Current Affairs 4 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 4 May 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

Ministry of Mines Signed a MoU with Shakti for Sharing Knowledge in Critical MineralsThe Ministry of Mines signed a Memorandum of Understanding (MoU) with Shakti Sustainable Energy Foundation during the opening ceremony of Critical Minerals summit held in New Delhi, Delhi.

• Key Partners in the MoU are: Ministry of Mines, Shakti Sustainable Energy Foundation(Shakti), Council on Energy, Environment and Water(CEEW) and The Energy and Resources Institute(TERI).

Aim:The main aim of the MoU is to facilitate knowledge support in the area of Critical Minerals that are important for India’s economic development, national security and low-carbon energy transition.
Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities
Secretary of Mines VL Kantha Rao inaugurated the ‘Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities’ which took place at the India Habitat Centre in Lodhi Estate, New Delhi, from April 29th to April 30th, 2024.

• The summit was organised by the Ministry of Mines in partnership with Shakti, CEEW, and International Institute for Sustainable Development (IISD).

Key Points:
i.At the summit, 8 key minerals were identified as key focus areas: Glauconite(Potash), Lithium-Rare Earth elements(Laterite), Chromium, Platinum group, Graphite, Tungsten associated with Graphite, Rare Earths(REs), and Vanadium
ii.The summit was designed to foster collaboration, share knowledge and promote innovation in the field of critical minerals beneficiation and processing.
iii.The summit addressed the urgent need for securing a domestic supply of Critical Raw Minerals(CRMs) required for Renewable Energy systems and Electric Vehicles.
About Ministry of Mines:
Union Minister: Pralhad Joshi(Lok Sabha constituency: Dharwad, Karnataka)

Army Dental Centre Research and Referral Releases Special Postal Cover for “Silver Jubilee” Celebration
On May 1, 2024, the Army Dental Centre of Research & Referral (ADC R&R), Delhi, a specialist dental care raised on May 1, 1999, commemorated its 25th anniversary (Silver Jubilee). During the event, a Special Postal Cover by the Army Postal Service was unveiled by Lieutenant General MK Katiyar, General Officer Commanding in Chief (GoC-in-C), Western Command.

• The ‘Major General RN Dogra Memorial Oration’, an annual event to commemorate the raising day of ADC R&R was delivered by Major General GK Thapliyal on “India that is Bharat.”

Note:
ADC R&R is the largest dental establishment of the Armed Forces, offering post-graduate (PG) training in 5 specialities of dentistry.

RailTel and Quadrant Future Tek signed MoU to implement KAVACH Globally
RailTel Corporation of India Limited (RailTel) signed a Memorandum of Understanding (MoU) with Mohali (Punjab)-based Quadrant Future Tek Limited to explore and deliver train collision avoidance system ‘KAVACH’ implementation projects in India and other countries.

• This MoU provides a framework for Quadrant to partner exclusively with RailTel on delivering the specific targeted opportunity related to KAVACH.
• Quadrant is set to receive final approval by the Research Design and Standards Organisation (RDSO) as an OEM (original equipment manufacturer) for the KAVACH project.

KAVACH is an indigenously developed automatic train protection (ATP) system of the Indian Railways. It was adopted as a ”National ATP System” by the Ministry of Railways in July 2020.
Note: RailTel, incorporated in September 2000, is a “Mini Ratna (Category-I)” Central Public Sector Enterprise(CPSE) under the Ministry of Railways.

INTERNATIONAL AFFAIRS

CAG of India Signed MoU with Auditor General of Nepal to Enhance Audit ExpertiseThe Comptroller and Auditor General(CAG) of India, Girish Chandra Murmu signed a Memorandum of Understanding (MoU) with Toyam Raya, Auditor General of Nepal, to enhance collaboration and exchange of expertise in the field of auditing between Supreme Auditing Institutions (SAIs) of India and Nepal.
Significance:
i.The agreement marks a major milestone which will help in bolstering ties and collaboration among the SAIs of India and Nepal.
ii.Through this MoU, a platform will be established for the exchange of knowledge and experience amongst auditing professionals and technical teams through collaboration in training programs and mutual assistance in conducting audit.
Note: The MoU was signed on the sideline of Girish Chandra Murmu’s official visit to Nepal on 2nd May, 2024.

