Current Affairs 2 April 2024

We are here for you to provide the important Recent and Latest Current Affairs 2 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

GI Tags Awarded to 19 Goods from Assam; 2 from Tripura and 4 from MeghalayaThe Government of India’s (GoI) Geographical Indication Registry granted Geographical Indication (GI) tags to 19 traditional crafts of Assam, 2 from Tripura, and 4 from Meghalaya.
i.Apart from the Six GI tags, thirteen Assamese products were associated with the Bodo people, the state’s largest indigenous population, have also been granted GI tags.
ii.Tripura’s Rignai Pachra textile, Tripureswari temple’s ‘Pera’ get GI tag.
About Geographical Indications Registry:
It has been established in Chennai to administer the Geographical Indications of Goods (Registrationand Protection) Act, 1999 under the Office of the Controller General of Patents, Designs & Trade Marks (CGPDTM).
Headquarters– Chennai, Tamil Nadu (TN)
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MNRE Reimposes ALMM Order on Solar PV Modules from 1st April 2024 The Ministry of New and Renewable Energy (MNRE) has re-imposed ALMM [Approved List of Models & Manufacturers] for Solar Photovoltaic (PV) Modules with effect from 1st April 2024.

• This mandates the procurement of solar modules from the manufacturers featured in the list as a non-tariff barrier to boost domestic manufacturing. This imposes restriction on import of solar modules.

Background:
i.MNRE issued the Approved Models and Manufacturers of Solar PV Modules (Requirements for compulsory Registration) Order(ALMM Order), 2019 on 2 January 2019.

• ALMM consist of list-I, specifying models and manufacturers of solar PV modules and list-II, specifying models and manufacturers of solar cells.
• ALMM enlistment is subjected to valid Bureau of Indian Standards(BIS) registration.

ii.The ALMM Order mandates that only models and manufacturers featured on the list are eligible for use in Government Projects/ Government assisted Projects installed in India.
iii.The ALMM Order was held in abeyance (temporary suspension) for one financial year(FY 2023-24).
iv.The projects commissioned by 31st March 2024 will be exempted from the requirement of procuring solar PV modules from ALMM.
Note: Imports were allowed till 31st March 2024 on the basis of industry demand and noted the lack of domestic manufacturers to meet the demand.
Applicability of  ALMM :
i.ALMM will apply to government-supported schemes and projects from where electricity discoms procure electricity.
ii.The schemes include the Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) Scheme and the PM Surya Ghar Muft Bijli Yojana.
ii.It will not apply to projects constructed under open access or as captive by private companies, meaning that ALMM will not apply for those who establish their own capacities.
About Ministry of New and Renewable Energy (MNRE):
Union Minister – Raj Kumar Singh (Constituency – Arrah, Bihar)
Minister of State– Bhagwanth Khuba (Constituency- Bidar, Karnataka)
Secretary – Bhupinder Singh Bhalla

NHAI’s One Vehicle, One FASTag‘ Rules Come into Force on 1 April 2024The National Highways Authority of India’s (NHAI)‘One Vehicle, One FASTag‘ norm to discourage the practice of using a single FASTag for multiple vehicles or linking multiple FASTags to one vehicle has come into force from 1 April 2024.
Note: Users with multiple FASTags for one vehicle are unable to utilise them all.
One Vehicle, One FASTag:
NHAI has introduced One Vehicle, One FASTag to streamline the electronic toll-collection process, enhance the efficiency of the electronic toll-collection system, and alleviate congestion at toll plazas.
Role of FASTag in Toll Collection:
i.FASTag, an electronic toll collection system operated by NHAI, utilises Radio Frequency Identification (RFID) technology.
ii.Over 8 crore users with a penetration rate of approximately 98% have revolutionised FASTag in India.
iii.It enables toll payments directly from prepaid or savings accounts linked to it or directly from the toll owner.
RBI’s Advice:
The Reserve Bank of India (RBI) advised customers and merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by 15 March 2024.
FASTag Regulations:
i.FASTags with a valid balance but with incomplete Know Your Customer (KYC) details face deactivation/blocklisting.
ii.Ensure KYC completion for FASTags by updating details as per RBI guidelines by 31 March 2024.
MoRTH to Introduce New Satellite-based Toll Collection System to Replace Toll Plazas in India
Union Minister Nitin Gadkari, Ministry of Road Transport and Highways (MoRTH) announced a new satellite-based toll collection system will be introduced to replace the existing toll collection system in India.

