Current Affairs 28th|29th April 2024
This week, from April 28th to 29th, 2024, has been a whirlwind of news! From exciting victories on the international stage to scientific advancements and cultural celebrations, there’s a lot to unpack. In this blog post, we’ll delve into the Current Affairs 28th|29th April 2024, keeping you informed about the latest happenings around the world.
NATIONAL AFFAIRS
1) IREDA & HUDCO granted ‘Navratna status’ by Department Of Public Enterprises
Indian Renewable Energy Development Agency Ltd (IREDA) has been given Navratna status by the Department of Public Enterprises (DPE) of the Ministry of Finance.
Housing and Urban Development Corporation Limited has also been accorded Navratna status by the Department of Public Enterprises (DPE).
Key Points:
- IREDA’s net profit increased by 32% year on year to Rs 337 crore, and remained stable quarter on quarter.
- Assets under management (AUM) increased by 26.8% year on year to Rs 59,698 crore.
- IREDA is a government-owned organization with a 75% share.
- Established in March 1987, it is a’miniratna’ public limited company under the Ministry of New and Renewable Energy.
- It operates as a Non-Banking Financial Institution (NBFI), offering financial support for renewable energy and energy efficiency initiatives.
- HUDCO is a public sector company that reports to the Ministry of Housing and Urban Affairs (MoHUA).
What is a Navratna Status?
The Indian government grants Navratna status to top-tier Public Sector Undertakings (PSUs), allowing them to invest up to Rs 1,000 crore without obtaining national clearance.
These firms can spend up to 30% of their net worth each year, as long as it is less than Rs 1,000 crore, and they can form joint ventures, alliances, and establish international subsidiaries.
To be eligible for navratna status, a corporation must already have miniratna category I status and be listed on Schedule A of Central Public Sector Enterprises (CPSEs).
List of Navratna Companies in India:
- Engineers India Ltd (EIL)
- Container Corporation of India Ltd (CONCOR)
- Bharat Electronics Ltd (BEL)
- Hindustan Aeronautics Ltd (HAL)
- Neyveli Lignite Corporation Ltd (NLC India)
- Rashtriya Ispat Nigam Ltd (RINL)
- Rashtriya Chemicals & Fertilisers Ltd (RCF)
- Mahanagar Telephone Nigam Ltd (MTNL)
- National Buildings Construction Corporation Ltd (NBCC)
- National Aluminium Company Ltd (NALCO)
- National Mineral Development Corporation Ltd (NMDC)
- Rail Vikas Nigam Ltd (RVNL)
- Shipping Corporation of India Ltd (SCI)
- ONGC Videsh Ltd (OVL)
- RITES Ltd
- IRCON International Ltd
- Indian Renewable Energy Development Agency Ltd (IREDA)
- National Fertilizers Limited(NFL)
- Housing and Urban Development Corporation Limited (HUDCO)
Click here to read from source
2) More than 27% of identified Glacial Lakes in Himalayas Expanded since 1984: ISRO
Long-term satellite data from the Indian Space Research Organisation (ISRO) spanning the catchments of Indian Himalayan river basins from 1984 to 2023 reveals that more than 27% of identified glacier lakes in the Himalayas have increased since 1984.
Of the 2,431 lakes larger than 10 hectares found in 2016-17, about 676 glacial lakes have significantly increased since 1984.
Points to note:
- Of the 676 lakes, 601 have increased more than twice; 10 have grown 1.5 to 2 times, and 65 have expanded 1.5 times.
- 130 of these lakes are in India, including 65 in the Indus River Basin, 7 in the Ganga River Basin, and 58 in the Brahmaputra River Basin.
- According to elevation-based data, 314 lakes lie between 4,000 and 5,000 meters (m), with 296 lakes over 5,000 meters.
- Glacier lakes are divided into four groups based on how they formed.
- Water dammed by moraine.
- Water dammed by ice
- Erosion (water dammed in depressions created by erosion)
- Other glacial lakes
- Moraine-dammed lakes account for around 307 of the growing lakes, followed by Erosion (265), Other (96), and Ice-dammed (8) glacial lakes.
- Case Study: Between 1989 and 2022, the size of Ghepang Ghat glacier lake (Indus River Basin) at 4,068 m elevation in Himachal Pradesh rose by 178% (from 36.49 to 101.30 hectares). The yearly growth rate is around 1.96 hectares.
