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NATIONAL AFFAIRS
Defence exports touch record Rs.21,083 crore in FY24: MoD
- The data shows the growth of 32.5% compared to last fiscal (FY2022-2023), when defence export was recorded Rs15,920 crore.
Key Points:
i.The latest figures indicate that the defence exports have grown by 31 times in the last decade over the FY2013-2014.
ii.Both Private sector and Defence Public Sector Undertakings (DPSU) of the defence industry have made immense efforts to achieve the historic record in defence exports sector.
- Private sector has contributed significantly of about 60% of total defence exports while remaining 40% was contributed by DPSU.
iii.There has been a rise in the number of export authorisations issued to the defence exporters during FY24. It saw an increase in export authorisations from 1414(FY23) to 1507(FY24).
iv.A comparative data of last 20 years i.e. between 2004-05 to2013-14 and 2014-15 to 2023-24 reveals that there has been growth of 21times in the defence exports.
- Total defence exports during 2004-05 to 2013-14 were Rs 4,312 crore, which has gone up to Rs 88,319 crore in the period from 2014-15 to 2023-24.
v.Major defence items being exported have emerged as key contributors to India’s defence export portfolios are: Personal Protected items, Offshore Patrol Vehicles, ALH Helicopters, SU Avionics, Coastal Surveillance Systems, Light Engineering Mechanical parts, among others.
- These cutting-edge technologies and equipments have attracted international buyers, bolstering India’s position as a leading exporter of defence hardware.
vi.Government of India (GoI) led policy reforms, Ease of Doing Business initiatives and end-to-end digital solutions provided to Indian industries have played significant role in promoting defence exports.
Note:
According to the latest SIPRI(Stockholm International Peace Research Institute) report released in March 2024, 5 largest arms exporters in the world during(2018-22) were: United States, Russia, France, China and Germany.
- While, India is the top arms importers in the world.
Ministry of Defence(MoD):
Union Minister:Rajnath Singh(Lok Sabha constituency: Lucknow, Uttar Pradesh)
Minister of State(MoS): Ajay Bhatt
GoI Introduced new EMPS 2024 scheme from 1st April, after FAME-II
- Meanwhile, the 2nd phase of FAME-II (Faster Adoption and Manufacturing of Electric Vehicles in India) scheme ends on 31st March, 2024.
- Under the FAME scheme, subsidies will be eligible for e-vehicles sold till 31st March or till the time funds are available.
Electric Mobility Promotion Scheme 2024(EMPS 2024):
i.Ministry of Heavy Industries introduced EMPS 2024 scheme on 13th March, 2024.
ii.The scheme aims to promote the adoption of Electric Vehicles (EVs) in India, specifically for electric-2 wheelers (e-2w) and electric-3 wheelers(e-3w).
iii.The scheme has set the budget outlay of Rs500 crore and will replace FAME-II scheme.
iv.As of now, the scheme will be implemented for 4 months i.e. from 1st April,2024 to 31st July,2024.
v.It offers subsidies for e-2w and e-3w including registered e-rickshaws and carts, and L5 (e-3w).
Note: L5 category includes electric-3 wheelers with a maximum speed of over 25 Km/h.
Key Points:
i.Government of India(GoI) will provide financial support up to Rs10,000 to per 2- wheeler. It aims to provide support for about 3.33 lakh 2- wheelers.
ii.Under the EMPS 2024 scheme, financial support of up to Rs25,000 will be given for the purchase of small 3-wheelers including e- rickshaws and e- carts. The scheme will cover more than 41,000 such vehicles.
iii.The financial support will be given up to Rs50,000 in case of large3-wheelers.
Faster Adoption and Manufacturing in India (FAME India):
i.It was introduced in 2015 under the National Electric Mobility Mission Plan.
ii.Its primary objective was to promote the adoption of electric and hybrid vehicles by offering incentives on purchase.
iii.The scheme was implemented in two phases:
i.FAME-I, started in 2015 and was completed in 2019.
ii.FAME-II was implemented from 1st April,2019 to 31st March, 2024, with total budget outlay of Rs10,000 crore.
- Under the FAME-II, GoI offers the incentives for e-buses, 3-wheelers and 4-wheelers to be used for public transportation or any other commercial purposes.
About Ministry of Heavy Industries:
Union Minister: Mahendra Nath Pandey (Chandauli, Uttar Pradesh)
Minister of State (MoS): Krishan Pal Gujjar
Indian Air Force Begins 10-Day War Exercise “Gagan Shakti 2024” in Pokhran
- The Pokhran Field Firing Range in Jaisalmer, Rajasthan; Bhuj in Gujarat; Ladakh, Arunachal Pradesh; and other locations nationwide will host the exercise.
