Current Affairs 12th April 2024
Welcome to your daily dose of current affairs for Friday, April 12th, 2024! Today’s headlines bring us exciting news from the Indian Space Research Organisation (ISRO) and a shift in the global oil market. Let’s dive in!
NATIONAL AFFAIRS
1) India, Mauritius amends Double Tax Avoidance Agreement
The Government of the Republic of India and the Government of Mauritius have amended the India-Mauritius Double Tax Avoidance Agreement (DTAA) to prioritize tax evasion prevention over bilateral investment promotion.
Background:
- In February 2024, the Mauritius Cabinet of Ministers approved an amendment to the DTAA with India that aligned with the OECD’s proposal on Base Erosion and Profit Shifting (BEPS).
- India and Mauritius signed a protocol to amend the India-Mauritius DTAA in March 2023.
About Mauritius :
- President– Prithvirajsing Roopun
- Prime Minister– Pravind Kumar Jugnauth
- Capital– Port Louis
- Currency– Mauritian Rupee
Click here to read from source
2) KABIL & CSIR-IMMT Signed MoU for Technical and Knowledge Cooperation for Critical Minerals
Khanij Bidesh India Limited (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – Institute of Minerals and Materials Technology (CSIR-IMMT) to strengthen technical and knowledge cooperation in Critical Minerals at the National Aluminium Company Ltd. (NALCO) Corporate Office in Bhubaneswar, Odisha.
Signatories: Sadashiv Samantaray, Director (Commercial) of NALCO and CEO of KABIL, and Dr. Ramanuj Narayan, Director of CSIR-IMMT, signed the MoU in the presence of Sridhar Patra, Chairman-cum-Managing Director (CMD) of NALCO and Chairman of KABIL.
Key Collaborative Initiatives:
- Under the MoU, KABIL will use CSIR-IMMT’s expertise to design and analyze metallurgical test work plans, develop and review process flowsheets, and select technology for mineral processing, beneficiation, and metal extraction.
- The MoU will also result in joint research efforts and the exchange of scientific information between the two entities.
- The collaboration will create a conducive environment for critical mineral exploration.
Note: Scientific research and technological advancements are critical to the growth and sustainability of the Indian mining sector, as they ensure mineral security and meet domestic demands.
About Khanij Bidesh India Limited (KABIL):
KABIL is a joint venture (JV) of three government enterprises: NALCO, Hindustan Copper Limited (HCL), and Mineral Exploration & Consultancy Limited (MECL), with a 40:30:30 ownership ratio, under the Ministry of Mines.
- KABIL was Incorporated in 2019 under the Companies Act 2013.
- Chairman– Sridhar Patra
- CEO– Sadashiv Samantaray
- Headquarters– New Delhi, Delhi
Click here to read from source
INTERNATIONAL AFFAIRS
3) QS World University Rankings by Subject 2024: JNU ranked as India’s Top University for Development Studies
- On April 10, 2024, Quacquarelli Symonds (QS) published the 14th edition of the QS World University Rankings by Subject 2024, which ranked Jawaharlal Nehru University (JNU), New Delhi, Delhi, as India’s highest-ranked institution in Development Studies (20th globally).
- Music is the only new subject to be added to the 2024 rankings.
- The edition included 55 individual subjects from five broad subject areas: Arts & Humanities, Engineering & Technology, Life Sciences & Medicine, Natural Sciences, and Social Science & Management.
- Harvard University of the United States (US) ranked first in all four broad subjects.
- 69 Indian universities were included in the 2024 QS World University Rankings by Subject, with 424 entries, a 19.4% increase from 2023.
About Quacquarelli Symonds (QS):
- CEO– Jessica Turner
- Headquarter– London, United Kingdom (UK)
Click here to read from source
4) WTO Projects Global Merchandise Trade Volume to Grow by 2.6% in 2024
The World Trade Organization’s (WTO) “Global Trade Outlook and Statistics: April 2024” report projects a rise in global merchandise trade volume. Specifically, it’s expected to increase by 2.6% in 2024 and 3.3% in 2025. This comes as demand for traded goods recovers after contracting in 2023.
