Current Affairs 1st April 2024
Welcome to your one-stop shop for staying informed about Current Affairs 1st April 2024. In today’s fast-paced world, keeping up with the latest news and developments can be a challenge. But fear not! This blog is here to bring you the most important headlines and stories from around the globe, all conveniently compiled for April 1st, 2024.
Whether you’re interested in international affairs, scientific breakthroughs, or domestic news, we’ve got you covered. So, buckle up and get ready to dive into the day’s most newsworthy events!
NATIONAL AFFAIRS
(CURRENT AFFAIRS 1st APRIL 2024)
1) Adani Group‘s Kutch Copper Limited Commences Phase-1 Operations in Mundra
Adani Enterprises, led by Gautam Adani, marks its entry into the metals sector with the commissioning of Kutch Copper’s first greenfield copper refinery unit in Mundra, Gujarat. This significant project reduces India’s reliance on copper imports and supports the clean energy transition.
Copper’s rising demand stems from its use in renewable energy, electric vehicles, and power grids. To meet this demand, Kutch Copper’s first phase boasts a 0.5 million tonnes per annum (MTPA) capacity with an investment of nearly USD 1.2 billion. Upon completion of the second phase, it will become the world’s largest single-location custom smelter at 1 MTPA, adhering to strict ESG standards. Full capacity is expected by March 2029.
The refinery utilizes cutting-edge technologies and digitalization for efficient operations. Beyond copper cathodes and rods, it will generate valuable byproducts like gold, silver, and sulfuric acid, further reducing import dependence. Kutch Copper Tubes Limited, a planned subsidiary, will focus on copper tubes for air conditioning and refrigeration.
Sustainability is a core principle for Kutch Copper. One-third of the plant area is dedicated to greenery, and 15% of the capital allocation goes towards environmental protection. Wastewater recycling, desalination, and zero-liquid discharge practices minimize environmental impact.
This project signifies the Adani Group’s commitment to a sustainable and self-reliant future for India. By employing advanced green technologies, Kutch Copper aims to contribute to the nation’s goal of achieving carbon neutrality by 2070.
Click here to read from source
2) ‘Meghayan-24’: SNOM & INMAC Organised METOC Seminar at Southern Naval Command (CURRENT AFFAIRS 1st APRIL 2024)
The Adani portfolio of companies: Highlights the dedication to a sustainable and independent future with the launch of Kutch Copper.
aims to use cutting-edge green technologies to help India reach its 2070 carbon neutrality objective.
Note: The Indian Naval Ship (INS) Venduruthy at Kochi, Kerala, serves as the headquarters of the Southern Naval Command.
WMD: Every year on March 23, we celebrate World Meteorological Day, which marks the anniversary of the World Meteorological Organization’s (WMO) founding on that date in 1950.
About ‘Meghayan-24’:
- The seminar provided a forum for the exchange of information about weather, climate services, and methods for addressing the problems caused by climate change.
- Panel talks on subjects like “Effect of Weather and Climate Change on Naval Operations” were also held throughout the conference. Expert officers talked about the most recent methods used by Indian scientific institutions and the Indian Navy to supply METOC projections and inputs for operational changes.
Launch of INDRA:
INDRA (Indian Naval Dynamic Resource for Weather Analysis), a homegrown mobile application created by BISAG (Bhaskaracharya National Institute for Space Applications and Geo-informatics), was introduced during the session.
The goal is to provide weather-related data and forecasts so that people may make informed decisions quickly and effectively.
The Indian Navy’s Directorate of Naval Oceanology and Meteorology collaborated in the development of the app.
Key People:
- The Chief of the Naval Staff (CNS), Admiral R. Hari Kumar, gave the opening speech and took part in the ceremony digitally.
- Attending the lecture were Cmde Abhinav Barve, Commodore (NOM), Naval Headquarters; Miren Karamta, Director, BISAG; and Rear Admiral Upal Kundu, Chief of Staff, Southern Naval Command.
