Current Affairs 1 & 2 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 1 & 2 May 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Adani’s Vizhinjam Port in Kerala Approved as India’s 1st Transshipment Port
The Ministry of Ports, Shipping, and Waterways(MoPSW) has approved Adani Group’s Vizhinjam Port in Kerala to operate as India’s 1st transshipment port facilitating the transfer of cargo between ships. The initial phase targets a capacity of 1 million twenty-foot equivalent units (TEUs), with subsequent phases aiming to add 6.2 million TEUs.

• The proposal to designate it as a customs-notified port has also been made and the Central Board of Indirect Taxes and Customs (CBIC) is expected to provide approval to set up a customs office here in the next 3 months.
• Vizhinjam International Seaport is owned by the Government of Kerala and operated by Adani Ports and Special Economic Zone Ltd (APSEZ). APSEZ started the international transshipment project in December 2015.

Note: A transshipment port is a crucial hub facilitating cargo transfer from large vessels to smaller ones before reaching final destinations. Around 75% of India’s Transshipment cargo is handled at ports outside India. The Ports of Colombo, Singapore, and Klang handle more than 85% of this cargo.

INTERNATIONAL AFFAIRS

UN’s 1st International Conference on DPI held under India’s Leadership in New YorkOn April 25-26, 2024, the first United Nations (UN) Conference on ‘Citizen Stack: Digital Public Infrastructure, Transformative Technology for Citizens’ was held at UN headquarters in New York, United States (US) under India’s leadership to harness the technology to propel Sustainable Development Goals (SDGs) and foster inclusivity. The conference introduced India’s Digital Public Infrastructure (DPI) framework as a global standard.

• In this regard, India shared its ‘Citizen Stack’ initiative, encouraging other nations to understand and develop their own DPI.
• The event was a continuum to India’s G20 Presidency in 2023 on the theme ‘Vasudhaiva Kutumbakam/ One Earth, One Family, One Future’.

Hosts:
It was hosted by the Permanent Mission of India and the Ministry of Electronics and Information Technology (MeitY), in collaboration with iSPIRT (Indian Software Product Industry Roundtable).
What is India Stack (India’s Citizen Stack)? 
It is a name used to describe the collection of technology products and framework. On the other hand, DPI  is a set of digital infrastructure components, Application Programming Interface (API)  that enable the delivery of various digital services to Indian citizens by utilizing Aadhar, eSign, Digilocker, and Unified Payments Interface (UPI).
Key Points:
i.Global leaders, tech innovators, and policy experts convened to discuss the global adoption of DPI.
ii.Discussions were also held on how DPI also ensures data protection and privacy in the deployment of digital infrastructures
ii.India Stack exemplified successful integration of technology into citizen services, fostering international cooperation for the development of digital infrastructure globally.
iii.The Conference was focused on utilizing technology for Sustainable Development Goals (SDGs) and inclusivity.
iv.Emphasis were on public-private partnerships driving innovation, with contributions from startups, MNCs (Multi National Companies), and academia.
v.The conference also showcases examples from Philippines and Ethiopia demonstrating varied paths to similar national outcomes of delivering services of citizens using digitization.
Key Participants:
Ruchira Kamboj, Permanent Representative of India to the UN; G20 Sherpa Amitabh Kant; Dennis Francis, President of the United Nations General Assembly, Achim Steiner, Administrator of UN Development Programme (UNDP); while Union Minister Ashwini Vaishnav, MeitY participated virtually.

BANKING & FINANCE

RBI Announces Interest Rate of 8% on Floating Rate Savings Bond (FRSB) 2034On 29th April 2024, The Reserve Bank of India(RBI) has announced an 8% interest rate on the Floating Rate Savings Bond(FRSB) 2034.
i.It is a special type of bond issued by Government of India (GoI) that matures in 2034.
ii.This is a variable rate bond as the interest rate will change after every 6 months and has maturity time period of 7 years.
iii.The Reserve Bank of India(RBI) has cancelled the Certificate of Registration(CoR) of Delhi-based Non-Banking Financial Company(NBFC) Acemoney(India) Limited over irregularities in lending practices.
About Reserve Bank of India(RBI):
Governor: Shaktikanta Das(25th Governor of RBI)
Headquarter: Mumbai, Maharashtra
Established: 1 April, 1935
>> Read Full News

BRISKPE Raises USD 5 Million in Seed Funding from PayU to Enhance Cross-border Payments
GoBrisk Technologies Private Limited (BRISKPE), a Mumbai (Maharashtra)-based cross-border payments platform, secured an investment of USD 5 million in a seed round from PayU, the payments and fintech business of Prosus.

