Current Affairs 19 April 2024

We are here for you to provide the important Recent and Latest Current Affairs 19 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

Finance Ministry notifies a new FDI limits for satellite related activities under FEMAThe Ministry of Finance notified the amendment to Foreign Exchange Management (Non-Debt Instruments) Rules 2019 to operationalise the new foreign direct investment (FDI) limits for satellite-related activities.

• The new rules will be known as Foreign Exchange Management (Non-Debt Instruments) (3rd Amendment) Rules, 2024.
• The new rules will come into effect from 16th April, 2024.

Background:
i.In February 2024, The Union Cabinet led chaired by Prime Minister(PM) Narendra Modi approved an amendment in FDI policy for the space sector.
ii.Under the amended FDI Policy, 100% FDI is allowed in the space sector.

iii.As per amended FDI policy, the satellite sub-sector has been categorized into three different activities with defined limits for foreign investment in each sector.

Details of the notification:
i.For manufacturing of components and systems or sub-systems for satellites, ground segment and user segment, up to 100% FDI is allowed under the automatic route.
ii.For Satellites-Manufacturing and Operations; Satellite Data Products; and Ground Segment and User Segment up to 74% FDI is allowed under automatic route and FDI over 74% will require government approval.
iii.For Launch Vehicles and associated systems or sub-systems and Creation of Spaceports for launching and receiving spacecraft up to 49% FDI is allowed under automatic route and FDI over 49% will require government approval.
Click here for the official Gazette notification
Note:
i.This reform policy was developed by the Department of Space in consultation with stakeholders like: IN-SPACe(Indian National Space Promotion and Authorisation Centre), ISRO, NSIL(New Space India Limited).
ii.NGEs(Non-Government Entities), developed capabilities and expertise in the areas of satellites and launch vehicles.
Points to note:
i.Automatic Route: Under automatic route, the non-resident or Indian company does not require nod of the Reserve Bank of India(RBI) or Government of India(GoI).

• Sectors which come under automatic route are: medical devices, petroleum refining, pension, insurance etc.

ii.Government Route: The Government’s approval is mandatory under Government route.

• Sectors which come under government route category are: print media, multi-brand retail training, broadcasting content services etc.
• Foreign Investment Facilitation Portal(FIFP): acts a single-window clearance and processes applications for FDI .The applications for FDI is approved or rejected in consultation with the Department for Promotion of Industry and Internal Trade(DPIIT), Ministry of Commerce.

CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY24In Financial Year 2023-24 (FY24), the CBDT set a record by signing 125 Advance Pricing Agreements (APAs) with Indian taxpayers, comprising 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).

• This marks a 31% increase from 95 APAs in FY23 and the highest number of APAs signed in any financial year since its inception, bringing the total to 641 comprising 506 UAPAs and 135 BAPAs.

Key Points:
i.FY24 also saw the highest number of BAPAs signed to date, a result of Mutual Agreements with seven of India’s treaty partners viz. Australia, Canada, Denmark, Japan, Singapore, the United Kingdom (UK) and the United States (US).
ii.Since their inception in August 2012 in India, only 5 APAs were signed by the CBDT in the first full financial year of 2013-14. Since then, the yearly number of concluded APAs has risen exponentially.
About Advance Pricing Agreements (APAs):
It aims to prevent double taxation for taxpayers, streamline tax procedures and attract foreign investment. APA scheme is administered by the CBDT to facilitate ease of doing business.
i.APAs ensure predictability and transparency in transfer pricing matters.
ii.In India, it allows taxpayers to determine the arm’s length price of international transactions in advance for up to five future years, with an option to roll back for four preceding years, providing taxpayers with certainty for a total of nine years.
iii.Types of APAs include Unilateral (involving only the taxpayer and the tax authority of their country), Bilateral (involving the taxpayer, the tax authority of their country, the associated enterprise in a foreign country, and the tax authority of that country), and Multilateral (involving multiple entities).

