Current Affairs 2nd April 2024
Fasten your seatbelts and get ready for a whirlwind tour of the day’s most pressing news! Current Affairs for April 2nd, 2024 brings you in-depth analysis of the latest happenings across the globe. We’ll explore the Indian government’s efforts to curb potential misuse of AI in elections, a move with significant implications for the future of democratic processes. On the energy front, we’ll delve into the challenges and opportunities surrounding India’s burgeoning solar industry. But that’s not all – stay tuned for more breaking news and insightful commentary, keeping you informed on everything that matters today.
NATIONAL AFFAIRS
(Current Affairs 2nd April 2024)
1) GI Tags Awarded to 19 Goods from Assam; 2 from Tripura and 4 from Meghalaya
The Government of India’s (GoI) Geographical Indication Registry awarded GI tags to a total of 25 products across the Northeast Indian states. This includes:
- 19 traditional crafts from Assam
- 2 traditional products from Tripura
- 4 traditional products from Meghalaya
Furthermore, the Registry awarded GI tags to thirteen specific Assamese products made by the Bodo people, the largest indigenous community in Assam.
- The textile known as Rignai Pachra from Tripureswari temple and its “Pera” receive GI tags.
About Geographical Indications Registry:
The Office of the Controller General of Patents, Designs & Trade Marks (CGPDTM) established the Geographical Indications Registry in Chennai to administer the Geographical Indications of Goods (Registration and Protection) Act, 1999.
- Headquarters– Chennai, Tamil Nadu (TN)
Click here to read from source
2) MNRE Reimposes ALMM Order on Solar PV Modules from 1st April 2024 (Current Affairs 2nd April 2024)
With effect from April 1, 2024, the Ministry of New and Renewable Energy (MNRE) has reinstated the ALMM [Approved List of Models & Manufacturers] for solar photovoltaic (PV) modules.
As a non-tariff barrier to support domestic manufacturing, this requires the purchase of solar modules from the companies on the list. This places limitations on solar module imports.
Background:
On January 2, 2019, the MNRE released the ALMM Order, 2019, which outlines the requirements for mandatory registration for manufacturers of approved solar PV modules.
ALMM is made up of list-I, which lists solar PV module models and manufacturers, and list-II, which lists solar cell models and manufacturers.
- Enrollment in the ALMM is contingent upon a current Bureau of Indian Standards (BIS) registration.
- The ALMM Order mandated that only models and manufacturers listed on a specific list could be used in government-funded or government-owned projects installed in India. However, the ALMM Order was placed on hold (temporarily suspended) for the 2023-2024 fiscal year. Consequently, purchasing solar PV modules from the ALMM list did not apply to projects that were put into service before March 31, 2024.
Note: Due to a shortage of domestic manufacturers, imports were permitted until March 31, 2024, based on industry demand.
Applicability of ALMM :
- ALMM will be applicable to government-funded programs and initiatives that supply electricity to distribution companies.
- The PM Surya Ghar Muft Bijli Yojana and the Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) Scheme are two of the schemes.
- Projects built under open access or as captives by private companies are exempt from its application, so individuals who create their own capacities are not covered by ALMM.
About Ministry of New and Renewable Energy (MNRE):
- Union Minister – Raj Kumar Singh (Constituency – Arrah, Bihar)
- Minister of State– Bhagwanth Khuba (Constituency- Bidar, Karnataka)
- Secretary – Bhupinder Singh Bhalla
Click here to read from source
3) NHAI’s One Vehicle, One FASTag‘ Rules Come into Force on 1 April 2024 (Current Affairs 2nd April 2024)
Commencing on April 1, 2024, the National Highways Authority of India (NHAI) has implemented the “One Vehicle, One FASTag” standard, which aims to discourage the practice of using a single FASTag for multiple vehicles or connecting multiple FASTags to a single vehicle.
Note: You cannot use all of your FASTags if you have more than one for the same vehicle.
