Current Affairs 3rd April 2024
Keeping pace with the ever-evolving world can be a challenge. This concise overview of Current Affairs for April 3rd, 2024, aims to do just that. We’ll provide a focused breakdown of key developments, encompassing various sectors – from scientific discoveries to policy changes and sporting victories. This briefing ensures you stay informed on the most significant news impacting our world today.
NATIONAL AFFAIRS
1) Defence exports touch record Rs.21,083 crore in FY24: MoD
India’s defense exports are soaring to new heights. India’s defense exports hit record Rs 21K crore in FY 2023-24. This impressive achievement represents a 32.5% surge compared to the previous year’s Rs 15,920 crore.
Looking back further, India’s defense exports have witnessed a remarkable 31-fold jump over the past decade (FY 2013-2014 to FY 2023-2024). This growth is attributed to the tireless efforts of both the Defence Public Sector Undertakings (DPSUs) and the private sector. Notably, the private sector has emerged as a major driver, contributing around 60% of the total defense exports, while DPSUs account for the remaining 40%.
Furthermore, the MoD facilitated a significant rise in export authorizations granted to defense exporters during FY 2024. The number climbed from 1414 in FY 2023 to 1507 in FY 2024.
In a broader perspective, India’s defense exports have witnessed a 21-fold increase over the past two decades (2004-05 to 2023-24). The total value of exports during this period surged from Rs 4,312 crore to a staggering Rs 88,319 crore.
India’s burgeoning defense export portfolio boasts a variety of advanced technologies and equipment, including light engineering mechanical parts, offshore patrol vehicles, ALH helicopters, SU avionics, personal protection gear, and coastal surveillance systems. These cutting-edge offerings have positioned India as a prominent exporter of defense hardware, attracting a growing base of international buyers.
Despite leading in arms imports, GoI reforms boosted India’s defense exports.
Ministry of Defence(MoD):
- Union Minister:Rajnath Singh (Lok Sabha constituency: Lucknow, Uttar Pradesh)
- Minister of State(MoS): Ajay Bhatt
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2) GoI Introduced new EMPS 2024 scheme from 1st April, after FAME-II
The Indian government is shifting gears on electric vehicle (EV) promotion schemes. On March 13, 2024, the Ministry of Heavy Industries unveiled the Electric Mobility Promotion Scheme 2024 (EMPS 2024) to replace the FAME-II program ending on March 31, 2024.
FAME-II, launched in 2019, offered incentives for electric buses, three-wheelers, and four-wheelers for commercial or public use with a total budget of Rs 10,000 crore. FAME-II subsidies will still be available for e-vehicles sold until March 31st, or until funds run out.
EMPS 2024, with a budget of Rs 500 crore, specifically targets promoting electric two-wheelers (e-2w) and three-wheelers (e-3w). This four-month program, running from April 1 to July 31, 2024, offers financial assistance for e-2w, registered e-rickshaws, e-carts, and larger L5 category e-3w exceeding 25 km/h. The government will provide subsidies of up to Rs 10,000 per e-2w, aiming to support around 3.33 lakh purchases. Additionally, the program offers up to Rs 25,000 for small e-3w and up to Rs 50,000 for large e-3w, targeting over 41,000 vehicles.
About Ministry of Heavy Industries:
- Union Minister: Mahendra Nath Pandey (Chandauli, Uttar Pradesh)
- Minister of State (MoS): Krishan Pal Gujjar
Click here to read from source
3) Indian Air Force Begins 10-Day War Exercise “Gagan Shakti 2024” in Pokhran
From April 1 to April 10, 2024, the Indian Air Force (IAF) will conduct a 10-day war exercise called “Gagan Shakti-2024” to demonstrate its ability to carry out high-intensity operations throughout India.
The exercise will take place at the Pokhran Field Firing Range in Jaisalmer, Rajasthan; Bhuj, Gujarat; Ladakh, Arunachal Pradesh; and other locations across the country.
Key Points:
- Gagan Shakti affects all air force facilities and resources across the country.
- At Pokhran Field Firing Ranges, fighter jets and helicopters will engage in combat with fictitious targets.
- Since “Vayu Shakti,” this is the largest IAF war exercise.
- The exercise assesses how well-prepared the IAF is for demanding operations.
The Indian Army is providing logistical support, including passenger trains known as the Sanyukta Express. This has enabled a comprehensive movement of about 10,000 IAF personnel and ammunition across India to validate the IAF’s Operational Rail Mobilization Plan (ORMP). (In 2018, more than 11,000 sorties were completed during the previous “Gagan Shakti” exercise.)
