Current Affairs 30 March 2024

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NATIONAL AFFAIRS

India TB Report 2024: 16% decline in new TB cases, 18% reduction in mortality in IndiaAccording to the “India TB Report 2024” released by the Ministry of Health and Family Welfare(MoHFW) on 27th March 2024, India saw a decline of 16% in the incidence of Tuberculosis(TB) cases (means new cases per year) and 18%  reduction in mortality due to TB, since 2015.
Key Findings of the report:
i.The incidence rate in India decreased from 237 per lakh population in 2015 to 199 per lakh population in 2022.
ii.The mortality rate had declined from 28 per lakh population in 2015 to 23 per lakh population in 2022.
iii.A total of 25.5 lakh instances were reported in 2023, the highest ever since 60s.
About the Ministry of Health and Family Welfare(MoHFW):
Union Minister– Mansukh L. Mandaviya(Rajya Sabha: Gujarat)
Minister of State(MoS)– Bharati Pravin Pawar(Constituency: Dindori, Maharashtra) , Satya Pal Singh Baghel(Constituency: Agra, Uttar Pradesh)
>> Read Full News

India adds 24 GW of solar PV manufacturing capacity in 2023

According to a report published by Mercom India titled ‘State of Solar PV Manufacturing in India 2024‘, in Calendar Year (CY) 2023, India has added 24 Giga Watt (GW) of solar module and cell capacity.

• As of December 2023, India’s total solar module capacity reached 64.5 GW, with an addition of 20.8 GW. Additionally, the solar cell capacity increased to 5.8 GW, with a 3.2 GW addition.
• India’s solar module manufacturing capacity is projected to surpass 150 GW, and cell capacity is expected to reach over 75 GW by 2026.

Toppers:
i.Gujarat led India’s photovoltaic (PV)  manufacturing capacity with 46.1% of the India’s solar module capacity in December 2023.
ii.Rajasthan and Tamil Nadu followed, ranking second and third with 9.3% and 7.6%, respectively, for solar module production capacities.
iii.Telangana had the highest annual solar cell production capacity at 39% nationwide.

• Gujarat and Himachal Pradesh (HP) ranked second and third in solar cell production, contributing 34.7% and 13.9% of total capacities in the country, respectively.

Key Points
i.New manufacturing capacity in 2023 was mainly due to the domestic demand for the anticipated return of the Approved List of Models and Manufacturers (ALMM) order in April 2024 and potential export prospects.
ii.The top 10 manufacturers accounted for 62% of module and 100% of  cell production capacity by December 2023.
iii.Around 60% of module manufacturing capacity could produce solar modules in M10 and G12 wafer sizes.
iv.In 2023, solar module imports hit a record high at 16.2 GW, up 158% from 2022, while domestic exports surged to 4.8 GW, a 204% increase.
v.Solar cell imports in India rose to 15.6 GW in 2023, up 169%, with exports reaching 286.3 MW (Mega Watt), up 2,765% from 2022.
vi.67.5% of the nation’s module production capacity was made up of monocrystalline modules, with polycrystalline and Tunnel Oxide Passivated Contact (TOPCon) modules coming in second and third.

CII and ETS India Signs MoU to train Indian workforce for Global Employability  
Educational Testing Service (ETS) India and the Confederation of Indian Industry (CII) have signed a Memorandum of Understanding (MoU) to enhance the global employability of the Indian workforce.

• The partnership aims to improve the employability of India’s young professionals by focusing on English language proficiency and key 21st-century skills.
• It seeks to streamline the hiring process for Indian talent, ensuring that they secure jobs that match their skill sets on an international level.

About ETS India:
i.ETS India is a subsidiary of ETS, The United States of America (USA).
ii.ETS India offers assessments such as the Test of English as a Foreign Language (TOEFL) and Graduate Record Examinations (GRE) tests, as well as other learning tools, to help individuals improve their skills.

INTERNATIONAL AFFAIRS

UNESCO Adds 18 New Geoparks to UNESCO Global Geoparks NetworkThe United Nations Educational, Scientific and Cultural Organization’s (UNESCO)’s  Executive Board has approved the addition of 18 new sites situated in Brazil, China, Croatia, Denmark, Finland, France, Greece, Hungary, Poland, Portugal, and Spain to the UNESCO Global Geoparks network.

• Additionally, a transboundary geopark spans Belgium and the Kingdom of the Netherlands.
• With this, the total number of geoparks in the network becomes 213 geoparks in 48 countries.

