Current Affairs 1 April 2024

We are here for you to provide the important Recent and Latest Current Affairs 1 April 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 Group‘s Kutch Copper Limited Commences Phase-1 Operations in Mundra  Kutch Copper Limited, a subsidiary of Adani Enterprises Limited (AEL) led by Gautam Adani, commissioned the first unit of its greenfield copper refinery project at Mundra, Gujarat, by dispatching the maiden batch of cathodes to customers.

• This significant venture marks the Adani Group’s entry into the metal industry.
• This move marks a significant step towards reducing India’s reliance on copper imports and facilitating the energy transition.

Note: The increasing demand for copper is driven by renewable energy, electric vehicles (EVs), charging infrastructure, and the development of power transmission and distribution networks.
Investment and Capacity:
i.Adani Enterprises invested nearly USD 1.2 billion to set up a 0.5 million tonnes per annum (MTPA) copper smelter in the first phase.
ii.Upon completion of the second phase, capacity doubles (1 MTPA), making Kutch Copper the world’s largest single-location custom smelter, adhering to Environmental, social, and governance (ESG) standards.

• The plant is set to achieve a full-scale capacity (1 MTPA) by Financial Year 2028-29 (FY29) (March 2029).

iii.It will also leverage state-of-the-art technology and digitalisation.
Byproduct Utilisation:
The plant will produce copper cathodes and rods and valuable byproducts like gold, silver, selenium, and platinum.
Note: The integrated complex will produce sulphuric acid, reducing India’s reliance on imports.
Forward Integration Strategy:
Kutch Copper plans to establish Kutch Copper Tubes Limited as part of its forward integration strategy for the production of copper tubes catering to various applications in air conditioning and refrigeration.
Environmental Commitments:
i.Kutch Copper utilises cutting-edge technology engineered to minimise carbon footprint, with measures like:

• One-third of the plant area is dedicated to green spaces.
• 15% capital allocation for environmental protection.

ii.The plant implements a zero-liquid discharge model and utilises desalinated water and wastewater recycling to minimize ecological impact.
Vision for Sustainability:
With Kutch Copper commencing operations, the Adani portfolio of companies:

• Emphasises the commitment towards a sustainable and self-reliant future.
• Aims to contribute to India’s carbon neutrality goal by 2070 through innovative green technology.

‘Meghayan-24’: SNOM & INMAC Organised METOC Seminar at Southern Naval CommandOn 28th March 2024, Meghayan-24, the Meteorological and Oceanographic(METOC) seminar was organised by the School of Naval Oceanology and Meteorology (SNOM) and the Indian Naval Meteorological Analysis Centre (INMAC) at the Southern Naval Command.

• The seminar, organised as a part of the World Meteorological Day (WMD) 2024, was based on the theme “At the Frontline of Climate Action” (the theme of WMD 2024).

Note: The Southern Naval Command is headquartered at the  Indian Naval Ship (INS) Venduruthy in Kochi, Kerala.
WMD: World Meteorological Day is annually observed on 23rd March to commemorate the formation of the World Meteorological Organization (WMO) on 23rd March 1950. Click here to know more about WMD 2024
About ‘Meghayan-24’:
i.The seminar offered a platform to share knowledge and insights on weather, climate services and strategies to face the challenges of climate change.
ii.The seminar also witnessed the panel discussions on topics like ‘Effect of Weather and Climate Change on Naval Operations’. Specialist officers discussed the latest techniques adopted by the Indian Navy and Indian scientific organisations to provide METOC inputs/forecasts for operational evolutions.
Launch of INDRA:
The seminar witnessed the launch of INDRA (Indian Naval Dynamic Resource for Weather Analysis), an indigenous mobile application developed by BISAG (Bhaskaracharya National Institute for Space Applications and Geo-informatics).

• The aim will disseminate weather-related information and forecasts empowering optimal & quick decision making
• The app was developed in coordination with Directorate of Naval Oceanology and Meteorology, Indian Navy.

Key People:
i.Admiral R Hari Kumar, Chief of the Naval Staff (CNS), virtually participated in the event and delivered the inaugural address.
ii.Rear Admiral Upal Kundu, Chief of Staff, Southern Naval Command, Cmde Abhinav Barve, Commodore (NOM), Naval Headquarters and Miren Karamta, Director, BISAG attended the seminar.

