Current Affairs 2nd|3rd June 2024
Staying informed can be a challenge in today’s fast-paced world. But worry not, this blog brings you a concise summary of the key news stories that unfolded between June 2nd and 3rd, 2024. From groundbreaking achievements in mental healthcare to significant developments in the Indian economy, we’ve got you covered on Current Affairs 2nd | 3rd June 2024.
NATIONAL AFFAIRS
India Hosted 46th Antarctic Treaty Consultative Meeting & 26th Committee on Environmental Protection in Kerala
India successfully held the 46th Antarctic Treaty Consultative Meeting (ATCM-46) and the 26th Committee on Environmental Protection (CEP-26) at Kochi, Kerala, from May 20th to 30th, 2024.
ATCM-46’s theme was “Vasudhaiva Kutumbakam” (a Sanskrit word meaning ‘one Earth, one family, one future’).
- CEP-26, conducted from May 20th to 24th, 2024, addressed a wide variety of issues and helped to execute the Environmental Protocol in Antarctica.
- ATCM-46 and CEP-26 were hosted by the Ministry of Earth Sciences (MoES), Government of India, via the National Centre for Polar and Ocean Research (NCPOR), Goa, with assistance from the Antarctic Treaty Secretariat.
- During the event, a personalized “MyStamp” with the ATCM-46 logo was released in partnership with India Post.
Following CEP-26’s recommendation, the Parties approved 17 updated and new management plans for Antarctic Specially Protected Areas (ASPAs), as well as many changes and additions to the list of Historic and Monument sites.
About Antarctic Treaty Consultative Meeting (ATCM):
- The Antarctic Treaty is a multilateral pact signed by 56 Contracting Parties in 1959.
- Parties include 29 consultative and 28 non-consultative parties.
- Executive Secretary– Albert Lluberas
- Secretariat– Buenos Aires, Argentina
Click here to read from source
FSSAI & APEDA Jointly Develops ‘Unified India Organic’ Logo
The Food Safety and Standards Authority of India (FSSAI) and the Agricultural and Processed Food Products Export Development Authority (APEDA) collaborated to create the ‘Unified India Organic’ emblem, which will replace the India Organic and Jaivik Bharat logos.
The India Organic mark was used on organic products that adhered to the National Programme for Organic Production (NPOP), whereas the Jaivik Bharat logo was used on FSSAI-certified organic products.
Key Points:
- The Unified India Organic logo was created to provide consistency and convergence in the application of Indian rules by the NPOP and the FSSAI.
- The trademark registration of the Unified India Organic logo is in underway, and plans for its implementation are being created.
- The certifying organizations shall have three months to apply the logo from the day it is notified.
About Food Safety and Standards Authority of India (FSSAI)
- The Food Safety and Standards Authority of India was founded under the Food Safety and Standards Act of 2006.
- Chairperson – Apurva Chandra
- Chief Executive Officer (CEO) – G. Kamala Vardhana Rao
- Headquarters – New Delhi, Delhi
About Agricultural and Processed Food Products Export Development Authority (APEDA)
- The APEDA was founded by the Government of India (GoI) under the APEDA Act, which was enacted by Parliament in December 1985.
- Chairman – Abhishek Dev
- Headquarters – New Delhi, Delhi
Click here to read from source
INTERNATIONAL AFFAIRS
WMO & FAO Signed MoU to strengthen their collaboration & improve climate services in agriculture
The World Meteorological Organization (WMO) and the Food and Agriculture Organization of the United Nations (FAO) signed a Memorandum of Understanding (MoU) to strengthen their collaboration to improve the provision and use of climate services in agriculture, increase resilience and climate adaptation.
The MoU aims to extend and strengthen an existing partnership for another 10 years.
Under this MoU, WMO and FAO will collaborate on areas of mutual interest in relation to weather, ocean, climate, hydrological, and related environmental services and their application for resilience and adaptation of the global agrifood system
About World Meteorological Organization (WMO)
- Secretary General– Celeste Saulo
- Members- 193 Members, (187 Member States and 6 Territories)
- Headquarters– Geneva, Switzerland
Click here to read from source
BANKING & FINANCE
RBI Annual Report 2023-24: RBI Projects Real GDP growth at 7% for fiscal year 2024-25
The Reserve Bank of India’s (RBI) Annual Report 2023-24 has been released and delivered to the Central Government in accordance with Section 53(2) of the Reserve Bank of India Act, 1934.