• During his visit, he met several important high-ranking officials : Pushpa Kamal Dahal ‘Prachanda’, Prime Minister (PM) of Nepal and Barsha Man Pun, Finance Minister of Nepal, among others.

About Nepal:
Capital: Kathmandu
President: RamChandra Paudel
Prime Minister: Pushpa Kamal Dahal “Prachanda”
Currency: Nepalese Rupee(NPR)

BANKING & FINANCE

SEBI Amends Mutual Fund Regulations to Curb Fraudulent PracticesThe Securities and Exchange Board of India (SEBI) approved amendments to SEBI (Mutual Funds) Regulations, 1996 to enhance the existing regulatory framework by mandating Asset Management Companies (AMCs) to execute a strong “institutional mechanism” to curb fraudulent practices like front-running and insider trading.
SEBI allows FPIs in GIFT City to take more investments from NRIs & OCIs
SEBI has allowed Foreign Portfolio Investors (FPIs) established in  Gujarat International Finance Tec-City(GIFT City), Gujarat to accept unlimited investments from Non-Resident Indians (NRIs).
About the Securities and Exchange Board of India (SEBI) :
SEBI is a statutory body and a market regulator, that controls the securities market in India.
It was constituted as a non-statutory body on 12th April 1988 and was established as a statutory body in 1992.
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
>> Read Full News

India has Low Health Insurance Coverage for Older Citizens: ADB reportAccording to the inaugural ‘Aging Well in Asia: Asian Development Policy Report‘ released by the Asian Development Bank (ADB) on 2nd May 2024, India has the lowest health insurance coverage among older people standing at only 21%.

• While, South Korea and Thailand, have already achieved universal health coverage.
• The aging population in Asia and the Pacific is set to nearly double by 2050 to 1.2 billion or 25.2% of the regional population from 13.5% in 2022, emphasizing the need for pension, welfare, and healthcare programs.

About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Establishment– 1966
Members– 68 members (49 are within Asia and the Pacific and 19 outside)
>> Read Full News

SEBI Made Mandatory Registration of PMS Distributors with APMIOn 2nd May 2024, Securities and Exchange Board of India(SEBI) issued a directive and has mandated that any person or entity involved in the distribution  of Portfolio Management Services (PMS) should obtain registration  with  Association of Portfolio Managers in India(APMI).

• The decision aimed to give boost to Ease of Doing Business initiatives for Portfolio Managers.
• This will come into effect from 1st January 2025 and APMI will issue  the criteria for registration of distributors by 1st July 2024.

Key Points:
i.As per SEBI directives, Portfolio Managers should ensure that any person or entity engaged in distribution of its services has obtained the registration with APMI.  This will facilitate collective oversight of PMS distributors at the industry level
ii.Portfolio Managers have been asked to ensure that any person or entity engaged in the distribution of its services has obtained registration with APMI
iii.Portfolio managers are required to ensure that distributors follow the code of conduct specified under portfolio managers’ rules.
Background:
i.A working group was constituted to review the present regulatory framework   under SEBI (Portfolio Managers) Regulations, 2020 and recommend measures to promote ease of doing business.
ii.At present, person or entity engaged by a portfolio managers to act as distributor of PMS are required to get the certification from the National Institute of Securities Markets(NISM).
Benefits:
i.This will help in improving the overall efficiency and transparency of the PMS sector.
ii.It will ensure simplified compliance process, access to industry data, expedited the grievance redressal mechanism, among others.
Additional info:
This is in line with the practice followed in the Mutual Fund(MF) industry. The MF distributors are required to register with Association of Mutual Funds in India(AMFI) and get the AMFI Registration Number(ARN) for providing distribution services.
SES ESG Research received CoR as ESG Rating Provider from SEBI
SES ESG Research Private Limited, 100% subsidiary of Stakeholders Empowerment Services(SES), received the ‘Certificate of Registration as an Environmental, Social and Governance(ESG) Rating Provider’ (ERP) from SEBI to commence the business of ERP.