Click here to read from source
3) UNICEF India with IIHMR Delhi & IIT Mumbai Launches ‘Digital Health Enterprise Planning Course’ to Bridge Tech-knowledge Gaps
A collaborative effort by UNICEF India, IIT Bombay, and IIHMR Delhi is launching a 10-week “Digital Health Enterprise Planning Course” starting April 17th, 2024. This program aims to equip healthcare professionals, policymakers, and IT experts with the skills needed to drive digital transformation in the Indian healthcare system.
Aligned with the UN’s Sustainable Development Goals (SDGs) and the Global Initiative on Digital Health (GIDH), the course tackles the growing demand for digital health education. It offers nine modules covering topics like integrating digital solutions, building national digital health systems, and managing digital health projects.
The curriculum, developed with UNICEF India’s technical assistance and expertise from IIT and IIHMR, is adapted from the World Health Organization’s (WHO) Digital Health Centre of Excellence (DICE) initiative. This blended learning program combines online resources, recorded lectures, interactive forums, and practical workshops, led by academics and seasoned digital health practitioners.
This initiative complements UNICEF India’s commitment to the GIDH and addresses the training gap in the Indian healthcare sector. It follows another development – a CSR partnership between IIT Kanpur’s SIIC and Gliders India Limited to promote innovation in telemedicine, digital health solutions, and medical technologies. These collaborations aim to build a robust ecosystem for digital health advancements in India.
About UNICEF India:
- UNICEF Representative to India– Cynthia McCaffrey
- Headquarters– New Delhi, Delhi
- Established in– 1949
Click here to read from source
INTERNATIONAL AFFAIRS
4) WHO Launches CoViNet, a Network of Laboratory to Monitor Emerging Coronaviruses
The Coronavirus Network (CoViNet), a global network established by the World Health Organization (WHO), aims to promptly detect, monitor, and evaluate coronaviruses that are significant for public health.
About CoViNet:
- The goal of CoViNet is to make it easier to identify novel coronaviruses that are significant for public health as well as the Middle East respiratory syndrome coronavirus (MERS-CoV) and Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2).
- As the first WHO reference lab network for SARS-CoV-2, CoViNet builds upon the WHO SARS-CoV-2 Reference Laboratory Network, which was founded in January 2020.
- CoViNet comprises 36 labs from 21 nations in each of the six WHO regions. Three laboratories in India are included in this.
Chennai, Tamil Nadu is home to the Council for Scientific and Industrial Research-National Environmental Engineering Research Institute (CSIR-NEERI).
Pune, Maharashtra: Indian Council of Medical Research-National Institute of Virology (ICMR-NIV).
Faridabad, Haryana’s Translational Health Science and Technology Institute (THSTI).
Key Points:
- The network currently incorporates environmental and animal health monitoring, as well as prompt risk assessment to inform WHO guidelines and preventative actions.
- On March 26–27, 2024, laboratory representatives gathered in Geneva, Switzerland, to finalize an action plan for 2024–2025. The goal of this plan is to make sure that member states have the resources necessary for early detection, risk assessment, and response to health issues related to coronaviruses.
- CoViNet data will direct the efforts of WHO’s Technical Advisory Groups on Vaccine Composition (TAG-CO-VAC) and Viral Evolution (TAG-VE), among others, to guarantee that global health instruments and policies are grounded in the most recent scientific knowledge.
About World Health Organization (WHO):
- Director-General – Dr Tedros Adhanom Ghebreyesus
- Headquarters – Geneva, Switzerland
- Establishment – 7 April 1948
Click here to read from source
BANKING & FINANCE
5) RBI: Reserve assets surge by USD34.8 billion, net claims of NRI declined by USD12.2 billion (CURRENT AFFAIRS 1st APRIL 2024)
As per the latest statistics given by RBI, India’s International Investment Position (IIP) as of December 2023 revealed a drop in net claims of Non-Residents on India by USD12.2 billion during the period from October to December 2023 to USD370.4 billion as the end of December 2023.
The primary cause of the decrease is the rise in reserve assets, which increased by USD34.8 billion in Q3 of FY24.