About United Nations Educational, Scientific and Cultural Organization (UNESCO):
Director-General– Audrey Azoulay
Headquarters– Paris, France
Established in– 1945 (came into force in 1946)
>> Read Full News

BANKING & FINANCE

GoI Updates List of Banks Authorized to Import Gold & Silver During FY25The Government of India(GoI) updated the list of banks authorized by the Reserve Bank of India(RBI) to import gold and silver during the Financial year 2024-2025 (FY25).

• As per the list, RBI has authorised 11 banks to import Gold and Silver and 3 banks to import only gold with effect from 1st April 2024.
• The authorisation will be valid up to 31st March 2025.

List of Banks Authorised to import Gold/Silver: 
Axis Bank Limited; Federal Bank Limited; HDFC Bank Limited; Industrial and Commercial Bank of China Limited; ICICI Bank Limited; IndusInd Bank Limited; Kotak Mahindra Bank Limited; Karur Vysya Bank Limited(KVB); RBL Bank Limited; State Bank of India(SBI); and Yes Bank Limited.
List of Banks authorised to import only Gold: 
Indian Overseas Bank(IOB); Punjab National Bank(PNB); and Union Bank of India(UBI).
Note: During April 2023-February,2024, India’s Gold imports increased 38.76% to USD 44 billion and the Silver imports decreased 11.53% to USD 4.62 billion.
Exports and Imports of Gold & Silver (India): 
According to Observatory of Economic Complexity(OEC) data,
i.India has exported Gold worth USD124 million in 2022. Thus, India is the 93rd largest exporter of Gold in the world.

• India’s Top 3 Destinations: The United Arab Emirates(UAE), Hong Kong and Türkiye.

ii.India imported USD35.8 billion in Gold in 2022, making India the World’s 5th largest importer of Gold.

• India’s Top 3 Source: Switzerland, South Africa and UAE.

iii. India has exported Silver worth USD33.9 million in 2022. Thus, India is the 41st largest exporter of Silver in the world.

• India’s Top 3 Destinations: The United Kingdom (UK), The United States of America(USA), and Germany.

iv.India imported USD1.32 billion in Silver in 2022, making India the 8th largest importer of silver in the world.

• India’s Top 3 Source: Russia, China, and Kazakhstan

Points to note: 
i.Top 3 exporters of Gold Compounds are Germany (USD 643M), Switzerland (USD 447M) and USA (USD 199 M) and top 3 silver exporters are China (USD 3.75B), UK (USD 3.2B), and Mexico (USD 2.49B).
ii.Top 3 Gold importers are UK, France, and Singapore, and top 3 silver importers are USA, Canada and Hong Kong.

Bank of Baroda wins co-branding rights for three Delhi Metro stations
Bank of Baroda (BoB), an Indian public sector bank(PSB), has acquired the co-branding rights for three Delhi Metro stations namely, Rajouri Garden, South Extension, and Inderlok.
Ajay K Khurana, Executive director of BoB inaugurated the new station branding at Inderlok Metro station.

• Delhi Metro Rail Corporation (DMRC) has awarded the naming rights to the BoB for a period of 10 years, starting from 2024.
• As a part of this partnership, BoB will also get a dedicated space for branding, display of products and installation of an ATM(Automated Teller Machine)/Digital Banking Unit (DBU)/ kiosk to serve customers.

ECONOMY & BUSINESS

Fiscal deficit widens in April-Feb 2024 to Rs 15.01-lakh crore: CGAAccording to data from the Controller General of Accounts (CGA), Department of Expenditure (DoE), Ministry of Finance, the Indian government’s  fiscal deficit widened in April 2023-February 2024 to Rs 15.01 lakh crore from Rs 11.03 lakh in April 2023-January 2024.

• The fiscal deficit for April 2023-February 2024 accounts for 86.5% of the revised estimate of Rs 17.35 lakh crore.
• The fiscal deficit in April-February 2023 stood at Rs 14.53-lakh crore which was 82.8% of revised estimate.

Note:
i.The original budget estimate was Rs 17.87 lakh Cr.
ii.In the interim Budget (February 2024), the government has narrowed its fiscal deficit target for FY24 by 10 basis points (bps) to 5.8% of Gross domestic product (GDP).
iii.The government aims to bring it down further to 5.1% in the financial year 2025.
Key Points:
i.February 2024 saw a surge in Government’s fiscal deficit to Rs 4-lakh Cr, partly due to higher tax devolution released compared to February 2023.