• SES ESG Research will function as a Category-2 provider of ESG Ratings with effect from 25th April 2024.
• This development will enable SES to transfer its ESG business to SES ESG Research.

Key Points:
i.SES published its first ESG Rating in 2019 based on FY 2018 data. At present its coverage has increased to over 500 companies.
ii.SES in partnership with National Stock Exchange(NSE) will supply ESG Ratings data to NSE for their indices.
About Securities and Exchange Board of India (SEBI):
Chairman- Madhabi Puri Buch
Headquarter- Mumbai, Maharashtra
Established- 1992

ECONOMY & BUSINESS

OECD Revised India’s GDP Growth Forecast for FY25 to 6.6%According to “OECD Economic Outlook, Volume 2024 Issue 1”, Paris(France) based Organisation for Economic Co-operation and Development (OECD) has raised India’s GDP (Gross domestic product) growth forecast for FY25 (2024-25) by 40 basis points (bps) to 6.6% from 6.2% projected earlier.

• Global GDP growth is projected at 3.1% in 2024 and 3.2% in 2025 supported by factors including stronger real income growth and lower policy interest rates.

Key Points:
i.India’s GDP is projected at 7.8% in FY24, and around 6.5% in both FY25 and FY26, driven by strong investment despite sluggish private consumption.

• Notably, GDP growth will remain in line with 20-year average in FY26.

ii.Domestic demand will be fueled by gross capital formation, particularly in the public sector, while private consumption growth remains slow.
iii.There is continued growth in exports, particularly in services like Information Technology (IT) and consulting. This is also supported by foreign investment.
iv.On the other hand, challenges include new supply chain disruptions, food inflation due to extreme weather, and global financial market fluctuations.

• India’s Inflation is expected to improve, with estimates of 4.3% in FY25 and 4.2% in FY26, despite sticky food inflation.

v.The 2024 Interim Union Budget aims for consolidation, setting a fiscal deficit target at 5.1% of GDP for FY25. OECD recommended that emphasis should be on addressing indebtedness through increased revenues, spending efficiency, and stronger fiscal rules.

AWARDS & RECOGNITIONS

Assam Conservationist Dr Purnima Devi Barman wins Whitley Gold Award 2024On May 1, 2024, a wildlife biologist from Assam, Dr Purnima Devi Barman has been honoured with Whitley Gold Award 2024 aka ‘Green Oscar’ by the Whitley Fund for Nature (WFN) at a Royal Geographical Society awards ceremony in London, United Kingdom (UK).

• The award acknowledged her conservation efforts of the endangered Greater Adjutant Stork (known locally as ‘Hargila‘ in Assamese) and its wetland habitat.
• The award, worth Great British Pound (GBP) 100,000 for project funding, supports grassroots conservation leaders from around the world.
• She received the trophy from charity patron Princess Anne – the Princess Royal, the sister of King Charles III.

Note:
Hargila, with a wingspan of 2.4 meters and reaching heights of 1.2 meters, constructs nests up to 1 meter wide as chicks mature. Despite its size, the bird positively contributes to ecosystem health by recycling nutrients, serving as a crucial ecological pillar in Assam’s wetlands.

• Hargila means ‘bone-swallower’ in Assamese.

About Dr Purnima Devi Barman:
i.Purnima Devi known as ‘Hargila Baideu (Sister of Storks)’, her efforts in saving the Hargila resulted in their population increasing from 450 to over 1,800 in Northeast India.

• She transformed local attitudes, mobilized primarily women to protect nests, and collaborated with her team at Aaranyak wildlife NGO (Non Governmental Organization).

ii.She intends to establish a collaborative network of WFN affiliates, students, scientists, and policymakers to advance conservation education and knowledge exchange.