• The satellite-based toll collection will utilise the Global Positioning System (GPS) and cameras to deduct money directly from bank accounts based on road usage (distance covered).
• The new system will help reduce toll tax and through this, the time, money, and fuel usage of the travelers can also be saved.

Note: According to MoRTH, by the end of 2024, India’s road network of National Highways will be the same as that of the United States of America (USA).
GPS-Based Toll Plaza System:
i.This innovative system revolutionises toll collection by integrating GPS technology into the process.
ii.This system eliminates the need for vehicles to stop at toll plazas, as toll charges are automatically deducted from the bank account.
iii.The amount of toll will depend on the distance traveled by the vehicle. All these data will be gathered via GPS.
Note: At present, toll fees are fixed at every plaza irrespective of the distance covered by a vehicle.
How Does the System Work?
i.GPS coordinates of vehicles are matched to calculate toll fees.
ii.Toll charges are automatically deducted as vehicles approach collection points.
iii.Vehicles must be equipped with GPS-enabled number plates.
iv.The Automatic Number Plate Recognition (ANPR) cameras installed on highways identify GPS-enabled number plates for deduction.

NPTI & PTC India Ltd Signed MoU to Set up CoE for R&D in Energy Domain
On 28th March 2024, the National Power Training Institute (NPTI), under the Ministry of Power and PTC India Ltd. Signed a Memorandum of Understanding (MoU) to establish a Centre of Excellence (CoE) for Research & Development (R&D) in the Energy Domain.

• The collaboration aims to address pressing challenges in the energy domain while aligning with Sustainable Development Goals (SDGs).

i.CoE will conduct cutting-edge research initiatives addressing emerging challenges in the energy domain. It will also serve as a hub for research, development, and knowledge dissemination in the energy sector, and focuses on advancing SDGs and minimizing environmental impact.
ii.This will pioneer innovative solutions leveraging the collective expertise of NPTI and PTC India Ltd. and focus on propelling India towards a greener and more sustainable energy future.
Signatories: The MoU was signed by Dr Tripta Thakur, Director General of NPTI, and Koel Singhal, Senior Vice President of PTC India at the office of Ministry of Power in New Delhi, Delhi.
Note: 
i.NPTI is a National Apex body for Training and Human Resources Development in the Power Sector.
ii.PTC India Ltd (formerly known as Power Trading Corporation of India Limited) is a power trading solutions provider that was established in 1999 as a public-private partnership (PPP) between the Government of India and private sector institutions.

HAL & CSL Signed Contract for Indian Navy’s NGMV Project
Hindustan Aeronautics Limited (HAL) has signed a contract worth Rs 1,173 .42 crore with Cochin Shipyard Limited (CSL), Kochi(Kerala), to supply 6 sets of LM2500 gas turbines (GT) and GT Auxiliaries (GTAE), spares, tools for Indian Navy’s Next Generation Missile Vessel (NGMV) project.

• The domestic contract will be slated for execution between FY26 to FY29.

Note: HAL is a aerospace and defense company headquartered in Bengaluru, Karnataka. It is a Navratna Public Sector Undertaking(PSU) under the Ministry of Defence.

NMDC Launches “Samman” Portal for Former Employees
NMDC Limited launched “Samman” a portal for its former employees to manage medical claims, view personal profiles, dependent details and application status online.

