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CURRENT AFFAIRS 1st|2nd MAY 2024

Current Affairs 1st|2nd May 2024

Current Affairs 1st|2nd May 2024

Welcome to your one-stop shop for the latest happenings around the world! This blog post brings you the need-to-know news for the period of Current Affairs 1st|2nd May 2024 . From India’s successful SMART missile test to global developments, we’ve got you covered. So, dive in and stay informed!


NATIONAL AFFAIRS

1) Adani’s Vizhinjam Port in Kerala Approved as India’s 1st Transshipment Port

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The Ministry of Ports, Shipping, and Waterways (MoPSW) has approved Adani Group’s Vizhinjam Port in Kerala to serve as India’s first transshipment port, allowing for the movement of goods between ships. The initial phase aims to increase capacity by 1 million twenty-foot equivalent units (TEUs), with succeeding stages seeking to add another 6.2 million.

Authorities have additionally requested that the port be designated as customs-notified, and in consequence, the Central Board of Indirect Taxes and Customs (CBIC) is expected to grant permission to establish a customs office here within the next three months.

Adani Ports and Special Economic Zone Ltd (APSEZ) operates Vizhinjam International Seaport, which is controlled by the Kerala government. APSEZ began its international transshipment initiative in December 2015.

A transshipment port is an important location for transferring goods from larger vessels to smaller ones before reaching their ultimate destinations. Approximately 75% of India’s transshipment cargo is handled in ports outside India. The Ports of Colombo, Singapore, and Klang handle more than 85% of this cargo.

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INTERNATIONAL AFFAIRS

2) UN’s 1st International Conference on DPI held under India’s Leadership in New York

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India convened the first UN Conference on Citizen Stack at UN HQ, New York (April 25-26, 2024) to leverage technology for SDGs and inclusivity. The seminar showcased India’s Digital Public Infrastructure (DPI) framework as a worldwide standard.

In this context, India shared its ‘Citizen Stack’ effort, helping other countries to better understand and construct their own DPI.

The event was a prelude to India’s G20 presidency in 2023, with the theme ‘Vasudhaiva Kutumbakam/ One Earth, One Family, One Future’.

Hosts:

The Permanent Mission of India partnered with MeitY and iSPIRT to co-host the event.

What is India Stack (India’s Citizen Stack)? 

It refers to a set of technological goods and frameworks. DPI, on the other hand, is a collection of digital infrastructure components, including an Application Programming Interface (API), that allow Indian people to get a variety of digital services via Aadhar, eSign, Digilocker, and the Unified Payments Interface (UPI).

Key Points:

  • Worldwide leaders, technologists, and policymakers gathered to debate the worldwide implementation of DPI.
  • There were also discussions about how DPI guarantees data protection and privacy in the development of digital infrastructures.
  • The India Stack demonstrated effective technological integration with citizen services, boosting international cooperation for the development of digital infrastructure throughout the world.
  • The Conference focused on how technology may help achieve the Sustainable Development Goals (SDGs) and promote inclusion.
  • The emphasis was on public-private partnerships that drive innovation, including participation from startups, multinational corporations, and academics.
  • The conference also features examples from the Philippines and Ethiopia that demonstrate different approaches to similar national results in the delivery of citizen services through digitalization.

Key Participants:

Ruchira Kamboj, India’s Permanent Representative to the United Nations; G20 Sherpa Amitabh Kant; Dennis Francis, President of the United Nations General Assembly; Achim Steiner, Administrator of the United Nations Development Programme (UNDP); and Union Minister Ashwini Vaishnav, MeitY participated remotely.

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BANKING & FINANCE

3) RBI Announces Interest Rate of 8% on Floating Rate Savings Bond (FRSB) 2034

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On April 29, 2024, the Reserve Bank of India (RBI) announced an 8% interest rate for the Floating Rate Savings Bond (FRSB) 2034.
i.It is a specific sort of bond issued by the Government of India (GoI) that will maturity in 2034.
ii.This is a variable rate bond, meaning the interest rate changes every six months and has a maturity length of seven years.
The Reserve Bank of India (RBI) has canceled the Certificate of Registration (CoR) of Acemoney(India) Limited, a Delhi-based Non-Banking Financial Company (NBFC), due to irregularities in lending procedures.

