Current Affairs 12 April 2024

We are here for you to provide the important Recent and Latest Current Affairs 12 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

India, Mauritius amends Double Tax Avoidance AgreementThe Government of the Republic of India and the Government of Mauritius have amended the India-Mauritius Double Tax Avoidance Agreement (DTAA) to focus on preventing tax evasion instead of promoting bilateral investment flows.
Background: 
i.In February 2024, the Mauritius Cabinet of Ministers approved an amendment to the DTAA with India to align with the Organisation for Economic Co-operation and Development (OECD)’s proposal on Base Erosion and Profit Shifting (BEPS).
ii.India and Mauritius signed the protocol to amend the India-Mauritius DTAA in March 2023.
About Mauritius : 
President– Prithvirajsing Roopun
Prime Minister– Pravind Kumar Jugnauth
Capital– Port Louis
Currency– Mauritian Rupee
>> Read Full News

KABIL & CSIR-IMMT Signed MoU for Technical and Knowledge Cooperation for Critical MineralsKhanij Bidesh India Limited (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – Institute of Minerals and Materials Technology (CSIR-IMMT) for bolstering technical and knowledge cooperation for Critical Minerals at the National Aluminium Company Ltd. (NALCO) Corporate Office in Bhubaneswar, Odisha.
Signatories: The MoU was signed by Sadashiv Samantaray, Director (Commercial) of NALCO and Chief Executive Officer (CEO) KABIL; and Dr. Ramanuj Narayan, Director of CSIR-IMMT, in the presence of Sridhar Patra, Chairman-cum-Managing Director (CMD) of NALCO and Chairman, KABIL.
Key Collaborative Initiatives:
i.Under the MoU, KABIL will leverage CSIR-IMMT’s service and technical expertise for:

• Design and Analysis of metallurgical test work plans;
• Development and review of process flowsheets; and
• Process technology selection for mineral processing, beneficiation, and metal extraction.

ii.The MoU will also begin joint research attempts and the exchange of scientific information between the two entities.
iii.The collaboration will foster an environment conducive to critical mineral exploration.
Note: Scientific research and technological advancements are vital to the growth and sustainability of the Indian mining sector, ensuring mineral security and meeting domestic requirements.
About Khanij Bidesh India Limited (KABIL):
KABIL is a Joint Venture (JV) of 3 Government Enterprises: NALCO; Hindustan Copper Limited (HCL); and Mineral Exploration & Consultancy Limited (MECL), in the ratio of 40:30:30, under the aegis of the Ministry of Mines.
KABIL was Incorporated in 2019 under the Companies Act 2013.
Chairman– Sridhar Patra
CEO– Sadashiv Samantaray
Headquarters– New Delhi, Delhi

INTERNATIONAL AFFAIRS

QS World University Rankings by Subject 2024: JNU ranked as India’s Top University for Development Studiesi.On April 10, 2024, the Quacquarelli Symonds (QS) released the 14th edition of QS World University Rankings by Subject 2024 which marked Jawaharlal Nehru University (JNU), New Delhi, Delhi as India’s highest-ranked in Development Studies (20th globally).
ii.Music is the one new subject to be added to 2024 rankings.
iii.The edition featured 55 individual subjects across five broad subject areas viz. Arts & Humanities, Engineering & Technology, Life Sciences & Medicine, Natural Sciences and Social Sciences & Management.
iv.Harvard University of United States (US) topped the 4 broad subjects.
v.69 Indian universities featured in the 2024 QS World University Rankings by Subject, with 424 entries, marking a 19.4% increase from 2023.
About Quacquarelli Symonds (QS):
CEO– Jessica Turner
Headquarter– London, United Kingdom (UK)
>> Read Full News

WTO Projects Global Merchandise Trade Volume to Grow by 2.6% in 2024According to the “Global Trade Outlook and Statistics: April 2024” report released by the World Trade Organization(WTO), the global merchandise trade volume is projected to grow by 2.6% in 2024 and 3.3% in 2025 as demand for traded goods rebounds following a contraction in 2023.