Government Forms Panel to Promote Laws for Efficient Mining of Critical MineralsThe government has set up a seven-member panel headed by Vijay Kumar Saraswat to propose legislative measures and promote the commercially viable extraction of critical minerals found in limited quantities.
Details about the Panel formed:
i.The head of the panel, V.K. Saraswat, is a member of National Institution for Transforming India (NITI) Aayog.
ii.The main objective of the panel is to provide judicial measures to ensure cost-effective and scientific mining of deeply embedded mineral deposits like copper, gold and diamond which are typically developed in the shape of veins and can only be exploited through underground mining.
iii.Moreover, formulating strategies to spread awareness regarding the effects of mining reforms amongst the states will also be one of the objectives of the panel.
Note 
The Geological Survey of India (GSI) in 2023 had discovered around 5.9 million tonnes of lithium deposits in the Salal-Haimana area of Jammu & Kashmir that play a vital role in manufacturing of electric vehicles.
About Critical Minerals: 
i.Critical minerals are those minerals that are essential for economic development and national security.
ii.Government has provided a list of 30 critical minerals for India.  These minerals are Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, platinum group elements (PGE), Phosphorous, Potash, Rare Earth Elements (REE), Rhenium, Silicon, Strontium, Tantalum, Tellurium, Tin, Titanium, Tungsten, Vanadium, Zirconium, Selenium and Cadmium.

MoA&FW Notifies Specifications of IFFCO’s Nano Urea PlusThe Ministry of Agriculture and Farmers Welfare(MoA&FW), Government of India notified specifications of a new product Nano Urea (liquid) 16 (Nano Urea Plus) fertiliser to be manufactured by Indian Farmers Fertilizer Cooperative Limited (IFFCO) in India for a period of 3 years with effect from 15th April 2024.

• Nano Urea Plus is a new version of nano urea meant for meeting crop nitrogen requirements at critical growth phases.

About Nano Urea (Liquid) 16 /Nano Urea Plus:
i.Nano Urea Plus in liquid form has 16% nitrogen content, pH(Potential of Hydrogen) value of 4-8.5 and viscosity of 5-30.
ii.Nano Urea Plus’ commercial production will start at IFFCO’s Kalol plant in Gujarat, Aonla and Phulpur in Uttar Pradesh (UP).
Key Points:
i.Nano Urea Plus is an advanced formulation of Nano Urea, and redefines crop nutrition to meet nitrogen requirements during crucial growth phases.
ii.It comes in liquid form, providing essential nitrogen to plants for amino acids, enzymes, and genetic material production. It enhances micronutrient availability and efficiency.

• It acts as a chlorophyll charger, boosts yields, and promotes climate-smart farming.

iii.It replaces conventional urea and nitrogenous fertilizers, and supports soil health, farmer profitability, and environmental sustainability.
Additional info:
IFFCO introduced the world’s first Nano liquid urea in June 2021, followed by Nano DAP in April 2023.

• Since August 2021, IFFCO has sold 7.5 crore bottles of Nano Urea and 45 lakh bottles of Nano DAP (Di-ammonium Phosphate).

About Indian Farmers Fertilizer Cooperative Limited (IFFCO):
Chairman– Dileep Sanghani
Managing Director and CEO–  Dr Udai Shanker Awasthi
Headquarters- New Delhi, Delhi
Establishment– 1967

UP’s 13 Products Including Tirangi Barfi & Banaras Metal Casting Craft Gets GI TagThe Government of India’s (GoI) Geographical Indication Registry granted Geographical Indication (GI) tags to 13 new products of Uttar Pradesh (UP). This includes Banaras Tirangi Barfi and Banaras Metal Casting Craft.

• With this the total number of GI products from UP becomes 75. UP has retained its position as the state with most number of GI tagged products in India.

Note: Tamil Nadu is the 2nd position with a total of 58 GI tagged products.
List of New GI products of UP:

Key Points:
i.Tirangi Barfi, a sweet symbolising the national flag was regarded as the “sweet weapon” of freedom fighters during the Quit India Movement.