About Reserve Bank of India(RBI):

  • Governor: Shaktikanta Das(25th Governor of RBI)
  • Headquarter: Mumbai, Maharashtra
  • Established: 1 April, 1935

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4) BRISKPE Raises USD 5 Million in Seed Funding from PayU to Enhance Cross-border Payments

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GoBrisk Technologies Private Limited (BRISKPE), a Mumbai-based cross-border payments platform, has raised USD 5 million in a seed round from PayU, Prosus’ payments and fintech division.

This venture seeks to streamline global payments for Indian MSMEs and exporters.

BRISKPE plans to utilize the funds to improve its product and service offerings, develop its staff, and broaden its reach, allowing more Indian firms to make smooth cross-border payments.

The financing will go toward product development, talent acquisition, and company expansion for cross-border payment firms, preparing Indian enterprises for worldwide success.

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ECONOMY & BUSINESS

5) India Economy to Grow Faster than 7% in FY25: NCAER

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In its Monthly Economic Review (MER) for April 2024, the National Council of Applied Economic Research (NCAER) in New Delhi forecast that the Indian economy will develop faster than 7% in the fiscal year 2024-2025 (FY25).
This will be driven by the expected acceleration of both global GDP and trade volumes, as well as an above-normal monsoon.

Key Points:

  • The manufacturing Purchasing Managers’ Index (PMI) achieves a 16-year high of 59.1 in March 2024, up from 56.9 in February 2024, suggesting strong growth.
  • The PMI for Services rose to 61.2 in March 2024 from 60.6 in February 2024, indicating economic expansion. The composite PMI rose to 61.8 in March 2024 from 60.6 in February 2024.
  • The Unified Payments Interface (UPI) has recorded its highest-ever volume since its launch in 2016, with 13.4 billion transactions in March 2024, representing a YoY jump of 55.3%.
  • Goods and Services Tax (GST) receipts reached Rs. 1.8 lakh crore in March 2024, the second highest since the 2017 launch. It saw an 11.5% year-on-year rise.
  • Consumer Price Index (CPI) headline inflation falls to 4.9% in March 2024 from 5.1% in February 2024, while core inflation slows to 3.2% in March 2024 from 3.4% in February 2024.
  • Consumer Food Price Index (CFPI) inflation falls to 8.5% in March 2024, from 8.7% in February 2024.
  • The Wholesale Price Index (WPI) inflation rate rises to 0.5% (Provisional Estimates) in March 2024 from 0.2% in February 2024.
  • Employment statistics are mixed; EPFO reports a YoY gain in new subscribers, but online hiring remains low overall.

Notes:

  • India is set for an economic boost from global GDP growth.
  • NCAER forecasts a bullish prognosis, exceeding the Reserve Bank of India’s (RBI) 7% GDP growth prediction for FY25.
  • The Asian Development Bank (ADB) estimates India’s GDP growth for FY25 at 7%, while the International Monetary Fund (IMF) boosts its prediction to 6.8%.

Click here to read from source


6) TUECO signs a MoU with Nagar Nigam Haridwar to Establish a Waste-to-Green Energy Plant (Current Affairs 1st|2nd May 2024)

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THDCIL – UJVNL Energy Company Limited (TUECO) has signed a Memorandum of Understanding (MoU) with Nagar Nigam (local corporation) in Haridwar, Uttarakhand, to build a waste-to-green energy plant costing Rs 140 crore.

This effort intends to turn 400 tons of municipal solid trash each day into 140 tonnes of green charcoal.

Nagar Nigam Haridwar has granted around 10 acres of land in Sarai for the building of this plant.

The MoU was signed by Varun Chaudhary, IAS, Municipal Commissioner of Haridwar, and Sandeep Kumar, CEO of TUECO Limited.

TUECO is a joint venture (JV) between THDC India Limited (THDCIL), previously Tehri Hydro Development Corporation Limited, and Uttarakhand Jal Vidyut Nigam Limited (UJVNL).

