Current Affairs 4th May 2024
Welcome to your one-stop shop for staying informed! Today’s edition of Current Affairs dives deep into the happenings of May 4th, 2024. Whether you’re interested in international developments, economic trends, or advancements on the domestic front, we’ve got you covered. From India’s expanding influence to the launch of a revolutionary new payment system in Africa, get ready to explore the stories shaping our world right now. So, buckle up and join us as we unpack the latest in Current Affairs 4th May 2024 .
NATIONAL AFFAIRS
1) Ministry of Mines Signed a MoU with Shakti for Sharing Knowledge in Critical Minerals
The Ministry of Mines and the Shakti Sustainable Energy Foundation signed a Memorandum of Understanding (MoU) during the opening ceremony of the Critical Minerals Summit in New Delhi.
The MoU’s key partners are the Ministry of Mines, the Shakti Sustainable Energy Foundation (Shakti), the Council on Energy, Environment, and Water (CEEW), and the Energy and Resources Institute (TERI).
The primary goal of the MoU is to enhance knowledge assistance in the field of Critical Minerals, which are critical to India’s economic development, national security, and low-carbon energy transition.
Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities
The ‘Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities’ was opened by Secretary of Mines VL Kantha Rao on April 29th and 30th, 2024, at the India Habitat Centre in Lodhi Estate, New Delhi.
The Ministry of Mines hosted the conference in collaboration with Shakti, CEEW, and the International Institute for Sustainable Development (IISD).
Key Points:
- At the summit, eight major minerals were designated as main emphasis areas: glauconite (potash), lithium-rare earth elements (laterite), chromium, platinum group, graphite, tungsten coupled with graphite, rare earths (REs), and vanadium.
- The summit aimed to enhance collaboration, information sharing, and innovation in the field of crucial mineral beneficiation and processing.
- The summit addressed the critical need to secure a domestic supply of Critical Raw Minerals (CRMs) for Renewable Energy Systems and Electric Vehicles.
About Ministry of Mines:
- Union Minister: Pralhad Joshi(Lok Sabha constituency: Dharwad, Karnataka)
Click here to read from source
2) Army Dental Centre Research and Referral Releases Special Postal Cover for “Silver Jubilee” Celebration
On May 1, 2024, the Army Dental Centre of Research & Referral (ADC R&R), Delhi, a specialty dental care facility founded on May 1, 1999, celebrated its 25th anniversary (the Silver Jubilee). Lieutenant General MK Katiyar, General Officer Commanding in Chief (GoC-in-C), Western Command, introduced the Army Postal Service’s Special Postal Cover during the ceremony.
Major General GK Thapliyal addressed the ‘Major General RN Dogra Memorial Oration’, an annual ceremony commemorating the rising day of ADC R&R, on “India that is Bharat.”
Note:
ADC R&R is the Armed Forces’ largest dental unit, providing postgraduate (PG) training in five dental specialties.
Click here to read from source
3) RailTel and Quadrant Future Tek signed MoU to implement KAVACH Globally
RailTel Corporation of India Limited (RailTel) has signed a Memorandum of Understanding (MoU) with Quadrant Future Tek Limited, located in Mohali (Punjab), to research and deliver train collision avoidance system ‘KAVACH’ implementation projects in India and beyond.
This MoU establishes a framework for Quadrant to cooperate solely with RailTel to deliver the specific targeted opportunity connected to KAVACH.
The Research Design and Standards Organisation (RDSO) will provide Quadrant final clearance as an OEM (original equipment manufacturer) for the KAVACH project.
KAVACH is the Indian Railways’ indigenously built automated train protection (ATP) system. The Ministry of Railways designated it a “National ATP System” in July 2020.
Note: RailTel, established in September 2000, is a “Mini Ratna (Category-I)” Central Public Sector Enterprise (CPSE) under the Ministry of Railways.
Click here to read from source
INTERNATIONAL AFFAIRS
4) CAG of India Signed MoU with Auditor General of Nepal to Enhance Audit Expertise
Girish Chandra Murmu, India’s Comptroller and Auditor General (CAG), signed a Memorandum of Understanding (MoU) with Toyam Raya, Nepal’s Auditor General, to strengthen collaboration and exchange of auditing experience between India’s and Nepal’s Supreme Auditing Institutions (SAIs).