• The sweet made with cashews and pistachios is coloured like three stripes of the Indian flag: saffron, white and green.
• It was 1st introduced in 1942 by Shri Ram Bhandar of Thatheri Bazar locality in Varanasi.

ii.Banaras Metal Casting Craft is used for making idols and utensils in Kashi. The vessels will be made using brass and will have a central band of soldered copper.
iii.The GI tag for Banaras Tirangi Barfi; Banaras Metal Casting Craft; Lakhimpur Kheri Tharu Embroidery; Bareilly Furniture; Bareilly Zardoji Craft and Pilkhuwa Home Furnishing were supported by National Bank for Agriculture and Rural Development (NABARD), Lucknow office, UP.
iv.With a total of 32 products, the Varanasi region houses the highest number of GI products from a single geographical area.
About Geographical Indications Registry:
GI Registry is a part of the Department for Promotion of Industry and Internal Trade under the Ministry of Commerce and Industry(MoCI).
Headquarters- Chennai, Tamil Nadu(TN)

BEL signs MoU with IIT Mandi for Co-operation in Various Fields
Bharat Electronics Limited (BEL) signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT), Mandi, Himachal Pradesh, for cooperation in research and technology, product development in domains such as semiconductors, quantum technologies, and drones.

• The MoU aims to leverage the strengths and capabilities of BEL and IIT-Mandi.
• This aligns with the Government of India’s (GoI) ‘Make in India’ initiative, fostering indigenisation of products and solutions.
• BEL is actively involved in cutting-edge fields such as the Internet of Things (IoT), Cloud Computing, and Artificial Intelligence (AI).

Note:
i.BEL is a Navratna Defence Public Sector Undertaking (PSU) under the Ministry of Defence (MoD).
ii.IIT Mandi, a research university is one of the eighth newer second-generation IITs.

INTERNATIONAL AFFAIRS

Exercise “DUSTLIK 2024’’: India-Uzbekistan Joint Military Exercise To Strengthen Bilateral RelationsThe 5th edition of the India-Uzbekistan Joint Military Exercise ‘DUSTLIK 2024’, is being conducted from 15th to 28th April 2024 in Termez District, the Republic of Uzbekistan.
Note:

• Exercise DUSTLIK 2023, 4th edition of the exercise between India and Uzbekistan was held from 20th February to 5th March 2023 at the Foreign Training Node, Pithoragarh in Uttarakhand (India).
• The first edition of Exercise DUSTLIK was held in Uzbekistan in November 2019.

Exercise DUSTLIK 2024:
Participants:
i.The Indian Armed Forces contingent of 60 personnel is being represented by 45 personnel from the Indian Army (IA), majorly from a Battalion of the JAT Regiment, and 15 personnel from the Indian Air Force (IAF).
ii.The Uzbekistan contingent comprising approximately 100 personnel, from the Uzbekistan Army and Air Force, will be represented by personnel from Southern Operational Command, part of South-West Military District.
Objective:

• To improve combined capabilities and promote military cooperation in order to carry out joint operations in semi-urban and hilly terrain.
• The exercise will focus on high degree of physical fitness, joint planning, joint tactical drills and basics of special arms skills.