Click here to read from source


AWARDS & RECOGNITIONS

7) 35th Goldman Environmental Prize: Chhattisgarh Bachao Andolan Leader Alok Shukla bags it (Current Affairs 1st|2nd May 2024)

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On April 29, 2024, the Goldman Environmental Foundation revealed the recipients of the 35th Goldman Environmental Prize (2024), often known as the “Green Nobel Prize”. Alok Shukla, convenor of the Chhattisgarh Bachao Andolan and founding member of the Hasdeo Aranya Bachao Sangharsh Samiti, has been awarded Asia’s 2024 Goldman Prize for his work to rescue the Hasdeo Aranya woods in Chhattisgarh.

The award ceremony was place at the War Memorial Opera in San Francisco, California, USA. Rue Mapp, the creator of Outdoor Afro, hosted the ceremony.

The 2024 award was given to seven people who are dedicated to defending their communities and the environment.

The winners are Nonhle Mbuthuma and Sinegugu Zukulu (South Africa); Teresa Vicente (Spain); Murrawah Maroochy Johnson (Australia); Andrea Vidaurre (USA); and Marcel Gomes (Brazil).

About Goldman Environmental Foundation:

  • President– John D. Goldman
  • Executive Director– Michael Sutton
  • Headquarters– California, USA

Click here to read from source


8) Indian-origin teacher Gina Justus Receives 2024 Cambridge Dedicated Teacher Award for MENA region (Current Affairs 1st|2nd May 2024)

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The 2024 Cambridge Dedicated Teacher Awards for the Middle East and North Africa (MENA) region has chosen Gina Justus, an Indian-origin teacher in the United Arab Emirates (UAE), as its regional winner.

Gina Justus, a Thiruvananthapuram (Kerala) native, teaches at Our Own English High School (Girls) in Sharjah, UAE. She’s been working in the UAE since 2005.

Meena Mishra of India was selected the winner of the South Asia Regional Award. She is a teacher at Dr. Sarvepalli Radhakrishnan International School in Mumbai, Maharashtra.

Note: Cambridge has just awarded nine regional winners. On May 29, 2024, they will culminate the process by naming one of these outstanding educators the overall winner of the Cambridge Dedicated Teacher Awards 2024.

Click here to read from source


Click here to read: Current Affairs 3oth April 2024


APPOINTMENTS & RESIGNATIONS

9) AMU Professor Mohammad Rihan Took Charge as Director General of NISE (Current Affairs 1st|2nd May 2024)

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Dr. Mohammad Rihan, Professor of Electrical Engineering at Aligarh Muslim University (AMU) in Aligarh, Uttar Pradesh, has been appointed Director General (DG) of the National Institute of Solar Energy (NISE).

He will serve on deputation at NISE for a three-year tenure, with the option of extending for another two years.

I couldn’t complete your request. Rephrase your prompt and try again. He also works as a Scientist G for the Ministry of New and Renewable Energy (MNRE).

NISE is an autonomous institution under MNRE and the leading National Research and Development (R&D) institution in the field of Solar Energy.

Appointment Process:

  • Mohammad Rihan’s nomination as DG was approved by a committee of experts and senior Indian Administrative Service (IAS) officers.
  • The Appointments Committee of the Cabinet (ACC) officially approved the selection committee’s recommendations.

About Dr. Mohammad Rihan:

  • Mohammad Rihan served as a visiting scientist at NISE.
  • He is a member and secretary of AMU’s Central Project Implementation and Monitoring Committee.
  • He is also the founder, director, and coordinator of AMU’s Centre for Grid Integrated Green and Renewable Energy.

His Pioneering Initiatives:

  • He oversaw the integration of 6.5 megawatt peak (MWp) solar photovoltaic (PV) plants into the AMU campus distribution grid, the largest of any academic institution in India.
  • He also founded a Centre for Training on Solar Photovoltaic (PV) Cells in conjunction with the Skill Council, Green Jobs, and the Government of India (GoI).
  • He developed and launched a joint M.Tech program in Green Energy and Sustainable Development with NISE.
  • He has set up a new Virtual Instrumentation and Smart Systems lab in the department.