• Regional conflicts, geopolitical tensions and economic policy uncertainty pose downside risks to the forecast.

i.As per the report, India’s merchandise export for 2023 was USD 432 billion which is 5% lower than 2022. India’s imports fell 7% to USD 673 billion.
ii.India clocked USD 451 billion goods export in FY23 and USD 394.99 billion in April-February FY24.
About World Trade Organization(WTO):
Director-General(DG)- Ngozi Okonjo-Iweala
Headquarters- Geneva, Switzerland
Member nations- 164
Established in 1995
>> Read Full News

BANKING & FINANCE

IPPB Introduces Aadhaar ATM Service for Convenient Cash WithdrawalsThe India Post Payments Bank (IPPB) has introduced the Aadhaar ATM service facility for its users. It works on the principle of the Aadhaar Enabled Payment System (AePS), which was introduced by the National Payments Corporation of India (NPCI).
Key Features:
i.This IPPB Online Aadhaar ATM facility will enable customers to avail cash without visiting a bank or an Automated teller machine (ATM) and simply avail cash at their doorsteps with the help of a postman/gramin dak sevak.

• This facility is particularly helpful for those with busy schedules or for people living in remote places, especially rural areas.

ii.NPCI has set a maximum transaction amount of Rs. 10,000 on a single AePS financial transaction.
iii.As the acquiring bank, IPPB does not impose any restrictions on AePS transactions for other bank clients.
iv.The Aadhaar Enabled Payment System (AePS) is a banking service enabling customers to utilize their Aadhaar identification for accessing associated bank accounts. This can be accessible through designated Business Correspondents (a verified Bank Agent who provides basic banking service using a MicroATM (terminal) to any bank customer wishing to avail their BC service)
v.The services provided by the AePS include –

• Balance Enquiry
• Cash Withdrawal
• Cash Deposit (done under IPPB Aadhaar ATM)
• Mini Statement
• Aadhaar to Aadhaar Fund Transfer

vi.There are no transaction charges levied on any user if he or she avails of the facility at any access point or doorstep. However, the doorstep service charges will be applicable to the customer as per prevailing fees.
About National Payments Corporation of India (NPCI)– 
National Payments Corporation of India (NPCI) is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for developing a robust Payment & Settlement Infrastructure in India.
MD & CEO- Mr.Dilip Asbe
Headquarters– Mumbai, Maharashtra
Establishment – 2008
About India Post Payments Bank-
Managing Director & Chief Executive Officer (MD & CEO) – R. Viswesvaran
Headquarters: New Delhi, Delhi
Establishment – 2018 
Tagline – Aapka Bank, Aapke Dwaar 

ADB projected India’s GDP Growth Forecast for FY25 to 7% On April 11, 2024, the Asian Development Bank (ADB) in its ‘Asian Development Outlook (ADO) April 2024‘ raised India’s Gross domestic product (GDP) growth forecast for FY25 (2024-25) to 7% from 6.7% amid robust growth which will be driven by public and private sector investment demand and gradual improvement in consumer demand.

• This growth estimate is however; lower than 7.6% projected for the 2023.

Growth Projections:
i.For 2025, the ADB has projected India’s growth at 7.2%.
ii.India’s inflation will be 4.6% in 2024 and 4.5% in 2025.
iii.All data in the outlook were accessed from Feb 1 – 31 March 2024.
Highlights:
i.On Regional Front, developing economies in Asia and the Pacific are forecast to expand by 4.9% on average in 2024 and 2025 amid robust domestic demand, improving semiconductor exports, and recovering tourism.

• The inflation will be 3.2% in 2024 and 3% in 2025.

ii.South Asia remains the fastest growing subregion as domestic demand improves on moderating inflation in most economies.