Regional conflicts, geopolitical tensions, and economic policy uncertainty all pose downside risks to the forecast.
- According to the report, India’s merchandise exports for 2023 were USD 432 billion, 5% lower than in 2022. India’s imports dropped 7% to USD 673 billion.
- India’s goods exports totaled USD 451 billion in FY23 and USD 394.99 billion from April to February FY24.
About World Trade Organization(WTO):
- Director-General(DG)- Ngozi Okonjo-Iweala
- Headquarters- Geneva, Switzerland
- Member nations- 164
- Established in 1995
Click here to read from source
BANKING & FINANCE
5) IPPB Introduces Aadhaar ATM Service for Convenient Cash Withdrawals
The India Post Payments Bank (IPPB) has introduced the Aadhaar ATM service for its customers. It operates on the same principles as the Aadhaar Enabled Payment System (AePS), which was introduced by the National Payments Corporation of India.
Key Features:
- With this IPPB Online Aadhaar ATM facility, customers will be able to obtain cash at their doorsteps without having to visit a bank or an Automated Teller Machine (ATM).This facility is especially useful for those who have hectic schedules or live in remote areas, particularly rural areas.
- NPCI has set a transaction limit of Rs. 10,000 for a single AePS financial transaction.
- As the acquiring bank, IPPB places no restrictions on AePS transactions for other bank customers.
- The Aadhaar Enabled Payment System (AePS) is a banking service that allows customers to use their Aadhaar identification to access their bank accounts. This is accessible through designated Business Correspondents, who provide basic banking services using a MicroATM terminal to bank customers.The AePS offers services such as balance enquiry, cash withdrawal, and cash deposit via IPPB Aadhaar ATM.
- Mini Statement: Aadhaar to Aadhaar Fund Transfer Vi.Any user who uses the service at any access point or doorstep will not be charged a transaction fee. However, the customer will be charged for doorstep service according to the prevailing fees.
About National Payments Corporation of India (NPCI)–
The National Payments Corporation of India (NPCI) is a joint initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, to develop a strong payment and settlement infrastructure in India.
- MD & CEO- Mr.Dilip Asbe
- Headquarters– Mumbai, Maharashtra
- Establishment – 2008
About India Post Payments Bank-
- Managing Director & Chief Executive Officer (MD & CEO) – R. Viswesvaran
- Headquarters: New Delhi, Delhi
- Establishment – 2018
- Tagline – Aapka Bank, Aapke Dwaar
Click here to read from source
6) ADB projected India’s GDP Growth Forecast for FY25 to 7%
On April 11, 2024, the Asian Development Bank (ADB) raised India’s GDP growth forecast for FY25 (2024-25) to 7% from 6.7%, citing robust growth driven by public and private sector investment demand as well as gradual improvement in consumer demand.
This growth estimate, however, is lower than the 7.6% projection for 2023.
Growth Projections:
- The ADB forecasts 7.2% growth for India in 2025.
- India’s inflation rate will be 4.6% in 2024 and 4.5% in 2025.
- All data in the outlook were accessed from February 1 to March 31, 2024.
Highlights:
- On the regional front, developing economies in Asia and the Pacific are expected to grow by 4.9% on average in 2024 and 2025, owing to strong domestic demand, improved semiconductor exports, and recovering tourism. The inflation rate will be 3.2% in 2024 and 3% in 2025.
- South Asia remains the fastest growing subregion, as domestic demand improves while inflation in most economies moderates. Its growth rate will be 6.3% in 2024 and 6.6% in 2025.
- The ADB’s growth forecast for India is consistent with the Reserve Bank of India’s (RBI) projections of 7% GDP growth, driven by a normal monsoon, moderate inflationary pressures, and sustained momentum in the manufacturing and service sectors.