It is a statutory report by the RBI’s central board of directors that describes the Reserve Bank of India’s operations and activities for the period April 2023-March 2024.
The RBI predicts a 7% rise in real GDP for fiscal year 2024-25.According to the RBI’s Annual Report, the Indian economy is expected to develop at a rate of 7 percent in 2024-25. This will be the third consecutive year of 7% or higher growth.
RBI’s FY24 income rises 17% to Rs.2.75 lakh crore; expenditure declines by 56%
- The RBI Annual report reported a 17% rise in FY24 revenue to ₹2,75,572.32 crore.
- Expenditure fell by 56.3% to Rs. 64,694.33 crore from ₹1,48,037.04 crore in FY2023.
- The net income increased to ₹2.11 lakh crore due to greater interest on foreign securities.
- According to the RBI’s annual report, net income increased by 17% to 2.11 lakh crore in 2024 from ₹87,420 crore in FY23.
RBI to facilitate opening rupee accounts outside India
- The RBI enabled individuals living outside India (PROIs) to open rupee accounts as part of its 2024-25 strategy to globalize the local currency.
- This will allow Indian banks to lend rupees to PROIs.
About Reserve Bank of India
It was founded on April 1, 1935, in compliance with the terms of the Reserve Bank of India Act 1934.
- Governor- Shaktikanta Das
- Headquarters- Mumbai, Maharashtra
Click here to read from source
RBI Moves 100 Tonnes of Gold From UK To its Vaults in India
The Reserve Bank of India (RBI) has transferred 100 Metric Tonnes (MT) or 1 lakh kg of gold housed in the United Kingdom (UK) to domestic vaults in FY24, a substantial change in gold storage.
It is the first time since 1991 that India has transported such a large amount of gold.
Note: India’s entire gold holdings climbed by 27.46 MT in FY24 to 822.1 MT, including 413.8 tonnes kept overseas as of March 2024.
Key Points:
- This decision, motivated by logistical concerns and a need for more diverse storage, demonstrates the RBI’s changing approach to managing its gold reserves.
- More than half of the RBI’s gold reserves are held in safe custody by the Bank of International Settlements (BIS) and the Bank of England.
- This action allows the RBI to save money on storage fees that would otherwise be paid to overseas custodians like the BoE.
Background:
- The RBI began buying gold in 2018, having previously purchased 200 tons from the International Monetary Fund (IMF) during the global financial crisis in 2009.
- According to the World Gold Council (WGC), the RBI purchased 19 tonnes of gold in the first quarter of 2024, more than the 16 tonnes acquired in 2023.
The Bank of England has functioned as a repository for several central banks, including India, which has maintained some of its gold reserves in London (United Kingdom) since before independence.
RBI Imposes Monetary Penalty on SBM Bank (India)
The Reserve Bank of India (RBI) levied a Rs 88.70 lakh monetary penalty on SBM Bank (India), a subsidiary of the State Bank of Mauritius (SBM), for failing to comply with certain regulatory requirements.
The penalty was imposed for noncompliance with the RBI’s licensing conditions, as well as specific directions to cease undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect, and was not intended to determine the legitimacy of any transactions or agreements entered into by SBM Bank (India) with its customers.
Furthermore, the imposition of a monetary penalty would have no bearing on any other action taken by the RBI against SBM Bank (India).
About SBM Bank (India):
It is the first bank in India to get a universal banking license from the RBI, allowing it to establish and operate as a Scheduled Commercial Bank under the Wholly Owned Subsidiary (WOS) model.
- Managing Director and Chief Executive Officer (MD & CEO) – Ashish Vijayakar
- Headquarters – Mumbai, Maharashtra
Click here to read from source
Jio Financial Services Launches ‘JioFinance‘ app in Beta Mode to Advance Digital Banking
Jio Financial Services, the financial services arm of Reliance Industries Limited (RIL), has released its JioFinance app in beta mode to provide a cutting-edge platform for everyday finances and digital banking. This software combines digital banking, Unified Payments Interface (UPI) transactions, bill payment, and insurance advice.
It also provides a unified picture of accounts and savings, all in a simple and user-friendly interface.
With the ‘Jio payments bank account’ tool, you may establish an account instantly and manage your bank accounts more easily.