One Vehicle, One FASTag:
To improve the effectiveness of the electronic toll-collection system, reduce traffic at toll plazas, and streamline the process, NHAI launched One Vehicle, One FASTag.
Role of FASTag in Toll Collection: (Current Affairs 2nd April 2024)
- Radio Frequency Identification (RFID) technology is used by NHAI’s i.FASTag electronic toll collection system.
- With a penetration rate of roughly 98%, over 8 crore users have revolutionized FASTag in India.
- It makes it possible to pay for tolls directly from the toll owner or from linked savings or prepaid accounts.
RBI’s Advice:
By March 15, 2024, Paytm Payments Bank Ltd. (PPBL) clients and merchants are advised by the Reserve Bank of India (RBI) to move their accounts to other banks.
FASTag Regulations:
- FASTags that have a valid balance but insufficient Know Your Customer (KYC) information risk blocking or deactivation.
- Verify FASTag KYC completion by updating information in accordance with RBI guidelines by March 31, 2024.
Toll Plazas in India Will Be Replaced by a New Satellite-Based Toll Collection System, Per MoRTH
The Ministry of Road Transport and Highways (MoRTH), led by Union Minister Nitin Gadkari, announced that India’s current toll collection system will be replaced with a new satellite-based one.
Using cameras and the Global Positioning System (GPS), the satellite-based toll collection system will take money straight out of bank accounts based on how far people use the roads.
Travelers will save time, money, and fuel thanks to the new system’s assistance in lowering toll taxes.
Note: As per MoRTH, India’s National Highway road network will match the United States of America’s (USA) by the end of 2024.
GPS-Based Toll Plaza System:
- By incorporating GPS technology into the toll collection process, this creative system transforms the industry.
- Because toll payments are taken out of the account automatically, this system does away with the need for cars to stop at toll booths.
- The toll amount is determined by the vehicle’s distance traveled. GPS will be used to collect all of these data.
Note: Currently, toll prices are set at each plaza regardless of the distance a car travels.
How Does the System Work?
- A system computes toll fees by matching the GPS coordinates of vehicles.
- As cars approach collection locations, tolls are automatically deducted. (This is slightly more natural than “taken out”)
- Vehicles must be equipped with GPS-enabled license plates.
- Automatic Number Plate Recognition (ANPR) cameras positioned on highways identify GPS-enabled license plates, allowing for toll deduction. (This clarifies the purpose of ANPR cameras)
Click here to read from source
4) NPTI & PTC India Ltd Signed MoU to Set up CoE for R&D in Energy Domain (Current Affairs 2nd April 2024)
A Memorandum of Understanding (MoU) was signed on March 28, 2024, by PTC India Ltd. and the National Power Training Institute (NPTI), which is under the Ministry of Power, to establish a Center of Excellence (CoE) for Research & Development (R&D) in the Energy Domain.
The partnership intends to support the Sustainable Development Goals (SDGs) and tackle urgent energy-related issues.
- CoE will carry out innovative research projects tackling new problems in the energy sector. Along with focusing on achieving the Sustainable Development Goals and reducing environmental impact, it will also act as a hub for research, development, and knowledge sharing in the energy sector.
- This will focus on advancing India toward a greener and more sustainable energy future by utilizing the combined expertise of NPTI and PTC India Ltd. to pioneer innovative solutions.
Signatories: At the Ministry of Power’s office in New Delhi, Dr. Tripta Thakur, the Director General of the NPTI, and Koel Singhal, the Senior Vice President of PTC India, signed the Memorandum of Understanding.
Note:
- An national apex body for training and human resource development in the electricity industry is called NPTI.
- PTC India Ltd., a power trading solutions provider, was founded in 1999 as a public-private partnership (PPP) between private sector organizations and the Government of India. It was previously known as Power Trading Corporation of India Limited.