Key Points:
- The RBI data indicates that the drop in net claims can be attributed to the exponential rise in financial assets of Indian residents residing abroad, which stands at USD40.7 billion, in contrast to the USD28.5 billion increase in foreign-owned assets in India.
- The rise in reserve assets, which made up more than 85% of the growth in the amount of foreign assets owned by Indian citizens. Therefore, a rise in reserve assets may aid India in strengthening its financial position abroad.
- Original Indian foreign financial assets comprised 63.9% reserve assets.
- The proportion of debt obligations to all external liabilities has not changed, staying at 50.4%. v.According to RBI data, in December 2023, India’s international financial assets to international financial liabilities climbed to 72.4% from 70.9% a quarter earlier.
About Reserve Bank of India(RBI):
- Established: 1 April, 1935
- Headquarter: Mumbai, Maharashtra
- Governor: Shaktikanta Das(25th Governor of RBI)
Click here to read from source
6) GoI approved Bonus for PLI & RPLI Scheme for FY25
The Government of India has declared a simple reversionary bonus for Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) schemes for the financial year 2024-25 (FY25), maintaining bonus rates from the previous year. These bonuses will be effective from April 1, 2024.
PLI Bonus Rates:
- Whole Life Assurance (WLA): Rs. 76 per thousand of assured sum
- Endowment Assurance (EA): Rs. 52 per thousand of assured sum
- Anticipated Endowment Assurance (AEA): Rs. 48 per thousand of assured sum
- Convertible Whole Life Assurance (CWLA): WLA bonus rate applies initially, then converts to EA bonus rate
- Terminal Bonus (WLA & EA policies with 20+ years): Rs. 20 per Rs. 10,000 assured sum, maximum Rs. 1,000
RPLI Bonus Rates:
- Endowment Assurance (EA) including Child Policy: Rs. 48 per thousand of assured sum
- Whole Life Assurance (WLA): Rs. 60 per thousand of assured sum
- Anticipated Endowment Assurance (AEA) including Gram Priya: Rs. 45 per thousand of assured sum
- Convertible Whole Life Assurance (CWLA): Similar to PLI (WLA bonus rate initially, then converts to EA bonus rate)
- Terminal Bonus (WLA & EA policies with 20+ years): Same as PLI (Rs. 20 per Rs. 10,000 assured sum, maximum Rs. 1,000)
About PLI & RPLI:
- PLI, launched in 1884, is India’s oldest life insurance plan, initially for postal workers and later expanded to Telegraph Department employees.
- RPLI, established in 1995, was recommended by the “Official Committee for Reforms in the Insurance Sector” led by RBI Governor R.N. Malhotra.
Additional Information:
As of FY22, PLI has over 47.5 lakh policyholders and RPLI has over 57.81 lakh subscribers (Source: Comptroller and Auditor General report).
Click here to read from source
7) Karnataka Bank Raises Rs 600 cr Through Qualified Institutional Placement
The Qualified Institutional Placement (QIP) has allowed shares to be allotted, and Karnataka Bank has approved this assignment at a price of Rs 227 per equity share, which includes a premium of Rs 217 per share. This can add up to a total of Rs 600 crores.
The QIP was operational from March 21 to March 27, 2024.
With this, the Rs 1,500 crore planned capital raise campaign that was launched in September 2023 comes to an end.
The QIP of Rs 600 crores is part of the capital raise, along with preferential issuance of Rs 800 crores in October 2023 and Rs 100 crores in February 2024.
Note: The money raised from the Issues will be utilized to meet Karnataka Bank’s expanding commercial needs.
Click here to read from source
Click here to read: Current Affairs 31st March 2024
8) AmpIn Energy Gets 25 million euro Funding from OeEB, Development Bank of Austria (CURRENT AFFAIRS 1st APRIL 2024)
The Development Bank of Austria, or OeEB – Oesterreichische Entwicklungsbank AG, invested 25 million euros in AmpIn Energy Transition Private Limited as long-term funding to assist AmpIn Energy’s goals for energy expansion. Additionally, this would help AmpIn create a local 1-Gigawatt (GW) solar cell and module production plant in Odisha.