• The portal was launched by Amitava Mukherjee, Chairman and Managing Director (CMD) (Additional Charge) at the event organised at NMDC headquarters in Hyderabad, Telangana.
• The portal is designed to ensure on-time reimbursements and easy access to all services, bringing comfort and convenience to the former employees,

Note: NMDC Limited, formerly National Mineral Development Corporation, is a Navratna Public Sector Enterprise(PSE) under the Ministry of Steel.

ISRO launches ‘START’ Online Training Program for Space Science Enthusiasts
Indian Space Research Organisation (ISRO) has launched ‘Space Science and Technology Awareness Training (START)’, a new introductory-level online training programme to encourage youngsters to choose the field of space science and technology.

• The programme targets students doing postgraduate (PG) and final year undergraduate in physical science and technology.
• START 2024 programme will be conducted during April and May 2024.
• For this programme, ISRO solicits Expressions of Interest to host START 2024 in institutes, universities and colleges within India.

The programme includes domains like space science, as well as astronomy & astrophysics, heliophysics. It will be executed by scientists of Indian academic institutes and ISRO centres.

BANKING & FINANCE

RBI to set up Digital India Trust Agency to Check Illegal Lending AppsThe Reserve Bank of India (RBI) will establish a Digital India Trust Agency (DIGITA) to combat the proliferation of illegal lending apps.
Key Points:
i.DIGITA would serve as a crucial checkpoint to tackle the issue of illegal lending apps.
ii.Apps lacking the ‘verified’ mark from DIGITA would be deemed unauthorized for law enforcement purposes.
iii.The agency aims to vet digital lending apps for compliance and maintain a public register of verified apps.
iv.The RBI has provided a list of 442 digital lending apps to Google for whitelisting, over 2,200 apps were removed from the PlayStore.
v.Google now enforces a policy allowing only RBI-regulated entities (REs) or their partners to publish apps on the PlayStore.
vi.This policy change came in response to requests from the RBI and the Department of Financial Services (DFS) under the Finance Ministry.
Note – Additionally, actions have been taken to rescue citizens involved in cyber fraud activities, particularly those ensnared into employment in Cambodia.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra

IRDAI Announces Final Rules on Surrender Value from April 1 2024
The Insurance Regulatory and Development Authority of India (IRDAI) announced final rules on surrender value for traditional endowment policies effective from April 1, 2024.

• The surrender value is expected to remain the same or lower if policies are surrendered within the initial 3 years.

Surrender value %:
The proposed slabs for the surrender value percentages are:
i.30% of total premiums paid if surrendered during the second year.
ii.35% of total premiums paid if surrendered during the third year
iii.50% of total premiums paid if surrendered between the fourth and seventh years
iv.90% of total premiums paid if surrendered during the last two years
Key Points:
i.Surrendering policies between the 4th and 7th years may result in a marginal increase in surrender value.
ii.Non-single premium life insurance policies offer a guaranteed surrender value after paying premiums for at least 2 consecutive years.
Implications for Policyholders:
i.While this benefits insurance companies, policyholders (customers) may not see significant relief, maintaining the status quo.
ii.Challenges for insurers in balancing various factors, including distributor payouts, shareholder profitability, etc.
iii.Maintenance of the status quo disappoints policyholders expecting increased surrender values.
iv.Despite hopes raised by a consultation paper in December 2023, surrender values for policyholders remain modest in the initial years.
About Insurance Regulatory and Development Authority of India (IRDAI):
IRDAI is a statutory body under the jurisdiction of Ministry of Finance.
It was established in 1999, following the recommendations of the Malhotra Committee report. It was incorporated as a statutory body in April 2000.
Chairman– Mr Debasish Panda
Headquarters– Hyderabad, Telangana

Bajaj Auto, Tata Motors and Coal India among Top 5 Index Performers in FY24Indian financial markets finished the Financial year 2023-24(FY24) on a positive note with domestic equity indices: Nifty50 and Sensex achieving their most robust performance in three fiscal years.