Key Points:
i.Gagan Shakti involves all air force bases and assets nationwide.
ii.Fighter planes and helicopters will engage pseudo targets at Pokhran Field Firing Ranges.
iii.It is the biggest IAF war exercise since ‘Vayu Shakti’.
iv.The exercise evaluates the IAF’s readiness for intense operations.
The Indian Army is providing logistical support, including passenger trains named Sanyukta Express.
- It has facilitated a comprehensive pan-India movement of approximately 10,000 IAF personnel and ammunition in order to validate the Operational Rail Mobilisation Plan (ORMP) aspects of the IAF
v.Over 11,000 sorties were completed during the previous ‘Gagan Shakti’ in 2018.
About Indian Air Force (IAF):
Chief of the Air Staff– Air Chief Marshal Vivek Ram Chaudhari
Headquarters– New Delhi, Delhi
Establishment– 1932
BANKING & FINANCE
SEBI launches SCORES 2.0 to Strengthen Complaint Redressal System
- The website URL for SCORES 2.0 from April 01, 2024 is http://scores.sebi.gov.in
Note –SCORES is an online system where investors in securities market can lodge their complaints through web URL and an App.
Key Points:
i.This revised version of SCORES enhanced with additional features for improved user experience.
ii.It establishes uniform timelines for complaint resolution across the securities market: 21 calendar days from complaint receipt.
iii.It incorporates two-level review process; SEBI intervenes at second level if investor remains dissatisfied.
iv.Non-adherence to prescribed timelines triggers automatic escalation of complaints to SEBI.
v.Integration with KYC (Know Your Customer) registration agency database facilitates seamless investor registration on SCORES.
vi.In the old SCORES (https://scores.gov.in) platform (discontinued on March 28, 2024), investors can no longer lodge new complaints.
Click Here for Official Notification
Brickwork Ratings Gets SEBI Nod to Resume Business without Restrictions
Brickwork Ratings (BWR) has resumed its business and client onboarding following SEBI’s order dated March 26, 2024. Previously, SEBI had restricted BWR from onboarding new clients or accepting fresh mandates from existing clients until certain conditions were met, such as strengthening the Board and enhancing systems and processes. With full compliance achieved, SEBI has cleared BWR to resume normal operations.
ECONOMY & BUSINESS
Mahindra Aerostructures signs USD100 million deal with Airbus Atlantic for component production
Key Points:
i.As per the deal, Mahindra Aerostructures will supply nearly 2300 varieties of metallic components to Airbus Atlantic in France from its manufacturing unit in India.
ii.MASPL will manufacture and deliver metallic components and small assemblies for the entire Airbus commercial aircraft family, including the A320 series.
iii.The contract adds to existing MASPL programmes to deliver parts directly to Airbus at their facilities in France and Germany.
iii.The deal strengthens the existing partnership between MASPL and Airbus, which has been in place since 2015.
Significance:
The contract between MASPL and Airbus Atlantic aligns with “Make in India” initiative of Government of India(GoI), which aims to transforms India into a global manufacturing hub.
Note: In January 2024, MASPL signed a contract with Airbus Aerostructures GmBH. According to the contract, MASPL would supply nearly 5000 varieties of metallic components to Airbus Atlantic in Germany from its manufacturing unit in India.
About Mahindra Aerostructures Private Limited(MASPL):
It is a wholly-owned subsidiary of Mahindra Group. It mainly produces metallic parts and assemblies for leading international aerospace companies.
Chief Executive Officer(CEO) and Managing Director(MD) : Arvind Mehra
Headquarters : Bengaluru, Karnataka
Founded : 2013, but commenced its operation in 2015
GoI Raises Rs 16,500 Cr by Selling Stakes in Companies in FY23-24
In the fiscal year 2023/24, the Indian government has raised Rs. 16,500 crores through stake sales in about 10 state-run companies. This amount however fell short by about 9% compared to the internal target of Rs 18,000 crore.
- The Government of India’s (GoI) ambition of privatising state-run firms faced obstacles due to the onset of general elections starting on April 19, 2024.
- Despite lower stake sale receipts, the government received higher dividends from state-run companies, totaling about Rs 63,000 crore in 2023/24, surpassing the target of Rs. 50,000 crore.
Note: The government has not set a target for the current financial year (2024–25) as of April 1, 2024, marking a departure from usual practice.