By 2030, AmpIn Energy wants to have 10 GW of renewable energy in its portfolio.
About AmpIn Energy Transition Pvt. Ltd:
AmpIn Energy, formerly known as Amp Energy India, is a balanced renewable energy company in India.
- Founder, Managing Director(MD) & Chief Executive Officer (CEO)– Pinaki Bhattacharyya
- Established in 2016
- Headquarters– New Delhi (Delhi)
Click here to read from source
9) L&T Finance Holdings Renamed as “ L&T Finance Limited”
The Registrar of Companies (RoC) has approved the name change of L&T Finance Holdings Ltd (LTFH), a subsidiary of Larsen & Toubro (L&T) Limited, to “L&T Finance Limited (LTF)” effective March 28, 2024.
The rebranding is in line with LTF’s objective to establish a “Single Lending Entity” that will consolidate all lending operations under a single NBFC.
To establish a “Single Lending Entity,” LTFH (now LTF) finalized the merger of its subsidiaries, L&T Finance Ltd., L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd., with itself in December 2023.
Following the merger, L&T Finance Ltd. and L&T Infra Credit Ltd. turned over their Certificate of Registration to the Reserve Bank of India (RBI).
Note: L&T Finance Limited is a leading non-banking financial company (NBFC) based in Mumbai, Maharashtra.
Click here to read from source
ECONOMY & BUSINESS
10) Tejas Networks and Telecom Egypt Announces Strategic Cooperation Projects in Egypt (CURRENT AFFAIRS 1st APRIL 2024)
A Memorandum of Understanding (MoU) was inked by Tejas Networks Limited, Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency), and NTI (National Telecom Institute) to replicate its experience in executing the NKN (National Knowledge Network) and Bharatnet (Rural Broadband Project) projects in Egypt.
Key Points of MoU:
- The Memorandum of Understanding highlighted a number of additional major areas f cooperation, such as: Developing Egyptian engineers’ and technicians’ capacity to use cutting-edge networking and telecom technology. creating local facilities for fiber-to-the-home (FTTH) product manufacturing and research and development.
In accordance with the Memorandum of Understanding, Tejas Network will establish technical support services in Egypt to enable customers in Egypt and throughout the broader African and Middle Eastern region to receive assistance. - It is a comprehensive agreement designed to encourage the localization of communication products of the highest caliber and draw in fresh investment to Egypt. It will support research expertise in several communication disciplines and generate career possibilities.
Note:
In January 2024, Telecom Egypt received a license from the National Telecommunications Regulatory Authority (NTRA) to operate 5G for a duration of 15 years, at a cost of USD 150 million.
The first telecom provider in Egypt to offer comprehensive telecom services to its clients is Telecom Egypt. The business owns 45% of Vodafone Egypt.
About Tejas Networks Limited:
It is a Tata Group firm that provides data networking, broadband, and optical services. In more than 75 countries, it develops and produces high-performance wireline and wireless networking products.
- Chief Executive Officer(CEO) and Managing Director(MD): Anand
- AthreyaHeadquarters: Bengaluru, Karnataka
- Established: 2000
Click here to read from source
11) SIA-India & Brazil’s ABRASAT signed MoU to Boost Advancements in Space Sector
To promote progress in the space sector, the Brazilian Association of Satellite Telecommunications Companies (ABRASAT – Associação Brasileira das Empresas de Telecomunicações por Satélite) and the SatCom Industry Association of India (SIA-India) have signed a Memorandum of Understanding (MoU).
The Memorandum of Understanding (MoU) seeks to promote technological cooperation, inventive endeavors, and teamwork between Brazil and India.
The strategic alliance would facilitate improved collaboration and connectivity while enabling vital activities.
The Memorandum of Understanding will investigate new market dynamics, private investments, entrepreneurship, infrastructure development, and technology developments.