Click here to read from source
5) HAL & CSL Signed Contract for Indian Navy’s NGMV Project (Current Affairs 2nd April 2024)
For the Indian Navy’s Next Generation Missile Vessel (NGMV) project, Hindustan Aeronautics Limited (HAL) and Cochin Shipyard Limited (CSL), Kochi, Kerala, have inked a contract worth Rs 1,173.42 crore for the supply of six sets of LM2500 gas turbines (GT) and GT Auxiliaries (GTAE), spares, and tools.
The domestic contract is scheduled to be executed in the fiscal years 26 through 29.
Note: HAL is a defense and aerospace company with its main office located in Bengaluru, Karnataka. This Public Sector Undertaking (PSU) is Navratna and falls under the Ministry of Defence.
Click here to read from source
6) NMDC Launches “Samman” Portal for Former Employees (Current Affairs 2nd April 2024)
In order to enable its former workers to manage medical claims, view personal profiles, dependent information, and application status online, NMDC Limited launched “Samman,” a portal.
Amitava Mukherjee, Chairman and Managing Director (CMD) (Additional Charge), introduced the portal during an event held at the NMDC headquarters in Hyderabad, Telangana.
The portal’s design guarantees prompt reimbursements and simple access to all services, providing former workers with comfort and convenience.
Note: Under the Ministry of Steel, NMDC Limited, formerly known as National Mineral Development Corporation, is a Navratna Public Sector Enterprise (PSE).
Click here to read from source
7) ISRO launches ‘START’ Online Training Program for Space Science Enthusiasts
In an effort to inspire young people to pursue careers in space science and technology, the Indian Space Research Organization (ISRO) has introduced “Space Science and Technology Awareness Training (START),” a new online course at the introductory level.
Students pursuing postgraduate (PG) and senior undergraduate degrees in physical science and technology are the target audience for this program.
The START 2024 program will take place in April and May of that year.
ISRO is seeking Expressions of Interest from Indian institutes, universities, and colleges to host START 2024.
The curriculum covers topics in heliophysics, astronomy & astrophysics, and space science. Scientists from ISRO centers and Indian academic institutions will carry it out.
Click here to read from source
BANKING & FINANCE
8) RBI to set up Digital India Trust Agency to Check Illegal Lending Apps
A Digital India Trust Agency (DIGITA) will be established by the Reserve Bank of India (RBI) in order to counter the spread of illicit lending apps.
Key Points:
- DIGITA would be an essential first step in addressing the issue of illicit lending applications.
- Law enforcement will consider unapproved any digital lending apps lacking the DIGITA “verified” mark. To fight illegal apps, the organization will create a public list of approved ones and screen apps for compliance. Google also joined the fight by removing unverified apps and now only allows RBI-regulated lenders or their partners on the PlayStore.
- The RBI and the Finance Ministry’s Department of Financial Services (DFS) made requests that led to this policy change.
Note: In addition, steps have been taken to free citizens who have fallen victim to cyber fraud, especially those who have been duped into working in Cambodia.
About Reserve Bank of India (RBI):
- Governor – Shaktikanta Das
- Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
- Establishment – 1st April 1935
- Headquarters – Mumbai, Maharashtra
Click here to read from source
Click here to read: Current Affairs 1st April 2024
9) IRDAI Announces Final Rules on Surrender Value from April 1 2024
Final surrender value guidelines for conventional endowment policies were released by the Insurance Regulatory and Development Authority of India (IRDAI), and they will go into effect on April 1, 2024.
If policies are surrendered within the first three years, the surrender value is anticipated to stay the same or decrease.
Surrender value %:
The proposed slabs for the surrender value percentages are:
- If surrendered within the second year, the full amount of premiums paid will be deducted.
- If surrendered within the third year, thirty-five percent of the total premiums paid
- If surrendered between the fourth and seventh year, 50% of the total premiums paid
- 90% of all premiums paid, if surrendered within the previous 24 months
Key Points:
- The surrender value of policies may slightly increase between the fourth and seventh year.
- After paying premiums for a minimum of two years in a row, non-single premium life insurance policies provide a guaranteed surrender value.