Significance:
- The agreement is a significant step in strengthening connections and collaboration between India and Nepal’s SAIs.
- This MoU would create a forum for auditing experts and technical teams to exchange information and expertise through training programs and mutual aid in auditing.
Note: The MoU was signed on the sidelines of Girish Chandra Murmu’s official visit to Nepal on May 2, 2024.
During his tour, he met with various high-ranking officials, including Pushpa Kamal Dahal ‘Prachanda’, Prime Minister (PM) of Nepal, and Barsha Man Pun, Finance Minister of Nepal.
About Nepal:
- Capital: Kathmandu
- President: RamChandra Paudel
- Prime Minister: Pushpa Kamal Dahal “Prachanda”
- Currency: Nepalese Rupee(NPR)
Click here to read from source
BANKING & FINANCE
5) SEBI Amends Mutual Fund Regulations to Curb Fraudulent Practices
The Securities and Exchange Board of India (SEBI) has approved amendments to the SEBI (Mutual Funds) Regulations, 1996 to strengthen the existing regulatory framework by requiring Asset Management Companies (AMCs) to implement a strong “institutional mechanism” to combat fraudulent practices such as front-running and insider trading.
SEBI enables FPIs in GIFT City to receive greater investments from NRIs and OCIs.
SEBI has permitted Foreign Portfolio Investors (FPIs) based in Gujarat International Finance Tec-City (GIFT City), Gujarat, to accept unrestricted investments from Non-Resident Indians.
About the Securities and Exchange Board of India (SEBI) :
SEBI is a statutory authority and market regulator that oversees India’s securities markets.
It was formed as a non-statutory entity on April 12, 1988, and became a statutory body in 1992.
- Chairperson– Madhabi Puri Buch
- Headquarters– Mumbai, Maharashtra
Click here to read from source
6) India has Low Health Insurance Coverage for Older Citizens: ADB report
According to the Asian Development Bank (ADB)’s first ‘Aging Well in Asia: Asian Development Policy Report’, which was issued on May 2, 2024, India has the lowest health insurance coverage among senior people, at 21%.
While South Korea and Thailand have already implemented universal health care.
The aging population in Asia and the Pacific is expected to nearly double by 2050 to 1.2 billion, or 25.2% of the regional population, up from 13.5% in 2022, highlighting the need for pension, welfare, and healthcare programs.
About Asian Development Bank (ADB):
- President– Masatsugu Asakawa
- Headquarters– Mandaluyong City, Metro Manila, Philippines
- Establishment– 1966
- Members– 68 members (49 are within Asia and the Pacific and 19 outside)
Click here to read from source
7) SEBI Made Mandatory Registration of PMS Distributors with APMI (Current Affairs 4th May 2024)
On May 2, 2024, the Securities and Exchange Board of India (SEBI) issued a directive requiring any person or business involved in the distribution of Portfolio Management Services (PMS) to get registration with the Association of Portfolio Managers in India.
The move aims to strengthen Portfolio Managers’ Ease of Doing Business activities.
This will take effect on January 1, 2025, and APMI will provide the registration requirements for distributors by July 1, 2024.
Key Points:
-
SEBI regulations mandate Portfolio Managers to verify that any person or company distributing their services must be registered with APMI. This ensures collective oversight of PMS distributors at the industry level.
Furthermore, SEBI has strongly urged Portfolio Managers to proactively confirm that any individual or organization involved in distributing their services has secured registration with APMI.
- Portfolio managers must verify that distributors follow the code of conduct stipulated in the portfolio manager’s rules.
Background:
- In response to a need for smoother business operations, the Securities and Exchange Board of India (SEBI) established a working group. This group was tasked with directly evaluating the current regulatory framework outlined in the SEBI (Portfolio Managers) Regulations, 2020.
- Following their assessment, the group would then propose specific recommendations to improve ease of doing business for portfolio managers.
- At present, any person or business employed by a portfolio manager to operate as a distributor of PMS must get accreditation from the National Institute of Securities Markets (NISM).
Benefits:
- This will contribute to increasing the overall efficiency and transparency of the PMS industry.
- It will simplify the compliance procedure, provide access to industry data, and speed up the grievance redressal method, among other benefits.