Click here to read from source
12) RVNL-Salasar JV Bags Rs 60 crore Transmission Project in Rwanda (CURRENT AFFAIRS 1st APRIL 2024)
The “Rwanda Transmission System Reinforcement and Last Mile Connectivity project (TSRLMC)” is a transmission project of Rwanda in Central Africa that has been awarded to a Joint Venture (JV) between Rail Vikas Nigam Limited (RVNL) and Salasar Techno Engineering Limited (STEL), the private steel maker. About Rs 60 crore (USD 7.152 million) is the project’s estimated value.
The STEL has eighteen months to carry out the order, which it obtained from the Energy Development Corporation Limited (EDCL).
45.8 km of 110 KV double circuit Rukarara-Huye-Gisagara transmission lines are to be designed, supplied, and installed by Rwanda TSRLMC.
Note: STEL holds the remaining 49% of the joint venture, while RVNL owns 51% of it.
Click here to read from source
SPORTS
13) Badminton: India’s Anupama Upadhyaya Wins Women’s Singles Title at Orlen Polish Open 2024 (CURRENT AFFAIRS 1st APRIL 2024)
Anupama Upadhyaya of India triumphs over Tanya Hemanth of India in the women’s singles category of the Orlen Polish Open 2024, which takes place in the Wilanow Sports Centre in Warsaw, Poland, from March 20 to 24, 2024.
Anupama won her fifth international women’s singles championship.
In the final, Danish players Christian Faust Kjaer and William Kryger Boe were defeated by Indian duo M.R. Arjun and Dhruv Kapila to win the men’s doubles championship.
Other Winners:
- Victor Ørding Kauffmann of Denmark defeated Jia Heng Jason Teh of Singapore in the finals to win the men’s singles championship. In the semifinals, India’s Darshan Pujari was defeated by Jia Heng Jason Teh.
- Yin-Hui Hsu and Jhih Yun Lin of Chinese Taipei defeated Amalie of Denmark to win the women’s doubles championship. In the finals, Cecilie Kudsk and Signe Schulz.
- Canadians Alexander Lindeman and Josephine Wu defeated Callum Hemming and Estelle Van Leeuwen of England to win the mixed doubles championship.
About Polish Open 2024:
- The Polish Badminton Association, under the auspices of Badminton Europe and the Badminton World Federation (BWF), arranged the 46th Polish Open, an International Challenge tournament.
- A total of USD 15,000 in prize money was provided.
Click here to read from source
14) Indian Contingent Wins 26 Medals at Youth Boxing World Cup 2024 (CURRENT AFFAIRS 1st APRIL 2024)
The Youth World Boxing Cup 2024 (33rd Adriatic Pearl event), which took place at the Hotel Splendid Conference & Spa Resort in Budva, Montenegro, from March 3–11, 2024, saw 26 medals won by the Indian boxing contingent—five gold, nine silver, and twelve bronze.
Russia took first place in the medal standings with eight gold. Poland took third place with three gold medals, and India finished second with five gold medals.
Indian Gold Medal Winners:
- Chanchal Chaudhary defeated Valeria Amparan of Mexico to win a gold medal in the Women’s Youth Light Fly (50kg) division.
- Nikita Chand defeated Arailym Alimbergen of Kazakhstan to win the gold medal in the Women’s Youth Light (60kg) category.
- Parthavi Grewal took home the gold in the 66kg women’s youth welter division.
- Phalswal Akansha won gold medals for India in the 70kg women’s youth light middle division.
- Brajesh Tamta took home the gold medal for India in the youth men’s 48 kg division.
Awards:
- The tournament’s best male boxer is Torekhan Sabyrkhan of Kazakhstan.
- Nikita Chand of India was the best female boxer of the competition.
- Trophy to the Cuban boxer Yurisniel Ardiles Abreu for having the best technical talents
The top boxer in the area is Milos Roganovic from Montenegro.
About Youth World Boxing Cup 2024:
- The tournament’s best male boxer is Torekhan Sabyrkhan of Kazakhstan.
- Nikita Chand of India was the best female boxer of the competition.
- Trophy to the Cuban boxer Yurisniel Ardiles Abreu for having the best technical talents
- The top boxer in the area is Milos Roganovic from Montenegro.
Click here to read from source
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