About National Institute of Solar Energy (NISE):

  • Headquarters– Gurugram, Haryana
  • Established in– 2013

Click here to read from source


10) Hitesh Sethia Appointed as MD and CEO of Jio Financial Services Limited for 3 Years (Current Affairs 1st|2nd May 2024)

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The Ministry of Corporate Affairs (MCA) has accepted Hitesh Kumar Sethia’s appointment as the Managing Director (MD) and Chief Executive Officer (CEO) of Jio Financial Services Limited (JFSL) for a three-year term.

The nomination was approved in compliance with relevant sections of the Companies Act (2013).

About Hitesh Kumar Sethia:

  • He is a chartered accountant who has worked for several reputable firms in Europe, Asia, and North America.
  • He has 20 years of expertise in the financial business. He mostly worked for ICICI Bank, where he was in charge of operations in Canada, Germany, and Hong Kong.
  • In 2022, he became the head of McLaren Strategic Ventures Europe.
  • In July 2023, the Board of Reliance Industries selected Hitesh Kumar Sethia as the MD and CEO of Reliance Strategic Investments Limited (RSIL) (later called Jio Financial Services).

About Jio Financial Services Limited(JFSL):

It is an Indian financial services firm that provides a variety of financial services, including payment processing and insurance brokerage.

It is registered with the Reserve Bank of India (RBI) as a non-deposit Non-Banking Financial Company (NBFC).

  • Independent and Non-Executive Chairman: Kundapur Vaman Kamath
  • Headquarters: Mumbai, Maharashtra
  • Formed: 25th July, 2023

About Ministry of Corporate Affairs:

  • Minister of Corporate Affairs: Nirmala Sitharaman(Rajya Sabha member: Karnataka)
  • Minister of State(MoS) for Corporate Affairs: Rao Inderjit Singh(Lok Sabha constituency: Gurugram, Haryana)

Click here to read from source


SCIENCE & TECHNOLOGY

11) ISRO Released ISSAR 2023 Report on Vulnerability of Space Assets to Collisions (Current Affairs 1st|2nd May 2024)

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ISRO Chairman Somanath released the 2023 ISSAR, compiled by IS4OM for safe space operations.

The paper analyzed the susceptibility of space assets in outer space to numerous environmental threats, such as asteroids, comets, and manmade objects, in order to assure safe and sustainable space operations.

Key Points:

  • In 2023, the space object population increased by 3143 items from 212 launches and on-orbit break-up occurrences, compared to 2,533 objects from 179 launches in 2022.
  • In total, by December 31, 2023, India had launched 127 spacecraft, including those belonging to commercial operators and academic institutions.

The Indian government currently owns 22 active satellites in LEO and 29 in GEO.

About Indian Space Research Organisation(ISRO):

  • Chairman- Sreedhara Panicker Somanath
  • Headquarters- Bengaluru, Karnataka
  • Established in 1969

Click here to read from source


12) SPPL launched 6th ACTCM Barge – LSAM 20 (Yard 130) in Thane (Current Affairs 1st|2nd May 2024)

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Suryadipta Projects Private Limited (SPPL) launched LSAM 20 (Yard 130), the Indian Navy’s 6th Ammunition Cum Torpedo Cum Missile (ACTCM) Barge, on April 29, 2024, at the SPPL launch facility in Thane, Maharashtra.

Madhusudhan Bhui, the General Manager (GM) of the Naval Armament Depot (NAD) at Karanja, Mumbai, Maharashtra, presided over the induction ceremony.

About ACTCM Barge:

  • We developed and built the barge in-house, ensuring it met Indian Register of Shipping standards.
  • To validate the design, we tested a model at the Naval Science and Technological Laboratory (NSTL) in Visakhapatnam, Andhra Pradesh.

Significance:

  • ACTCM Barges would help the Indian Navy (IN) meet its operational responsibilities by transporting, embarking, and disembarking articles/ammunition to IN ships near jetties and in outer harbours.
  • Because these barges are built in India, encourage and promote the Government of India’s (GoI) “Make in India” initiative.