Key Points
i.Exercise DUSTLIK 2024 enables India and Uzbekistan to share their practices in Tactics,Techniques and Procedures of conducting joint operations.
ii.The exercise will help the military of India and Uzbekistan to build their mutual understanding, comradery, and interoperability.
iii.The exercise will involve various tactical drills, such as building a Joint Command Post, setting up an Intelligence & Surveillance Center, securing the landing site, performing Small Team Insertion & Extraction, practising Special Heliborne Operations, conducting Cordon and Search Operations, practising Room Intervention Drills, and demolishing Illegal Structures.
CAS General Manoj Pande Inaugurates State-of-the-Art IT Lab
The Chief of Army Staff(CAS) of the Indian Army General Manoj Pande has inaugurated a State-of-the-Art Information Technology (IT) Laboratory at the Uzbek Academy of Armed Forces during his four-day visit to Uzbekistan from 15th to 18th April 2024.
About the IT Lab:
i.The establishment of the IT Lab was initially proposed during the Defense Ministers meeting in September 2018.
ii.A total of Rs 8.5 crore was alloted for the project (this exceeded the envisaged budget of Rs 6.5 crore)
iii.The state-of-the-art IT Laboratory comprises two lecture halls, a cutting-edge cybersecurity lab, a hardware programming lab, an object-oriented programming lab, a web programming lab, a server room, a multimedia room, and a virtual reality room.
iv.This collaborative initiative deepens the partnership between India and Uzbekistan, promising increased cooperation in defence and technology.
About Uzbekistan
Prime Minister (PM) – Abdulla Nigmatovich Aripov
Capital – Tashkent
Currency – Uzbekistani Som

BANKING & FINANCE

IFSCA constitutes committee to transform GIFT City into Climate Finance HubThe International Financial Services Centres Authority (IFSCA) constituted a standing committee to prepare a framework for launching climate finance products. The committee aims to transform GIFT City (Gujarat International Finance Tec-City) into a climate finance hub.

• The committee is expected to submit its report to the government by the end of May 2024.

Points to note:
i.IFSCA is set to launch climate finance products from GIFT City. This could be an Alternate Investment Fund, transition bond, transition insurance, etc.
ii.Apart from banks and the bond market, more climate funds are scheduled to be launched in GIFT City
Additional info:
i.Banks in GIFT City has already set aside 5% of credit for green and sustainable projects.
ii.Out of USD 60 billion of outstanding loans, USD 700 million has been extended as green and sustainable credit.
iii.Out of USD 55.5 billion worth of bonds raised from GIFT City, bonds worth USD14 billion are green and sustainable-linked bonds.
Note: India’s first International Financial Services Centre (IFSC)was set up in GIFT City, Gandhinagar, Gujarat.
About International Financial Services Centres Authority(IFSCA):
It is the unified regulator for the development and regulation of financial products, financial services and financial institutions such as GIFT International Financial Services Centre in India.
It was established under the International Financial Services Centres Authority (IFSCA) Act, 2019.
Chairman: K. Rajaraman
Headquarters: GIFT City, Gujarat
Established: 2020

ECONOMY & BUSINESS

India’s Economy to grow at 8-8.3% in FY25: PHDCCI PHDCCI (PHD Chamber of Commerce and Industry) in its report on ‘Viksit Bharat @2047’ projects India’s economy to grow at 8-8.3% in FY25, with a forecasted Gross Domestic Product (GDP) of USD 34.7 trillion by 2047 and a per capita income of USD 21,000.

• India’s economy to reach USD 7 trillion by 2030.

They aim to achieve this through 10 key enablers outlined in the report which include the following:

• Reduce the cost of doing business.
• Enhance scalability of sectors like fintech, IT, automobile, and renewable energy.
• Focus on semiconductor industry development.
• Support startup ecosystem to become the second largest by 2030.
• Build export capacity with a focus on 75 key products.
• Implement reform measures in agriculture and food processing.
• Fill vacant positions in national and state levels.
• Accelerate digital transformation to rank among the top five in Government AI Readiness Index by 2047.
• Strengthen renewable energy segment to achieve 1,500 GW installed capacity by 2047.

Key Points:
i.Post-2035, growth rate is projected to average 6.7% over the next 23 years.
ii.By 2047, agriculture’s GDP share to decrease to 12% from 20% in 2023, manufacturing to rise to 25% from 16% in 2023, and services to remain at 54%.
iii.India’s exports to touch USD 10 trillion by 2047, evenly split between merchandise goods and services.
iv.Food processing sector to grow to USD 2,150 billion by 2047 from USD 307 billion in 2023.
v.Life expectancy increased to 67 years by 2021 from 63 years in the year 2000, and hospital beds availability to reach 12 per 1,000 people by 2047 from 6 per 1,000 people by 2030.