Significance of Glacier Lakes:
- Glacial lakes are bodies of water generated when glaciers melt. They provide critical freshwater supplies for Himalayan rivers.
- They also offer considerable threats, such as Glacial Lake Outburst Floods (GLOFs), which occur when glacial lakes discharge massive amounts of meltwater as a result of natural dam failure.
Additional info:
- Satellite-derived studies can improve understanding of glacial lake dynamics, aiding in environmental impact assessments and risk management methods, as well as climate change adaptation in glacial environments.
Click here to read from source
INTERNATIONAL AFFAIRS
3) Indian Navy Participates in Maritime Partnership Exercise with UK’s Littoral Group
The Indian Navy’s indigenous stealth frigate, Indian Naval Ship (INS) Sahyadri, took part in a Maritime Partnership Exercise with the United Kingdom’s Littoral Response Group South (LRGS), which included the British Royal Navy’s Royal Fleet Auxiliary (RFA) Argus and RFA Lyme Bay at Sea.
Aim: To increase interoperability and strengthen maritime cooperation between India and the United Kingdom.
About the Exercise:
- The exercise consisted of tactical maneuvers, boarding operations, surface engagement against simulated asymmetric threats, cross-deck visits, and helicopter operations.
- The exercise provided opportunity for the Navies of India and the United Kingdom to share best practices.
- The exercise allowed both fleets to learn from each other’s experience and competence.
- This demonstrates the Indian Navy’s commitment to enhancing maritime partnerships and fostering regional stability.
Details about INS Sahyadri:
- The Indian Navy commissioned its third Project-17 class multirole stealth frigate, which had been conceived and produced entirely in-house.
- The frigate was built at Mazagon Dock Limited in Mumbai, Maharashtra.
- The commissioning ceremony then took place on July 21, 2012, at the Eastern Naval Command in Vishakapatnam.
- Currently, there are three stealth frigates in the Project-17 class series: INS Shivalik, INS Sahyadri, and INS Satpura.
About Indian Navy:
- Chief of Naval Staff- Radhakrishnan Hari Kumar
- Headquarter- New Delhi, Delhi
Click here to read from source
BANKING & FINANCE
4) RBI lays out Framework for Voluntary Transition of Small Finance Banks(SFBs) to Universal Banks(UBs)
On April 26, 2024, the Reserve Bank of India (RBI) issued a framework in the form of eligibility requirements for the voluntary transformation of Small Finance Banks (SFBs) to Universal Banks (UBs).
The RBI imposed various restrictions for the conversion of SFBs into UBs, such as a minimum paid-up capital of Rs1000 crore, a sufficient track record of performance for at least 5 years, and other requirements.
Background:
These requirements are in connection to the “Guidelines for ‘on-tap’ Licensing of Small Finance Banks in the Private Sector” announced on December 5, 2019. These recommendations outline a method for SFBs to convert into UBs.
About Small Finance Banks(SFBs):
SFBs are financial institutions that will offer financial services to the country’s underserved and unbanked regions. They are constituted under the Companies Act of 2013 and are subject to the requirements of the RBI Act of 1934 and the Banking Regulation Act of 1949.
Click here to read from source
5) SEBI allows AIFs to Pledge Equity Shares of Investee Companies in Infrastructure Sector
The Securities and Exchange Board of India (SEBI) has issued a framework allowing Category I and Category II Alternative Investment Funds (AIFs) in the infrastructure sector to obtain loans by pledging stock in their investee businesses.
In this connection, the SEBI (AIF) Regulations, 2012 have been revised and announced as the SEBI (AIF) (second amendment) Regulations, 2024.
The notification was made pursuant to Section 11(1) of the SEBI Act 1992.
SEBI Notifies BSE to Pay Regulatory Fee on Option Contracts.
It has advised the BSE (previously Bombay Stock Exchange) that regulatory costs for options contracts would be based on notional value rather than premium value.
SEBI has directed BSE to pay a differential regulatory charge for previous periods, with an annual interest rate of 15% on the amount that remains unpaid, untimely paid, or short paid for each month of delay.
About Securities and Exchange Board of India (SEBI):
SEBI regulates the capital market. It was formed as a legislative organization in 1992.