UNICEF India with IIHMR Delhi & IIT Mumbai Launches ‘Digital Health Enterprise Planning Course’ to Bridge Tech-knowledge Gaps 
The United Nations Children’s Fund (UNICEF) India, International Institute of Health Management Research (IIHMR) Delhi, and the Indian Institute of Technology (IIT) Bombay (Mumbai, Maharashtra) have jointly launched, ‘Digital Health Enterprise Planning Course’, a comprehensive 10-week health course.

• Rolling out from 17th April 2024, the course aims to promote digital innovation in the health system.

Aim:
The course aims to enhance healthcare delivery by utilising digital technologies in line with the Sustainable Development Goals (SDGs) and the GIDH.
About Digital Health Enterprise Planning Course:
Significance:
i.The course aligned with UNICEF India’s commitment to the Global Initiative on Digital Health (GIDH), launched during India’s G20 Presidency in 2023.
ii.Addresses the growing demand for digital health education.
iii.Bridges the gap in training among healthcare professionals.
Collaborative Approach:
i.The course curriculum was developed in consultation with experts from IIHMR Delhi, and IIT Bombay, and with technical inputs from UNICEF India.
ii.It’s tailored to suit the Indian context, derived from the global program initiated by the Digital Health Centre of Excellence (DICE), a multi-agency consortium co-led by UNICEF and the World Health Organisation (WHO).
IIT Kanpur’s SIIC Signed CSR Pact with Defence PSU Gliders India Ltd for Innovation in Healthcare
The Startup Incubation and Innovation Centre (SIIC) at the IIT-Kanpur (Uttar Pradesh-UP), inked a Corporate Social Responsibility (CSR) agreement with Gliders India Limited, a Public Sector Undertaking (PSU), under the Ministry of Defence(MoD), to spearhead innovation in the healthcare sector.

• The collaboration underscores SIIC, IIT-K’s dedication to fostering synergies between educational institutions, industry, and government bodies.
• The MoU exchange ceremony was held at the Gliders India Limited Headquarters at Ordnance Parachute Factory, Kanpur, UP.

Partnership Overview:
i.Under this CSR collaboration, Gliders India commits financial assistance and mentorship to startups incubated at SIIC focusing on medical technologies, digital health solutions, telemedicine, and healthcare infrastructure innovations.
ii.IIT Kanpur will leverage technological expertise combined with Gliders India’s industry experience for developing impactful solutions, addressing critical healthcare challenges in India.
iii.This synergy will create an ecosystem for startups to translate innovations into real-world impact.
iv.Gliders India will connect startups with access to domain experts, industry resources, and market networks, facilitating their growth and commercialisation.
About UNICEF India:
UNICEF Representative to India– Cynthia McCaffrey
Headquarters– New Delhi, Delhi
Established in– 1949

INTERNATIONAL AFFAIRS

WHO Launches CoViNet, a Network of Laboratory to Monitor Emerging CoronavirusesThe World Health Organisation (WHO) has launched the Coronavirus Network (CoViNet), a global network which will ensure timely detection, monitoring, and assessment of coronaviruses of public health importance.
About CoViNet:
i.The CoViNet aims to facilitate early and accurate detection of Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), Middle East respiratory syndrome coronavirus (MERS-CoV)  and novel coronaviruses of public health importance.
ii.CoViNet expands on the WHO SARS-CoV-2 Reference Laboratory Network, the first WHO reference lab network for SARS-CoV-2 established in January 2020.
iii.CoViNet includes 36 laboratories from 21 countries across all 6 WHO regions. This includes 3 Indian laboratories.

• Council of Scientific and Industrial Research-National Environmental Engineering Research Institute (CSIR-NEERI), Chennai, Tamil Nadu.
• Indian Council of Medical Research-National Institute of Virology (ICMR-NIV), Pune, Maharashtra.
• Translational Health Science and Technology Institute (THSTI), Faridabad, Haryana.