• Her Scaling up efforts include providing conservation education to more than 20,000 Assamese students, and a knowledge exchange program between Bihar University and the University of Assam.

iii.She also won Whitley Award in 2017 (Terrestrial,Wetland, Wetland and Freshwater), along with Sanjay Gubbi (Terrestrial).
Other Winners:
The 2024 Whitley Award conferred upon 6 individuals:

• The last winner from India for this award was in 2021. Nuklu Phom (Nagaland) won for Sustainable Communities.
• The winners receive GBP 40,000 in project funding over one year, in addition to elevated profile, new connections and training.

Click Here for Official Site

APPOINTMENTS & RESIGNATIONS

ACC Appoints Sanjaya Kumar Mishra as President of GSTATThe Appointment Committee of the Cabinet (ACC) has approved the appointment of Sanjaya Kumar Mishra, the former Chief Justice (CJ) of the High Court (HC) of Jharkhand, as the President of Goods and Services Tax Appellate Tribunal (GSTAT).

• He will hold the post for 4 years from the date of his assuming charge or till attaining the age of 70 years, whichever is earlier.

About GSTAT:
i.The Government of India established the GSTAT to facilitate the resolution of disputes within the business sector. GSTAT aims to commence the operations from 1st July 2024.

• It is the forum of the second appeal in GST laws and the first common forum of dispute resolution between the Centre and States.

ii.GSTAT will comprise one Principal Bench in Delhi to handle inter-state disputes; and 31 State benches to take up all other issues, including rates across various locations nationwide.

• Uttar Pradesh(UP) will have 3 Benches, the highest in any given State in India.
• Other larger States, such as Gujarat, Karnataka, Rajasthan, Tamil Nadu(TN), and Maharashtra, will have 2 benches each.

iii.It is a specialised body to handle GST-related disputes efficiently and is vital for providing impartial, expert, and efficient resolution mechanisms.
About Sanjaya Kumar Mishra:
i.In 1988, he started practice in Balangir District Courts and joined as an Additional District & Sessions Judge in Jeypore, Odisha in 1999.
ii.He also worked as District & Sessions Judge in Sundergarh, Dhenkanal in Odisha; Special Judge (Central Bureau of Investigation/CBI) in Bhubaneswar, Odisha; and Registrar General of Odisha HC.
iii.In 2009, he was elevated as Judge of the Odisha HC and served as Acting CJ of the Uttarakhand HC from 2021 to 2022.
iv.In February 2023, he took charge as 14th CJ of the Jharkhand HC and superannuated on 28th December 2023.

ACQUISITIONS & MERGERS

CCI Approves Acquisition of Sanyo Special Steel’s 15.43% Stake in SSMI
The Competition Commission of India (CCI) has approved the acquisition of 15.43% shareholding by Sanyo Special Steel Co. Ltd (Sanyo) in Sanyo Special Steel Manufacturing India Private Limited (SSMI) from Mitsui & Co. Ltd.
Acquirer (Sanyo):
Sanyo, based in Japan, is a global manufacturer of steel products. It is part of the Nippon Steel Corporation Group.
Target (SSMI):
i.SSMI, a joint venture (JV) company between Mahindra & Mahindra Limited (India), Sanyo (Japan), and Mitsui & Co., Ltd. (Japan), was incorporated in 2012.
ii.SSMI is engaged in manufacturing forged products, hot-rolled products, and cast products. Currently, it operates as a subsidiary of Sanyo.