• It was 1 per thousand people in 2023.

vi.Internet usage expected to reach 82% by 2047 from 42% in 2024.

IIT Kanpur & BFI Partners to Accelerate Healthcare Innovation in India  
On April 16 2024, The Indian Institute of Technology (IIT) Kanpur, Uttar Pradesh and Blockchain For Impact (BFI), foundation in Bengaluru (Karnataka), announced a strategic partnership, under the BFI-Biome Virtual Network Program to nurture innovations and drive advancements in healthcare in India.

• The Memorandum of Understanding (MoU) was signed at IIT Kanpur by Professor Kantesh Balani, Dean of Resources and Alumni (DoRA), IIT Kanpur and Dr. Gaurav Singh, Chief Executive Officer (CEO) of BFI.
• As part of this partnership, BFI will support IIT Kanpur in promoting entrepreneurial initiatives through the Startup Incubation & Innovation Centre (SIIC), IIT Kanpur.
•  The BFI will allocate over USD 150,000 across three years to develop programs specifically tailored to healthcare-focused startups at IIT Kanpur’s SIIC.

Note: BFI-Biome Virtual Network Programme is an initiative bringing together research institutes and incubators under one umbrella to foster stakeholder collaborations.

ACQUISITIONS & MERGERS

BNP Paribas to Buy Fosun’s 9% Stake in Belgian Insurer Ageas for about 730 Million Euros
BNP Paribas, the largest bank in the eurozone, has agreed to acquire 9% shareholding in Belgian insurer Ageas from China’s Fosun Group for about  730 million Euros . BNP Paribas Cardif, the insurance division of BNP Paribas financial group, spearheads the acquisition.
With this BNP Paribas will become the biggest shareholder of Ageas.

• BNPP’s acquisition of the initial 4.8% stake in Ageas will lead to the regulatory approvals required for the full 9% stake purchase.
• Fosun International’s decision to sell an 8.19% stake in Ageas for up to 670 million Euros in April 2024 reflects its focus on streamlining its portfolio and reducing debt.
• Fosun would still hold 1,952,524 shares in Ageas after the sale, equivalent to a stake of about 1%.
• The BNPP’s USD 16.3 billion sale of its United States of America (US) retail activities in 2023 freed up funds for strategic acquisitions.

Note:
i.BNP Paribas was officially established on 23 May 2000 at the merger between Banque Nationale de Paris (BNP) France’s leading deposit bank, and Paribas, an international investment bank.
ii.Ageas and BNP Paribas are long-time partners via a joint shareholding in AG Insurance, Belgium’s leading insurer. Ageas owns 75% and BNP the remaining 25%.

SCIENCE & TECHNOLOGY

DRDO Chairman Inaugurates SPACE, a Testing Hub for Sonar Systems for Indian Navy in KeralaOn 17th April 2024, Dr. Samir V Kamat, Secretary, Department of Defence (Research and Development) and chairman of Defence Research and Development Organisation (DRDO) inaugurated a state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE) at Underwater Acoustic Research Facility in Kulamavu in Idukki district, Kerala.

• The inauguration of SPACE facility marks a major milestone in naval technology advancement.

About SPACE:
i.The SPACE facility has been designed as a premier testing and evaluation hub for sonar systems specifically for various platforms of Indian Navy such as: ships, submarines and helicopters.
ii.It was established by the Naval Physical and Oceanographic Laboratory (NPOL) of DRDO.
iii.The facility will consist of two different assemblages: a platform which floats on the water surface and submersible platform which can be lowered up to depth of 100m using winch systems.
iv.After the completion of operations, the submersible platform can be winched up and docked with floating platform.
Applications:
i.The Submersible platform will mainly be used for evaluation of sonar system. It will allow for quick deployment and easy recovery of scientific packages such as sensors and transducers.
ii.It will also be used for survey, sampling and data collection of air, surface, mid-water and reservoir floor parameters using scientific instrumentation.
iii.It will support data processing and sample analysis in modern, well-equipped scientific laboratories.
About Defence Research and Development Organisation(DRDO):
It is the Research and Development (R&D) wing of Ministry of Defence (MoD).
Chairman: Dr. Samir Vankatpati Kamat
Headquarter: New Delhi, Delhi
Formed: 1958