Key Points: 
i.The network now includes animal health and environmental surveillance and timely risk assessment to feed WHO policies and protective measures
ii.The representatives of the laboratories met in Geneva (Switzerland) on 26 – 27 March 2024 to finalise an action plan for 2024-2025 to ensure that member states are equipped for early detection, risk assessment, and response to coronavirus-related health challenges.
iii.The CoViNet data will guide the work of WHO’s Technical Advisory Groups on Viral Evolution (TAG-VE) and Vaccine Composition (TAG-CO-VAC) and others to ensure that global health policies and tools are based on the latest scientific information.
About World Health Organization (WHO): 
Director-General – Dr Tedros Adhanom Ghebreyesus
Headquarters – Geneva, Switzerland
Establishment – 7 April 1948

BANKING & FINANCE

RBI: Reserve assets surge by USD34.8 billion, net claims of NRI declined by USD12.2 billionAs per the latest data released by RBI, India’s International Investment Position (IIP) as of December 2023 showed a decline in net claims of Non-Residents on India by USD12.2 billion during the period from October to December 2023 to USD370.4 billion as the end of December 2023.

• Main reason for the decline is the increase in reserve assets, surging by USD34.8 billion during Q3 FY24

Key Points:
i.As per the RBI data, decline in net claims was due to an exponential increase in financial assets of overseas Indian residents which amounts to USD40.7 billion as compared to the increase in foreign-owned assets in India which is USD28.5 billion.
ii.The increase in reserve assets which accounted for over 85% of increase in foreign assets held by India residents.

• Thus, increase in reserve assets can help India in consolidating its financial position at the international levels.

iii.Reserve assets accounted for 63.9% of India’s international financial assets.
iv.The share of debt liabilities in total external liabilities has remained same, maintaining its position at 50.4%.
v.As per RBI data, ratio of India’s international financial assets to international financial liabilities increased from 70.9%, a quarter ago to 72.4% in December 2023.
About Reserve Bank of India(RBI):
Established: 1 April, 1935
Headquarter: Mumbai, Maharashtra
Governor: Shaktikanta Das(25th Governor of RBI)

GoI approved Bonus for PLI & RPLI Scheme for FY25 The Government of India (GoI) has approved a simple reversionary bonus for the Postal Life Insurance (PLI) Scheme and Rural Postal Life Insurance (RPLI) Scheme for the fiscal year 2024-25 (FY25) without changing the bonus rate.

• The rates of bonus for the FY25 will be applicable from 1st April 2024.

Bonus Rate of PLI Scheme:
i.For Whole Life Assurance (WLA/Suraksha),  the rate of bonus will be at Rs.76 per thousand of sum assured.
ii.For Endowment Assurance (EA/Santosh), the bonus rate will be Rs.52 per thousand of sum assured.
iii.Anticipated Endowment Assurance (AEA/Sumangal), will be fletching bonus of Rs.48 per thousand of sum assured.
iv.In case of Convertible Whole Life Assurance (CWLA/Suvidha), whole life bonus rate would be applicable whereas endowment assurance bonus rate will be applicable on conversion.
v.The rate of terminal bonus will be Rs.20 per sum assured of Rs.10,000, subject to a maximum of Rs.1,000 (for WLA and EA policies with a term of 20 years or more)
Bonus Rate of RPLI Scheme:
i.The bonus rate for WLA will be Rs.60 per thousand of sum assured and for EA (including children policy) the rate is fixed at Rs.48 per thousand of sum assured.
ii.Similarly for AEA (including gram priya policies) the rate is Rs45 per thousand of sum assured.
iii.In case of CWLA, whole life bonus rate would be applicable, but on conversion, EA bonus rate will be applicable.
iv.Similar to terminal bonus rate of PLI scheme, the rate for RPLI Scheme will be Rs.20 per sum assured of Rs.10,000, subject to maximum of ₹1,000 for WLA and EA policies with term of 20 years or more.
About PLI & RPLI:
i.PLI, the oldest life insurance scheme in India, was introduced in 1884 for postal employees and later extended to employees of Telegraph Department in 1888.
ii.Based on recommendations of the ‘Official Committee for Reforms in the Insurance Sector’ headed by ex-Reserve Bank of India (RBI) Governor RN Malhotra, RPLI was launched in 1995.
Additional Info:
As per the report of the Comptroller and Auditor General (C&AG) for FY22, there were over 47.5 lakh PLI policyholders and over 57.81 lakh RPLI subscribers.

Karnataka Bank Raises Rs 600 cr Through Qualified Institutional Placement
Karnataka Bank has approved the allotment of shares pursuant to the Qualified Institutional Placement (QIP), at a price of Rs 227 per equity share, which includes premium of Rs 217 per share. This amounts to an aggregate of up to Rs 600 crores.
The QIP opened on 21st March 2024 and closed on 27th March 2024.

