Current Affairs 10 April 2024

We are here for you to provide the important Recent and Latest Current Affairs 10 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

Experimental Licence Module for 100 5G Labs virtually launched at IIT Madras“Experimental Licence Module for 100 5G Labs” was virtually launched by Dr. Neeraj Mittal, Secretary, Department of Telecommunication(DoT), Ministry of Communications during a 5G workshop at the Indian Institute of Technology(IIT)-Madras, Chennai, Tamil Nadu(TN).

• The initiative aims to simplify the process for experimental licence requirements for academic institutions in India.

Objective: To foster skills and engagement in 5G technologies among students and start-up communities.
About 100 5G Use Case Labs:
i.DoT has awarded ‘100 5G Use Case Labs‘ to educational institutions across India. The labs will utilise 5G frequency bands to carry out various experiments and testing use cases.
ii.To ensure interference-free operations to licensed telecommunications service providers (TSPs), these labs should get an experimental (Non-Radiating) category of license from DoT.

• At present, these certificates are issued in “Self-declaration Mode” from the Saralsanchar portal of DoT through the National Single Window System (NSWS).
• To get this license, the applicant should provide the necessary details about the experiment, schematic of the setup, equipment, frequency band of operation etc.

About Experimental Licence for 100 5G Labs:
The DoT has introduced a simplified mechanism for the issuance of licenses through a specific Approval Type “Experimental Licence for 100 5G Labs” on NSWS portal.
Features:
i.This automates the application process by pre-filling technical specifications and schematic details, reducing manual effort and time.
ii.The application has been simplified. This requires only basic information like institute address, authorised personnel and a nominal fee of Rs. 5000.
iii.This will support innovation, cultivate competencies and represent a step towards democratising access to 5G technology and empowering educational institutions and startups to explore its potential for transformative applications.
Additional info:
Prime Minister (PM) Narendra Modi awarded the 100 5G Use Case Labs to institutions across India in October 2023 during the 7th Edition of the India Mobile Congress 2023 (IMC) at Bharat Mandapam in New Delhi, Delhi.

India becomes Net Importer of Finished Steel in FY24: Ministry of Steel’s JPCAccording To Provisional Government Data by Ministry of Steel’s Joint Plant Committee (JPC), India was a net importer of finished steel during the FY24 (April 2023 and March 2024). India imported 8.319 Million Metric Tons (MnT) of finished steel in FY24, up 38.1% from FY23 when it was 6.022 MnT amid strong demand from construction and automotive sectors.

• Steel consumption in India jumped 13.4% to 136 million metric tons in FY24, reflecting buoyant demand for the alloy.
• JPC collects data on the Indian iron and steel industry.

Key Points:
i.India’s steel demand is expected to remain robust with anticipated economic growth outpacing the global economy in FY25.
ii.Finished steel exports from India increased to 7.48 MnT in FY24, up 11.5% from FY23.

• Finished steel consumption in India increased by 13.40% to 135.95 MnT over 119.89 MnT in FY23.

iii.India’s crude steel output rose by 12.40% to 138.48 MnT in FY24 from 123.19 MnT in FY23.
iv.India aims to increase annual steel production capacity to 300 million tonnes and per capita steel consumption to 160 kg by 2030 under the National Steel Policy.
v.Non-alloyed steel imports surged by nearly 70% to 6.2 million tonnes in FY24, while exports grew by 50% to 7 million tonnes.
vi.Alloy and stainless steel trade witnessed a significant decline with imports dropping to 2.1 million tonnes and exports falling sharply to 0.7 million tonnes in FY24.

MEA Approves Taking Over the Operations of Sittwe Port in Myanmar
The Ministry of External Affairs (MEA) has approved a proposal for India Ports Global Limited (IPGL) to take over the operations of the Sittwe port located on the Kaladan River estuary in Rakhine, Myanmar.

• It was the second foreign port operated by India, following the Chabahar Port in Iran.
• Sittwe Port has been developed as part of the Kaladan Multi-Modal Transit Transport Project, built under Indian financial assistance.
• The Sittwe port connects to Paletwa in Myanmar through an inland waterway and from Paletwa to Zorinpui in Mizoram through a road.