About Asian Development Bank (ADB):
- President– Masatsugu Asakawa
- Headquarters– Mandaluyong City, Metro Manila, Philippines
- Establishment– 1966
- Members – 68 members (49 from the region)
Click here to read from source
7) NIIF Invests USD 200 mn in iBus to Boost Digital Infrastructure in India
National Investment and Infrastructure Fund Limited (NIIF) has invested USD 200 million (approximately Rs 1660 crores) in iBus Network And Infrastructure Pvt Ltd (iBUS), a Bengaluru (Karnataka)-based Digital Infrastructure Solutions Company, to help India’s digital infrastructure grow.
The investment was made through NIFF’s Master Fund as part of India’s Digital India Mission.
Following the transaction, the NIIF will own a significant majority of iBUS.
A portion of the funds will be used to develop new infrastructure solutions to meet changing market demands and technological advancements.
The NIIFL Master Fund, India’s largest infrastructure fund, seeks to participate in the Indian infrastructure story by investing in high-quality businesses and assets in core infrastructure sectors through both operating and greenfield opportunities.
Click here to read from source
8) ICICI Lombard Partnered with Policybazaar to Offer its Insurance Products on Policybazaar Platform
ICICI Lombard General Insurance Company Limited has partnered with the insurance platform Policybazaar to offer a comprehensive product portfolio from ICICI Lombard to Policybazaar’s large user base.
ICICI Lombard provides a wide range of products, including auto, health, travel, home, and business insurance.
Policybazaar will distribute ICICI Lomard’s products through a variety of platforms, including policybazaar.com for retail customers, PB for Business for corporations, and PB Partners for channel partners.
This partnership aims to improve insurance distribution by ensuring coverage reaches every corner of India via a unified digital platform.
Click here to read from source
Click here to read: Current Affairs 12th April 2024
9) PhonePe Partnered with eSewa and HAN Pokhara To Promote UPI Payments
(Current Affairs 12th April 2024)
PhonePe, a Bengaluru (Karnataka)-based Fintech company, has partnered with eSewa, a Nepalese digital wallet service, and the Hotel Association of Nepal (HAN)-Pokhara (a regional association of HAN, Nepal) to promote digital payments via the Nepal payment processor Fonepay Network.
This partnership is part of the 19th Fewa New Year Festival, which will take place in Nepal from April 11th to 14th, 2024.
The Fewa New Year Festival celebrates the theme of “Tourism, Culture, and Food” on three grand stages, featuring cultural performances, pop shows, and culinary delights.
Click here to read from source
(Current Affairs 12th April 2024)
AWARDS & RECOGNITIONS
10) Harvard Honored Avantika Vandanapu ‘South Asian Person of the Year’ (Current Affairs 12th April 2024)
The South Asian Association (SAA) honored Indian-American actress Avantika Vandanapu as the ‘South Asian Person of the Year’ on April 9, 2024, at Harvard University in Cambridge, Massachusetts, USA.
She was recognized for her accomplishments and significant contributions to both the international and Indian entertainment industries.
About Avantika Vandanapu
- Avantika was born on January 25, 2005, in California, USA, to an Indian family originally from Hyderabad, Telangana.
- She began her career as a child artist and appeared in Telugu films such as Brahmotsavam and Manamantha.
- She played the lead in Disney’s original film ‘Spin’ (2021) and later appeared in Netflix’s ‘Senior Year’ (2022).
- She also debuted in the Indian OTT (Over-the-Top) series ‘Big Girls Don’t Cry’ (2024).
Click here to read from source
(Current Affairs 12th April 2024)
APPOINTMENTS & RESIGNATIONS
11) Belgium’s Ingmar De Vos Elected as New President of ASOIF (Current Affairs 12th April 2024)
During the 48th ASOIF General Assembly on April 9, 2024, Belgium’s Ingmar De Vos, President of the International Equestrian Federation (FEI), was unanimously elected President of the Association of Summer Olympic International Federations.
He was elected for a four-year term, beginning on January 1, 2025.
He will succeed Francesco Ricci Bitti of Italy, whose third term as President of ASOIF is set to end on December 31, 2024.
The 48th ASOIF General Assembly took place during the SportAccord World Sport & Business Summit 2024, which was held in Birmingham, United Kingdom.