• This marks the completion of the planned capital raise program of Rs 1,500 crores announced in September 2023.
• The capital rise includes QIP of Rs 600 crores, with the preferential issues of Rs 800 crores in October 2023 allotment and Rs 100 crores in February 2024 allotment.

Note: The proceeds of the Issues will be used to fulfil the requirements of the growing business of Karnataka Bank.

AmpIn Energy Gets 25 million euro Funding from OeEB, Development Bank of Austria
AmpIn Energy Transition Private Limited received 25 million Euro investment from OeEB – Oesterreichische Entwicklungsbank AG (Development Bank of Austria) in a long term financing to support the energy expansion plans of AmpIn Energy. This will also support the AmpIn to establish a local 1-Gigawatt(GW) solar cell and module production facility in Odisha.

• AmpIn Energy aims to build a renewable energy portfolio of 10 GW by 2030

About AmpIn Energy Transition Pvt. Ltd: 
AmpIn Energy, formerly known as Amp Energy India, is a balanced renewable energy company in India.
Founder, Managing Director(MD) & Chief Executive Officer (CEO)– Pinaki Bhattacharyya
Established in 2016
Headquarters– New Delhi (Delhi)

L&T Finance Holdings Renamed as “ L&T Finance Limited”
L&T Finance Holdings Ltd (LTFH), a subsidiary of Larsen & Toubro (L&T) Limited, has received approval from Registrar of Companies (RoC) to change its name to “L&T Finance Limited(LTF)” with effect from 28th March 2024.

• The rebranding reflects LTF’s commitment to create a simplified ‘Single Lending Entity’, housing all lending businesses under one operating NBFC.
• In December 2023, LTFH(now LTF) completed the merger of its subsidiaries, namely L&T Finance Ltd., L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd., with itself to creates a “Single Lending Entity”.
• Post merger, the Certificate of Registration of L&T Finance Ltd. and L&T Infra Credit Ltd. were surrendered to the Reserve Bank of India (RBI).

Note: L&T Finance Limited is a leading non-banking financial company (NBFC) based in Mumbai, Maharashtra.

ECONOMY & BUSINESS

Tejas Networks and Telecom Egypt Announces Strategic Cooperation Projects in EgyptTejas Networks Limited signed a Memorandum of Understanding (MoU) with Telecom Egypt (TE), ITIDA (Information Technology Industry Development Agency), and NTI (National Telecom Institute) to replicate its experience of implementing the Bharatnet (Rural Broadband Project) and NKN (National Knowledge Network) projects in Egypt.
Key Points of MoU:
i.The MoU underscored various other broad areas of cooperation that includes:

• Capacity building of Egyptian engineers and technicians on the state-of-the-art telecom and networking technologies.
• Establishing local manufacturing and Research and Development (R&D) facilities for Fibre-to-the Home (FTTH) products.
• According to the MoU, Tejas Network will set up technical support services in Egypt to facilitate assistance to customers in the country as well as across the wider Africa and Middle East region.

ii.It is a comprehensive agreement that seeks to promote localization of world-class level communication products, attracts new investments in Egypt. It will  create employment opportunities and provide support to research expertise in different fields of communication.
Note:
The National Telecommunications Regulatory Authority (NTRA) in January 2024 granted license to Telecom Egypt to operate 5G for a period of 15 years, worth USD 150 million.
Telecom Egypt is the 1st ever telecom operator in Egypt which provides all telecom services to its customers. The company owns a 45% stake in Vodafone Egypt.
About Tejas Networks Limited:
It is an optical, broadband and data networking company which is a part of Tata Group. It designs and manufactures high-performance wireline and wireless networking products in over 75 countries.
Chief Executive Officer(CEO) and Managing Director(MD): Anand Athreya
Headquarters: Bengaluru, Karnataka
Established: 2000

SIA-India & Brazil’s ABRASAT signed MoU to Boost Advancements in Space Sector
The SatCom Industry Association of India (SIA-India) has signed a Memorandum of Understanding(MoU) with the Brazilian Association of Satellite Telecommunications Companies (ABRASAT -Associação Brasileira das Empresas de Telecomunicações por Satélite ) to boost advancement in the space sector.

