during October’s eclipse.

Mission Objective:

  • Mission investigates upper atmosphere’s response to eclipse dimming.
  • The mission is being led by Aroh Barjatya, an engineering physics professor at Embry-Riddle Aeronautical University in Florida, USA.

Launch Timeline:

  • To maximize the understanding of how the Sun’s sudden disappearance affects the ionosphere, scientists launched rockets at three crucial intervals: first, 45 minutes prior to the peak local eclipse; second, precisely during the peak; and third, after the eclipse had passed.

Solar eclipse-induced disturbances may affect communication systems.

Rocket Mission Overview:

  • The APEP rockets achieved a maximum altitude of 420 kilometers (260 miles).
  • Rockets probe particle density & surrounding electric/magnetic fields.
  • Four soda-sized instruments per rocket gather data equal to 15 rockets.

Embry-Riddle built three of each rocket’s secondary instruments, while the fourth was built at Dartmouth College in New Hampshire, USA.

Impact of Eclipse on Atmosphere

  • Eclipse causes a rapid localised sunset.
  • Initiates atmospheric waves and disturbances.
  • Affects several radio communication frequencies.

Significance of Data Collection:

Data on these disturbances is collected to validate and refine high-frequency communication disruption models.

2024’s eclipse is a rare research opportunity; next totality for contiguous US not until 2044.

About National Aeronautics and Space Administration (NASA):

  • Administrator– Bill Nelson
  • Headquarters– Washington, D.C., USA
  • Established in– 1958

Click here to read from source


IMPORTANT DAYS

(Current Affairs 10th April 2024)

17) International Romani Day 2024 – April 8 (Current Affairs 10th April 2024)

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Around the world, we celebrate Romani culture and history on April 8th each year. International Romani Day highlights both Romani culture and their fight against discrimination.

Today, we mark the 1st World Romani Congress, a landmark delegate meeting held in 1971 Orpington, UK.

Background:

In 1990, the 4th World Romani Congress, held in Serock, Poland, culminated in the official declaration of April 8th as International Romani Day.

Why April 8?

On April 8, 1971, in London, Orpington, Kent, UK, the Gypsy Council and the Comité International Rom joined forces to organize the very first World Romani Congress.

Click here to read from source


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