Note: IPGL is a wholly owned subsidiary of Sagarmala Development Company Limited(SDCL) under the Ministry of Ports, Shipping, and Waterways(MoPSW).

INTERNATIONAL AFFAIRS

India ranks 3rd in Hurun’s Global Unicorn Index 2024According to the 6th edition of “Global Unicorn Index 2024”report published by Hurun Institute, India is ranked at 3rd position in the index with 67 unicorns(down to 1 compared to 2023).
i.While, Indian Ed-tech giant Byju’s and PharmEasy were dropped out from the index.
ii.United States of America(U.S.A.) continued to be at top position with 703 unicorns which accounted for 48% of world total number of unicorns.
iii.India was ranked 3rd with 67 unicorns led by on-demand food delivery start-up Swiggy (USD8 billion) followed by Dream11(USD8 billion) and Razorpay (USD7.5 billion).
About Global Unicorn Index:
i.It is compiled by Hurun Research Institute and includes companies founded in the 2000s with a current valuation of USD1 billion, not yet list on public exchange.
ii.The data is for January2023 toJanuary2024, compared with January 2022 to January 2023.
iii.Hurun Research has been tracking unicorns since 2017.
>> Read Full News

Saudi Arabia Chosen to Chair UN Women’s Rights Commission despite Rights ConcernsThe United Nations(UN) Commission on the Status of Women (CSW) has unanimously appointed Saudi Arabia to chair its 69th session in 2025.

• Abdulaziz Alwasil, Permanent Representative of the Kingdom of Saudi Arabia to the UN, has been elected as the chair of the CSW, succeeding the outgoing chair, Antonio Manuel Lagdameo, Permanent Representative of the Philippines to the UN.

Note: Abdulaziz Alwasil becomes the 1st ever permanent representative of Saudi Arabia to chair CSW since its establishment in 1946.
Key Points:
i.As a Chair, Saudi Arabia, will promote gender equality and empower women worldwide.
ii.Saudi Vision 2030, the Saudi Arabia’s reform initiative, includes priorities and targets focused on enhancing women’s participation at all levels and utilizing their capabilities effectively.
Additional info: The unopposed bid for leadership was condemned by human rights groups because of the Saudi Arabia’s “abysmal” record on women’s rights.
About CSW:
Established in 1946, it is UN’s intergovernmental body that promotes gender equality and women’s empowerment. It is a  functional commission of the UN’s Economic and Social Council (ECOSOC). CSW membership comprises 45 States elected by ECOSOC on the basis of following equitable geographical distribution:

• 13 members from Africa
• 11 from Asia
• 9 from Latin America and Caribbean
• 8 from Western Europe and other States
• 4 from Eastern Europe

New members are elected for a four-year term when the term of the incumbent expires.
About Saudi Arabia:
Prime Minister– Mohammed bin Salman Al Saud
Capital– Riyadh
Currency– Saudi Riyal

BANKING & FINANCE

General Insurance industry grows 12.78% in FY24: GIC Datai.According to data released by the General Insurance Council (GIC), the General Insurance industry experienced a growth of 12.78% in the Fiscal Year 2023-24 (FY24) reaching their Gross direct premium underwritten to Rs 2,89,731 crore from Rs 2,56,894 crore in FY23.
ii.Premiums of general insurers grew by 14.24% Year-on-Year (Y-o-Y) to Rs 2.45 trillion in FY24.
iii.But, FY24 growth is lower than when compared with 16% achieved in FY23.
iv.Public sector general insurers saw a 8.99% growth in premium to Rs 90,344.49 crore, while private sector counterparts witnessed a 17.53% increase to Rs 1.55 trillion.
About General Insurance Council (GIC):
It has been constituted under section 64C of the Insurance Act, 1938 since 2001 by the Insurance Regulatory and Development Authority of India (IRDAI).
Chairman– Tapan Singhel
Headquarters– Mumbai, Maharashtra
Tagline– Together We serve
>> Read Full News

SBI & Standard Chartered Bank carried out the First Credit Default Swap Trade under new RBI GuidelinesThe State Bank of India (SBI) and Standard Chartered Bank India carried out the Credit Default Swap (CDS) trade worth Rs 25 crore. This marks the 1st  CDS transaction since the Reserve Bank of India (RBI) issued revised CDS guidelines in 2022.