• In absolute terms the fiscal deficit, which is the difference between the total expenditure and revenue of the government, is pegged at Rs 17.35 lakh Cr in 2023-24, marginally down from Rs 17.55 lakh Cr in 2022-23.

ii.The government’s total receipts stood at Rs 22.45 lakh Cr in April 2023-February 2024, which is 81.5%of the full fiscal target.
iii.Total expenditure for April 2023-February 2024 was Rs 37.47-lakh Cr, reaching 83.4% of the annual target.
iv.Capital expenditure (Capex) was Rs 8.05-lakh Cr between April 2023-February 2024.
v.Significant shortfalls were observed in agriculture (Rs 20,668 Cr); rural (Rs 48,088 Cr); chemicals and fertilizers (Rs 16,150 Cr); roads (Rs 26,000 Cr) and consumer affairs (Rs 35,117 Cr).
vi.Indian economy is expected to grow close to 8% this fiscal, surpassing the government’s projected growth level of 7.6%.
vii.Central Government’s net tax revenues for April 2023-February 2024 reached Rs 18.5-lakh Cr, 79.6% of the target.

• Non-tax revenue for April 2023-February 2024 stood at Rs 3.6-lakh Cr, achieving 95.9% of the target.

viii.Total receipts for the 12-month period were Rs 22.5-lakh Cr, reaching 81.5% of the target.

JAM & MAE Partners to Invest Rs 2700 crore to set Carbon Fibre PlantJindal Advanced Materials Private Limited(JAM) has collaborated with MAE S.p.A., an Italy-based chemical fibre manufacturer, to set up a carbon fibre plant of 3500 Metric Tonnes (MT) annual capacity with an investment of Rs 2,700 crore.
Significance:
The collaboration between JAM and MAE S.p.A. is set to redefine the landscape of the carbon fibre industry. This will consolidate India’s position as a global leader in advanced materials manufacturing.
Key Points:
i.JAM has signed the project framework agreement with MAE S.p.A. at JEC World 2024 held in Paris(France), the largest global industry show for composite materials.
ii.JAM plans to produce low-tow to high-tow carbon fibres and aims to expand production to 10,000 MT by 2027.
iii.The facility will offer a range of intermediates such as prepregs, fabrics, multiaxial and carbon fibre composites to meet the diverse industrial needs.
iv.The facility is expected to commence its operation within 30 months and the project will cover the entire value chain from Polyacrylonitrile(PAN)- precursor to carbon fibre intermediates.
Carbon Fibres:
The carbon fibre has several features that make it more reliable than traditional materials like steel, aluminium, wood etc. The main features of carbon fibre are Corrosion resistance; light weight; X-ray transparency; Thermal and electrical conductivity; Chemical resistivity etc.
Applications: Carbon fibre-reinforced composite materials are used to make parts for aircraft and spacecraft, racing car bodies, golf club shafts, bicycle frames, automobile springs etc.
About Jindal Advanced Materials Private Limited(JAM):
JAM is a part of OP Jindal Group of companies.
Incorporated in 2017
Headquarters– Gurugram, Haryana

Sterlite Power & Singapore’GIC Partners to Develop Power Transmission Projects in India
Sterlite Power Transmission Ltd (SPTL), a part of the Vedanta Group, and Singapore’s  GIC Private Limited has signed a definitive agreements to set-up a new platform to develop and operate power transmission projects in India.

• This Joint Venture(JV) platform will target the new opportunities emerging from the need for over USD 13.0 billion of Capital expenditures announced by the Government of India.
• Sterlite Power will own the majority stake of 51% and GIC will own the remaining 49% stake.
• Sterlite Power is advised by Deutsche Bank, AZB Partners, and Khaitan & Co and GIC is advised by Avener Capital, Shardul Amarchand Mangaldas & Co., and PWC for the transaction.

Note: GIC, formally known as Government of Singapore Investment Corporation Private Limited, is a Singaporean sovereign wealth fund that manages the country’s foreign reserves.