• Bajaj Auto, Tata Motors and Coal India Limited emerged as the Top 3 Index Performers in FY24.

Top 5 Index Performers in FY24:
i.Bajaj Group emerged as the top-performing large cap on the Nifty50 in FY24. It shows an exceptional return of 142.52% on investments made over the last 12 months. Its market cap surged by 120% which amounts to Rs 2,54,000 crore as of 1st April, 2024.
ii.Tata Motors secured the 2nd spot among top performing index in FY24. It generated a return of 136.67% on investments over the last one year.

• Jaguar, Land Rover (wholly-owned subsidiary of Tata Motors) and expansion in sectors like: Electric Vehicle (EV), attributed growth of market cap by139.60% in FY24.

iii.Indian Public Sector Unit (PSU) Coal India Limited (CIL) emerged as the 3rd best-performing large cap on Nifty50 in FY24. It delivered a return of 118.73% on investments made over the past one year. The growth was driven by increasing power demand and increasing electrification initiatives.
iv.Adani’s Group flagship port company has secured the 4th spot among top performing indexes with a return of 113.76% on investments generated over last 12 months.
v.Hero MotoCorp emerged as the 5th best performing largecap of FY24 with a return of  107.91% on investments generated over last 12 months.
Highlights:
i.The 30-share Stock Exchange Sensitive Index (SENSEX) increased by 24.85% in last one year, while National stock exchange FIFTY (NIFTY50) showed the growth of approximately 29%.

• Equity investors became richer by Rs 128.77 lakh crore in FY24 due to increase in investment inflows, resilient economy, and excellent corporate earnings.

ii.Both indices cumulatively had shown a return on investment of about 27%-31% between time period of April 2023 and March 2024.
iii.The top 5 best performers in largecaps for FY24 are,
Zomato, TATA Motors – DVR Ltd, Adani Power, Punjab National Bank & Delhi Land & Finance (DLF Limited).

• Zomato has emerged as market’s best-performing largecap with growth of 261.86% in the market.

iv.Dalal-Street(D-Street) top 10 best performing largecap stocks of FY24 saw an increase of 110%-270% in their market value during fiscal under-review.

Prestige Group signs strategic deal worth Rs 2,001 crore with ADIA & Kotak AIFPrestige Group through its subsidiaries has entered into a strategic deal worth Rs 2,001 crore with Abu Dhabi Investment Authority(ADIA) and Kotak AIF(Alternative Investment Fund) to develop residential projects in prominent locations across 4 cities in India.
Key Points:
i.The deal will help accelerate the growth and expansion of early-stage residential projects.
ii.The investment will be made in developing Greenfield residential projects across cities like Bengaluru, Mumbai, Goa and Delhi NCR(National Capital Region) with a combined Gross Development Value(GDV) of over Rs 18,000 crore.
Note: Greenfield Projects means infrastructure projects on unused land where there is no need to remodel an existing structure.
Examples: New factories, Power Plants, Airports etc.
About Prestige Group:
Chairman and Managing Director(CMD)– Irfan Razack
Headquarters– Bengaluru, Karnataka
Established in 1986
About Abu Dhabi Investment Authority:
Chairman– Tahnoun bin Zayed Al Nahyan
Headquarters– Abu Dhabi, United Arab Emirates(U.A.E.)
Established in 1976

AWARDS & RECOGNITIONS

Hockey India 6th Annual Awards: Hardik Singh & Salima Tete Wins Balbir Singh Sr. Award for Player of Year 2023Indian Field Hockey Player & Vice- captain of the Indian Hockey men’s team, Hardik Singh was honored with the Hockey India Balbir Singh Sr. Award for Player of the Year 2023 (Men) at the Hockey India 6th Annual Awards 2023 event held in New Delhi, Delhi.