• The MoU aims to foster collaboration and drive innovative ventures and technological cooperation between India and Brazil.
• The strategic partnership will support enhance connectivity and cooperation, empower critical operations.
• The MoU will explore new market dynamics, infrastructure development, technological advancements, entrepreneurship, funding sources, and private investments.

RVNL-Salasar JV Bags Rs 60 crore Transmission Project in Rwanda 
A Joint Venture (JV) between the Rail Vikas Nigam Limited (RVNL) and Salasar Techno Engineering Limited (STEL), the private steel manufacturer, has bagged  “Rwanda Transmission System Reinforcement and Last Mile Connectivity project (TSRLMC)”, a transmission project of Rwanda in Central Africa.

• The project is valued at about Rs 60 crore (USD 7.152 million).
• The order, secured from the Energy Development Corporation Limited (EDCL), is set to be executed by the STEL in 18 months.
• Rwanda TSRLMC  aims to design, supply, and install 45.8 km of 110 KV double circuit Rukarara-Huye-Gisagara transmission lines.

Note: RVNL owns 51% stake in the joint venture, while STEL owns the remaining 49%.

SPORTS

Badminton: India’s Anupama Upadhyaya Wins Women’s Singles Title at Orlen Polish Open 2024India’s Anupama Upadhyaya defeats Tanya Hemanth (India) to win the women’s singles title of the Orlen Polish Open 2024, held from 20th to 24 March 2024 in Wilanow Sports Centre, Warsaw, Poland.

• It was Anupama’s fifth international women’s singles title.
• The Indian pair M.R. Arjun and Dhruv Kapila won the men’s doubles title by defeating Denmark’s William Kryger Boe and Christian Faust Kjær in the finals.

Other Winners:
i.Denmark’s Victor Ørding Kauffmann won the men’s singles title by defeating Jia Heng Jason Teh (Singapore) in the finals.

• India’s Darshan Pujari lost in the semifinals against Jia Heng Jason Teh.

ii.Yin-Hui Hsu and Jhih Yun Lin (Chinese Taipei) clinched the women’s doubles title by defeating Denmark’s Amalie Cecilie Kudsk and Signe Schulz in the finals.
iii.Ty Alexander Lindeman and Josephine Wu of Canada won the mixed doubles title by defeating Callum Hemming and Estelle Van Leeuwen of England.
About Polish Open 2024:
i.The 46th edition of the Polish Open, an International Challenge event was organized by the Polish Badminton Association with sanctions from Badminton Europe and the Badminton World Federation (BWF).
ii.It offered a total prize money of USD 15,000.

Indian Contingent Wins 26 Medals at Youth Boxing World Cup 2024The Indian boxing contingent won 26 medals (5 gold, 9 silver, and 12 bronze) in the Youth World Boxing Cup 2024 (33rd Adriatic Pearl tournament) held at the Hotel Splendid Conference & Spa Resort in Budva, Montenegro, from 3rd to 11th March 2024.

• Russia topped the medal tally with eight gold medals. India finished second with five gold medals, while Poland was in the third position with three gold medals.

Indian Gold Medal Winners:
i.Chanchal Chaudhary won a gold medal in the Women’s Youth Light Fly (50kg) category by defeating Valeria Amparan of Mexico.
ii.Nikita Chand clinched a gold medal in the Women’s Youth Light (60kg) category by defeating Arailym Alimbergen of Kazakhstan.
iii.Parthavi Grewal won the gold medal in the Women’s Youth Welter (66kg) category.
iv.Phalaswal Akansha clinched gold medals for India in the Women’s Youth Light Middle (70kg) category.
v.Brajesh Tamta won a gold medal for India in the 48kg youth men’s category.
Click here to view full list of Indians 
Awards:
i.Best male boxer of the tournament: Torekhan Sabyrkhan (Kazakhstan)
ii.Best female boxer of the tournament: Nikita Chand (India)
iii.Trophy for the boxer with the most technical skills: Yurisniel Ardiles Abreu (Cuba)
iv.Best local boxer: Milos Roganovic (Montenegro)
About Youth World Boxing Cup 2024:
i.The Youth World Boxing Cup 2024 was organised by the Montenegro Boxing Association.
ii.The tournament witnessed the participation of 245 boxers from 22 countries. There were 93 women and 152 men from three continents: Europe, Asia, and America, making it the biggest attended competition in history.
iii.The tournament was held in 13 weight categories for men and 12 weight categories for women.

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