Implications for Policyholders:
- Insurance companies profit from this, but policyholders, or customers, might not experience much of a difference, keeping things as they are.
- Difficulties insurers face in striking a balance between different aspects, such as shareholder profitability and distributor payouts.
- Retaining the current state of affairs depresses policyholders who were hoping for higher surrender values.
- Surrender values for policyholders are still low in the early years, despite the optimism expressed in a consultation paper published in December 2023.
About Insurance Regulatory and Development Authority of India (IRDAI):
IRDAI is a statutory organization that falls under the Ministry of Finance’s purview.
It was founded in 1999 in accordance with the Malhotra Committee report’s recommendations. In April 2000, it was formally established as a statutory body.
- Chairman– Mr Debasish Panda
- Headquarters– Hyderabad, Telangana
Click here to read from source
10) Bajaj Auto, Tata Motors and Coal India among Top 5 Index Performers in FY24
The Indian financial markets concluded the 2023–24 fiscal year (FY24) with a flourish, as the Nifty50 and Sensex, two domestic equity indices, recorded their strongest performance in three fiscal years.
During FY24, Bajaj Auto, Tata Motors, and Coal India Limited were the top three index performers.
Top 5 Index Performers in FY24:
- In FY24, Bajaj Group was the best-performing large cap on the Nifty50. It displays an amazing 142.52% return on investments made in the previous 12 months. Its market capitalization increased by 120%, or Rs 2,54,000 crore, as of April 1, 2024.
- In FY24, Tata Motors took second place in the top performing index. Over the previous year, its returns on investments yielded a 136.67% yield. The market cap increased by 139.50% in FY24 as a result of growth in industries like Electric Vehicles (EV) and Jaguar, Land Rover (a fully-owned subsidiary of Tata Motors).
- In FY24, Coal India Limited (CIL), an Indian Public Sector Unit (PSU), ranked third among large caps on Nifty50 in terms of performance. It produced a 118.73% return on investments made during the previous 12 months. Growing electrification initiatives and rising power demand were the main drivers of the growth.
- With a return on investment of 113.76% over the previous 12 months, the flagship port company of the Adani Group has taken fourth place among the best performing indexes.
- Hero MotoCorp, which returned 107.91% on investments made during the previous 12 months, was the fifth-best performing largecap of FY24.
Highlights:
- Over the course of the previous year, the 30-share Stock Exchange Sensitive Index (SENSEX) rose by 24.85%, while the National Stock Exchange FIFTY (NIFTY50) showed growth of about 29%.
- Due to strong corporate earnings, a robust economy, and increased investment inflows, equity investors saw a gain of Rs 128.77 lakh crore in FY24. Together, the two indices demonstrated a return on investment of roughly 27%–31% from April 2023 to March 2024.
- Zomato, TATA Motors – DVR Ltd, Adani Power, Punjab National Bank, and Delhi Land & Finance (DLF Limited) are the top 5 largecap performers for FY24.
With a market growth of 261.86%, Zomato has become the best-performing largecap in the market. - The market value of the top 10 performing large-cap stocks on Dalal Street (D-Street) increased by 110% to 270% during the fiscal under review.
Click here to read from source
11) Prestige Group signs strategic deal worth Rs 2,001 crore with ADIA & Kotak AIF
Through its subsidiaries, Prestige Group has signed a strategic agreement valued at Rs 2,001 crore with Kotak AIF (Alternative Investment Fund) and Abu Dhabi Investment Authority (ADIA) to develop residential projects in four cities throughout India.
Key Points:
- The agreement will hasten the development and growth of initial residential projects.
-
The investor is planning to develop greenfield residential projects in cities like Bengaluru, Mumbai, Goa, and Delhi NCR (National Capital Region) with a combined investment of over Rs 18,000 crore.This clarifies that the investor is the one taking action (developing projects) and mentions the total investment amount.
Note: Greenfield projects are those that build infrastructure on vacant land without the need to renovate an existing building.
New factories, airports, power plants, etc. are a few examples.