• Its growth will be 6.3% in 2024 and 6.6% in 2025.

iii.The ADB’s growth forecast for India is in line with the projections made by the Reserve Bank of India (RBI) which projected GDP growth at 7%, driven by a normal monsoon, moderating inflationary pressures, and sustained momentum in the manufacturing and services sectors.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Establishment– 1966
Members – 68 members (49 from the region)

NIIF Invests USD 200 mn in iBus to Boost Digital Infrastructure in India
National Investment and Infrastructure Fund Limited (NIIF) has invested USD 200 million(about Rs 1660 crores) in iBus Network And Infrastructure Pvt Ltd(iBUS), a Bengaluru(Karnataka)-based Digital Infrastructure Solutions Company, to support the growth of the digital infrastructure in India.

• The investment, in line with India’s Digital India Mission, was made through NIFF’s Master Fund.
• The NIIF will hold a significant majority stake in iBUS after the completion of the transaction.
• Part of the funds will be deployed to develop new infrastructure solutions to address evolving market demands and technological advancements.
• The NIIFL Master Fund, India’s largest infrastructure fund, aims to participate in the Indian infrastructure story by investing in high-quality businesses and assets across core infrastructure sectors via operating and greenfield opportunities.

ICICI Lombard Partnered with Policybazaar to Offer its Insurance Products on Policybazaar Platform
ICICI Lombard General Insurance Company Limited has partnered with the insurance platform Policybazaar to provide a comprehensive product portfolio of ICICI Lombard to the wide user base of Policybazaar.

• ICICI Lombard offers a range of products that span motor, health, travel, home, and business insurance.
• Policybazaar will distribute ICICI Lomard’s products across various platforms, including policybazaar.com for retail audiences, PB for Business for corporates, and PB Partners for channel partners.
• This partnership aims to enhance insurance distribution, ensuring coverage reaches every corner of India through a seamless digital platform.

PhonePe Partnered with eSewa and HAN Pokhara To Promote UPI Payments
Bengaluru (Karnataka)-based Fintech company PhonePe, has partnered with eSewa, a digital wallet service of Nepal and the Hotel Association of Nepal (HAN)–Pokhara (a regional association of HAN, Nepal) to promote digital payments through Unified Payments Interface (UPI) on the Nepal payment processor Fonepay Network.

• This partnership is a part of the 19th Fewa New Year Festival which will be held in Nepal from 11th to 14th April 2024.

Note: The Fewa New Year Festival is celebrated with a theme of “Tourism, Culture, and Food’’, in three grand stages showcasing cultural performances, pop shows and culinary delights.

AWARDS & RECOGNITIONS

Harvard Honored Avantika Vandanapu ‘South Asian Person of the Year’On 9th April 2024, The Indian-American actress Avantika Vandanapu was honored the ‘South Asian Person of the Year’ by the South Asian Association (SAA) at Harvard University, Cambridge, Massachusetts, USA (United States of America).

• She was recognised for her achievements and significant impact in both the international and Indian entertainment industries.

About Avantika Vandanapu
i.Avantika was born on 25th January 2005 in California, USA, to an Indian family hailing from Hyderabad, Telangana.
ii.She made her debut as child artist and starred in Telugu films like Brahmotsavam and Manamantha.
iii.She has first lead role Disney original movie ‘Spin’ (2021) and later  starred in Netflix’s ‘Senior Year’ (2022).
iii.She also made her debut in Indian OTT(Over-the-top) series ‘Big Girls Don’t Cry’ (2024).

APPOINTMENTS & RESIGNATIONS

Belgium’s Ingmar De Vos Elected as New President of ASOIFOn 9 April 2024, Ingmar De Vos from Belgium, the President of the International Equestrian Federation (FEI), was unanimously elected as the President of the Association of Summer Olympic International Federations (ASOIF) during the 48th ASOIF General Assembly.

• He was elected for a 4 year term, starting on 1st January 2025.
• He will replace Francesco Ricci Bitti of Italy, whose 3rd term as President of ASOIF is set to end on 31st December 2024.