About Indian Air Force (IAF):
- Chief of the Air Staff– Air Chief Marshal Vivek Ram Chaudhari
- Headquarters– New Delhi, Delhi
- Establishment– 1932
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BANKING & FINANCE
4) SEBI launches SCORES 2.0 to Strengthen Complaint Redressal System
The Securities and Exchange Board of India (SEBI) introduced SCORES 2.0, the upgraded version of the SEBI Complaint Redressal System, on April 1, 2024. By lowering timelines, enhancing auto-routing and auto-escalation, and monitoring by designated bodies, this will improve the resolution of investor complaints in the securities market.
As of April 1, 2024, the URL for the SCORES 2.0 website is http://scores.sebi.gov.in.
Note: Using an app and a web URL, investors in the securities market can file complaints through the SCORES online system.
Key Points:
- New features have been added to the updated SCORES version to improve the user experience.
- It creates consistent deadlines for handling complaints throughout the securities industry: 21 calendar days after the date of the complaint.
- The review process has two levels: investors can raise their concerns initially, and if unsatisfied, SEBI will intervene at the second level. To ensure timely resolutions, complaints are automatically forwarded to SEBI if deadlines are missed.
For easier registration, SCORES integrates with the KYC registration agency’s database.
Important Note: Investors can no longer file new complaints on the old SCORES platform (https://scores.gov.in), which was shut down on March 28, 2024.
Brickwork Ratings Receives SEBI Approval to Proceed with Business Unrestricted
Brickwork Ratings (BWR) has recommenced operations and client onboarding subsequent to the March 26, 2024, order from SEBI. SEBI previously barred BWR from accepting new clients or additional mandates from existing clients. This restriction remained in place until BWR addressed several requirements, including strengthening its board and improving its procedures and systems. After achieving complete compliance, SEBI gave BWR the go-ahead to start up again.
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ECONOMY & BUSINESS
5) Mahindra Aerostructures signs USD100 million deal with Airbus Atlantic for component production
Mahindra Aerostructures Private Limited (MASPL) and an Airbus Atlantic group company have inked a multi-year agreement valued at USD 100 million.
Key Points:
- In accordance with the agreement, Mahindra Aerostructures will use its manufacturing facility in India to provide Airbus Atlantic in France with approximately 2300 different types of metallic components.
- MASPL will produce and supply small assemblies and metallic parts for the entire line of Airbus commercial aircraft, which includes the A320 series.
By delivering parts directly to Airbus at their facilities in France and Germany, the contract expands on the already-existing MASPL programs.
- The agreement fortifies MASPL and Airbus’s current cooperation, which dates back to 2015.
Significance:
The agreement between MASPL and Airbus Atlantic is in line with the Government of India’s (GoI) “Make in India” campaign, which seeks to establish India as a major hub for global manufacturing.
Note: MASPL and Airbus Aerostructures GmBH signed a contract in January 2024. As per the agreement, MASPL would provide Airbus Atlantic in Germany with approximately 5000 different types of metallic components from its manufacturing facility in India.
About Mahindra Aerostructures Private Limited(MASPL):
It is a Mahindra Group subsidiary that is entirely owned. It primarily manufactures assemblies and metallic parts for eminent global aerospace corporations.
- Chief Executive Officer(CEO) and Managing Director(MD) : Arvind Mehra
- Headquarters : Bengaluru, Karnataka
- Founded : 2013, but commenced its operation in 2015
Click here to read from source
6) GoI Raises Rs 16,500 Cr by Selling Stakes in Companies in FY23-24
The Indian government sold stakes in roughly ten state-run businesses to raise Rs. 16,500 crores during the fiscal year 2023–2024. Nonetheless, this sum was less than the internal goal of Rs 18,000 crore by roughly 9%.
The commencement of general elections on April 19, 2024, presented challenges to the Government of India’s (GoI) goal of privatizing state-run businesses.
The government received more dividends from state-run businesses in 2023–2024 than it did in 2022–2024 (about Rs. 63,000 crore), exceeding the target of Rs. 50,000 crore, despite lower receipts from stake sales.
As of April 1, 2024, the government has not established a target for the current fiscal year (2024–25), which is a departure from standard procedure.