About Ingmar De Vos:
- Ingmar De Vos started his career as a Belgian Senate Advisor in 1989 and worked as the Director General (DG) of the Belgian Equestrian Federation from 1990 to 1997.
- He was the Secretary General of the Belgian Equestrian Federation from 1997 to 2011.
- He joined the FEI in 2011, and served as Secretary General until 2014.
- He was elected President of the FEI on December 14, 2014, and re-elected for a second four-year term in 2018 and a final third term in 2022. He has served as a member of the International Olympic Committee (IOC) since 2017. He has been an ASOIF Council member since 2019.
Exclusion of International Boxing Association (IBA):
- In accordance with the ASOIF Statutes, the General Assembly excluded the International Boxing Association (IBA) from membership.
- This move comes after the Court of Arbitration for Sport (CAS) upheld the IOC’s decision to withdraw IBA’s recognition as the International Federation (IF) for Olympic boxing. ASOIF had previously suspended IBA’s full membership rights.
Statute Amendments and New Associate Members:
- The General Assembly approved Statute amendments that clarified the start and expiry dates for Associate Membership.
- Associate Membership is granted to the International Cricket Council (ICC), the International Federation of American Football (IFAF), World Lacrosse, and World Squash, effective January 1, 2025.
About Association of Summer Olympic International Federations (ASOIF):
- President– Francesco Ricci Bitti
- Executive Director– Andrew Ryan
- Headquarters– Lausanne, Switzerland
- Established in– 1983
Click here to read from source
12) FSIB selected Manoj Mittal as CMD of SIDBI; Sanjay Shukla named MD of NHB (Current Affairs 12th April 2024)
The Financial Services Institutions Bureau (FSIB) has recommended Manoj Mittal for the position of Chairman and Managing Director (CMD) at the Small Industries Development Bank of India (SIDBI).
He is currently the MD and CEO of IFCI Limited (formerly Industrial Finance Corporation of India).
He will succeed Sivasubramanian Ramann, who has served as CMD of SIDBI since April 2021. Ramann is a 1991 batch IA&AS officer.
About Manoj Mittal:
- Manoj Mittal served as SIDBI’s Deputy MD from 2016 to 2021.
- He was instrumental in developing SIDBI Vision 2.0, which enabled SIDBI to emerge as a financially stronger institution.
FSIB Sanjay Shukla was appointed as NHB’s managing director.
The FSIB has appointed Sanjay Shukla as the MD of the National Housing Bank (NHB), India’s apex regulatory body for the overall regulation and licensing of housing finance companies.
He is currently the MD and CEO of Centrum Housing Finance Limited (CHFL).
He will succeed Sarada Kumar Hota, who has been the MD of NHB since 2019.
About Sanjay Shukla :
- Sanjay Shukla also served as the MD and CEO of Cent Bank Home Finance.
- He has also worked for ING Vysya Bank, Tata Capital Housing Finance Limited, Citi Bank, and Hometrust Housing Finance Limited (which later merged with HDFC Limited).
- He has worked for a variety of private-sector organisations, including LIC Housing Finance.
About Financial Services Institution Bureau (FSIB):
The FSIB took effect on July 1, 2022, replacing the Banks Board Bureau (BBB) in recommending individuals for appointment as whole-time directors and non-executive chairpersons on the boards of financial services institutions.
- Chairman- Bhanu Pratap Sharma
- Headquarters- Mumbai, Maharashtra
Click here to read from source
13) SC Judge Anirudhha Bose Retired; Appointed as Director of NJA (Current Affairs 12th April 2024)
On April 10, 2024, Justice Anirudhha Bose retired from the Supreme Court of India (SC). He has been the Supreme Court Judge since 2019.
Assuming the position of Director, he took the helm of the National Judicial Academy (NJA), an institution dedicated to equipping judges with the necessary skills through training programs. These programs directly assist judges in their judicial roles and court administration duties.
About Justice Anirudhha Bose:
- In October 1985, he joined the Bar Council of West Bengal as an advocate.
- After nearly 19 years of distinguished service as an advocate at the Calcutta High Court (HC), he ascended to the bench in 2004, appointed as a Permanent Judge. This marked a significant transition in his legal career.