Note: 48th ASOIF General Assembly was held during SportAccord World Sport & Business Summit 2024 held in Birmingham, The United Kingdom (UK).
About Ingmar De Vos:
i.Ingmar De Vos began his career as a Belgian Senate Advisor in 1989 and served as the Director General(DG) of the Belgian Equestrian Federation from 1990 to 1997.
ii.He served as the Secretary General of the Belgian Equestrian Federation from 1997-2011.
iii.He joined the FEI in 2011, where he served as Secretary General until 2014.
iv.He was elected President of FEI on 14 December 2014; re-elected for 2nd 4-year term in 2018; and for the final 3rd term in 2022.
v.Since 2017, he has been a Member of the International Olympic Committee (IOC). He has served as an ASOIF Council member since 2019.
Exclusion of International Boxing Association (IBA):
i.The General Assembly excluded the International Boxing Association (IBA) as an ASOIF Member in line with ASOIF Statutes.
ii.This move follows the Court of Arbitration for Sport (CAS) decision upholding the IOC’s withdrawal of IBA’s recognition as the International Federation (IF) for Olympic boxing.

• ASOIF had previously suspended IBA’s Full Member’s rights.

Statute Amendments and New Associate Members:
i.The General Assembly approved Statute amendments to clarify the start and expiry dates for Associate Membership.
ii.Associate Membership granted to the International Cricket Council (ICC), the International Federation of American Football (IFAF), World Lacrosse, and World Squash, effective from 1st January 2025.
About Association of Summer Olympic International Federations (ASOIF):
President– Francesco Ricci Bitti
Executive Director– Andrew Ryan
Headquarters– Lausanne, Switzerland
Established in– 1983

FSIB selected Manoj Mittal as CMD of SIDBI; Sanjay Shukla named MD of NHBThe Financial Services Institutions Bureau (FSIB) has recommended Manoj Mittal for the post of Chairman and Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI).

• He is currently serving as MD and Chief Executive Officer (CEO) of IFCI Limited (formerly Industrial Finance Corporation of India).
• He will replace Sivasubramanian Ramann, who has been serving as CMD of SIDBI since April 2021. Ramann is a 1991 batch of Indian Audit and Accounts Service (IA&AS) officer.

About Manoj Mittal:
i.Manoj Mittal has served as the Deputy MD of SIDBI from 2016 to 2021.
ii.He played a major role in developing SIDBI Vision 2.0, which helped SIDBI to emerge as a financially stronger institution.
FSIB Named Sanjay Shukla as MD of NHB
FSIB has appointed Sanjay Shukla as the MD of the National Housing Bank (NHB), the apex regulatory body for the overall regulation and licensing of housing finance companies in India.
He is currently serving as the MD&CEO of Centrum Housing Finance Limited (CHFL).

• He will succeed Sarada Kumar Hota, who has been serving as MD of NHB since 2019.

About Sanjay Shukla :
i.Sanjay Shukla has also served as the MD and CEO of Cent Bank Home Finance
ii.He has also worked with ING Vysya Bank, Tata Capital Housing Finance Limited, Citi Bank and Hometrust Housing Finance Limited(later merged into HDFC Limited).
iii.He has an experience of working with various private sector organisations including LIC Housing Finance.
About Financial Services Institution Bureau (FSIB):
FSIB came into effect on 1st July 2022, replacing the Banks Board Bureau(BBB) for recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions.
Chairman- Bhanu Pratap Sharma
Headquarters- Mumbai, Maharashtra

SC Judge Anirudhha Bose Retired; Appointed as Director of NJAOn 10th April 2024, Justice Anirudhha Bose retired from the Supreme Court (SC) of India. He has been serving as the SC Judge since 2019.

• He was appointed as Director of the National Judicial Academy (NJA) which offers training programmes to aid the judges in their judging role and in performance of court administration work.