• The trade involved a 1-year rupee CDS featuring REC.
• This trade marks a pivotal moment in credit risk management and underscores the growing sophistication of financial instruments in the Indian market.

About Credit Default Swap:
i.Credit Default Swap (CDS) is a credit derivative that offers protection to the buyer against potential default and also helps manage & transfer credit risk.
ii.Under the agreement, the buyer of a CDS makes periodic payments to the seller until the credit maturity date.
iii.If the debt issuer defaults, the seller will pay the buyer all premiums and interest that would’ve been paid up to the date of maturity.
Note: CDS, like an insurance policy, allows purchasers to buy protection against an unlikely event that may affect the investment.
About the RBI CDS Guidelines:
i.RBI issued a revised CDS Guidelines which was effected on 9th May 2022.
ii.The revised RBI guidelines apply to credit derivatives transactions undertaken in Over-the-Counter (OTC) markets and on recognised stock exchanges in India.
iii.The eligible participants of the credit derivatives market are Residents and non-residents who are eligible to invest in corporate bonds and debentures under the Foreign Exchange Management (Debt Instruments) Regulations 2019.
Click here to view full RBI CDS guidelines
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Establishment – 1955

ECONOMY & BUSINESS

Air India & BIAL Signed an Agreement to Develop Bengaluru as a  Aviation Hub
Tata-Group-owned Air India and Bangalore International Airport Ltd (BIAL) have entered into an agreement to develop Bengaluru (Karnataka) as a premier aviation hub for southern India. This agreement aims to boost air travel connectivity to and from India over the next few years.

• Air India (along with other Tata Group airlines – Air India Express (AIX), and Vistara) and BIAL will collaborate to enhance international air connectivity, operational efficiency, and passenger experience, over the next 5 years.
• This includes bolstering the group’s flight network at the Kempegowda International Airport, Bengaluru (KIAB or BLR airport).
• MoU:

As part of this initiative, Air India has signed a Memorandum of Understanding (MOU) with the Government of Karnataka to establish a Maintenance, Repair, and Overhaul (MRO) facility at BLR airport with an investment of around Rs 1,300 crore.

AWARDS & RECOGNITIONS

Renowned Kannada Poet Mamta G. Sagar Won WOW World Literature PrizeA renowned Kannada poet, writer, and an activist Mamta G. Sagar won the WOW World Literary Prize from the World Organization of Writers (WOW) for her contributions to the world of literature.  She is a facilitator at the Srishti Manipal Institute of Art, Design, and Technology, Bengaluru (Karnataka).

• The award ceremony was held as part of the VII World Literary Festival “WOW-LIFFT-2024” held in Nigeria, Abuja from April 4-6, 2024.
• The award includes a gold medal, a cash prize, and a book publishing agreement.

About Mamta G. Sagar:
i.Before joining as a Professor at Srishti Manipal Institute of Arts, Design and Technology in 2016, she taught at Hyderabad University and Bangalore University.
ii.Her poems and research have been published internationally, and her poems have been translated into many Indian and foreign languages.
Notable Works:
i.She has 4 collections of poems to her credit.

• Kaada Navilina Hejje (Footsteps of the Wild Peacock, 1992);
• Nadiya Neerina Teva (Dampness of the River Water, 1999);
• Hiige HaaLeya Maile HaaDu (Like This on the Page the Song, 2007);
• Hide & Seek (2014).

ii.Her noted works include Chukki Chukki Chandakki (1999), musical play for children; The Swing of Desire, the translation of Kannada play Mayye Bhaara Manave Bhaara(2004), etc.,
Awards/Honours:
Sanchi Honnamma Kavya Prashasti (2019); Bhashabharathi Translation Award (2019); and Charles Wallace India Trust fellowship (2015) at the British Centre for Literary Translation, University of East Anglia, United Kingdom (UK).
About WOW World Literature Prize:
i.“WOW World Literary Prize” was established by the WOW as the successor to the literary prize “Golden LIffT” (presented from 2016 to 2023).