Click here to read from source
SEBI Launches User-Friendly Beta Settlement Calculator (Current Affairs 2nd|3rd June 2024)
The Securities and Exchange Board of India (SEBI) has released a beta version of the settlement calculator to increase transparency and simplify the process of calculating the indicative settlement amount. It helps users compute indicative settlement amounts, which are subject to change by SEBI committees.
This calculator is based on the calculating matrix published in Schedule II of the SEBI (Settlement Proceedings) Regulations, 2018 (“Settlement Regulations, 2018”).
Applicants can identify particular infractions and choose relevant remedies based on SEBI’s previous regulatory history and present procedures.
Regulation 9 of the Settlement Regulations, 2018 further expands the options for resolving disputes by allowing the use of non-monetary settlement terms in addition to, or even instead of, a financial penalty.
Indicative Amounts:
- First-time applicants: Minimum Rs.3 lakh
- Others: Minimum Rs. 7 lakh
Note: A first-time applicant is an individual who has no past orders or settlements with SEBI as of the application date.
Additional Factors:
- The status of the current processes dictates the application of the Proceeding Conversion Factor (PCF).
- Consequently, filing additional processes for the same cause of action triggers a 20% increase in the indicative amount.
Click here to read from source
ECONOMY & BUSINESS
Moody’s Ratings Projects India’s GDP to Grow by 6.8% in 2024 and 6.5% in 2025 (Current Affairs 2nd|3rd June 2024)
Moody’s Ratings’ Global Macro Outlook 2024-25 (May 2024 update) forecasts India’s GDP to increase by 6.8% in 2024 and 6.5% in 2025, owing to strong economic development and post-election policy continuity.
Moody’s expects the Indian economy to grow by 6-7% each year in terms of real GDP.
Note: Moody’s Ratings, originally Moody’s Investors Service (MIS), is a global leader in credit ratings, research, and risk analysis.
Points to note:
- India’s real GDP increased to 7.7% in 2023 (up from 6.5% in 2022), owing to strong government capital investment and manufacturing activity.
- High-frequency data suggest that the economy will remain strong in the March and June quarters of 2024.
- The interim budget for 2024 calls for considerable capital expenditures (capex), reflecting a sustained emphasis on infrastructure development.
- The interim budget for 2024 has a capex goal of Rs 11.1 lakh crore, or 3.4% of GDP, in 2024-25, which is 16.9% more than the 2023-24 predictions.
- Private industry capital investment is expected to expand, boosted by supply chain diversification and the government’s Production Linked Incentive (PLI) program.
- The PLI plan encourages investment in designated industrial businesses.
- Despite intermittent food price increases, inflation falls to 4.8% (headline) and 3.2% (core) in April 2024.
- RBI keeps the repo rate at 6.5% in April 2024, indicating strong growth and inflation around the 4% objective.
About Moody’s Ratings:
- President & CEO– Robert Fauber
- Headquarters– New York, The United States of America (USA)
Click here to read from source
Adani Ports Signs 30-Year Concession To Operate CT2 In Tanzania (Current Affairs 2nd|3rd June 2024)
Adani International Ports Holdings Private Limited (AIPH) has signed a 30-year concession deal with Tanzania Ports Authority (TPA) to operate and manage Container Terminal 2 (CT2) at Dar es Salaam Port in Tanzania.
Dar es Salaam Port is a gateway port with a well-developed network of roads and trains.
The signing of this agreement shows Adani Ports’ aspiration to become one of the world’s largest port operators by 2030.
The CT2 has four berths and can handle 1 million Twenty-foot Equivalent Units (TEU) of cargo each year. In 2023, it handled 0.82 million TEU of containers, accounting for 83% of Tanzania’s total container volumes.
East Africa Gateway Limited (EAGL) has signed an agreement to buy a 95% stake in Tanzania International Container Terminal Services Limited (TICTS) from Hutchison Port Holdings Limited (and its affiliate Hutchison Port Investments Limited) and Harbours Investment Limited for USD 39.5 million.
- EAGL is a joint venture between AIPH, AD Ports Group, and East Harbour Terminals Limited (EHTL).
- AIPH is a fully owned subsidiary of Adani Ports and Special Economic Zone Limited (APSEZ).
Click here to read from source
ACQUISITIONS & MERGERS
LIC Raises its Stake in PI Industries (Current Affairs 2nd|3rd June 2024)
The Life Insurance Corporation of India (LIC) of India has expanded its investment in PI Industries Limited, an agrochemical company, from 4.95% (75,19,910) to 5.00% (75,91,910) equity shares of paid capital.