Indian Oil & Panasonic Energy Signed Binding Term Sheet for Manufacturing Lithium-ion Cells
State-owned refiner Indian Oil Corporation Ltd (IOCL) and Japan’s Panasonic Energy Co. Ltd., a Panasonic Group company have signed a binding term sheet for a proposed joint venture (JV) to manufacture cylindrical lithium-ion cells in India for 2-and 3-wheel vehicles and energy storage systems.
- Both companies are actively engaged in a feasibility study to integrate battery technology into India’s clean energy transition efforts.
- Beyond meeting domestic needs, local manufacturing investments will establish a robust supply chain ecosystem, to enhance India’s self-reliance and global competitiveness.
- Through the partnership with Panasonic Energy, IOCL aims to address environmental challenges, such as reducing carbon dioxide (CO2) emissions.
Signatories: The term sheet was signed by Shrikant Vaidya, Chairman, IOCL; and Kazuo Tadanobu, President and Chief Executive Officer (CEO), Panasonic Energy Co. Ltd.
Note:
i.IOCL is a Maharatna Central Public Sector Enterprises (CPSE) under the Ministry of Petroleum and Natural Gas (MoPNG).
ii.IOCL is committed to achieving net-zero operational emissions by 2046, aligning with the Government of India’s (GoI) goal of achieving carbon neutrality for the country by 2070.
APPOINTMENTS & RESIGNATIONS
Axis Capital Limited appoints Atul Mehra as MD & CEO
- Atul Mehra will oversee both the investment banking and institutional equities businesses of Axis Capital.
Key Points:
i.He has previously served as joint MD at JM Financial.
ii.He has more than 32 years of experience across leading Indian companies, and spearheaded numerous Equity Capital Markets (ECM) and mergers and acquisitions transactions in both domestic and international markets during his career.
Other Appointments
Axis Capital has also appointed Parag Gude as the Chief Operating Officer (COO) of Institutional Equities and Dhaval Desai as Head of Cash Equities.
About Axis Capital Limited:
It is a wholly-owned subsidiary of Axis Bank
Chairperson– Amitabh Chaudhry
Headquarters– Mumbai, Maharashtra
Establishment– 1984 as Enam Securities
Rajeev Singhal Appointed as MD of Tata International Limited
- Rajeev Singhal succeeded Anand Sen, who attained retirement on March 31, 2024.
- Prior to his appointment he was serving as the Executive Director(ED) and Chief Operating Officer (COO) at TIL.
About Rajeev Singhal
i.He served as the Managing Director of Tata Steel BSL Limited (Now Tata Steel, formerly known as Bhushan Steel Limited).
ii.He also served as the Director of Tata Bluescope Steel Private Limited.
iii.His numerous positions at Tata Steel in the past, such as Vice President for Marketing and Sales for Flat Products, demonstrated his extensive leadership expertise and knowledge of the business.
- He has managed the mining portfolio of Tata Steel as Vice President, Raw Materials.
About Tata International Limited (TIL)
Chairman – Noel N Tata
Headquarters – Mumbai, Maharashtra.
Established – 1962
Judith Tuluka Appointed as First Female Prime Minister of DR Congo
- She succeeded Jean-Michel Sama Lukonde who served as the Prime Minister of DRC since 2021.
About Judith Suminwa Tuluka
i.She also served as the national expert in a Community Support Project in Eastern DRC at the United Nations Development Programme (UNDP).
ii.She became the third female member of Lukonde’s cabinet when she was appointed as the Planning Minister in 2023.
iii.She also served as the deputy coordinator of the Presidential Strategic Monitoring Council (CPVS).
iv.She was a member of the ruling Union for Democracy and Social Progress party, which won 69 seats in the 500-member National Assembly in December 2023.
About Democratic Republic of Congo
President – Félix Antoine Tshisekedi Tshilombo
Capital – Kinshasa
Currency – Congolese Franc
SCIENCE & TECHNOLOGY
Microsoft and OpenAI forge USD 100bn plan for Stargate Supercomputer
Key Points:
i.Microsoft and Open AI signed multibillion dollar partnership in 2019 and has steadily expanded as part of Microsoft’s AI supercomputing collaboration.
ii.Microsoft and OpenAI are currently in the middle of phase 3 of a five-phase plan for supercomputing development.
iii.Stargate will be the fifth phase of a supercomputer series, a smaller fourth-phase supercomputer is in development and planned to launch in 2026.
iv.The project’s cost is over 100 times that of current large data centers, with power needs likely necessitating exploration of alternative sources like nuclear power.