• The award aims to encourage authors who can make a significant contribution to world literature.

ii.Co-founders of the Prize are: Eurasian Peoples’ Assembly; Pan-African Association of Writers (PAWA); and LIFFT Foundation for the Promotion of Cultural Projects of the Eurasian Peoples.
iii.The WOW Prize accepts works written in Russian, English, Spanish, and Arabic, and their translations.
iv.The award is presented in 2 categories: Poetry and Prose.

ISRO’s Chandrayaan-3 team receives 2024 John L. “Jack” Swigert Jr. Chandrayaan-3 mission team of Indian space agency, ISRO(Indian Space Research Organisation) has received the 2024 John L “Jack” Swigert Jr. award for Space Exploration.
i.DC Manjunath, Consul General of India(CGI) in Houston, United States of America(U.S.A.), received the award on the behalf of ISRO’s Chandrayaan-3 team.
ii.The award ceremony took place on 8th April, 2024 at the Opening Ceremony of the annual Space Symposium organized by Space Foundations in Colorado, U.S.A.
Note: Space Foundation announced in January 2024, that Chandrayaan-3 mission team as recipient of 2024 John L “Jack” Swigert Jr. award for space exploration.
Other Winners include:
i.American Space Agency,NASA(National Aeronautics Space Administration) and the University of Arizona OSIRIS-REx team

• OSIRIS-REx stands for Origins, Spectral Interpretation, Resource Identification, Security, Regolith Explorer. It was launched by NASA in 2016 to study asteroid Bennu.

ii.Teams of NASA’s Mars Ingenuity Helicopter and Insight-Mars Cube One, NASA Dawn and Cassin were also honoured with the award.
About Chandrayaan-3:
i.It is the 3rd lunar exploration of India, launched on 14th July, 2023 from Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh(A.P).
ii.Chandrayaan-3 lander module successfully landed on the moon on 23rd August, 2023.
iii.The mission comprises a lunar lander named “Vikram” and a lunar rover named “Pragyan”.
About John L “Jack” Swigert Jr. award for Space Exploration:
i.The award was established in 2004 in the honor of former astronaut of NASA John L. “Jack” Swigert  Jr. by Space Foundation.
ii.The award is presented annually by Space Foundation at Space Symposium
iii.Space Foundation is a non-profit organisation established in 1983.
About Indian Space Research Organisation(ISRO):
Chairman: Sreedhara Panicker Somanath
Headquarters: Bengaluru, Karnataka
Established: 1969

APPOINTMENTS & RESIGNATIONS

Former IEG Director Manoj Panda Appointed as full time Member of 16th Finance CommissionThe Government of India (GoI) has appointed economist Manoj Panda, former Director of the Institute of Economic Growth (IEG), as a full-time member of the 16th Finance Commission (FC) of India. He will hold the office with effect from the date he assume office up to the date of submission of Report or 31st October 2025.

• Panda was appointed to the 16th FC in lieu of Niranjan Rajadhyaksha, Executive Director at Artha Global.
• Rajadhyaksha was appointed as full time member of 16th FC in January 2024.

About Manoj Panda
i.Manoj Panda served as the Economist and Senior Economist at the New Delhi based National Council of Applied Economic Research (NCAER) from 1982 to 1992.
ii.He also worked as Professor and Associate Professor at the Indira Gandhi Institute of Development Research (IGIDR), Mumbai, Maharashtra from 1992 to 2008.
iii.He has also served as the Director of Centre for Economic and Social Studies (CESS), Hyderabad, Telangana.
iv.He also served as the Director of the IEG, New Delhi, Delhi from 2012 to 2019.
Background:
In December 2023, the GoI has constituted 16th FC with Arvind Panagariya, former Vice-Chairman of NITI Aayog(National Institution for Transforming India) as its Chairman. In January 2024, GoI appointed 3 full time members and one part-time member to the 16th FC.

• FC of India is a constitutional body responsible for recommending the distribution of federal taxes among states.