• Indian field hockey player Salima Tete was honoured with Hockey India Balbir Singh  Sr. Award for the Player of the year 2023 ( women).
• The Balbir Singh Sr. Award for Player of the year (both men and women) carries a cash prize of Rs 25,00,000.

Note: This marks Hardik Singh 2nd Hockey India Player of Year award and he previously won the award in 2022.
About Hardik Singh
i.Hardik is the recipient of (Fédération Internationale de Hockey) International Hockey Federation (FIH) Player of the year Award Men 2023.
ii.He was a part of the bronze medal-winning hockey team at the Tokyo 2023 Olympics and won the gold medal at  Asian Games 2023 in Hangzhou, China.
iii.He also won Arjuna Award in 2021 for his contribution in the field of Hockey.
About Salima Tete
i.Salima Tete was appointed as the Asian Hockey Federation (AHF) Athletes Ambassador from India for a term of two years between 25th March 2023, to 25th March 2025.
ii.She was also a part of the squad that won the bronze medal in the Hangzhou Asian Games 2023, China.
Hockey India Major Dhyan Chand Lifetime Achievement Award for the Year – Ashok Kumar
i.Ashok Kumar won the prestigious Hockey India Major Dhyan Chand Lifetime Achievement Award, with a cash prize of Rs 30 Lakh and a trophy.
ii.He was the member of Gold-medal winning Indian team of 1975 World Cup, Malaysia.
iii.He was also the part of the Indian teams that won the Bronze medal at the 1971 World Cup, Spain and the Silver medal at the 1973 World Cup, Netherlands.
iv.He also won Arjuna Award in 1974 for his outstanding performance in Hockey.
Winners of Hockey India 6th Annual Awards:

Note: The total prize pool was an unprecedented amount of Rs 7.56 crores.
Milestone Awards 2023
i.Vivek Sagar Prasad, Hardik, Nilakanta Sharma, Sumit, Krishan Bahadur Pathak, Udita, Salima, and Gurjant Singh recieves a cash prize of Rs 1 lakh and a trophy each for completing 100 international caps.
ii.Nikki Pradhan, Amit Rohidas, Lalit Kumar Upadhyay, and Neha were also given trophies and Rs 1.5 lakh each for completing 150 international caps.
iii.Harmanpreet received a trophy and Rs 2 lakh for reaching 200 caps for her country, while Savita, the goalkeeper for the Indian womens hockey team, received a trophy and Rs 2.5 lakh for reaching 250 caps. Sreejesh received a trophy and Rs 3 lakh for completing 300 international caps.

SPORTS

Tennis: Italy’s Jannik Sinner won the Men’s Singles title at Miami Open 2024Italian tennis player Jannik Sinner won the Men’s Singles title at the Association of Tennis Professionals (ATP) Miami Open 2024 by defeating  Grigor Dimitrov of Bulgaria in the finals held at the Hard Rock Stadium, Miami Gardens, Florida, the United States of America(USA).

• He became the first Italian to win the Miami Open.
• This is his 1st trophy at the hard-court event and his 2nd ATP Masters 1000 title overall.

About Miami Open 2024: 
i.The 2024 Miami Open(Aka Miami Masters 2024), presented by Itaú, was held from 17th to 31st March 2024 at Hard Rock Stadium, Miami, Florida, USA.
ii.Miami Open 2024 is the 39th edition of the combined men’s and women’s tournament.
iii.The Miami Open is classified as an ATP Masters 1000 event on the 2024 ATP tour and a Women’s Tennis Association(WTA) 1000 event on the 2024 WTA tour.
Points to note:
i.This marks his 3rd title of 2024 after the Australian Open 2024 (January 2024) and Rotterdam Open 2024 (February 2024).
ii.He has won a total of 13 ATP singles titles, including a Grand Slam title at the 2024 Australian Open.
iii.At present, Jannik Sinner is ranked 2nd in the Men’s Tennis ATP ranking 2024.
iv.Previously, he finished runner-up at the Miami Open 2021 and 2023.
Women’s Singles:
Daniel Collins of the USA won the Miami Open 2024 Women’s singles title by defeating World No. 4 Elena Rybakina of Kazakhstan. This marks her first career WTA 1000 title and 3rd WTA Tour Singles title.