Aditya Birla Capital Launches ‘ABCD’ Fintech App
Aditya Birla Capital Limited, the financial services arm of Aditya Birla Group, has launched the omnichannel Direct-to-Consumer (D2C) Fintech App ‘Aditya Birla Capital Digital (ABCD)’, offering various financial products on a single digital platform..

• This platform is housed under Aditya Birla Capital Digital Limited (ABCDL), a wholly owned subsidiary of Aditya Birla Capital Limited (ABCL).
• The D2C platform has 22 products and services that includes Unified Payments Interface (UPI) payments, multi-account payments, loans, insurance, and spend analysis tools.

SPORTS

India Wins 9 medals in Asian Wrestling Championships 2024Indian wrestlers won a total of 9 medals (4 silver and 5 bronze) in the Asian Wrestling Championships (Seniors) 2024 held in Bishkek, Kyrgyzstan from 11th to 16th April 2024.
Indian Medal Winners:

Key Highlights:
i.Udit, the Under-20 Asian champion, won the silver medal in the 57kg men’s freestyle category.

• The 57kg freestyle category in the Asian Wrestling Championships has been dominated by Indian players since 2020.
• Ravi Dahiya won the gold medal in 2020, 2021, and 2022, and Aman Sehrawat won the gold in 2023.

ii.In women’s wrestling, Radhika won the silver medal in the 68kg category, while Anju and Harshita won silver medals in the 53kg and 72kg, respectively.
Team Ranking:
The teams were ranked based on the points in each of three categories: men’s freestyle, Greco-Roman, and women’s wrestling.

Note: India was ranked 11th in Greco-Roman;  7th in men’s freestyle and 4th in Women’s wrestling.
About Indian Contingent:
i.The 2024 Asian Wrestling Championships witnessed the participation of  30 Indian wrestlers, 10 in the men’s Greco-Roman, 10 in the women’s freestyle, and 10 in the men’s freestyle.
ii.This tournament will also mark the first competition with Indian wrestlers competing under India’s name and flag after United World Wrestling(UWW) lifted the suspension of the Wrestling Federation of India(WFI) in February 2024.
Note: India bagged 14 medals (1 gold, 3 silvers, and 10 bronze ) in 2023 Asian Wrestling Championships held in Astana, Kazakhstan.

IMPORTANT DAYS

International Day For Monuments and Sites 2024 – April 18 International Day For Monuments and Sites (IDMS) also known as World Heritage Day is annually observed across the globe on 18 April to encourage local communities and individuals across the world to recognise the significance of cultural heritage in their lives, identities, and communities.
The theme for International Day for Monuments and Sites 2024 is “Disasters & Conflicts Through the Lens of the Venice Charter.”
Background:
i.The International Day for Monuments and Sites (IDMS) was first established in 1982 by the International Council of Monuments and Sites (ICOMOS).
ii.ICOMOS’ establishment of IDMS was approved by the United Nations Educational, Scientific and Cultural Organisation (UNESCO) at its 22nd General Conference in 1983.
iii.IDMS was first observed in 1983 by UNESCO.
About International Council on Monuments and Sites (ICOMOS):
ICOMOS, a non-governmental organisation, was founded in 1965 after the adoption of the Charter of Venice.
President– Teresa Patricio (Belgium)
Secretary General– Jurn Buisman (Netherlands)
Treasurer General– Cyrill von Planta (Austria)
Headquarters– Paris, France
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