- Chairperson– Madhabi Puri Buch
- Headquarters– Mumbai, Maharashtra
Click here to read from source
6) ADB Pledged USD23.6 billion in 2023 to Help Asia and Pacific Progress on Sustainable Development (Current Affairs 28th|29th April 2024)
The Asian Development Bank (ADB) has allocated USD 23.6 billion from its own resources in 2023, including USD 9.8 billion for climate action, to assist Asia and the Pacific make progress toward sustainable development.
The funds are raised by loans, grants, equity investments, guarantees, and technical assistance offered to governments and the business sector.
ADB also secured an extra USD16.4 billion in co-financing through its strong relationships.
Key Points:
- These data are part of the financial and operational outcomes released by ADB in its Annual Report 2023 on April 25, 2024.
- The study emphasized the actions taken by ADB to assist its Developing Member Countries (DMCs) in addressing specific concerns such as the climate catastrophe, the effects of war, food security, and growing debt load, among others.
- ADB’s adaptation and mitigation investments were primarily focused on climate-resilient agriculture, renewable energy, and low-carbon transportation.
- The study acknowledged ADB’s efforts to reduce gender disparity. The majority of its efforts in 2023 were aimed at minimizing climate change’s unequal gender implications.
Background:
ADB established a Nature Solutions Finance Hub for Asia and the Pacific in December 2023 at the 28th Conference of Parties to the United Nations Framework Convention on Climate Change (UNFCCC) (COP28) in Dubai, United Arab Emirates (UAE).
- It intends to raise USD2 billion for investment projects that integrate nature-based solutions.
- From 2019 to 2030, ADB intends to offer USD100 billion in climate finance through this center using its own resources.
About Asian Development Bank(ADB):
- President: Masatsugu Asakawa(Japan)
- Headquarters: Mandaluyong City, Manila, The Philippines
- Members Nations: 68(49 members nations are from Asia-Pacific region)
- Established: 1966
Click here to read from source
7) HDFC Life Enters into a Corporate Agency Tie-Up with Peerless Financial Products Distribution Ltd. (Current Affairs 28th|29th April 2024)
HDFC Life, one of India’s biggest insurers, and Peerless Financial Products Distribution Ltd. (PFPDL) form a corporate agency partnership. This arrangement will allow PFPDL to provide HDFC Life’s life insurance products to its consumers.
Through this collaboration, PFPDL will provide financial protection to its consumers as well as digital and physical platforms for their convenience.
The agreement is intended to boost HDFC Life’s footprint in eastern India.
The collaboration would help HDFC Life expand its presence in Tier 2 and Tier 3 cities throughout PFPDL’s 42 sites.
Note:
- PFPDL is a subsidiary of Peerless General Finance & Investment Co. Ltd (PGFI), one of India’s oldest and largest Non-Banking Financial Companies (NBFCs) in East India.
- In FY 2024, HDFC Life secured over 66 million lives and had an overall claim settlement percentage of 99.7%.
Click here to read from source
8) Ericsson India & IIT Kanpur’s F.I.R.S.T. Partners to Boost Mobile Fintech Innovation (Current Affairs 28th|29th April 2024)
Ericsson India and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at the Indian Institute of Technology (IIT) Kanpur, Uttar Pradesh (UP), have inked a two-year collaboration agreement to promote innovation in Mobile Financial Services (MFS) and Fintech solutions.
The goal is to produce ground-breaking solutions by combining Ericsson’s worldwide knowledge with F.I.R.S.T’s innovation environment.
- IIT Kanpur’s F.I.R.S.T. offers a forum for budding entrepreneurs and intrapreneurs to turn their unique ideas into commercially viable goods. It also offers assistance for patenting and marketing.
- Ericsson’s wallet infrastructure supports over 400 million registered mobile wallets and processes 2.8 billion transactions valued at more than USD 40 billion every month.
Click here to read from source
Click here to read: Current Affairs 27th April 2024
APPOINTMENTS & RESIGNATIONS
9) Former Indian Cricketer Yuvraj Singh Named ICC Men’s T20 World Cup 2024 Ambassador (Current Affairs 28th|29th April 2024)
The International Cricket Council (ICC) is tapping into cricketing legend Yuvraj Singh’s star power. They’ve appointed him as the ambassador for the upcoming ICC Men’s Twenty20 International (T20I) World Cup 2024, which will be co-hosted by the United States of America (USA) and the West Indies. The tournament kicks off on June 1st and runs through June 29th, 2024.