- His accomplishments did not go unnoticed, and in 2018, he was further elevated to the position of Chief Justice (CJ) of the Jharkhand High Court.
- Continuing his impressive trajectory, he culminated his legal journey with the ultimate honor – an appointment as a Supreme Court judge in May 2019.
Additional info:
- The Director of NJA is appointed by Dhananjaya Yeshwant Chandrachud, the Chief Justice of India (CJI) and NJA’s Chairman.
- The CJI serves as the Chairman of the General Body, Governing Council, Executive Committee, and Academic Council of NJA.
About National Judicial Academy (NJA):
NJA is an independent society founded in 1993 under the Societies Registration Act of 1860. The Government of India (GoI) fully funds NJA, which operates under the Supreme Court of India’s directions.
- Chairperson– D Y Chandrachud
- Location– Bhopal, Madhya Pradesh
Click here to read from source
(Current Affairs 12th April 2024)
ACQUISITIONS & MERGERS
14) Hinduja Group Firm Gets SEBI Approval for Ownership Change of Reliance Wealth (Current Affairs 12th April 2024)
The Securities and Exchange Board of India (SEBI) has approved Hinduja Group-owned Asia Enterprises’ change of control in Reliance Wealth Management Limited in accordance with SEBI regulations governing investment advisers and portfolio managers.
SEBI also approved an application for a proposed change in control at Reliance Securities under the regulations that govern research analysts and investment advisors.
IndusInd International Holdings Limited (IIHL), the Hinduja Group’s investment holding company, successfully bid for Reliance Capital through the Corporate Insolvency Resolution Proceedings (CIRP) process of the Insolvency and Bankruptcy Code (IBC).
IIHL’s resolution plan for Reliance Capital includes Reliance Wealth, among other entities. It requires an upfront cash payment of Rs. 9,650 crore.
The CIRP process against Reliance Capital began in November 2019, and IIHL’s bid received 99.6% majority support from creditors.
Click here to read from source
(Current Affairs 12th April 2024)
SCIENCE & TECHNOLOGY
15) NASA and Japan Sign Agreement to Advance Sustainable Human Exploration (Current Affairs 12th April 2024)
On April 9, 2024, Bill Nelson, Administrator of the National Aeronautics and Space Administration (NASA), and Masahito Moriyama, Minister of Education, Culture, Sports, Science, and Technology (MEXT) of Japan, signed an agreement to advance sustainable human exploration of the Moon at NASA Headquarters in Washington, United States of America.
About the Agreement:
- The agreement states that the United States will send two Japanese astronauts to the moon’s surface as part of its lunar mission.
One of the two Japanese astronauts will become the first non-American to land on the moon. - According to the agreement, Japan will design, develop, and operate a pressurized rover for crewed and uncrewed exploration on the Moon.
- NASA will launch and deliver the rover to the moon.
The Japanese astronaut will participate in NASA’s future Artemis mission.
About the Rover:
- The pressurized rover can support two astronauts for up to 30 days as they travel near the lunar South Pole.
- It allows astronauts to travel farther and work longer on the lunar surface.
- .NASA intends to use the pressurized rover on Artemis VII and subsequent missions for an estimated 10-year period.
Key Points:
- In addition to lunar surface exploration, the United States will work with Japan on future NASA missions such as the Dragonfly and the Nancy Grace Roman Space Telescope.
- The United States and Japan intend to collaborate on JAXA’s next-generation solar-observing satellite, SOLAR-C (official name “High-sensitivity Solar Ultraviolet Spectroscopic Satellite”).
- SOLAR-C will investigate the mysteries of solar atmospheres by measuring ultraviolet radiation from the sun.
About Artemis space Program:
- The Artemis 1 successfully flew an unmanned vessel around the Moon in 2022.
- Artemis 2 is scheduled for 2025 and will transport four astronauts around the Moon without landing. The crew includes Christina Koch, an African American astronaut, Victor Glover, Reid Wiseman, and Canadian astronaut Jeremy Hanse.