Current Member of 16th FC:
Apart from Manoj Panda the other 2 Full time members are,

• Ajay Narayan Jha, former member, 15th Finance Commission and former Secretary, Expenditure;
• Annie George Mathew, former Special Secretary, Expenditure and

ii.The Part-time member of the 16th FC is Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India
iii.Secretary of the 16th FC: Ritvik Ranjanam Pandey, a 1998-batch IAS officer

Sushil Sharma Selected as CMD of SJVN Limited Sushil Sharma, Director (Projects), SJVN Limited has been selected for the post of Chairman and Managing Director (CMD) of SJVN Limited at a Public Enterprise Selection Board (PESB) selection panel meeting held on 8 April 2024.

• He replaces Mrs. Geeta Kapur, Director (Personnel) of SJVN Ltd, who assumed the additional charge of CMD on 1st February 2024 after the relieving of Nand Lal Sharma, the previous CMD of SJVN Ltd.

Note: Nand Lal Sharma resigned from the post with immediate effect after the Haryana government appointed him as Chairman of the Haryana Electricity Regulatory Commission (HERC) in February 2024.
About Sushil Sharma:
i.Sushil Sharma started his career in H.P. State Technical Education Service in 1990.
ii.He joined SJVN in January 1994 as an Assistant Engineer and worked in various Departments/Projects.
iii.Initially, he worked in the Design Office of SJVN for about 19 years for Planning and Design of Hydro-Mechanical components of various projects.
iv.Later, he held the post of General Manager (Mechanical) in SJVN at the 1500 megawatt (MW) Nathpa Jhakri Plant in Himachal Pradesh.
v.He has been serving as Director (Electrical) of SJVN since August 1, 2020.
vi.He was appointed Director (Electrical) in 2020 and the post was re-designated as Director (Projects) in 2023.
About SJVN Ltd:
Headquarters– Shimla, Himachal Pradesh
SJVN Ltd (formerly Satluj Jal Vidyut Nigam) is a Mini Ratna Central Public Sector Enterprises (CPSE) under the Ministry of Power.
It is a Joint Venture (JV) of the Government of India (GoI) and the Government of Himachal Pradesh (GoHP).

Olympic Champion Valerie Adams Named the Ambassador for TCS World 10k Bengaluru 2024
New Zealand‘s shot putter Dame Valerie Adams, a 4-time World Champion, and 2-time Olympic Gold medallist has been named the International Event Ambassador for the “16th edition of Tata Consultancy Services’ (TCS) World 10K Bengaluru (Karnataka)”  to be held on 28th April 2024.
About Dame Valerie Adams:
i.Across her 5 appearances in the Olympics, she has won 2 gold medals in the:

• 2008 Beijing Olympic Games in China;
• 2012 Summer Olympics in London, England (United Kingdom)

ii.She also won a silver in the 2016 Summer Olympics in Rio de Janeiro, Brazil; and a bronze medal in the 2020 Summer Olympics in Tokyo, Japan.
iii.She is a 3-time Commonwealth Games winner in 2006 (Melbourne, Australia), 2010 (Delhi), and 2014 (Glasgow, Scotland).
iv.She became the 1st woman to win 4 consecutive gold medals in the World Athletics Championships, claiming shot put crowns in 2007, 2009, 2011, and 2013.
v.In 2014, she was honoured with the International Association of Athletics Federations (IAAF) World Athlete of the Year title.
About TCS World 10K Bengaluru:
i.It is recognised with a Gold Label by World Athletics and has a total prize fund of USD 210,000.

Wipro Appoints Srini Pallia as CEO & Managing Director
Srinivas (Srini) Pallia was appointed as the Chief Executive Officer (CEO) and Managing Director (MD) of Wipro Limited, effective from 7th April 2024.
Srinivas Pallia succeeds Thierry Delaporte, who served as the CEO and MD from June 2020 to April 2024.

• He has been working at Wipro for 32 years since he joined as a product manager in 1992.
• He also worked as the CEO of Americas 1, one of the strategic units of Wipro.
• He is also a member of the Wipro Executive Board (WEB).

SCIENCE & TECHNOLOGY

India gets 24 Igla-S Anti-Aircraft Missiles from RussiaThe Indian Army has acquired the first batch of 24 Russia-made Igla-S Man Portable Air Defence Systems (MANPADS) along with 100 missiles, as part of an agreement involving domestic production in India.

• This will bolster the Indian Army’s Very Short Range Air Defence (VSHORAD) capabilities.