Click here to read from source
7) Indian Oil & Panasonic Energy Signed Binding Term Sheet for Manufacturing Lithium-ion Cells (Current Affairs 3rd April 2024)
Indian Oil Corporation Ltd., a state-owned refiner, and Panasonic Energy Co. Ltd., a subsidiary of the Panasonic Group, of Japan, have agreed to a legally binding term sheet for a proposed joint venture (JV) to produce cylindrical lithium-ion cells for 2- and 3-wheel vehicles and energy storage systems in India.
Both businesses are actively working on a feasibility study to incorporate battery technology into India’s efforts to transition to a clean energy source.
Local manufacturing investments will build a strong supply chain ecosystem in addition to supplying domestic needs, boosting India’s independence and competitiveness internationally.
Reducing carbon dioxide (CO2) emissions is one of the environmental challenges that IOCL hopes to address through its partnership with Panasonic Energy.
Signatories: The term sheet was signed by Panasonic Energy Co. Ltd. President and CEO Kazuo Tadanobu and IOCL Chairman Shrikant Vaidya.
Note:
- Under the Ministry of Petroleum and Natural Gas (MoPNG), IOCL is a Maharatna Central Public Sector Enterprise (CPSE).
- IOCL is dedicated to attaining net-zero operational emissions by 2046, in line with the GoI’s objective of making India carbon neutral by 2070.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
(Current Affairs 3rd April 2024)
8) Axis Capital Limited appoints Atul Mehra as MD & CEO
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Atul Mehra will be in charge of Axis Capital’s institutional equities and investment banking divisions.
Key Points:
- He was JM Financial’s joint MD in the past.
- Throughout his career, he has led multiple Equity Capital Markets (ECM) and mergers and acquisitions transactions in both domestic and international markets. He has over 32 years of experience working for prestigious Indian companies.
Additional Meetings
Additionally, Axis Capital has named Dhaval Desai as Head of Cash Equities and Parag Gude as Chief Operating Officer (COO) of Institutional Equities.
About Axis Capital Limited:
It is a wholly-owned subsidiary of Axis Bank
- Chairperson– Amitabh Chaudhry
- Headquarters– Mumbai, Maharashtra
- Establishment– 1984 as Enam Securities
Click here to read from source
Click here to read: Current Affairs 2nd April 2024
9) Rajeev Singhal Appointed as MD of Tata International Limited (Current Affairs 3rd April 2024)
Rajeev Singhal was named Managing Director (MD) of The Tata International Limited (TIL), the Tata Group’s worldwide trading and distribution company, on April 1, 2024.
Following Anand Sen, who retired on March 31, 2024, was Rajeev Singhal.
He was TIL’s Executive Director (ED) and Chief Operating Officer (COO) before being appointed.
About Rajeev Singhal
- He served as the Managing Director of Bhushan Steel Limited, which was later renamed Tata Steel BSL Limited. He also held a director position at Tata Bluescope Steel Private Limited.
- His multiple roles at Tata Steel in the past, including Vice President for Marketing and Sales for Flat Products, attested to his broad business acumen and leadership experience.
As Vice President, Raw Materials, he oversaw Tata Steel’s mining portfolio.
About Tata International Limited (TIL)
- Chairman – Noel N Tata
- Headquarters – Mumbai, Maharashtra.
- Established – 1962
Click here to read from source
10) Judith Tuluka Appointed as First Female Prime Minister of DR Congo (Current Affairs 3rd April 2024)
Judith Suminwa Tuluka was named the first female prime minister of the Democratic Republic of the Congo (DRC) by President Felix Tshisekedi.
She replaced Jean-Michel Sama Lukonde, the Democratic Republic of the Congo’s prime minister since 2021.
About Judith Suminwa Tuluka
- She was also the national expert for the United Nations Development Programme (UNDP) in an Eastern Democratic Republic of the Congo Community Support Project.
- When she was named Planning Minister in 2023, she became the third woman in Lukonde’s cabinet.
- She was the Presidential Strategic Monitoring Council’s deputy coordinator as well (CPVS).
- She belonged to the Union for Democracy and Social Progress party, which in December 2023 took 69 seats in the National Assembly, which has 500 members.
About Democratic Republic of Congo
- President – Félix Antoine Tshisekedi Tshilombo
- Capital – Kinshasa
- Currency – Congolese Franc
Click here to read from source
SCIENCE & TECHNOLOGY
11) Microsoft and OpenAI forge USD 100bn plan for Stargate Supercomputer (Current Affairs 3rd April 2024)
An AI (Artificial Intelligence) supercomputer data center project in the United States called Stargate, projected to cost more than USD 100 billion and begin construction in 2028, has a joint plan from Microsoft and OpenAI.