Notes:
i.Frontier, built by the United States (US), is the world’s fastest supercomputer.
ii.PARAM-Siddhi is the fastest supercomputer in India, located at the Center for Development of Advanced Computers (C-DAC) in Pune, Maharashtra.
IMPORTANT DAYS
World Autism Awareness Day 2024 – April 2
- 2 April 2024 marks the observance of the 17th annual World Autism Awareness Day.
- The 2024 theme of WAAD is, “Empowering Autistic Voices“
- WAAD 2024 event was organised by the United Nations Department of Global Communications (DGC), in collaboration with the Switzerland-based Institute of Neurodiversity (ION).
Background:
i.On 18 December 2007, the UN General Assembly (UNGA) adopted the resolution A/RES/62/139 and proclaimed the 2 April of every year as World Autism Awareness Day.
ii.The first-ever World Autism Awareness Day was observed on 2 April 2008.
About United Nations (UN):
Secretary-General– António Guterres
Headquarters– New York, USA
Established in– 1945
>> Read Full News
International Children’s Book Day 2024 – April 2
- Hans Christian Andersen is often referred to as the “father of modern fantasy.”
Theme:
International Board on Books for Young People (IBBY) Japan (JBBY) is the official sponsor of ICBD 2024, under the theme “Cross the Seas on the Wing of your Imagination“.
- “Imagination” is the keyword for ICBD 2024.
Note: Since 1967, International Children’s Book Day (ICBD) has been celebrated annually.
About International Board on Books for Young People (IBBY):
President – Ms Sylvia Vardell (2022-2024) (United States)
Headquarters– Basel, Switzerland
Founded in– 1953
IBBY is a non-profit organisation that represents an international network of people from all over the world who are committed to bringing books and children together.
>> Read Full News
STATE NEWS
Ravi Kota IAS Takes Charge as New Chief Secretary of Assam
Ravi Kota, Senior Indian Administrative Service (IAS)Officer took charge as the new Chief Secretary of Assam, succeeding Paban Kumar Borthakur.
- Dr. Ravi Kota, an IAS officer of the 1993 batch of Assam-Meghalaya cadre, previously served as the Additional Chief Secretary of Assam’s Finance, Industry, and Trade section, as well as the Public Institutions Department.
- He will continue to hold charge of Public Enterprises, Industries, and Commerce after assuming the office of Chief Secretary, even though departed from the Finance Department.
Bihar Postal Circle Released a Special Cover to Commemorate 250 years of ‘Copper Ticket’
The Department of Posts in Bihar has released a ‘Special Cover’ to commemorate 250 years of the release of ‘Copper Ticket’, the world’s first postal ticket from Patna, Bihar.
- It was released by Anil Kumar, Chief Postmaster General of Bihar Postal Circle.
- The Copper ticket is a symbol of adventure and wonder that has captured the hearts and imaginations of generations. It stands for the ability of storytelling to captivate our attention and take us to imaginative places.
Note: The Copper ticket was first issued from Azimabad, Patna (Bihar) in March 1774.
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List of Less Important News – Click Here
Current Affairs Today (AffairsCloud Today)
| Current Affairs 3 April 2024 |
|---|
| Defence exports touch record Rs.21,083 crore in FY24: MoD |
| GoI Introduced new EMPS 2024 scheme from 1st April, after FAME-II |
| Indian Air Force Begins 10-Day War Exercise “Gagan Shakti 2024” in Pokhran |
| SEBI launches SCORES 2.0 to Strengthen Complaint Redressal System |
| Mahindra Aerostructures signs USD100 million deal with Airbus Atlantic for component production |
| GoI Raises Rs 16,500 Cr by Selling Stakes in Companies in FY23-24 |
| Indian Oil & Panasonic Energy Signed Binding Term Sheet for Manufacturing Lithium-ion Cells |
| Axis Capital Limited appoints Atul Mehra as MD & CEO |
| Rajeev Singhal Appointed as MD of Tata International Limited |
| Judith Tuluka Appointed as First Female Prime Minister of DR Congo |
| Microsoft and OpenAI forge USD 100bn plan for Stargate Supercomputer |
| World Autism Awareness Day 2024 – April 2 |
| International Children’s Book Day 2024 – April 2 |
| Ravi Kota IAS Takes Charge as New Chief Secretary of Assam |
| Bihar Postal Circle Released a Special Cover to Commemorate 250 years of ‘Copper Ticket’ |
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