- The first crewed mission to land on the Moon, Artemis 3, will launch in 2026.
Click here to read from source
(Current Affairs 12th April 2024)
IMPORTANT DAYS
16) National Safe Motherhood Day 2024 – April 11 (Current Affairs 12th April 2024)
Every year on April 11th, India observes National Safe Motherhood Day with the express purpose of raising awareness about the critical importance of maternal health and wellness. This day serves not only to illuminate this issue but also to actively promote better maternal healthcare across the country. Ultimately, the goal is to achieve a significant reduction in maternal mortality rates in India.
NSMD also ensures access to high-quality maternal health care and promotes safe delivery.
Background:
- The White Ribbon Alliance India (WRA India), a grassroots organization championing the health and rights of women and newborns, founded National Safe Motherhood Day (NSMD).
- In 2003, the Government of India (GoI) declared April 11 as National Safe Motherhood Day.The establishment of National Safe Motherhood Day aimed to highlight the importance of ensuring that women have access to adequate care throughout their pregnancy, childbirth, and postpartum period.
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On April 11, 2003, India made history as the first country in the world to officially declare National Safe Motherhood Day (NSMD). This day serves to promote maternal health and safety.
Significance of April 11:
- April 11 is the birth anniversary of Kasturba Gandhi (1869-1944), an Indian political activist and Mohandas Karamchand Gandhi’s wife. She was born on April 11, 1869, in Porbandar, British India (now Gujarat).
- Kasturba Gandhi’s 155th birth anniversary falls on April 11, 2024.
Key Points:
- According to the United Nations (UN) Maternal Mortality Estimation Inter-Agency Group (MMEIG) 2020 report, “Trends in maternal mortality 2000–2020”:
India’s maternal mortality ratio (MMR) has decreased from 384 per 1 lakh live births in 2000 to 103 in 2020. Globally, the MMR has dropped from 339 in 2000 to 223 in 2020.
The average annual rate of reduction (ARR) in global MMR from 2000 to 2020 was 2.07%, while India experienced a decline of 6.36%, which was greater than the global decline.
- According to the Registrar General of India (RGI), maternal deaths in India have steadily decreased from 130 in 2014-16 to 97 in 2018-20.
Click here to read from source
17) World Parkinson’s Day 2024 – April 11 (Current Affairs 12th April 2024)
Every year on April 11th, the world unites to celebrate World Parkinson’s Day (WPD). This occasion serves not only to raise awareness about Parkinson’s disease (PD), also known as “paralysis agitans,” but also to galvanize efforts towards improved treatments and ultimately, a cure. Researchers are fueled by the urgency of this day, pushing the boundaries of medical science in the hope of finding a solution.
Parkinson’s disease is a chronic degenerative condition of the central nervous system that affects both the motor and nonmotor systems.
The day honors Dr. James Parkinson (1755-1824), an English physician who was the first to describe “paralysis agitans”.
Note: In 1817, he recognized Parkinson’s as a medical disorder and wrote an article titled ‘An Essay on the Shaking Palsy’. The official Parkinson’s insignia is a red flower with a white fringe.
Background:
- In April 1997, the European Parkinson’s Disease Association (now known as Parkinson’s Europe), in collaboration with the World Health Organization (WHO), took the initiative to establish the inaugural World Parkinson’s Day (WPD).
- The first WPD event in 1997 coincided with the establishment of the Parkinson’s Europe Charter, which brought together individuals with Parkinson’s, their families, and healthcare professionals to raise knowledge and visibility of the disease.
Global Impact:
- In 1997, the World Health Organization established a working group on Parkinson’s Disease, which resulted in the preparation of the first Global Declaration on Parkinson’s Disease.
- It was launched in Mumbai, Maharashtra, in December 2003 with the goal of changing people’s perceptions regarding Parkinson’s disease.
What is Parkinson’s?
- It is a neurological disorder that impairs the brain’s capacity to create dopamine, a neurotransmitter required for motor control.
- Although there is no cure for Parkinson’s disease, numerous drugs, surgery, and lifestyle changes can help improve quality of life.
Click here to read from source
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