Key Points:
- The need for sophisticated AI-centric data centers like Stargate has increased due to the skyrocketing demand for generative AI.
- Microsoft is pouring significantly more funding into the Stargate supercomputer project than current data center expenses, paving the way for the launch of the fifth iteration, expected by 2026. This marks the successor to the ongoing fourth phase.
- The project will probably require the investigation of alternate energy sources, such as nuclear power, due to its cost, which is more than 100 times that of existing large data centers.
- The high cost of Stargate is partly due to supply bottlenecks for high-performance GPUs (Graphics Processing Units); Nvidia is finding it difficult to meet demand, which has led to higher prices for AI chips.
Notes:
- The fastest supercomputer in the world is called Frontier, and it was developed by the US.
- Housed at the Center for Development of Advanced Computers (C-DAC) in Pune, Maharashtra, PARAM-Siddhi is the fastest supercomputer in India.
Click here to read from source
IMPORTANT DAYS
(Current Affairs 3rd April 2024)
12) World Autism Awareness Day 2024 – April 2 (Current Affairs 3rd April 2024)
Every year on April 2, the world observes World Autism Awareness Day (WAAD) in support of the realization of human rights and fundamental freedoms for people with autism on an equal footing with others, as well as to increase awareness of autism spectrum disorder (ASD).
2024 will see the 17th anniversary of World Autism Awareness Day observed on April 2.
“Empowering Autistic Voices” is WAAD’s 2024 theme.
The Institute of Neurodiversity (ION) in Switzerland and the United Nations Department of Global Communications (DGC) collaborated to organize WAAD 2024.
Background:
- The UN General Assembly (UNGA) established the resolution A/RES/62/139 on December 18, 2007, designating April 2 of each year as World Autism Awareness Day.
- On April 2, 2008, the inaugural World Autism Awareness Day was celebrated.
About United Nations (UN):
- Secretary-General– António Guterres
- Headquarters– New York, USA
- Established in– 1945
Click here to read from source
13) International Children’s Book Day 2024 – April 2 (Current Affairs 3rd April 2024)
Every year on April 2, the birthdate of well-known Danish author Hans Christian Andersen, who wrote fairy tales, children all over the world celebrate International Children’s Book Day (ICBD) in an effort to encourage young readers and emphasize the value of children’s literature.
Many people refer to Hans Christian Andersen as the “father of modern fantasy.”
Theme:
The official sponsor of ICBD 2024, with the theme “Cross the Seas on the Wing of your Imagination,” is the International Board on Books for Young People (IBBY) Japan (JBBY).
For ICBD 2024, “Imagination” is the key word.
Note: International Children’s Book Day (ICBD) has been observed on an annual basis since 1967.
About International Board on Books for Young People (IBBY):
- President – Ms Sylvia Vardell (2022-2024) (United States)
- Headquarters– Basel, Switzerland
- Founded in– 1953
- An international network of people from all over the world, committed to bringing books and children together, is represented by the non-profit organisation AIBBY.
Click here to read from source
STATE NEWS
(Current Affairs 3rd April 2024)
14) Ravi Kota IAS Takes Charge as New Chief Secretary of Assam
After Paban Kumar Borthakur stepped down, Senior Indian Administrative Service (IAS) Officer Ravi Kota assumed leadership as Assam’s new chief secretary.
Dr. Ravi Kota, a 1993-batch IAS officer of the Assam-Meghalaya cadre, served as the Additional Chief Secretary for both the Finance, Industry, and Trade Department and the Public Institutions Department in Assam.Even though he left the Finance Department, he will still be in charge of Public Enterprises, Industries, and Commerce after taking on the role of Chief Secretary.
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15) Bihar Postal Circle Set to Release a Special Cover to Commemorate 250 years of ‘Copper Ticket’ (Current Affairs 3rd April 2024)
In observance of the 250th anniversary of the publication of the “Copper Ticket,” the world’s first postal ticket issued from Patna, Bihar, the Department of Posts in that state has chosen to create a “Special Cover.”
Anil Kumar, the Chief Postmaster General of the Bihar Postal Circle, issued it.
Generations have been enthralled with and inspired by the Copper ticket, a symbol of wonder and adventure. It represents the power of storytelling to engross us and transport us to fantastical settings.
Note: In March 1774, Azimabad, Patna, Bihar, issued the first Copper ticket.
Click here to read from source
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