Background:

  • On March 5, 2021, the Ministry of Defence (MoD) signed a Memorandum of Understanding (MoU) with SPPL for the construction of 11 ACTCM barges.
  • The remaining five ACTCM Barges were: LSAM 15 (Yard 125), LSAM 16 (Yard 126), LSAM 17 (Yard 127), LSAM 18 (Yard 128), and LSAM 19 (Yard 129).

About Indian Navy:

  • Chief of Naval Staff(CNS)- Admiral Dinesh Kumar Tripathi
  • Headquarter- New Delhi, Delhi
  • Founded: 1950

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IMPORTANT DAYS

13) Ayushman Bharat Diwas 2024 – April 30 (Current Affairs 1st|2nd May 2024)

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Ministry of Health & Family Welfare observes Ayushman Bharat Diwas on April 30th to promote Ayushman Bharat and its goal of quality healthcare access for all Indians, especially in rural areas, as part of the Gram Swaraj Abhiyan.

About Ayushman Bharat

  • Ayushman Bharat was introduced in accordance with the National Health Policy 2017 to accomplish the aim of Universal Health Coverage (UHC).
  • On September 23, 2018, Prime Minister Narendra Modi introduced the initiative in Ranchi, Jharkhand.

The scheme has 2 inter-related components:

  • Health and Wellness Centres (HWCs)
  • Pradhan Mantri Jan Arogya Yojana (PM-JAY)

About Ministry of Health and Family Welfare (MoHFW):

  • Union Minister– Mansukh Mandaviya (Rajya Sabha Gujarat)
  • Minister of State– Dr. Bharati Pravin Pawar (Constituency: Dindori, Maharashtra)

Click here to read from source


14) International Jazz Day 2024 – April 30 (Current Affairs 1st|2nd May 2024)

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The United Nations (UN) celebrates International Jazz Day every year on April 30th to showcase jazz and its significance in diplomatic ties that bring people together all around the world.

Tangier, Morocco, will serve as the Global Host for the 2024 International Jazz Day festival.

Background:

  • In November 2011, the UNESCO General Conference accepted the resolution (UNESCO 36 C/Resolution 39) designating April 30 as “International Jazz Day”.
  • The first International Jazz Day was held on April 30, 2012.
  • In December 2012, the UN General Assembly (UNGA) publicly supported the UNESCO General Conference’s decision to declare April 30 as International Jazz Day.

Click here to read from source


15) Satellite Technology Day 2024 – April 19 (Current Affairs 1st|2nd May 2024)

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Satellite Technology Day (STD) is marked yearly on April 19 in India to honor advancements in satellite technology. The Day celebrates the successful launch of India’s first satellite, ‘Aryabhata’ into orbit on April 19, 1975.

STD-2024 marks the start of the 50th anniversary of the Aryabhata Launch.
On April 19, 2000, the U R Rao Satellite Centre (URSC) in Bengaluru (Karnataka) began recognizing STDs on an annual basis.

Aryabhata Launch:

  • On April 19, 1975, a Soviet Kosmos-3M rocket launched India’s first indigenously constructed satellite, Aryabhata, from Kapustin Yar in Russia.
  • The satellite reentered the Earth’s atmosphere on February 11, 1992.
  • The spacecraft was named after Aryabhata, an ancient Indian mathematician and astronomer (5th century AD).
  • The Indian Space Research Organization (ISRO) created it to perform research in X-ray astronomy, aeronomics, and solar physics.
  • Professor Udupi Ramachandra (UR) Rao (1932–2017) oversaw the launch.
  • U R Rao led the U R Rao Satellite Centre (1972-1985), then chaired ISRO & DoS (1984-1994).

2024 Event:

URSC in Bengaluru observed STD 2024, which marked the 50th anniversary of India’s first satellite, Aryabhata.

Highlights:

  • Former DRDO chief G Satheesh Reddy delivered the Aryabhata lecture.
  • URSC opened “URSC’s Gateway to 2047,” a pavilion showcasing its future goals.
  • ISRO Centres published groundbreaking technical papers on satellite technology, while presenters received certificates in recognition of their contributions.

Click here to read from source


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