- The investment holding was enhanced at a share price of Rs 3,551.15 per share.
- The LIC was selling at Rs. 1012.70 (as of May 31, 2024), 2.01% higher than the previous closing price of Rs. 992.75.
Note: PI Industries is a major participant in the agrochemicals industry, with a significant presence in both domestic and foreign markets. Its market capitalization is Rs 53,488.98 crore.
Click here to read from source
Click here to read: Current Affairs 1st June 2024
SCIENCE & TECHNOLOGY
China Launched Pakistan’s Multi-Mission Communication Satellite – PakSAT-MM1 (Current Affairs 2nd|3rd June 2024)
China successfully launched Pakistan’s multi-mission communication satellite, PakSAT-MM1, from the Xichang Satellite Launch Center in China’s southern region of Sichuan on May 30, 2024, with a Long March-3B (LM-3B) carrier rocket.
PakSAT-MM1, part of Pakistan’s National Space Programme 2047, intends to improve internet services across the country.
In August 2024, the launch of satellite services is poised to begin, marking a significant development in global connectivity.
This is the 96th launch of the LM-3B launch vehicle and the 524th launch of the Long March family.
About PakSAT-MM1:
-
The China Academy of Space Technology (CAST), a division of China Aerospace Science and Technology Corporation (CASC), took the lead in creating PakSAT-MM1.
- This is a joint endeavor of the Space and Upper Atmosphere Research Commission (SUPARCO), Pakistan’s space agency, and the Chinese aerospace sector.
- The satellite’s lifetime is 15 years.
Significance:
- The Chinese government, through a concessional loan, funds the PakSAT-MM1 project, which is subsequently featured in the “2021-2030 Space Cooperation Outline Programs” between China and Pakistan.
- China Great Wall Industrial Corporation (CGWIC), a CASC affiliate, has inked its 14th in-orbit delivery communications satellite contract.
- This is CGWIC’s third whole-satellite project with Pakistan, following Paksat-1R and PRSS-1.
Key Points:
- Achieved deployment successfully placed the satellite in geostationary orbit at 36,000 kilometers above Earth.
- This will provide communication services in the C, Ku, and Ka bands, as well as Satellite-Based Augmentation System (SBAS) services in the L band.
- It will provide communication services such as broadband internet, television broadcasting, mobile banking, and very small aperture terminal (VSAT) connection, among others.
- The spacecraft weighs 5.4 metric tons during liftoff and has nine antennae and 48 transponders.
- To increase dependability and in-orbit fuel life span, this design employs a combination of chemical and electric propulsion.
Additional info:
- China’s Long March 5 rocket launched Pakistan’s first lunar satellite, ICUBE-Qamar (ICUBE-Q), on May 3, 2024. The launch occurred as part of the Chang’e-6 lunar mission and lifted off from the Wenchang Space Launch Center situated in China’s Hainan region.
- The Institute of Space Technology (IST) in Islamabad, Pakistan, SUPARCO, and Shanghai Jiao Tong University (SJTU) collaborated to construct the small satellite.
About Pakistan:
- President– Asif Ali Zardari
- Prime Minister (PM)– Shehbaz Sharif
- Capital– Islamabad
- Currency- Pakistani Rupee (PKR)
Click here to read from source
SPORTS
Boxing Federation of India quits IBA and Joins World Boxing (Current Affairs 2nd|3rd June 2024)
The Boxing Federation of India (BFI) has left the suspended International Boxing Association (IBA) to join World Boxing, with the goal of reducing the danger to boxing’s Olympic future.
Reason for Quitting IBA :
Faced with the International Olympic Committee’s (IOC) ultimatum to sever ties with the International Boxing Association (IBA) or risk exclusion from the 2028 Los Angeles Olympics, the national federation consequently decided to make a break.
Note:
- The IOC de-recognised the IBA in 2019 owing to ongoing financial, sporting integrity, and governance concerns.
- For the second time in a row, following the Tokyo Olympics, the IBA will not participate in competitions at the Paris Olympics.
About International Boxing Association (IBA):
The International Boxing Association (IBA) is a non-profit international organization that replaced the old Fédération Internationale de Boxe Amateur in 1946 as the sole global regulating body for all sports of boxing.
- Headquarters – Lausanne, Switzerland
- President – Umar Kremlev
About International Olympic Committee (IOC):
The International Olympic Committee (IOC) is a non-profit, autonomous international organisation dedicated to making the world a better place through sports.