• This investment focuses on simplifying global payments for Indian Micro, Small, and Medium Enterprises (MSMEs) and exporters.
• BRISKPE will use the funding to enhance its product and service offerings, expand its team, and scale reach to enable more Indian businesses with seamless cross-border payments.
• The funding will drive product development, talent acquisition, and business expansion for cross-border payment startups, empowering Indian businesses for global success.

ECONOMY & BUSINESS

India Economy to Grow Faster than 7% in FY25: NCAERThe New Delhi, Delhi-based National Council of Applied Economic Research (NCAER) in its Monthly Economic Review (MER) April 2024 projected Indian economy to grow faster than 7% in financial year 2024-2025 (FY25).

• This will be drive by projected acceleration in both global growth and trade volumes, as well as the forecast of an above-normal monsoon.

Key Points:
i.Purchasing Managers’ Index (PMI) for manufacturing reaches 16-year high at 59.1 in March 2024 from 56.9 in February 2024, indicating robust expansion.

• PMI for Services increased to 61.2 in March 2024 from 60.6 in February 2024, signaling economic growth. The composite PMI increased to 61.8 in March 2024 from 60.6 in February 2024

ii.Unified Payments Interface (UPI) records highest-ever volume, since its inception in 2016, with 13.4 billion transactions in March 2024, a growth of 55.3% on a YoY (Year-on-Year) basis.
iii.Goods and Services Tax (GST) collections hit Rs. 1.8 lakh crore in March 2024, second-highest since 2017 rollout. It registered a Y-o-Y growth of 11.5%.
iv.Consumer Price Index (CPI) headline inflation decreases to 4.9% in March 2024 from 5.1% in February 2024, while core inflation decelerated at 3.2% in March 2024 from 3.4% in February 2024.

• Consumer Food Price Index (CFPI)  inflation slows to 8.5% in March 2024 from 8.7% in February 2024.
• The Wholesale Price Index (WPI) inflation accelerates to 0.5% (Provisional Estimates) in March 2024 from 0.2% in February 2024.

v.Employment indicators are mixed; EPFO sees YoY increase in new subscribers, while online hiring moderates overall.
Notes:
i.India poised for economic boost from global GDP growth.
ii.NCAER projects optimistic outlook, exceeding Reserve Bank of India’s (RBI) 7% Gross Domestic product (GDP) growth projection for FY25.

• Asian Development Bank (ADB) forecasts India’s GDP growth for FY25 at 7%, and International Monetary Fund (IMF) raises its forecast to 6.8%.

TUECO signs a MoU with Nagar Nigam Haridwar to Establish a Waste-to-Green Energy Plant
THDCIL – UJVNL Energy Company Limited (TUECO) has signed a Memorandum of Understanding (MoU) with Nagar Nigam (municipal corporation) Haridwar, Uttarakhand, to establish a waste-to-green energy plant worth Rs 140 crores.

• This initiative aims to convert 400 tonnes per day of municipal solid waste into 140 tonnes of green charcoal.
• Nagar Nigam Haridwar has allocated around 10 acres of land at Sarai for the construction of this plant.
• The MoU was signed by Varun Chaudhary, IAS, Municipal Commissioner of Haridwar and Sandeep Kumar, CEO of TUECO Ltd.

TUECO is a joint venture (JV) company of THDC India Limited(THDCIL – formerly Tehri Hydro Development Corporation Limited) and Uttarakhand Jal Vidyut Nigam Limited (UJVNL).