Yuvraj Singh will be the first ambassadors of the 2024 T20 World Cup, with West Indies cricketer Chris Gayle and Jamaican athlete Usain Bolt (8-time Olympic gold medalist).
The International Cricket Council (ICC) selected Sana Mir, a former Pakistan women’s cricketer, as the ambassador for the ICC Women’s T20 World Cup Qualifier 2024. The tournament will be hosted in Abu Dhabi, United Arab Emirates (UAE) running from April 25 to May 7, 2024.
About International Cricket Council(ICC):
- Chairman– Greg Barclay
- Headquarters– Dubai, United Arab Emirates(UAE)
Click here to read from source
ACQUISITIONS & MERGERS
10) ATC Telecom Infrastructure Sells Entire 2.87% Stake in Vodafone Idea for Rs 1,840 Cr (Current Affairs 28th|29th April 2024)
ATC Telecom Infrastructure Pvt Ltd sold its whole 2.87% interest in telecom operator Vodafone Idea Limited (Vi) for Rs. 1,840 crore in an open market deal.
Key Points:
- The shares were sold for an average price of Rs 12.78 per share, totaling 144 crore shares.
- ATC Telecom Infrastructure is a major infrastructure service provider for Vi.
- In March 2024, ATC converted Vi’s debentures to equity.
Buyers of Vi Shares:
- Citigroup Global Markets Mauritius purchased about 49.12 crore shares, representing a 0.98% ownership in Vi, at an average price of Rs 12.70, totaling Rs 623.88 crore.
- Subsequently, Citigroup Global Markets Mauritius sold 98.74 lakh Vi shares at an average price of Rs 13.47, totaling Rs 13.30 crore.
- Other purchasers of the shares could not be identified.
Vi’s Follow-On Public Offer (FPO):
- Vi raised Rs 18,000 crore through an FPO, which was subscribed 6.36 times due to high worldwide institutional investor demand.
- Vi priced the issue at Rs 10-11 per share, representing a 26% reduction to the recent preferential issue price.
- Brookfield, based in Canada, paid USD 2.5 billion in cash for ATC’s India subsidiary in January 2024. The deal is expected to finalize in the second half of 2024.
Note: ATC India is a significant independent passive telecom infrastructure provider in India and an indirect subsidiary of American Tower Corporation (ATC).
Click here to read from source
ENVIRONMENT
11) Rare Butterfly Species ‘Neptis philyra’ Discovered in Arunachal Pradesh (Current Affairs 28th|29th April 2024)
A group of butterfly enthusiasts from Assam and other states found a rare butterfly species called Neptis philyra, popularly known as the long-streak sailor, in Tale Valley Wildlife Sanctuary in Arunachal Pradesh. The species was first recorded in India, setting a new record.
Features:
- The brownish-black coloration dominates the top side of the wings, which are serrated along the edges. In contrast, the underside transitions to a yellow-brown hue.
- The fore wing has a white cell streak that forms a “hockey stick” pattern and is accompanied by spots in space.
- Following its discovery, the researchers officially published a description of the newly found species in the journal “Tropical Lepidoptera Research.”
The Old World genus Neptis, boasting over 160 known species, spreads across Africa and Australasia.It belongs to the Nymphalidae family.
Ménétriés initially described Neptis philyra in 1859 from Russia’s Amur area.
Ranging from eastern Siberia all the way to Taiwan and Southeast China, this species traverses across East Asia.
In Greek mythology, Philyra was a nymph and the daughter of Oceanus and Tethys.
Click here to read from source
BOOKS & AUTHORS
12) Former Australian cricketer Shane Watson launches a new book, ‘The Winner’s Mindset’ (Current Affairs 28th|29th April 2024)
Former Australian cricketer Shane Robert Watson launches his new book, “The Winner’s Mindset,” published by HarperCollins Publishers.
In this self-help book, Watson delves into his mental journey, revealing the lessons he learned throughout his career. He then seamlessly transitions these insights into valuable coaching advice, passing them on to the next generation as a highly sought-after coach.
About Shane Robert Watson :
- From 2002 to 2016, he amassed 10,950 runs and 291 wickets for Australia across all forms. He withdrew from all forms of cricket in 2020.
- He was also a member of the Australian side that won the ICC Men’s One Day International (ODI) Cricket World Cup in 2007 and 2015.