About Prestige Group:
- Chairman and Managing Director(CMD)– Irfan Razack
- Headquarters– Bengaluru, Karnataka
- Established in 1986
About Abu Dhabi Investment Authority:
- Chairman– Tahnoun bin Zayed Al Nahyan
- Headquarters– Abu Dhabi, United Arab Emirates(U.A.E.)
- Established in 1976
Click here to read from source
AWARDS & RECOGNITIONS
12) Hockey India 6th Annual Awards: Hardik Singh & Salima Tete Wins Balbir Singh Sr. Award for Player of Year 2023 (Current Affairs 2nd April 2024)
The Hockey India 6th Annual Awards ceremony in New Delhi celebrated the sport’s best. Hardik Singh, a key player and vice-captain of the Indian team, secured the prestigious Hockey India Balbir Singh Sr. Award for Player of the Year (Men’s) 2023. This adds to his 2022 Player of the Year win and comes alongside his recent 2023 FIH Player of the Year award. Singh’s achievements also include a bronze medal at the Tokyo Olympics and a gold at the Asian Games.
Salima Tete, another Indian star, received the Women’s Player of the Year award. Tete recently became India’s AHF Athlete Ambassador and contributed to the team’s 2023 Asian Games bronze medal.
The ceremony also recognized Ashok Kumar with the Hockey India Major Dhyan Chand Lifetime Achievement Award. Kumar, a World Cup gold medalist (1975) and medalist in 1971 (bronze) and 1973 (silver), received a trophy and Rs 30 lakh for his dedication to hockey.
Hockey India’s sixth annual awards winners are:
|
Awards |
Winner |
Cash Prize |
| Hockey India Balbir Singh Senior Award for the Player of the Year (Men) |
Hardik Singh |
Rs 25 lakhs |
| Hockey India Balbir Singh Senior Award for the Player of the Year (Women) |
Salima Tete |
Rs 25 lakhs |
| Hockey India Baljit Singh Award for Goalkeeper of the Year |
PR Sreejesh |
Rs 5 lakhs |
| Hockey India Pargat Singh Award for Defender of the Year |
Harmanpreet Singh |
Rs 5 lakhs |
| Hockey India Dhanraj Pillay Award for Forward of the year |
Abhishek |
Rs 5 lakhs |
| Hockey India Ajit Pal Singh award for Midfielder of the Year |
Hardik Singh |
Rs 5 lakhs |
| Hockey India Major Dhyan Chand Lifetime Achievement Award |
Ashok Kumar |
Rs 30 lakhs |
| Hockey India Jugraj Singh Award for Upcoming Player of the Year (Men- Under 21) |
Araijeet Singh |
Rs 10 lakhs |
| Hockey India Asunta Lakra Award for Upcoming Player of the Year (Women – Under 21) |
Deepika Soreng |
Rs 10 lakhs |
Note: The unprecedented total prize pool of Rs 7.56 crores was awarded.
Milestone Awards 2023
- For reaching 100 international caps, Vivek Sagar Prasad, Hardik, Nilakanta Sharma, Sumit, Krishan Bahadur Pathak, Udita, Salima, and Gurjant Singh each received a trophy and a cash prize of Rs 1 lakh.
- For reaching 150 international caps, Nikki Pradhan, Amit Rohidas, Lalit Kumar Upadhyay, and Neha additionally received trophies and Rs 1.5 lakh each.
- Harmanpreet (200 caps), Savita (250 caps) and Sreejesh (300 caps) for India were awarded trophies and cash for reaching milestones.
Click here to read from source
SPORTS
(Current Affairs 2nd April 2024)
13) Tennis: Italy’s Jannik Sinner won the Men’s Singles title at Miami Open 2024
Jannik Sinner Makes History: Rising star Jannik Sinner of Italy triumphed at the Miami Open 2024, defeating Grigor Dimitrov in the final. This victory marked a first for Italy at the prestigious tournament and Sinner’s second consecutive ATP Masters 1000 title. Notably, it was also his first win at the hard-court event, adding to his growing list of achievements that already included the 2024 Australian Open title.