About Justice Anirudhha Bose:
i.He enrolled with the Bar Council of West Bengal as an advocate in October 1985.
ii.After serving as an advocate for about 19 years in the Calcutta High Court(HC), he was elevated to the High Court Bench as a Permanent Judge in 2004.
iii.In 2018, he was appointed as the Chief Justice(CJ) of Jharkhand HC.
iv.He was appointed as a judge of the SC in May 2019.
Additional info:
i.The Director of NJA is appointed by the Dhananjaya Yeshwant Chandrachud, Chief Justice of India (CJI) and Chairman of NJA.
ii.The CJI is the Chairman of the General Body, Governing Council, the Executive Committee, and the Academic Council of NJA.
About National Judicial Academy (NJA):
NJA is an independent society, established in 1993 under the Societies Registration Act of 1860.
NJA is fully funded by the Government of India (GoI) and works under the directions of the Supreme Court of India.
Chairperson– D Y Chandrachud
Location– Bhopal, Madhya Pradesh

ACQUISITIONS & MERGERS

Hinduja Group Firm Gets SEBI Approval for Ownership Change of Reliance Wealth
The Securities and Exchange Board of India (SEBI) has given its approval to Hinduja Group-owned Asia Enterprises for a change of control in Reliance Wealth Management Limited under SEBI’s regulations governing investment advisers and portfolio managers.

• SEBI also approved an application for a proposed change in control at Reliance Securities under regulations governing research analysts and investment advisors.
• IndusInd International Holdings Limited (IIHL), investment holding company of the Hinduja Group, made a successful bid to get Reliance Capital under the Corporate Insolvency Resolution Proceedings (CIRP) process of the Insolvency and Bankruptcy Code (IBC).
• IIHL’s resolution plan for Reliance Capital encompasses Reliance Wealth among other entities. It involves an upfront cash amount of Rs. 9,650 crore.

Note: The CIRP process against Reliance Capital was initiated in November 2019; IIHL’s bid received 99.6% majority support from creditors.

SCIENCE & TECHNOLOGY

NASA and Japan Sign Agreement to Advance Sustainable Human Exploration of moon
On 9th April 2024, Bill Nelson, National Aeronautics and Space Administration (NASA) Administrator, and Japan’s Minister of Education, Culture, Sports, Science and Technology (MEXT) Masahito Moriyama signed an agreement to advance sustainable human exploration of the Moon at the NASA Headquarters in Washington, United States of America(USA).
About the Agreement:
i.Under the agreement, the USA will send two Japanese astronauts to the moon surface on its lunar mission.

• Out of two Japanese astronauts, one will become the first non-American ever to land on the moon.

ii.Under the agreement, Japan will design, develop, and operate a pressurized rover for crewed and uncrewed exploration on the Moon.
iii.NASA will provide the launch and delivery of the rover to the Moon.

• The astronaut from Japan will take part in NASA’s future Artemis mission.

About the Rover:
i.The pressurized rover accommodates two astronauts for up to 30 days as they traverse the area near the lunar South Pole.
ii.It enables astronauts to travel farther and work for longer periods on the lunar surface.
iii.NASA plans to use the pressurized rover on Artemis VII and subsequent missions over an approximate 10-year lifespan.
Key Points:
i.In addition to lunar surface exploration, the USA will also collaborate with Japan for its future participation in NASA’s Dragonfly mission and the Nancy Grace Roman Space Telescope.
ii.USA and Japan also plan to collaborate on JAXA(Japan Aerospace Exploration Agency)’s next-generation Solar-observing Satellite, SOLAR-C (official name “High-sensitivity Solar Ultraviolet Spectroscopic Satellite”).
iii.SOLAR-C will investigate the mysteries of solar atmospheres by conducting observations of ultraviolet radiation from the Sun.
About Artemis space Program:
i.The Artemis 1 successfully flew an uncrewed vessel around the Moon in 2022.
ii.Artemis 2 is planned for 2025 and will send four astronauts around the Moon without landing. The crew members are Christina Koch, a person of colour (African American) astronaut, Victor Glover, Reid Wiseman, and Canadian astronaut Jeremy Hanse.
iii.Artemis 3, scheduled for 2026, will be the first crewed mission to land on the Moon.