Click here to read from source
IMPORTANT DAYS
13) World Intellectual Property Day 2024 – April 26 (Current Affairs 28th|29th April 2024)
Each year, on April 26th, the world comes together to celebrate World Intellectual Property Day (World IP Day). This day serves to actively raise awareness and deepen understanding of intellectual property (IP) while simultaneously highlighting its crucial role in fostering global innovation and creativity.
The day also commemorates the founding anniversary of the World Intellectual Property Organization (WIPO).
“IP and the SDGs: building our common future with innovation and creativity” is the topic of World IP Day 2024.
Background:
- In 2000, WIPO member nations recognized April 26 as World IP Day to raise widespread awareness and understanding of intellectual property.
- On April 26, 2001, the world commemorated the first World Intellectual Property Day.
Why April 26?
- The WIPO Convention entered into force on April 26, 1970.
About World Intellectual Property Organisation (WIPO):
- Director General– Daren Tang (Singapore)
- Headquarters– Geneva, Switzerland
Click here to read from source
14) World Veterinary Day 2024 – April 27 (Current Affairs 28th|29th April 2024)
Every year, on the last Saturday of April, the world comes together to celebrate World Veterinary Day. This day serves to raise awareness about veterinarians and their critical contributions. We acknowledge and celebrate the positive impact they have on animal health, human well-being, and the health of the environment.
World Veterinary Day 2024 takes place on April 27th, 2024.
The World Veterinary Association (WVA), a federation of veterinary groups, organizes the annual World Veterinary Day celebration.
The theme for World Veterinary Day 2024 is “Veterinarians are essential health workers”.
Background:
- Seeing a need, the World Veterinary Association (WVA) took the initiative in 2000 to found the World Veterinary Day (WVD), which is now commemorated annually on the final Saturday of April.
- The WVA celebrated its first WVD on April 29, 2000.
About World Veterinary Association (WVA):
- President– Dr. Rafael Laguens
- Headquarters– Brussels, Belgium
Click here to read from source
15) Manipur observes 133rd Khongjom Day – 23 April 2024 (Current Affairs 28th|29th April 2024)
Khongjom Day, commemorated annually on April 23 in Manipur, honors the martyrs of the 1891 Anglo-Manipur War, the final conflict fought between the former Kingdom of Manipur and the British Empire.
The Anglo-Manipur War of 1891 was a major military struggle that lasted from March 31 to April 27, 1891.
People across Manipur commemorated the 133rd Khongjom Day on April 23, 2024, by honoring the valiant Manipuri ancestors who sacrificed their lives in the Battle of Khongjom in 1891.
Note: Khongjom is a village in Manipur.
Cause of Conflict:
- The Manipuri people rejected British meddling in internal issues, resulting in the battle.
- Authorities attempted to capture Crown Prince Jubaraj Tikendrajit at Kangla on March 24, 1891, furthermore sparking consequently strife.
Escalation and British Actions:
- The British Army opened fire on Kangla, attacking Manipur’s palace and killing many innocent Manipuris.
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The assassination of British officials on March 31, 1891, ultimately led to a declaration of war against Manipur.
The Battle of Khongjom:
- The battle began when Manipuri warriors fought British forces moving from Tamu (now on the border of Manipur and Myanmar).
- 400 Manipuri sepoys, headed by commander Paona Brajabasi and others, held off British advances in the Manipur valley at Khongjom.
- The Manipuris see the war hero, Major Paona Brajabashi, who perished in the conflict, as the embodiment of patriotism and valor.
Other Gallant Fighters
- Others who fought bravely in the war were Major Chongtham Mia, Chinglen Sana, Khumbong Major, Loitongba Jamadar, Keisa Jamadar, Heirang Kongja, and others.
Khongjom War Memorial Complex:
- It is located in Khongjom, Thoubal District, Manipur.
- The Anglo-Manipuri War of 1891 spurred the creation of a memorial, thus honoring the heroic Manipuri troops who fought valiantly.
State Observance:
- On April 23, 2024, Manipur celebrated Khongjom Day at the Khongjom War Memorial Complex in Khebaching, Khongjom Thoubal district.
- The Governor of Manipur, Anusuiya Uikey, attended the observance, as did Manipur’s Chief Minister (CM), N Biren Singh.
Click here to read from source
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