It was founded on June 23, 1894, little under two years before the inaugural Olympic Games took place in April 1896.
The International Olympic Committee will oversee boxing in the 2024 Summer Olympics in Paris.
- Headquarters – Lausanne, Switzerland
- President -Thomas Bach
About Boxing Federation of India (BFI):
- Headquarters: New Delhi, Delhi
- President: Ajay Singh
- Established: 2016
Click here to read from source
OBITUARY
Padma Shri Awardee & Renowned Puppeteer Maguni Kuanr Passed Away (Current Affairs 2nd|3rd June 2024)
Padma Shri Awardee Maguni Charan Kuanr, a renowned puppeteer, died at the age of 88 in Keonjhar, Odisha. He was born in 1937 in Keonjhar, Odisha.
Maguni Kuanr earned the coveted ‘Padma Shri’ award in 2023 from India’s President, Droupadi Murmu.
He received an honor for his lifetime commitment to the area of art, which included preserving the fading art of rod puppetry and promoting traditional rod puppet dance.
About Maguni Charan Kuanr:
- Maguni Charan Kuanr was encouraged by his father, Baishnab Charan Kuanr, to pursue puppetry.
- He has helped to expand the recognition of Kandhei Nach (rod puppetry) outside Orissa.
- He also created his own puppets, designed costumes, and narrated the performances he presented.
- Maguni Charan Kuanr has also founded a puppet group, the Utkal Vishwakarma Kalakunja Kandhei Nach, located in Keonjhar, Odisha.
- He has attended camps and workshops hosted by the Orissa Sangeet Natak Akademi and other institutes.
- Indian & international authorities extensively documented his work.
Awards & Honours:
- Kuanr has earned recognition from the Orissa Sangeet Natak Akademi (OSNA) and North Orissa University (now Maharaja Sriram Chandra Bhanja Deo University).
- He also earned the Sangeet Natak Akademi Award for his contributions to Orissa’s traditional puppetry.
Click here to read from source
IMPORTANT DAYS
World Milk Day 2024 – June 01 (Current Affairs 2nd|3rd June 2024)
Each year, on June 1st, the world unites to celebrate World Milk Day. This day actively emphasizes the significance of milk as a global food source. It simultaneously draws attention to dairy-related events and advocates for the regular consumption of milk and dairy products as part of a balanced diet.
The Food and Agriculture Organization (FAO) of the United Nations (UN) leads the yearly observation of WMDs.
2024 Focus:
Globe Milk Day 2024 will highlight the importance of dairy in providing nutritious nourishment to feed the globe.
Background:
- In 2001, the FAO established World Milk Day to recognize the importance of milk, draw attention to it, and honor the dairy industry’s accomplishments.
- The first WMD was discovered on June 1, 2001.
About Food and Agriculture Organisation of the UN (FAO):
- Director-General– QU Dongyu
- Headquarters– Rome, Italy
- Established in 1945
Click here to read from source
Global Day of Parents 2024 – June 1 (Current Affairs 2nd|3rd June 2024)
Every year on June 1st, the United Nations observes Global Day of Parents, commemorating and praising all parents throughout the world. This day recognizes their selfless devotion to their children and the lifelong sacrifices they make in cultivating their connection.
The Global Day of Parents acknowledges the family’s essential duty for the nurturing and safeguarding of children.
The theme for Global Day of Parents 2024 is “The Promise of Playful Parenting”.
Background:
- On September 17, 2012, the United Nations General Assembly (UNGA) enacted Resolution A/RES/66/292, designating June 1st as Global Day of Parents.
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Marked the first Global Day of Parents on June 1, 2013. (19 words)
Related observance:
- The United Nations General Assembly established the International Day of Families on May 15, 1993, by resolution A/RES/47/237.
- In resolution A/RES/44/82 of December 9, 1989, the United Nations General Assembly designated 1994 as the International Year of the Family.
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IYF (1994) celebrated families as resources and societal democracies through “Family: Changing World’s Resources & Responsibilities.”
2024 Observance:
- Throughout June 2024, the United Nations Children’s Fund (UNICEF) provides vital assistance and guidance to parents.
- Their offerings include a wide range of themes, including the scientific basis of play and engaging activities for the entire family.
In acknowledgment of the growing popularity of online gaming, UNICEF provides:
- Comprehensive guides for parents
- Detailed explanations on ensuring safe and positive online experiences for children.
Click here to read from source
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