AWARDS & RECOGNITIONS

35th Goldman Environmental Prize: Chhattisgarh Bachao Andolan Leader Alok Shukla bags itOn 29th April 2024, Goldman Environmental Foundation announced the winners of the 35th Goldman Environmental Prize(2024), which is also known as “Green Nobel Prize”. Alok Shukla, convenor of the Chhattisgarh Bachao Andolan and founding member of the Hasdeo Aranya Bachao Sangharsh Samiti,won the 2024 Goldman Prize from Asia for his efforts to save the forests of Hasdeo Aranya in Chhattisgarh.

• The award ceremony was presented at the War Memorial Opera in San Francisco in the United States of America(USA). The ceremony was hosted by Rue Mapp, founder of Outdoor Afro.

The 2024 award was presented to seven individuals committed to protecting their communities and environment.

• The winners includes Nonhle Mbuthuma and Sinegugu Zukulu(South Africa); Teresa Vicente(Spain); Murrawah Maroochy Johnson(Australia); Andrea Vidaurre(USA) and Marcel Gomes(Brazil).

About Goldman Environmental Foundation:
President– John D. Goldman
Executive Director– Michael Sutton
Headquarters– California, USA
>> Read Full News

Indian-origin teacher Gina Justus Receives 2024 Cambridge Dedicated Teacher Award for MENA region
Indian-origin teacher Gina Justus in the United Arab Emirates (UAE) has been named the regional winner 2024 Cambridge Dedicated Teacher Awards from Middle East and North Africa (MENA) region.

• Gina Justus, a native of Thiruvananthapuram(Kerala) is a teacher at Our Own English High School (Girls), Sharjah, in the United Arab Emirates (UAE). She has been working in the UAE since 2005.

India’s Meena Mishra, was named the winner of award from South Asia region. She works as a teacher at Dr.Sarvepalli Radhakrishnan International School in Mumbai, Maharashtra.

Note: Cambridge announced nine regional winners, and out of them, one will be selected as the overall winner of the Cambridge Dedicated Teacher Awards 2024, which will be announced on 29th May 2024.

APPOINTMENTS & RESIGNATIONS

AMU Professor Mohammad Rihan Took Charge as Director General of NISE Dr. Mohammad Rihan, a Professor from the Electrical Engineering Department at Aligarh Muslim University (AMU) in Aligarh, Uttar Pradesh has assumed the role of Director General (DG) at the National Institute of Solar Energy (NISE).

• He will serve at NISE on deputation for an initial term of 3 years, with the potential for an extension of up to 2 years.
• The former DG Dr. Arun Kumar Tripathi was appointed Vice-Chancellor of Uttarakhand Ayurved University (UAU), Dehradun, Uttarakhand in  2023. He is also a Scientist G at the Ministry of New and Renewable Energy (MNRE).

Note: NISE is an autonomous institution under MNRE, and is the apex National Research and Development (R&D) institution in the field of Solar Energy.
Appointment Process:
i.Dr. Mohammad Rihan’s appointment to the position of DG was endorsed by a selection committee of experts and senior Indian Administrative Service (IAS) officers.
ii.The selection committee’s recommendation received official approval from the Appointments Committee of the Cabinet (ACC).
About Dr. Mohammad Rihan:
i.Dr. Mohammad Rihan has worked as a visiting Scientist at NISE.
ii.He is a member secretary of the Central Project Implementation and Monitoring Committee of AMU.
iii.He is also the Founder Director and Coordinator of the Centre for Grid Integrated Green and Renewable Energy at AMU.
His Pioneering Initiatives:
i.He has led the integration of 6.5-Megawatt peak (MWp) solar photovoltaic (PV) plants in the AMU campus distribution grid, the largest in any academic institution in India.
ii.He also established a Centre for Training on Solar photovoltaic (PV) cell in collaboration with the Skill Council, Green Jobs, Government of India (GoI).
iii.He has conceptualised and started a Joint M.Tech program on Green Energy and Sustainable Development with NISE.
iv.He has established a new Virtual Instrumentation and Smart Systems lab in the department.
About National Institute of Solar Energy (NISE):
Headquarters– Gurugram, Haryana
Established in– 2013

Hitesh Sethia Appointed as MD and CEO of Jio Financial Services Limited for 3 YearsMinistry of Corporate Affairs (MCA) has approved the appointment of Hitesh Kumar Sethia as Managing Director(MD) and Chief Executive Officer(CEO) of Jio Financial Services Limited (JFSL) for a period of 3 years(with effect from 15th November, 2023).