APPOINTMENTS & RESIGNATIONS

Nidhu Saxena named as MD & CEO of Bank of MaharashtraNidhu Saxena was appointed as the Managing Director and Chief Executive Officer (MD & CEO) of the Bank of Maharashtra (BOM) for a period of three years, with effect from March 27, 2024.
Note: He will be replacing A.S Rajeev upon his election as Vigilance Commissioner in Central Vigilance Commission (CVC).
About Nidhu Saxena
i.Nidhu Saxen started his banking career at Bank of Baroda (BOB) where he worked for 10 years after which he joined United Commercial Bank (UCO).
ii.He served as the Executive Director of Union Bank of India (UBI) from February 1, 2022, to March 26, 2024.
iii.He has also been identified as a `Subject Expert’ for assisting the Union Public Service Commission(UPSC).
iv.He has also been a member of the Academic Council of National Institute of Bank Management, Pune (Maharashtra) and Governing Body of Indian Institute of Bank Management, Guwahati (Assam).
Note – Pankaj Dwivedi was appointed as the Executive Director of Union Bank of India on March 27, 2024. He had previously served as the general manager in Punjab & Sind Bank.
About Bank of Maharashtra (BOM)
MD & CEO – Nidhu Saxena
Headquarters – Pune, Maharashtra
Establishment – 1935
Tagline – Ek Parivaar, Ek Bank (One Family One Bank)

PR Sreejesh & Camila Caram Appointed Co-chairs of New FIH Athletes CommitteeIndian hockey goalkeeper Parattu Raveendran (PR) Sreejesh and Chilean women’s hockey player Camila Caram are appointed as co-chairs of the International Hockey Federation’s (FIH) new Athletes Committee.

• Camila Caram has been assigned Co-Chair and Athletes Committee Representative on the Executive Board.
• PR Sreejesh is the Co-Chair and he will lead the planning and meetings alongside Camila Caram.

Note: The FIH Athletes Committee serves as a consultative body making recommendations to the FIH Executive Board, FIH Committees, Advisory Panels, and other bodies.
About PR Sreejesh:
i.Sreejesh, hailing from Ernakulam, Kerala, made his senior debut at the 2006 South Asian Games in Colombo, Sri Lanka.
ii.So far, he represented India at the Olympics 3 times in 2012 London (United Kingdom), 2016 Rio (Brazil), and 2020.
iii.Notable victories include the:

• Gold at the 2014 Asian Games in Incheon, South Korea;
• Bronze at the 2015 FIH Hockey World League Final, Raipur, Chhattisgarh (India);
• Bronze at the 2020 Tokyo Olympics (Japan) (first medal in the Summer Games in over four decades);
• Gold at the 2022 Asian Games in Hangzhou, China.

Awards: In 2015- Arjuna Award; 2017- Padma Shri (Sports); 2021- The World Games Athlete of the Year, and also Major Dhyanchand Khel Ratna Award  in 2021.
About Camila Caram:
i.She has played around 266 matches (As of March 28, 2024) for the Chile Women’s Hockey team since her debut in 2006.
ii.She represented Chile as one of the Co-Captains in the FIH Women’s Hockey Olympic Qualifiers 2024 held in Ranchi, Jharkhand in January 2024.
About FIH Athletes Committee and New Members:
The Committee will be established on a 4-yearly basis and is composed of:

• 2 Co-Chairs,
• 8 Ordinary Members

Regular Members:
i.Juliani Binti Mohamad Din (Malaysia)
ii.Catherine Thaggard-Fabiano (Fiji)
iii.Mohamed Mea (South Africa)
iv.Marlena Rybacha (Poland)
v.Matt Swann (Australia)
viCesar Garcia (Mexico)
vii.Jacqueline Mwangi (Kenya)
Responsibilities of FIH Athletes Committee:
i.Advocating for athlete welfare, anti-doping, social media, and career management.
ii.Collaborating with the International Olympic Committee (IOC) Athletes’ Commission and other sports organizations for information exchange.

ACQUISITIONS & MERGERS

Standard Chartered Bank Sold a 7.18% stake in CDSL for Rs 1,266.48 crore
The Standard Chartered Bank sold its entire 7.18% stake in Central Depository Services (India) Ltd (CDSL) in a block deal worth over Rs 1,266.48 crore.
About CDSL:
i.CDSL facilitates the holding of securities in electronic form. CDSL and National Stock Exchange (NSE)-promoted National Securities Depository Ltd(NSDL) are the only two depositories in India.
ii.CDSL was promoted in 1999 by the BSE (formerly Bombay Stock Exchange), along with banks such as State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, Standard Chartered Bank and Union Bank of India.

SCIENCE & TECHNOLOGY

Skyroot Aerospace Successfully Test-Fired Kalam 250, Stage 2 of Vikram-1 Skyroot Aerospace Private Limited, a Hyderabad (Telangana)-based aerospace company, has successfully test-fired the Kalam-250, otherwise called Stage-2 of the Vikram-1 space launch vehicle.

• The test was conducted at the propulsion testbed of the Indian Space Research Organisation (ISRO) at Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh(AP).