Collins Caps Career with Miami Open Win: On the women’s side, American veteran Danielle Collins emerged victorious, defeating Elena Rybakina. This win marked Collins’ first career WTA 1000 title and her third WTA Tour Singles title overall. Notably, she had previously announced her retirement at the end of the 2024 season, making this a fitting farewell.
Doubles Domination: The Men’s Doubles title went to the experienced duo of Rohan Bopanna (India) and Matthew Ebden (Australia). This win marked their second championship of the year after their Australian Open victory and solidified their top ranking in the ATP Men’s Doubles rankings. Bopanna, at the age of 44, even broke his own record for being the oldest player to win an ATP Masters 1000 title.
American Doubles Pair Triumph: Sofia Kenin and Bethanie Mattek-Sands of the USA clinched the Women’s Doubles title. This win added to their successful partnership, marking their third victory together and second of the season.
Winners & Runner-ups of Miami Open 2024:
|
Category |
Winner |
Runner-Up |
| Men’s Singles | Jannik Sinner (Italy) | Grigor Dimitrov (Bulgaria) |
| Women’s Singles | Danielle Collins (USA) | Elena Rybakina (Kazakhstan) |
| Men’s Doubles | Rohan Machanda Bopanna (India) and Mathew Ebden(Australia) | Ivan Dodic (Croatia) and Austin Krajicik (USA) |
| Women’s Doubles | Sofian Kennis (USA) and Bethanie Mattek-Sands (USA) | Gabriela Dabrowski (Canada) and Erin Routliffe (New Zealand) |
Click here to read from source
OBITUARY
(Current Affairs 2nd April 2024)
14) Oscar Winning American VFX Pioneer Tim McGovern Passed Away
Tim McGovern, the well-known Oscar-winning American pioneer of visual effects (VFX), passed away in Washington, D.C., at the age of 68. He was born in Chicago, Illinois, on June 24, 1955.
About Tim McGovern:
- As a founding member of Sony Pictures Imageworks, he held the positions of senior vice president of creative and technical affairs and senior supervisor of visual effects.
- Since 1999, he has belonged to the Academy of Motion Picture Arts and Sciences.
- From 2001 to 2007, he also held the position of founding co-chairperson of the Visual Effects Society (VES) Award Committee.
- Shazam! Fury of the Gods (2023), Ant-Man and the Wasp (2018), Dunkirk (2017), The Huntsman: Winter’s War (2016), and Mission: Impossible – Rogue Nation (2015) are a few of his most well-known recent productions.
Awards:
- For the 1991 film “Total Recall,” Tim McGovern was the recipient of the Academy Award (Oscar) for Special Achievement in Visual Effects. Along with Alex Funke, Rob Bottin, and Eric Brevig, he shared the award.
- 2023 winner! He scored the VES Founders Award & lifetime membership.
Click here to read from source
IMPORTANT DAYS
(Current Affairs 2nd April 2024)
15) International Transgender Day of Visibility 2024 – March 31
Every year on March 31, people around the world observe International Transgender Day of Visibility (TDOV) to honor transgender, nonbinary, and gender expansive/gender non-conforming people as well as the contributions of this community.
Additionally, this day recognizes and draws attention to the discrimination that transgender people experience globally.
The purpose of the Day is to raise awareness about the need to end poverty, violence, and discrimination against people based on their gender identity in the community.
Flag of Transgender: The flag, which has five horizontal stripes—two light blue for boys, two pink for girls, and one white for those who are transitioning—represents the transgender community.
Background:
-
Rachel Crandall Crocker, a licensed psychotherapist, American transgender advocate, and co-founder and executive director of Transgender Michigan, developed The Day in 2009.This sentence clarifies that Rachel Crandall Crocker is the one who took action to develop The Day.
- On March 31, 2009, the world celebrated the first-ever International Transgender Day of Visibility.
Click here to read from source
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