• The approval for the appointment is in accordance of various provisions of the Companies Act(2013).

About Hitesh Kumar Sethia:
i.He is a certified Chartered Accountant and has worked with many reputed companies across Europe, Asia and North America.
ii.He has an extensive experience of 20 years in banking industry. He worked mostly with ICICI Bank and handled its operations in Canada, Germany and Hong Kong.
iii.He joined Mc Laren Strategic Ventures in 2022 as head of Europe.
iv.In July 2023, Board of Reliance Industries appointed Hitesh Kumar Sethia as MD and CEO of Reliance Strategic Investments Limited (RSIL)(later, renamed as Jio Financial Services).
About Jio Financial Services Limited(JFSL):
It is an Indian financial service company and offers various financial services such as payment services, insurance broking, among others.
It is registered with Reserve Bank of India(RBI) as non-deposit taking Non-Banking Financial Company(NBFC).
Independent and Non-Executive Chairman: Kundapur Vaman Kamath
Headquarters: Mumbai, Maharashtra
Formed: 25th July, 2023
About Ministry of Corporate Affairs:
Minister of Corporate Affairs: Nirmala Sitharaman(Rajya Sabha member: Karnataka)
Minister of State(MoS) for Corporate Affairs: Rao Inderjit Singh(Lok Sabha constituency: Gurugram, Haryana)

SCIENCE & TECHNOLOGY

ISRO Released ISSAR 2023 Report on Vulnerability of Space Assets to CollisionsSreedhara Panicker Somanath, Chairman of Indian Space Research Organisation(ISRO) released the Indian Space Situational Assessment Report(ISSAR) for 2023 compiled by ISRO System for Safe and Sustainable Space Operations Management (IS4OM).

• The report assessed the vulnerability of space assets in outer space to various environmental hazards such as: asteroids, comets and artificial objects, to ensure safe and sustainable space operations.

Key Points:
i.A total of 3143 objects originating from 212 launches and on-orbit break-up events were added to the space object population in 2023,  compared to 2,533 objects from 179 launches in 2022.
ii.Since the beginning of Indian Space era, a total of 127 Indian satellites (including the satellites of private operators/academic institutions) have been launched till 31st December 2023.

• The number of operational satellites owned by government of India is 22 in LEO and 29 in GEO.

About Indian Space Research Organisation(ISRO):
Chairman- Sreedhara Panicker Somanath
Headquarters- Bengaluru, Karnataka
Established in 1969
>> Read Full News

SPPL launched 6th ACTCM Barge – LSAM 20 (Yard 130) in ThaneOn 29th April 2024, LSAM 20 (Yard 130), the 6th Ammunition Cum Torpedo Cum Missile(ACTCM) Barge built by Suryadipta Projects Private Limited(SPPL) for Indian Navy was launched at the SPPL launch site in Thane, Maharashtra.

• The induction ceremony was presided over by Madhusudhan Bhui, Indian Naval Armament Service (INAS), General Manager (GM) of Naval Armament Depot (NAD) in Karanja, Mumbai, Maharashtra.

About ACTCM Barge:
i.It is indigenously designed and built under relevant Naval Rules and Regulation of Indian Register of Shipping.
ii.Naval Science and Technological Laboratory (NSTL), Vishakapatnam (Andhra Pradesh) undertakes the model testing of the barge during design stage.
Significance:
i.ACTCM Barges would give boost to the operational commitments of Indian Navy(IN) by providing transportation, Embarkation and Disembarkation of articles/ammunition to IN Ships both alongside jetties and at outer harbours.
ii.As these Barges are indigenously manufactured, encourage and promote the “Make in India” Initiative of Government of India(GoI).
Background:
i.On 5th March 2021, Ministry of Defence (MoD) signed a Memorandum of Understanding(MoU) with SPPL for construction of 11 ACTCM Barges by M/s SPPL.
ii.The other 5 ACTCM Barges were LSAM 15 (Yard 125); LSAM 16(Yard 126); LSAM 17(Yard 127); LSAM 18(Yard128); and LSAM 19(Yard129).
About Indian Navy:
Chief of Naval Staff(CNS)- Admiral Dinesh Kumar Tripathi
Headquarter- New Delhi, Delhi
Founded: 1950

IMPORTANT DAYS

Ayushman Bharat Diwas 2024 – April 30 Ayushman Bharat Diwas is annually observed across India on 30th April to raise awareness about the objectives of the Ayushman Bharat, a flagship scheme of the Ministry of Health and Family Welfare(MoHFW), Government of India.