Additional info:
This is consistent with the practice in the Mutual Fund (MF) sector. MF distributors must register with the Association of Mutual Funds in India (AMFI) and get the AMFI Registration Number (ARN) before offering distribution services.
SES ESG Research received CoR as ESG Rating Provider from SEBI
SES ESG Research Private Limited, a 100% subsidiary of Stakeholders Empowerment Services (SES), has earned the ‘Certificate of Registration as an Environmental, Social, and Governance(ESG) Rating Provider’ (ERP) from SEBI, allowing it to begin ERP operations.
This Research will serve as a Category-2 ESG Ratings supplier from April 25th, 2024.
The development will allow SES to move its ESG operations to SES ESG Research.
Key Points:
- SES released its inaugural ESG Rating in 2019, based on fiscal year 2018 data. Its current coverage includes more than 500 firms.
- SES, in collaboration with the National Stock Exchange (NSE), will provide ESG Ratings data to NSE for their indices.
About Securities and Exchange Board of India (SEBI):
- Chairman- Madhabi Puri Buch
- Headquarter- Mumbai, Maharashtra
- Established- 1992
Click here to read from source
ECONOMY & BUSINESS
8) OECD Revised India’s GDP Growth Forecast for FY25 to 6.6% (Current Affairs 4th May 2024)
According to “OECD Economic Outlook, Volume 2024 Issue 1,” the Paris-based Organisation for Economic Cooperation and Development (OECD) has increased India’s GDP (Gross Domestic Product) growth prediction for FY25 (2024-25) by 40 basis points (bps) to 6.6% from 6.2% previously expected.
Global GDP growth is expected to be 3.1% in 2024 and 3.2% in 2025, driven by greater real income growth and lower policy interest rates.
Key Points:
- India’s GDP is expected to be 7.8% in FY24 and about 6.5% in FY25 and FY26, owing to high investment amid slowing private consumption.
- Notably, GDP growth will be consistent with the 20-year average in FY26.
- Domestic demand will be boosted by gross capital creation, notably in the public sector, but private consumption growth remains weak.
- Exports continue to expand, notably in IT and consulting services. This is also helped by foreign investment.
- On the other side, difficulties include new supply chain disruptions, food inflation caused by extreme weather, and global financial market volatility.
- Despite persistent food prices, India’s inflation is predicted to improve to 4.3% in FY25 and 4.2% in FY26.
- The 2024 Interim Union Budget attempts to consolidate, with a fiscal deficit goal of 5.1% of GDP for FY25. The OECD advised that the focus be on addressing debt through greater revenues, expenditure efficiency, and tougher fiscal constraints.
Click here to read from source
Click here to read: Current Affairs 3rd May 2024
AWARDS & RECOGNITIONS
9) Assam Conservationist Dr Purnima Devi Barman wins Whitley Gold Award 2024 (Current Affairs 4th May 2024)
Dr Purnima Devi Barman, a wildlife biologist from Assam, received the Whitley Gold Award 2024, often known as the ‘Green Oscar’, from the Whitley Fund for Nature (WFN) on May 1, 2024, during a Royal Geographical Society awards ceremony in London, United Kingdom (UK).
The prize recognized her efforts to protect the endangered Greater Adjutant Stork (called locally as ‘Hargila’ in Assamese) and its wetland habitat.
The prize, worth £100,000 in project financing, promotes grassroots conservation leaders from all around the world.
She was presented with the trophy by charitable patron Princess Anne – the Princess Royal, King Charles III’s sister.
Note:
Hargila, with a wingspan of 2.4 meters and a height of 1.2 meters, builds nests up to 1 meter wide as the chicks age. Despite its small, the bird benefits ecosystem health by recycling nutrients and serves as an important ecological pillar in Assam’s wetlands.
Hargila translates to ‘bone-swallower’ in Assamese.
About Dr Purnima Devi Barman:
- Purnima Devi, also known as ‘Hargila Baideu (Sister of Storks)’, whose efforts to save the Hargila resulted in a population increase from 450 to over 1,800 in Northeast India.
- She changed local views, motivated mostly women to safeguard nests, and worked with her team at Aaranyak Wildlife NGO (Non-Governmental Organization).
- She seeks to build a collaborative network of WFN affiliates, students, scientists, and policymakers to enhance conservation education and knowledge sharing.