About Igla-S:
i.It is a hand-held defence system designed to bring down low-flying aircraft, identify and neutralise air targets such as cruise missiles and drones.
ii.The system comprising the 9M342 missile, 9P522 launching mechanism, 9V866-2 mobile test station, and 9F719-2 test set, it offers comprehensive air defence capabilities.
iii.Igla-S include a firing range of 500-6000 m, target altitude from 10-3500m, and capability to engage various types of targets.
iv.Its Target speed is- head-on: up to 400 m/s, and pursuit: up to 400 m/s
Background:
i.India signed a contract with Russia in November 2023 for 120 launchers and 400 missiles. ii.Following the delivery of the first batch, the remaining systems will be manufactured in India through Transfer of Technology (ToT) from Russia by an Indian organisation.
iii.The Request for Proposal (RFP) for VSHORADs was issued in 2010 under the United Progressive Alliance (UPA) government.
iv.In 2018, Russia’s Rosoboronexport-manufactured Igla-S won the bid to replace India’s outdated Igla-1M systems.

NASA Launches 3 Sounding Rockets for APEP Mission from Wallops Flight Facility during Solar Eclipse On 8th April 2024, The National Aeronautics and Space Administration (NASA) launched 3 Black Brant IX sounding rockets for the Atmospheric Perturbations around Eclipse Path (APEP) mission from NASA’s Wallops Flight Facility in Virginia, the United States of America (USA).

• This aims to study the disturbances in the ionosphere created during a total solar eclipse.

Note:
i.The ionosphere is a region of Earth’s upper atmosphere between 80 and about 600 km above sea level.
ii.Previously, the sounding rockets were launched and successfully recovered from the White Sands Test Facility in New Mexico (USA), during the annular solar eclipse in October 2023.
Mission Objective:
i.The mission aims to study how Earth’s upper atmosphere reacts to the temporary dimming of sunlight during the eclipse.
ii.The mission is led by Aroh Barjatya, a professor of engineering physics at Embry-Riddle Aeronautical University in Florida, USA.
Launch Timeline:
i.Rockets were launched at 3 different times: 45 minutes before, during, and 45 minutes after the peak local eclipse.
ii.These crucial intervals are essential to gather data for understanding how the sudden disappearance of the Sun influences the ionosphere.

• Solar eclipse-induced disturbances may affect communication systems.

Rocket Mission Overview:
i.The APEP rockets reached a maximum altitude of 420 km (260 miles).
ii.Each rockets measure charged and neutral particle density, surrounding electric, and magnetic fields.
iii.Each rocket deploys 4 secondary instruments (the size of a 2-liter soda bottle) for extensive data collection, equivalent to data from 15 rockets.
iv.3 secondary instruments on each rocket were built by Embry-Riddle, and the 4th one was built at Dartmouth College in New Hampshire, USA.
Impact of Eclipse on Atmosphere
i.Eclipse creates rapid localised sunset.
ii.Triggers atmospheric waves and disturbances.
iii.Affects various radio communication frequencies.
Significance of Data Collection:
Gathering the data on these disturbances helps scientists validate and enhance predictive models, crucial for predicting disturbances in high-frequency communication.
Note: With the next total solar eclipse over the contiguous USA not until 2044, the 2024 eclipse presents a rare research opportunity.
About National Aeronautics and Space Administration (NASA):
Administrator– Bill Nelson
Headquarters– Washington, D.C., USA
Established in– 1958

IMPORTANT DAYS

International Romani Day 2024 – April 8 International Romani Day is annually observed across the globe on 8 April to celebrate Romani culture and history and raise awareness of the challenges and discrimination issues faced by Europe’s largest ethnic minority community worldwide.

• The Day commemorates the 1st World Romani Congress, a major international meeting of Romani representatives held near London (United Kingdom) in the town of Orpington in 1971.

Background:
During the 4th World Romani Congress held in Serock, Poland in 1990, April 8 was officially declared as International Romani Day.
Why April 8?
On 8th April 1971, the 1st World Romani Congress was held in London, Orpington, Kent, UK. The congress was organised by members of the Gypsy Council and the Comité International Rom(CIR)..
>> Read Full News

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