• The day aims to promote the importance of providing medical facilities to all the remote areas of India and to provide quality healthcare to every citizen in India.
• The Day is celebrated as a part of Gram Swaraj Abhiyan.

About Ayushman Bharat
i.Ayushman Bharat was launched as recommended by the National Health Policy 2017, to achieve the vision of Universal Health Coverage (UHC).
ii.Prime Minister (PM) Narendra Modi launched the scheme in Ranchi, Jharkhand on 23rd September 2018.
iv.The scheme has 2 inter-related components:

• Health and Wellness Centres (HWCs); and
• Pradhan Mantri Jan Arogya Yojana (PM-JAY)

About Ministry of Health and Family Welfare (MoHFW):
Union Minister– Mansukh Mandaviya (Rajya Sabha Gujarat)
Minister of State– Dr. Bharati Pravin Pawar (Constituency: Dindori, Maharashtra)
>> Read Full News

International Jazz Day 2024 – April 30 The United Nations (UN)’s International Jazz Day is annually observed across the globe on 30th April to highlight jazz and its role in diplomatic relations of uniting people around the world.
The Global Host of 2024 International Jazz Day celebration is the city of Tangier, Morocco.
Background:
i.In November 2011, the UNESCO General Conference adopted the resolution (UNESCO 36 C/Resolution 39), and proclaimed 30 April of every year as “International Jazz Day”.
ii.The 1st ever International Jazz Day was observed on 30 April 2012.
iii.In December 2012, the UN General Assembly (UNGA) formally welcomed the decision by the UNESCO General Conference to proclaim April 30 as International Jazz Day.
>> Read Full News

Satellite Technology Day 2024 – April 19 Satellite Technology Day (STD) is annually observed across India on 19 April to highlight the achievements made in satellite technology. The Day commemorates the successful launch of India’s first satellite ‘Aryabhata’ into space on 19 April 1975.

• STD-2024 marks the beginning of the 50th year of the Aryabhata Launch.
• The tradition of celebrating STD annually at the U R Rao Satellite Centre (URSC), Bengaluru (Karnataka) began on April 19, 2000.

Aryabhata Launch:
i.On April 19, 1975, India’s first indigenously developed satellite, Aryabhata, was launched by a Soviet Kosmos-3M rocket from Kapustin Yar, Russia.

• The satellite re-entered the Earth’s atmosphere on 11 February 1992.

ii.Aryabhata spacecraft was named after the ancient Indian mathematician and astronomer Aryabhata (5th century AD).
iii.It was built by the Indian Space Research Organization (ISRO) to conduct experiments in X-ray astronomy, aeronomics, and solar physics.
iv.The launch was accomplished under the guidance of Professor Udupi Ramachandra (UR) Rao (1932 – 2017).
Note: U R Rao was the Director of U R Rao Satellite Centre (1972-1985); Chairman of ISRO and Secretary of the Department of Space (DoS) (1984-1994).
2024 Event:
URSC, Bengaluru commemorated STD 2024, marking the 50th anniversary of India’s 1st satellite, Aryabhata.
Highlights:
i.The Aryabhata Lecture was delivered by Dr G Sateesh Reddy, former Scientific Adviser to the Defence Minister, Ministry of Defence and former Chairman of the Defence Research and Development Organisation (DRDO).
ii.A pavilion titled “URSC’s Gateway to 2047” was inaugurated, symbolising the Center’s aspirations for the future.
iii.Certificates were awarded to paper and poster presenters, acknowledging their contributions to satellite technology.
iv.Technical papers on satellite technology from various ISRO Centres were released, showcasing pioneering technological developments.

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