- Her scaling-up activities include teaching conservation to over 20,000 Assamese students and establishing a knowledge exchange program between Bihar University and the University of Assam.
- In 2017, she won the Whitley Award for Terrestrial, Wetland, Wetland, and Freshwater, alongside Sanjay Gubbi.
Other Winners:
The 2024 Whitley Award conferred upon 6 individuals:
|
Winner |
Country | Project Type |
|
Naomi Longa |
Papua New Guinea | Marine |
|
Raju Sharma |
Nepal | Terrestrial |
|
Aristide Kamla |
Cameroon |
Wetland and Freshwater |
| Kuenzang Dorji | Bhutan |
Terrestrial |
| Fernanda Abra | Brazil |
Terrestrial |
| Leroy Ignacio | Guyana |
Terrestrial |
The latest Indian recipient of this award was in 2021. Nuklu Phom of Nagaland got the Sustainable Communities award.
The winners will get GBP 40,000 in project financing over a year, as well as an enhanced profile, new connections, and training.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
10) ACC Appoints Sanjaya Kumar Mishra as President of GSTAT (Current Affairs 4th May 2024)
The nomination Committee of the Cabinet (ACC) has accepted the nomination of Sanjaya Kumar Mishra, former Chief Justice (CJ) of the Jharkhand High Court (HC), as President of the Goods and Services Tax Appellate Tribunal (GSTAT).
He will retain the position for four years, beginning on the date he takes office and ending when he reaches the age of 70, whichever occurs first.
About GSTAT:
- The GSTAT was founded by the Indian government to help businesses resolve disputes. GSTAT plans to start operations on July 1, 2024.
- It is the second level of appeal in GST rules, as well as the first shared dispute resolution forum for the Centre and States.
- GSTAT will have one Principal Bench in Delhi to address inter-state disputes, and 31 State benches to handle all other problems, including rates across the country.
- Uttar Pradesh (UP) will have three benches, the most in any state in India.
- Other bigger states, like Gujarat, Karnataka, Rajasthan, Tamil Nadu (TN), and Maharashtra, will have two benches each.
- It is a specialist organization that handles GST-related complaints quickly and is critical in providing unbiased, expert, and fast resolution methods.
About Sanjaya Kumar Mishra:
- In 1988, he began practicing in the Balangir District Courts and was appointed Additional District and Sessions Judge in Jeypore, Odisha, in 1999.
- He also served as District and Sessions Judge in Sundergarh, Dhenkanal, Odisha; Special Judge (Central Bureau of Investigation/CBI) in Bhubaneswar, Odisha; and Registrar General of Odisha High Court.
- In 2009, he was appointed Judge of the Odisha High Court and served as Acting Chief Justice of the Uttarakhand High Court during 2021-2022.
- In February 2023, he became the 14th Chief Justice of the Jharkhand High Court and retired on December 28, 2023.
Click here to read from source
ACQUISITIONS & MERGERS
11) CCI Approves Acquisition of Sanyo Special Steel’s 15.43% Stake in SSMI (Current Affairs 4th May 2024)
The Competition Commission of India (CCI) has authorized Sanyo Special Steel Co. Ltd (Sanyo)’s acquisition of a 15.43% stake in Sanyo Special Steel Manufacturing India Private Limited (SSMI) from Mitsui & Co. Ltd.
Acquirer (Sanyo):
Sanyo, headquartered in Japan, is a global maker of steel goods. It is a member of the Nippon Steel Corporation Group.
Target (SSMI):
- SSMI, a joint venture (JV) comprising Mahindra & Mahindra Limited (India), Sanyo (Japan), and Mitsui & Co., Ltd. (Japan), was established in 2012.
- SSMI manufactures forged items, hot rolled products, and cast products. Currently, it is a subsidiary of Sanyo.
Click here to read from source
SCIENCE & TECHNOLOGY
12) China Successfully Launches ‘Chang’e-6,’ World’s 1st Mission to Bring Samples from Moon (Current Affairs 4th May 2024)
On May 3, 2024, the China National Space Administration (CNSA) successfully launched an uncrewed lunar probe, “Chang’e-6,” from the Wenchang Space Launch Center in the southern province of Hainan, China, using the Long March-5 Y8 carrier rocket.