IMPORTANT DAYS

National Safe Motherhood Day 2024 – April 11 National Safe Motherhood Day (NSMD) is annually observed across India on 11 April to raise awareness of the significance of maternal health and wellness, promote maternal health, and reduce maternal mortality rates in India

• NSMD also assures access to high-quality maternal healthcare services and encourages safe delivery.

Background:
i.NSMD was initiated by White Ribbon Alliance India (WRA India), a grassroots organization that advocates for the health and rights of women and newborns.
ii.In 2003, the Government of India (GoI) declared April 11 of every year as the National Safe Motherhood Day.

• It was declared to emphasise the significance of ensuring that women have access to adequate care throughout pregnancy, childbirth, and the postnatal period.

iii.The 1st National Safe Motherhood Day was observed on 11 April 2003.
Note: India is supposedly the first country in the world to have officially declared NSMD, dedicated to promoting maternal health and safety.
Significance of April 11:
i.April 11 commemorates the birth anniversary of Kasturba Gandhi (1869-1944), an Indian political activist and the wife of Mohandas Karamchand Gandhi. She was born on 11 April 1869 in Porbandar, British India (now in Gujarat).
ii.11th April 2024 marks the 155th birth anniversary of Kasturba Gandhi.
Key Points:
i.According to the United Nations (UN) Maternal Mortality Estimation Inter-Agency Group (MMEIG) 2020 report, “Trends in maternal mortality 2000 to 2020”:

• India’s Maternal Mortality Ratio (MMR) has declined from 384 per 1 lakh live births in 2000 to 103 in 2020.
• Globally, the MMR dropped from 339 in 2000 to 223 in 2020.
• The average annual rate of reduction (ARR) in global MMR from 2000-2020 was 2.07%, while India saw a decline of 6.36%, which is higher than the global decline.

ii.Maternal deaths in India, as per the Registrar General of India (RGI), decreased steadily from 130 (2014-16) to 97 (2018-20).

World Parkinson’s Day 2024 – April 11World Parkinson’s Day (WPD) is annually observed across the globe on 11 April to raise awareness and advance research toward better therapies and a cure for Parkinson’s disease (PD), also known as “paralysis agitans”

• PD is a chronic degenerative disorder of the central nervous system that affects both the motor system and non-motor systems.
• The day commemorates the birth anniversary of  English surgeon, Dr James Parkinson (1755 – 1824) who was the first to describe “paralysis agitans”.

Note:  He identified Parkinson’s as a as a medical condition and published an article ‘An Essay on the Shaking Palsy’ in 1817.
Symbol: Red tulip with a fringe of white is the official symbol for Parkinson’s.
Background:
i.The first World Parkinson’s Day (WPD) was held in April 1997.
ii.It was set up by the European Parkinson’s Disease Association (now known as Parkinson’s Europe) and co-sponsored by the World Health Organisation (WHO).
iii.The 1997 inaugural WPD event marked the launch of the Parkinson’s Europe Charter, uniting people with Parkinson’s, their families, and healthcare professionals to promote awareness and increase the profile of Parkinson’s.
Global Impact:
i.WHO formed the working group on Parkinson’s Disease after WPD in 1997, leading to the development of the first Global Declaration on Parkinson’s Disease.
ii.It was launched in Mumbai, Maharashtra in December 2003 and aimed to change attitudes toward Parkinson’s.
What is Parkinson’s?
i.It is a neurological condition that affects the brain’s ability to produce dopamine, the chemical crucial for movement control.
ii.There is no cure for Parkinson’s, but the quality of life can be improved with various medications, surgery, and lifestyle choices.

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