Kalam 250: 
i.Kalam-250, a high-strength carbon composite rocket motor, uses solid fuel and a high-performance Ethylene-Propylene-Diene terpolymers (EPDM) thermal protection system (TPS).
ii.The stage-2 houses a carbon ablative flex nozzle and high-precision electro-mechanical actuators for thrust vector control of the vehicle.
About the Test: 
i.The test lasted 85 seconds and achieved a peak sea level thrust of 186 kilonewtons (kN), which is equivalent to fully expanded vacuum thrust of ~235kN in flight.
ii.With this, Kalam-250 becomes the largest propulsion system designed and manufactured by the Indian private sector. This is also the first carboncomposite-built motor tested at ISRO.
Points to note: The proprietary head-mounted safe arm (HMSA) for the test was supplied by the Vikram Sarabhai Space Centre (VSSC) of ISRO.  HMSA is used for the safe operation of the rocket stage.
Additional info: Skyroot is set to achieve the maiden orbital launch of the Vikram-1 in 2024.
Note – Space launch vehicles consist of multiple stages: Stage-2 is a critical stage in the ascent of the launch vehicle, as it propels from atmospheric phase to the deep vacuum of outer-space.
About Skyroot Aerospace:
Co-founders, CEO & CTO– Pawan Chandana &
Co-founder & COO– Bharath Daka
Headquarters– Hyderabad, Telangana
Established – 2018

Tejas Mark-1A fighter aircraft completes first flight in Bengaluru On March 28, 2024, the Tejas Mark (Mk)-1A fighter aircraft made its successful maiden flight from the Hindustan Aeronautics Limited (HAL) facility in Bengaluru, Karnataka.

• HAL’s chief test pilot, Group Captain KK Venugopal (retd) flew the light combat aircraft (LCA) Mk-1A.

About Tejas Mark-1A:
i.Tejas Mark-1A fighter features advanced radar, electronic warfare, and improved combat capabilities.

• The Tejas Mark-1A is designed by the Aeronautical Development Agency (ADA) under the Defence Research and Development Organisation(DRDO) and manufactured by Hindustan Aeronautics Limited(HAL).

ii.Major upgrades include an active electronic scanned array (AESA) radar, a combined interrogator and transponder (CIT) and a digital map generator.

• The digital map generator, designed and developed by HAL’s Mission and Combat Systems Research and Development Centre (MCSR&DC), had thermal issues and was a failure point in the Tejas Mark 1. This has been replaced with computers designed by MCSR&DC.

iii.HAL has integrated the ASRAAM (advanced short range air-to-air missile) for the Mark 1A’s outboard stations.
iv.Cockpit floor modification allows 95% of IAF pilots (even the bigger pilots), including with shoe size 10,  to fly comfortably.
Note:
IAF ordered 83 Mk-1A fighters for Rs. 48,000 crore in February 2021 and planned to buy 97 more Mk-1A’s at a cost of around Rs. 67,000 crore.
About Hindustan Aeronautics Limited (HAL):
Addl. Charge of Chairman and Managing Director– CB Ananthakrishnan
Headquarters– Bengaluru, Karnataka
Establishment– 1940

IMPORTANT DAYS

World Piano Day 2024– March 28The World Piano Day is observed annually on the 88th day of the year, which represents the 88 keys of the Piano, to celebrate the Piano, an acoustic, keyboard, stringed percussion instrument. The day usually falls on 28th or 29th of March.

• It aims to create a community platform to bring together piano players from all around the world.

World Piano Day 2024 was observed on March 28, 2024.

• World Piano Day 2023 was observed on March 29, 2023.
• World Piano Day 2025 will be observed on March 29, 2025.

Background:
i.The World Piano Day was officially established in 2015. The idea of its celebration was coined by the German pianist and composer Nils Frahm.
ii.The first-ever World Piano day was celebrated on 29th March 2015.
Key Points:
i.It aims to promote music education and accessibility, encouraging people of all ages and backgrounds to learn and appreciate piano playing.
ii.This celebration honors both the instrument and its surrounding ecosystem.
iii.It also celebrates the beauty, versatility, and cultural significance of the piano, and recognizes its rich legacy and appeal across generations and cultures.
iv.This day saw an participation from pianists, promoters, organisers, distributors, technicians, piano aficionados, and essentially anybody connected to the instrument.
History of Piano:
i.Piano was invented by Bartolomeo Cristofori (1655-1731), an Italian instrument maker, in the 18th century i.e. 1700s.
ii.The piano was initially called ‘gravicembalocol piano e forte,’ which means “soft and loud harpsichord.”

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