Aim: This is the world’s first mission to gather and return samples from the far side of the moon.
The mission’s name, ‘Chang’e,’ was inspired by the name of the Chinese Goddess Moon.
About Chang’e-6 mission:
- The spacecraft will land at Apollo Basin (the oldest known impact crater), which is located in the South Pole-Aitken Basin on the moon’s far side.
- The overall mission is planned to last around 53 days.
- The spacecraft includes four major components: an orbiter, a lander, an ascender, and a returner.
- The Lander contains four payloads built in collaboration with other nations, including scientific instruments from France, Italy, and the European Space Agency (ESA).
- It also contains a tiny satellite from Pakistan called “ICUBE-QAMAR cubesat”.
- It is being developed by the Institute of Space Technology (IST), Islamabad, Pakistan, in collaboration with Shanghai Jiao Tong University (SJTU), Shanghai, China, and Pakistan’s space agency, the Space and Upper Atmosphere Research Commission (SUPARCO).
Additional Information:
In November 2020, CNSA successfully launched the 8.2 tonne lunar probe “Chang’e-5” using the Long March-5 rocket. It was the world’s first near-side lunar sample mission in 44 years.
About China:
- Capital: Beijing
- President: Xi Jinping
- Currency: Renminbi(RMB)
Click here to read from source
SPORTS
13) India to host BWF World Junior Badminton Championships 2025 in Guwahati (Current Affairs 4th May 2024)
India will host the Badminton World Federation (BWF) World Junior Championships 2025 at the Badminton Association of India (BAI) National Centres of Excellence (NCOE) in Guwahati, Assam.
The Badminton World Federation (BWF) has decided to bring the World Junior Championships back to India after a 17-year hiatus. Pune last hosted the prestigious event in 2008, and Guwahati will now take center stage in 2025.
Previously, the 2008 World Junior Championships was place in Pune, Maharashtra.
Note:
- NCOE in Guwahati, which opened in 2023, includes 16 badminton courts and a 4,000-square-foot gymnasium.
Denmark to host Thomas and Uber Cup 2026:
The Badminton World Federation (BWF) is bringing the prestigious Thomas and Uber Cup, the Men’s and Women’s World Team Championships, back to Denmark in 2026. Horsens, a Danish city, will take center stage for this thrilling competition.
This marks the second time Denmark will host the event, following the successful 2021 edition held in Aarhus.
Notably, the Thomas Cup and Uber Cup have maintained a tradition of taking place every two years since their inaugurations in 1982 and 1984, respectively.
The 2026 edition will be the 34th Thomas Cup and the 31st Uber Cup.
Click here to read from source
IMPORTANT DAYS
14) World Tuna Day 2024 – May 2 (Current Affairs 4th May 2024)
The United Nations (UN) celebrates World Tuna Day every year on May 2nd to raise awareness about the importance of tuna, one of the most commercially significant fish species. It has an important function in the composition and nutrition of people.
The day emphasizes the need of sustainable fishing techniques in maintaining the equilibrium of marine ecosystems;
Background:
- On December 7, 2016, the UN General Assembly (UNGA) approved resolution A/RES/71/124, designating May 2 as World Tuna Day.
- The first World Tuna Day was commemorated on May 2, 2017.
About Food and Agriculture Organization of the United Nations(FAO):
- Director-General– QU Dongyu
- Headquarters– Rome, Italy
- Established in– 1945
Click here to read from source
15) World Press Freedom Day 2024 – May 3 (Current Affairs 4th May 2024)
The United Nations (UN) observes World Press Freedom Day on May 3rd each year to commemorate the fundamental principles of press freedom and to evaluate press freedom across the world.
- The 31st anniversary of World Press Freedom Day is on May 3, 2024.
- The United Nations Educational, Scientific, and Cultural Organization (UNESCO) leads the commemoration of World Press Freedom Day.
- 2024 under the heading “A Press for the Planet: Journalism is the Face of the environmental crisis” .
UNESCO/Guillermo Cano World Press Freedom Prize 2024
On May 2, 2024, during the World Press Freedom Conference held in Santiago, Chile, UNESCO and Guillermo Cano conferred the 2024 World Press Freedom Prize upon Palestinian journalists covering Gaza.
Click here to read from source
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