SCIENCE & TECHNOLOGY

China Successfully Launches ‘Chang’e-6,’ World’s 1st Mission to Bring Samples from MoonOn 3rd May, 2024, China National Space Administration (CNSA) successfully launched an uncrewed lunar probe, namely “Chang’e-6,” through Long March- 5 Y8 carrier rocket from the Wenchang Space Launch Center in the southern province of Hainan, China.
Aim: It is the world’s first mission to collect and bring back samples from the far side of the moon.
Note: The name of the mission ‘Chang’e’ is inspired from the name of Chinese Goddess moon.
About Chang’e-6 mission:
i.The spacecraft will land at Apollo Basin(an oldest known impact crater), located in South Pole –Aitken Basin on the far side of the moon.
ii.The entire duration of mission is expected to about 53 days.
iii.The spacecraft has 4 main components which are: an orbiter, a lander, a ascender and a returner.
iv.It carries 4 payloads that were developed in cooperation with other countries, such as: Scientific instruments from France, Italy and European Space Agency(ESA) are aboard the Lander.
v.It also carries a miniature satellite named “ICUBE-QAMAR cubesat” from Pakistan.

• It is developed by the Institute of Space Technology (IST), Islamabad, Pakistan in partnership with Shanghai Jiao Tong University (SJTU), Shanghai, China and Pakistan’s space agency, Space and Upper Atmosphere Research Commission (SUPARCO).

Additional Information:
In November 2020, CNSA successfully launched the 8.2 tonne lunar probe namely “Chang’e-5” through Long March-5 rocket. It was the world’s 1st near side moon-sample mission in 44 years.
About China:
Capital: Beijing
President: Xi Jinping
Currency: Renminbi(RMB)

SPORTS

India to host BWF World Junior Badminton Championships 2025 in Guwahati
India is set to host the Badminton World Federation (BWF) World Junior Championships 2025 at the Badminton Association of India’s (BAI) National Centres of Excellence (NCOE) in Guwahati, Assam.

• This marks the return of the World Junior Championships to India for the first time since 2008.
• Previously, the 2008 World Junior Championships was held in Pune, Maharashtra.

Note:
NCOE in Guwahati, inaugurated in 2023, houses 16 badminton courts and a 4,000 square feet gymnasium.
Denmark to host Thomas and Uber Cup 2026:
The BWF Men’s & Women’s World Team Championships 2026 (Thomas Cup & Uber Cup) will be hosted by Horsens, Denmark.
Denmark is set to host the event for the second time. Previously, Thomas Cup & Uber Cup 2021 was hosted in Aarhus, Denmark.
Note: Thomas Cup and Uber Cup have been conducted every two years since 1982 and 1984 respectively. The 2026 edition will mark the 34th edition of the Thomas Cup and the 31st edition of the Uber Cup.

IMPORTANT DAYS

World Tuna Day 2024 – May 2 The United Nations (UN)’s World Tuna Day is annually observed across the globe on 2nd May to spread awareness of the importance of tuna, one of the most economically important fish species. It play a vital roles in food composition and nutrition of humans.

• The day underscores the importance of sustainable fishing practices to preserve the balance of marine ecosystems;

Background:
i.On 7th December 2016, the UN General Assembly (UNGA) adopted the resolution A/RES/71/124 and proclaimed the 2 May of every year as World Tuna Day.
ii.The 1st ever World Tuna Day was observed on 2nd May 2017.
About Food and Agriculture Organization of the United Nations(FAO):
Director-General– QU Dongyu
Headquarters– Rome, Italy
Established in– 1945
>> Read Full News

World Press Freedom Day 2024 – May 3  The United Nations (UN)’s World Press Freedom Day is annually observed across the globe on 3rd May to celebrate the fundamental principles of press freedom and evaluate press freedom worldwide.

• 3rd May 2024 marks the 31st anniversary of World Press Freedom Day.
• The celebration of World Press Freedom Day is led by the United Nations Educational, Scientific and Cultural Organization (UNESCO).
• 2024 theme: “A Press for the Planet: Journalism is the Face of the environmental crisis”.

UNESCO/Guillermo Cano World Press Freedom Prize 2024
The Palestinian journalist covering Gaza have been named the laureates of the 2024 UNESCO/Guillermo Cano World Press Freedom Prize. The Award Ceremony was held on 2 May 2024 during the World Press Freedom Conference in Santiago, Chile.
>> Read Full News

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