• In January 2024, Collins announced that she would retire at the end of the 2024 season.

India’s Bopanna & Australia’s Ebden won Men’s Doubles Title:

India’s Rohan Bopanna and Australia’s Matthew Ebden won the 2024 Miami Open men’s doubles title defeating Croatia’s Ivan Dodig and USA’s Austin Krajicek.

• This marks the pair’s 2nd title in 2024 after winning the 2024 Australian Open.
• Currently, Bopanna & Ebden are ranked 1st and 2nd in the ATP Men’s doubles ranking.

Note:
i.Bopanna (44 years old) surpassed his record & became the oldest ATP Masters 1000 champion.
ii.At the age of 43 he became the oldest ATP Masters 1000 champion by winning the Indian Wells title in 2023.
Women’s Doubles:
USA’s Sofia Kennin and Bethanie Mattek-Sands won the women’s doubles title by defeating Canada’s Gabriela Dabrowski and New Zealand’s Erin Routliffe in the Women’s Doubles finals.

• This marks Bethanie’s 30th WTA Doubles title and Sofia’s 4th WTA title.
• This is also the duo’s 2nd win in the 2024 season, after Mubadala Abu Dhabi Open 2024, and the 3rd as a team, after Beijing 2019.

Winners & Runner-ups of Miami Open 2024:

OBITUARY

Oscar Winning American VFX Pioneer Tim McGovern Passed AwayTim McGovern, the renowned Oscar winning American Visual Effects(VFX) pioneer passed away at the age of 68 in Washington, the United States of America(USA). He was born on 24th June 1955 in Chicago, Illinois, USA.
About Tim McGovern:
i.He was a founding member of Sony Pictures Imageworks, where he served as senior VFX supervisor, senior VP of creative and technical affairs.
ii.He has been a member of the Academy of Motion Picture Arts and Sciences since 1999.
iii.He also served as the founding co-chairperson of the Visual Effects Society(VES) Award Committee from 2001 to 2007.
iv.Some of his recent noted works includes Shazam! Fury of the Gods (2023), Ant-Man and the Wasp (2018), Dunkirk (2017), The Huntsman: Winter’s War (2016), and Mission: Impossible – Rogue Nation (2015).
Awards:
i.Tim McGovern won the Academy Award (Oscar) – Special Achievement Award (Visual Effects) in 1991 for the film ‘’Total Recall’’. He shared the award with Eric Brevig, Rob Bottin and Alex Funke.
ii.He was named recipient of the 2023 VES Founders Award and he was also honoured with Lifetime VES memberships.

IMPORTANT DAYS

International Transgender Day of Visibility 2024 – March 31 International Transgender Day of Visibility (TDOV) is annually observed across the globe on 31 March to celebrate transgender, nonbinary, and gender expansive/gender non-conforming individuals and the contributions of trans people and the nonbinary community.

• This Day also recognises and raises awareness of the discrimination faced by transgender people worldwide.
• The Day aims to draw attention toward eliminating poverty, violence, and discrimination based on gender identity faced by the community.

Transgender Flag: The flag represents the transgender community and consists of 5 horizontal stripes: 2 light blue(Represents boys), 2 pink(Represents girls), and 1 white(Represents those who are transitioning) in the center.
Background:
i.The Day was created by Rachel Crandall Crocker, an American transgender advocate, a licensed psychotherapist, and the Executive Director and co-founder of Transgender Michigan, in 2009.
ii.The 1st ever International Transgender Day of Visibility was observed on 31 March 2009.
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